Net Loss Per Common Share

3 Months Ended

Mar. 31, 2023

12. Net Loss Per Common Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents.

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except for share and per share amounts):


	Three Months Ended March 31,
	2023			2022
Numerator:
Net loss	$	(33,982	)	$	(28,916	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		114,423,000			86,277,599
Net loss per share, basic and diluted	$	(0.30	)	$	(0.34	)

In December 2020, the Company issued and sold the 2020 Warrants to purchase 27,480,719 shares of common stock at a nominal exercise price of $0.01 per share and, in October 2022, the Company issued and sold the 2022 Warrants to purchase 13,274,923 shares of common stock at a nominal exercise price of $0.0001 per share (see Note 10). The shares of common stock into which the 2020 and 2022 Warrants may be exercised are considered outstanding for the purposes of computing earnings per share, because the shares may be issued for little or no consideration, they are fully vested and the Warrants are immediately exercisable upon their issuance date.

During a period of net loss, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	March 31,
	2023		2022
Options issued and outstanding and ESPP shares issuable and outstanding		7,120,656		7,038,660
Restricted stock subject to future vesting		3,491,659		669,790
Total		10,612,315		7,708,450