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BASIC AND DILUTED LOSS PER SHARE

6 Months Ended

Jun. 30, 2025

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,
		2025			2024			2025			2024
Basic:
Net loss available to common stockholders — basic		$	(9,833)		$	(1,612)		$	(13,671)		$	(4,128)
Weighted average common shares outstanding — basic⁽¹⁾⁽³⁾			123,335			3,322			67,828			2,188
Loss per share - basic		$	(79.73)		$	(485.30)		$	(201.55)		$	(1,886.90)

Diluted:
Net loss available to common stockholders — diluted ⁽²⁾		$	(9,833)		$	(1,612)		$	(13,671)		$	(4,128)
Weighted average common shares outstanding — diluted ⁽¹⁾⁽³⁾			123,335			3,322			67,828			2,188
Loss per share — diluted		$	(79.73)		$	(485.30)		$	(201.55)		$	(1,886.90)

(1)

In May 2024, in connection with the 2024 Public Offering, the Company issued and sold Pre-funded Warrants exercisable for an aggregate of 2,859 shares of common stock. The total price of the Pre-funded Warrants is $1,687.50 per share, $1,687.499 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. During the three and six months ended June 30, 2025, 16 Pre-funded Warrants were exercised, leaving no Pre-funded Warrants outstanding. Refer to Note 6 for additional information about the 2024 Public Offering and the Pre-funded Warrants.

(2)

For the three and six months ended June 30, 2025 and 2024, no adjustment was made to the numerator.

(3)

The weighted average number of common shares outstanding as of June 30, 2025 includes the Abeyance Shares from the exercise of the Existing Warrants, the exercise of which was fully paid by the Holders and requires no further consideration for the delivery of the shares of common stock. Therefore, the Abeyance Shares are included in the computation of basic and diluted loss per share.

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,
		2025		2024		2025		2024
Stock options		3,635		323		3,635		323
Warrants ⁽¹⁾		18,554		8,512		18,554		8,512

(1)

Common Warrants outstanding of two warrant shares and Placement Agent Warrants outstanding of 8,871 warrant shares included in the Warrants total are each exercisable for two shares of common stock under the Zero Cash Provision.