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Net Loss Per Share
 12 Months Ended
Dec. 31, 2011
Net Loss Per Share

Note 2—Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, less weighted-average unvested common shares subject to repurchase. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of unrestricted common shares and dilutive common share equivalents outstanding for the period, determined using the treasury-stock method and the as if-converted method.

The basic and diluted net loss per share amounts for the years ended December 31, 2011, 2010 and 2009 were computed based on the shares of common stock outstanding during the respective periods. The net loss per share for the years ended December 31, 2011 and 2010 includes the full effect of the 6,820,000 common shares issued in our IPO in the fourth quarter of 2009 and the conversion of our convertible preferred stock into 11,514,508 shares of common stock upon completion of the offering. As a result of the issuance of these common shares during the fourth quarter of 2009, there is a lack of comparability in the basic and diluted net loss per share amounts for the period presented. The following table presents the computation of basic and diluted net loss per share (in thousands, except share and per share data):

 

     Year Ended December 31,  
     2011     2010     2009  

Historical

       

Numerator:

       

Net loss

    $ (28,546 )    $ (29,251 )    $ (21,089 ) 
  

 

 

    

 

 

    

 

 

  

Denominator:

       

Weighted-average common shares outstanding

      22,212,351        21,420,883        7,233,109   

Less: Weighted-average unvested common shares subject to repurchase

      —          —          (14,194 ) 
  

 

 

    

 

 

    

 

 

  

Denominator for basic and diluted net loss per share

      22,212,351        21,420,883        7,218,915   
  

 

 

    

 

 

    

 

 

  

Basic and diluted net loss per share

    $ (1.29 )    $ (1.37 )    $ (2.92 ) 
  

 

 

    

 

 

    

 

 

  

Historical outstanding dilutive securities not included in diluted loss per share calculation:

 

     Year Ended December 31,  
     2011      2010      2009  

Outstanding options to purchase common stock

      3,006,567         3,589,292         2,847,549   

Warrants to purchase common stock and convertible preferred stock

      609,016         609,016         209,017   
  

 

 

     

 

 

     

 

 

  

Total

      3,615,583         4,198,308         3,056,566