Net Loss Per Common Share

6 Months Ended

Jun. 30, 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 the 2023 Pre-Funded Warrants with a nominal exercise price of $0.001 per share, which were subsequently reclassified into equity in November 2023 after conditions for exercise were met. In June 2024, the Company issued the June 2024 Pre-Funded Warrants with a nominal exercise price of $0.001 per share. See Note 10 for more information. 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 loss per share as long as all conditions necessary for exercise are met. The 2023 Pre-Funded Warrants and the June 2024 Pre-Funded Warrants are therefore included as outstanding shares as of June 30, 2024 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 June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Net loss	$	(20,928	)	$	(24,598	)	$	(44,989	)	$	(42,220	)
Weighted-average shares of common stock outstanding used to compute net loss per common share, basic and diluted		232,821,553			64,244,531			232,035,448			63,755,435
Net loss per common share, basic and diluted	$	(0.09	)	$	(0.38	)	$	(0.19	)	$	(0.66	)

The following common stock equivalents outstanding as of June 30, 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:


	June 30, 2024		June 30, 2023
Unvested RSUs		4,631,935		492,497
Stock options		16,151,088		8,251,952
SSI Warrants		316,667		525,000
Total		21,099,690		9,269,449