Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY

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EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2021
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY  
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY

9. EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY

Earnings (Loss) Per Share

The table below reconciles basic and diluted loss per share of common stock:

 

 

 

 

 

 

 

(In thousands)

 

Three Months Ended March 31, 

 

    

2021

    

2020

Numerator:

 

 

  

 

 

  

Net loss – basic

 

$

(3,445)

 

$

(4,358)

Adjustment for assumed conversion of warrants

 

 

 —

 

 

(1,656)

Net loss – diluted

 

$

(3,445)

 

$

(6,014)

 

 

 

 

 

 

 

Denominator:

 

 

  

 

 

  

Weighted-average common and common share equivalents - basic

 

 

27,357

 

 

27,076

Potential dilution from assumed conversion of warrants

 

 

 —

 

 

364

Weighted-average common and common share equivalents - diluted

 

 

27,357

 

 

27,440

Anti-dilutive share-based awards and warrants excluded from the calculation of diluted loss per share

 

 

3,140

 

 

2,844

 

Stockholders’ Equity

On March 29, 2021, the Company completed an underwritten public offering (the “Offering”) for a total of 6,917,250 shares of its common stock, par value $0.0001 per share (the “Common Stock”), which includes 902,250 shares of Common Stock sold pursuant to the underwriters’ exercise of an option to purchase additional shares of Common Stock to cover over-allotments. The price to the public in the Offering was $6.65 per share of Common Stock, and net proceeds were approximately $43.0 million after deducting underwriting discounts, commissions and offering expenses. The Company intends to use the net proceeds from this offering for general corporate purposes, including its current and future development projects.