10. Net Loss Per Share

The Company calculates basic net loss per share by dividing net loss by the weighted average number of shares of common stock outstanding. The weighted average number of shares of common stock used in the basic and diluted net loss per share calculation includes prefunded warrants to purchase common stock, as the prefunded warrants are exercisable at any time for nominal cash consideration. As of March 31, 2026, 1,059,743 prefunded warrants have been exercised for common stock and 13,307,918 prefunded warrants are outstanding.

The following table sets forth the outstanding shares of common stock equivalents, presented based on amounts outstanding at each period end, that were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have been anti-dilutive:


	Three Months Ended
	March 31,
	2026		2025
Unvested restricted stock units		15,914		23,866
Outstanding stock options		2,767,285		775,507
Common stock warrants		8,206,109		188
Unvested employee stock purchase plan shares		69,939		3,250
Total common stock equivalents		11,059,247		802,811