Net Loss Per Common Share

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, 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 March 31,
	2021		2020
Basic and diluted net loss per common share calculation:
Net loss	$	(26,795)	$	(15,076)
Weighted average common shares outstanding - basic and dilutive	93,311		53,426
Net loss per share of common stock - basic and diluted	$	(0.29)	$	(0.28)

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 March 31,
	2021	2020
Stock options outstanding	9,178	6,635
Restricted stock units	2,038	1,401
Total	11,216	8,036