SPRUCE BIOSCIENCES, INC. Earnings Per Share Disclosure
13. Net Loss Per Share
The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts):
|
|
Year Ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Numerator: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(53,036 |
) |
|
$ |
(47,919 |
) |
Denominator: |
|
|
|
|
|
|
||
Weighted-average shares of common stock outstanding |
|
|
41,264,948 |
|
|
|
38,510,220 |
|
Net loss per share, basic and diluted |
|
$ |
(1.29 |
) |
|
$ |
(1.24 |
) |
Basic net loss per share was the same as diluted net loss per share for all periods as the inclusion of potentially dilutive securities would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations were as follows:
|
|
December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Shares subject to outstanding Standard Warrants |
|
|
12,687,000 |
|
|
|
12,687,000 |
|
Shares subject to outstanding common stock options |
|
|
3,523,655 |
|
|
|
4,097,376 |
|
Shares subject to outstanding RSUs |
|
|
2,239,710 |
|
|
|
3,482,663 |
|
Estimated shares issuable under the ESPP |
|
|
316,122 |
|
|
|
126,151 |
|
Total |
|
|
18,766,487 |
|
|
|
20,393,190 |
|
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.