PLUS THERAPEUTICS, INC. Earnings Per Share Disclosure
5. Loss per Share
Basic per share data is computed by dividing net income or loss applicable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted per share data is computed by dividing net income or loss applicable to common stockholders by the weighted average number of common shares outstanding during the period increased to include, if dilutive, the number of additional common shares that would have been outstanding as calculated using the treasury stock or if-converted method, as applicable. The Pre-Funded Warrants were included in the weighted average shares outstanding calculation (as of the beginning of the period or the date of the grant, whichever was earlier) for basic and dilutive earnings per share given their nominal exercise price.
The March 2025 Series A Warrants and March 2025 Series B Warrants (and for the period in which the February 2025 Warrants, Funding Notes, and Exchange Notes, were outstanding) were participating securities because holders of such instruments would participate in the event a dividend is paid on common stock, however such holders did not have a contractual obligation to share in the Company’s losses. As such, losses were attributed entirely to common stockholders.
The following table sets forth the computation of basic and diluted net loss per share of common stock for the periods indicated, in thousands except share and per share data:
|
Year Ended December 31, |
|
||||||
|
2025 |
|
|
2024 |
|
|||
Basic and diluted net loss per share of common stock calculation: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(22,386 |
) |
|
$ |
(12,978 |
) |
Change in fair value of derivative instruments |
|
|
- |
|
|
|
(5,047 |
) |
Net loss attributable to common stockholders - diluted |
|
$ |
(22,386 |
) |
|
$ |
(18,025 |
) |
|
|
|
|
|
|
|
||
Weighted average shares of common stock outstanding - basic |
|
|
77,804,612 |
|
|
|
6,640,251 |
|
Net loss per share of common stock - basic |
|
$ |
(0.29 |
) |
|
$ |
(1.95 |
) |
|
|
|
|
|
|
|
||
Weighted average shares of common stock - diluted |
|
|
77,804,612 |
|
|
|
7,700,774 |
|
Net loss per share of common stock - diluted |
|
$ |
(0.29 |
) |
|
$ |
(2.34 |
) |
The following table provides a summary of instruments where underlying shares issuable upon exercise or conversion were excluded from the diluted loss per share calculation for the periods presented because their effect would be anti-dilutive. Additionally, the shares underlying the February 2025 Warrants, Funding Notes and Exchange Notes, each outstanding during the year ended December 31, 2025, were excluded from diluted loss per share as their effect would be anti-dilutive.
|
|
As of December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Outstanding stock options |
|
|
11,646,927 |
|
|
|
598,540 |
|
Outstanding restricted stock units |
|
|
2,637,588 |
|
|
|
- |
|
Preferred stock |
|
|
28,190 |
|
|
|
28,190 |
|
Outstanding warrants |
|
|
3,141,993 |
|
|
|
7,183,064 |
|
Total |
|
|
17,454,698 |
|
|
|
7,809,794 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 22, 2021 | |
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.