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Net Loss Per Share

9 Months Ended

Sep. 30, 2021

Net Loss Per Share

Net Loss Per Share

10.	Net Loss Per Share

Net Loss Per Share

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


		Three Months Ended September 30,						Nine Months Ended September 30,
		2021			2020			2021			2020
Numerator:
Net loss		$	(17,713)		$	(7,844)		$	(49,458)		$	(11,990)
Repurchase and retirement of Series A and Series A-1 convertible preferred stock			—			(1,869)			—			(1,869)
Net loss attributable to common stockholders		$	(17,713)		$	(9,713)		$	(49,458)		$	(13,859)
Denominator:
Weighted average shares used to compute net loss per share attributable to common stockholders, basic and diluted			39,607,745			2,617,543			39,450,655			2,617,543
Net loss per share attributable to common stockholders, basic and diluted		$	(0.45)		$	(3.71)		$	(1.25)		$	(5.29)

The potentially dilutive shares that were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented are as follows:


			September 30
			2021			2020
Unvested restricted common stock			542,504			762,195
Options to purchase common stock			5,564,588			2,639,009
Employee stock purchase plan contingently issuable			16,979			—
Shares available for future grant under the 2014 Stock Plan			—			1,175,022
Convertible preferred stock (as converted to common shares)			—			23,765,075
			6,124,071			28,341,301

Included in the potentially dilutive options to purchase common stock noted above are 211,621 shares issued upon exercise of options under non-recourse notes receivable during 2015 (see Note 9, “Stock-Based Compensation”). The Company determined the purchase of the stock to be non-substantive, and as such, the shares subject to the promissory notes will not be deemed outstanding until such time as the promissory notes have been repaid. Accordingly, the Company has excluded these shares from the calculation of basic and diluted net loss per share for the three and nine months ended September 30, 2020. As of December 31, 2020, all outstanding principal and accrued interest relating to the Non-Recourse Notes were settled in full by the two noteholders, and as a result, the Company issued 211,621 shares of common stock to the noteholders and included these shares in the basic and diluted net loss per share for three and nine months ended September 30, 2021. Also included in the potentially dilutive options to purchase common stock are 53,588

unvested stock options that were early exercised by an employee and a non-employee in September 2020 (see Note 9, “Stock-Based Compensation”). The Company determined the early exercises to be non-substantive as the shares were subject to repurchase rights. Accordingly, the Company has excluded these shares from the calculation of basic and diluted net loss per share for the three and nine months ended September 30, 2021.