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Net Loss per Common Share

9 Months Ended

Sep. 30, 2023

5. Net Loss per Common Share

The Company calculates net loss per common share in accordance with ASC 260 “Earnings Per Share” (“ASC 260”). Basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. During 2022 and 2023, the Company calculated loss per share using the two-class method. The two-class method is an allocation formula that determines loss per share for each share of common stock and redeemable common stock (see note 11), a participating security, according to dividends declared and participation rights in undistributed earnings.


	Three Months Ended
	March 31, 2023
		As restated (see Note 1)
Numerator:
Net loss	$	(5,804)
Dividend on convertible exchangeable preferred shares		(50)
Net loss attributable to common shareholders	$	(5,854)
Deemed dividend on accretion of redeemable common stock		—
Remaining undistributed loss		(5,854)

	Three Months Ended March 31, 2023
	Common Shareholders		Redeemable Common Shareholders
Allocation of undistributed loss	$	(4,399)	$	(1,455)
Deemed dividend on accretion of redeemable common stock				—
Net loss attributable to common shareholders		(4,399)		(1,455)

Denominator:
Weighted-average number of common shares used in loss per share – basic and diluted		9,422,089		3,117,100
Loss per share - basic and diluted	$	(0.47)	$	(0.47)
Distributed earnings		—		—
Undistributed loss		(0.47)		(0.47)
Net loss per share	$	(0.47)	$	(0.47)


	Three And Six Months Ended June 30, 2023
	Three Months		Six Months
		As restated (see Note 1)		As restated (see Note 1)
Numerator:
Net loss	$	(5,448)	$	(11,252)
Dividend on convertible exchangeable preferred shares		(50)		(101)
Net loss attributable to common shareholders	$	(5,498)	$	(11,353)
Deemed dividend on accretion of redeemable common stock		—		—
Remaining undistributed loss		(5,498)		(11,353)

	Three Months Ended June 30, 2023				Six Months Ended June 30, 2023
	Common Shareholders		Redeemable Common Shareholders		Common Shareholders		Redeemable Common Shareholders
Allocation of undistributed loss	$	(4,144)	$	(1,354)	$	(8,544)	$	(2,809)
Deemed dividend on accretion of redeemable common stock				—				—
Net loss attributable to common shareholders		(4,144)		(1,354)		(8,544)		(2,809)

Denominator:
Weighted-average number of common shares used in loss per share – basic and diluted		9,461,317		3,090,477		9,441,811		3,107,715
Loss per share - basic and diluted	$	(0.44)	$	(0.44)	$	(0.90)	$	(0.90)
Distributed earnings		—		—		—		—
Undistributed loss		(0.44)		(0.44)		(0.90)		(0.90)
Net loss per share	$	(0.44)	$	(0.44)	$	(0.90)	$	(0.90)


	Three And Nine Months Ended September 30, 2023
	Three Months		Nine Months

Numerator:
Net loss	$	(6,032)	$	(17,284)
Dividend on convertible exchangeable preferred shares		(50)		(151)
Net loss attributable to common shareholders	$	(6,082)	$	(17,435)
Deemed dividend on accretion of redeemable common stock		—		—
Remaining undistributed loss		(6,082)		(17,435)

	Three Months Ended September 30, 2023				Nine Months Ended September 30, 2023
	Common Shareholders		Redeemable Common Shareholders		Common Shareholders		Redeemable Common Shareholders
Allocation of undistributed loss	$	(5,726)	$	(356)	$	(14,237)	$	(3,198)
Deemed dividend on accretion of redeemable common stock				—				—
Net loss attributable to common shareholders		(5,726)		(356)		(14,237)		(3,198)

Denominator:
Weighted-average number of common shares used in loss per share – basic and diluted		11,902,443		740,379		10,271,036		2,307,279
Loss per share - basic and diluted	$	(0.48)	$	(0.48)	$	(1.39)	$	(1.39)
Distributed earnings		—		—		—		—
Undistributed loss		(0.48)		(0.48)		(1.39)		(1.39)
Net loss per share	$	(0.48)	$	(0.48)	$	(1.39)	$	(1.39)


	Three And Nine Months Ended September 30, 2022
	Three Months		Nine Months

Numerator:
Net loss	$	(5,096)	$	(13,779)
Dividend on convertible exchangeable preferred shares		(50)		(151)
Net loss attributable to common shareholders	$	(5,146)	$	(13,930)
Deemed dividend on accretion of redeemable common stock		(102)		(135)
Remaining undistributed loss		(5,248)		(14,065)

	Three Months Ended September 30, 2022				Nine Months Ended September 30, 2022
	Common Shareholders		Redeemable Common Shareholders		Common Shareholders		Redeemable Common Shareholders
Allocation of undistributed loss	$	(4,235)	$	(1,013)	$	(13,040)	$	(1,025)
Deemed dividend on accretion of redeemable common stock				102		—		135
Net loss attributable to common shareholders		(4,235)		(911)		(13,040)		(890)

Denominator:
Weighted-average number of common shares used in loss per share – basic and diluted		9,937,958		2,376,721		10,013,317		809,821
Loss per share - basic and diluted	$	(0.43)	$	(0.38)	$	(1.30)	$	(1.10)
Distributed earnings		—		0.04		—		0.17
Undistributed loss		(0.43)		(0.42)		(1.30)		(1.27)
Net loss per share	$	(0.43)	$	(0.38)	$	(1.30)	$	(1.10)

The following potentially dilutive securities have not been included in the computation of diluted net loss per share for the three months ended September 30, 2023 and 2022, as the result would be anti-dilutive:


	September 30,	September 30,
	2023	2022
Stock options	2,181,689	1,618,089
Restricted Stock Units	521,971	137,657
6% convertible exchangeable preferred stock	85	85
Series A preferred stock	6,600	6,600
Series B preferred stock	1,188,725	1,188,725
Common stock warrants	3,234,379	3,234,379
Total shares excluded from calculation	7,133,449	6,185,535