Ocugen, Inc. Earnings Per Share Disclosure
| Year ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Net loss attributable to common shareholders— basic and diluted | (54,010) | (63,078) | |||||||||
| Weighted shares used in calculating net loss per common share — basic and diluted | 270,995,121 | 244,327,057 | |||||||||
| Net loss per share attributable to common shareholders — basic and diluted | $ | (0.20) | $ | (0.26) | |||||||
| Net loss attributable to Series B Convertible Preferred shareholders — basic and diluted | (44) | — | |||||||||
| Weighted shares used in calculating net loss per Series B Convertible Preferred Stock — basic and diluted | 54,745 | — | |||||||||
| Net loss per share attributable to Series B Convertible Preferred shareholders — basic and diluted | $ | (0.80) | $ | — | |||||||
| Year ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Stock options to purchase common stock | 16,197,148 | 13,161,228 | |||||||||
| RSUs | 1,902,457 | 2,982,661 | |||||||||
| PSUs | 872,352 | — | |||||||||
| Warrants | 628,725 | 628,834 | |||||||||
| Series B Convertible Preferred Stock (as converted to common stock) | — | 547,450 | |||||||||
| Total | 19,600,682 | 17,320,173 | |||||||||
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.