Net Loss Per Common Share
Net loss per common share is calculated in accordance with ASC 260, Earnings Per Share. Basic and diluted net loss per common share attributable to common stockholders is calculated for the periods presented (in thousands), as follows:
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| | Year Ended December 31, |
| | 2025 | | 2024 |
| Net loss per common share attributable to common stockholders, basic and diluted | | | |
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| NUMERATOR | | | |
| Net loss | $ | (19,215) | | | $ | (11,207) | |
| Less: net loss attributable to noncontrolling interest | 33 | | 66 |
| Add: Cumulative undeclared Series A preferred stock dividends | (254) | | | — | |
| Net loss attributable to Serina common stockholders | $ | (19,436) | | | $ | (11,141) | |
| DENOMINATOR | | | |
| Weighted-average shares of common stock outstanding used to calculate basic net loss per common share | 10,190 | | 7,359 |
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| Net loss per common share attributable to common stockholders, basic and diluted | $ | (1.91) | | | $ | (1.51) | |
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For the year ended December 31, 2025 and 2024, the Company had a net loss. See the following table for all the potential dilutive instruments that were excluded from the calculation of diluted net loss per share (in thousands):
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| | December 31, |
| 2025 | | 2024 |
| | | |
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| Stock options | 3,157 | | 3,221 |
| Warrants | 2,973 | | 1,997 |
| Series A convertible preferred stock | 1,022 | | — |
| Total anti-dilutive securities | 7,152 | | 5,218 |
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.