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Net Loss per Common Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Anti-dilutive securities excluded from the computation of earnings per share

The following potentially dilutive securities were excluded from the computation of earnings per share as of June 30, 2020 and 2019 because their effects would be anti-dilutive:

		June 30,
(in thousands, except share data)		2020				2019
Stock options			1,640				1,667
Common stock warrants - equity			4,051,499				6,004
Common stock warrants - liabilities			—				179
Common stock reserved for conversion of preferred shares			2,595,087				—
Assumed conversion of convertible notes			146,288				480
Total			6,794,514				8,329

Calculation of net loss and number of shares used to compute basic and diluted earnings per share

However, in certain periods in which the exercise price of the warrants was less than the last reported sales price of Delcath’s common stock on the final trading day of the period and there is a gain recorded pursuant to the change in fair value of the warrant derivative liability, the impact of gains related to the mark-to-market adjustment of the warrants outstanding at the end of the period is reversed and the treasury stock method is used to determine diluted earnings per share.

The following table reconciles net loss per share for the three and six months ended June 30, 2020 and 2019:

	Three months ended June 30,								Six months ended June 30,
(in thousands, except share data)	2020				2019				2020				2019
Net loss	$	(4,275	)		$	(5,959	)		$	(12,136	)		$	(13,853	)
Deemed dividend for triggering of warrant down round feature		(55	)			—				(55	)			—
Net loss attributable to common stockholders	$	(4,330	)		$	(5,959	)		$	(12,191	)		$	(13,853	)
Weighted average shares outstanding - basic*		2,273,187				101,862				1,171,994				102,956
Weighted average shares outstanding - diluted*		2,273,187				101,862				1,171,994				102,956
Net loss per share - basic*	$	(1.90	)		$	(58.50	)		$	(10.40	)		$	(134.55	)
Net loss per share - diluted*	$	(1.90	)		$	(58.50	)		$	(10.40	)		$	(134.55	)
* reflects, one-for-seven hundred (1:700) reverse stock split effected on December 24, 2019.

Summary of reconciliation of weighted average shares outstanding calculation

The following table provides a reconciliation of the weighted average shares outstanding calculation for the three and six months ended June 30, 2020 and 2019:

	Three months ended June 30,								Six months ended June 30,
	2020				2019				2020				2019
Weighted average shares issued		2,038,297				25,587				1,054,549				26,681
Weighted average pre-funded warrants		234,890				76,275				117,445				76,275
Weighted average shares outstanding		2,273,187				101,862				1,171,994				102,956

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- References

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
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Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
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