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SEC Filings

S-1/A
OREXIGEN THERAPEUTICS, INC. filed this Form S-1/A on 02/16/2007
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Table of Contents

OREXIGEN THERAPEUTICS, INC.
(a development stage company)

NOTES TO FINANCIAL STATEMENTS — (Continued)

                         
    Years Ended December 31,  
    2004     2005     2006  
 
Historical
                       
Numerator:
                       
Net loss attributable to common stockholders
  $ (7,706,256 )   $ (12,112,712 )   $ (41,393,899 )
                         
Denominator:
                       
Weighted average common shares outstanding
    4,902,225       4,661,006       4,757,070  
Weighted average unvested common shares subject to repurchase
    (1,824,969 )     (700,497 )     (370,929 )
                         
Denominator for net loss attributable to common stockholders
    3,077,256       3,960,509       4,386,141  
                         
Net loss attributable to common stockholders per share — basic and diluted
  $ (2.50 )   $ (3.06 )   $ (9.44 )
                         
Pro forma
                       
Numerator:
                       
Net loss attributable to common stockholders
                  $ (41,393,899 )
Adjustment to eliminate accretion on preferred stock and beneficial conversion of Series C preferred stock
                    13,890,187  
                         
Pro forma net loss
                  $ (27,503,712 )
                         
Denominator for pro forma basic and diluted net loss per share:
                       
Shares used above
                    4,386,141  
Pro forma adjustments to reflect assumed weighted-average effect of conversion of preferred stock (unaudited)
                    25,089,819  
                         
Shares used to compute pro forma basic and diluted net loss per common stockholder (unaudited)
                    29,475,960  
                         
Pro forma basic and diluted net loss per share (unaudited)
                  $ (0.93 )
                         
 
Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:
 
                         
    As of December 31,  
    2004     2005     2006  
 
Common stock options
    447,249       2,678,264       4,594,125  
Common shares subject to repurchase
    1,506,299       549,270       219,708  
Redeemable convertible preferred stock
    9,322,035       24,152,544       32,924,474  
                         
      11,275,583       27,380,078       37,738,307  
                         
 
Recent Accounting Pronouncements
 
In July 2006, FASB issued Interpretation (“FIN”) No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109 (“FIN 48”). FIN 48 clarifies the recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The Company will adopt this interpretation as required. The Company is currently evaluating the requirements of FIN 48; however, it does not believe that its adoption will have a material effect on its financial statements.

F-12