| Net Loss Per Share |
10. 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. During the three and nine months ended September 30, 2024 and 2023, the Company had voting and non-voting common stock outstanding. In May 2024, 1,444,295 shares of non-voting common stock was converted to voting common stock and as of September 30, 2024, 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 September 30, 2024 and 2023 included outstanding pre-funded warrants to purchase, respectively, up to an aggregate of 624,574 and 2,345,592 shares of common stock.
Diluted net loss per share is calculated using the if-converted method, which assumes conversion of all non-voting common stock to voting common stock.
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Three months ended
September 30, 2024 |
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Nine months ended
September 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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$ |
(30,629 |
) |
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$ |
— |
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$ |
(82,185 |
) |
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$ |
(1,093 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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49,470,666 |
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— |
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48,758,341 |
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648,351 |
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Net loss per share, basic |
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$ |
(0.62 |
) |
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$ |
— |
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$ |
(1.69 |
) |
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$ |
(1.69 |
) |
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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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$ |
(30,629 |
) |
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$ |
— |
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$ |
(82,185 |
) |
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$ |
(1,093 |
) |
Reallocation of undistributed losses as a result of conversion of
non-voting to voting common shares |
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— |
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— |
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(1,093 |
) |
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— |
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Allocation of undistributed losses |
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$ |
(30,629 |
) |
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$ |
— |
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$ |
(83,278 |
) |
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$ |
(1,093 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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49,470,666 |
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— |
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48,758,341 |
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648,351 |
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Add: conversion of non-voting to voting common shares outstanding |
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— |
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— |
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648,351 |
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— |
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Weighted average number of shares used in diluted per share computation |
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49,470,666 |
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— |
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49,406,692 |
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648,351 |
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Net loss per share, diluted |
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$ |
(0.62 |
) |
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$ |
— |
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$ |
(1.69 |
) |
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$ |
(1.69 |
) |
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Three months ended
September 30, 2023 |
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Nine months ended
September 30, 2023 |
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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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$ |
(15,756 |
) |
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$ |
(692 |
) |
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$ |
(44,591 |
) |
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$ |
(2,198 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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42,110,435 |
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1,851,705 |
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37,701,522 |
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1,857,708 |
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Net loss per share, basic |
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$ |
(0.37 |
) |
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$ |
(0.37 |
) |
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$ |
(1.18 |
) |
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$ |
(1.18 |
) |
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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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$ |
(15,756 |
) |
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$ |
(692 |
) |
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$ |
(44,591 |
) |
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$ |
(2,198 |
) |
Reallocation of undistributed losses as a result of conversion of
non-voting to voting common shares |
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(692 |
) |
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— |
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(2,198 |
) |
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— |
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Allocation of undistributed losses |
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$ |
(16,448 |
) |
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$ |
(692 |
) |
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$ |
(46,789 |
) |
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$ |
(2,198 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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42,110,435 |
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1,851,705 |
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37,701,522 |
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1,857,708 |
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Add: conversion of non-voting to voting common shares outstanding |
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1,851,705 |
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— |
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1,857,708 |
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— |
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Weighted average number of shares used in diluted per share computation |
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43,962,140 |
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1,851,705 |
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39,559,230 |
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1,857,708 |
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Net loss per share, diluted |
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$ |
(0.37 |
) |
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$ |
(0.37 |
) |
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$ |
(1.18 |
) |
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$ |
(1.18 |
) |
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 September 30, |
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2024 |
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2023 |
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Stock options to purchase common stock |
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10,610,798 |
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8,198,580 |
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10,610,798 |
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8,198,580 |
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