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Net Loss Per Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Net Loss Per Share | 5. Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during each period, without consideration for potential dilutive shares of common stock. Diluted net loss per share of common stock is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and if-converted method, as applicable. For the year ended December 31, 2024, the Company reported a net loss. The diluted net loss per share calculation is the same as basic net loss per share since dilutive shares are not assumed to have been issued if their effect is antidilutive. Therefore, the weighted-average shares used to calculate both basic and diluted net loss per share are the same. For the year ended December 31, 2023, basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities, which include convertible preferred stock. Under the two-class method, net loss is adjusted by the difference between the fair value of consideration transferred and the carrying amount of convertible preferred stock during periods where the Company redeems its convertible preferred stock. The remaining earnings (undistributed earnings) are allocated to common stock and each series of convertible preferred stock to the extent that each preferred security may share in earnings as if all of the earnings for the period had been distributed. The total earnings allocated to common stock is then divided by the number of outstanding shares to which the earnings are allocated to determine the earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the convertible preferred stock have no obligation to fund losses. For the year ended December 31, 2023, the Company reported a net loss. In accordance with ASC Topic 260, “Earning Per Share”, the difference between our basic and diluted loss per share calculations is due to the application of the if-converted method for the Company’s convertible debt. In the diluted loss per share calculation, the numerator is adjusted by adding back interest expense and changes in fair value of derivative liability, reflecting the assumed conversion of the convertible debt into common stock. The denominator includes the dilutive effect of the shares that the Company would issue under the convertible notes if-converted. The following table sets forth the computation of basic and diluted net loss per share to common stockholders:
|  | Year Ended December 31, |
(in thousands, except share and per share data) |  | 2024 |  |  | 2023 |
Basic net loss per common share calculation: |  |  |  |  |  |
Net loss attributable to common stockholders |  | $ | (62,746 | ) |  | $ | (4,383 | )
Undistributed loss to preferred stock stockholders |  |  | — |  |  |  | 1,418 |
Net loss attributable to common stockholders – basic |  | $ | (62,746 | ) |  | $ | (2,965 | )
Weighted-average shares of common stock outstanding – basic |  |  | 60,263,190 |  |  |  | 38,048,516 |
Net loss per share of common stock – basic |  | $ | (1.04 | ) |  | $ | (0.08 | )
Diluted net loss per common share calculation: |  |  |  |  |  |
Net loss attributable to common stockholders |  | $ | (62,746 | ) |  | $ | (4,383 | )
Reverse: interest expense and change in fair value on derivative liability |  |  | — |  |  |  | (4,322 | )
Net loss attributable to common stockholders |  |  | (62,746 | ) |  |  | (8,705 | )
Undistributed loss to preferred stock stockholders |  |  | — |  |  |  | 2,817 |
Net loss attributable to common stockholders – diluted |  | $ | (62,746 | ) |  | $ | (5,888 | )
Weighted-average shares of common stock outstanding – basic |  |  | 60,263,190 |  |  |  | 38,048,516 |
Convertible promissory note |  |  | — |  |  |  | 5,174,618 |
Weighted-average shares of common stock – diluted |  |  | 60,263,190 |  |  |  | 43,223,134 |
Net loss per share of common stock – diluted |  | $ | (1.04 | ) |  | $ | (0.14 | )
The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Outstanding stock options and restricted stock units |  |  | 4,673,638 |  |  |  | 3,470,172 |
Convertible preferred stock warrants |  |  | — |  |  |  | 580,729 |
Common stock warrants |  |  | — |  |  |  | 75,305 |
Convertible promissory note |  |  | 5,305,861 |  |  |  | — |
|  |  | 9,979,499 |  |  |  | 4,126,206 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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