Vera Therapeutics, Inc. Earnings Per Share Disclosure
12. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
The following outstanding potentially dilutive shares 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).
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Class A common stock options issued and outstanding |
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8,395,290 |
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6,611,797 |
|
|
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5,762,236 |
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Unvested restricted stock units |
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1,599,840 |
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696,888 |
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131,679 |
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Vested but unsettled stock units |
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— |
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2,987 |
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— |
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Shares reserved for ESPP purchases |
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29,533 |
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6,034 |
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|
|
229 |
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Total |
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10,024,663 |
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7,317,706 |
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5,894,144 |
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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.