Net Loss per Share

9 Months Ended

Sep. 30, 2024

Net Loss per Share

Net Loss per Share

5. Net Loss per Share

The computation of basic EPS is based on the weighted-average number of the Company’s Common Stock outstanding. The computation of diluted EPS is based on the weighted-average number of the Company’s Common Stock outstanding and potential dilutive common stock. Diluted EPS is computed using the more dilutive of the treasury stock method, which reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted to the Company’s Common Stock. Common Stock options, warrants, convertible debt and unvested restricted stock units were not included in dilutive EPS as their impact would be antidilutive.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except share and per share data):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to common stockholders	$	(5,481)	$	(31,161)	$	(21,516)	$	(49,198)
Denominator:
Weighted average common shares outstanding, basic and diluted		36,180,124		36,086,990		36,153,388		36,067,025
Net loss per share attributable to common stockholders, basic and diluted	$	(0.15)	$	(0.86)	$	(0.60)	$	(1.36)

The following outstanding securities as of September 30, 2024 and December 31, 2023 have been excluded from the computation of dilutive weighted average shares outstanding, as they would have been anti-dilutive:

	September 30, 2024	December 31, 2023
Outstanding stock options	3,934,731	3,165,216
Unvested restricted stock units	230,000	200,000
Shares issuable upon the conversion of convertible debt	22,495,614	21,293,861
Outstanding warrants	19,365,847	19,365,847
Total	46,026,192	44,024,924

(1) The Company determined the number of shares issuable upon the conversion of convertible debt as of September 30, 2024 based on the convertible loan principal amount of $30.0 million, accrued and unpaid interest of $4.2 million as of that date calculated at an annual interest rate of 8%, converted at $1.52 per share.