Net Loss per Share

9 Months Ended

Sep. 30, 2024

14. Net Loss per Share

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares outstanding. Diluted net loss per share attributable to common stockholders adjusts the basic net loss per share attributable to common stockholders and the weighted-average number of shares issued for potentially dilutive instruments.

The following data shows the amounts used in computing net loss per share and the effect on net loss and the weighted-average number of shares (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net loss	$	(77,686)	$	(78,046)	$	(234,588)	$	(347,947)
Less: Deemed Dividend	(4,153)		—		(4,153)		—
Net loss available to common stockholders	$	(81,839)	$	(78,046)	$	(238,741)	$	(347,947)

Weighted average shares used in computing net loss per share of Class A and B Common Stock:
Basic	15,379,402		172,062		8,707,165		124,538
Diluted	15,379,402		172,062		8,707,165		124,538

Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic	$	(5.32)	$	(453.59)	$	(27.42)	$	(2,793.90)
Diluted	$	(5.32)	$	(453.59)	$	(27.42)	$	(2,793.90)

The net loss per common share was the same for the Class A Common Stock and Class B Common Stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. Because the Company reported a net loss for all periods presented, all potentially dilutive Common Stock equivalents were determined to be antidilutive for those periods and have been excluded from the calculation of net loss per share.

The following table presents the potentially dilutive shares that were excluded from the computation of diluted net loss per share of Common Stock attributable to Common Stock stockholders because their effect was anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Shares issuable upon conversion of SPA Notes and settlement of make-whole provisions	25,995,784	746,412	25,995,784	746,412
Shares issuable upon conversion of Unsecured Convertible Notes	666,624	—	666,624	—
Shares issuable upon exercise of SPA Warrants	15,143	13,790	15,143	13,790
Shares issuable upon exercise of Junior SPA Warrants	5,931,638	—	5,931,638	—
Other warrants	1,278,802	34,136	1,278,802	34,136
Stock-based compensation awards – Options	2,879	3,568	2,879	3,568
Stock-based compensation awards – RSUs	1,529,966	1,481	1,529,966	1,481
Public warrants	2,453	2,453	2,453	2,453
Private warrants	12	12	12	12
Total	35,423,301	801,852	35,423,301	801,852