Note 8 - Earnings Per Share

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Earnings Per Share [Text Block]

8. Earnings Per Share

The Company calculates earnings per share (“EPS”) as required by FASB ASC Topic No. 260, Earnings Per Share. Basic EPS is calculated by dividing the net income attributable to common stockholders by the weighted average number of common shares outstanding for the period, excluding common stock equivalents. Diluted EPS is computed by dividing the net income attributable to common stockholders by the weighted average number of common shares outstanding for the period, plus the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. For periods with a net loss, the dilutive common stock equivalents are excluded from the diluted EPS calculation. For purposes of this calculation, Common Stock subject to repurchase by the Company, options, warrants (other than the Pre-Funded Warrants), and convertible notes are considered to be common stock equivalents and are only included in the calculation of diluted earnings per share when their effect is dilutive.

The following table sets forth the details of basic and diluted earnings per share (unaudited, in thousands, except per share amounts):

	For the Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(3,897	)	$	(5,178	)
Denominator:
Weighted average shares outstanding – basic		25,695			18,216
Potential common shares – options / warrants (treasury stock method)		—			—
Weighted average shares outstanding – diluted		25,695			18,216
Shares excluded (anti-dilutive)		21,739			8,406
Net loss per share – basic and diluted
Basic	$	(0.15	)	$	(0.28	)
Diluted	$	(0.15	)	$	(0.28	)

The following weighted average shares were excluded from the computation of diluted net loss per share attributable to common stockholders as the impact of including those shares would be anti-dilutive (unaudited, in thousands):

	For the Three Months Ended March 31,
	2026		2025
Convertible notes as if converted		1,697		—
Outstanding stock options		33		24
Outstanding warrants		20,009		8,382
Total anti-dilutive shares		21,739		8,406