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 June 30, 2026, 1,260,041 prefunded warrants have been exercised for common stock and 13,107,620 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:


	Six Months Ended
	June 30,
	2026		2025
Unvested restricted stock units		12,824		23,866
Outstanding stock options		2,454,845		818,173
Common stock warrants		8,205,921		14,287,787
Unvested employee stock purchase plan shares		5,254		4,453
Total common stock equivalents		10,678,844		15,134,279