| Net Loss Per Share |
9. Net Loss Per Share
The Company calculates basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. As of March 31, 2021 and 2020, the Company had voting and non-voting common stock outstanding. Since the rights of the voting and non-voting common stock are identical, except with respect to voting, the undistributed losses of the Company have been allocated on a proportionate basis to the two classes. Diluted net loss per share is calculated using the if-converted method, which assumes conversion of all non-voting common stock to voting common stock.
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Three months ended March 31, 2021
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Voting common stock
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Non-voting common stock
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Basic net loss per share:
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Numerator
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Allocation of undistributed losses attributable to common stockholders
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$
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(7,834
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)
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$
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(1,868
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)
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Denominator
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Weighted average number of shares used in basic per share computation
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19,188,122
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4,573,176
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Net loss per share, basic
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$
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(0.41
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)
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$
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(0.41
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)
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Diluted net loss per share:
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Numerator
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Allocation of undistributed losses for basic computation
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$
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(7,834
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)
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$
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(1,868
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)
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Reallocation of undistributed losses as a result of conversion of
non-voting to voting common shares
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(1,868
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)
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—
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Allocation of undistributed losses
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$
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(9,702
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)
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$
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(1,868
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)
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Denominator
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Weighted average number of shares used in basic per share computation
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19,188,122
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4,573,176
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Add: conversion of non-voting to voting common shares outstanding
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4,573,176
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—
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Weighted average number of shares used in diluted per share computation
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23,761,298
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4,573,176
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Net loss per share, diluted
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$
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(0.41
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)
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$
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(0.41
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)
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Three months ended March 31, 2020
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Voting common stock
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Non-voting common stock
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Basic net loss per share:
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Numerator
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Allocation of undistributed losses attributable to common stockholders
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$
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(5,380
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)
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$
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(2,105
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)
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Denominator
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Weighted average number of shares used in basic per share computation
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16,379,788
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6,409,519
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Net loss per share, basic
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$
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(0.33
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)
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$
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(0.33
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)
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Diluted net loss per share:
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Numerator
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Allocation of undistributed losses for basic computation
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$
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(5,380
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)
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$
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(2,105
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)
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Reallocation of undistributed losses as a result of conversion of
non-voting to voting common shares
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|
|
(2,105
|
)
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|
|
—
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Allocation of undistributed losses
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$
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(7,485
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)
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$
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(2,105
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)
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Denominator
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Weighted average number of shares used in basic per share computation
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16,379,788
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6,409,519
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Add: conversion of non-voting to voting common shares outstanding
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6,409,519
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—
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Weighted average number of shares used in diluted per share computation
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22,789,307
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6,409,519
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Net loss per share, diluted
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$
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(0.33
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)
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$
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(0.33
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)
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The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:
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As of March 31,
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2021
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2020
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Stock options to purchase common stock
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4,003,489
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2,657,704
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Non-vested common stock
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235,007
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1,158,185
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4,238,496
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3,815,889
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