Net Loss Per Share

12 Months Ended

Dec. 31, 2024

14. 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, 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 years ended December 31, 2024, 2023, and 2022, was as follows (in thousands, except per share data):


	Year Ended December 31,
	2024			2023			2022
Numerator:
Net loss from operations	$	(138,885	)	$	(74,656	)	$	(190,098	)
Induced conversion of redeemable preferred stock		(46,014	)		—			—
Net loss attributable to common stockholders	$	(184,899	)	$	(74,656	)	$	(190,098	)

Denominator:
Weighted-average shares outstanding during the period		353,245			79,160			78,305
Net loss per share attributable to common stockholders, basic and diluted	$	(0.52	)	$	(0.94	)	$	(2.43	)

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):


	Year Ended December 31,
	2024		2023		2022
RSUs, PSUs, stock options, restricted shares and ESPP shares		52,602		16,740		15,752
Series B Preferred Stock		—		75,164		75,164
2019 Notes		—		18,966		18,966
2014 Notes		5		10		10
Warrants		11,692		—		—
Total		64,299		110,880		109,892