Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per Share

Basic and diluted net loss per share of common stock and redeemable common stock is presented in conformity with the two-class method required for participating securities. Under the two-class method, net income (loss) is allocated to each class of common stock 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 tables present the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts):

	Three Months Ended September 30,
	2024		2024		2023
	Redeemable Common Stock		Common Stock		Common Stock
Numerator:
Allocation of net loss attributable to common stockholders	$	(75)	$	(6,751)	$	(6,960)
Add: accretion on redeemable common stock	5		(5)		—
Allocated net loss attributable to common stockholders	$	(70)	$	(6,756)	$	(6,960)
Denominator:
Weighted-average common shares used in computed net loss per share attributable to common stockholders basic and diluted	122,283		11,042,602		8,310,965
Net loss per share attributable to common stockholders basic and diluted	$	(0.57)	$	(0.61)	$	(0.84)

	Nine Months Ended September 30,
	2024		2024		2023
	Redeemable Common Stock		Common Stock		Common Stock
Numerator:
Allocation of net loss attributable to common stockholders	$	(32)	$	(7,530)	$	(29,273)
Add: accretion on redeemable common stock	5		(5)		—
Allocated net loss attributable to common stockholders	$	(27)	$	(7,535)	$	(29,273)
Denominator:
Weighted-average common shares used in computed net loss per share attributable to common stockholders basic and diluted	41,058		9,555,467		8,212,268
Net loss per share attributable to common stockholders basic and diluted	$	(0.66)	$	(0.79)	$	(3.56)

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 September 30,
	2024	2023
Stock options	457,500	470,500
RSUs	1,408,197	1,396,201
RSAs	387,309	—
PSUs	56,391	71,428
ESPP shares committed	28,367	27,533
Common stock warrants	11,099,708	9,175,282
Preferred stock	2,872,668	4,373,178
Total	16,310,140	15,514,122

The Company’s 200,536 unvested earnout shares, described in Part II, Item 8 “Financial Statements and Supplementary Data - Note 9 to the Consolidated Financial Statements - Convertible Preferred Stock, Warrants, and Earnout Shares” in the 2023 Form 10-K, were excluded from the calculation of basic and diluted per share calculations as the vesting conditions have not yet been met as of September 30, 2024.