Net Loss Per Share

9 Months Ended

Mar. 31, 2022

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 nine months ended March 31, 2022 and 2021. 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 March 31,						Nine Months Ended March 31,
	2022			2021			2022			2021
				(As Restated)						(As Restated)
Net loss – basic	$	(8,725	)	$	(25,622	)	$	(38,391	)	$	(32,936	)
Change in fair value of warrant liability		—			—			(8,046	)		(20,307	)
Net loss – diluted	$	(8,725	)	$	(25,622	)	$	(46,437	)	$	(53,243	)

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Weighted average shares used in calculating basic net loss per share		133,056		112,557		121,591		112,505
Effect of potentially dilutive common shares from equity awards and liability-classified warrants		—		—		891		1,486
Weighted average shares used in calculating diluted net loss per share		133,056		112,557		122,482		113,991

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 March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Stock options		20,400		16,161		20,581		15,618
Restricted stock units		224		430		237		430
Warrants		16,059		16,060		5,353		5,354
Total anti-dilutive shares		36,683		32,651		26,171		21,402