Net Loss Per Share

3 Months Ended

Mar. 31, 2023

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


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss	$	(30,998)	$	(40,342)
Net loss attributable to common shareholders - basic and diluted	$	(30,998)	$	(40,342)
Denominator:
Weighted-average number of common shares used in net loss per share - basic and diluted	109,681,972		94,300,245
Net loss per share - basic and diluted	$	(0.28)	$	(0.43)

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 March 31,
	2023	2022
Public Warrants to purchase common shares	11,500,000	11,500,000
Exchangeable Right liability	6,600,000	6,600,000
Earn-out shares	6,000,000	6,000,000
Restricted share units1	11,088,236	3,288,257
Options to purchase common shares	1,965,906	1,724,777
MAP Restricted Share Award2	146,818	—
Warrants to purchase common shares related to July 2022 PIPE	3,776,380	—
Common shares to be issued related to Secured Convertible Note	12,449,734	—
Warrants to purchase common shares related to GM Securities Purchase Agreement	1,190,476	—
Total3	54,717,550	29,113,034

1 Includes 6,390,725 restricted share units and 4,697,511 market-based restricted share units.

2 Represents 146,818 unvested RSAs.

3 Warrants included in the Second Lien Securities Purchase Agreement and Unsecured Note Offering are excluded from the Company’s dilutive securities as they have not yet been issued.