| Net Loss Per Share |
3. Net Loss Per Share The table below sets forth the computation of basic and diluted loss per share for the periods presented (in thousands, except share and per share amounts):
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2025 |
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|
2024 |
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|
2025 |
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|
2024 |
|
Numerator: |
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|
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|
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|
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|
|
|
|
|
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Net loss |
|
$ |
(9,002 |
) |
|
$ |
(9,438 |
) |
|
$ |
(25,782 |
) |
|
$ |
(29,470 |
) |
Deemed dividends |
|
|
— |
|
|
|
(305 |
) |
|
|
— |
|
|
|
(2,724 |
) |
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|
|
|
|
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|
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|
|
|
|
|
|
Net loss attributable to common stockholder |
|
$ |
(9,002 |
) |
|
$ |
(9,743 |
) |
|
$ |
(25,782 |
) |
|
$ |
(32,194 |
) |
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Denominator: |
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|
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|
|
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|
Weighted average shares outstanding |
|
|
12,464,236 |
|
|
|
374,270 |
|
|
|
4,495,701 |
|
|
|
367,888 |
|
Effect of dilutive shares |
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|
— |
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|
|
— |
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|
|
— |
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— |
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Basic and diluted loss per share |
|
$ |
(0.72 |
) |
|
$ |
(26.03 |
) |
|
$ |
(5.73 |
) |
|
$ |
(87.51 |
) |
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| Since the Company incurred a net loss for the three and nine months ended September 30, 2025 and 2024, the diluted net loss per share calculation excludes potentially dilutive securities. The following table summarizes the number of shares of common stock issuable under various securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:
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| |
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Three and nine months
ended September 30, |
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| |
|
2025 |
|
|
2024 |
|
Redeemable convertible preferred stock |
|
|
— |
|
|
|
12,196,291 |
|
Common warrants |
|
|
244,425 |
|
|
|
672,632 |
|
Preferred warrants |
|
|
— |
|
|
|
10,377 |
|
Restricted stock units |
|
|
185,247 |
|
|
|
90,009 |
|
Stock options and employee stock purchase plan |
|
|
4,401,452 |
|
|
|
2,291,745 |
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|
|
|
|
|
|
|
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Total shares |
|
|
4,831,124 |
|
|
|
15,261,054 |
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|
|
|
|
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| The Company recorded deemed dividends of $0.3 million and $2.7 million for the three and nine months ended September 30, 2024, respectively, as a result of a down-round feature in the Company’s Series E, F, and F-1 preferred stock triggered during the issuance by the Company of Series G preferred stock (see Note 7). No deemed dividends were recorded for the three and nine months ended September 30, 2025. |
3. Net Loss Per Share The table below sets forth the computation of basic and diluted loss per share for the periods presented (in thousands, except share and per share amounts ):
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| |
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Years Ended
December 31, |
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| |
|
2024 |
|
|
2023 |
|
Numerator: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(39,661 |
) |
|
$ |
(50,332 |
) |
Deemed dividends |
|
|
(2,724 |
) |
|
|
(1,941 |
) |
|
|
|
|
|
|
|
|
|
Net loss attributable to common stockholder |
|
$ |
(42,385 |
) |
|
$ |
(52,273 |
) |
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
372,426 |
|
|
|
347,249 |
|
Effect of dilutive shares |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share |
|
$ |
(113.81 |
) |
|
$ |
(150.53 |
) |
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|
|
|
|
|
|
|
| Since the Company incurred a net loss for the years ended December 31, 2024 and 2023, the diluted net loss per share calculation excludes potentially dilutive securities. The following table summarizes the number of shares of common stock issuable under securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:
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| |
|
Years Ended December 31, |
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| |
|
2024 |
|
|
2023 |
|
Redeemable convertible preferred stock |
|
|
12,729,349 |
|
|
|
10,107,310 |
|
Common warrants |
|
|
672,632 |
|
|
|
433,701 |
|
Preferred warrants |
|
|
10,377 |
|
|
|
10,377 |
|
Restricted stock units |
|
|
113,819 |
|
|
|
18,581 |
|
Stock options |
|
|
2,228,838 |
|
|
|
1,760,976 |
|
|
|
|
|
|
|
|
|
|
Total shares |
|
|
15,755,015 |
|
|
|
12,330,945 |
|
|
|
|
|
|
|
|
|
| The following table summarizes the calculation of unaudited pro forma basic and diluted earnings per share for the period presented (in thousands, except share and per share amounts):
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|
|
|
| |
|
Year Ended December 31, 2024 |
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| |
|
(unaudited) |
|
Numerator: |
|
|
|
|
Net loss used to compute pro forma net loss per share |
|
$ |
(39,661 |
) |
Deemed dividend |
|
|
(2,724 |
) |
|
|
|
|
|
Net loss attributable to common stockholder used to compute pro forma net loss per share |
|
$ |
(42,385 |
) |
|
|
|
|
|
Denominator: |
|
|
|
|
Weighted average shares outstanding |
|
|
372,426 |
|
Pro forma adjustment to reflect the automatic conversion of all convertible preferred stock to common stock upon an IPO, exercise of the IPO Exercised Warrants and settlement of the IPO Vesting RSUs |
|
|
13,170,324 |
|
|
|
|
|
|
Pro forma weighted average number of shares outstanding-basic and diluted |
|
|
13,542,750 |
|
Unaudited pro forma net loss per share-basic and diluted |
|
$ |
(3.13 |
) |
|