Net Loss Per Common Share

6 Months Ended

Jun. 30, 2020

Basic and diluted net loss per common share is determined by dividing net loss by the weighted average common shares and pre-funded warrants outstanding during the period. Basic and diluted shares outstanding includes the weighted average effect of the Company's outstanding pre-funded warrants as the exercise of such pre-funded warrants requires nominal consideration to be given for the delivery of the corresponding shares of common stock. As of June 30, 2020, the Company had 3,164,280 pre-funded warrants outstanding, which if exercised, would increase the number of shares of common stock issued and outstanding. For the periods when there is a net loss, shares underlying stock options and RSUs have been excluded from the calculation of diluted net loss per common share because the effect of including such shares would be anti-dilutive. Therefore, the weighted average common shares used to calculate both basic and diluted net loss per common share would be the same.

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Basic and diluted net loss per common share calculation:
Net loss	$	(18,589)	$	(14,443)	$	(33,665)	$	(26,944)
Weighted average common shares outstanding - basic and dilutive	57,421		41,477		55,424		41,452
Net loss per share of common stock - basic and diluted	$	(0.32)	$	(0.35)	$	(0.61)	$	(0.65)

The following potentially dilutive securities have been excluded from the computations of diluted weighted average common shares outstanding for the periods presented, as the effect of including such shares would be anti-dilutive:


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Stock options outstanding	7,155	5,690	7,155	5,690
Restricted stock units	1,636	635	1,636	635
Total	8,791	6,325	8,791	6,325