Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2023

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Under the two-class method, net loss is attributed to common stockholders and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

The Company considers its convertible preferred stock to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock as the holders of the Company’s convertible preferred stock do not have a contractual obligation to share in the Company’s losses.

The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss and comprehensive loss	$	(11,867)	$	(28,758)
Accretion on Series A convertible preferred stock	(653)		—
Net loss attributable to common stockholders (1)	$	(12,520)	$	(28,758)
Denominator:
Weighted-average common shares used in computed net loss per share attributable to common stockholders basic and diluted	113,545,429		110,384,313
Net loss per share attributable to common stockholders basic and diluted	$	(0.11)	$	(0.26)

(1) For the three months ended March 31, 2023, the Company did not allocate its net loss to participating convertible preferred stock as those shares are not obligated to share in the losses of the Company. There were no shares of convertible preferred stock outstanding during the three months ended March 31, 2022.

The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share due to their anti-dilutive effect:


	As of March 31,	As of March 31,
	2023	2022
Stock options	7,418,570	9,866,965
RSUs	5,117,168	6,557,326
PRSUs	1,222,526	1,842,105
ESPP shares committed	333,447	234,133
Common stock warrants	128,454,066	18,100,000
Convertible preferred stock	61,224,489	—
Total	203,770,266	36,600,529

The Company’s 2,807,500 unvested earnout shares, described in Part II, Item 8 "Financial Statements and Supplementary Data - Note 11 to the Consolidated Financial Statements - Common Stock Warrants and Earnout Shares" in the 2022 Form 10-K, were excluded from the calculation of basic and diluted per share calculations as the vesting conditions have not yet been met as of March 31, 2023.