Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Share

v3.23.3
Net Loss Per Share
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Net Loss Per Share

10. 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. For the three and nine months ended September 30, 2023 and 2022, 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. Basic net loss per share of common stock is computed by dividing the net loss per share of common stock by the weighted average number of shares of common stock outstanding for the period. The weighted-average shares of common stock outstanding as of September 30, 2023 included outstanding pre-funded warrants to purchase up to an aggregate of 2,345,592 shares of common stock.

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.

 

 

Three months ended
September 30, 2023

 

 

Nine months ended
September 30, 2023

 

 

 

Voting common stock

 

 

Non-voting common stock

 

 

Voting common stock

 

 

Non-voting common stock

 

Basic net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed losses attributable to common stockholders

 

$

(15,756

)

 

$

(692

)

 

$

(44,591

)

 

$

(2,198

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

42,110,435

 

 

 

1,851,705

 

 

 

37,701,522

 

 

 

1,857,708

 

Net loss per share, basic

 

$

(0.37

)

 

$

(0.37

)

 

$

(1.18

)

 

$

(1.18

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed losses for basic computation

 

$

(15,756

)

 

$

(692

)

 

$

(44,591

)

 

$

(2,198

)

Reallocation of undistributed losses as a result of conversion of
     non-voting to voting common shares

 

 

(692

)

 

 

 

 

 

(2,198

)

 

 

 

Allocation of undistributed losses

 

$

(16,448

)

 

$

(692

)

 

$

(46,789

)

 

$

(2,198

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

42,110,435

 

 

 

1,851,705

 

 

 

37,701,522

 

 

 

1,857,708

 

Add: conversion of non-voting to voting common shares outstanding

 

 

1,851,705

 

 

 

 

 

 

1,857,708

 

 

 

 

Weighted average number of shares used in diluted per share computation

 

 

43,962,140

 

 

 

1,851,705

 

 

 

39,559,230

 

 

 

1,857,708

 

Net loss per share, diluted

 

$

(0.37

)

 

$

(0.37

)

 

$

(1.18

)

 

$

(1.18

)

 

 

 

 

Three months ended
September 30, 2022

 

 

Nine months ended
September 30, 2022

 

 

 

Voting common stock

 

 

Non-voting common stock

 

 

Voting common stock

 

 

Non-voting common stock

 

Basic net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed losses attributable to common stockholders

 

$

(10,083

)

 

$

(1,344

)

 

$

(32,526

)

 

$

(4,757

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

25,601,495

 

 

 

3,412,500

 

 

 

25,287,436

 

 

 

3,698,581

 

Net loss per share, basic

 

$

(0.39

)

 

$

(0.39

)

 

$

(1.29

)

 

$

(1.29

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed losses for basic computation

 

$

(10,083

)

 

$

(1,344

)

 

$

(32,526

)

 

$

(4,757

)

Reallocation of undistributed losses as a result of conversion of
     non-voting to voting common shares

 

 

(1,344

)

 

 

 

 

 

(4,757

)

 

 

 

Allocation of undistributed losses

 

$

(11,427

)

 

$

(1,344

)

 

$

(37,283

)

 

$

(4,757

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

25,601,495

 

 

 

3,412,500

 

 

 

25,287,436

 

 

 

3,698,581

 

Add: conversion of non-voting to voting common shares outstanding

 

 

3,412,500

 

 

 

 

 

 

3,698,581

 

 

 

 

Weighted average number of shares used in diluted per share computation

 

 

29,013,995

 

 

 

3,412,500

 

 

 

28,986,017

 

 

 

3,698,581

 

Net loss per share, diluted

 

$

(0.39

)

 

$

(0.39

)

 

$

(1.29

)

 

$

(1.29

)

 

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:

 

 

As of September 30,

 

 

 

2023

 

 

2022

 

Stock options to purchase common stock

 

 

8,198,580

 

 

 

6,084,284

 

 

 

8,198,580

 

 

 

6,084,284