Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Schedule of Diluted Net Loss Per Common Share

The Company calculates net loss per common share in accordance with ASC 260, Earnings Per Share. Basic net loss per common share for the three and nine months ended September 30, 2022 and 2021 was determined by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding during the period. Per ASC 260, Earnings Per Share, the weighted average number of common shares outstanding utilized for determining the basic net loss per common share for the three and nine months ended September 30, 2022 includes the outstanding pre-funded warrants to purchase 11,666,667 and 3,200,000 shares of common stock issued in the April 2022 Public Offering and December 2020 public offering, respectively. The outstanding pre-funded warrants to purchase 3,200,000 shares of common stock issued in the December 2020 public offering were included in the three and nine months ended September 30, 2021. Diluted net loss per common share for the three and nine months ended September 30, 2022 and 2021 was determined as follows (in thousands, except share and per share amounts):

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

$

(29,584

)

 

$

(605

)

 

$

(48,380

)

 

$

(3,623

)

Dilutive effect of warrant liability

 

 

 

 

 

 

 

 

 

 

(15,719

)

Dilutive effect of convertible debt

 

 

 

 

(988

)

 

 

 

 

 

 

Net loss allocated to common shares

$

(29,584

)

 

$

(1,593

)

 

$

(48,380

)

 

$

(19,342

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

47,503,821

 

 

 

26,616,628

 

 

 

40,965,908

 

 

 

26,147,658

 

Dilutive effect of warrant liability

 

 

 

 

 

 

 

 

 

 

178,348

 

Dilutive effect of convertible debt

 

 

 

 

1,138,200

 

 

 

 

 

 

 

Weighted average common shares outstanding – diluted

 

47,503,821

 

 

 

27,754,828

 

 

 

40,965,908

 

 

 

26,326,006

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share – diluted

$

(0.62

)

 

$

(0.06

)

 

$

(1.18

)

 

$

(0.73

)

 

Summary of Antidilutive Securities Excluded from Computation of Weighted Average Common Stock Outstanding

The following potentially dilutive shares of common stock have not been included in the computation of diluted net loss per share for the three and nine months ended September 30, 2022 and 2021, as the result would be anti-dilutive:

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Outstanding stock options

 

2,125,002

 

 

 

1,643,506

 

 

 

2,125,002

 

 

 

1,643,506

 

Outstanding restricted stock units

 

990,015

 

 

 

149,134

 

 

 

990,015

 

 

 

149,134

 

Warrants to purchase common stock associated with March 2018 public offering – Series 2

 

798,810

 

 

 

798,810

 

 

 

798,810

 

 

 

798,810

 

Warrants to purchase common stock associated with December 2019 public offering

 

 

 

 

4,472,205

 

 

 

 

 

 

4,472,205

 

Warrants to purchase common stock associated with December 2020 public offering - Series 1

 

 

 

 

6,439,866

 

 

 

 

 

 

 

Warrants to purchase common stock associated with December 2020 public offering - Series 2

 

6,800,000

 

 

 

6,800,000

 

 

 

6,800,000

 

 

 

6,800,000

 

Warrants to purchase common stock associated with April 2022 Public Offering

 

15,000,000

 

 

 

 

 

 

15,000,000

 

 

 

 

Warrants to purchase common stock associated with Loan Agreement

 

198,819

 

 

 

170,410

 

 

 

198,819

 

 

 

170,410

 

Common stock associated with March 2019 Notes

 

1,138,200

 

 

 

 

 

 

1,138,200

 

 

 

1,138,200

 

Warrants to purchase common stock associated with Danforth

 

50,000

 

 

 

 

 

 

50,000

 

 

 

 

Total

 

27,100,846

 

 

 

20,473,931

 

 

 

27,100,846

 

 

 

15,172,265