Kodiak Sciences Inc. Earnings Per Share Disclosure
13. Net Loss per Common share
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders which excludes shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except share and per share data):
|
|
Year Ended |
|
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|
|
2022 |
|
|
2021 |
|
|
2020 |
|
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Numerator: |
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|
|
|
|
|
|
|
|
|||
Net loss attributable to common stockholders |
|
$ |
(333,823 |
) |
|
$ |
(266,990 |
) |
|
$ |
(133,096 |
) |
Denominator: |
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|
|
|
|
|
|
|
|
|||
Weighted-average shares outstanding used in |
|
|
52,249,620 |
|
|
|
51,788,918 |
|
|
|
45,741,845 |
|
Net loss per share attributable to common stockholders, |
|
$ |
(6.39 |
) |
|
$ |
(5.16 |
) |
|
$ |
(2.91 |
) |
The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because their inclusion would have been antidilutive:
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|
As of December 31, |
|
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|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|||
Outstanding stock options |
|
|
16,542,107 |
|
|
|
14,523,917 |
|
|
|
6,897,276 |
|
Unvested restricted shares |
|
|
280,522 |
|
|
|
363,930 |
|
|
|
359,945 |
|
Total |
|
|
16,822,629 |
|
|
|
14,887,847 |
|
|
|
7,257,221 |
|
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.