Net Loss per Share

6 Months Ended

Jun. 30, 2025

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 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. The Company’s Common Stock options, warrants, and unvested restricted stock units were not included in dilutive EPS for the periods presented as their impact would be antidilutive.

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net income (loss) attributable to common stockholders, basic	$	(16,295)	$	8,986	$	(22,826)	$	(16,035)
Change in fair value of the Convertible Loan		—		(23,397)		—		(10,372)
Net loss attributable to common stockholders, diluted	$	(16,295)	$	(14,411)	$	(22,826)	$	(26,407)
Denominator:
Weighted average shares outstanding, basic		36,193,479		36,154,521		36,189,165		36,139,873
Shares issuable upon the conversion of the Convertible Loan		—		22,092,105		—		22,092,105
Weighted average common shares outstanding, diluted		36,193,479		58,246,626		36,189,165		58,231,978
Net income (loss) per share, basic	$	(0.45)	$	0.25	$	(0.63)	$	(0.44)
Net loss per share, diluted	$	(0.45)	$	(0.25)	$	(0.63)	$	(0.45)

The following outstanding securities as of June 30, 2025 and December 31, 2024 have been excluded from the computation of dilutive weighted-average shares outstanding, as they would have been anti-dilutive:

	June 30, 2025	December 31, 2024
Outstanding stock options	5,094,273	3,755,965
Unvested restricted stock units	202,500	220,000
Shares issuable upon the conversion of the Convertible Loan (1)	23,692,982	—
Outstanding warrants	10,655,047	19,365,847
Total	39,644,802	23,341,812

(1) The Company determined the number of shares issuable upon the conversion of the Convertible Loan as of June 30, 2025, based on the Convertible Loan principal amount of $30.0 million, accrued and unpaid interest of $6.0 million, calculated at an annual interest rate of 8%, converted at $1.52 per share.