TREACE MEDICAL CONCEPTS, INC. Earnings Per Share Disclosure
13. Net Loss Per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders which is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. As the Company reported a net loss for the years ended December 31, 2025, 2024,
and 2023, respectively, basic net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders as the inclusion of potentially dilutive shares would have been antidilutive if included in the calculation (in thousands, except share and per share amounts):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator |
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(59,002 |
) |
|
$ |
(55,743 |
) |
|
$ |
(49,527 |
) |
Denominator |
|
|
|
|
|
|
|
|
|
|||
Weighted-average common stock outstanding, |
|
|
63,269,003 |
|
|
|
62,112,037 |
|
|
|
60,852,153 |
|
Net loss per share attributable to common |
|
$ |
(0.93 |
) |
|
$ |
(0.90 |
) |
|
$ |
(0.81 |
) |
The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an antidilutive impact due to the Company's net loss, in common stock equivalent shares:
|
|
As of December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Common stock options issued and outstanding |
|
|
7,157,493 |
|
|
|
7,747,920 |
|
Unvested full value awards |
|
|
5,912,093 |
|
|
|
4,433,853 |
|
Contingently issuable PSU shares |
|
|
300,000 |
|
|
|
— |
|
Total |
|
|
13,369,586 |
|
|
|
12,181,773 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 8, 2023 | |
| 2021 | Mar 4, 2022 | |
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.