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BASIC AND DILUTED LOSS PER SHARE

6 Months Ended

Jun. 30, 2024

BASIC AND DILUTED LOSS PER SHARE

BASIC AND DILUTED LOSS PER SHARE

8. BASIC AND DILUTED LOSS PER SHARE

The table below presents the computation of basic and diluted loss per share (in thousands, except share and per share information):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2024			2023			2024			2023
Basic:
Net loss available to common stockholders — basic		$	(1,612)		$	(1,648)		$	(4,128)		$	(4,142)
Weighted average common shares outstanding — basic⁽¹⁾			2,518,071			564,423			1,667,699			564,279
Loss per share - basic		$	(0.64)		$	(2.92)		$	(2.48)		$	(7.34)

Diluted:
Net loss available to common stockholders — diluted ⁽²⁾		$	(1,612)		$	(1,648)		$	(4,128)		$	(4,142)
Weighted average common shares outstanding — diluted ⁽¹⁾			2,518,071			564,423			1,667,699			564,279
Loss per share — diluted		$	(0.64)		$	(2.92)		$	(2.48)		$	(7.34)

(1)

In May 2024 in connection with the 2024 Public Offering the Company issued and sold Pre-funded Warrants exercisable for an aggregate of 2,147,222 shares of Common Stock. The total price of the Pre-funded Warrants is $2.25 per share, $2.249 of which was pre-funded and paid to the Company upon issuance of the Pre-funded Warrants. The exercise price of the Pre-funded Warrants is $0.001 per share. The Pre-funded Warrants are immediately exercisable and do not expire. As of June 30, 2024, 1,604,778 Pre-funded Warrants were exercised and 542,444 Pre-funded Warrants remained outstanding. As the remaining shares underlying the Pre-funded Warrants are exercisable for nominal consideration of $0.001 per share, 542,444 in common shares underlying the unexercised Pre-funded Warrants were considered outstanding for purposes of the calculation of loss per share as of June 30, 2024. Refer to Note 6 for additional information about the 2024 Public Offering and the Pre-funded Warrants.

(2)

For the six months ended June 30, 2024 and 2023, no adjustment was made to the numerator.

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				Six Months Ended
		June 30,				June 30,
		2024		2023		2024		2023
Stock options		245,523		245,407		245,523		245,407
Restricted stock units		—		5,540		—		5,540
Warrants ⁽¹⁾		6,460,712		731,853		6,460,712		731,853

(1)

Anti-dilutive warrants include the 2022 Warrants, Series A Warrants, Series B Warrants and other equity classified warrants that are out-of-the-money.