Net Loss per Share

12 Months Ended

Dec. 31, 2021

NET LOSS PER SHARE

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


	Year Ended December 31,
(in thousands, except per share data)	2021		2020		2019
Numerator:
Net loss	$	(88,696)	$	(62,131)	$	(52,807)
Accruing dividends on Series A convertible preferred stock	—		—		(592)
Deemed dividend as a result of Class B Warrant price reset	(13,943)		—		—
Net loss attributable to common stockholders	$	(102,639)	$	(62,131)	$	(53,399)
Denominator:
Weighted average shares of common stock—basic and diluted	25,749		20,077		11,530
Net loss per share attributable to common stockholders— basic and diluted	$	(3.99)	$	(3.09)	$	(4.63)

Basic and diluted weighted average shares of common stock outstanding for the years ended December 31, 2021 includes the weighted average effect of 3,808,032 prefunded warrants for the purchase of shares of common stock, for which the remaining unfunded exercise price is less than or equal to $0.01 per share. During the year ended December 31, 2021, in accordance with the Class B Warrant agreement, the exercise price of each outstanding Class B Warrant was adjusted to the price of subsequent sales of common stock. Such adjustment is accounted for as a deemed dividend that adjusts net loss available to common shareholders for purposes of basic earnings per share. The deemed dividend is calculated using the Black-Scholes pricing model, taking into account historical volatility of the Company’s common stock and the estimated remaining life of the outstanding Class B Warrants.

The Company’s potentially dilutive securities included outstanding stock options, unvested restricted stock units and warrants to purchase shares of common stock for the years ended December 31, 2021 and 2020. Potentially dilutive securities also included warrants to purchase preferred stock for the year ended 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 shares of common stock 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:


	Year Ended December 31,
	2021	2020	2019
Options to purchase common stock	1,916,051	1,874,514	1,297,029
Unvested restricted stock units	925,101	572,460	101,773
Warrants to purchase common stock (excluding prefunded warrants, which are included in basic shares outstanding)	9,449,128	9,474,403	9,776,871
	12,290,280	11,921,377	11,175,673