| Net Loss per Common Share |
5. Net Loss per Common Share
The following table sets forth the computation of basic and diluted net loss per share for the periods indicated:
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2016
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2015
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2016
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2015
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Basic and diluted net loss per common share calculation:
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Net (loss) income
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$
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(2,375,000)
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$
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5,439,000
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$
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(9,338,000)
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$
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1,715,000
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Excess of fair value of consideration transferred on conversion of Series B redeemable convertible preferred stock
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(1,214,000)
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-
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(3,580,000)
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-
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Accretion of Series B redeemable convertible preferred stock
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-
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(7,163,000)
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(1,858,000)
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(9,329,000)
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Net (loss) income attributable to common stockholders - basic
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$
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(3,589,000)
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$
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(1,724,000)
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$
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(14,776,000)
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$
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(7,614,000)
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Changes in fair value of June 2016 Warrants
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-
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-
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(549,000)
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-
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Net (loss) income attributable to common stockholders - diluted
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$
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(3,589,000)
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$
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(1,724,000)
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$
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(15,325,000)
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$
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(7,614,000)
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Weighted average common shares outstanding - basic
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11,120,394
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5,813,063
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8,590,772
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5,247,508
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Net loss per share of common stock - basic
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$
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(0.32)
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$
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(0.30)
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$
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(1.72)
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$
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(1.45)
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Weighted average common shares outstanding - diluted
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11,120,394
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5,813,063
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8,648,914
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5,247,508
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Net loss per share of common stock - diluted
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$
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(0.32)
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$
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(0.30)
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$
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(1.77)
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$
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(1.45)
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The numerator for the diluted loss per share for the three and nine months ended September 30, 2016, has been increased by $0 and $549,000, respectively, due to a gain associated with the Company’s June 2016 offering warrant liability.
The following outstanding securities at September 30, 2016 and 2015 have been excluded from the computation of diluted weighted shares outstanding for the three and nine months ended September 30, 2016 and 2015, as they would have been anti-dilutive:
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2016
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2015
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2016
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2015
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Options
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736,938
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631,126
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736,938
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631,126
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Warrants
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2,443,478
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742,604
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1,379,648
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656,196
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Series B redeemable convertible preferred stock
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-
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150,557
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-
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150,557
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Total
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3,180,416
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1,524,287
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2,116,586
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1,437,879
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