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Net Income (Loss) Per Share Attributable to Common Shareholders
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Attributable to Common Shareholders

19. Net Income (Loss) Per Share Attributable to Common Shareholders

 

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common shareholders (in thousands, except share and per share data):  

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2021   2020   2021   2020 
Numerator :                
Net income (loss) attributable to common shareholders – Basic  $28,944   $(10,295)  $(14,163)  $(20,055)
Less interest expense on potentially dilutive convertible notes payable  $196   $-   $-   $- 
Net income (loss) attributable to common shareholders - Diluted  $29,140   $(10,295)  $(14,163)  $(20,055)
                     
Denominator:                    
Weighted average common shares outstanding –Basic   62,071,754    17,358,159    61,307,699    17,358,159 
Weighted average effect of potentially dilutive securities:                    
Effect of potentially dilutive stock options   5,791,023    
-
    
-
    
-
 
Effect of potentially dilutive common stock warrants   1,485,049    
-
    
-
    
-
 
Effect of potentially dilutive convertible notes payable   482,703    
-
    
-
    
-
 
Effect of potentially dilutive restricted stock awards   208,105    
-
    
-
    
-
 
Weighted average common shares outstanding –Diluted   70,038,634    17,358,159    61,307,699    17,358,159 
                     
Net income (loss) per share attributable to common shareholders:                    
Basic  $0.47   $(0.59)  $(0.23)  $(1.16)
Diluted  $0.42   $(0.59)  $(0.23)  $(1.16)

 

Included within weighted average common shares outstanding are the remaining 117,500 (originally 1,119,750) common shares issuable upon the exercise of the December 2020 PIPE Warrants, as these warrants are exercisable at any time for nominal consideration, and as such, the shares are considered outstanding for the purpose of calculating basic and diluted net loss per share attributable to common shareholders. 

 

The following shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share attributable to common shareholders for the periods presented because including them would have been antidilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period, or they were out-of-the money:

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2021   2020   2021   2020 
Series D redeemable convertible preferred stock   
-
    9,394,057    
-
    9,394,057 
Series C redeemable convertible preferred stock   
-
    7,264,519    
-
    7,264,519 
Series B redeemable convertible preferred stock   
-
    4,168,815    
-
    4,168,815 
Series A redeemable convertible preferred stock   
-
    16,066,503    
-
    16,066,503 
Series D redeemable convertible preferred stock warrants   
-
    320,441    
-
    320,441 
Series A redeemable convertible preferred stock warrants   
-
    1,608,670    
-
    1,608,670 
Convertible notes payable (see Note 11)   
-
    
-
    482,703    
-
 
Common stock warrants (see Note 10)   2,523,351    
-
    4,569,962    
-
 
Options to purchase common stock   2,685,575    7,509,810    9,063,423    7,509,810 
Restricted stock awards   1,100,050    
-
    1,245,489    
-
 
Chardan Unit Purchase Option Warrants (see Notes 3 and 10)   24,583    
-
    24,583    
-
 
Clene Nanomedicine contingent earn-out shares (see Note 3 and 12)   8,346,185    
-
    8,346,185    
-
 
Initial Shareholders contingent earn-out shares (see Note 3 and 12)   750,000    
-
    750,000    
-
 
Total   

15,429,744

    46,332,815    24,482,345    46,332,815