Net Loss Per Common Share

12 Months Ended

Dec. 31, 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 both 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 (ASC 260), shares issuable for little to no cash consideration should be included in the number of outstanding shares used to calculate basic loss per share as long as all conditions necessary for exercise are met. The conditions for exercise were met on November 15, 2023, at which time the Pre-Funded Warrants were reclassified into equity. The Pre-Funded Warrants are therefore included as outstanding shares as of November 15, 2023 to calculate the weighted average number of shares outstanding to calculate basic loss per share.

The following table represents the calculation of basic and diluted net loss per common share for the years ended December 31, 2023 and 2022, respectively (in thousands, except share and per share data):


	For the Year Ended December 31,
	2023			2022
Net loss	$	(111,566	)	$	(166,014	)
Weighted-average shares of common stock outstanding used to compute net loss per common share, basic and diluted		116,121,482			43,952,015
Net loss per common share, basic and diluted	$	(0.96	)	$	(3.78	)

The following common stock equivalents outstanding as of December 31, 2023 and 2022, respectively, 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:


	December 31, 2023		December 31, 2022
Unvested RSUs		375,044		1,257,844
Unvested RSAs		—		85,494
Stock options		7,535,924		6,158,078
SSI Warrants		316,667		—
Total		8,227,635		7,501,416