Net Loss Per Share

6 Months Ended

Jun. 30, 2021

8.	NET LOSS PER SHARE

Basic net loss per share is determined by dividing net loss by the weighted-average shares of common stock outstanding during the period. Diluted net loss per share is determined by dividing net loss by diluted weighted-average shares outstanding. Diluted weighted-average shares reflect the dilutive effect, if any, of potentially dilutive shares of common stock, such as options to purchase common stock calculated using the treasury stock method and convertible notes using the “if-converted” method. In periods with reported net operating losses, all options to purchase common stock are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.

The Company’s shares of restricted common stock are entitled to receive dividends and hold voting rights applicable to the Company’s common stock, irrespective of any vesting requirement. Accordingly, although the vesting commences upon the elimination of the contingency, the shares of restricted common stock are considered a participating security and the Company is required to apply the two-class method to consider the impact of the shares of restricted common stock on the calculation of basic and diluted earnings per share. The Company is currently in a net loss position and is therefore not required to present the two-class method; however, in the event the Company is in a net income position, the two-class method must be applied by allocating all earnings during the period to shares of common stock and shares of restricted common stock.

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2022			2021			2022
	(in thousands)						(in thousands)
Net loss	$	(36,306	)	$	(16,309	)	$	(118,859	)	$	(59,085	)
Weighted-average number of shares outstanding used in computing net loss per share, basic and diluted		29,547,781			63,947,069			27,886,582			62,749,520
Net loss per share, basic and diluted	$	(1.23	)	$	(0.26	)	$	(4.26	)	$	(0.94	)

Anti-dilutive shares excluded from computation of net loss per share (in shares)		8,342,194			13,292,054			9,215,709			11,004,788