Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data):


	Three Months Ended
	March 31,
	2025			2024
Numerator:
Net loss	$	(34,127	)	$	(30,142	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		129,678,572			94,875,893
Net loss per share, basic and diluted	$	(0.26	)	$	(0.32	)

The 73,087,945 shares of the Company's common stock issuable upon exercise of the Pre-Funded Warrants described in Note 5 are included as outstanding common stock in the calculation of basic and diluted net loss per share.

The Company has two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of net loss per share as described above is identical to the calculation under the two-class method. The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	March 31,
	2025		2024
Options to purchase common stock		17,324,388		12,499,831
Common stock issuable upon conversion of the K2HV Loan Agreement		-		6,269,592
Potential shares issuable under the ESPP		261,637		-
Total		17,586,025		18,769,423