Basic loss per common share is computed by dividing the net loss allocable to common stockholders by the weighted-average number of shares of common stock or common stock equivalents outstanding. Diluted loss per common share is computed similar to basic loss per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock.

In September 2019, in connection with the Securities Purchase Agreement (see Note 14), the Company issued and sold pre-funded warrants exercisable for an aggregate of 360,779 shares of common stock. The total exercise price of the pre-funded warrants is $9.75 per share, $9.60 of which was pre-funded and paid to the Company upon issuance of the pre-funded warrants. The remaining exercise price of the pre-funded warrants is $0.15 per share. The pre-funded warrants are exercisable by the holders at any time and do not expire. In March 2020, prefunded warrants representing 211,784 shares of the Company’s common stock were exercised for proceeds of $31,768. The remaining pre-funded warrants are immediately exercisable and do not expire. As the remaining shares underlying the pre-funded warrants are issuable for nominal consideration of $0.15 per share, 148,995 in common shares underlying the unexercised pre-funded warrants were considered outstanding for purposes of the calculation of loss per share as of December 31, 2020.

In connection with the SVB Term Loan (see Note 8), the Company granted SVB a warrant to purchase up to 42,894 shares of the Company’s common stock at a purchase price of $11.6565 per share. The warrant will expire on June 24, 2030 and may be exercised for cash or, at the election of the holder, on a cashless, net exercise basis.

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss per share for the periods presented:

	Years Ended December 31,
	2020			2019
Numerator:
Net loss	$	(20,870,218	)	$	(19,297,664	)
Denominator:
Weighted-average shares outstanding-basic and diluted *		4,627,918			2,539,979
Net loss per share, basic and diluted	$	(4.51	)	$	(7.60	)

*Reflects the retrospective adjustment related to the reverse stock split completed on November 20, 2020.

The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive:

	Years Ended December 31,
	2020		2019
Options to purchase common stock		487,227		193,660
Series A Preferred		158,545		—
Common stock warrants		58,689		15,794
Restricted stock units		12,214		14,916
QNAH convertible note		—		53,357