Net Loss per Share (Tables)

9 Months Ended

Sep. 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 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	)

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 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