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 for the outstanding stock options and restricted stock units and reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted to common stock. For the three and six months ended June 30, 2019, the dilutive impact of the outstanding Notes issued by the Company (discussed in Note 9) has been considered using the "if-converted" method. For the three and six months ended June 30, 2019, basic and diluted net loss per share are the same, as the assumed exercise or settlement of stock options, restricted stock units and the potentially dilutive shares issuable upon conversion of the Notes are anti-dilutive. 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 options, warrants or other securities 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 such securities 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 June 30,
	2019			2018
Numerator
Net loss	$	(29,387,226	)	$	(6,639,125	)
Adjustment for decrease in fair value of warrant liability	—			(259,971		)
Numerator for use in diluted net loss per share	$	(29,387,226	)	$	(6,899,096	)

Denominator
Weighted average number of common shares outstanding	98,083,896			91,153,776
Effect of dilutive potential common shares	—			87,884
Denominator for use in diluted net loss per share	98,083,896			91,241,660

Net loss per share, diluted	$	(0.30	)	$	(0.08	)



	Six Months Ended June 30,
	2019			2018
Numerator
Net loss	$	(58,606,488	)	$	(38,989,953	)
Adjustment for decrease in fair value of warrant liability	—			(132,130		)
Numerator for use in diluted net loss per share	$	(58,606,488	)	$	(39,122,083	)

Denominator
Weighted average number of common shares outstanding	97,795,910			90,804,722
Effect of dilutive potential common shares	—			86,070
Denominator for use in diluted net loss per share	97,795,910			90,890,792

Net loss per share, diluted	$	(0.60	)	$	(0.43	)

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 and six months ended June 30, 2019 and 2018:




Common Stock Equivalents	2019	2018
Options to purchase common stock	10,770,319	9,245,981
Restricted stock units	1,580,192	1,760,710
Convertible preferred stock	8,456	8,456
Convertible notes	14,585,653	—
Total	26,944,620	11,015,147