Unicycive Therapeutics, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Share

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

14. Net Loss Per Share

The Company computes net loss per share using the two-class method. The two-class method uses an earnings allocation formula that determines net loss per share for common stock and any participating securities according to dividends declared and participation rights in undistributed earnings.

Diluted net loss per share includes the potential dilutive effect of common stock equivalents as if such securities were converted or exercised during the period, when the effect is dilutive. Common stock equivalents include: (i) outstanding stock options and restricted stock units; (ii) common stock to be issued upon the assumed exercise of the Company’s common stock warrants; (iii) convertible preferred stock; and (iv) prior to issuance, the issuable warrants related to the Company’s March private placement financing.

The following table sets forth the computation of basic and diluted net loss per share of common and preferred stock (in thousands, except share and per share data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2024			2023			2024
Basic net loss per share
Numerator:
Net loss	$	(4,333	)	$	(4,096	)	$	(22,746	)	$	(15,204	)
Deemed dividends on preferred stock		(72	)		-			(867	)
Cash Dividends to Series B holders		-			-			-			(1,095	)
Net loss attributable to common shares, basic and diluted		(4,405	)		(4,096	)		(23,613	)		(16,299	)

Denominator:
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted		32,633,074			88,943,212			21,100,206			54,073,701
Net loss per share attributable to common stockholders, basic and diluted	$	(0.13	)	$	(0.05	)	$	(1.12	)	$	(0.30	)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2024		2023		2024

Options to purchase common stock		10,321,616		13,671,140		10,321,616		13,671,140
Warrants to purchase common stock		4,784,193		4,784,193		4,784,193		4,784,193
Restricted stock units		-		21,765		-		21,765
Common stock issuable upon conversion of Series B-2 convertible preferred stock		-		7,882,000		-		7,882,000
Common stock issuable upon conversion of Series A-2 Prime convertible preferred stock		43,649,000		22,676,000		43,649,000		22,676,000
Warrants to purchase convertible preferred stock		160,958,167		160,958,167		160,958,167		160,958,167
Total		176,063,976		209,993,175		176,063,976		209,993,175