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Net Loss Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Net Loss Per Share | 13. Net Loss Per Share The Company’s basic and diluted net loss per share is calculated by dividing net loss less any redemption or induced conversion on the Series B Preferred Stock by the weighted-average number of shares of common stock outstanding for the period. RSUs, PSUs, options to purchase the Company’s common stock, restricted stock, Employee Stock Purchase Plan ("ESPP") shares pending issuance, Series B Preferred Stock and Convertible Notes are considered to be potentially dilutive common shares but have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive for all periods presented. As described above, on March 18, 2024, the Company consummated the Exchange in which all outstanding Series B Preferred Stock were exchanged for an aggregate of 92,930,553 shares of the Company's common stock. This transaction was determined to be an induced conversion due a reduction in the original conversion price. The excess of the fair value of the common stock issued over the fair value of shares issuable under original terms represents an in-substance distribution to the Investors, and was included as a reduction to the numerator in calculating earnings per share. Computation of net loss per share for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands, except per share data):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net loss from operations |  | $ | (26,938 | ) |  | $ | (20,997 | ) |  | $ | (104,813 | ) |  | $ | (54,880 | )
Induced conversion of redeemable preferred stock |  |  | — |  |  |  | — |  |  |  | (46,014 | ) |  |  | — |
Net loss attributable to common stockholders |  | $ | (26,938 | ) |  | $ | (20,997 | ) |  | $ | (150,827 | ) |  | $ | (54,880 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding during the period |  |  | 371,538 |  |  |  | 79,152 |  |  |  | 346,093 |  |  |  | 78,967 |
Net loss per share attributable to common stockholders, basic and diluted |  | $ | (0.07 | ) |  | $ | (0.27 | ) |  | $ | (0.44 | ) |  | $ | (0.69 | )
The following potentially dilutive common shares were excluded from the computations of diluted net loss per share for the periods presented because including them would have been anti-dilutive (in thousands):
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
RSUs, PSUs, stock options, restricted shares and ESPP shares |  |  | 54,664 |  |  |  | 16,872 |
Series B Preferred Stock |  |  | — |  |  |  | 75,164 |
2019 Notes(1) |  |  | 18,966 |  |  |  | 18,966 |
2014 Notes |  |  | 5 |  |  |  | 10 |
Warrants |  |  | 11,692 |  |  |  | — |
Total |  |  | 85,327 |  |  |  | 111,012 |
(1) The conversion rate is subject to adjustment upon the occurrence of certain specified events, including voluntary conversion of the 2019 Notes prior to the Company’s exercise of the Issuer’s Conversion Option (as defined in the 2019 Notes) or in connection with a make-whole fundamental change, entitling the holders, under certain circumstances, to a make-whole premium in the form of an increase in the conversion rate determined based on the effective date and current price of the Company’s common stock, subject to a minimum and maximum price per share. The maximum number of additional shares of the Company's common stock that may be issued under the make-whole premium is 4,741,374 shares. Refer to Note 6 for additional information on the 2019 Notes. The 175,910 shares of the Company's common stock that were repurchased during the three months ended September 30, 2023, and the 15,448,533 and 2,634,594 shares repurchased during the nine months ended September 30, 2024 and 2023, respectively, have also been excluded from the Company's net loss per share and diluted net loss per share calculations.

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