Net Loss Per Share

9 Months Ended

Sep. 30, 2025

We compute net loss per share using the two-class method required for participating securities and multiple classes of common stock. The two-class method requires net income or loss be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income or loss for the period had been distributed. The rights, including the liquidation and dividend rights and sharing of losses of the Class A common stock and Class B common stock are identical, other than voting, transfer, and conversion rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. In the current quarter, the number of common shares decreased as a result of the Reverse Stock Split, and as such, the computations of earnings per share were adjusted retroactively for all periods presented to reflect the change in capital structure.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2025		2024		2025		2024
Numerator:
Net loss attributable to common stockholders	$	(20,324)	$	(21,177)	$	(57,700)	$	(67,640)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	8,167,465		7,900,246		8,092,579		7,831,158
Net loss per share attributable to common stockholders, basic and diluted	$	(2.49)	$	(2.68)	$	(7.13)	$	(8.64)

The following shares of preferred stock and common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive:


	September 30, 2025	September 30, 2024
Outstanding stock options	495,441	582,342
2021 ESPP	484	1,954
RSUs	595,303	490,364
PSUs	93,780	45,873
Total anti-dilutive securities	1,185,008	1,120,533