Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2023

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Under the two-class method, net loss is attributed to common stockholders and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

The Company considers its convertible preferred stock to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock as the holders of the Company’s convertible preferred stock do not have a contractual obligation to share in the Company’s losses.

The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):


	Year Ended December 31,
	2023		2022
Numerator:
Net loss and comprehensive loss	$	(32,901)	$	(79,336)
Accretion on Series A convertible preferred stock	(4,591)		—
Net loss attributable to common stockholders (1)	$	(37,492)	$	(79,336)
Denominator:
Weighted average common shares used in computed net loss per share attributable to common stockholders - basic and diluted	8,276,481		7,950,757
Net loss per share attributable to common stockholders - basic and diluted	$	(4.53)	$	(9.98)

(1) For the year ended December 31, 2023, the Company did not allocate its net loss to participating convertible preferred stock as those shares are not obligated to share in the losses of the Company. There were no shares of convertible preferred stock outstanding as of December 31, 2022.

The following table summarizes the common stock equivalents of potentially dilutive outstanding securities excluded from the computation of diluted net loss per share due to their anti-dilutive effect:


	As of December 31,
	2023	2022
Stock options	463,168	598,791
RSUs	1,464,073	494,733
PRSUs	71,428	87,323
ESPP shares committed	22,791	15,104
Common stock warrants	9,175,282	1,292,856
Convertible preferred stock	4,173,177	—
Total	15,369,919	2,488,807

The Company’s 200,536 unvested Earnout Shares were excluded from the calculation of basic and diluted per share calculations as the vesting conditions have not yet been met as of December 31, 2023.