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 pre-funded warrants outstanding as of June 30, 2026 and 2025. 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,
	2026			2025			2026			2025
Numerator:
Net loss	$	(61,211	)	$	(76,614	)	$	(130,445	)	$	(142,195	)
Denominator:
Weighted average common shares outstanding, basic and diluted		82,361,905			65,282,527			82,042,236			65,135,585
Weighted average pre-funded warrants outstanding, basic and diluted		15,815,253			15,166,878			15,815,253			15,163,355
Total weighted average common stock outstanding, basic and diluted		98,177,158			80,449,405			97,857,489			80,298,940
Net loss per share:
Net loss per share, basic and diluted	$	(0.62	)	$	(0.95	)	$	(1.33	)	$	(1.77	)

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 June 30, 2026 and 2025 because including them would have had an anti-dilutive effect:


	Six Months Ended June 30,
	2026		2025
Unvested restricted stock		1,525,410		1,275,001
Options to purchase common stock		8,989,169		10,954,981
Total		10,514,579		12,229,982