Net Loss Per Common Share

9 Months Ended

Sep. 30, 2015

10. Net Loss Per Common Share

Basic net loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents or unvested restricted stock. Diluted net loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, convertible preferred stock and stock options are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.

The following table sets forth the computation of basic and diluted net loss per share applicable to common stockholders:

	Three months ended						Nine months ended
	September 30,						September 30,
	2015			2014			2015			2014
Numerator:
Net loss	$	(8,949,996	)	$	(714,925	)	$	(19,510,224	)	$	(2,387,711	)
Gain on exchange of convertible preferred stock		—			—			4,798,194			—
Accretion of redeemable convertible preferred stock		—			—			(12,552,830	)		—
Net loss attributable to common stockholders	$	(8,949,996	)	$	(714,925	)	$	(27,264,860	)	$	(2,387,711	)
Denominator:
Weighted average common shares outstanding - Basic and Diluted		15,153,135			143,810			8,336,147			140,029
Net loss per share allocable to common stockholders - Basic and Diluted	$	(0.59	)	$	(4.97	)	$	(3.27	)	$	(17.05	)

The common stock equivalents in the table below were excluded from the calculation of diluted weighted-average shares outstanding due to their anti-dilutive effect:

	Three months ended				Nine months ended
	September 30,				September 30,
	2015		2014		2015		2014
Convertible preferred stock		—		1,026,602		3,971,137		915,791
Outstanding stock options		1,183,322		17,255		655,026		17,255
Restricted stock		360,508		—		196,761		—