Net Loss Per Share

12 Months Ended

Dec. 31, 2017

12. Net Loss Per Share

There were no common shares outstanding during the year ended December 31, 2016, and accordingly, the Company has not presented basic and diluted net loss per share for this period. Basic and diluted net loss per share for the year ended December 31, 2017 was calculated as follows:

	Year Ended December 31,
	2017
Numerator:
Net loss	$	(29,727	)
Accretion of preferred stock to redemption value		(244	)

Net loss attributable to common stockholders for basic loss per share	$	(29,971	)


Less change in fair value of warrant liability	$	473

Net loss attributable to common stockholders for diluted loss per share	$	(30,444	)


Denominator:
Weighted average number of common shares outstanding—basic		9,161,844
Assumed conversion of dilutive securities:
Private Placement Warrants		26,743


Denominator for diluted loss per share—adjusted weighted average shares		9,188,587


Net loss per share attributable to common stockholders—basic	$	(3.27	)


Net loss per share attributable to common stockholders—diluted	$	(3.31	)

The Company's potentially dilutive securities include stock options, warrants and convertible preferred stock. These securities were excluded from the computation of diluted net loss per share for the year ended December 31, 2017 and would have been excluded from the computation for the year ended December 31, 2016, as the effect would be to reduce the net loss per share. The following table includes the potential common shares, presented based on amounts outstanding at each period end, that were excluded 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,
	2017		2016
Options to purchase common stock		2,257,621		53,228
Warrants assumed from Macrocure		54,516		—
Convertible preferred stock and accrued dividends (as converted to common stock)		—		3,273,508

		2,312,137		3,326,736

In addition to the potentially dilutive securities noted above, as of December 31, 2016, the Company had outstanding notes payable—related party for which principal and unpaid accrued interest due under the notes will automatically be converted into the class of the Company's stock issued in the Company's next qualified financing, as defined, based on a conversion price equal to the price per share paid by the investors in the financing. Because the necessary conditions for conversion of the notes had not been met during the year ended December 31, 2016, these notes were excluded from the table above. On January 20, 2017, in connection with and prior to the completion of the merger with Macrocure, the Company's Charter and Bylaws were amended to reflect the conversion of all outstanding shares of the Company's convertible preferred stock into 3,174,523 shares of common stock, and to reflect the conversion of the outstanding note payable and accrued interest into 1,950,768 shares of common stock