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v2.4.0.6
Significant Accounting Policies
9 Months Ended
Sep. 30, 2012
Significant Accounting Policies [Abstract]  
Significant Accounting Policies
2. Significant Accounting Policies

Inventory

Inventory is stated at the lower of cost or market. Costs are determined under the first-in, first-out (FIFO) method. Inventories at September 30, 2012 and December 31, 2011 consisted of the following:

 

                 
(in thousands)   September 30, 2012     December 31, 2011  

Raw materials

  $ 22     $ 51  

Finished goods

    430       161  
   

 

 

   

 

 

 

Total inventories

  $ 452     $ 212  
   

 

 

   

 

 

 

Net Loss Attributable to Common Stockholders Per Share

Basic net loss attributable to common stockholders per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net loss attributable to common stockholders per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and dilutive common share equivalents outstanding for the period, determined using the treasury-stock method and the as-if-converted method, for convertible securities, if inclusion of these is not antidilutive. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for all periods presented.

The following table summarizes the computation of basic and diluted net loss per share applicable to common stockholders for the three and nine months ended September 30, 2012 and 2011:

 

                                 
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2012     2011     2012     2011  
    (in thousands, except share and per share data)  

Net loss

  $ (6,814   $ (4,881   $ (20,870   $ (12,848

Accretion of preferred stock

    —         —         —         (118
   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to common stockholders

  $ (6,814   $ (4,881   $ (20,870   $ (12,966
   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of shares - basic and diluted

    20,320,190       19,344,905       20,118,768       16,925,693  

Net loss per share attributable to common stockholders - basic and diluted

  $ (0.34   $ (0.25   $ (1.04   $ (0.77

For the three and nine months ended September 30, 2012 and 2011, the following potential common shares were excluded from the computation of diluted net loss per share attributable to common stockholders because they had an antidilutive impact due to the losses reported:

 

                 
    2012     2011  

Options to purchase common stock

    2,784,777       3,202,391  

Warrants to purchase common stock

    1,086,343       1,249,001  

 

Recent Accounting Pronouncements

In June 2011, the FASB issued Accounting Standards Update No. 2011-05, “Presentation of Comprehensive Income.” This update requires companies to present reclassification adjustments included in other comprehensive income on the face of the consolidated financial statements and allows companies to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. It also eliminates the option for companies to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. This guidance became effective for the Company on January 1, 2012. The Company has no other comprehensive income for the three and nine months ended September 30, 2012 and September 30, 2011 and therefore the guidance had no impact on the condensed consolidated financial statements.