Net Loss per Share

9 Months Ended

Sep. 30, 2025

14. Net Loss per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(31,911	)	$	(44,041	)	$	(69,798	)	$	(168,069	)
Net loss attributable to non-controlling interest		467			(577	)		980			(2,580	)
Net loss attributable to American Well Corporation	$	(32,378	)	$	(43,464	)	$	(70,778	)	$	(165,489	)
Denominator:
Weighted-average common shares outstanding—basic and diluted		16,214,711			15,135,421			15,928,671			14,864,967
Net loss per share attributable to common stockholders—basic and diluted	$	(2.00	)	$	(2.87	)	$	(4.44	)	$	(11.13	)

The Company’s potential dilutive securities, which include stock options, unvested restricted stock units and unvested performance market-based stock units, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares equivalents presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Unvested restricted stock units		1,368,508		1,627,179		1,368,508		1,627,179
Unvested performance market-based stock units		250,157		796,458		250,157		796,458
Options to purchase shares of common stock		359,754		447,148		359,754		447,148
		1,978,419		2,870,785		1,978,419		2,870,785