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Loss per Share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Loss per Share | 5. Loss per Share The Company calculates basic and diluted net income (loss) per share attributable to common stockholders in conformity with the two-class method required for participating securities. Certain warrants participate in distributions of the Company. The Pre-Funded Warrants totaling 19,396,099 are considered outstanding shares in the basic earnings per share calculation given their nominal exercise price (as of the beginning of the period or the date of the grant, whichever is earlier). 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 two-class method. Potential common shares were related to outstanding but unexercised options, multiple series of convertible preferred stock, and warrants for all periods presented. The March 2025 Series A Warrants and March 2025 Series B Warrants (and for the period in which the February 2025 Warrants, Funding Notes, and Exchange Notes, as defined in Note 12, were outstanding) are participating securities because holders of such instruments participate in the event a dividend is paid on common stock, however such holders do not have a contractual obligation to share in the Company’s losses. As such, losses are attributed entirely to common stockholders. The following tables provides a summary of instruments where underlying shares issuable upon exercise or conversion were excluded from the diluted loss per share calculation for the periods presented because their effect would be anti-dilutive. Additionally, the shares underlying the February 2025 Warrants, Funding Notes and Exchange Notes, each outstanding during the six months ended June 30, 2025, were excluded from diluted loss per share as their effect would be anti-dilutive.
| As of June 30, |
| 2025 |  |  | 2024 |
Outstanding stock options |  |  | 1,230,272 |  |  |  | 336,928 |
Preferred stock |  |  | 28,190 |  |  |  | 28,190 |
Outstanding warrants (Note 12) |  |  | 3,883,833 |  |  |  | 142,733 |
Total |  |  | 5,142,295 |  |  |  | 507,851 |
The following table sets forth the computation of basic net loss per common share for the periods indicated, in thousands except share and per share data:
| For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Basic net loss per common share calculation: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 5,151 |  |  | $ | (2,940 | ) |  | $ | (12,250 | ) |  | $ | (6,201 | )
Income attributable to 2025 Series A Warrants |  | (1,665 | ) |  |  | — |  |  |  | — |  |  |  | — |
Income attributable to 2025 Series B Warrants |  | (2,295 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) attributable to common stockholders – basic |  | 1,191 |  |  |  | (2,940 | ) |  |  | (12,250 | ) |  |  | (6,201 | )
Weighted average common shares outstanding – basic |  | 48,388,862 |  |  |  | 6,500,831 |  |  |  | 24,422,125 |  |  |  | 5,411,382 |
Net income (loss) per share of common stock – basic | $ | 0.02 |  |  | $ | (0.45 | ) |  | $ | (0.50 | ) |  | $ | (1.15 | )
Due to the warrants being participating securities, the two-class method is used for the earnings per share calculation. The following table sets forth the computation of diluted net loss per common share for the periods indicated, in thousands except share and per share data:
| For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Diluted net loss per common share calculation: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 5,151 |  |  | $ | (2,940 | ) |  | $ | (12,250 | ) |  | $ | (6,201 | )
Income attributable to 2025 Series A Warrants |  | (1,665 | ) |  |  | — |  |  |  | — |  |  |  | — |
Income attributable to 2025 Series B Warrants |  | (2,295 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) attributable to common stockholders |  | 1,191 |  |  |  | (2,940 | ) |  |  | (12,250 | ) |  |  | (6,201 | )
Earnings attributable to March 2025 Series A and Series B Warrants |  | 3,959 |  |  |  | — |  |  |  | — |  |  |  | — |
Change in fair value of warrant liabilities |  | (6,512 | ) |  |  | (4,694 | ) |  |  | — |  |  |  | (4,694 | )
Net loss attributable to common stockholders – diluted | $ | (1,362 | ) |  | $ | (7,634 | ) |  | $ | (12,250 | ) |  | $ | (10,895 | )
Weighted average common shares outstanding – diluted |  | 209,154,994 |  |  |  | 10,742,924 |  |  |  | 24,422,125 |  |  |  | 7,532,428 |
Net loss per share of common stock – diluted | $ | (0.01 | ) |  | $ | (0.71 | ) |  | $ | (0.50 | ) |  | $ | (1.45 | )

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