Net Loss Per Share

9 Months Ended

Sep. 30, 2025

3. Net Loss Per Share

The table below sets forth the computation of basic and diluted loss per share for the periods presented (in thousands, except share and per share amounts):


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(9,002	)	$	(9,438	)	$	(25,782	)	$	(29,470	)
Deemed dividends		—			(305	)		—			(2,724	)
Net loss attributable to common stockholder	$	(9,002	)	$	(9,743	)	$	(25,782	)	$	(32,194	)
Denominator:
Weighted average shares outstanding		12,464,236			374,270			4,495,701			367,888
Effect of dilutive shares		—			—			—			—
Basic and diluted loss per share	$	(0.72	)	$	(26.03	)	$	(5.73	)	$	(87.51	)

Since the Company incurred a net loss for the three and nine months ended September 30, 2025 and 2024, the diluted net loss per share calculation excludes potentially dilutive securities. The following table summarizes the number of shares of common stock issuable under various securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:


	Three and nine months ended September 30,
	2025		2024
Redeemable convertible preferred stock		—		12,196,291
Common warrants		244,425		672,632
Preferred warrants		—		10,377
Restricted stock units		185,247		90,009
Stock options and employee stock purchase plan		4,401,452		2,291,745
Total shares		4,831,124		15,261,054

The Company recorded deemed dividends of $0.3 million and $2.7 million for the three and nine months ended September 30, 2024, respectively, as a result of a down-round feature in the Company’s Series E, F, and F-1 preferred stock triggered during the issuance by the Company of Series G preferred stock (see Note 7). No deemed dividends were recorded for the three and nine months ended September 30, 2025.