Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Share

v3.21.2
Net Loss Per Share
9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2021

 

 

Nine months ended September 30, 2021

 

 

 

Voting common stock

 

 

Non-voting common stock

 

 

Voting common stock

 

 

Non-voting common stock

 

Basic net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed losses attributable to common stockholders

 

$

(9,631

)

 

$

(1,929

)

 

$

(26,651

)

 

$

(5,750

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

21,534,342

 

 

 

4,312,500

 

 

 

20,389,242

 

 

 

4,398,437

 

Net loss per share, basic

 

$

(0.45

)

 

$

(0.45

)

 

$

(1.31

)

 

$

(1.31

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed losses for basic computation

 

$

(9,631

)

 

$

(1,929

)

 

$

(26,651

)

 

$

(5,750

)

Reallocation of undistributed losses as a result of conversion of non-voting to voting common shares

 

 

(1,929

)

 

 

 

 

 

(5,750

)

 

 

 

Allocation of undistributed losses

 

$

(11,560

)

 

$

(1,929

)

 

$

(32,401

)

 

$

(5,750

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

21,534,342

 

 

 

4,312,500

 

 

 

20,389,242

 

 

 

4,398,437

 

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

 

 

4,312,500

 

 

 

 

 

 

4,398,437

 

 

 

 

Weighted average number of shares used in diluted per share computation

 

 

25,846,842

 

 

 

4,312,500

 

 

 

24,787,679

 

 

 

4,398,437

 

Net loss per share, diluted

 

$

(0.45

)

 

$

(0.45

)

 

$

(1.31

)

 

$

(1.31

)

 

 

 

 

 

Three months ended September 30, 2020

 

 

Nine months ended  September 30, 2020

 

 

 

Voting common stock

 

 

Non-voting common stock

 

 

Voting common stock

 

 

Non-voting common stock

 

Basic net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed losses attributable to common stockholders

 

$

(6,434

)

 

$

(1,959

)

 

$

(18,393

)

 

$

(5,637

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

17,828,169

 

 

 

5,429,486

 

 

 

16,943,599

 

 

 

5,193,114

 

Net loss per share, basic

 

$

(0.36

)

 

$

(0.36

)

 

$

(1.09

)

 

$

(1.09

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed losses for basic computation

 

$

(6,434

)

 

$

(1,959

)

 

$

(18,393

)

 

$

(5,637

)

Reallocation of undistributed losses as a result of conversion of non-voting to voting common shares

 

 

(1,959

)

 

 

 

 

 

(5,637

)

 

 

 

Allocation of undistributed losses

 

$

(8,393

)

 

$

(1,959

)

 

$

(24,030

)

 

$

(5,637

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in basic per share computation

 

 

17,828,169

 

 

 

5,429,486

 

 

 

16,943,599

 

 

 

5,193,114

 

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

 

 

5,429,486

 

 

 

 

 

 

5,193,114

 

 

 

 

Weighted average number of shares used in diluted per share computation

 

 

23,257,655

 

 

 

5,429,486

 

 

 

22,136,713

 

 

 

5,193,114

 

Net loss per share, diluted

 

$

(0.36

)

 

$

(0.36

)

 

$

(1.09

)

 

$

(1.09

)

 

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 September 30,

 

 

 

2021

 

 

2020

 

Stock options to purchase common stock

 

 

4,038,981

 

 

 

2,889,045

 

Non-vested common stock

 

 

2,110

 

 

 

696,595

 

 

 

 

4,041,091

 

 

 

3,585,640