| Summary of Basic and Diluted Net Loss Per Share |
The following table outlines the basic and diluted net loss per share for the three and nine months ended September 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands, except per share data) | | 2026 | | 2025 | | 2026 | | 2025 | | Net loss | | $ | (15,728) | | | $ | (16,525) | | | $ | (29,294) | | | $ | (50,600) | | | Weighted-average shares outstanding, basic and diluted | | 129,295 | | | 114,726 | | | 128,782 | | | 108,865 | | | Net loss per share, basic and diluted | | $ | (0.12) | | | $ | (0.14) | | | $ | (0.23) | | | $ | (0.46) | |
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| Summary of Common Share Equivalents |
The following table outlines common share equivalents which were excluded from the computation of diluted net loss per share, as the effect of their inclusion would be anti-dilutive or the share equivalents were contingently issuable as of each period presented:
| | | | | | | | | | | | | September 30, | | 2026 | | 2025 | Options to purchase common stock issued and outstanding(1) | 26,899,694 | | | 23,047,055 | | | Earnout shares | 16,292,542 | | | 16,292,542 | | Private placement warrants | 8,233,333 | | | 8,233,333 | | Public warrants | 7,666,667 | | | 7,666,667 | | Restricted stock units issued and outstanding | 1,960,671 | | | 1,930,320 | | | Forward purchase warrants | 1,666,667 | | | 1,666,667 | | | Backstop warrants | 1,445,489 | | | 1,445,489 | | | Shares expected to be purchased under employee stock purchase plan | 84,365 | | | 948,967 | | | Total anti-dilutive shares | 64,249,428 | | | 61,231,040 | |
_____________ (1)Outstanding stock options include awards outstanding to employees of Ligand.
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