Net Loss per Share Attributable to Common Stock
Basic loss per share of common stock is computed by dividing net loss attributable to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share is calculated by adjusting the weighted-average number of shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. Diluted loss per share excludes, when applicable, the potential impact of stock options, unvested shares of restricted stock awards, and common stock warrants because their effect would be anti-dilutive due to our net loss.
The calculation of basic and diluted net loss per share attributable to common stock was as follows (amounts in thousands except share data):
| | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 |
| Numerator: | | | |
| Net loss attributable to common stock—basic and diluted | $ | (20,307) | | | $ | (21,577) | |
| Denominator: | | | |
| Weighted- average basic and diluted shares outstanding | 28,196,335 | | 20,244,255 |
| | | |
| Net loss per share attributable to common stock—basic and diluted | $ | (0.72) | | | $ | (1.07) | |
The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stock for the periods presented because their effect would have been anti-dilutive.
| | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 |
| Stock options | 43,996 | | 147,707 |
| Non-vested restricted stock awards | 134,581 | | 546,653 |
| Non-vested restricted stock units | 2,048,090 | | 3,018,374 |
| Common stock warrants | — | | 240,100 |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.