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Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
Basic and diluted net income (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 (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 income (loss) per share (in thousands, except share and per share amounts):
Three Months Ended September 30,
2025202520242024
Redeemable Common StockCommon StockRedeemable Common StockCommon Stock
Numerator:
Allocation of net income (loss) attributable to common stockholders$139 $3,995 $(61)$(5,550)
Accretion on convertible preferred stock(28)(820)(14)(1,201)
Accretion on redeemable common stock21 (21)5 (5)
Allocation of net income to participating securities(21)(478)— — 
Allocated net income (loss) attributable to common stockholders, basic$111 $2,676 $(70)$(6,756)
Denominator:
Weighted average common shares outstanding, basic562,50016,198,439122,28311,042,602
Net income (loss) per share attributable to common stockholders, basic$0.20 $0.17 $(0.57)$(0.61)

Three Months Ended September 30,
2025202520242024
Redeemable Common StockCommon StockRedeemable Common StockCommon Stock
Numerator:
Allocation of net income (loss) attributable to common stockholders$139 $3,995 $(61)$(5,550)
Accretion on convertible preferred stock(28)(820)(14)(1,201)
Accretion on redeemable common stock21 (21)5 (5)
Effect of dilutive securities— (4,266)— — 
Allocated net income (loss) attributable to common stockholders, diluted$132 $(1,112)$(70)$(6,756)
Denominator:
Weighted average common shares outstanding, basic562,50016,198,439122,28311,042,602
Effect of dilutive securities125,0003,115,07300
Weighted average common shares outstanding, diluted687,50019,313,512122,28311,042,602
Net income (loss) per share attributable to common stockholders, diluted$0.19 $(0.06)$(0.57)$(0.61)
Nine Months Ended September 30,
2025202520242024
Redeemable Common StockCommon StockRedeemable Common StockCommon Stock
Numerator:
Allocation of net income (loss) attributable to common stockholders$(1,050)$(29,438)$(15)$(3,469)
Accretion on convertible preferred stock(88)(2,456)(17)(4,061)
Accretion on redeemable common stock63 (63)5 (5)
Allocation of net income to participating securities— — — — 
Allocated net income (loss) attributable to common stockholders, basic$(1,075)$(31,957)$(27)$(7,535)
Denominator:
Weighted average common shares outstanding, basic562,50015,769,02041,0589,555,467
Net income (loss) per share attributable to common stockholders, basic$(1.91)$(2.03)$(0.66)$(0.79)
Nine Months Ended September 30,
2025202520242024
Redeemable Common StockCommon StockRedeemable Common StockCommon Stock
Numerator:
Allocation of net income (loss) attributable to common stockholders$(1,050)$(29,438)$(15)$(3,469)
Accretion on convertible preferred stock(88)(2,456)(17)(4,061)
Accretion on redeemable common stock63 (63)5 (5)
Effect of dilutive securities— — — — 
Allocated net income (loss) attributable to common stockholders, diluted$(1,075)$(31,957)$(27)$(7,535)
Denominator:
Weighted average common shares outstanding, basic562,50015,769,02041,0589,555,467
Effect of dilutive securities— — — — 
Weighted average common shares outstanding, diluted562,50015,769,02041,0589,555,467
Net income (loss) per share attributable to common stockholders, diluted$(1.91)$(2.03)$(0.66)$(0.79)

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:
September 30,
20252024
Stock options267,207457,500
RSUs2,226,2651,408,197
RSAs—387,309
PSUs—56,391
ESPP shares committed39,45128,367
Common stock warrants1,403,89411,099,708
Preferred stock2,872,6682,872,668
Total6,809,48516,310,140
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 September 30, 2025.