Net Loss Per Share

9 Months Ended

Sep. 30, 2022

Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net loss	$	(31,466)	$	(20,871)	$	(127,201)	$	(122,974)
Net loss attributable to ordinary shareholders - basic and diluted	$	(31,466)	$	(20,871)	$	(127,201)	$	(122,974)

Denominator:
Weighted-average number of common shares used in net loss per share - basic and diluted	104,573,505		37,162,062		98,053,335		36,699,038

Net loss per share - basic and diluted	$	(0.30)	$	(0.56)	$	(1.30)	$	(3.35)

The Company’s potentially dilutive securities, which include stock options and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to shareholders is the same. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Public Warrants to purchase common shares	11,500,000	—	11,500,000	—

Warrants to purchase ordinary shares of Legacy Wejo	—	1,826,890	—	1,826,890
Exchangeable Right liability	6,600,000	—	6,600,000	—
Earn-out shares	6,000,000	—	6,000,000	—
Restricted common share units	12,156,510	—	12,156,510	—
Options to purchase common shares	2,018,470	15,728,139	2,018,470	15,728,139
Warrants to purchase common shares	—	2,696,269	—	2,696,269
Warrants to purchase common shares related to PIPE Financing	3,745,748	—	3,745,748	—
Total	42,020,728	20,251,298	42,020,728	20,251,298

The Company also had Convertible Loan Notes outstanding as of the three and nine months ended September 30, 2021, which could have obligated the Company to issue common shares upon the occurrence of various future events at prices and in amounts that were not determinable until the occurrence of those future events. Because the necessary conditions for the conversion of the Convertible Loan Notes had not been satisfied during the three and nine months ended September 30, 2021, the Company has excluded these instruments from the table above and the calculation of diluted net loss per share. These instruments were converted into shares of Legacy Wejo and were ultimately converted into common shares of the Company in connection with the Business Combination (see Note 3).