Quarterly report pursuant to Section 13 or 15(d)

NET LOSS PER SHARE

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NET LOSS PER SHARE
9 Months Ended
Mar. 31, 2024
NET LOSS PER SHARE  
NET LOSS PER SHARE

NOTE 12 — NET LOSS PER SHARE

Basic net loss per share is computed by dividing net loss by the weighted average number of common shares, 2021 PFWs, and 2022 PFWs outstanding during the period, without consideration for other potentially dilutive securities. The 2021 PFWs and the 2022 PFWs are included in the computation of basic and diluted net loss per share since the exercise price is negligible and all of the PFWs are fully vested and immediately exercisable. The Exchange PFWs are excluded from the computation of basic and diluted net loss per shares since they are considered contingently issuable shares and will not be included until they meet the conditions for equity classification.  Accordingly, the weighted average number of shares outstanding is computed as follows for the three and nine months ended March 31, 2024 and 2023 (in thousands):

Three Months Ended

Nine Months Ended

March 31, 

March 31, 

    

2024

    

2023

2024

    

2023

Common Stock

39,910

36,827

38,723

36,531

2021 PFWs

1,323

1,661

1,550

1,661

2022 PFWs:

Class A PFWs

1,431

1,974

1,794

1,974

Class B PFWs

8,147

10,947

9,145

10,947

Total

50,811

51,409

51,212

51,113

For the three and nine months ended March 31, 2024 and 2023, basic and diluted net loss per share were the same since all other common stock equivalents were anti-dilutive.

As of March 31, 2024 and 2023, the following outstanding potential common stock equivalents were excluded from the computation of diluted net loss per share since the impact of inclusion was anti-dilutive (in thousands):

2024

2023

Stock options

10,908

8,779

Exchange Warrants

3,000

Other warrants

861

1,122

Total

14,769

9,901