Net Loss Per Share (Restated)

6 Months Ended

Jun. 30, 2023

As of June 30, 2023, the Company’s Convertible Notes were potentially convertible into 8,696,792 shares of common stock.

The denominator for diluted net loss per share does not include any effect from the capped call transactions the Company entered into concurrently with the issuances of convertible notes, as this effect would be anti-dilutive. In the event of conversion of a convertible note, shares delivered to the Company under the capped call will offset the dilutive effect of the shares that the Company would issue under the convertible notes. In the three and six months ended June 30, 2023 and June 30, 2022, the if-converted method was not applied as the effect would have been anti-dilutive.

For the three and six months ended June 30, 2023 and June 30, 2022, a basic loss per common share and diluted loss per common share are the same in each period as the inclusion of any potentially issuable shares would be anti-dilutive.

The following table sets forth the computation of basic and diluted net loss and the weighted average number of shares used in computing basic and diluted net loss per share (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(As Restated)				(As Restated)
Numerator:
Net loss used in calculating net loss per share, basic	$	(33,278)	$	(47,276)	$	(61,326)	$	(62,418)
Denominator:
Weighted average shares of common stock outstanding used in computing net loss per share, basic	19,858		18,700		19,819		18,392
Dilutive effect of incremental shares and share equivalents:
Convertible notes	—		—		—		—
Options	—		—		—		—
RSUs	—		—		—		—
PSUs	—		—		—		—
ESPP	—		—		—		—
Weighted average shares of common stock outstanding used in computing net loss per share, diluted	19,858		18,700		19,819		18,392
Net loss per share:
Net loss per share, basic	$	(1.68)	$	(2.53)	$	(3.09)	$	(3.39)
Net loss per share, diluted	$	(1.68)	$	(2.53)	$	(3.09)	$	(3.39)

The following numbers of shares outstanding, prior to the application of the treasury stock method and the if-converted method, were excluded from the computation of diluted net loss per common share for the periods presented because including them would have had an anti-dilutive effect (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Capped call	10,780	8,724	10,780	8,724
Convertible notes	8,697	6,640	8,697	6,640
Options	694	542	694	542
RSU's	489	550	489	550
PSU's	265	489	265	489
ESPP	45	29	45	29
Total	20,970	16,974	20,970	16,974