Net Loss and Net Loss Per Share

12 Months Ended

Dec. 31, 2025

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net loss	$	(512,540)	$	(422,773)	$	(145,224)

Denominator:
Weighted average number of:
Common stock shares outstanding	146,471,525		142,626,390		137,370,897
Pre-funded warrants	26,177,572		21,847,382		—
Total	172,649,097		164,473,772		137,370,897
Net loss per share	$	(2.97)	$	(2.57)	$	(1.06)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.

Potentially dilutive securities, including all options issued and outstanding, ESPP shares issuable, restricted shares subject to future vesting, and shares potentially issuable to the underwriters upon exercise of their option associated with the December 2025 public offering, that were not included in the diluted per share calculations for all periods presented because they would be anti-dilutive totaled approximately 28.8 million, 23.2 million and 20.5 million shares as of December 31, 2025, 2024, and 2023, respectively.