Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2024

Net Loss per Share

Schedule of net loss per share, basic and diluted

The following table shows the calculation of net loss per share (in thousands, except share and per share data):

	Year Ended December 31,
	2024		2023		2022
Numerator:
Net loss - basic and diluted	$	(62,293)	$	(27,029)	$	(41,307)
Denominator:
Weighted average common shares and prefunded warrants outstanding used to compute basic and diluted net loss per share		60,985,165		48,025,274		46,553,511
Net loss per share, basic and diluted	$	(1.02)	$	(0.56)	$	(0.89)

Schedule of antidilutive securities excluded from calculation of diluted net loss per share

The amounts in the table below were excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect:

	Year Ended December 31,
	2024	2023	2022
Common warrants (1)	11,778,238	—	—
Outstanding options	11,935,100	9,244,150	7,006,250
Total shares of common stock equivalents	23,713,338	9,244,150	7,006,250

(1) Based on the treasury stock method, such common warrants that are in-the-money should be included in the calculation of diluted earnings per share (“EPS”) if the impact is not anti-dilutive. Therefore, as the Company was in a net loss position for the year ended December 31, 2024 and other expense from the revaluation of the common warrants was $33.4 million for the year ended December 31, 2024, respectively, the impact of including the common warrants in calculating diluted EPS would be antidilutive and the Company has excluded the common warrants from the calculation of diluted net loss per share.