Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

13. Net Loss Per Share

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

	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Net loss	$	(12,881)	$	(10,636)	$	(34,049)	$	(37,805)
Weighted average common stock outstanding, basic and diluted		59,108,724		46,842,489		56,655,302		33,040,434
Net loss per share, basic and diluted	$	(0.22)	$	(0.23)	$	(0.60)	$	(1.14)

As discussed in Note 9, as part of its June 2023 underwritten public offering, the Company issued and sold pre-funded warrants to purchase 4.4 million shares of its common stock, which were exercisable immediately and each of which was exercisable for one share of the Company’s common stock. The exercise price of each pre-funded warrant was $0.0001 per share of common stock. As the $0.0001 price per share represents nominal consideration and the pre-funded warrants were immediately exercisable with no further vesting conditions or contingencies associated with them, the weighted average common stock outstanding, basic and diluted, and net loss per share, basic and diluted, for three and nine months ended September 30, 2023 as previously disclosed have been adjusted to reflect the impact of the pre-funded warrants. As of September 30, 2024, all of the pre-funded warrants have been exercised.

The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

	September 30,
	2024	2023
Outstanding Stock Options	6,248,888	4,435,519
Unvested RSUs	498,833	183,960
K2 Warrant and Amendment Warrant	394,974	339,725
Common Warrants	22,050,000	22,250,000
Conversion Warrant	1,444,444	—
Convertible Debt (as-converted to common stock)	1,444,444	1,444,444
	32,081,583	28,653,648