Net Loss Per Share

9 Months Ended

Sep. 30, 2025

10. Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2025 and 2024 was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss attributable to common stockholders—basic and diluted	$	(18,234	)	$	(22,441	)	$	(58,920	)	$	(57,725	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		38,560,464			38,105,131			38,458,279			32,297,457
Net loss per share—basic and diluted	$	(0.47	)	$	(0.59	)	$	(1.53	)	$	(1.79	)

As described in Note 8, the Pre-Funded Warrants to purchase up to an aggregate of 7,060,000 shares of the Company’s common stock at a purchase price of $8.499 per Pre-Funded Warrant were classified as a component of permanent equity in the Company’s condensed consolidated balance sheet as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of shares of common stock upon exercise. All of the shares underlying the Pre-Funded Warrants have been included in the weighted-average number of shares of common stock used to calculate basic and diluted net loss per common share for each of the three and nine months ended September 30, 2025 and 2024, because the shares may be issued for little or no consideration, are fully vested, and are exercisable after the original issuance date of the Pre-Funded Warrants.

The Company’s potentially dilutive securities, which include stock options and RSUs, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following shares from the computation of diluted net loss per share attributable to common stockholders as of September 30, 2025 and 2024 because including them would have had an anti-dilutive effect:


	September 30,
	2025		2024
Options to purchase common stock		5,954,976		4,393,521
Unvested restricted stock units		406,972		1,162,062