NET LOSS PER SHARE

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

NOTE 13. NET LOSS PER SHARE

Diluted earnings per share (“EPS”) includes the dilutive effect of Common Stock equivalents and is computed using the weighted-average number of Common Stock and Common Stock equivalents outstanding during the reporting period. Diluted EPS for the three and nine months ended September 30, 2024 and 2023 excluded Common Stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported loss per share. The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share:


	Nine Months Ended September 30,
	2024		2023
Stock options outstanding		185,642		195,656
Junior Note Warrants		859,315		—
Public Warrants		417,770		417,770
June 2023 Senior Note Warrants		335,210		335,211
Pre-Funded Warrants		837,116		—
August 2024 Warrants Issued with Junior Notes		19,892		—
Unvested restricted stock units		6,620		23,901
If-converted Common Stock from Series A Preferred Stock(1)		119,445		151,945
If-converted Common Stock from convertible notes		32,932,138		335,661
Total		35,713,148		1,460,144

(1) Assumes that all shares of Series A Preferred Stock are converted into Common Stock at a conversion rate equal to $0.25 divided by $5.00 (as adjusted by the Reverse Stock Split), representing the maximum number of shares issuable to holders of Series A Preferred Stock.

NOTE 13. NET LOSS PER SHARE

Diluted earnings per share ("EPS") includes the dilutive effect of Common Stock equivalents and is computed using the weighted-average number of Common Stock and Common Stock equivalents outstanding during the reporting period. Diluted EPS during the years ended December 31, 2023 and 2022 excluded Common Stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported loss per share. The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share:


	For the Year Ended December 31,
	2023		2022
Stock options outstanding		7,547,750		3,133,270
Warrants to purchase Common Stock - liability classified		38,710,785		—
Warrants to purchase Common Stock - equity classified		13,408,430		2,061,545
Unvested restricted stock units		888,373		542,706
If-converted Common Stock from Series A Preferred Stock(1)		6,077,810		—
If-converted Common Stock from convertible notes		13,426,430		—
If-converted common shares from Legacy Nuburu convertible notes		—		864,868
Total		80,059,578		6,602,389

(1)

Assumes that all shares of Series A Preferred Stock are converted into Common Stock at a conversion rate equal to $10.00 divided by $5.00, representing the maximum number of shares issuable to holders of Series A Preferred Stock.