Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) per Share

Net Income (Loss) per Share

Basic net income or 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 income or loss per share is determined by dividing net income or 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, convertible preferred shares, and preferred and common warrants are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.

As of September 30, 2024 and 2023, the Company had 737,421 and 1,037,792 pre-funded warrants outstanding, respectively. 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:

Weighted average number of basic shares outstanding
	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Weighted average shares issued	28,000,886	16,825,286	26,347,229	12,745,035
Weighted average pre-funded warrants	737,421	1,037,792	987,983	1,240,213
Weighted average shares outstanding	28,738,307	17,863,078	27,335,212	13,985,248

Weighted average number of diluted shares outstanding
	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Weighted average shares outstanding (Basic)	28,738,307	17,863,078	27,335,212	13,985,248
Additional dilutive shares	3,607,365	—	—	—
Weighted average shares outstanding (Diluted)	32,345,672	17,863,078	27,335,212	13,985,248

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:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Common stock warrants	3,610,743	3,627,409	3,627,409	3,627,409
Assumed conversion of preferred stock warrants	—	4,149,994	4,108,328	4,149,994
Assumed conversion of preferred stock	—	7,417,473	1,454,509	7,417,473
Assumed conversion of convertible notes	237,614	488,031	237,614	488,031
Stock options	1,489,310	4,136,828	6,055,728	4,136,828
Total	5,337,667	19,819,735	15,483,588	19,819,735