Basic net loss per share is computed by dividing the net loss by the number of weighted-average outstanding common shares. Diluted net loss per share is determined by giving effect to all potential common equivalents during the reporting period, unless including them yields an antidilutive result, and is calculated using the treasury stock method. The Company considers its warrants, Investment Option, RSUs, stock options, and ESPP shares as potential common equivalents. The Company excluded these potential common equivalents from the computation of diluted earnings per share attributable to Series A and Series B common stockholders in the periods presented, as their effect was antidilutive during the three and nine months ended September 30, 2024 and 2023.

The rights, including the liquidation and dividend rights, of the holders of Series A and Series B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each series of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Series A and Series B common stock on both an individual and combined basis.

The following table presents the calculation of basic and diluted net loss per share for the three and nine months ended September 30, 2024 and 2023 (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net loss per share attributable to Series A and Series B common stockholders, basic and diluted:
Numerator:
Net loss	$	(1,345)	$	(297,104)	$	(19,169)	$	(281,938)
Denominator:
Weighted-average shares, basic and diluted	267,854,769		240,125,168		264,846,463		237,411,574
Net loss per share attributable to Series A and Series B common stockholders, basic and diluted	$	(0.01)	$	(1.24)	$	(0.07)	$	(1.19)

Because the Company incurred a net loss position for all periods presented, basic net loss per share is equivalent to diluted net loss per share as the inclusion of all potentially dilutive securities outstanding would have been antidilutive.


	As of September 30,
	2024	2023
Warrants outstanding	4,132,585	5,510,113
Investment Option	15,743,174	15,743,174
RSUs outstanding	17,148,612	13,361,728
Options outstanding	26,640,466	31,844,660
ESPP	410,884	—
Total	64,075,721	66,459,675