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Net Loss Per Share

9 Months Ended

Mar. 31, 2021

Net Loss Per Share

Note 5. Net Loss Per Share

Basic and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding during the period, less any shares subject to repurchase or forfeiture. There were no shares of common stock subject to repurchase or forfeiture for the three and nine months ended March 31, 2021 and 2020. Diluted net loss per share is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period.

The following table presents the calculation of net loss used to calculate basic loss and diluted loss per share (in thousands):    

		Three Months Ended March 31,										Nine Months Ended March 31,
		2021					2020					2021					2020
Net loss – basic			$	(31,313	)			$	(4,329	)			$	(44,859	)			$	(27,540	)
Change in fair value of warrant liability				—					—					(20,307	)				—
Net loss – diluted			$	(31,313	)			$	(4,329	)			$	(65,166	)			$	(27,540	)

Share used in calculating net loss per share was determined as follows (in thousands):

		Three Months Ended March 31,										Nine Months Ended March 31,
		2021					2020					2021					2020
Weighted average shares used in calculating basic net loss per share				112,557					105,999					112,505					85,995
Effect of potentially dilutive common shares from equity awards and liability-classified warrants				—					—					1,486					—
Weighted average shares used in calculating diluted net loss per share				112,557					105,999					113,991					85,995

Our potentially dilutive shares, which include outstanding stock options, restricted stock units, and warrants, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.

The following table presents weighted-average potentially dilutive shares that have been excluded from the calculation of net loss per share because of their anti-dilutive effect (in thousands):

		Three Months Ended March 31,										Nine Months Ended March 31,
		2021					2020					2021					2020
Stock options				16,161					11,064					15,618					10,974
Restricted stock units				430					—					430					—
Warrants				16,060					16,062					5,354					16,062
Total anti-dilutive shares				32,651					27,126					21,402					27,036

X

- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257

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