Net Loss per Share

9 Months Ended

Sep. 30, 2025

(10) Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. In computing diluted net loss per share, the sum of the weighted-average number of shares of common stock outstanding during the period is used and only when their effect is dilutive, the weighted-average number of potential shares of common stock are included. In June 2019, the Company sold 422,718 shares of common stock and pre-funded warrants to purchase an aggregate of 169,874 shares of common stock at an exercise price of $135 per share, with $134.85 of such exercise price paid at the closing of the offering (see Note 9, Stockholder's Equity and Note 11, Collaboration Agreements, in the audited financial statements included in the 2024 Annual Report). The shares of common stock into which the warrants may be exercised are considered outstanding for the purposes of computing net loss per share.

The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of the diluted net loss per share attributable to common stockholders for the period indicated, because including them would have had an anti-dilutive effect.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Purchase warrants		7,394,363		7,394,363		7,394,363		7,394,363
Unvested restricted common stock awards		101,896		194,376		101,896		194,376
Outstanding options to purchase common stock		234,349		405,345		234,349		405,345
Potential shares issuable under the ESPP		—		—		—		—
		7,730,608		7,994,084		7,730,608		7,994,084