Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Share

v3.21.1
Net Loss Per Share
3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Net Loss Per Share

 

9. Net Loss Per Share

The Company calculates basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. As of March 31, 2021 and 2020, the Company had voting and non-voting common stock outstanding. Since the rights of the voting and non-voting common stock are identical, except with respect to voting, the undistributed losses of the Company have been allocated on a proportionate basis to the two classes. Diluted net loss per share is calculated using the if-converted method, which assumes conversion of all non-voting common stock to voting common stock.

 

 

 

Three months ended March 31, 2021

 

 

 

Voting common stock

 

 

Non-voting common stock

 

Basic net loss per share:

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

Allocation of undistributed losses attributable to common stockholders

 

$

(7,834

)

 

$

(1,868

)

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

19,188,122

 

 

 

4,573,176

 

Net loss per share, basic

 

$

(0.41

)

 

$

(0.41

)

 

 

 

 

 

 

 

 

 

Diluted net loss per share:

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

Allocation of undistributed losses for basic computation

 

$

(7,834

)

 

$

(1,868

)

Reallocation of undistributed losses as a result of conversion of

     non-voting to voting common shares

 

 

(1,868

)

 

 

 

Allocation of undistributed losses

 

$

(9,702

)

 

$

(1,868

)

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

19,188,122

 

 

 

4,573,176

 

Add: conversion of non-voting to voting common shares outstanding

 

 

4,573,176

 

 

 

 

Weighted average number of shares used in diluted per share computation

 

 

23,761,298

 

 

 

4,573,176

 

Net loss per share, diluted

 

$

(0.41

)

 

$

(0.41

)

 

 

 

 

Three months ended March 31, 2020

 

 

 

Voting common stock

 

 

Non-voting common stock

 

Basic net loss per share:

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

Allocation of undistributed losses attributable to common stockholders

 

$

(5,380

)

 

$

(2,105

)

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

16,379,788

 

 

 

6,409,519

 

Net loss per share, basic

 

$

(0.33

)

 

$

(0.33

)

 

 

 

 

 

 

 

 

 

Diluted net loss per share:

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

Allocation of undistributed losses for basic computation

 

$

(5,380

)

 

$

(2,105

)

Reallocation of undistributed losses as a result of conversion of

     non-voting to voting common shares

 

 

(2,105

)

 

 

 

Allocation of undistributed losses

 

$

(7,485

)

 

$

(2,105

)

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

16,379,788

 

 

 

6,409,519

 

Add: conversion of non-voting to voting common shares outstanding

 

 

6,409,519

 

 

 

 

Weighted average number of shares used in diluted per share computation

 

 

22,789,307

 

 

 

6,409,519

 

Net loss per share, diluted

 

$

(0.33

)

 

$

(0.33

)

 

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:

 

 

As of March 31,

 

 

 

2021

 

 

2020

 

Stock options to purchase common stock

 

 

4,003,489

 

 

 

2,657,704

 

Non-vested common stock

 

 

235,007

 

 

 

1,158,185

 

 

 

 

4,238,496

 

 

 

3,815,889