Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Summary of Basic and Diluted Loss Per Share

Basic and diluted loss per share is computed by dividing net loss by the weighted-average common stock outstanding for the period. The Company had 15,815,253 and 11,640,594 pre-funded warrants outstanding as of June 30, 2025 and 2024, respectively. Each pre-funded warrant is exercisable for one share of common stock at an exercise price of $0.0001 per share. Due to the nominal exercise price of the pre-funded warrants, they are considered to be outstanding shares of common stock for purposes of the calculation of earnings per share. (in thousands, except for share and per share data):


		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Numerator:
Net loss		$	(76,614	)		$	(42,062	)		$	(142,195	)		$	(90,619	)
Denominator:
Weighted average common shares outstanding, basic and diluted			65,282,527				61,418,804				65,135,585				60,740,533
Weighted average pre-funded warrants outstanding, basic and diluted			15,166,878				11,640,594				15,163,355				11,168,430
Total weighted average common stock outstanding, basic and diluted			80,449,405				73,059,398				80,298,940				71,908,963
Net loss per share:
Net loss per share, basic and diluted		$	(0.95	)		$	(0.58	)		$	(1.77	)		$	(1.26	)

Schedule of Diluted Net Loss Per Share Attributable to Common Stockholders Anti-Diluted Effect

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at June 30, 2025 and 2024 because including them would have had an anti-dilutive effect:


		Six Months Ended June 30,
		2025				2024
Unvested restricted stock			1,275,001				636,585
Options to purchase common stock			10,954,981				9,902,836
Total			12,229,982				10,539,421