Net Loss per Share - Basic and Diluted

6 Months Ended

Jun. 30, 2023

14. Net Loss per Share – Basic and Diluted

For the three and six months ended June 30, 2023 and 2022, basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares. Undistributed losses were allocated entirely to common stockholders since neither the convertible preferred stock nor the contingently returnable earn-out shares from the Transaction (the “Earn-Out Shares”) are required to share in the losses of the Company.

For the three and six months ended June 30, 2023 and 2022, diluted net loss per share is the same as basic net loss per share since the effect of considering options to purchase common stock, warrants to purchase common stock, Earn-Out Shares, and convertible preferred stock in the calculation would be antidilutive.

The following potentially dilutive common stock instruments presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share because including them would have had an antidilutive effect:


	Six months ended June 30,
	2023		2022
Options to purchase common stock		2,758,104		1,618,441
Earn-Out Shares		3,150,000		3,150,000
Convertible preferred stock (as converted to common stock)		342,754		342,754
Warrants to purchase common stock		15,853,816		11,041,432

The following table sets forth the calculation of basic and diluted net loss per share:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net loss available to common stockholders — basic and diluted	$	(1,497,492	)	$	(9,286,436	)	$	(4,065,620	)	$	(12,165,831	)
Weighted-average number of common shares used in computing net loss per share attributable to common stockholders —basic and diluted		19,154,681			8,142,383			19,094,394			4,430,401
Net loss per share attributable to common stockholders — basic and diluted	$	(0.08	)	$	(1.14	)	$	(0.21	)	$	(2.75	)