Net Loss Per Common Share

12 Months Ended

Dec. 31, 2025

Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Pre-Funded Warrants are included in the weighted-average number of common shares outstanding during the periods. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, warrants for common stock, stock options, PBSOs, unvested RSUs and PBRSUs, shares issuable under the ESPP and shares issuable upon conversion of the convertible notes are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.

The shares outstanding at the end of the respective periods presented below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	December 31, 2025	December 31, 2024	December 31, 2023
Common shares under option	6,777,891	5,177,511	3,686,191
Unvested RSUs	7,107,418	4,447,074	3,047,888
Shares issuable related to the ESPP	238,065	116,804	—
Unvested PBRSUs	—	—	160,275
Common shares under PBSOs	443,500	632,950	661,850
Shares issuable upon conversion of convertible notes	32,679,739	34,338,912	8,007,010
Warrants for common stock	18,892,700	26,071,429	36,344,212
Total potential dilutive shares	66,139,313	70,784,680	51,907,426