Quarterly report pursuant to Section 13 or 15(d)

NET LOSS PER SHARE

v3.23.3
NET LOSS PER SHARE
9 Months Ended
Sep. 30, 2023
NET LOSS PER SHARE  
NET LOSS PER SHARE

11.

NET LOSS PER SHARE

Basic net earnings per share applicable to common stockholders is calculated by dividing net earnings applicable to common shareholders by the weighted average shares outstanding during the period, without consideration for common share equivalents. Diluted net earnings per share applicable to common shareholders is calculated by adjusting the weighted average

shares outstanding for the dilutive effect of common share equivalents outstanding for the period, determined using the treasury-stock method and the if-converted method. For purposes of the calculation of dilutive net loss per share applicable to common shareholders, stock options, and warrants are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share applicable to common shareholders, as their effect would be anti-dilutive; therefore, basic and diluted net loss per share applicable to common shareholders were the same for all periods presented.

As of September 30, 2023, 954,725 Pre-Funded Warrants to purchase common shares for little to no consideration, issued in connection with the August 2023 private placement (see Note 6), were included in the basic and diluted net loss per share calculation. The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders:

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2023

    

2022

2023

    

2022

Numerator:

Net loss attributable to common shareholders

$

(2,360,648)

$

(5,956,875)

$

(9,632,053)

$

(10,796,758)

Denominator:

 

  

 

  

 

  

 

  

Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic and diluted

 

12,370,830

 

7,195,529

 

9,861,719

 

7,195,529

Net loss per share attributable to common shareholders, basic and diluted

$

0.19

$

0.83

$

0.98

$

1.50

The following outstanding potentially dilutive Common Shares equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:

September 30, 

    

2023

    

2022

Options issued and outstanding under stock option plan

 

1,041,492

 

689,321

Warrants

 

13,955,897

 

1,560,588

Series 1 Convertible Preferred Shares

1,166,667

1,166,667

Deferred Share Units

 

1,061

 

1,061

Total

 

16,165,117

 

3,417,637