Net Loss Per Share

9 Months Ended

Sep. 30, 2025

15.

Net Loss Per Share

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities.

Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. The impact of all potentially dilutive shares which are anti-dilutive are excluded from the calculation of net loss per share. Potentially dilutive common stock equivalents are comprised of convertible preferred stock, calculated using the if-converted method, stock options to purchase common stock, RSUs, warrants to purchase Series C Preferred Stock and warrants to purchase Class B common stock, each calculated using the treasury stock method. Potentially dilutive securities not included in the calculation of diluted net loss per share, are as follows (in common stock equivalent shares):


	Nine Months Ended September 30,
	2025		2024
Convertible preferred stock (as converted into shares of common stock)		—		15,474,610
Stock options to purchase common stock		6,765,251		5,658,801
Warrants to purchase Series C convertible preferred stock		—		697,874
Warrants to purchase Class B common stock		—		2,675,535
RSUs		824,771		—
Total	$	7,590,022	$	24,506,820

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders, basic and diluted	$	(14,209	)	$	(9,736	)	$	(59,734	)	$	(36,648	)
Denominator:
Weighted-average Class A common stock outstanding, diluted		—			2,939,086			—			2,956,500
Weighted-average Class B common stock outstanding, diluted		—			3,672,489			—			3,258,744
Weighted-average Class C common stock outstanding, diluted		—			48,918			—			48,918
Weighted-average common stock outstanding, basic and diluted		43,634,006			—			39,293,798			—

Net loss per share attributable to common stockholders, basic and diluted	$	(0.33	)	$	(1.46	)	$	(1.52	)	$	(5.86	)