| Net Income (Loss) per Share |
15. Net Income (Loss) per Share
Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2021 |
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2020 |
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2021 |
|
2020 |
Numerator: |
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Net income (loss) attributable to common stockholders – basic |
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$ |
22,751 |
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$ |
(6,262) |
|
$ |
(13,375) |
|
$ |
(17,796) |
Change in fair value for warrant liability |
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|
(42) |
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|
— |
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|
— |
|
|
— |
Interest to convertible notes |
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123 |
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— |
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|
— |
|
|
— |
Loss on extinguishment of debt |
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|
865 |
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— |
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|
— |
|
|
— |
Change in fair value of derivative liability |
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(475) |
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— |
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|
— |
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|
— |
Net income (loss) attributable to common stockholders – diluted |
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$ |
23,222 |
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$ |
(6,262) |
|
$ |
(13,375) |
|
$ |
(17,796) |
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Denominator: |
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Weighted average common shares outstanding – basic |
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119,745,196 |
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8,917,855 |
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47,772,253 |
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|
8,892,564 |
Weighted average effect of potentially dilutive securities: |
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Effect of potentially dilutive convertible preferred stock |
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14,065,012 |
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— |
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|
— |
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|
— |
Effect of potentially dilutive warrants |
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|
354,135 |
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|
— |
|
|
— |
|
|
— |
Effect of potentially dilutive stock options |
|
|
19,696,440 |
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|
— |
|
|
— |
|
|
— |
Effect of potentially dilutive restricted stock units |
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6,517 |
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— |
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|
— |
|
|
— |
Total potentially dilutive securities |
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34,122,104 |
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— |
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|
— |
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— |
Weighted average common shares outstanding — diluted |
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|
153,867,300 |
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|
8,917,855 |
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|
47,772,253 |
|
|
8,892,564 |
Net income (loss) per share attributable to common stockholders - basic |
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$ |
0.19 |
|
$ |
(0.70) |
|
$ |
(0.28) |
|
$ |
(2.00) |
Net income (loss) per share attributable to common stockholders - diluted |
|
$ |
0.15 |
|
$ |
(0.70) |
|
$ |
(0.28) |
|
$ |
(2.00) |
The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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|
2021 |
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2020 |
|
2021 |
|
2020 |
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Options issued and outstanding |
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1,589,357 |
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18,224,891 |
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21,285,797 |
|
18,224,891 |
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Public Warrants to purchase common stock |
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14,325,000 |
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— |
|
14,325,000 |
|
— |
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Convertible preferred stock (as converted to common stock) |
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— |
|
80,873,820 |
|
— |
|
80,873,820 |
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Warrants to purchase preferred stock (as converted to warrants to purchase common stock) |
|
— |
|
1,015,401 |
|
— |
|
1,015,401 |
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Warrants to purchase common stock |
|
— |
|
544,695 |
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|
|
544,695 |
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Warrants to purchase common stock (Finback)** |
|
2,417,138 |
|
— |
|
2,421,976 |
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Unvested restricted stock units |
|
1,664,567 |
|
— |
|
1,671,084 |
|
— |
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Earn-out shares** |
|
15,000,000 |
|
— |
|
15,000,000 |
|
— |
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Contingently issuable common stock** |
|
1,897,500 |
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— |
|
1,897,500 |
|
— |
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Convertible notes (as converted to common stock)* |
|
5,408,672 |
|
590,625 |
|
5,408,672 |
|
590,625 |
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|
|
42,302,234 |
|
101,249,432 |
|
62,010,029 |
|
101,249,432 |
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* Conversion feature is only triggered upon the closing of a Qualified Financing Event
** Issuance of Earn-out shares, Contingently issuable common stock and Finback warrants are contingent upon the satisfaction of certain conditions, which were not satisfied by the end of the period
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