NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2025

The basic and diluted net loss per common share is presented in conformity with the two-class method required for participating securities and multiple classes of shares. The Company considers its preferred stock to be in-substance common stock (Note 2). The Series A Preferred stock was excluded from the calculation of net loss per share and presented as anti-dilutive in prior reporting periods, but is deemed in-substance common stock and is now reflected as a class of common stock for purposes of calculating net loss per share for the periods ended March 31, 2025 and 2024. The impact of the change to previously reported net loss per share is not material.

Basic net loss per common share is calculated based upon the allocation of net loss to the weighted-average number of common shares outstanding during the period, excluding outstanding stock options that have not yet vested, and weighted-average number of shares of Series A Preferred stock outstanding during the period on an as-converted basis. For any period in which the Company records net income, diluted net income per share is calculated in the same manner as basic net loss per share, except that diluted net loss per common share includes outstanding common stock and common shares underlying outstanding options and unvested restricted stock units in the number of shares used to allocate net loss to share classes and as the denominator in calculating net loss per common share - diluted.

Diluted net loss per common share is equivalent to the basic net loss per common share due to the exclusion of outstanding stock options and unvested restricted stock units because the inclusion of these securities would result in an anti-dilutive effect on per common share amounts.

The following table summarizes the calculation of basic and diluted net loss per share:


	For the Three Months Ended March 31, 2025
(in thousands, except share and per share data)	Series A Preferred Stock		Common Stock
Net loss per share, basic and diluted
Allocation of net loss	$	(177)	$	(10,058)
Weighted-average shares outstanding, basic and diluted	1,250		71,045,265
Net loss per share, basic and diluted	$	(141.57)	$	(0.14)

	For the Three Months Ended March 31, 2024
(in thousands, except share and per share data)	Series A Preferred Stock		Common Stock
Net loss per share, basic and diluted
Allocation of net loss	$	(203)	$	(11,491)
Weighted average shares outstanding, basic and diluted	1,250		70,716,929
Net loss per share, basic and diluted	$	(162.50)	$	(0.17)

The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding as they would be anti-dilutive:


	For the Three Months Ended March 31	For the Three Months Ended March 31
	2025	2024
Stock options to purchase common stock	18,695,256	17,356,577
Common stock issuable upon conversion of Series A convertible preferred stock	1,250,000	1,250,000
Unvested restricted stock units	378,137	348,575
	20,323,393	18,955,152