Net Loss per Share

3 Months Ended

Mar. 31, 2023

(11)	Net Loss per Share

Basic net loss per share is determined by dividing net loss by the weighted average shares of common stock outstanding during the period, without consideration of potentially dilutive securities, except for those shares that are issuable for little or no cash consideration. Diluted net loss per share is determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as stock options and warrants calculated using the treasury stock method. In periods with reported net operating losses, all common stock options convertible preferred shares and preferred and common warrants are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.

The following potentially dilutive securities were excluded from the computation of earnings per share as of March 31, 2023 and 2022 because their effects would be anti-dilutive:


	March 31,
	2023		2022
Common stock warrants		3,658,520		3,610,743
Assumed conversation of preferred stock warrants		11,896,667		—
Assumed conversion of preferred stock		8,681,176		1,135,721
Assumed conversion of convertible notes		488,031		488,031
Stock options		2,894,393		2,238,103

Total		27,618,787		7,472,598

At March 31, 2023, the Company had 1,576,620

pre-funded

warrants outstanding. The following table provides a reconciliation of the weighted average shares outstanding calculation for the three months ended March 31, 2023 and 2022:


	Three months ended March 31,
	2023		2022
Weighted average shares issued		10,081,634		7,906,728
Weighted average pre-funded warrants		1,540,750		283,755

Weighted average shares outstanding		11,622,384		8,190,483