Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Share

Net Loss Per Share

9 Months Ended

Sep. 30, 2019

3. Net Loss Per Share

Basic net loss per share excludes the effect of dilution and is computed by dividing net loss by the weighted-average number of shares outstanding for the period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised into shares. In calculating diluted net loss per share, the numerator is adjusted for the change in the fair value of the warrant liability (only if dilutive) and the denominator is increased to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method.

The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted net loss per common share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands, except per share amounts)	2019		2018		2019		2018
Numerator:
Net loss attributable to common stockholders for basic earnings per share	$	(2,803)	$	(2,330)	$	(12,517)	$	(5,804)
Less change in fair value of derivatives		—		(141)		—		(141)
Net loss used for diluted earnings per share	$	(2,803)	$	(2,471)	$	(12,517)	$	(5,945)
Denominator:
Basic weighted-average common shares outstanding		15,517		3,650		14,112		3,573
Diluted weighted-average common shares outstanding		15,517		3,650		14,112		3,573
Net loss per common share:
Basic	$	(0.18)	$	(0.64)	$	(0.89)	$	(1.62)
Diluted	$	(0.18)	$	(0.68)	$	(0.89)	$	(1.66)

The table below presents common shares underlying stock options, warrants and convertible loans (see Note 5) that are excluded from the calculation of the weighted average number of common shares outstanding used for the calculation of diluted net loss per common share. These are excluded from the calculation due to their anti-dilutive effect (in thousands):


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2019	2018	2019	2018
Weighted-average anti-dilutive common shares resulting from options	1,282	3,531	1,027	3,396
Weighted-average anti-dilutive common shares resulting from warrants	5,961	1,461	1,222	1,618
Anti-dilutive common shares resulting from convertible loans	330	—	332	—
	7,573	4,992	2,581	5,014