Net Loss per Share

12 Months Ended

Dec. 31, 2023

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, stock purchased pursuant to the Company’s employee stock purchase plan, convertible notes and warrants calculated using the treasury stock method. In periods with

reported net operating losses, all common stock options and warrants are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.

For the years ended December 31, 2023 and 2022 the following potentially dilutive securities were excluded from the computation of diluted earnings per share because their effects would be antidilutive:


	December 31,
	2023	2022
Common stock warrants - equity	3,627,409	3,610,743
Assumed conversion of preferred stock warrants	4,149,994	—
Assumed conversion of preferred stock	4,344,909	1,135,721
Assumed conversion of convertible notes	488,031	488,031
Stock options	4,183,232	2,235,052
Total	16,793,575	7,469,547

At December 31, 2023, the Company had 1,037,792 pre-funded warrants outstanding. The following tables provides a reconciliation of the weighted average shares outstanding calculation for the year-ended December 31, 2023 and 2022.


	Year ended December 31,
		2023	2022
Weighted average shares issued		15,039,630	8,290,529
Weighted average pre-funded warrants		1,190,301	574,086
Weighted average shares outstanding		16,229,931	8,864,615