Loss per Share

6 Months Ended

Jun. 30, 2024

7. Loss per Share

Basic per share data is computed by dividing net income or loss applicable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted per share data is computed by dividing net income or loss applicable to common stockholders by the weighted average number of common shares outstanding during the period increased to include, if dilutive, the number of additional common shares that would have been outstanding as calculated using the treasury stock method. Potential common shares were related to outstanding but unexercised options, multiple series of convertible preferred stock, and warrants for all periods presented.

The Company considers Series A Warrants and Series B Warrants issued in connection with the private placement completed in May 2024 (Note 12) to be participating securities because holders of such instruments participate in the event a dividend is paid on common stock. The holders of the Series A Warrants and Series B Warrants do not have a contractual obligation to share in the Company's losses. As such, losses are attributed entirely to common stockholders and for periods in which the Company has reported a net loss.

As of June 30, 2024, 2,151,544 Pre-Funded Warrants to purchase common stock, issued in connection with the May 2024 Private Placement (Note 12), were included in the basic and diluted net loss per share calculation.

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated, in thousands except share and per share data:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Basic and diluted net loss per common share calculation:
Net loss	$	(2,940	)	$	(1,482	)	$	(6,201	)	$	(6,287	)
Change in fair value of warrants		(4,694	)		—			(4,694	)		—
Net loss attributable to common stockholders - diluted	$	(7,634	)	$	(1,482	)	$	(10,895	)	$	(6,287	)
Weighted average common shares outstanding - basic		6,500,831			2,509,378			5,411,382			2,415,221
Net loss per share of common stock - basic	$	(0.45	)	$	(0.59	)	$	(1.15	)	$	(2.60	)
Weighted average common shares outstanding - diluted		10,742,924			2,509,378			7,532,428			2,415,221
Net loss per share of common stock - diluted	$	(0.71	)	$	(0.59	)	$	(1.45	)	$	(2.60	)

The following were excluded from the diluted loss per share calculation for the periods presented because their effect would be anti-dilutive:


	As of June 30,
	2024		2023
Outstanding stock options		336,928		128,582
Preferred stock		28,190		28,190
Outstanding warrants		142,733		142,733
Total		507,851		299,505