XML 35 R24.htm IDEA: XBRL DOCUMENT

Basic and Diluted Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Basic and Diluted Net Loss Per Share [Abstract]

Basic and Diluted Net Loss Per Share

(17)

Basic and Diluted Net Loss Per Share

The Company uses the two-class method to calculate net loss per share. No dividends were declared or paid for the thirteen-week periods ended March 31, 2024 and April 2, 2023. Undistributed earnings for each period are allocated to participating securities, including the redeemable convertible preferred stock, based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. The Company’s basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average shares of common stock outstanding during periods with undistributed losses.

The unaudited basic and diluted shares and net loss per share for the thirteen-week period ended April 2, 2023 has been retroactively restated to give effect to the conversion of shares of legal acquiree’s convertible instruments into shares of legal acquiree common stock as though the conversion had occurred as of the beginning of the period. The retroactive restatement is consistent with the presentation on the accompanying unaudited condensed consolidated statements of stockholders’ deficit.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the thirteen-week periods ended March 31, 2024 and April 2, 2023 (in thousands, except share and per share amounts):

		Thirteen- Weeks Ended March 31, 2024				Thirteen- Weeks Ended April 2, 2023
Numerator:
Net loss from continuing operations		$	(9,588	)		$	(15,709	)
Net loss from discontinued operations			––				(7,805	)
Net loss		$	(9,588	)		$	(23,514	)
Denominator:
Weighted average common shares outstanding, basic and diluted			49,077,330				25,200,347
Net loss per share:
Continuing operations – basic and diluted		$	(0.20	)		$	(0.62	)
Discontinued operations – basic and diluted		$	––			$	(0.31	)
Net loss per share – basic and diluted		$	(0.20	)		$	(0.93	)

The computation of basic and diluted net loss per share attributable to common stockholders is the same for the thirteen-week periods ended March 31, 2024 and April 2, 2023 because the inclusion of potential shares of common stock would have been anti-dilutive for the periods presented.

The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been anti-dilutive:

		As of
		March 31, 2024				April 2, 2023
Common stock warrants			23,024,556				89,313
Preferred stock warrants			—				2,386,879
Stock options and RSUs issued and outstanding			11,436,369				9,714,894
Potential common shares excluded from diluted net loss per share			34,460,924				12,191,086