XML 84 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following tables reconcile the components of the numerator and denominator included in the calculations of diluted loss per share:
 
Year Ended December 31,
 
2014
 
2013
 
2012
Numerator
 
 
 
 
 
Net loss attributable to Inovio Pharmaceuticals, Inc.
$
(36,121,713
)
 
$
(66,028,448
)
 
$
(19,668,955
)
Reflect adjustment for decrease in fair value of warrant liability
(2,181,203
)
 
—

 
—

Numerator for use in diluted loss per share
$
(38,302,916
)
 
$
(66,028,448
)
 
$
(19,668,955
)
 
 
 
 
 
 
Denominator
 
 
 
 
 
Weighted average number of common shares outstanding
59,127,349

 
46,087,773

 
34,127,312

Effect of dilutive potential common shares from warrants
280,903

 
—

 
—

Denominator for use in diluted loss per share
59,408,252

 
46,087,773

 
34,127,312

 
 
 
 
 
 
Net loss per share, diluted
$
(0.64
)
 
$
(1.43
)
 
$
(0.58
)
Summary of common shares that were excluded from the diluted net loss per share calculation because of their anti-dilutive effect
The following table summarizes potential common shares that were excluded from diluted net loss per share calculation because of their anti-dilutive effect:
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
Options to purchase common stock
4,840,514

 
4,134,530

 
4,064,361

Warrants to purchase common stock
727,969

 
3,514,815

 
5,398,461

Convertible preferred stock
8,456

 
9,559

 
9,559

Total
5,576,939

 
7,658,904

 
9,472,381
Summary of assumptions used to estimate the fair value of stock options
Weighted average assumptions used in the Black-Scholes model for employees and directors are presented below:
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
Risk-free interest rate
1.47%
 
0.41%
 
0.36%
Expected volatility
109%
 
111%
 
131%
Expected life in years
5
 
4
 
4
Dividend yield
—
 
—
 
—
Forfeiture rate
8%
 
8%
 
8%

Assumptions used in the Black-Scholes model for non-employees are presented below:
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
Risk-free interest rate
1.52%-2.73%
 
0.84% – 1.52%
 
0.67% – 0.83%
Expected volatility
104%-115%
 
102%-113%
 
103%-117%
Expected life in years
7-10
 
7-10
 
7-10
Dividend yield
—
 
—
 
—