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Net Loss Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Net Loss Per Share
Net Loss Per Share
Basic net loss per share is computed by dividing the net loss for the year by the weighted average number of common shares outstanding during the year. Diluted loss per share is calculated in accordance with the treasury stock method and reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted to common stock. The calculation of diluted loss per share requires that, to the extent the average market price of the underlying shares for the reporting period exceeds the exercise price of the warrants and the presumed exercise of such securities are dilutive to loss per share for the period, an adjustment to net loss used in the calculation is required to remove the change in fair value of the warrants from the numerator for the period. Likewise, an adjustment to the denominator is required to reflect the related dilutive shares, if any, under the treasury stock method.
The following tables reconcile the components of the numerator and denominator included in the calculations of diluted loss per share:

Three Months Ended June 30,

2016

2015
Numerator



Net loss attributable to Inovio Pharmaceuticals, Inc.
$
(18,704,711
)

$
(6,248,250
)
Reflect adjustment for decrease in fair value of warrant liability
—


(22,727
)
Numerator for use in diluted loss per share
$
(18,704,711
)

$
(6,270,977
)




Denominator



Weighted average number of common shares outstanding
72,957,159


67,655,975

Effect of dilutive potential common shares
—


182,763

Denominator for use in diluted loss per share
72,957,159


67,838,738


 
 
 
Net loss per share, diluted
$
(0.26
)
 
$
(0.09
)
 
Six Months Ended June 30,
 
2016
 
2015
Numerator
 
 
 
Net loss attributable to Inovio Pharmaceuticals, Inc.
$
(26,747,531
)
 
$
(16,830,029
)
Reflect adjustment for decrease in fair value of warrant liability
—

 
(312,500
)
Numerator for use in diluted loss per share
$
(26,747,531
)
 
$
(17,142,529
)
 
 
 
 
Denominator
 
 
 
Weighted average number of common shares outstanding
72,591,986

 
64,198,528

Effect of dilutive potential common shares
—

 
177,995

Denominator for use in diluted loss per share
72,591,986

 
64,376,523

 
 
 
 
Net loss per share, diluted
$
(0.37
)
 
$
(0.27
)


The following table summarizes potential common shares that were excluded from the diluted net loss per share calculation because of their anti-dilutive effect for the three and six months ended June 30, 2016 and 2015:
 
 
Common Stock Equivalents
2016
 
2015
Options to purchase common stock
6,694,478

 
5,987,210

Warrants to purchase common stock
284,091

 
627,969

Restricted stock units
749,335

 
230,000

Convertible preferred stock
8,456

 
8,456

Total
7,736,360

 
6,853,635