Earnings Per Share

9 Months Ended

Sep. 30, 2025

Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period.

Because the Company has reported a net loss for the three and nine months ended September 30, 2025 and 2024, the number of shares used to calculate diluted net loss per share attributable to common stockholders is the same as the number of shares used to calculate basic net loss per share attributable to common stockholders for the period presented because the potentially dilutive shares would have been anti-dilutive if included in the calculation.

In connection with the offering of the 2030 Convertible Notes, the Company entered into Capped Calls that are intended to reduce or offset the potential dilution from shares of common stock issued upon conversion. The impact of the Capped Calls is not included when calculating potentially dilutive shares since their effect is anti-dilutive.

The computation of basic and diluted net loss per share attributable to common stockholders is as follows for the three and nine months ended September 30, 2025 and 2024:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except shares and per share amounts)	2025		2024		2025		2024
Net loss	$	(14,804)	$	(9,442)	$	(36,211)	$	(33,192)
Weighted-average shares of common stock outstanding - basic and diluted	104,345,319		99,435,002		103,395,497		98,165,903
Net loss per common share - basic and diluted	$	(0.14)	$	(0.09)	$	(0.35)	$	(0.34)

The following potential shares of common stock were excluded from diluted net loss per share as the Company had a net loss in each of the periods presented:


	As of September 30,
	2025	2024
Stock options	956,686	2,058,570
Restricted Stock Units	6,695,445	6,848,002
ESPP	94,295	72,849
2030 Convertible Notes	10,511,495	—
Total anti-dilutive common share equivalents	18,257,921	8,979,421