NET LOSS PER SHARE

Net loss per share

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except share and per share amounts):


	December 31,
	2024		2023
Net loss attributable to common stockholders	$	(69,676)	$	(82,442)
Weighted average common shares outstanding, basic and diluted	55,028,371		43,954,649
Net loss per share, basic and diluted	$	(1.27)	$	(1.88)

The Company’s unvested restricted common shares at December 31, 2024 and 2023 have been excluded from the computation of basic net loss per share attributable to common stockholders.

The Company’s potentially dilutive securities, which include options, unvested restricted stock, shares issuable under the employee stock purchase plan and warrants to purchase common stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. 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:


	December 31,
	2024	2023
Options to purchase common stock	9,434,742	8,135,711
Unvested restricted stock	540,000	20,799
Shares issuable under employee stock purchase plan	27,518	28,780
Unvested performance restricted stock units	—	19,000
Warrants to purchase shares of common stock	10,757	10,757
	10,013,017	8,215,047

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Black Diamond Therapeutics, Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures