Net loss Per Share

12 Months Ended

Dec. 31, 2022

Net Loss per ShareBasic net loss per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted net loss per share is calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company's common shares during the period, would have been exercised on the later of the beginning of the period or the date granted, and that the funds

obtained from the exercise were used to purchase common shares at the average market price during the period. None of the Company's stock options or other dilutive securities are considered to be dilutive in periods with net losses.

The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. Diluted net loss per share excluded common stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported net loss per share. Therefore 1,675,741 and 4,911,841 of potentially dilutive common stock equivalents have been excluded for the years ended December 31, 2022 and 2021, respectively.

Basic and diluted net loss per share is calculated as follows (net loss in thousands):


	Year Ended December 31,
	2022		2021
Net loss	$	(98,007)	$	(59,203)
Basic weighted-average shares outstanding	221,537,262		195,794,606
Net loss per share - basic and diluted	$	(0.44)	$	(0.30)