Loss Per Share

3 Months Ended

Mar. 31, 2024

The table below summarizes the Company’s basic and diluted loss per share calculations (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2024		2023
Net loss	$	(20,749)	$	(13,909)

Weighted average shares outstanding (1)
Basic	20,811,602		20,027,065
Diluted	20,811,602		20,027,065

Basic loss per common share (1)	$	(1.00)	$	(0.69)
Diluted loss per common share (1)	$	(1.00)	$	(0.69)

(1) Shares and per common share amounts have been adjusted to reflect the 1-for-10 reverse stock split effected November 14, 2023

Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period.

Due to the Company’s net loss during the three months ended March 31, 2024 and 2023, respectively, there was no dilutive effect of common stock equivalents because the effects of such would have been anti-dilutive. The following table summarizes the shares excluded from the weighted average number of shares of common stock outstanding, as the impact would be anti-dilutive (in thousands):


	March 31,
	2024	2023
Shares upon exercise of warrants (1 for 2023 only)	9,069	9,069
Restricted stock units	598	339
Total	9,667	9,408

(1) 2023 shares and restricted stock units have been adjusted to reflect the 1-for-10 reverse stock split effected November 14, 2023.

After the reverse stock split, 10 warrants are required to purchase one share of common stock.