| Net Loss Per Share |
11. Net Loss Per Share The Company calculates basic and diluted net loss per share in conformity with the two-class method required for participating securities. In May 2024, the remaining 1,444,295 shares of non-voting common stock were converted to voting common stock and no shares of non-voting common stock remain outstanding. Since the rights of the voting and non-voting common stock are identical, except with respect to voting, the undistributed losses of the Company have been allocated on a proportionate basis to the two classes. Basic net loss per share of common stock is computed by dividing the net loss per share of common stock by the weighted average number of shares of common stock outstanding for the period. The weighted-average shares of common stock outstanding as of June 30, 2025 and 2024 included outstanding pre-funded warrants to purchase, respectively, up to an aggregate of 10,800,000 and 1,168,054 shares of common stock. Diluted net loss per share is calculated using the if-converted method as of June 30, 2024, which assumes conversion of all non-voting common stock to voting common stock.
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Three months ended |
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Six months ended |
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June 30, 2025 |
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June 30, 2025 |
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Voting common stock |
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Voting common stock |
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Basic and diluted net loss per share: |
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Net loss |
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$ |
(45,128 |
) |
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$ |
(81,071 |
) |
Weighted average number of shares outstanding |
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61,876,586 |
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56,340,599 |
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Net loss per share, basic and diluted |
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$ |
(0.73 |
) |
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$ |
(1.44 |
) |
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Three months ended |
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Six months ended |
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June 30, 2024 |
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June 30, 2024 |
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Voting common stock |
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Non-voting common stock |
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Voting common stock |
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Non-voting common stock |
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Basic net loss per share: |
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Numerator |
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Allocation of undistributed losses |
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$ |
(27,318 |
) |
|
$ |
(284 |
) |
|
$ |
(51,608 |
) |
|
$ |
(1,041 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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48,937,923 |
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507,884 |
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48,398,265 |
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976,089 |
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Net loss per share, basic |
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$ |
(0.56 |
) |
|
$ |
(0.56 |
) |
|
$ |
(1.07 |
) |
|
$ |
(1.07 |
) |
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Diluted net loss per share: |
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Numerator |
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Allocation of undistributed losses for basic computation |
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$ |
(27,318 |
) |
|
$ |
(284 |
) |
|
$ |
(51,608 |
) |
|
$ |
(1,041 |
) |
Reallocation of undistributed losses as a result of conversion of
non-voting to voting common shares |
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|
(284 |
) |
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— |
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(1,041 |
) |
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— |
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Allocation of undistributed losses |
|
$ |
(27,602 |
) |
|
$ |
(284 |
) |
|
$ |
(52,649 |
) |
|
$ |
(1,041 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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48,937,923 |
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507,884 |
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48,398,265 |
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|
976,089 |
|
Add: conversion of non-voting to voting common shares outstanding |
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507,884 |
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— |
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976,089 |
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— |
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Weighted average number of shares used in diluted per share computation |
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49,445,807 |
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507,884 |
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49,374,354 |
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|
976,089 |
|
Net loss per share, diluted |
|
$ |
(0.56 |
) |
|
$ |
(0.56 |
) |
|
$ |
(1.07 |
) |
|
$ |
(1.07 |
) |
The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:
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As of June 30, |
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2025 |
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2024 |
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Stock options to purchase common stock |
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14,239,873 |
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10,253,666 |
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Warrants to purchase common stock |
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53,090,190 |
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— |
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Total |
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67,330,063 |
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10,253,666 |
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