Net Loss Per Share

12 Months Ended

Dec. 31, 2024

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.

As discussed in Note 9, the Company issued redeemable common stock in connection to the WTI loan. The consolidated statements of operations and comprehensive income (loss) include a presentation of income (loss) per redeemable share and income (loss) per non-redeemable share following the two-class method of income per share. Income and losses are shared pro rata between the two classes of shares. Net (loss) income per common share is calculated by dividing the net (loss) income by the weighted average shares of common stock outstanding for the respective period.

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,
	2024		2024		2023
	Redeemable Common Stock		Common Stock		Common Stock
Numerator:
Allocation of net loss attributable to common stockholders	$	(270)	$	(17,192)	$	(37,492)
Add: accretion on redeemable common stock	25		(25)		—
Allocated net loss attributable to common stockholders	$	(245)	$	(17,217)	$	(37,492)
Denominator:
Weighted-average common shares used in computed net loss per share attributable to common stockholders basic and diluted	172,131		10,951,270		8,276,481
Net loss per share attributable to common stockholders basic and diluted	$	(1.42)	$	(1.57)	$	(4.53)

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:


	December 31,
	2024	2023
Stock options	427,555	463,168
RSUs	1,451,643	1,464,073
RSAs	326,153	—
PSUs	56,391	71,428
ESPP Shares Committed	26,917	22,791
Common stock warrants	11,099,708	9,175,282
Preferred stock	2,872,668	4,173,177
Total	16,261,035	15,369,919

The Company’s 200,536 unvested Earnout Shares, 187,500 unvested shares issued to WTI, and 326,153 unvested RSAs issued in connection to the RSU to RSA conversion, 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, 2024.