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Earnings/(Net Loss) Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings/(Net Loss) Per Share

14. Earnings/(Net Loss) Per Share

 

The following table presents the calculation of basic and diluted earnings/(net loss) per share (in thousands, except share amounts and per share data):

       
  

For the years ended

December 31,

 
   2024   2023 
Numerator:          
Net income (loss) - basic  $(17,802)  $(535)
Less: Change in fair value and income impact of option liabilities   -    (5,521)
Net income (loss) - diluted  $(17,802)  $(6,056)
Denominator:          
Weighted average common stock outstanding, basic   867,096    669,739 
Add: Option liability conversion shares   -    9,200 
Weighted average shares used in computing net loss per share - diluted   867,096    678,939 
Net income (loss) per share, basic  $(20.53)  $(0.79)
Net income (loss) per share, diluted  $(20.53)  $(8.92)

 

The Company notes that the adjustment to the numerator in 2023 for the change in fair value and income impact of Vela and Cizzle accounts for changes in fair value of each option, gains (losses) at the time of issuance of each option and the statement of operations impact of the derecognition of deferred revenue that originated upon the initial sale of royalties to both Vela and Cizzle.

 

Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows:

 

   As of   As of 
   December 31, 2024   December 31, 2023 
Public warrants   139,790    139,790 
PIPE Warrants   -    20,000 
A.G.P. Warrants   540    540 
Convertible Promissory Notes Payable   800    805 
Stock Options   65,509    10,717 
Restricted stock Units   -    1,470 
August 2024 Nirland Note   672,007    - 
A.G.P. Convertible Note   576,949    - 
March 2024 Warrants   2,600    - 
April 2024 Warrants   14,477    - 
A.G.P. 2024 Warrants   28,626    - 
Antidilutive Securities   1,501,298    173,322