Net Loss per Share

3 Months Ended

Mar. 31, 2023

NET LOSS PER SHARE

Basic and diluted net loss per share attributable to common stockholders was calculated as follow:


	Three Months Ended March 31,
(in thousands, except per share data)	2023		2022
Numerator:
Net loss	$	(24,020)	$	(21,965)
Deemed dividend as a result of Class B warrant price reset	—		(2,259)
Net loss attributable to common stockholders	$	(24,020)	$	(24,224)
Denominator:
Weighted average shares of common stock outstanding—basic and diluted	145,967		33,737
Net loss per share attributable to common stockholders— basic and diluted	$	(0.16)	$	(0.72)

Basic and diluted weighted average shares of common stock outstanding for the three months ended March 31, 2023 and March 31, 2022 include the weighted average effect of outstanding pre-funded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $0.01 or less per share. During the three months ended March 31, 2022, in accordance with the Company’s Class B Warrant agreement, the exercise price of each outstanding Class B Warrant was adjusted to the price of shares of the Company’s common stock sold in public or private offerings to the extent such price is lower than the previous Class B warrant price. These price adjustments were accounted for as a deemed dividend that adjusts net loss available to common shareholders for purposes of basic earnings per share. The deemed dividend was calculated using the Black-Scholes pricing model, taking into account historical volatility of the Company’s common stock and the estimated remaining life of the outstanding Class B Warrants. The Class B Warrants expired in December 2022.

The Company’s potentially dilutive securities include outstanding stock options, unvested restricted stock units and warrants to purchase shares of common stock for the three months ended March 31, 2023 and 2022. All potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share, and thus they are considered “anti-dilutive.” Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2023	2022
Options to purchase shares of common stock	2,830,300	2,049,158
Unvested restricted stock units	5,835,016	1,940,788
Warrants to purchase shares of common stock (excluding prefunded warrants, which are included in basic shares outstanding)	87,720,773	9,449,028
	96,386,089	13,438,974