Net Loss Per Share

6 Months Ended

Jun. 30, 2025

12. Net Loss Per Share

Basic and diluted net loss per common share were calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(25,335	)	$	(19,950	)	$	(53,879	)	$	(42,688	)
Denominator:
Weighted-average common shares outstanding (including vested and unvested shares)		52,109,257			48,125,940			51,091,218			45,122,104
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(4,205	)		(49,371	)		(7,377	)		(58,807	)
Less: weighted-average unvested restricted shares of common stock		—			(1,534	)		—			(2,975	)
Weighted-average shares used to compute net loss per common share, basic and diluted		52,105,052			48,075,035			51,083,841			45,060,322
Net loss per share, basic and diluted	$	(0.49	)	$	(0.41	)	$	(1.05	)	$	(0.95	)

Outstanding pre-funded warrants to purchase 2,851,768 and 1,071,505 shares of the Company's common stock as of June 30, 2025 and 2024, respectively, were used in the calculation of the weighted-average common shares outstanding for the corresponding periods presented above.

The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The following potentially dilutive securities, presented on an as converted basis, were excluded from the calculation of net loss per share due to their anti-dilutive effect:


	As of June 30,
	2025		2024
Stock options outstanding		9,487,212		7,464,751
Unvested restricted stock awards		—		623
Unvested restricted stock units		90,185		94,068
ESPP shares pending issuance		2,579		3,637
Total		9,579,976		7,563,079

Enliven Therapeutics, Inc. 10-Q