Net Loss per Share

6 Months Ended

Jun. 30, 2025

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net loss	$	(12,301	)	$	(12,352	)	$	(22,641	)	$	(23,254	)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		130,350,391			101,041,573			124,015,763			100,279,393
Basic and diluted net loss per common share outstanding	$	(0.09	)	$	(0.12	)	$	(0.18	)	$	(0.23	)

Basic shares outstanding includes the weighted average effect of the Company’s pre-funded warrants from the date of issuance, the exercise of which requires little or no consideration for the delivery of shares of common stock. As of both June 30, 2025 and December 31, 2024, the Company had pre-funded warrants to purchase 23,211,642 shares of common stock outstanding, which were issued in the April 2022 Private Placement and the September 2022 Offering, which warrants are included in the weighted average common shares used in calculating the net loss per share attributable to common stockholders, basic and diluted, for each of the three and six months ended June 30, 2025 and 2024.

The Company’s potential dilutive securities, which include stock options and warrants that are not pre-funded, have been excluded from the computation of diluted net loss per share attributable to common stockholders whenever the effect of including them would be to reduce the net loss per share. In periods where there is a net loss, 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. The following potential common shares, presented based on shares outstanding as of June 30, 2025 and 2024, respectively, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Shares as of June 30,
	2025		2024
Stock Options		10,239,338		7,961,704
Warrants		1,851,852		9,703,704
Total potential common shares		12,091,190		17,665,408

Trevi Therapeutics, Inc. 10-Q