Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Basic net loss per common share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per common share is computed by dividing the net loss by the sum of the weighted-average number of common shares outstanding during the period plus any potential dilutive effects of common stock equivalents outstanding during the period calculated in accordance with the treasury stock method. For periods that the Company was in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common securities outstanding would have been anti-dilutive.

The following is a calculation of the basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026		2025
Net loss	$	(125,695)	$	(120,965)
Weighted-average shares outstanding, basic and diluted	147,356,811		137,468,900
Net loss per share, basic and diluted	$	(0.85)	$	(0.88)

Securities that could potentially dilute basic net loss per common share in the future that were not included in the computation of diluted net loss per common share because to do so would have been antidilutive for the periods presented were as follows:


	Three Months Ended March 31,
	2026	2025
Options issued and outstanding	11,145,262	11,080,159
Restricted shares subject to future vesting	7,660,957	6,888,462
Total	18,806,219	17,968,621