Net loss per share

9 Months Ended

Sep. 30, 2023

As a result of the Merger (see Note 3), for the three months ended September 30, 2022, the Company has retroactively adjusted the weighted average shares outstanding prior to August 5, 2022 to give effect to the Conversion Ratio used to determine the number of Common Shares into which they were converted.

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share data):


	For the three months ended September 30,
	2023		2022
Numerator:
Net loss attributable to common stockholders - basic and diluted	$	(15,829)	$	(13,311)
Denominator:
Weighted-average common stock outstanding	133,222,318		116,256,805
Net loss per share attributable to common stockholders - basic and diluted	$	(0.12)	$	(0.11)


	For the nine months ended September 30,
	2023		2022
Numerator:
Net loss attributable to common stockholders - basic and diluted	$	(66,335)	$	(38,740)
Denominator:
Weighted-average common stock outstanding	131,373,959		122,337,727
Net loss per share attributable to common stockholders - basic and diluted	$	(0.50)	$	(0.32)

As of September 30, 2023 and 2022, the Company’s potentially dilutive securities were stock options, the Warrant Shares, and the Public Warrants and Private Warrants.

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive.

Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	As of September 30,
	2023	2022
Public Warrants as converted to Common Shares (Note 8)	14,420,064	14,426,301
Private Warrants as converted to Common Shares (Note 8)	11,633,061	11,633,060
D-Wave Systems Warrant Shares as converted to Common Shares (Note 8)	1,155,713	2,889,282
Options to purchase common stock as converted to Common Shares1	9,419,509	13,532,543
Options to purchase Common Shares under the 2022 Equity Incentive Plan	1,061,981	1,500,081
Unvested restricted stock unit awards	10,952,749	—
Total	48,643,077	43,981,267

1 Stock options granted under the 2020 Plan will be converted applying the Conversion Ratio to the underlying common stock at the exercise date.