Net Loss Per Share

3 Months Ended

Mar. 31, 2025

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
	March 31,
	2025		2024
Net loss	$	(14,211)	$	(10,707)
Weighted average common stock outstanding, basic and diluted		59,173,854		51,811,882
Net loss per share, basic and diluted	$	(0.24)	$	(0.21)

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 months ended March 31, 2024 as previously disclosed have been adjusted to reflect the impact of the pre-funded warrants. As of March 31, 2025, 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:

	March 31,
	2025	2024
Outstanding Stock Options	7,057,221	5,747,233
Unvested RSUs	229,967	546,457
K2 Warrant and Amendment Warrant	394,974	394,974
Common Warrants	22,050,000	22,050,000
Conversion Warrant	1,444,444	1,444,444
Convertible Debt (as-converted to common stock)	1,444,444	1,444,444
	32,621,050	31,627,552