Net Loss per Share

6 Months Ended

Jun. 30, 2023

Net Loss per ShareBasic 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 June 30, 2023 and 2022 because their effects would be anti-dilutive:


	June 30,
	2023	2022
Common stock warrants	3,658,520	3,894,498
Assumed conversation of preferred stock warrants	11,896,667	—
Assumed conversion of preferred stock	4,051,637	1,135,721
Assumed conversion of convertible notes	488,031	488,031
Stock options	4,127,932	2,311,393
Total	24,222,787	7,829,643

At June 30, 2023, the Company had 1,037,792 pre-funded warrants outstanding. The following table provides a reconciliation of the weighted average shares outstanding calculation for the three and six months ended June 30, 2023 and 2022:


	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
Weighted average shares issued	11,320,450	7,906,728	10,693,762	7,906,728
Weighted average pre-funded warrants	1,143,215	283,755	1,341,976	283,755
Weighted average shares outstanding	12,463,665	8,190,483	12,035,738	8,190,483