XML 26 R16.htm IDEA: XBRL DOCUMENT v3.23.3
Net Loss Per Share
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Net Loss Per Share

7. Net Loss Per Share

Basic net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per common share is calculated by dividing the diluted net loss by the weighted average number of common shares outstanding, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which we have reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not included if their effect is anti-dilutive.

The following potentially dilutive securities were excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect (in thousands):

 

 

 

As of September 30,

 

 

 

 

2023

 

 

2022

 

 

Outstanding stock options

 

 

9,775

 

 

 

13,517

 

 

Unvested restricted stock units

 

 

7,818

 

 

 

3,756

 

 

As discussed further in Note 10, “Long-Term Obligations”, we have the option to settle the conversion obligation for our 3.00% convertible senior notes due 2025 (the “Notes”) in cash, shares or any combination of the two. Based on our net loss position, there was no impact on the calculation of dilutive loss per common share during the three and nine months ended September 30, 2023 and 2022.

As discussed further in Note 9, “Stockholders’ Equity”, warrants to purchase up to 9,787,563 shares of our common stock are outstanding as of September 30, 2023. These warrants were excluded from the calculation of basic and diluted net loss per common share during the three and nine months ended September 30, 2023 and 2022 as the warrant holders do not have an obligation to share in our losses.