| 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 June 30, 2022 and 2021, 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 June 30, 2022 |
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Six months ended June 30, 2022 |
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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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$ |
(11,314 |
) |
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$ |
(1,596 |
) |
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$ |
(22,426 |
) |
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$ |
(3,430 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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25,404,022 |
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3,582,830 |
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25,127,804 |
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3,843,992 |
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Net loss per share, basic |
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$ |
(0.45 |
) |
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$ |
(0.45 |
) |
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$ |
(0.89 |
) |
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$ |
(0.89 |
) |
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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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$ |
(11,314 |
) |
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$ |
(1,596 |
) |
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$ |
(22,426 |
) |
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$ |
(3,430 |
) |
Reallocation of undistributed losses as a result of conversion of
non-voting to voting common shares |
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(1,596 |
) |
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— |
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(3,430 |
) |
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— |
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Allocation of undistributed losses |
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$ |
(12,910 |
) |
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$ |
(1,596 |
) |
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$ |
(25,856 |
) |
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$ |
(3,430 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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25,404,022 |
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3,582,830 |
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25,127,804 |
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3,843,992 |
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Add: conversion of non-voting to voting common shares outstanding |
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3,582,830 |
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— |
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3,843,992 |
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— |
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Weighted average number of shares used in diluted per share computation |
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28,986,852 |
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3,582,830 |
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28,971,796 |
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3,843,992 |
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Net loss per share, diluted |
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$ |
(0.45 |
) |
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$ |
(0.45 |
) |
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$ |
(0.89 |
) |
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$ |
(0.89 |
) |
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Three months ended June 30, 2021 |
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Six months ended June 30, 2021 |
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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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$ |
(9,197 |
) |
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$ |
(1,942 |
) |
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$ |
(17,023 |
) |
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$ |
(3,818 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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20,419,479 |
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4,312,500 |
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19,807,202 |
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4,442,118 |
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Net loss per share, basic |
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$ |
(0.45 |
) |
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$ |
(0.45 |
) |
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$ |
(0.86 |
) |
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$ |
(0.86 |
) |
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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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$ |
(9,197 |
) |
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$ |
(1,942 |
) |
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$ |
(17,023 |
) |
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$ |
(3,818 |
) |
Reallocation of undistributed losses as a result of conversion of
non-voting to voting common shares |
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(1,942 |
) |
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— |
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(3,818 |
) |
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— |
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Allocation of undistributed losses |
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$ |
(11,139 |
) |
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$ |
(1,942 |
) |
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$ |
(20,841 |
) |
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$ |
(3,818 |
) |
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Denominator |
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Weighted average number of shares used in basic per share computation |
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20,419,479 |
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4,312,500 |
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19,807,202 |
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4,442,118 |
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Add: conversion of non-voting to voting common shares outstanding |
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4,312,500 |
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— |
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4,442,118 |
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— |
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Weighted average number of shares used in diluted per share computation |
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24,731,979 |
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4,312,500 |
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24,249,320 |
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4,442,118 |
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Net loss per share, diluted |
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$ |
(0.45 |
) |
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$ |
(0.45 |
) |
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$ |
(0.86 |
) |
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$ |
(0.86 |
) |
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 June 30, |
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2022 |
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2021 |
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Stock options to purchase common stock |
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6,134,842 |
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3,948,254 |
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Non-vested common stock |
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— |
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6,324 |
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6,134,842 |
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3,954,578 |
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