Net Loss Per Common Share

12 Months Ended

Dec. 31, 2021

Basic and diluted net loss per share attributable to common stockholders is computed using the two-class method required for participating securities. Prior to the automatic conversion of all of its redeemable convertible preferred stock outstanding into common stock upon the completion of the IPO, the Company considered all series of the Company’s redeemable convertible preferred stock and early exercised stock options to be participating securities, as the holders of such stock have the right to receive dividends on a pari passu basis in the event that a dividend is declared on the common stock. Upon completion of the IPO, all of the Company’s redeemable convertible preferred stock was converted to common stock. After the IPO, the Company’s early exercised stock options continue to be participating in nature.

Under the two-class method, basic net loss per share is computed by dividing net loss adjusted to include deemed dividends on redeemable convertible preferred stock by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common shares by the weighted-average number of common shares determined for the basic earnings per share plus the dilutive effect of stock options, RSUs, common stock warrants and redeemable convertible preferred stock. As the Company reported a net loss, diluted net loss per share was the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive for all periods presented.

The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for the periods indicated:


	Years Ended December 31,
(in thousands, except share and per share amounts)	2021		2020		2019
Numerator:
Net loss	$	(38,756)	$	(32,564)	$	(51,392)
Deemed dividend on redeemable convertible preferred stock	—		—		(12,134)
Net loss attributable to common stockholders	$	(38,756)	$	(32,564)	$	(63,526)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted	60,728,748		21,459,062		21,290,784
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.64)	$	(1.52)	$	(2.98)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive:


	Years Ended December 31,
	2021	2020	2019
Redeemable convertible preferred stock	—	127,082,605	117,788,521
Common stock warrants	—	256,250	256,250
Stock options outstanding	23,386,942	21,034,424	19,045,751
RSUs outstanding(1)	3,496,611	437,369	—
ESPP	735,282	—	—
Shares subject to repurchase	456,294	1,888,322	1,818,334
Total	28,075,129	150,698,970	138,908,856

(1) A portion of these RSUs were subject to a performance-based vesting condition until September 22, 2021. See Note 10 for details on these awards. Includes 124,026 RSUs which legally vested but were not yet issued as common stock as of December 31, 2021.