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Basic and Diluted Loss Per Share | 12 Months Ended
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Dec. 31, 2020
Basic and Diluted Loss Per Share |
Basic and Diluted Loss Per Share | Note 11. Basic and Diluted Loss Per Share Basic loss per share is calculated by dividing the net loss attributable for the year to shareholders of Evaxion Biotech A/S by the weighted average number of ordinary shares outstanding during the year. As net losses from continuing operations were recorded in the years 2018, 2019 and 2020, the dilutive potential shares are anti-dilutive for the earnings per share calculation.
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (USD in thousands, except share amounts and per share amounts)
Loss per share before and after dilution |  |  |  |  |  |  |  |  |
Net loss attributable to shareholders of Evaxion Biotech A/S |  | $ | (15,018) |  | $ | (11,195) |  | $ | (5,535)
Weighted-average number of ordinary shares outstanding |  |  | 15,434,758 |  |  | 13,892,314 |  |  | 12,917,016
Loss per share before and after dilution |  | $ | (0.97) |  | $ | (0.81) |  | $ | (0.43)
The following potential shares are anti-dilutive and are therefore excluded from the weighted average number of shares for the purpose of diluted loss per share:
|  | December 31,
|  | 2020 |  | 2019 |  | 2018
Warrants |  | 2,228,076 |  | 2,059,128 |  | 1,674,324
Convertible Debt l |  | — |  | — |  | 302,976
Convertible Debt 2 |  | — |  | — |  | 827,856

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