Net Loss Per Share

12 Months Ended

Dec. 31, 2022

NET LOSS PER SHARE

Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, less shares subject to repurchase, and excludes any dilutive effects of stock-based awards and warrants. Diluted net loss per common share is computed giving effect to all potential dilutive common shares, including common stock issuable upon exercise of stock options, and unvested restricted common stock and stock units. As we had net losses for the years ended December 31, 2022, 2021 and 2020, all potential common shares were determined to be anti-dilutive.

The following table sets forth the computation of net loss per common share (in thousands, except per share dollar amounts):


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net loss	$	(67,207)	$	(158,165)	$	(94,313)
Denominator:
Weighted average common shares outstanding - basic and diluted	158,690		104,206		89,582
Net loss per share - basic and diluted	$	(0.42)	$	(1.52)	$	(1.05)

For the years ended December 31, 2022, 2021 and 2020, the total numbers of securities that could potentially dilute net income per share in the future that were not considered in the diluted net loss per share calculations because the effect would have been anti-dilutive were as follows (in thousands):


	Year Ended December 31,
	2022	2021	2020
Options to purchase common stock	13,522	11,871	9,247
Restricted stock units	2,694	1,602	26
ESPP shares issuable	166	207	94
Warrants to purchase common stock	—	—	932
Total	16,382	13,680	10,299

The number of potential common shares that would have been included in diluted income per share had it not been for the anti-dilutive effect caused by the net loss, computed by converting these securities using the treasury stock method during the years ended December 31, 2022, 2021 and 2020, was approximately 0.6 million, 1.1 million and 2.1 million, respectively.