Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Common Share

Net Loss Per Common Share

9 Months Ended

Sep. 30, 2022

6. Net Loss Per Common Share

Basic net loss per share of common stock is based on the weighted-average number of shares of common stock equivalents outstanding during the period.

Pre-funded

warrants to purchase 3,125,000 shares of common stock were included in the weighted-average common stock share equivalents outstanding for the three and nine months ended September 30, 2022.

In all periods presented, the Company’s outstanding stock options were excluded from the calculation of net loss per share because their effect would be antidilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator:

Net loss	$	(24,505	)	$	(22,682	)	$	(79,368	)	$	(63,455	)
Denominator:
Weighted average number of:
Common stock shares outstanding		84,679,272			69,022,937			84,678,388			68,985,112
Pre-funded warrants outstanding		3,125,000			—			3,125,000			—

Total		87,804,272			69,022,937			87,803,388			68,985,112
Net loss per share	$	(0.28	)	$	(0.33	)	$	(0.90	)	$	(0.92	)

The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of net loss per share (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Common stock options		13,960		10,704		13,960		10,704
Incentive awards		101		101		101		101

Total		14,061		10,805		14,061		10,805