Net Loss Per Share

12 Months Ended

Dec. 31, 2022

13. Net Loss Per Share

Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock and pre-funded warrants outstanding during the period. The pre-funded warrants are included in the computation of basic net loss per share as the exercise price is negligible and they are fully vested and exercisable. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive.

The following weighted-average equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	Year Ended December 31,
	2022		2021		2020
Options to purchase common stock		8,658,285		6,621,457		5,049,435
Unvested restricted stock units		174,568		199,379		105,995

The following is a reconciliation of the shares used as the denominator for the calculation of basic and diluted net loss per share:


	Year Ended December 31,
	2022		2021		2020
Weighted average common shares		57,691,709		48,923,324		40,223,804
Weighted average pre-funded warrants		26,589,076		16,821,287		13,147,925
Total basic and diluted weighted average shares		84,280,785		65,744,611		53,371,730