Net Loss per Share (Tables)
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6 Months Ended |
Jun. 30, 2015 |
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| Earnings Per Share [Abstract] |
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| Summary of Basic and Diluted Net Loss Per Share of Common Stock |
The following table summarizes the computation of basic and diluted
net loss per share of our common stock for the three and six months
ended June 30, 2015 and 2014:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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(in thousands,
except share and per share data) |
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Numerator
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Net loss
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$ |
(9,244 |
) |
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$ |
(8,187 |
) |
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$ |
(16,926 |
) |
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$ |
(16,665 |
) |
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Accretion of preferred stock to redemption value
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(23,788 |
) |
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(15,464 |
) |
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(35,061 |
) |
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(27,642 |
) |
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Net loss attributable to common stockholders, basic and diluted
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$ |
(33,032 |
) |
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$ |
(23,651 |
) |
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$ |
(51,987 |
) |
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$ |
(44,307 |
) |
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Denominator
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Weighted-average common shares outstanding, basic and diluted
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12,745,051 |
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12,762,938 |
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12,693,900 |
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12,740,052 |
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Net loss per share attributable to common stockholders, basic and
diluted
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$ |
(2.59 |
) |
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$ |
(1.85 |
) |
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$ |
(4.10 |
) |
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$ |
(3.48 |
) |
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| Anti-Dilutive Securities Excluded from Computation Diluted Weighted Average Shares Outstanding |
The following potentially dilutive securities outstanding, prior to
the use of the treasury stock method or if-converted method, have
been excluded from the computation of diluted weighted-average
shares outstanding for the respective periods below because they
would have been anti-dilutive:
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Three and
Six Months Ended
June 30, |
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2015 |
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2014 |
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Options to purchase common stock
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4,187,854 |
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3,711,137 |
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Unvested restricted stock
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398,779 |
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24,877 |
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Warrants to purchase common stock
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200,000 |
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200,000 |
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Convertible preferred stock
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16,382,615 |
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13,696,099 |
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Total
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21,169,248 |
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17,632,113 |
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| Schedule of Pro Forma Net Loss Per Share |
Pro Forma Net Loss Per Share
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Three
Months
Ended
June 30, |
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Six Months
Ended
June 30, |
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2015 |
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|
2015 |
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(in thousands, except share and per share
data) |
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Numerator
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Net loss attributable to common stockholders
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$ |
(33,032 |
) |
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$ |
(51,987 |
) |
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Accretion of preferred stock to redemption value
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23,788 |
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35,061 |
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Beneficial conversion charge relating to Series D IPO Participation
Payment
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(14,161 |
) |
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(14,161 |
) |
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Net loss attributable to common stockholders, basic and diluted
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$ |
(23,405 |
) |
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$ |
(31,087 |
) |
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Denominator
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Weighted-average common shares outstanding, basic and diluted
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12,745,051 |
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12,693,900 |
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Pro forma adjustment to reflect assumed conversion of convertible
preferred stock
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16,382,615 |
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16,382,615 |
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Pro forma adjustment to reflect common stock issuable in connection
with Series D IPO Participation Payment
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1,939,990 |
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1,939,990 |
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Pro forma adjustment to reflect common stock issuable upon closing
of IPO
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7,417,500 |
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7,417,500 |
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Pro forma adjustment to reflect common stock issuable upon closing
of the private placement issuance
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312,500 |
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312,500 |
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Weighted-average common shares outstanding, basic and diluted
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38,797,656 |
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38,746,505 |
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Net loss per share attributable to common stockholders, basic and
diluted
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$ |
(0.60 |
) |
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$ |
(0.80 |
) |
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