Net Loss Per Share

3 Months Ended

Mar. 31, 2025

8. Net Loss per Share

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company concluded that the Series A Preferred Stock and Series B Preferred Stock should be considered additional classes of common stock for purposes of calculating net loss per share, utilizing the two-class method in accordance with ASC 260 Earnings Per Share. Basic and diluted net loss per share attributable to common stockholders for the three-months ended March 31, 2024 as previously presented was $0.62, and as revised is $0.49. Net loss per share attributable to holders of Series A Preferred Stock and Series B Preferred Stock was not previously presented.

The following tables set forth the computation of basic and diluted net loss per share of Common Stock, Series A Preferred Stock, and Series B Preferred Stock (in thousands, except share and per share amounts):


	Three Months Ended March 31, 2025									Three Months Ended March 31, 2024 (Revised)
	Series A Preferred Stock			Series B Preferred Stock			Common Stock			Series A Preferred Stock			Series B Preferred Stock			Common Stock
Numerator:
Allocated net loss	$	(8,909	)	$	(3,605	)	$	(59,472	)	$	(9,048	)	$	(3,222	)	$	(46,078	)
Denominator:
Weighted average shares outstanding, basic and diluted		67,892			6,868			113,307,940			74,465			6,630			94,804,659
Net loss per share, basic and diluted	$	(131.22	)	$	(524.90	)	$	(0.52	)	$	(121.51	)	$	(485.97	)	$	(0.49	)

The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive and would result in a reduction to net loss per share. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated above because including them would have had an anti-dilutive effect:


	March 31,
	2025		2024
Stock options to purchase common stock		26,429,546		19,824,593
Performance-based restricted stock units subject to vesting		3,029,000		2,500,000
Time-based restricted stock units subject to vesting		80,000		80,000
		29,538,546		22,404,593

In accordance with ASC Topic 260, Earnings Per Share, the outstanding pre-funded warrants are included in the computation of basic and diluted net loss per share because the exercise price is negligible ($0.01 per share) and they are fully vested and exercisable at any time after the original issuance date.