What year to claim capital loss from investment in a failed startup

I purchased shares in a startup company by exercising my options. In late 2024, the CEO of the company announced in a written statement the company was shutting down and that capital would not be returned to investors. I received a certificate of dissolution in early 2025. What year should I claim the capital loss from this investment? Can the capital loss be claimed on 2024 tax return or should it be claimed on 2025 tax return?