Net Loss Per Share

3 Months Ended

Jun. 30, 2022

Note 10. Net Loss Per Share

In accordance with Accounting Standards Codification Topic 260 "Earnings Per Share", basic earnings available to ordinary shareholders per share is computed based on the weighted average number of ordinary shares outstanding during each period. Diluted earnings available to ordinary shareholders per share is computed based on the weighted average number of ordinary shares outstanding during each period, plus potential ordinary shares considered outstanding during the period, as long as the inclusion of such shares is not anti-dilutive. Potential ordinary shares consist of the incremental ordinary shares issuable upon the exercise of share options (using the treasury shares method), the warrants to acquire ordinary shares, the ordinary shares issuable upon vesting of the RSUs, and the ordinary shares issuable on conversion of Convertible Notes.

The following table sets forth the computation of basic and diluted loss per ordinary share:


	Quarter ended
	June 30
	2022			2021
Numerator:
Net loss available to ordinary shareholders - basic and diluted	$	(38,868	)	$	(27,292	)
Denominator:
Weighted average ordinary shares outstanding		103,840,009			101,390,749
Assumed exercise of pre-funded warrants		751,831			—
Weighted-average shares outstanding - basic and diluted		104,591,840			101,390,749
Loss per share - basic and diluted	$	(0.37	)	$	(0.27	)

The 34,208,331 pre-funded warrants issued during the quarter ended June 30, 2022, are assumed to be exercised for the calculation of basic and diluted loss per share as the exercise price of $0.001 was deemed to be a non-substantive exercise price compared to the pre-funded cost of $0.299 per share and the fair value of our ordinary shares. These are treated as permanent equity for both basic and

diluted earnings per share calculations. Pre-funded warrants are not included in shares outstanding in our statement of stockholders equity or balance sheet, however the proceeds have been included in the value of share capital therein.

The following table sets out the numbers of ordinary shares excluded from the above computation of earnings per share at June 30, 2022 and June 30, 2021 as their inclusion would have been anti-dilutive:


	June 30, 2022		June 30, 2021
Ordinary shares issuable on conversion of Convertible Notes at $5.67 per share		18,518,514		18,518,514
Restricted share units awarded		4,438,695		2,196,595
Ordinary shares issuable on exercise of options to purchase ordinary shares		3,028,234		1,421,792
Ordinary shares issuable on exercise of warrants at $16.14 per share		111,525		111,525
Ordinary shares issuable on exercise of warrants at $9.375 per share		64,000		64,000
Ordinary shares issuable on exercise of Consent Warrants at $4.00 per share		1,844,020		—
Consent Shares not yet issued		64,330		—
Total		28,069,318		22,312,426