Net Loss Per Common Share

12 Months Ended

Dec. 31, 2016

11. Net Loss Per Common Share

Net Loss per Common Share

Basic net loss per common share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the sum of the weighted average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential shares of common stock, including the assumed exercise of stock options, stock warrants and unvested restricted common stock. The Company applies the two-class method to calculate its basic and diluted net loss per share attributable to common stockholders, as its preferred stock and common stock are participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. However, the two-class method does not impact the net loss per share of common stock as the Company was in a net loss position for each of the periods presented and preferred stockholders do not participate in losses. For the years ended December 31, 2016, 2015 and 2014, the following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding because the effect would be anti-dilutive:

	Year ended December 31, 2016		Year ended December 31, 2015		Year ended December 31, 2014
Stock options issued and outstanding		2,577,111		1,748,875		473,202
Stock warrants		305,775		326,556		404,778
Unvested restricted stock units		57,500		—		—
Unvested restricted common stock		—		1,750,794		1,750,794

		2,940,386		3,826,225		2,628,774

Amounts in the table above reflect the common stock equivalents of the noted instruments.

The following table summarizes the calculation of the basic and diluted net loss per common share:

	Year ended December 31, 2016			Year ended December 31, 2015			Year ended December 31, 2014
Numerator:
Loss from continuing operations	$	(83,011,804	)	$	(38,473,844	)	$	(15,551,848	)
Less: deemed preferred dividends on common stock		—			—			(866,569	)

Net loss attributable from continuing operations to common stockholders	$	(83,011,804	)	$	(38,473,844	)	$	(16,418,417	)
Loss from discontinued operations		—			—			(153,928	)

Net loss attributable to common stockholders	$	(83,011,804	)	$	(38,473,844	)	$	(16,572,345	)


Denominator:
Weighted-average basic and diluted common shares		22,647,583			7,087,618			6,916,404


Basic and diluted net loss per common share from continuing operations	$	(3.67	)	$	(5.43	)	$	(2.37	)
Basic and diluted net loss per common share from discontinued operations		—			—			(0.02	)

Basic and diluted net loss per common share	$	(3.67	)	$	(5.43	)	$	(2.39	)