Net Loss Per Share

6 Months Ended

Jun. 30, 2022

Note 10 Net Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period.

Diluted net loss per share gives effect to all securities having a dilutive effect on net loss, weighted-average shares of common stock outstanding, or both. The effect from potential dilutive securities includes (i) incremental shares of common stock calculated using the if-converted method for the PIPE Investment Obligation and the Series A Preferred Stock, and (ii) incremental shares of common stock calculated using the treasury stock method for warrants and share-based compensation awards. None of the potential dilutive securities meet the definition of a participating security.

For purposes of the diluted net loss per share computation, all potentially dilutive securities were excluded because their effect would be anti-dilutive or because of unsatisfied contingent issuance conditions. As a result, diluted net loss per share was equal to basic net loss per share for each period presented.

The table below represents the anti-dilutive securities that could potentially be dilutive in the future for the periods presented:


	As of June 30,
(in shares of common stock)	2022		2021
Series A Preferred Stock		—		10,947,686
Stock options		1,915,529		2,464,809
Restricted stock units		15,013,114		14,130,617
Detachable Warrants		—		26,029,630
Inducement Warrants		—		479,208
FP Combination Warrants		8,291,704		—
Combination Warrants		2,763,902		—
Public Warrants		11,499,960		—
Private Placement Warrants		7,800,000
PIPE Investment Obligation		4,912,664		—

The computations of basic and diluted net loss per share for the periods presented were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share and share amounts)	2022			2021			2022			2021
Numerator:
Net loss	$	(32,274	)	$	(8,868	)	$	(103,646	)	$	(86,364	)
Denominator:
Weighted-average shares outstanding - basic and diluted		142,378,037			78,370,829			113,173,237			74,920,214
Net loss per share - basic and diluted	$	(0.23	)	$	(0.11	)	$	(0.92	)	$	(1.15	)