Loss Per Share

12 Months Ended

Dec. 31, 2023

14. LOSS PER SHARE

The following table sets forth the calculation of basic and diluted loss per share and reconciles basic weighted average shares to diluted weighted average shares of common stock outstanding for the periods indicated (in thousands):



	Year ended December 31,
	2023		2022		2021
Numerator:
Net loss	$	(24,718)	$	(256,915)	$	(112,625)
Effect of Series A Preferred Stock dividends	(10,605)		(1,337)		—
Adjusted net loss attributable to common shareholders	$	(35,323)	$	(258,252)	$	(112,625)

Denominator:
Weighted average common shares outstanding	1,835,005		1,800,825		1,765,139

Net loss per common share:
Basic	$	(0.02)	$	(0.14)	$	(0.06)
Diluted	$	(0.02)	$	(0.14)	$	(0.06)

For the years ended December 31, 2023, 2022 and 2021, 18.8 million shares, 7.7 million shares and 10.1 million shares, respectively, of potential common stock were excluded from diluted shares outstanding because the effects of potentially dilutive securities would be anti-dilutive. Included in these shares as of December 31, 2023 and 2022 is a portion of the 49.1 million Warrants issued under the Service Agreements in 2022 based on the treasury stock method. During 2023, 5.0 million of the warrants that were issued to Thermo for its guarantee of the 2023 Funding Agreement vested; none of these warrants are included in the potentially dilutive securities for the period due to the consideration of the exercise price of the warrants relative to the average market price during the period. Also excluded from the amounts above are 5.0 million unvested warrants associated with Thermo's guarantee of the 2023 Funding Agreement; these warrants vest if and when Thermo advances aggregate funds of $25.0 million or more to the Company or a permitted third party pursuant to the terms of Thermo's guarantee.

As discussed in Note 6: Long-Term Debt and Other Financing Arrangements, the Company's Board of Directors approved the payment of dividends totaling $10.6 million and $1.3 million, respectively, for the twelve months ended December 31, 2023 and 2022 on its Series A Preferred Stock. This amount adjusts the numerator used to calculate loss per share.