Net Loss Attributable to Common Stockholders per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Net Loss Attributable to Common Stockholders per Share

10. Net Loss Attributable to Common Stockholders per Share

For purposes of the diluted net loss attributable to common stockholders per share calculation, outstanding stock options, unvested RSAs, unvested RSUs, the conversion option derivative under the K2HV Loan Agreement, and warrants to purchase

common stock are considered to be potentially dilutive securities; however, the following amounts were excluded from the weighted-average common stock outstanding in the calculation of diluted net loss attributable to common stockholders per share because their effect would be anti-dilutive:

	June 30,
	2025	2024
Outstanding stock options	10,461,702	7,510,033
Unvested RSUs	—	150,000
Warrants to purchase common stock	—	58,904
Common stock to be issued under the 2021 ESPP	70,602	36,767
Total	10,532,304	7,755,704

As described below, the conversion option derivative under the K2HV Loan Agreement was determined to be dilutive for the three and six months ended June 30, 2024. However, the effect of the conversion option derivative would have been anti-dilutive for the three and six months ended June 30, 2025. Accordingly, we have excluded 791,364 shares of common stock equivalents that are available to be issued in conjunction with the conversion option derivative from the calculation of diluted net loss attributable to common stockholders per share for the three and six months ended June 30, 2025.

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the applicable period. In computing diluted net loss per share, only potential shares of common stock that are dilutive are included. We considered each issue or series of issues of potential shares of common stock separately when determining whether potential shares of common stock are dilutive or anti-dilutive. We made such determination in sequence from the most dilutive to the least dilutive and concluded that the conversion option derivative under the K2HV Loan Agreement is dilutive to net loss per share for the three and six months ended June 30, 2024. Pursuant to FASB ASC Topic 260, Earnings Per Share, we applied the if-converted method to determine the effect of the conversion option derivative under the K2HV Loan Agreement on the diluted earnings per share calculations. Pursuant to such method, we adjusted the numerator for the gain recognized during the period in net loss from the conversion option derivative under the K2HV Loan Agreement and increased the denominator to include the number of additional shares of common stock that would have been outstanding if the conversion option derivative under the K2HV Loan Agreement were converted as of the beginning the period.

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator
Net loss	$	(17,982)	$	(17,249)	$	(36,071)	$	(33,442)
Less: change in fair value of derivative liability	—		(1,609)		—		(1,609)
Plus: interest expense on converted term loan	—		120		—		120
Adjusted net loss	$	(17,982)	$	(18,738)	$	(36,071)	$	(34,931)
Denominator
Weighted-average common stock outstanding, basic	44,981,746		43,521,406		44,904,880		42,564,342
Dilutive effect of common stock issuable from assumed conversion of convertible term loan	—		521,778		—		260,889
Weighted-average common stock outstanding, diluted	44,981,746		44,043,184		44,904,880		42,825,231
Net loss per share
Basic	$	(0.40)	$	(0.40)	$	(0.80)	$	(0.79)
Diluted	$	(0.40)	$	(0.43)	$	(0.80)	$	(0.82)