Jaguar Health, Inc. Earnings Per Share Disclosure
13. Net Loss Per Share
The following table presents the calculation of basic and diluted net loss per share of common stock for the periods indicated:
|
|
Twelve months ended |
|
|||||||
|
|
December 31, |
|
|||||||
(In thousands, except share and per share data) |
|
2024 |
|
|
2023 |
|
||||
Net loss attributable to common stockholders |
|
$ |
|
(38,492 |
) |
|
$ |
|
(41,300 |
) |
Shares used to compute net loss per common stock, basic and diluted |
|
|
|
294,534 |
|
|
|
|
15,421 |
|
Net loss per share attributable to common stockholders, basic and diluted |
|
|
|
(130.69 |
) |
|
$ |
|
(2,678.17 |
) |
Basic net loss per share is calculated by dividing net loss by the weighted average number of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, convertible preferred stock, and certain common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. The Company's potential securities, including warrants, convertible preferred series stock and other common stock equivalents, were excluded because their effect is anti-dilutive. For the prior periods presented, there is no difference in the number of shares used to compute basic and diluted shares outstanding.
The following are the other common stock equivalents of the Company for years ended December 31, 2024 and December 31, 2023:
|
|
December 31, |
|
|
December 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
Options issued and outstanding |
|
|
30,469 |
|
|
|
1,054 |
|
Inducement options issued and outstanding |
|
|
1 |
|
|
|
61 |
|
Options available for grant under stock option plans |
|
|
17,695 |
|
|
|
4,801 |
|
Restricted stock units issued and outstanding |
|
|
220 |
|
|
|
1,920 |
|
Warrants issued and outstanding |
|
|
3,045 |
|
|
|
300 |
|
Total |
|
|
51,430 |
|
|
|
8,137 |
|
As of March 31, 2025, 145,598 shares of common stock were issued after December 31, 2024, the balance sheet date.
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.