Net loss per share

9 Months Ended

Sep. 30, 2020

Note 9. Net loss per share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common stock actually outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock outstanding and dilutive potential common stock that would be issued upon the exercise of common stock options and warrants.

The following table presents the calculation of basic and diluted earnings per share (in thousands, except per-share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Numerator:
Net income (loss) - basic	$	(8,545	)	$	889		$	(21,787	)	$	(16,149	)
Less: noncash income from change in fair value of warrants		—			7,090			—			906
Net loss - diluted	$	(8,545	)	$	(6,201	)	$	(21,787	)	$	(17,055	)

Denominator:
Basic weighted-average common shares outstanding		79,583,254			31,793,292			56,916,137			31,775,590

Effect of dilutive securities:
Options to purchase common stock		—			260,882			—			236,395
Warrants		—			389,473			—			223,543
Diluted weighted-average common shares outstanding		79,583,254			32,443,647			56,916,137			32,235,528

Net income (loss) per common share:
Basic	$	(0.11	)	$	0.03		$	(0.38	)	$	(0.51	)
Diluted	$	(0.11	)	$	(0.19	)	$	(0.38	)	$	(0.53	)

The following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented because such securities have an antidilutive impact, either due to the losses reported or because the exercise price was greater than the average market price of the shares of common stock during the period.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Warrants issued to 2010/2012 convertible note holders to purchase common stock		102,070		102,070		102,070		102,070
Options to purchase common stock		2,513,739		1,875,442		2,513,739		1,899,930
Outstanding restricted stock units		581,000		—		581,000		—
Warrants issued to underwriter to purchase common stock		16,500		16,500		16,500		16,500
Series A warrants to purchase common stock		—		485,121		—		485,121
Series C warrants to purchase common stock		—		118,083		—		118,083
Series D warrants to purchase common stock		540,540		540,540		540,540		540,540
2017 PIPE warrants		6,024,425		5,665,548		6,024,425		5,818,443
2018 PIPE warrants		513,617		483,021		513,617		496,056
Total		10,291,891		9,286,325		10,291,891		9,476,743