v3.26.1
Net loss per share
6 Months Ended
Jun. 30, 2026
Net loss per share  
Net loss per share

17. Net loss per share

Basic loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period. For purposes of calculating net loss per share, weighted-average number of common shares outstanding includes the weighted average effect of the pre-funded warrants issued in July 2024, April 2025 and November 2025, the exercise of which requires little or no consideration for the delivery of shares of common stock. Diluted net loss per common share is calculated by increasing the denominator by the weighted-average number of additional shares that could have been outstanding from securities convertible into common stock, such as the warrants issued in July 2024, stock options, restricted stock units, and employee stock purchase plan shares (using the “treasury stock” method), and the Series A Convertible Preferred Stock (using the “if-converted” method), unless their effect on net loss per share is anti-dilutive.

Three months ended June 30,

Six months ended June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Net loss

 

(34,673)

 

(25,934)

(71,264)

 

(78,037)

Less: Change in fair value of warrant liability

(20,320)

(9,323)

(17,904)

Adjusted diluted net loss

(34,673)

(46,254)

(80,587)

(95,941)

Weighted average shares outstanding

100,116

66,143

99,209

60,191

Add: Dilutive effect of the Warrants

7,894

425

7,991

Weighted average diluted shares outstanding

 

100,116

 

74,037

99,634

 

68,182

Net loss per share - basic

(0.35)

(0.39)

(0.72)

(1.30)

Net loss per share - diluted

(0.35)

(0.62)

(0.81)

(1.41)

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:

Three months ended June 30,

Six months ended June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Outstanding stock options

 

3,343,705

 

2,945,631

3,343,705

 

2,945,631

Outstanding restricted stock units

3,701,673

1,498,103

3,701,673

1,498,103

Employee stock purchase plan

15,111

8,308

15,111

8,308

Total potentially dilutive securities

 

7,060,489

 

4,452,042

7,060,489

 

4,452,042