Net Loss Per Common Share

3 Months Ended

Mar. 31, 2022

Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period, including shares that potentially could be dilutive if they were exercised or vested during the period, determined using the treasury-stock method. For purposes of this calculation, warrants for common stock, stock options, PBSOs, unvested RSUs and PBRSUs, shares issuable under the ESPP and shares issuable upon conversion of the convertible notes 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 shares outstanding at the end of the respective periods presented below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Three Months Ended March 31,
	2022	2021
Common shares under option	4,101,259	4,030,575
Common shares under PBSOs	122,700	—
Unvested RSUs	1,978,717	639,581
Unvested PBRSUs	602,750	—
Shares issuable related to the ESPP	40,257	17,838
Shares issuable upon conversion of convertible notes	8,007,010	8,460,237
Warrants	36,964,286	—
Total potential dilutive shares	51,816,979	13,148,231