| 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. For the three and nine months ended September 30, 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
September 30, 2020
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Nine months ended
September 30, 2020
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Voting common stock
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Non-voting common stock
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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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(6,434
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)
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$
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(1,959
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)
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$
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(18,393
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)
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$
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(5,637
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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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17,828,169
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5,429,486
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16,943,599
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5,193,114
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Net loss per share, basic
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$
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(0.36
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)
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$
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(0.36
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)
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$
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(1.09
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)
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$
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(1.09
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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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(6,434
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)
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$
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(1,959
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)
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$
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(18,393
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)
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$
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(5,637
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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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(1,959
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)
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—
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(5,637
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)
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—
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Allocation of undistributed losses
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$
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(8,393
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)
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$
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(1,959
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)
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$
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(24,030
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)
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$
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(5,637
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Denominator
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Weighted average number of shares used in basic per share computation
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17,828,169
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5,429,486
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16,943,599
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5,193,114
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Add: conversion of non-voting to voting common shares outstanding
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5,429,486
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—
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5,193,114
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—
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Weighted average number of shares used in diluted per share computation
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23,257,655
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5,429,486
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22,136,713
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5,193,114
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Net loss per share, diluted
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$
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(0.36
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)
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$
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(0.36
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)
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$
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(1.09
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)
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$
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(1.09
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)
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For the three and nine months ended September 30, 2019, basic and diluted net loss per share is:
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Three months ended
September 30, 2019
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Nine months ended
September 30, 2019
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Basic and diluted net loss per share:
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Numerator
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Net loss attributable to common stockholders
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$
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(4,650
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)
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$
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(16,866
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)
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Denominator
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Weighted average number of shares used in basic and
diluted per share computation
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2,142,958
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1,806,494
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Net loss per share, diluted
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$
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(2.17
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)
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$
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(9.34
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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 September 30,
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2020
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2019
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Convertible preferred stock
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—
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19,356,835
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Stock options to purchase common stock
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2,889,045
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1,942,411
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Non-vested common stock
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696,595
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1,619,772
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3,585,640
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22,919,018
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