4.   Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share of common stock (in thousands, except shares and per share data):

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 

 

    

2020

    

2019

Net loss

 

$

(12,334)

 

$

(23,676)

Weighted-average common shares outstanding, basic and diluted

 

 

7,738,355

 

 

4,706,775

Net loss per share, basic and diluted

 

$

(1.59)

 

$

(5.03)

 

The following table sets forth the outstanding potentially dilutive securities determined using the treasury stock method that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):

 

 

 

 

 

 

 

 

Year ended December 31, 

 

    

2020

    

2019

Stock options to purchase common stock

 

1,099,855

 

518,468

Warrants to purchase common stock

 

3,371,875

 

3,271,875

Total

 

4,471,730

 

3,790,343

 

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.