NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2021

10. NET LOSS PER SHARE

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock of the Company outstanding during the period. Diluted net loss per share is computed by giving effect to all common share equivalents of the Company, including outstanding Convertible Preferred Stock and stock options, to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all common share equivalents would have been anti-dilutive.

The following table presents the calculation of basic and diluted net loss per share for the Company’s common stock:

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Numerator
Net loss	$	(18,091	)	$	(8,557	)	$	(65,567	)	$	(27,068	)
Numerator for basic and diluted EPS - loss attributable to common stockholders	$	(18,091	)	$	(8,557	)	$	(65,567	)	$	(27,068	)
Denominator
Common stock		136,456,848			5,360,497			60,104,891			5,350,771
Denominator for basic and diluted EPS - weighted-average common stock		136,456,848			5,360,497			60,104,891			5,350,771
Basic and diluted net loss per share	$	(0.13	)	$	(1.60	)	$	(1.09	)	$	(5.06	)

Since the Company was in a net loss position for all periods presented, the basic net loss per shares calculation excludes preferred stock as it does not participate in net losses of the Company. Additionally, net loss per share attributable to Class A and Class B common stockholders was the same on a basic and diluted basis, as the inclusion of all potential common equivalent shares outstanding would have been anti-dilutive. Anti-dilutive common equivalent shares were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Outstanding options to purchase common stock		8,126,177		7,978,697		8,126,177		7,978,697
Outstanding restricted stock units		4,861,315		-		4,861,315		-
Outstanding warrants		3,968,319		-		3,968,319		-
Outstanding convertible preferred stock (Series A through E)		-		68,684,758		-		68,684,758
		16,955,811		76,663,455		16,955,811		76,663,455

During the three months ended September 30, 2021, the Company identified a misstatement in the basic and diluted net loss per share calculation including the weighted-average common stock for the three and six months ended June 30, 2021. The Company has evaluated this correction in accordance with ASC 250-10-S99, Securities and Exchange Commission “SEC” Materials (formerly SEC Staff Accounting Bulletin 99, Materiality) and concluded that the correction was not material. The Company plans on adjusting the basic and diluted net loss per share calculation including the weighted-average common stock in its future filings such as the Form 10-K for the year ending December 31, 2021 and in Form 10-Q for the three and six months ending June 30, 2022.

The adjustments to the Company’s previously issued condensed consolidated statements of operations and comprehensive loss and Note 10 to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 are as follows:

	Three months ended June 30, 2021						Six months ended June 30, 2021
	As Reported			As Revised			As Reported			As Revised
Denominator
Common stock		11,696,084			36,890,502			8,629,355			21,296,162
Denominator for basic and diluted EPS - weighted-average common stock		11,696,084			36,890,502			8,629,355			21,296,162
Basic and diluted net loss per share	$	(3.05	)	$	(0.97	)	$	(5.50	)	$	(2.23	)