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NET LOSS PER COMMON SHARE

9 Months Ended

Sep. 30, 2024

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE

10. NET LOSS PER COMMON SHARE

Basic net loss per share is determined by dividing net loss by the weighted average shares of common stock outstanding during the period, without consideration of potentially dilutive securities, except for those shares that are issuable for little or no cash consideration. Diluted net loss per share is determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as stock options and warrants calculated using the treasury stock method. In periods with reported net operating losses, all common stock options and warrants are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.


		Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except share data)		2024			2023			2024			2023
Net loss - basic		$	(2,842)		$	(3,022)		$	(7,637)		$	(7,097)
Preferred stock dividends			—			—			(7,094)			—
Net loss - diluted		$	(2,842)		$	(3,022)		$	(14,731)		$	(7,097)

Weighted average shares outstanding - basic*			3,308,975			1,701,166			3,068,110			1,219,450
Weighted average shares outstanding - diluted*			3,308,975			1,701,166			3,068,110			1,219,450

Net loss per common share - basic*		$	(0.86)		$	(1.78)		$	(2.49)		$	(5.82)
Net loss per common share - diluted*		$	(0.86)		$	(1.78)		$	(4.80)		$	(5.82)
Dividend per common share		$	-		$	-			(2.31)			-

* reflects a one-for-thirty-five (1:35) reverse stock split effected on September 21, 2023

The following potentially dilutive securities were excluded from the computation of earnings per share as of September 30, 2024 and 2023 because their effects would be anti-dilutive:


		September 30,
		2024			2023
Common stock warrants			1,772,829			1,772,829
Assumed conversion of preferred stock			97,866			1,586,258
Stock options			632,546			70,657
Total			2,503,241			3,429,744

At September 30, 2024, the Company had 61,587 pre-funded warrants, 761,426 Class B Warrants and 726,344 Class C Warrants outstanding. The following table provides a reconciliation of the weighted average shares outstanding calculation for the three and nine months ended September 30, 2024 and 2023:


		Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Weighted average shares issued			1,759,618			868,619			1,527,473			805,808
Weighted average pre-funded and penny warrants			1,549,357			832,547			1,540,637			413,641
Weighted average shares outstanding			3,308,975			1,701,166			3,068,110			1,219,450