APLS 2017 Annual Report

103 under the 2017 ESPP will automatically increase on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2018 and continuing until, and including, the fiscal year ending December 31, 2027, equal to the lowest of (i) 937,646 shares of our common stock, (ii) 1.0% of the number of shares of our common stock outstanding on the first day of the fiscal year and (iii) an amount determined by our board of directors. The board of directors has not initiated any offerings under the ESPP. 13. Net Loss per Common Share The following table presents the calculation of basic and diluted net loss per common share: Year Ended December 31, 2015 2016 2017 Numerator: Net loss and comprehensive loss $(46,515,956) $(27,124,637) $(51,006,094) Denominator: Weighted-average number of common shares used in net loss per common share -- basic and diluted 5,795,040 8,428,366 13,870,949 Net loss per common share -- basic and diluted $ (8.03) $ (3.22) $ (3.68) Shares outstanding presented below were excluded from the calculation of diluted net loss per share, prior to the use of the treasury stock method, as their effect is anti-dilutive: Year Ended December 31, 2015 2016 2017 Convertible preferred stock 23,269,107 26,416,896 — Common stock under option 2,474,215 3,831,237 6,355,581 Common stock warrants — — 14,064 Total 25,743,322 30,248,133 6,369,645 14. Selected Quarterly Financial Data (Unaudited) The following interim financial information presents the Company’s 2016 and 2017 results of operations on a quarterly basis: Quarter Ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Net Operating Loss $(6,228,452) $ (7,572,638) $ (7,234,204) $ (6,247,048) Net Loss (5,999,699) (7,294,245) (7,210,591) (6,620,102) Net Loss per common share, basic and diluted (0.33) (0.41) (0.86) (3.22) Quarter Ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Net Operating Loss $(9,214,375) $(12,394,490) $(11,589,319) $(17,568,845) Net Loss (9,050,773) (12,126,152) (11,573,273) (18,255,896) Net Loss per common share, basic and diluted (0.50) (0.67) (1.37) (3.68) 15. Subsequent Events In February 2018, the Company granted an aggregate of 1,126,585 options to purchase shares of common stock to employees with an exercise price ranging from $14.64 to $16.45.