Net Loss Per Class A Common Share Attributable to Maravai LifeSciences Holdings, Inc.Basic net loss per Class A common share has been calculated by dividing net loss for the period, adjusted for net loss attributable to non-controlling interests, by the weighted average number of Class A common shares outstanding during the period. In periods in which the Company reports a net loss attributable to Maravai LifeSciences Holdings, Inc., diluted net loss per Class A common share attributable to the Company is the same as basic net loss per Class A common share attributable to the Company, since dilutive equity instruments are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to Maravai LifeSciences Holdings, Inc. for all periods presented.
The following table presents the computation of basic and diluted net loss per Class A common share attributable to the Company for the periods presented (in thousands, except per share amounts):
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| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
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| Net loss | $ | (230,762) | | | $ | (259,622) | | | $ | (138,375) | |
| Less: loss attributable to common non-controlling interests | 99,989 | | | 114,776 | | | 19,346 | |
| Net loss attributable to Maravai LifeSciences Holdings, Inc. | $ | (130,773) | | | $ | (144,846) | | | $ | (119,029) | |
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Weighted average Class A common shares outstanding | 144,360 | | | 137,906 | | | 131,919 | |
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| Net loss per Class A common share attributable to Maravai LifeSciences Holdings, Inc., basic and diluted | $ | (0.90) | | | $ | (1.05) | | | $ | (0.90) | |
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Shares of Class B common stock do not share in the earnings or losses of the Company, and are therefore not participating securities. As such, a separate presentation of basic and diluted net loss per share for Class B common stock under the two-class method has not been presented.
The following table presents potentially dilutive securities excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive for the periods presented (in thousands):
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| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
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| Restricted stock units | 2,360 | | | 1,751 | | | 3,181 | |
| Stock options | 4,529 | | | 3,716 | | | 4,246 | |
| Shares estimated to be purchased under employee stock purchase plan | 1,263 | | | 72 | | | — | |
| Shares of Class B common stock | 110,684 | | | 110,684 | | | 119,094 | |
| Total | 118,836 | | | 116,223 | | | 126,521 | |
Shares underlying contingently issuable awards that have not met the necessary conditions as of the end of a reporting period are not included in the calculation of diluted net loss per Class A common share attributable to the Company for that period. The Company had contingently issuable performance stock units outstanding that did not meet the market and performance conditions as of December 31, 2025, 2024 and 2023 and, therefore, were excluded from the calculation of diluted net loss income per Class A common share attributable to the Company. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 3.0 million as of December 31, 2025 and was an insignificant amount as of December 31, 2024 and 2023.
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.