Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Share of Common Stock

v3.23.3
Net Loss Per Share of Common Stock
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Net Loss Per Share of Common Stock

6. Net Loss Per Share of Common Stock

Diluted loss per share is the same as basic loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. Basic loss per share is computed by dividing net loss available to common stockholders by the weighted-average number of common shares outstanding, including the weighted average effect of the pre-funded warrants the Company issued in connection with the 2022 and 2023 Offerings, the exercise of which requires nominal consideration for the delivery of shares of common stock. As such, the Company has considered the 574,937 common shares underlying the pre-funded warrants that were unexercised as of December 31, 2022 to be outstanding beginning on January 1, 2023 for the purposes of calculating basic EPS. There were no pre-funded warrants outstanding as of September 30, 2023.

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

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net loss

 

$

(5,359

)

 

$

(17,067

)

 

$

(14,298

)

 

$

(55,313

)

Weighted average shares of common stock outstanding

 

 

10,704,803

 

 

 

491,626

 

 

 

5,559,348

 

 

 

491,626

 

Net loss per share of common stock—basic and diluted

 

$

(0.50

)

 

$

(34.72

)

 

$

(2.57

)

 

$

(112.51

)

 

The following potentially dilutive securities outstanding at September 30, 2023 and 2022 have been excluded from the computation of diluted weighted average shares outstanding, as they would have been anti-dilutive:

 

 

September 30,

 

 

2023

 

 

2022

 

Options to purchase common stock

 

 

79,582

 

 

 

56,442

 

Warrants to purchase common stock

 

 

7,034,883

 

 

 

116,569

 

Total

 

 

7,114,465

 

 

 

173,011