Net Loss Per Common Share

6 Months Ended

Jun. 30, 2025

10.

Net loss per common share:

The following table presents the calculation of basic and diluted net loss per common share for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(84,706	)	$	(57,924	)	$	(149,753	)	$	(105,855	)
Denominator:
Common shares (weighted average)		76,780,364			75,498,047			76,647,393			75,459,783
Pre-funded warrants (weighted average)		2,173,081			2,173,081			2,173,081			2,173,081
Weighted average common shares outstanding – basic and diluted		78,953,445			77,671,128			78,820,474			77,632,864
Net loss per common share – basic and diluted	$	(1.07	)	$	(0.75	)	$	(1.90	)	$	(1.36	)

The weighted average number of common shares used in the basic and diluted net loss per common share calculations includes the weighted average pre-funded warrants outstanding during the period as they are exercisable at any time for nominal cash consideration (note 8a).

The Company reported net losses for the three and six month periods ended June 30, 2025 and 2024, and therefore excluded the potentially dilutive outstanding securities from the computation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect.

The following table summarizes potentially dilutive securities as of June 30, 2025 and 2024:


	June 30,		June 30,
	2025		2024
Stock options		11,675,136		10,783,798
PSUs		275,550		195,000
RSUs		316,957		—
Warrants		40,000		40,000
Total		12,307,643		11,018,798