Net Loss Per Share

12 Months Ended

Dec. 31, 2022

On January 3, 2023, the Company effected a 1-for-15 reverse stock split for its Common Stock. All Common Stock share information in the following net loss per share discussion and tables are shown as adjusted for this stock split retrospectively for all periods represented herein.

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 outstanding during the period. The weighted-average number of shares of common stock outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. Certain restricted shares, although classified as issued and outstanding at December 31, 2022 and December 31, 2021, are considered contingently returnable until the restrictions lapse and will not be included in the basic net loss per share calculation until the shares are vested. Unvested shares of our restricted stock do not contain non-forfeitable rights to dividends and dividend equivalents. Vested RSUs (for which shares of common stock have not yet been delivered) are included in the calculations of basic net loss per share. Unvested RSUs are not included in calculations of basic net loss per share, as they are not considered issued and outstanding at time of grant.

Diluted net loss per share is computed by giving effect to all potential shares of common stock, including warrants, stock options, RSUs, and unvested restricted stock awards, to the extent they are dilutive. For the year ended December 31, 2022, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive (due to the net losses).

The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data):


	Year Ended December 31,
Numerator:	2022		2021
Net loss	$	(21,941)	$	(9,051)
Less: preferred stock dividends	—		1
Less: undeclared dividends	—		366
Less: conversion inducement	—		300
Less: warrant modification	—		37
Net loss attributable to common stockholders	$	(21,941)	$	(9,755)
Denominator:
Weighted-average number of shares of common stock for basic net loss per share	2,065		1,779







Basic net loss per share	$	(10.62)	$	(5.48)

The weighted-average number of shares, for the years ended December 31, 2022 and 2021, includes 1,929 shares of vested RSUs, as discussed in Note 12 - Stock Based Compensation.

The following table represents the potential shares that were excluded from the computation of weighted-average number of shares of common stock in computing the diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2022	2021


Outstanding stock options	16,668	27,169

Warrants	343,101	343,101