NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2023

NET LOSS PER SHAREBasic net loss per share is calculated based upon the weighted-average number of common shares outstanding during the period, excluding outstanding stock options that have not yet vested. For any period in which the Company records net income, diluted net income per share is calculated based upon the weighted-average number of common shares outstanding during the period plus the dilutive impact of weighted-average common equivalent shares outstanding during the period resulting from the assumed exercise of outstanding stock options determined under the treasury stock method and the assumed conversion of preferred stock into common shares determined using the if-converted method. Diluted net loss per share is equivalent to the basic net loss per share due to the exclusion of outstanding stock options and convertible preferred stock because the inclusion of these securities would result in an anti-dilutive effect on per share amounts.

The basic and diluted net loss per common share is presented in conformity with the two-class method required for participating securities and multiple classes of shares. The Company considers its preferred stock to be participating securities.

For any period in which the Company records net income, undistributed earnings allocated to the participating securities are subtracted from net income in determining net income attributable to common stockholders. The undistributed earnings have been allocated based on the participation rights of preferred stock and common shares as if the earnings for the year have been distributed. For periods in which the Company recognizes a net loss, undistributed losses are allocated only to common shares as the participating securities do not contractually participate in the Company’s losses. Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Participating securities are excluded from basic weighted-average common shares outstanding.

The following table summarizes the calculation of basic and diluted net loss per share:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Net loss	$	(12,408,330)	$	(14,588,414)	$	(25,764,539)	$	(30,696,470)
Net loss attributable to participating securities	—		—		—		—
Net loss attributable to common stockholders	$	(12,408,330)	$	(14,588,414)	$	(25,764,539)	$	(30,696,470)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Net loss attributable to common stockholders	$	(12,408,330)	$	(14,588,414)	$	(25,764,539)	$	(30,696,470)
Weighted average common shares outstanding used in computing net loss per share - basic	70,534,181		70,391,458		70,512,479		70,391,236
Weighted average common shares outstanding used in computing loss per share - diluted	70,534,181		70,391,458		70,512,479		70,391,236
Net loss per share, basic	$	(0.18)	$	(0.21)	$	(0.37)	$	(0.44)
Net loss per share, diluted	$	(0.18)	$	(0.21)	$	(0.37)	$	(0.44)

The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding as they would be anti-dilutive:


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2023	2022	2023	2022
Stock options to purchase common stock	15,448,835	13,451,517	15,448,835	13,103,587
Common stock issuable upon conversion of Series A convertible preferred stock	1,250,000	1,250,000	1,250,000	1,250,000