Annual report pursuant to Section 13 and 15(d)

Net Loss Per Share

v3.22.1
Net Loss Per Share
12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
Net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. In computing net loss per share, the Company’s unvested restricted common stock and warrants are not considered participating securities. Diluted loss per common share is the same as basic loss per common share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. Diluted net loss per common share adjusts basic net loss per share attributable to ordinary shareholders to give effect to all potential ordinary shares that were dilutive and outstanding during the period. For the year ended December 31, 2021 and 2020, no instrument was determined to have a dilutive effect.

Net loss per share calculations for all periods prior to the Business Combination have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio established in the reverse capitalization. Subsequent to the Business Combination, net loss per share was calculated based on weighted average number of shares of common stock then outstanding.
The following table sets forth the computation of the Company’s net loss per share attributable to stockholders:
 
  Year Ended December 31,
(in thousands, except share and per share data)
  2021 2020
Net loss
$ (56,093) $ (8,409)
Weighted average common stock outstanding, basic and diluted
52,888,268  49,676,523 
Net loss per common share, basic and diluted
$ (1.06) $ (0.17)

The following table discloses the weighted-average shares outstanding of securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive:
  Year Ended December 31,
  2021 2020
CIC Restricted Stock
9,876,930  654,960 
Warrants 1,556,628  —