Net Loss per Share

9 Months Ended

Sep. 30, 2019

Basic and diluted net loss per share attributable to common stockholders was calculated as follow:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share data)	2019		2018		2019		2018
Numerator:
Net loss	$	(17,714)	$	(8,602)	$	(41,970)	$	(22,003)
Accruing dividends on Series A convertible preferred stock	—		(756)		(592)		(2,244)
Adjustment to accumulated deficit in connection with repurchase of Series Seed convertible preferred stock	—		—		—		(22)
Net loss attributable to common stockholders	$	(17,714)	$	(9,358)	$	(42,562)	$	(24,269)
Denominator:
Weighted average common shares outstanding—basic and diluted	14,562		459		9,866		459
Net loss per share attributable to common stockholders— basic and diluted	$	(1.22)	$	(20.39)	$	(4.31)	$	(52.92)

The Company has included 107,371 shares of redeemable common stock in its computation of basic and diluted weighted average common shares outstanding for the nine months ended September 30, 2019 and the three and nine months ended

September 30, 2018 as this class of stock participates in losses similarly to other common stockholders. Basic and diluted weighted average common shares outstanding for the three and nine months ended September 30, 2019 also includes the weighted average effect of 2,130,000 pre-funded warrants for the purchase of common shares, which were issued in April 2019 and for which the remaining unfunded exercise price is less than $0.01 per share.

The Company’s potentially dilutive securities included outstanding stock options, convertible preferred stock, and warrants to purchase shares of convertible preferred stock for the three and nine months ended September 30, 2018 and included outstanding stock options and warrants to purchase common stock for the three and nine months ended September 30, 2019. These potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share, and thus they are considered “anti-dilutive.” Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end and adjusted for the Exchange Ratio and Reverse Stock Split, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended September 30,			Nine Months Ended September 30,
	2019	2018	2019	2018
Options to purchase common stock	1,271,141	719,670	1,271,141	719,670
Convertible preferred stock (as converted to common stock)	—	3,808,894	—	3,808,894
Warrants to purchase common stock (excluding prefunded warrants, which are included in basic shares outstanding)	4,360,204	469,061	4,360,204	469,061
	5,631,345	4,997,625	5,631,345	4,997,625