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Basic and Diluted Loss per Share

9 Months Ended

Sep. 30, 2022

11. BASIC AND DILUTED LOSS PER SHARE

Basic loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted loss per share is calculated by adjusting the weighted-average number of shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. Diluted loss per share excludes, when applicable, the potential impact of stock options, unvested restricted stock units and common stock warrants because their effect would be anti-dilutive due to the net loss.

Basic and diluted net loss per share for the three and nine months ended September 30, 2022 and 2021 was calculated as follows (in thousands, except share and per share data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Basic:
Net loss available to common stockholders - basic	$	(1,030)	$	(4,687)	$	(9,186)	$	(14,030)
Weighted average common shares outstanding - basic		8,543,303		2,326,893		17,761,752		2,229,422
Net loss per share - basic	$	(0.12)	$	(2.01)	$	(0.52)	$	(6.29)

Diluted:
Net loss available to common stockholders - diluted ⁽¹⁾	$	(1,030)	$	(4,687)	$	(9,186)	$	(14,030)
Weighted average common shares outstanding - diluted ⁽¹⁾		8,543,303		2,326,893		17,761,752		2,229,422
Net loss per share - diluted	$	(0.12)	$	(2.01)	$	(0.52)	$	(6.29)

(1)

For the three and nine months ended September 30, 2022, no adjustment was made to the numerator and no incremental shares were added to the denominator for the Public Warrants being accounted for as a derivative

liability, as the Public Warrants were out-of-the-money during both periods. Refer to Note 8 and Note 9 for additional information about the Public Warrants.

The following outstanding securities, presented based on amounts outstanding as of the end of each period, were not included in the computation of diluted net loss per share for the periods indicated, as they would have been anti-dilutive due to the net loss in each period.


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2022	2021	2022	2021
Stock options	1,174,320	641,152	1,174,320	641,152
Restricted stock units	14,112	3,943	14,112	3,943
Warrants	36,593,924	593,924	36,593,924	593,924