Net Loss Per Share
A reconciliation of net loss available to common stockholders and the number of shares in the calculation of basic and diluted net loss per share is as follows (in thousands, except share and per share amounts):
| | | | | | | | | | | | | | |
| | Years Ended December 31, |
| | 2024 | | 2023 |
| Net loss from continuing operations | | $ | (52,790) | | | $ | (83,406) | |
| Net income from discontinued operations | | — | | | 12,348 | |
| Accretion for Series A redeemable convertible preferred stock | | $ | (2,522) | | | $ | — | |
| Net loss | | $ | (55,312) | | | $ | (71,058) | |
| | | | |
| Weighted-average shares used in computing net loss per share, basic and diluted | | 4,595,946 | | | 4,437,106 | |
| | | | |
| Net loss per share from continuing operations, basic and diluted | | $ | (12.03) | | | (18.80) | |
| Net income (loss) per share from discontinued operations, basic and diluted | | — | | | 2.79 | |
| Net loss per share attributable to common stockholders, basic and diluted | | $ | (12.03) | | | $ | (16.01) | |
As the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods presented. The following potential common stock securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (on an as-converted basis):
| | | | | | | | | | | | | | |
| | Years Ended December 31, |
| | 2024 | | 2023 |
| Series A redeemable convertible preferred stock | | 21,157,000 | | — | |
| Stock options to purchase common stock | | 1,333,030 | | 1,158,294 |
| Unvested early exercised options | | 422 | | 5,486 |
| Restricted stock units outstanding | | 56,423 | | 22,528 |
| Performance stock units outstanding | | 106,806 | | | — | |
| Contingent earnout common stock | | 100,000 | | 200,000 |
| Warrants to purchase common stock issued in connection with Series A redeemable convertible preferred stock | | 31,735,500 | | | — | |
| GeneFab Option (Note 3) | | 1,963,344 | | 1,963,344 |
| Total | | 56,452,525 | | 3,349,652 |
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.