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Net loss per share
9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Net loss per share

6. Net loss per share

Basic and diluted net loss per common share are presented using the two-class method required for participating securities. If a dividend is paid on common stock, the holders of preferred stock are entitled to a proportionate share of any such dividend as if they were holders of common stock (on an if-converted basis). The Company considers its preferred stock to be participating securities and, in accordance with the two-class method, earnings allocated to participating securities and the related number of outstanding shares of participating securities have been excluded from the computation of basic and diluted net loss per common share.

The Company considers the Aquinox USA common stock to be their participating stock that is subordinate to all other stock or shares of the Company. These shares are used by the Company when computing its net loss per share. Under the two-class method, net loss attributable to common stockholders is determined by allocating undistributed loss between common stock and participating securities. Undistributed loss is calculated as net loss less distributed loss, accretion of liquidation preference on preferred stock, accretion of share issuance costs on preferred stock, and tax expense on preferred stock. As holders of preferred stock, holders of stock options and holders of common stock warrants do not have contractual obligations to share in the losses of the Company, the net loss attributable to common stockholders for each period is not allocated between common stock and participating securities. Accordingly, outstanding stock options and common stock warrants were excluded from the calculation of basic and diluted net loss per share as the effect would have been anti-dilutive. There were no outstanding preferred stock for the three and nine months ended September 30, 2015 and 2014. The detail of the computation of basic and diluted net loss per share is as follows:

 

     THREE MONTHS ENDED
SEPTEMBER 30,
     NINE MONTHS ENDED
SEPTEMBER 30,
 
     2015      2014      2015      2014  

Numerator

           

Net loss

   $ (5,035    $ (6,284    $ (16,197    $ (15,937

Accretion for liquidation preference on preferred stock

     —           —           —           (1,133

Accretion for share issuance costs on preferred stock

     —           —           —           (20

Tax expense on preferred stock

     —           —           —           (100

Reversal of tax payable on preferred stock due to conversion of preferred stock

     —           —           —           1,898   

Extinguishment of remaining share issuance costs due to conversion of preferred stock

     —           —           —           (439
  

 

 

    

 

 

    

 

 

    

 

 

 

Total loss attributable to common stockholders

   $ (5,035    $ (6,284    $ (16,197    $ (15,731
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator

           

Weighted average shares used to compute basic and diluted net loss per common share

     11,841,147         10,695,042         11,096,369         7,984,052   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net loss per share attributable to common stockholders – basic and diluted

   $ (0.43    $ (0.59    $ (1.46    $ (1.97
  

 

 

    

 

 

    

 

 

    

 

 

 

The following have been excluded from the computation of basic and diluted net loss per share as their effect would have been antidilutive:

 

     THREE MONTHS ENDED
SEPTEMBER 30,
     NINE MONTHS ENDED
SEPTEMBER 30,
 
     2015      2014      2015      2014  

Outstanding stock options

     858,957         813,358         858,957         813,358   

Common stock warrants

     11,363         11,363         11,363         11,363   
  

 

 

    

 

 

    

 

 

    

 

 

 
     870,320         824,721         870,320         824,7212