Net Loss Per Share

9 Months Ended

Sep. 30, 2020

8. Net Loss Per Share

Basic earnings per share (“EPS”) is calculated by dividing the net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period and the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, common stock subject to repurchase by the Company, convertible preferred stock, options, convertible notes and warrants are considered to be common stock equivalents and are only included in the calculation of diluted earnings per share when their effect is dilutive.

The following table presents the computation of basic and diluted net loss per share for continuing and discontinued operations (in thousands, except per share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Numerator:
Net loss, basic and diluted	$	(15,669	)	$	(14,567	)	$	(52,196	)	$	(39,971	)
Denominator:
Weighted average common shares outstanding		64,884			56,010			63,845			49,528
Weighted average unvested common shares subject to repurchase		(123	)		(274	)		(176	)		(276	)
Weighted average common shares outstanding - basic and diluted		64,761			55,736			63,669			49,252
Net loss per share, basic and diluted:	$	(0.24	)	$	(0.26	)	$	(0.82	)	$	(0.81	)

The anti-dilutive securities not included in diluted net loss per share were as follows (in thousands):

	As of September 30,
	2020		2019
Options to purchase common stock		4,141		4,270
Unvested restricted share awards		8,072		6,755
Series A Convertible Preferred Stock		29		67
Warrants to purchase common stock		25,358		26,739
Total		37,600		37,831