Net Loss Per Share

9 Months Ended

Sep. 30, 2023

Note 11. Net Loss Per Share

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, incentive stock options, restricted stock units and warrants are considered to be potentially dilutive securities and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share was the same for the periods presented due to the Company’s net loss position. Basic weighted average shares outstanding for the three and nine months ended September 30, 2023 include 6,429,270 shares underlying pre-funded warrants to purchase common shares. As the shares underlying these pre-funded warrants can be issued for little consideration (an exercise price per share equal to $0.001 per share), these shares are deemed to be issued for purposes of basic earnings per share.


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2023			2022			2023			2022
	(In thousands, except share and per share data)
Net loss used in the calculation of basic and diluted loss per share	$	(10,349	)	$	(10,471	)	$	(30,700	)	$	(29,582	)
Net loss per share, basic and diluted	$	(0.35	)	$	(0.73	)	$	(1.35	)	$	(2.07	)
Weighted-average number of common shares, basic and diluted		29,974,400			14,265,905			22,813,085			14,289,729

The computation of diluted earnings per share excludes incentive stock options, restricted stock units and warrants that are anti-dilutive. The following table provides a summary as of September 30, 2023 and 2022 of common share equivalents that were excluded because their inclusion would have been anti-dilutive.


	For the Nine Months Ended September 30,
	2023		2022

Stock options outstanding and other equity awards		15,119,434		5,096,085
Common and preferred warrants outstanding		18,577,332		3,127,121
Total		33,696,766		8,223,206