Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2025

Net Loss Per Share Attributable to Common Stockholders [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Note 18 - Net Loss Per Share Attributable to Common Stockholders

The following table presents the calculation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Net Loss	$	(13,446	)	$	(4,435	)	$	(47,176	)	$	(21,747	)
Less: Preferred stock return		—			(185	)		(29	)		(496	)
Less: Deemed dividend		—			(54	)		—			(514	)
Net Loss Attributable to Common Stockholders, Basic and Diluted	$	(13,446	)	$	(4,674	)	$	(47,205	)	$	(22,757	)
Net Loss Per Share, Basic and Diluted	$	(0.61	)	$	(33.40	)	$	(4.33	)	$	(308.53	)
Weighted Average Shares Outstanding, Basic and Diluted		22,065,141			139,944			10,914,152			73,759

The basic earnings per share calculation for the three months ended September 30, 2025 included 1,925,000 shares of common stock issuable upon exercise of Pre-funded Warrants that were issued in connection with the September Offering. The basic earnings per share calculation for the nine months ended September 30, 2025 included 2,176,000, 2,911,800, and 1,925,000 shares of common stock, respectively, issuable upon exercise of Pre-funded Warrants that were issued in connection with the March Offering, June Offering, and September Offering. These Pre-funded Warrants are considered penny warrants as the exercise price is $0.001; therefore, they are included in the basic earnings per share calculation.

The basic earnings per share calculation for the three months ended September 30, 2024 included 839 penny warrant shares, since the exercise price was $0.01 per share. The basic earnings per share calculation for the nine months ended September 30, 2024 included 2,434 penny warrants shares. Additionally, the basic earnings per share calculation for the nine months ended September 30, 2024 included 1,194 shares of common stock that were issuable to Xeriant related to the joint venture arrangement that expired by its term on May 31, 2023. The shares were issued to Xeriant for no additional consideration immediately prior to the XTI Merger.

The following potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Options		2,914,464		51,274		1,015,818		23,165
Warrants		13,409,149		1,116		5,575,262		1,828
Convertible preferred stock		2		2		2		2
Convertible notes		—		—		—		1,383
Total		16,323,615		52,392		6,591,082		26,378