Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common stock and pre-funded warrants outstanding during the period without consideration of common stock equivalents. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive. Diluted net loss per share is the same as basic net loss per common share since the effects of potentially dilutive securities are antidilutive.

The following equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	Three months ended March 31,
	2026		2025
Awards under equity incentive plan		12,873,658		13,086,997
Non-vested restricted shares and restricted stock units		6,800,000		4,195,000
Warrants to purchase common stock(*)		77,793		77,793
Total		19,751,451		17,359,790

* Pre-funded warrants are excluded herein.

The following table calculates basic earnings per share of common stock and diluted earnings per share of common stock for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share amounts):


	Three months ended March 31,
	2026			2025
Net loss	$	(37,284	)	$	(26,639	)
Net loss attributable to common stockholders		(37,284	)		(26,639	)
Undistributed earnings and net loss attributable to common stockholders, basic and diluted		(37,284	)		(26,639	)
Weighted-average common shares outstanding, basic and diluted		253,280,551			216,146,934
Basic and diluted net loss per share	$	(0.15	)	$	(0.12	)