Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Share

v3.23.2
Net Loss Per Share
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
NET LOSS PER SHARE

14. NET LOSS PER SHARE

The following table sets forth the computation of net loss per share of Class A Common Stock for the three and six months ended June 30, 2023 and 2022:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(27,723

)

 

$

(23,065

)

 

$

(36,940

)

 

$

(33,043

)

Reversal of previously accrued / (accrued) dividends on preferred stock

 

2,667

 

 

 

(2,176

)

 

 

690

 

 

 

(3,204

)

Net loss attributable to common shareholders

$

(25,056

)

 

$

(25,241

)

 

$

(36,250

)

 

$

(36,247

)

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic and diluted(1)

 

9,234,238

 

 

 

7,877,106

 

 

 

8,944,836

 

 

 

7,784,688

 

Net loss per share attributable to common stockholders - basic and diluted(1)

$

(2.71

)

 

$

(3.20

)

 

$

(4.05

)

 

$

(4.66

)

 

(1)
Prior period results have been adjusted to reflect the Reverse Stock Split at a ratio of 1-for-30 that became effective April 24, 2023. See Note 1, “Description of Business and Basis of Presentation,” for details.

 

For the three and six months ended June 30, 2023 and 2022, the Company’s potentially dilutive securities, which include stock options, RSUs, PSUs, preferred stock, the right to receive earnout shares and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same for the three and six months ended June 30, 2023 and 2022.

 

The following potential common shares have been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2023 and 2022:

 

 

June 30,

 

 

2023

 

 

2022

 

Conversion of convertible preferred stock(1)

 

-

 

 

 

956,464

 

Warrants to purchase common stock and redeemable convertible preferred stock(1)

 

853,330

 

 

 

853,330

 

PSUs, RSUs and options to purchase common stock(1)

 

2,448,661

 

 

 

2,051,094

 

Right to receive earnout shares(1)

 

583,333

 

 

 

583,333

 

Total common stock equivalents

 

3,885,324

 

 

 

4,444,221

 

 

(1)
Prior period results have been adjusted to reflect the Reverse Stock Split at a ratio of 1-for-30 that became effective April 24, 2023. See Note 1, “Description of Business and Basis of Presentation,” for details.