Net Loss per Share

6 Months Ended

Jun. 30, 2026

11. Net Loss per Share

The Company recast its basic and diluted earnings per share computation for the three and six months ended June 30, 2025 for the effect of the exchange ratio of 0.0030510 resulting from the close of the Merger on July 25, 2025.

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(10,178	)	$	(7,585	)	$	(20,797	)	$	(13,662	)
Less: accretion of redeemable convertible preferred shares		—			(3,149	)		—			(6,200	)
Net loss attributable to common stockholders - basic and diluted	$	(10,178	)	$	(10,734	)	$	(20,797	)	$	(19,862	)
Denominator:
Weighted-average common stock outstanding		11,279,130			1,411,647			11,245,387			1,410,811
Weighted-average Series A convertible preferred shares outstanding		—			994,869			—			994,869
Weighted-average common shares outstanding under the pre-funded warrants		4,882,591			—			2,454,783			—
Total weighted-average shares outstanding		16,161,721			2,406,516			13,700,170			2,405,680
Net loss per share attributable to common stockholders - basic and diluted	$	(0.63	)	$	(4.46	)	$	(1.52	)	$	(8.26	)

For purposes of calculating net loss per share, the Company considered the Legacy Inmagene Series A Convertible Preferred Shares to represent a class of common stock. As a result, basic and diluted net loss per share attributable to common stockholders include Legacy Inmagene Series A Convertible Preferred Shares for the periods such shares were outstanding.

The Company issued and sold pre-funded warrants in April 2026 (see Note 8). The shares of common stock underlying the pre-funded warrants are included in the calculation of basic and diluted net loss per share because they are considered shares issuable for little or no consideration under ASC 260, Earnings Per Share.

The following shares of potentially dilutive securities outstanding as of period end were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive:


	June 30,
	2026		2025
Options to purchase common stock		1,247,315		483,815
Unvested restricted stock units		652,517		—
Redeemable convertible preferred shares (as converted to ordinary shares)		—		2,163,434
Total potentially dilutive shares		1,899,832		2,647,249