v3.25.2
Net Income (Loss) per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) per Share Net Income (Loss) per Share
Basic net income or loss per share is determined by dividing net loss by the weighted average shares of common stock outstanding during the period, without consideration of potentially dilutive securities, except for those shares that are issuable for little or no cash consideration. Diluted net income or loss per share is determined by dividing net income or loss by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as stock options and warrants calculated using the treasury stock method. In periods with reported net operating losses, all common stock options, convertible preferred shares, and preferred and common warrants are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.
As of June 30, 2025 and 2024, the Company had 1,341,375 and 737,421 pre-funded warrants outstanding, respectively. The following table provides a reconciliation of the weighted average shares outstanding calculation for the three and six months ended June 30, 2025 and 2024:
Weighted average number of basic shares outstanding
Three months ended June 30,Six months ended June 30,
2025202420252024
Weighted average shares issued34,445,43827,317,25633,876,51225,511,315
Weighted average pre-funded warrants1,341,3751,047,4751,341,3751,114,640
Weighted average shares outstanding35,786,81328,364,73135,217,88726,625,955
Weighted average number of diluted shares outstanding
Three months ended June 30,Six months ended June 30,
2025202420252024
Weighted average shares outstanding (Basic)35,786,81328,364,73135,217,88726,625,955
Additional dilutive shares4,475,951— 4,672,215 — 
Weighted average shares outstanding (Diluted)40,262,76428,364,73139,890,10226,625,955

The following potentially dilutive securities were excluded from the computation of earnings per share as of June 30, 2025 and 2024 because their effects would be anti-dilutive:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Common stock warrants—3,627,409 —3,627,409
Assumed conversion of preferred stock warrants—4,108,328 —4,108,328
Assumed conversion of preferred stock—1,454,509 —1,454,509
Assumed conversion of convertible notes—446,563 —446,563
Stock options2,796,6826,132,114 2,796,6826,132,114
Assumed conversion of ESPP22,05751,29122,05751,291
Total2,818,73915,820,2142,818,73915,820,214