The following table presents the calculation of basic and diluted net loss per common share:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(110,736	)	$	(84,706	)	$	(213,038	)	$	(149,753	)

Denominator:
Weighted-average common shares		96,678,511			76,780,364			90,838,269			76,647,393
Weighted-average pre-funded warrants		2,931,293			2,173,081			2,639,492			2,173,081
Weighted-average common shares outstanding – basic and diluted		99,609,804			78,953,445			93,477,761			78,820,474

Net loss per common share – basic and diluted	$	(1.11	)	$	(1.07	)	$	(2.28	)	$	(1.90	)

The weighted-average number of common shares used in the basic and diluted net loss per common share calculations includes the weighted-average pre-funded warrants outstanding during the period, as they are exercisable at any time for nominal cash consideration (note 8b).

The Company reported net losses for the three and six month periods ended June 30, 2026 and 2025, and therefore excluded the potentially dilutive outstanding securities from the computation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect.

The following table summarizes potentially dilutive securities:


	Six Months Ended June 30,
	2026		2025
Stock options		11,810,532		11,675,136
RSUs		696,231		316,957
PSUs		175,450		275,550
Warrants		—		40,000
Total		12,682,213		12,307,643