Net Loss Per Share

6 Months Ended

Dec. 31, 2021

Note 5. Net Loss Per Share

Basic and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding during the period, less any shares subject to repurchase or forfeiture. There were no shares of common stock subject to repurchase or forfeiture for the three and six months ended December 31, 2021 and 2020. Diluted net loss per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period.

The following table presents the calculation of net loss used to calculate basic loss and diluted loss per share (in thousands):


	Three Months Ended December 31,						Six Months Ended December 31,
	2021			2020			2021			2020
Net loss – basic	$	(5,766	)	$	(11,454	)	$	(17,646	)	$	(13,546	)
Change in fair value of warrant liability		(5,458	)		(7,083	)		(8,046	)		(20,307	)
Net loss – diluted	$	(11,224	)	$	(18,537	)	$	(25,692	)	$	(33,853	)

Share used in calculating net loss per share was determined as follows (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
Weighted average shares used in calculating basic net loss per share		126,725		112,524		115,982		112,480
Effect of potentially dilutive common shares from equity awards and liability-classified warrants		1,435		1,937		2,675		2,229
Weighted average shares used in calculating diluted net loss per share		128,160		114,461		118,657		114,709

Our potentially dilutive shares, which include outstanding stock options, restricted stock units, and warrants, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.

The following table presents weighted-average potentially dilutive shares that have been excluded from the calculation of net loss per share because of their anti-dilutive effect (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
Stock options		20,460		15,128		20,671		15,347
Restricted stock units		229		430		244		430
Total anti-dilutive shares		20,689		15,558		20,915		15,777