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Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Net Loss Per Share

Net Loss Per Share

8.	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 March 31,
		2022			2021
Numerator:
Net loss		$	(23,030)		$	(15,339)
Denominator:
Weighted average shares used to compute net loss per share attributable to common stockholders, basic and diluted			39,834,619			39,325,793
Net loss per share attributable to common stockholders, basic and diluted		$	(0.58)		$	(0.39)

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:


			Three Months Ended March 31,
			2022			2021
Unvested restricted common stock			443,867			708,393
Options to purchase common stock			8,368,353			5,238,718
Employee stock purchase plan contingently issuable			110,877			17,784
			8,923,097			5,964,895

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 7, “Stock-Based Compensation” in the Company’s Form 10-K as filed with the SEC on February 28, 2022). 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. 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 months ended March 31, 2021. Also included in the potentially dilutive options to purchase common stock are 39,609 unvested stock options that were early exercised by an employee and a non-employee in September 2020 (see Note 7, “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 months ended March 31, 2022 and 2021.