Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Financial Statements Details

v3.24.3
Condensed Consolidated Financial Statements Details
9 Months Ended
Sep. 30, 2024
Condensed Consolidated Financial Statement Details  
Condensed Consolidated Financial Statements Detail

3. Condensed Consolidated Financial Statements Details

Equity Securities

As of September 30, 2024 and December 31, 2023, equity securities consisted of an investment in Rezolute’s common stock of $0.8 million and $0.2 million, respectively (see Note 4). For the three and nine months ended September 30, 2024, the Company recognized a gain of $0.1 million and $0.6 million, respectively, due to the change in fair value of its investment in Rezolute’s common stock, which is included in the other income (expense), net line item of the condensed consolidated statements of operations. For both the three and nine months ended September 30, 2023, the Company recognized a loss of $0.1 million due to the change in fair value of its investment in Rezolute.

Accrued and Other Liabilities

Accrued and other liabilities consisted of the following (in thousands):

September 30, 

December 31, 

    

2024

    

2023

Accrued incentive compensation

$

1,171

$

1,203

Other accrued liabilities

445

625

Accrued legal and accounting fees

637

791

Accrued payroll and benefits

 

198

 

149

Total

$

2,451

$

2,768

Net Loss Per Share Attributable to Common Stockholders

The following table includes the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share amounts):

Three Months Ended September 30, 

     

Nine Months Ended September 30, 

2024

2023

2024

2023

Numerator

Net loss

$

(17,243)

$

(5,509)

$

(9,853)

$

(20,722)

Less: Series A accumulated dividends

 

(530)

 

(530)

 

(1,591)

 

(1,591)

Less: Series B accumulated dividends

(838)

(838)

(2,513)

(2,513)

Net loss attributable to common stockholders, basic

$

(18,611)

$

(6,877)

$

(13,957)

$

(24,826)

Net loss attributable to common stockholders, diluted

$

(18,611)

$

(6,877)

$

(13,957)

$

(24,826)

 

 

Denominator

 

 

 

 

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic

 

11,712

11,473

 

11,645

 

11,466

Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted

 

11,712

11,473

 

11,645

 

11,466

Net loss per share attributable to common stockholders, basic

$

(1.59)

$

(0.60)

$

(1.20)

$

(2.17)

Net loss per share attributable to common stockholders, diluted

$

(1.59)

$

(0.60)

$

(1.20)

$

(2.17)

Potentially dilutive securities are excluded from the calculation of diluted net loss per share attributable to common stockholders if their inclusion is anti-dilutive.

The following table shows the weighted-average shares from outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share attributable to common stockholders (in thousands):

Three Months Ended September 30, 

Nine Months Ended September 30, 

2024

2023

2024

2023

Convertible preferred stock

5,003

5,003

5,003

5,003

Common stock options

 

1,473

1,804

 

1,775

1,781

Warrants for common stock

 

131

6

 

131

6

Total

 

6,607

 

6,813

 

6,909

 

6,790

For PSUs with market conditions, if the market conditions have not been satisfied by the end of the reporting period, the number of shares that would be issuable based on the market price at the end of the reporting period, as if the end of the reporting period were the end of the contingency period, will be included in the calculation of diluted earnings per share if the effect is dilutive. No shares would be issuable based on the market price of $26.48 per share as of September 30, 2024.