Loss per Share

6 Months Ended

Jun. 30, 2023

Note 11—Loss per Share

Basic and diluted losses per share (“EPS”) were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
$ in thousands, except share and per share data	2023		2022		2023		2022
Numerator:
Net loss	$	(21,683)	$	(20,217)	$	(32,227)	$	(79,185)
Denominator:
Weighted-average common shares outstanding	198,283,663		188,351,584		196,476,901		186,162,907
Weighted-average impact of warrants (1)	2,333,178		1,830,890		2,291,434		960,830
Denominator for basic EPS – weighted-average shares	200,616,841		190,182,474		198,768,335		187,123,737
Effect of dilutive securities	—		—		—		—
Denominator for diluted EPS – weighted-average shares	200,616,841		190,182,474		198,768,335		187,123,737

EPS – Basic and Diluted	$	(0.11)	$	(0.11)	$	(0.16)	$	(0.42)

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(1)Warrants that have a $0.01 exercise price are assumed to be exercised when vested because common shares issued for little consideration upon exercise are included in outstanding shares for the purposes of computing basic and diluted EPS.

The following securities were excluded from the calculation of losses per share as their impact would be anti-dilutive:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2023	2022	2023	2022
Stock options	11,627,108	33,796,188	11,627,108	33,796,188
Shares issuable under the employee stock purchase plan	706,193	—	706,193	—
Unvested restricted stock units	16,048,086	6,082,050	16,048,086	6,082,050
Restricted shares issued upon the early exercise of unvested stock options	40,893	217,060	40,893	217,060
Unvested warrants	2,205,981	2,594,902	2,205,981	2,594,902
Vested warrants	8,566,656	8,566,656	8,566,656	8,566,656