Pyxis Oncology, Inc. Earnings Per Share Disclosure
17. Net Loss per Share
The Company’s potentially dilutive securities, which include replacement warrants, restricted stock units, and stock options, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.
Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Numerator: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(79,621 |
) |
|
$ |
(77,331 |
) |
Denominator: |
|
|
|
|
|
|
||
Weighted-average common shares outstanding, basic and diluted |
|
|
62,143,166 |
|
|
|
58,445,765 |
|
Net loss per share, basic and diluted |
|
$ |
(1.28 |
) |
|
$ |
(1.32 |
) |
Pre-funded Warrant Shares of 1,611,215 shares were included in the computation of basic and diluted net loss per common share for the year ended December 31, 2024 as the Pre-Funded Warrants were issuable for nominal consideration.
The following potentially dilutive securities have been excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect:
|
December 31, |
|
|||||
|
2025 |
|
|
2024 |
|
||
Stock options outstanding |
|
12,468,296 |
|
|
|
9,711,075 |
|
Non-vested and unsettled restricted stock units |
|
847,848 |
|
|
|
2,463,601 |
|
Shares reserved for future issuance |
|
4,925,963 |
|
|
|
4,295,342 |
|
Apexigen replacement warrants |
|
1,003,191 |
|
|
|
1,003,191 |
|
Employee stock purchase plan |
|
605,490 |
|
|
|
573,316 |
|
Total |
|
19,850,788 |
|
|
|
18,046,525 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 23, 2026 | Showing above |
| 2024 | Mar 18, 2025 | |
| 2023 | Mar 21, 2024 | |
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.