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Net Loss Per Share
 9 Months Ended
Sep. 30, 2017
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 net 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 net 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 net 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 net loss per share:
 
Three Months Ended September 30,
 
2017
 
2016
Numerator
 
 
 
Net loss attributed to Inovio Pharmaceuticals, Inc
$
(34,134,570
)
 
$
(20,759,338
)
Adjustment for decrease in fair value of warrant liability
(423,296
)
 
(2,841
)
Numerator for use in diluted net loss per share
$
(34,557,866
)
 
$
(20,762,179
)
 
 
 
 
Denominator
 
 
 
Weighted average number of common shares outstanding
86,952,024

 
73,602,834

Effect of dilutive potential common shares
138,659

 
186,174

Denominator for use in diluted net loss per share
87,090,683

 
73,789,008

 
 
 
 
Net loss per share, diluted:
$
(0.40
)
 
$
(0.28
)
 
Nine Months Ended September 30,
 
2017
 
2016
Numerator
 
 
 
Net loss attributed to Inovio Pharmaceuticals, Inc
$
(66,699,593
)
 
$
(47,506,869
)
Adjustment for decrease in fair value of warrant liability
(227,273
)
 
—

Numerator for use in diluted net loss per share
$
(66,926,866
)
 
$
(47,506,869
)
 
 
 
 
Denominator
 
 
 
Weighted average number of common shares outstanding
78,894,881

 
72,932,199

Effect of dilutive potential common shares
148,599

 
—

Denominator for use in diluted net loss per share
79,043,480

 
72,932,199

 
 
 
 
Net loss per share, diluted:
$
(0.85
)
 
$
(0.65
)


The following table summarizes potential shares of common stock that were excluded from the diluted net loss per share calculation because of their anti-dilutive effect for the three months ended September 30, 2017 and 2016:
 
 
Common Stock Equivalents
2017
 
2016
Options to purchase common stock
7,811,387

 
6,747,961

Restricted stock units
1,324,410

 
771,335

Convertible preferred stock
8,456

 
8,456

Total
9,144,253

 
7,527,752


The following table summarizes potential shares of common stock that were excluded from the diluted net loss per share calculation because of their anti-dilutive effect for the nine months ended September 30, 2017 and 2016:
Common Stock Equivalents
2017
 
2016
Options to purchase common stock
7,811,387

 
6,747,961

Warrants to purchase common stock
—

 
284,091

Restricted stock units
1,324,410

 
771,335

Convertible preferred stock
8,456

 
8,456

Total
9,144,253

 
7,811,843