Net Loss Per Share

9 Months Ended

Sep. 30, 2021

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares of common stock outstanding does not include any potentially dilutive securities or unvested restricted stock. Unvested restricted stock, although classified as issued and outstanding at September 30, 2021 and 2020, is considered contingently returnable until the restrictions lapse and will not be included in the basic net loss per share calculation until the shares are vested. Unvested restricted stock does not contain non-forfeitable rights to dividends and dividend equivalents. Unvested RSUs are not included in calculations of basic net loss per share, as they are not considered issued and outstanding at time of grant.

Diluted net loss per share is computed by giving effect to all potential shares of common stock, including stock options, preferred stock, RSUs, and unvested restricted stock, to the extent they are dilutive. For the three and nine months ended September 30, 2021 and 2020, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive (due to the net loss).

The following table sets forth the computation of the Company’s basic and diluted net loss per share (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(662)	$	(2,085)	$	(6,341)	$	(8,598)
Less: preferred stock dividends	—		(4)		(1)		(12)
Less: undeclared dividends	—		—		$	(366)	$	—
Less: loss on induced conversion of Series A-2 Preferred Stock	—		—		$	(300)	$	—
Net loss attributable to common stockholders	$	(662)	$	(2,089)	$	(7,008)	$	(8,610)
Denominator:
Weighted-average number of shares of common stock for basic and diluted net loss per share	30,739		5,257		25,121		5,237







Basic and diluted net loss per share	$	(0.02)	$	(0.40)	$	(0.28)	$	(1.64)

The following table represents the potential shares that were excluded from the computation of weighted-average number of shares of common stock in computing the diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect (due to the net loss):


	Nine Months Ended
	September 30,
	2021	2020


Outstanding stock options	407,500	107,500
Unvested restricted stock awards	627	627
Shares of common stock issuable upon conversion of Series A-2 preferred stock	—	15,545

Shares of common stock issuable upon conversion of Series C preferred stock	—	83,333
Shares of common stock issuable upon conversion of Series D preferred stock	—	17,030,960
Shares of common stock issuable upon conversion of Series E preferred stock	—	1,315,790
Warrants	5,146,500	72,394