| Summary of Basic and Diluted Net Loss Per Share |
The following table outlines the basic and diluted net loss per share for the three and six months ended June 30, 2025 and 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in thousands, except per share data) | | 2025 | | 2024 | | 2025 | | 2024 | | Net loss | | $ | (15,875) | | | $ | (13,631) | | | $ | (34,075) | | | $ | (32,592) | | | Weighted-average shares outstanding, basic and diluted | | 106,148 | | | 101,456 | | | 105,886 | | | 101,106 | | | Net loss per share, basic and diluted | | $ | (0.15) | | | $ | (0.13) | | | $ | (0.32) | | | $ | (0.32) | |
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| Summary of Common Share Equivalents |
The following table outlines common share equivalents which were excluded from the computation of diluted net loss per share, as the effect of their inclusion would be anti-dilutive or the share equivalents were contingently issuable as of each period presented:
| | | | | | | | | | | | | | June 30, | | 2025 | | 2024 | Options to purchase common stock issued and outstanding(1) | 23,654,207 | | | 22,236,056 | | | Earnout shares | 16,292,542 | | | 16,292,542 | | Private placement warrants | 8,233,333 | | | 8,233,333 | | Public warrants | 7,666,667 | | | 7,666,667 | | Restricted stock units issued and outstanding | 2,027,573 | | | 2,179,919 | | | Forward purchase warrants | 1,666,667 | | | 1,666,667 | | | Backstop warrants | 1,445,489 | | | 1,445,489 | | | Shares expected to be purchased under employee stock purchase plan | 1,036,822 | | | 862,289 | | | Total anti-dilutive shares | 62,023,300 | | | 60,582,962 | |
_____________ (1)Outstanding stock options include awards outstanding to employees of Ligand.
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