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Net Loss Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Net Loss Per Share | 12. Net Loss Per Share The following table summarizes the computation of basic and diluted net loss per share of the Company:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Net loss |  | $ | (52,412 | ) |  | $ | (75,305 | )
Deemed dividend resulting from extinguishment upon modification of Series C preferred stock |  |  | (177,789 | ) |  |  | — |
Net loss attributable to common stockholders |  | $ | (230,201 | ) |  | $ | (75,305 | )
Net loss attributable to common stockholders per share, basic and diluted |  | $ | (5.40 | ) |  | $ | (21.82 | )
Weighted average shares of common stock, basic and diluted |  |  | 42,619,582 |  |  |  | 3,450,500 |
As discussed in Note 8, on July 8, 2020, the Company’s board of directors and its Series C preferred stockholders approved an amendment to the conversion preferences and rights of the Series C preferred stock which, among other changes, resulted in a reduction in the conversion price of the Series C preferred stock from $3.21 to $3.027603. The changes to the conversion feature were considered to be a significant change to the substantive contractual terms of the Series C preferred stock and, therefore, the Company accounted for the changes as an extinguishment and reissuance of the Series C preferred stock. In accordance with SEC staff guidance codified in ASC 260-10-S99-2, when equity classified preferred shares are extinguished, the difference between (1) the fair value of the consideration transferred to the holders of the preferred shares and (2) the carrying amount of the preferred shares, net of issuance costs, is subtracted from (or added back to) net income to arrive at income available to common stockholders in the calculation of earnings per share. This difference between the fair value of consideration transferred and carrying amount of the preferred shares, also referred to as a “deemed dividend”, was therefore added back to net loss above to derive net loss attributable to common stockholders. The Company’s potentially dilutive securities, which include Convertible Preferred Stock (prior to the IPO), options to purchase common stock and unvested restricted stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Convertible preferred stock |  |  | — |  |  |  | 59,883,877 |
Options to purchase common stock |  |  | 7,697,058 |  |  |  | 5,306,176 |
Unvested restricted stock |  |  | 84,489 |  |  |  | 679,158 |
|  |  | 7,781,547 |  |  |  | 65,869,211 |

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