12. Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share is calculated by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period.  Diluted net loss per share is calculated by adjusting the weighted-average common shares outstanding for the effect of potentially dilutive securities outstanding during the period, determined using the treasury-stock method.

For purposes of computing both basic and diluted net loss per share, pre-funded warrants are considered outstanding shares upon issuance because the underlying shares may be issued for nominal consideration and are exercisable immediately after the original issuance date. Accordingly, pre-funded warrants to purchase up to 732,395 shares of common stock were included in weighted average shares outstanding for the three and nine months ended September 30, 2026.  

Because the Company incurred net losses for the three and nine months ended September 30, 2026 and 2025, the effect of all other potentially dilutive securities, including stock options, was anti-dilutive and therefore excluded from the calculation of diluted net loss per share.  As a result, basic and diluted weighted-average shares outstanding were the same for all periods presented.

The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data):

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The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:

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