The following table reconciles the weighted-average shares outstanding for basic and diluted net loss per common share for the years ended December 31, 2018 and 2017:

All unvested restricted stock units (“RSUs”), the 200,000 warrants granted to Opus, the 153,489 warrants granted to Silicon Valley Bank (“SVB”) and, for 2017, the two million warrants issued during the second quarter of 2017 as part of the sale of common stock have been excluded from the above calculations as they were anti-dilutive. Vested RSUs and vested restricted shares have been included in the above calculations.