Net Loss per Share

6 Months Ended

Jun. 30, 2023

NET LOSS PER SHARE

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2023		2022		2023		2022
Numerator:
Net loss	$	(55,712)	$	(21,212)	$	(79,732)	$	(43,177)
Deemed dividend as a result of Class B warrant price reset	—		—		—		(2,259)
Net loss attributable to common stockholders	$	(55,712)	$	(21,212)	$	(79,732)	$	(45,436)
Denominator:
Weighted average shares of common stock outstanding—basic and diluted	168,738		35,437		157,416		34,592
Net loss per share attributable to common stockholders— basic and diluted	$	(0.33)	$	(0.60)	$	(0.51)	$	(1.31)

Basic and diluted weighted average shares of common stock outstanding for the three and six months ended June 30, 2023 and June 30, 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 six months ended June 30, 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 and six months ended June 30, 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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Options to purchase shares of common stock	3,583,186	1,953,953	3,583,186	1,953,953
Unvested restricted stock units	5,859,232	1,765,663	5,859,232	1,765,663
Warrants to purchase shares of common stock (excluding prefunded warrants, which are included in basic shares outstanding)	80,246,459	9,449,028	80,246,459	9,449,028
	89,688,877	13,168,644	89,688,877	13,168,644