Net Loss per Share

12 Months Ended

Dec. 31, 2024

Net Loss per Share

Net Loss per Share

5. Net Loss per Share

The computation of basic EPS is based on the weighted-average number of the Company’s Common Stock outstanding. The computation of diluted EPS is based on the weighted-average number of the Company’s Common Stock outstanding and potential dilutive Common Stock. Diluted EPS is computed using the more dilutive of the treasury stock method, which reflects the potential dilution that would occur if securities or other contracts to issue Common Stock were exercised or converted to the Company’s Common Stock. Common Stock options, warrants and unvested restricted stock units were not included in dilutive EPS as their impact would be antidilutive.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the years ended December 31, 2024 and 2023 (in thousands, except share and per share data):

	Year Ended December 31,
	2024		2023
Numerator:
Net loss attributable to common stockholders, basic	$	(18,916)	$	(69,045)
Gain from change in fair value of the Convertible Loan		(31,399)		—
Gain on debt and the Convertible Loan extinguishments		(2,166)		—
Net loss attributable to common stockholders, diluted	$	(52,481)	$	(69,045)
Denominator:
Weighted average shares outstanding, basic		36,160,848		36,075,555
Shares issuable upon the conversion of the Convertible Loan		22,899,123		—
Weighted average common shares outstanding, diluted		59,059,971		36,075,555
Net loss per share, basic	$	(0.52)	$	(1.91)
Net loss per share, diluted	$	(0.89)	$	(1.91)

The following outstanding securities as of December 31, 2024 and 2023 have been excluded from the computation of diluted weighted average shares outstanding, as they would have been anti-dilutive:

	December 31, 2024	December 31, 2023
Outstanding stock options	3,755,965	3,165,216
Unvested restricted stock units	220,000	200,000
Shares issuable upon the conversion of the Convertible Loan (1)	—	21,293,861
Outstanding warrants	19,365,847	19,365,847
Total	23,341,812	44,024,924

(1) The Company determined the number of shares issuable upon the conversion of the Convertible Loan as of December 2023, based on the Convertible Loan principal amount of $30.0 million, accrued and unpaid interest of $2.4 million, calculated at an annual interest rate of 8%, converted at $1.52 per share.