Net Loss Per Common Share

3 Months Ended

Mar. 31, 2024

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 (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 (in thousands, except share and per share data):


	For the Three Months Ended March 31,
	2024			2023
Net loss	$	(24,061	)	$	(17,622	)
Weighted-average shares of common stock outstanding used to compute net loss per common share, basic and diluted		231,249,344			63,260,905
Net loss per common share, basic and diluted	$	(0.10	)	$	(0.28	)

The following common stock equivalents outstanding as of March 31, 2024 and 2023 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:


	March 31, 2024		March 31, 2023
Unvested RSUs		4,657,971		750,081
Stock options		15,162,463		5,429,552
SSI Warrants		316,667		—
Total		20,137,101		6,179,633