| Net Income (Loss) Per Share |
Net Income (Loss) Per Share Basic and diluted net income (loss) per share of common stock and redeemable common stock is presented in conformity with the two-class method required for participating securities. Under the two-class method, net income (loss) is allocated to each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.
The Company considers its convertible preferred stock and unvested redeemable common stock to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock as the holders of the Company’s convertible preferred stock do not have a contractual obligation to share in the Company’s losses.
The following tables present the calculation of basic and diluted net income (loss) per share (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2025 | | 2025 | | 2024 | | Redeemable Common Stock | | Common Stock | | Common Stock | | Numerator: | | | | | | | Allocation of net income attributable to common stockholders | $ | 79 | | | $ | 2,946 | | | $ | 3,274 | | | Accretion on convertible preferred stock | — | | | (847) | | | (1,328) | | | Accretion on redeemable common stock | 21 | | | (21) | | | — | | | Allocation of net income to participating securities | $ | (14) | | | $ | (330) | | | $ | (661) | | | Allocated net income attributable to common stockholders | $ | 86 | | | $ | 1,748 | | | $ | 1,285 | | | Denominator: | | | | | | | Weighted average common shares outstanding, basic | 562,500 | | 15,383,287 | | 8,740,059 | | Net income per share attributable to common stockholders, basic | $ | 0.15 | | | $ | 0.11 | | | $ | 0.15 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | 2025 | | 2025 | | 2024 | | Redeemable Common Stock | | Common Stock | | Common Stock | | Numerator: | | | | | | | Allocation of net income attributable to common stockholders | $ | 79 | | | $ | 2,946 | | | $ | 3,274 | | | Accretion on convertible preferred stock | — | | | (847) | | | (1,328) | | | Accretion on redeemable common stock | 21 | | | (21) | | | — | | | Allocation of net income to participating securities | — | | | (330) | | | — | | | Effect of dilutive securities | — | | | — | | | (6,809) | | | Allocated net income (loss) attributable to common stockholders | $ | 100 | | | $ | 1,748 | | | $ | (4,863) | | | Denominator: | | | | | | | Weighted average common shares outstanding, basic | 562,500 | | 15,383,287 | | 8,740,059 | | Effect of dilutive securities | 125,000 | | 0 | | 877,766 | | Weighted average common shares outstanding, diluted | 687,500 | | 15,383,287 | | 9,617,825 | | Net income (loss) per share attributable to common stockholders, diluted | $ | 0.15 | | | $ | 0.11 | | | $ | (0.51) | |
The following table summarizes the common stock equivalents of potentially dilutive outstanding securities excluded from the computation of diluted net loss per share due to their anti-dilutive effect: | | | | | | | | | | | | | March 31, | | 2025 | | 2024 | | Stock options | 377,012 | | | 463,168 | | | RSUs | 1,450,316 | | | 1,526,327 | | | RSAs | 107,636 | | — | | PSUs | 56,391 | | | 71,428 | | | ESPP shares committed | 51,073 | | | 19,388 | | | Common stock warrants | 11,099,708 | | | 3,102,591 | | | Preferred stock | 2,872,668 | | | 5,200,802 | | | Total | 16,014,804 | | | 10,383,704 | |
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