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Net Loss Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period. The Pre-Funded Warrants issued in April 2024 (see Note 7) are included in the weighted-average common shares outstanding in the basic net loss per share calculation for the three and nine months ended September 30, 2024 given their nominal exercise price. In July 2025, these Pre-Funded Warrants were exercised in full and none were outstanding as of September 30, 2025. Diluted net loss per share is calculated in accordance with the treasury stock method for the outstanding Warrants, stock options and RSUs and refle cts the potential dilution that would occur if securities or other con tracts to issue common stock were exercised or converted to common stock. The calculation of diluted net loss per share requires that, to the extent the average market price of the underlying shares for the reporting period exceeds the exercise price of the options or other securities and the presumed exercise of such securities are dilutive to net loss per share for the period, an adjustment to the net loss used in the calculation is required to remove the change in fair value of such securities from the numerator for the period. Likewise, an adjustment to the denominator is required to reflect the related dilutive shares, if any. For the three and nine months ended September 30, 2025 and 2024, basic and diluted net loss per share were the same, as the assumed exercise or settlement of common stock warrants, stock options, service-based RSUs and performance-and market-based RSUs would have been anti-dilutive. Basic and diluted net loss per share for the three and nine months ended September 30, 2025 and 2024 are calculated as follows:
| Three Months Ended September 30, |  |
| 2025 |  | 2024 |  |
Numerator: |  |  |  |  |
Net loss | $ | (45,496,672) |  |  | $ | (25,165,478) |  |  |
Denominator: |  |  |  |  |
Shares used to compute net loss per share, basic and diluted |  |  |  |  |
Weighted-average common shares outstanding | 52,168,694 |  |  | 26,005,020 |  |  |
Weighted-average shares underlying pre-funded warrants | — |  |  | 2,135,477 |  |  |
Weighted-average common shares outstanding used to compute basic and diluted net loss per share | 52,168,694 |  |  | 28,140,497 |  |  |
Net loss per share |  |  |  |  |
Basic and diluted | $ | (0.87) |  |  | $ | (0.89) |  |  |
| Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  |
Numerator: |  |  |  |  |
Net loss | $ | (88,710,781) |  |  | $ | (87,872,447) |  |  |
Denominator: |  |  |  |  |
Shares used to compute net loss per share, basic and diluted |  |  |  |  |
Weighted-average common shares outstanding | 41,837,956 |  |  | 24,923,227 |  |  |
Weighted-average shares underlying pre-funded warrants | — |  |  | 1,293,756 |  |  |
Weighted-average common shares outstanding used to compute basic and diluted net loss per share | 41,837,956 |  |  | 26,216,983 |  |  |
Net loss per share |  |  |  |  |
Basic and diluted | $ | (2.12) |  |  | $ | (3.35) |  |  |
The following table summarizes potential shares of common stock that were excluded from the diluted net loss per share calculation because of their anti-dilutive effect:
| Three and Nine Months Ended September 30, |  |
| 2025 |  | 2024 |  |
Warrants to purchase common stock | 38,142,859 |  |  | — |  |  |
Options to purchase common stock | 2,004,146 |  |  | 1,319,769 |  |  |
Service-based restricted stock units | 724,941 |  |  | 326,108 |  |  |
Performance-and market-based restricted stock units | 92,550 |  |  | 83,800 |  |  |
Convertible preferred stock | 275 |  |  | 275 |  |  |
Total | 40,964,771 |  |  | 1,729,952 |  |  |

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