LOSS PER SHARE

12 Months Ended

Dec. 31, 2021

LOSS PER SHARE:

Basic loss per share is calculated by dividing net loss by the weighted-average shares of common stock outstanding during the period. Diluted earnings per share are calculated by dividing net loss by the weighted-average shares of common stock and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares included in this calculation consist of dilutive shares issuable upon the assumed exercise of outstanding common stock options, the assumed vesting of outstanding restricted stock units, the assumed issuance of awards for contingently issuable performance-based awards, as computed using the treasury stock method.

A summary of the loss per share calculation is as follows:


	Year Ended December 31,
(In thousands, except per share amounts)	2021		2020
Basic and diluted loss per common share: (1)
Net loss	$	(152,685)	$	(19,044)
Weighted-average common shares (2)	39,167		16,246
Basic and diluted loss per common share	$	(3.90)	$	(1.17)

(1)The Company’s potentially dilutive securities, which include unexercised stock options, unvested shares, preferred shares and warrants for common and preferred shares, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common

shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an antidilutive effect:


	Year Ended December 31,
(In thousands)	2021	2020
Redeemable convertible preferred stock shares	—	54,449
Warrants to purchase redeemable convertible preferred stock	—	176
Warrants to purchase common shares	13,085	1,107
Earnout shares	10,000	—
Unvested restricted stock units 2	4,525	—
Stock options potentially exercisable for common shares 2	17,753	12,981
	45,363	68,713

(2) Balances as of December 31, 2020 retroactively restated to give effect to the October 19, 2021 reverse recapitalization.