Note 10 - Net Loss Per Share

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 10 — Net Loss Per Share

The following table (in thousands, except for loss per share) reconciles basic and diluted weighted average common shares outstanding for each of the three and six months ended June 30, 2020 and 2019:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Weighted average common shares outstanding:
Basic		117,388			107,061			117,370			107,001
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants		—			—			—			—
Diluted		117,388			107,061			117,370			107,001
Basic and diluted net loss per share attributable to common stockholders	$	(0.08	)	$	(0.07	)	$	(0.10	)	$	(0.23	)

Potentially dilutive securities not included in the diluted net loss per share computations because their effect would have been anti-dilutive were as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Unvested stock (1)		930		605		1,034		548
Convertible preferred stock		16,380		12,647		16,143		11,891
Common Stock Warrants		1,971		1,542		1,967		1,462
IPO Warrants(2)		12,082		12,082		12,082		12,082
Total potentially dilutive common shares		31,363		26,876		31,226		25,983

⁽¹⁾ Does not include 3.0 million shares for each of the three and six months ended June 30, 2020 and 4.1 million shares for the three and six months ended June 30, 2019, of unvested stock because the performance conditions had not yet been satisfied as of June 30, 2020 and 2019, respectively. 

⁽²⁾ The IPO Warrants were issued in connection with our initial public offering in 2015. The IPO Warrants are exercisable at a price of $11.50 per share and expire on July 24, 2022. The Company may redeem the IPO Warrants at a price of $0.01 per IPO Warrant upon 30 days’ notice only if the last sale price of our common stock is at least $17.50 per share for any 20 trading days within a 30-trading day period. If the Company redeems the IPO Warrants in this manner, the Company will have the option to do so on a cashless basis with the issuance of an economically equivalent number of shares of Company common stock.