Net Loss Per Share

6 Months Ended

Jun. 30, 2025

The following table sets forth the calculation of basic and diluted net loss per share during the periods presented (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net loss	$	(13,704)	$	(21,547)	$	(30,260)	$	(43,205)
Denominator:
Weighted-average shares of common stock outstanding	7,311,032		7,284,587		7,308,360		7,282,289
Net loss per share, basic and diluted	$	(1.87)	$	(2.96)	$	(4.14)	$	(5.93)

Basic net loss per common share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration of common share equivalents. Diluted net loss per common share is computed by dividing net loss by the weighted-average number of shares of common stock and common share equivalents outstanding for the period. Common share equivalents are only included in the calculation of diluted net loss per common share when their effect is dilutive.

Potential dilutive securities, which include, vested and unvested options to purchase common stock and RSUs subject to future vesting have been excluded from the computation of diluted net loss per share as the effect is antidilutive. Therefore, the denominator used to calculate both basic and diluted net loss per common share is the same in all periods presented.

The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive:


	Three and Six Months Ended June 30,
	2025	2024
Stock options to purchase common stock	2,034,794	1,525,517
Restricted stock units subject to future vesting	8,318	18,524
Total	2,043,112	1,544,041

Kezar Life Sciences, Inc. 10-Q