Neumora Therapeutics, Inc. Earnings Per Share Disclosure
13. Net Loss Per Share
The following table summarizes the computation of basic and diluted net loss per share:
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
|
(in thousands, except per share amounts) |
|
|||||
Numerator: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(236,928 |
) |
|
$ |
(243,787 |
) |
Denominator: |
|
|
|
|
|
|
||
Weighted-average common shares outstanding, basic and diluted |
|
|
163,391 |
|
|
|
159,377 |
|
Net loss per share, basic and diluted |
|
$ |
(1.45 |
) |
|
$ |
(1.53 |
) |
The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
|
(in thousands) |
|
|||||
Common stock options and restricted stock units |
|
|
24,551 |
|
|
|
15,814 |
|
Early exercised stock options subject to future vesting |
|
|
5 |
|
|
|
33 |
|
Unvested restricted stock awards |
|
|
71 |
|
|
|
371 |
|
Employee stock purchase plan |
|
|
45 |
|
|
|
10 |
|
Term loan conversion election |
|
|
7,941 |
|
|
|
— |
|
Total |
|
|
32,613 |
|
|
|
16,228 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 30, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 7, 2024 | |
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.