Net Loss Per Share

12 Months Ended

Dec. 31, 2016

Net Loss Per Share

Net Loss Per Share

11. Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share applicable to common stockholders (in thousands, except share and per share data):

	Year ended
	December 31,
	2016		2015		2014
Numerator:
Net loss	$	(54,804)	$	(45,290)	$	(31,390)
Accretion of redeemable convertible preferred stock to redemption value		—		—		(4,570)
Net loss applicable to common stockholders	$	(54,804)	$	(45,290)	$	(35,960)
Denominator:
Weighted-average number of common shares outstanding — basic and diluted		26,015,751		20,501,748		8,674,931
Net loss per share applicable to common stockholders — basic and diluted	$	(2.11)	$	(2.21)	$	(4.15)

The following shares were excluded from the calculation of diluted net loss per share applicable to common stockholders, prior to the application of the treasury stock method, because their effect would have been anti‑dilutive for the periods presented:

	Year ended
	December 31,
	2016	2015	2014
Options to purchase common shares	4,042,627	3,484,298	2,911,146
Restricted stock units	272,195	—	—
Warrants to purchase common stock	528,958	—	—
Total	4,843,780	3,484,298	2,911,146