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Net Income (Loss) Per Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is calculated in accordance with the treasury stock method for the outstanding stock options and restricted stock units and refle cts the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted to common stock. The dilutive impact of the outstanding Notes and Bonds issued by the Company (discussed in Note 9) has been considered using the "if-converted" method. The calculation of diluted net income (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 or other securities and the presumed exercise of such securities are dilutive to net income (loss) per share for the period, an adjustment to the net income (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. For the nine months ended September 30, 2020, basic and diluted net loss per share are the same, as the assumed exercise or settlement of stock options and restricted stock units and the potentially dilutive shares issuable upon conversion of the Notes and Bonds are anti-dilutive. The following tables reconcile the components of the numerator and denominator included in the calculation of diluted net income (loss) per share:
|  | Three Months Ended September 30,
|  | 2020 |  | 2019
Numerator |  |  |  |
Net income (loss) attributed to Inovio Pharmaceuticals, Inc. (numerator for use in basic net income (loss) per share) |  | $ | 19,171,336 |  |  | $ | (23,090,693) |
Adjustment for decrease in fair value of derivative liability and interest expense |  | — |  |  | (2,177,250) |
Numerator for use in diluted income (loss) per share |  | $ | 19,171,336 |  |  | $ | (25,267,943) |
Denominator |  |  |  |
Weighted average number of common shares outstanding (denominator for use in basic net income (loss) per share) |  | 165,355,540 |  |  | 99,007,985 |
Effect of dilutive potential common shares |  | 9,020,862 |  |  | 3,799,071 |
Denominator for use in diluted net income (loss) per share |  | 174,376,402 |  |  | 102,807,056 |
Net income (loss) per share, diluted |  | $ | 0.11 |  |  | $ | (0.25) |
Net income (loss) per share, basic |  | $ | 0.12 |  |  | $ | (0.23) |
|  | Nine Months Ended September 30,
|  | 2020 |  | 2019
Numerator |  |  |  |
Net loss attributed to Inovio Pharmaceuticals, Inc. (numerator for use in basic net loss per share) |  | $ | (142,072,777) |  |  | $ | (81,697,181) |
Adjustment for decrease in fair value of derivative liability and interest expense |  | — |  |  | — |
Numerator for use in diluted loss per share |  | $ | (142,072,777) |  |  | $ | (81,697,181) |
Denominator |  |  |  |
Weighted average number of common shares outstanding (denominator for use in basic net loss per share) |  | 148,656,454 |  |  | 98,204,375 |
Effect of dilutive potential common shares |  | — |  |  | — |
Denominator for use in diluted net loss per share |  | 148,656,454 |  |  | 98,204,375 |
Net loss per share, diluted |  | $ | (0.96) |  |  | $ | (0.83) |
Net loss per share, basic |  | $ | (0.96) |  |  | $ | (0.83) |
The following table summarizes potential shares of common stock that were excluded from the diluted net income (loss) per share calculation because of their anti-dilutive effect for the three months ended September 30, 2020 and 2019:
Common Stock Equivalents | 2020 |  | 2019 |  |
Options to purchase common stock | 119,438 |  |  | 9,971,297 |  |  |
Service-based restricted stock units | — |  |  | 2,121,359 |  |  |
Convertible preferred stock | 3,309 |  |  | 8,456 |  |  |
Convertible notes | 11,039,574 |  |  | 14,585,653 |  |  |
August 2019 Bonds | — |  |  | — |  |  |
December 2019 Bonds | 1,009,450 |  |  | — |  |  |
Total | 12,171,771 |  |  | 26,686,765 |  |  |
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, 2020 and 2019:
Common Stock Equivalents | 2020 |  | 2019 |  |
Options to purchase common stock | 9,290,347 |  |  | 9,971,297 |  |  |
Service-based restricted stock units | 2,586,915 |  |  | 2,121,359 |  |  |
Performance-based restricted stock units | 663,353 |  |  | — |  |  |
Convertible preferred stock | 3,309 |  |  | 8,456 |  |  |
Convertible notes | 11,039,574 |  |  | 14,585,653 |  |  |
August 2019 Bonds | — |  |  | 3,799,071 |  |  |
December 2019 Bonds | 1,009,450 |  |  | — |  |  |
Total | 24,592,948 |  |  | 30,485,836 |  |  |

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