Net Loss per Share

9 Months Ended

Sep. 30, 2016

Note 10. Net Loss Per Share

Net loss per share attributable to common stockholders is computed by dividing the net loss allocable to common stockholders by the weighted-average number of shares of common stock or common stock equivalents outstanding. Outstanding stock options, warrants and convertible preferred stock have not been included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive. Accordingly, the numerator and the denominator used in computing both basic and diluted net loss per share for each period are the same. The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss per share for the periods presented:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Numerator:
Net loss	$	(6,488,442	)	$	(5,157,663	)	$	(20,366,469	)	$	(15,698,139	)
Accretion of stock issuance costs		—			—			—			(35,046	)
Accretion of discount on Series E warrants		—			—			—			(127,616	)
Series E and D, Convertible Preferred Stock dividends		—			—			—			(1,165,932	)
Net loss attributable to common stockholders	$	(6,488,442	)	$	(5,157,663	)	$	(20,366,469	)	$	(17,026,733	)
Denominator:
Weighted-average common shares outstanding-basic and diluted		7,053,010			6,829,687			6,985,924			3,735,852
Net loss per share attributable to common stockholders, basic and diluted	$	(0.92	)	$	(0.76	)	$	(2.92	)	$	(4.56	)

The following outstanding options and warrants were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive:

	Nine Months Ended September 30,
	2016		2015
Options to purchase common stock		1,200,644		590,139
Common stock warrant		219,723		170,587
Restricted stock units		350,499		27,500