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 15,159,753 pre-funded warrants outstanding as of September 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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(82,175	)	$	(62,487	)	$	(224,370	)	$	(153,106	)
Denominator:
Weighted average common shares outstanding, basic and diluted		71,485,033			62,971,764			67,270,902			61,492,070
Weighted average pre-funded warrants outstanding, basic and diluted		15,815,253			13,154,211			15,382,240			11,838,268
Total weighted average common stock outstanding, basic and diluted		87,300,286			76,125,975			82,653,142			73,330,338
Net loss per share:
Net loss per share, basic and diluted	$	(0.94	)	$	(0.82	)	$	(2.71	)	$	(2.09	)

The Company’s potentially dilutive securities, which include restricted stock and stock options, 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 attributable to common stockholders is the same. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at September 30, 2025 and 2024 because including them would have had an anti-dilutive effect:


	Nine Months Ended September 30,
	2025		2024
Unvested restricted stock		1,366,012		783,295
Options to purchase common stock		10,543,593		9,623,568
Total		11,909,605		10,406,863