NET LOSS PER SHARE

12 Months Ended

Mar. 31, 2022

Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows:


	Fiscal Year Ended March 31
		2022		2021		2020
Numerator:
Net loss		$	(68,299)	$	(31,391)	$	(31,368)
Less: Earnings attributable to participating securities		$	—	$	—	$	—
Net loss attributable to common stockholders—basic and diluted		$	(68,299)	$	(31,391)	$	(31,368)
Denominator:
Weighted average common shares outstanding—basic and diluted		156,201,601		46,297,847		45,110,365

Net loss per share attributable to common stockholders - basic and diluted		$	(0.44)	$	(0.68)	$	(0.70)

For the fiscal year ended March 31, 2022, the Company’s potential dilutive securities, which include stock options, RSUs, warrants and convertible notes 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 shares of

common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same for the three months and fiscal year ended March 31, 2022.

For the fiscal year ended March 31, 2021, the Company’s potential dilutive securities, which include redeemable convertible preferred stock, stock options and warrants, 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 shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same for the three months and fiscal year ended March 31, 2021.

The Company excluded the following potential shares of common stock, presented based on amounts outstanding at March 31, 2022, 2021 and 2020 from the computation of diluted net loss per share attributable to common shareholders for the fiscal years ended March 31, 2022, 2021 and 2020 because including them would have had an anti-dilutive effect.


	As of
	March 31,
	2022	2021	2020
Redeemable convertible preferred stock as converted to common stock	—	29,139,810	29,139,810
Stock options to purchase common stock	19,331,636	29,454,960	21,178,016
Restricted stock units	4,134,053	—	—
Warrants to purchase common stock	13,036,333	2,044,719	2,044,719
Warrants to purchase preferred stock	—	4,572	4,572
2025 convertible notes as converted to common stock	8,062,230	—	—

The Company also had convertible notes outstanding for the fiscal year ended March 31, 2022, which could have obligated the Company and/or its stockholders to issue shares of common stock upon the occurrence of various future events at prices and in amounts that are not determinable until the occurrence of those future events. Because the necessary conditions for the conversion of these instruments had not been satisfied during the fiscal year ended March 31, 2022, the Company excluded these instruments from the table above and the calculation of diluted net loss per share for the period. See Note 7, “Debt,” for additional details.