Loss per Share

6 Months Ended

Jun. 30, 2025

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	)