Net Loss per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2021

Net Loss per Share Attributable to Common Stockholders

5. Net Loss per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
	(In thousands, except share and per share data)						(In thousands, except share and per share data)
Numerator—basic and diluted:
Net loss	$	(20,639	)	$	(20,437	)	$	(71,272	)	$	(52,735	)
Deemed dividend due to warrant reset		—			—			—			(3,906	)
Net loss attributable to common stockholders—basic and diluted	$	(20,639	)	$	(20,437	)	$	(71,272	)	$	(56,641	)
Net loss per share attributable to common stockholders—basic and diluted	$	(0.40	)	$	(0.46	)	$	(1.38	)	$	(1.43	)
Denominator—basic and diluted:
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders—basic and diluted		51,962,320			44,156,808			51,690,173			39,714,490

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares):

	September 30,
	2021		2020
Options to purchase common stock		7,340,654		6,770,660
Warrants to purchase common stock		—		689,242
Employee Stock Purchase Plan		21,063		18,838
Non-vested restricted stock units (RSUs)		132,333		18,500

In June 2018, the Company signed an exchange agreement with an investor under which the investor exchanged 2,000,000 shares of common stock for 2,000,000 warrants. Further, as discussed in Note 12, in March 2019, the Company sold 2,095,039 shares of common stock as well as 2,500,000 pre-funded warrants and 4,595,039 Series 1 and Series 2 warrants. The pre-funded warrants are exercisable into shares of common stock for $0.0001 per share. In January 2020, the Company sold 3,036,719 shares of common stock as well as 1,338,287 pre-funded warrants. The warrants are exercisable into shares of common stock for $0.0001 per share. The shares of common stock into which the pre-funded warrants may be exercised are considered outstanding for the purposes of computing earnings per share. All Series 1 and Series 2 warrants were exercised in 2020.

During the first quarter of 2021, 250,000 pre-funded warrants were exchanged for shares of common stock in a cash exercise. As of September 30, 2021, 3,307,952 pre-funded warrants were outstanding.