Basic and Diluted Net Loss per Share

9 Months Ended

Oct. 31, 2021

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the three and nine months ended October 31, 2021 and 2020:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2021		2020		2021		2020
	(in thousands, except share and per share data)				(in thousands, except share and per share data)
Numerator:
Net income (loss)	$	(69,442)	$	(40,890)	$	(72,092)	$	(106,275)
Adjust: Accretion of beneficial conversion feature of redeemable convertible preferred stock	—		(1,752)		—		(60,377)
Adjust: Cumulative dividends on redeemable convertible preferred stock	—		(3,960)		(4,292)		(3,960)
Adjust: Deemed dividends attributable to vested option holders	—		—		(51,855)		—
Adjust: Deemed dividends attributable to common stock warrant holders	—		—		(110,635)		—
Net loss attributable to common stockholders - Basic	(69,442)		(46,602)		(238,874)		(170,612)
Less: Gain attributable to earnout shares issued	—		—		(84,420)		—
Less: Change in fair value of dilutive warrants	—		—		(51,106)		—
Net loss attributable to common stockholders - Diluted	$	(69,442)	$	(46,602)	$	(374,400)	$	(170,612)
Denominator:
Weighted average common shares outstanding	325,223,132		15,102,625		286,272,045		13,550,552
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(188,212)		(111,759)		(246,562)		—
Weighted average shares outstanding - Basic	325,034,920		14,990,866		286,025,483		13,550,552
Add: Earnout Shares under the treasury stock method	—		—		4,948,794		—
Add: Public and Private Placement Warrants under the treasury stock method	—		—		1,601,041		—
Weighted average shares outstanding - Diluted	325,034,920		14,990,866		292,575,318		13,550,552

Net loss per share - Basic	$	(0.21)	$	(3.11)	$	(0.84)	$	(12.59)
Net loss per share - Diluted	$	(0.21)	$	(3.11)	$	(1.28)	$	(12.59)

As a result of the Merger, the Company has retroactively adjusted the weighted-average number of shares of Common Stock outstanding prior to the Closing Date by multiplying them by the Exchange Ratio of 0.9966 used to determine the number of shares of Common Stock into which they converted. The Common Stock issued as a result of the redeemable convertible preferred stock conversion on the Closing Date was included in the basic net loss per share calculation on a prospective basis.

Redeemable convertible preferred stock and preferred stock warrants outstanding prior to the Merger Closing Date were excluded from the diluted net loss per share calculation for the nine-months period ended October 31, 2021, because including them would have had an antidilutive effect.

The potential shares of Common Stock that were excluded from the computation of diluted net loss per share attributable to common stockholders at each period end because including them would have had an antidilutive effect were as follows:


	October 31, 2021	October 31, 2020
Redeemable convertible preferred stock (on an as-converted basis)	—	193,484,162
Options to purchase common stock	24,855,043	37,547,865
Restricted stock units	3,906,058	—
Unvested early exercised common stock options	164,778	129,717
Common stock and preferred stock warrants	35,584,603	38,761,061
Employee stock purchase plan	942,335	—
Total potentially dilutive common share equivalents	65,452,817	269,922,805