Net Loss per Share

3 Months Ended

Mar. 31, 2024

13.

Net Loss per Share

Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the basic weighted average number of common shares outstanding the total number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive. Potentially dilutive shares were not included in the calculation of diluted net loss per share for each of the three months ended March 31, 2024 and 2023 as their inclusion would be anti-dilutive.

The Company issued 3,272,727 shares of Pre-Funded Warrants (PFW) to purchase common stock, in connection with the November 2021 underwritten public offering. The PFWs were included in the basic and diluted net loss per share calculation during the three months ended March 31, 2024 and 2023, respectively.

On April 18, 2024, 2,181,818 warrants were exercised in full as a cashless exercise, resulting in a net issuance of 2,180,776 common shares.

Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:


	Three Months Ended March 31,
	2024		2023
Stock options		7,431,017		6,069,096
ESPP		3,718		19,539
Warrants		—		48,683
Restricted stock units		1,403,152		311,017
		8,837,887		6,448,335