Net Loss per Share Attributable to Common Stock

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stock

Net Loss per Share Attributable to Common Stock

Net loss per share attributable to common stock is computed by dividing the net loss attributable to common stock by the weighted-average number of common shares outstanding. We have outstanding stock options, restricted stock units, options to purchase shares under our ESPP, convertible preferred stock, and convertible senior notes, which are considered in the calculation of diluted net loss per share whenever doing so would be dilutive.

We calculate basic and diluted net loss per share attributable to common stock in conformity with the two-class method required for companies with participating securities. The calculation of basic and diluted net loss per share attributable to common stock was as follows:

	Three Months Ended March 31,
	2025		2024
Numerator:
Net loss	$	(92,519)	$	(66,774)
Dividends on convertible preferred stock	—		(233)
Net loss attributable to common stock—basic and diluted	$	(92,519)	$	(67,007)
Denominator:
Weighted-average shares—basic and diluted(1)	127,168,402		118,364,267
Net loss per share attributable to common stock—basic and diluted	$	(0.73)	$	(0.57)

(1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors.

The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive:

	Three Months Ended March 31,
	2025	2024
2025 notes as if converted(1)	1,017,284	1,998,654
2027 notes as if converted(1)	5,379,209	5,379,209
Convertible preferred stock as if converted	—	2,040,000
Stock options outstanding	1,782,470	2,372,110
Restricted stock units outstanding(2)(3)	11,400,149	13,417,675
Employee stock purchase plan	385,525	348,986
Total	19,964,637	25,556,634

(1) Based on the closing price of our common stock of $9.21 on March 31, 2025, the if-converted values of both convertible notes were less than the principal amounts.

(2) Excludes 2,058,053 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 9 for additional information regarding PSUs.

(3) Excludes 91,443 restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors as of March 31, 2025.