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Loss per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Loss per Share | 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 shares of common stock 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 shares of common stock outstanding during the period increased to include, if dilutive, the number of additional shares of common stock 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 (See Note 12, Stockholders’ Deficit - May 2024 Private Placement, for further details) to be participating securities because holders of such instruments participate in the event a dividend is paid on shares of 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 September 30, 2024, 979,715 Pre-Funded Warrants to purchase shares of common stock, issued in connection with the May 2024 Private Placement (See Note 12, Stockholders’ Deficit - May 2024 Private Placement, for further details), 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 share of common stock for the periods indicated, in thousands except share and per share data:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic and diluted net loss per share of common stock calculation: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (2,874 | ) |  | $ | (3,219 | ) |  | $ | (9,075 | ) |  | $ | (9,506 | )
Change in fair value of warrants |  |  | — |  |  |  | — |  |  |  | (5,047 | ) |  |  | — |
Net loss attributable to common stockholders - diluted |  | $ | (2,874 | ) |  | $ | (3,219 | ) |  | $ | (14,122 | ) |  | $ | (9,506 | )
Weighted average shares of common stock outstanding - basic |  |  | 7,855,763 |  |  |  | 3,225,351 |  |  |  | 6,232,123 |  |  |  | 2,688,232 |
Net loss per share of common stock - basic |  | $ | (0.37 | ) |  | $ | (1.00 | ) |  | $ | (1.46 | ) |  | $ | (3.54 | )
Weighted average shares of common stock - diluted |  |  | 7,855,763 |  |  |  | 3,225,351 |  |  |  | 8,452,338 |  |  |  | 2,688,232 |
Net loss per share of common stock - diluted |  | $ | (0.37 | ) |  | $ | (1.00 | ) |  | $ | (1.67 | ) |  | $ | (3.54 | )
The following were excluded from the diluted loss per share calculation for the periods presented because their effect would be anti-dilutive:
| As of September 30, |
| 2024 |  |  | 2023 |
Outstanding stock options |  |  | 598,540 |  |  |  | 141,077 |
Preferred stock |  |  | 28,190 |  |  |  | 28,190 |
Outstanding warrants |  |  | 706,674 |  |  |  | 142,733 |
Total |  |  | 1,333,404 |  |  |  | 312,000 |

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