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Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Net Loss Per Share

Net Loss Per Share

9. Net Loss Per Share

Basic and diluted net loss per share for the three and nine months ended September 30, 2024 and 2023 was calculated as follows (in thousands except share and per share amounts).


		Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Numerator:
Net loss		$	(18,176)		$	(13,696)		$	(52,124)		$	(68,949)
Dividend attributable to down round feature of warrants			—			—			(234)			—
Net loss attributable to common stockholders for basic and diluted loss per share		$	(18,176)		$	(13,696)		$	(52,358)		$	(68,949)

Denominator:
Weighted average number of common shares outstanding – basic and diluted			41,209,639			26,987,182			36,307,890			18,240,455
Net loss per share attributable to common stockholders – basic and diluted		$	(0.44)		$	(0.51)		$	(1.44)		$	(3.78)

Included within weighted average common shares outstanding for the three and nine months ended September 30, 2024 and 2023 are 2,945,175 common shares issuable upon the exercise of certain warrants, which are exercisable at any time for nominal consideration, and as such, the shares are considered outstanding for the purpose of calculating basic and diluted net loss per share attributable to common stockholders.

All warrants exercisable for common stock participate on a one-for-one basis and shares and warrants exercisable for Series X Preferred Stock issued participate on an as converted basis with common stock in the distribution of dividends, if and when declared by the board of directors, on the Company’s common stock. For purposes of computing EPS, these securities are considered to participate with common stock in earnings of the Company. Therefore, the Company calculates basic and diluted EPS using the two-class method. Under the two-class method, net income for the period is allocated between common stockholders and participating securities according to dividends declared and participation rights in undistributed earnings. No income was allocated to the warrants and Series X Preferred Stock for the nine months ended September 30, 2024 and 2023, as results of operations were a loss for the period.

The Company’s potentially dilutive securities include RSUs, stock options and warrants. These securities were excluded from the computations of diluted net loss per share for the three and nine months ended September 30, 2024 and 2023, as the effect would be to reduce the net loss per share. The following table includes the potential shares of common stock, presented based on amounts outstanding at each period end, that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


		Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
Restricted stock units to purchase common stock		227,500		285,000		227,500		285,000
Options to purchase common stock		4,846,635		3,425,647		4,846,635		3,425,647
Warrants to purchase common stock		3,586,373		3,586,371		3,586,373		3,586,371
		8,660,508		7,297,018		8,660,508		7,297,018