Basic and Diluted Net Income (Loss) per Common Share

6 Months Ended

Jun. 30, 2026

Net loss per share – basic and diluted

Basic and Diluted Net Income (Loss) per Common Share

4. Basic and Diluted Net Income (Loss) per Common Share

Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period that are determined to be dilutive. Common stock equivalents are primarily comprised of preferred stock and warrants for the purchase of common stock. The Company had potentially dilutive securities of approximately 7.4 million and 2.1 million as of June 30, 2026, and 2025, respectively, that were not included in the fully diluted loss per share calculation because they would have been antidilutive.

Below are basic and diluted loss per share data for the three months ended June 30, 2026, which are in thousands except for share and per share data:

		Basic Calculation				Effect of Dilutive Warrant Securities				Diluted Calculation
Numerator:
Net loss		$	(2,706	)		$	(1	)		$	(2,707	)
Deemed dividend – warrant modification			(926	)			-				(926	)
Net loss attributable to common stockholders		$	(3,632	)		$	(1	)		$	(3,633	)

Denominator:
Number of shares used in per common share calculations:			4,849,080				490				4,849,570

Net loss per common share:
Net loss		$	(0.56	)		$	(1.17	)		$	(0.56	)
Deemed dividend – warrant modification			(0.19	)			-				(0.19	)
Net loss attributable to common stockholders		$	(0.75	)		$	(1.17	)		$	(0.75	)

Below are basic and diluted loss per share data for the six months ended June 30, 2026, which are in thousands except for share and per share data:

		Basic Calculation				Effect of Dilutive Warrant Securities				Diluted Calculation
Numerator:
Net loss		$	(5,527	)		$	(2	)		$	(5,529	)
Deemed dividend – warrant modification			(926	)			-				(926	)
Net loss attributable to common stockholders		$	(6,453	)		$	(2	)		$	(6,455	)

Denominator:
Number of shares used in per common share calculations:			4,433,861				754				4,434,615

Net loss per common share:
Net loss		$	(1.25	)		$	(2.45	)		$	(1.25	)
Deemed dividend – warrant modification			(0.21	)			-				(0.21	)
Net loss attributable to common stockholders		$	(1.46	)		$	(2.45	)		$	(1.46	)

Below are basic and diluted loss per share data for the three months ended June 30, 2025, which are in thousands except for share and per share data:

		Basic Calculation				Effect of Dilutive Warrant Securities				Diluted Calculation
Numerator:
Net loss		$	(2,318	)		$	-			$	(2,318	)
Deemed dividend – warrant modification			-				-				-
Net loss attributable to common stockholders		$	(2,318	)		$	-			$	(2,318	)

Denominator:
Number of shares used in per common share calculations:			2,535,120				-				2,535,120

Net loss per common share:
Net loss		$	(0.91	)		$	-			$	(0.91	)
Deemed dividend – warrant modification			-				-				-
Net loss attributable to common stockholders		$	(0.91	)		$	-			$	(0.91	)

Below are basic and diluted loss per share data for the six months ended June 30, 2025, which are in thousands except for share and per share data:

		Basic Calculation				Effect of Dilutive Warrant Securities				Diluted Calculation
Numerator:
Net loss		$	(4,610	)		$	(2	)		$	(4,612	)
Deemed dividend – warrant modification			-				-				-
Net loss attributable to common stockholders		$	(4,610	)		$	(2	)		$	(4,612	)

Denominator:
Number of shares used in per common share calculations:			2,156,032				191				2,156,223

Net loss per common share:
Net loss		$	(2.14	)		$	(10.47	)		$	(2.14	)
Deemed dividend – warrant modification			-				-				-
Net loss attributable to common stockholders		$	(2.14	)		$	(10.47	)		$	(2.14	)