Net Loss per Share

3 Months Ended

Mar. 31, 2024

17.	Net Loss per Share

The Company applies the

two-class

method when computing net income (loss) per share attributable to common stockholders as the Company has issued shares that meet the definition of participating securities. The

two-class

method determines net income (loss) per share for each class of common 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 share in the undistributed earnings as if all income (loss) for the period had been distributed. There is no allocation required under the

two-class

method during periods of loss since the participating securities do not have a contractual obligation to share in the losses of the Company.

Basic net loss per share available to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the periods presented. The weighted-average number of common stock outstanding excludes any Unvested Shares that have not met their vesting conditions during the periods presented. For purposes of this calculation, outstanding stock options and warrants to purchase common stock, Unvested Shares, Senior Secured Notes including accrued interest and the potential issuance of common stock upon the conversion of the Convertible Preferred Stock prior to the Closing of the Merger were considered common stock equivalents but had been excluded from the calculation of diluted net loss per share available to common stockholders as their effect was anti-dilutive. Accordingly, in periods in which the Company reports a net loss available to common stockholders, diluted net loss per share available to common stockholders is the same as basic net loss per share available to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported net loss available to common stockholders for each of the three months ended March 31, 2024 and 2023.

The following table sets forth the computation of net loss per common share:


	Three Months Ended March 31,
	2024			2023
Numerator:
Net loss attributable to common stockholders	$	(22,320	)	$	(5,068	)

Denominator:
Weighted-average common shares outstanding, basic and diluted		5,457,386			4,657,228

Net loss per share attributable to common stockholders, basic and diluted	$	(4.09	)	$	(1.09	)

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2024		2023
Convertible preferred stock (as converted to common stock)		—		13,001,114
Senior Secured Notes, including accrued interest		238,001		—
Public Warrants		11,499,982		—
Private Placement Warrants		13,550,000		—
Unvested Shares		1,129,630		—
Stock options to purchase common stock		2,918,549		2,669,324

		29,336,162		15,670,438