Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net loss and comprehensive loss	$	(8,467)	$	(11,718)	$	(20,334)	$	(40,476)
Accretion on Series A convertible preferred stock	(1,326)		—		(1,979)		—
Net loss attributable to common stockholders (1)	$	(9,793)	$	(11,718)	$	(22,313)	$	(40,476)
Denominator:
Weighted-average common shares used in computed net loss per share attributable to common stockholders basic and diluted	8,213,247		7,915,156		8,162,102		7,899,959
Net loss per share attributable to common stockholders basic and diluted	$	(1.19)	$	(1.48)	$	(2.73)	$	(5.12)

(1) For the three and six months ended June 30, 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 or six months ended June 30, 2022.

The following table summarizes the common stock equivalents of potentially dilutive outstanding securities excluded from the computation of diluted net loss per share due to their anti-dilutive effect:


	As of June 30,	As of June 30,
	2023	2022
Stock options	473,240	665,117
RSUs	299,646	482,987
PRSUs	79,803	131,578
ESPP shares committed	28,721	17,849
Common stock warrants	9,175,289	1,292,857
Convertible preferred stock	4,373,178	—
Total	14,429,877	2,590,388

The Company’s 200,536 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 June 30, 2023.