Net Loss Per Share

6 Months Ended

Jun. 30, 2025

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 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 loss 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 and unvested redeemable common 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 June 30,
	2025		2025		2024
	Redeemable Common Stock		Common Stock		Common Stock
Numerator:
Allocation of net loss attributable to common stockholders	$	(1,330)	$	(37,166)	$	(2,682)

Accretion on redeemable common stock	21		(21)		—

Allocated net loss attributable to common stockholders	$	(1,309)	$	(37,187)	$	(2,682)
Denominator:
Weighted average common shares outstanding, basic and diluted	562,500		15,716,376		8,867,399
Net loss per share attributable to common stockholders, basic and diluted	$	(2.33)	$	(2.37)	$	(0.30)


	Six Months Ended June 30,
	2025		2025		2024
	Redeemable Common Stock		Common Stock		Common Stock
Numerator:
Allocation of net loss attributable to common stockholders	$	(1,268)	$	(35,050)	$	(736)

Accretion on redeemable common stock	42		(42)		—


Allocated net loss attributable to common stockholders	$	(1,226)	$	(35,092)	$	(736)
Denominator:
Weighted average common shares outstanding, basic and diluted	562,500		15,550,751		8,803,729


Net loss per share attributable to common stockholders, basic and diluted	$	(2.18)	$	(2.26)	$	(0.08)

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:


	June 30,
	2025	2024
Stock options	377,012	361,723
RSUs	1,361,548	1,479,657

PSUs	56,391	71,428
ESPP shares committed	44,243	36,534
Common stock warrants	10,709,330	10,974,303
Preferred stock	2,872,668	5,164,359
Total	15,421,192	18,088,004

The Company’s 200,536 unvested earnout shares and 125,000 unvested shares issued to WTI described in Part II, Item 8 “Financial Statements and Supplementary Data - Note 9 to the Consolidated Financial Statements - Common Stock Issuance, Redeemable Common Stock, Common Stock Warrants, and Convertible Preferred Stock” in its Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2024 were excluded from the calculation of basic and diluted per share calculations as the vesting conditions have not yet been met as of June 30, 2025.