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Net Loss per Share | 3 Months Ended
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Mar. 31, 2022
Earnings Per Share [Abstract] |
Net Loss per Share | NET LOSS PER SHAREBasic and diluted net loss per share attributable to common stockholders was calculated as follow:
| Three Months Ended March 31, |  |
(in thousands, except per share data) | 2022 |  | 2021 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net loss | $ | (21,965) |  |  | $ | (18,676) |  |  |  |  |
Deemed dividend as a result of Class B warrant price reset (Note 10) | (2,259) |  |  | (8,239) |  |  |  |  |
Net loss attributable to common stockholders | $ | (24,224) |  |  | $ | (26,915) |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted average shares of common stock outstanding—basic and diluted | 33,737 |  |  | 20,751 |  |  |  |  |
Net loss per share attributable to common stockholders— basic and diluted | $ | (0.72) |  |  | $ | (1.30) |  |  |  |  |
Basic and diluted weighted average shares of common stock outstanding for the three months ended March 31, 2022 and March 31, 2021 include the weighted average effect of outstanding pre-funded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $0.01 or less per share. During the quarters ended March 31, 2022 and March 31, 2021, in accordance with the Class B Warrant agreement, the exercise price of each outstanding Class B Warrant was adjusted to the price of shares of the Company’s common stock sold in public or private offerings to the extent such price is lower than the previous Class B warrant price. These price adjustments are accounted for as a deemed dividend that adjusts net loss available to common shareholders for purposes of basic earnings per share. The deemed dividend is calculated using the Black-Scholes pricing model, taking into account historical volatility of the Company’s common stock and the estimated remaining life of the outstanding Class B Warrants. The Company’s potentially dilutive securities include outstanding stock options, unvested restricted stock units and warrants to purchase shares of common stock for the three months ended March 31, 2022 and 2021. All potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share, and thus they are considered “anti-dilutive.” Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Options to purchase shares of common stock | 2,049,158 |  |  | 1,858,154 |  |  |  |  |
Unvested restricted stock units | 1,940,788 |  |  | 1,135,419 |  |  |  |  |
Warrants to purchase shares of common stock (excluding prefunded warrants, which are included in basic shares outstanding) | 9,449,028 |  |  | 9,474,403 |  |  |  |  |
| 13,438,974 |  |  | 12,467,976 |  |  |  |  |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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