Note 9 - Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

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, 2022 and 2021:

	Three Months Ended
	March 31,
	2022			2021
Weighted average common shares outstanding:
Basic		121,328			118,262
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants		—			—
Diluted		121,328			118,262
Basic and diluted net loss per share attributable to common stockholders	$	(0.14	)	$	(0.06	)

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,
	2022		2021
Unvested stock(1)		1,347		1,350
Convertible preferred stock		37,671		20,337
Common Stock Warrants		1,452		2,069
IPO Warrants(2)		12,082		12,082
Total potentially dilutive common shares		52,552		35,838

⁽¹⁾ Does not include 7.3 million shares for the three months ended March 31, 2022 and 2.6 million shares for the three months ended March 31, 2021, of unvested stock because the performance conditions had not yet been satisfied as of March 31, 2022 and 2021, 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.