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Note 7 - Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 7 - Net Loss Per Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares of common stock outstanding does not include any potentially dilutive securities or unvested Restricted Stock.

Diluted net loss per share is computed by giving effect to all potential shares of common stock, including stock options, preferred stock, warrants, and unvested Restricted Stock, to the extent they are dilutive. For the three and nine months ended September 30, 2024 and 2023, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive (due to the net loss).

The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except share and per share data):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Numerator:
Net loss		$	(1,040	)		$	(895	)		$	(3,159	)		$	(3,163	)
Less: preferred stock dividends			12				133				76				282
Less: deemed dividend			8,974				—				8,974				—
Less: inducement of warrant exercise			—				—				—				751
Less: warrant modification			—				—				—				25
Net loss attributable to common stockholders		$	(10,026	)		$	(1,028	)		$	(12,209	)		$	(4,221	)
Denominator:
Weighted-average number of shares of common stock for basic and diluted net loss per share			890,943				243,378				735,286				230,214
Basic and diluted net loss per share		$	(11.25	)		$	(4.22	)		$	(16.60	)		$	(18.34	)

The following table represents the potential shares that were excluded from the computation of weighted-average number of shares of common stock in computing the diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect (due to the net loss):

		As of September 30,
		2024				2023
Outstanding stock options			250				250
Common stock issuable upon conversion of Series F Preferred Stock (1)			164,857				1,507,155
Common stock issuable upon conversion of Series F Preferred Warrants (2)			2,784,921				2,932,486
Common stock issuable upon conversion of Common Stock warrants			2,345,603				113,623

	(1)	Calculation assumes conversion of the stated value, and accrued dividends, of the Series F Preferred Stock into Common Stock at the Floor Price of $11.168 as of September 30, 2024, and at the initial conversion price of $68.40 as of September 30, 2023.

(2)

Calculation assumes exercise of the Series F Preferred Warrants for cash into Series F Preferred Stock and subsequent conversion of the Series F Preferred Stock into Common Stock at the Floor Price of $11.168 per share as of September 30, 2024 and at the initial conversion price of $68.40 as of September 30, 2023.