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Net Loss Attributable to Common Stockholders per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Loss Attributable to Common Stockholders per Share
10. Net Loss Attributable to Common Stockholders per Share
For purposes of the diluted net loss attributable to common stockholders per share calculation, outstanding stock options, unvested RSAs, unvested RSUs, the conversion option derivative under the K2HV Loan Agreement, and warrants to purchase common stock are considered to be potentially dilutive securities; however, the following amounts were excluded from the weighted-average common stock outstanding in the calculation of diluted net loss attributable to common stockholders per share because their effect would be anti-dilutive:
September 30,
20252024
Outstanding stock options
10,191,313 7,497,671 
Unvested RSUs— 145,000 
Warrants to purchase common stock
— 58,904 
Common stock to be issued under the 2021 ESPP54,143 46,230 
Total
10,245,456 7,747,805 
As described below, the conversion option derivative under the K2HV Loan Agreement was determined to be dilutive for the nine months ended September 30, 2024. However, the effect of the conversion option derivative would have been anti-dilutive for the three and nine months ended September 30, 2025 and the three months ended September 30, 2024. Accordingly, we have excluded 791,364 shares of common stock equivalents that are available to be issued in conjunction with the conversion option derivative from the calculation of diluted net loss attributable to common stockholders per share for the three and nine months ended September 30, 2025 and the three months ended September 30, 2024.
Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the applicable period. In computing diluted net loss per share, only potential shares of common stock that are dilutive are included. We considered each issue or series of issues of potential shares of common stock separately when determining whether potential shares of common stock are dilutive or anti-dilutive. We made such determination in sequence from the most dilutive to the least dilutive and concluded that the conversion option derivative under the K2HV Loan Agreement is dilutive to net loss per share for the nine months ended September 30, 2024. Pursuant to FASB ASC Topic 260, Earnings Per Share, we applied the if-converted method to determine the effect of the conversion option derivative under the K2HV Loan Agreement on the diluted earnings per share calculations. Pursuant to such method, we adjusted the numerator for the gain recognized during the period in net loss from the conversion option derivative under the K2HV Loan Agreement and increased the denominator to include the number of additional shares of common stock that would have been outstanding if the conversion option derivative under the K2HV Loan Agreement were converted as of the beginning the period.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Numerator
Net loss$(16,370)$(16,673)$(52,441)$(50,115)
Less: change in fair value of derivative liability
— — — (1,715)
Plus: interest expense on converted term loan
— — — 305 
Adjusted net loss$(16,370)$(16,673)$(52,441)$(51,525)
Denominator
Weighted-average common stock outstanding, basic45,804,042 43,704,836 45,207,894 42,947,282 
Dilutive effect of common stock issuable from assumed conversion of convertible term loan
—— — 439,005 
Weighted-average common stock outstanding, diluted45,804,042 43,704,836 45,207,894 43,386,287 
Net loss per share
Basic$(0.36)$(0.38)$(1.16)$(1.17)
Diluted$(0.36)$(0.38)$(1.16)$(1.19)