Quarterly report [Sections 13 or 15(d)]

NET LOSS PER SHARE

v3.25.3
NET LOSS PER SHARE
9 Months Ended
Sep. 30, 2025
NET LOSS PER SHARE  
NET LOSS PER SHARE

6. 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 and pre-funded warrants outstanding during the period. The pre-funded warrants are considered common shares outstanding for the purposes of the basic net loss per share calculation due to the nominal cash consideration and lack of other contingencies for issuance of the underlying common shares. Diluted net loss attributable to common stockholders per share is computed by dividing net loss attributable to common stockholders, as adjusted, by the sum of the weighted average number of shares of common stock and the dilutive potential common stock equivalents then outstanding. Potential common stock equivalents consist of stock options, warrants, and convertible preferred shares. In accordance with ASC Topic 260, Earnings per Share, diluted earnings per share are the amount of earnings for the period available to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. In the quarter ended September 30, 2024, the common warrants issued in October 2022 were dilutive. In all other periods presented, all outstanding warrants were antidilutive.

Periods ended September 30, 2024

    

Three Months

    

Nine Months

Net loss

$

(14,664,719)

$

(42,226,073)

Dilutive effect of warrant liability

 

(1,428,355)

 

(7,283,786)

Net loss allocated to common shares

$

(16,093,074)

$

(49,509,859)

Weighted average common shares outstanding - basic

 

1,311,197

1,161,681

Dilutive effect of warrant liability

 

15,277

 

23,169

Weighted average common shares outstanding - diluted

 

1,326,474

 

1,184,850

Net loss per share - diluted

$

(12.13)

$

(41.79)

The following potentially dilutive securities have been excluded from the computation of diluted net loss per share since their inclusion would be antidilutive:

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2025

    

2024

    

2025

    

2024

Warrants

 

1,984,808

680,426

1,984,808

680,426

Preferred shares on an as-converted-into-common-stock basis

 

16,743

200,522

16,743

 

200,522

Stock options

 

212,167

178,654

212,167

 

178,654

Total potentially dilutive shares

 

2,213,718

1,059,602

2,213,718

 

1,059,602