Net Loss Per Share

3 Months Ended

Mar. 31, 2024

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. Unvested Restricted Stock, although classified as issued and outstanding at March 31, 2023, was considered contingently returnable until the restrictions lapsed and was not included in the basic net loss per share calculation for the three months ended March 31, 2023. Unvested Restricted Stock does not contain non-forfeitable rights to dividends and dividend equivalents.

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 months ended March 31, 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 per share data):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss	$	(1,136)	$	(1,219)
Less: preferred stock dividends	(44)		—


Less: warrant modification	—		(25)
Net loss attributable to common stockholders	$	(1,180)	$	(1,244)
Denominator:
Weighted-average number of shares of common stock for basic and diluted net loss per share	17,123		2,065
Basic and diluted net loss per share	$	(0.07)	$	(0.60)

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 March 31,
	2024	2023
Unvested restricted stock awards	—	42

Outstanding stock options	10,000	10,167
Common stock issuable upon conversion of Series F Preferred Stock (1)	3,947,529	3,830,409
Common stock issuable upon conversion of Series F Preferred Warrants (2)	117,299,427	—
Common stock issuable upon conversion of Common Stock warrants	4,137,600	4,479,947

(1) Calculation assumes conversion of the stated value, and accrued dividends, of the Series F Preferred Stock into Common Stock at the Floor Price as of March 31, 2024, and at the initial conversion price of $1.71 as of March 31, 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 as of March 31, 2024. The Series F Preferred Stock Warrants were not exercisable as of March 31, 2023.