Net Loss Per Share

3 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

Note 6. Net Loss Per Share

Basic and diluted net loss per share are computed using the weighted average number of shares of common stock outstanding during the period, less any shares subject to repurchase or forfeiture. There were no shares of common stock subject to repurchase or forfeiture for the three months ended September 30, 2022 and 2021. Diluted net loss per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period.

The following table presents the calculation of net loss used to calculate basic loss and diluted loss per share (in thousands):

	Three Months Ended September 30,
	2022			2021
Net loss – basic	$	(16,624	)	$	(17,510	)
Change in fair value of warrant liability		—			(2,587	)
Net loss – diluted	$	(16,624	)	$	(20,097	)

Share used in calculating net loss per share was determined as follows (in thousands):

	Three Months Ended September 30,
	2022		2021
Weighted average shares used in calculating basic net loss per share		133,255		112,677
Effect of potentially dilutive common shares from equity awards and liability-classified warrants		—		1,240
Weighted average shares used in calculating diluted net loss per share		133,255		113,917

Our potentially dilutive shares, which include outstanding stock options, restricted stock units and warrants, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.

The following table presents weighted average potentially dilutive shares that have been excluded from the calculation of net loss per share because of their anti-dilutive effect (in thousands):

	Three Months Ended September 30,
	2022		2021
Stock options		27,760		20,882
Warrants		16,059		—
Restricted stock units		10		259
Total anti-dilutive shares		43,829		21,141