Loss Per Share

12 Months Ended

Dec. 31, 2022

Loss Per Share

Note 16. Loss Per Share

The Company uses the

two-class

method to calculate net loss per share and apply the more dilutive of the

two-class

method, treasury stock method or

if-converted

method to calculate diluted net loss per share. Undistributed earnings for each period are allocated to participating securities, based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. As there is no contractual obligation for Preference Shares outstanding in the periods to share in losses, the Company’s basic net loss per share is computed by
dividing the net loss attributable to common stockholders by the weighted-average shares of common stock outstanding during periods with undistributed losses. Additionally, the B Shares, issued in connection with the License Agreement (defined below), are not included in the loss per share calculations below as they are

non-participating

securities with no rights to dividends or distributions. Diluted net loss per share attributable to common stockholders is computed by giving effect to all potentially dilutive securities. Basic and diluted net loss per share attributable to common stockholders was the same for all periods presented as the inclusion of all potentially dilutive securities outstanding was anti-dilutive.

The computation of loss per share and weighted average shares of the Company’s common stock outstanding for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands except share and per share data):


	Year ended December 31,
	2022			2021			2020
Net loss – basic and diluted	$	(181,636	)	$	(592,753	)	$	(30,348	)
Preferred share accretion		—			(11,327	)		(31,870	)

Net loss attributable to common stockholders – basic and diluted	$	(181,636	)	$	(604,080	)	$	(62,218	)
Basic and diluted weighted average common stock outstanding		198,939,079			150,912,333			70,040,242

Loss per share attributable to common stockholders – basic and diluted	$	(0.91	)	$	(4.00	)	$	(0.89	)

The shares and net loss per common share, prior to the Business Combination, have been retroactively restated as shares reflecting the Exchange Ratio of approximately 37.38624 shares of the Company per one share of Maven Topco as established in the Merger.

The following table presents the potentially dilutive securities that 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 antidilutive:


	Year ended December 31,
	2022		2021		2020
Stock options to purchase common stock		357,945		436,238		—
Unvested restricted shares		3,417,484		8,889,155		—
Public and private placement warrants to purchase common stock		7,668,280		7,668,381		—
Unvested equity-settled restricted share units		2,719,136		—		—
Unvested equity-settled performance-based restricted share units		1,849,942		—		—
Warrants issued to NFL to purchase common stock		18,500,000		18,500,000		—
Preference shares		—		—		218,561,319
Incentive Securities		—		—		31,168,684

Total		34,512,787		35,493,774		249,730,003