Net Loss Per Common Share

9 Months Ended

Sep. 30, 2023

Note 11—Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Since the Company had a net loss in all periods presented, basic and diluted net loss per common share are the same.

In August 2023, the Company issued liability-classified Pre-Funded Warrants with a nominal exercise price of $0.001 per share (see Note 10). In accordance with ASC 260 Earnings Per Share, shares issuable for little to no cash consideration should be included in the number of outstanding shares used to calculate basic earnings per share as long as all conditions necessary for exercise are met. As the Company does not have enough authorized shares to satisfy the warrants, the requirement that all conditions necessary for exercise are not met, and the Pre-Funded Warrants are not included in the calculation of basic net loss per share for the three and nine months ended September 30, 2023.

The following table represents the calculation of basic and diluted net loss per common share (in thousands, except share and per share data):


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2023			2022			2023			2022
Net loss	$	(117,087	)	$	(26,527	)	$	(159,307	)	$	(110,936	)
Weighted-average shares of common stock outstanding used to compute net loss per common share, basic and diluted		125,700,799			40,937,808			84,630,796			39,761,764
Net loss per common share, basic and diluted	$	(0.93	)	$	(0.65	)	$	(1.88	)	$	(2.79	)

The following common stock equivalents outstanding as of September 30, 2023 and 2022 were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti‑dilutive:


	September 30, 2023		September 30, 2022
Unvested RSUs		409,717		1,257,844
Unvested RSAs		—		149,614
Stock options		8,090,835		4,547,733
SSI Warrants		525,000		—
Pre-Funded Warrants		44,250,978		—
Total		53,276,530		5,955,191