Note 9 - Net Loss Per Share

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 9 — 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 months ended March 31, 2021 and 2020:

	Three Months Ended
	March 31,
	2021			2020
Weighted average common shares outstanding:
Basic		118,262			117,353
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants		—			—
Diluted		118,262			117,353
Basic and diluted net loss per share attributable to common stockholders	$	(0.06	)	$	(0.02	)

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
	March 31,
	2021		2020
Unvested stock (1)		1,350		1,160
Convertible preferred stock		20,337		15,905
Common Stock Warrants		2,069		1,964
IPO Warrants(2)		12,082		12,082
Total potentially dilutive common shares		35,838		31,111

⁽¹⁾ Does not include 2.6 million shares for the three months ended March 31, 2021 and 2.8 million shares for the three months ended March 31, 2020, of unvested stock because the performance conditions had not yet been satisfied as of March 31, 2021 and 2020, 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.