Net Loss Per Common Share

9 Months Ended

Sep. 30, 2021

Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period, including shares that potentially could be dilutive if they were exercised or vested during the period, determined using the treasury-stock method. For purposes of this calculation, stock options, unvested RSUs, unvested PBRSUs, shares issuable under the ESPP and shares issuable upon conversion of the convertible notes are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.

The shares outstanding at the end of the respective periods presented below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Three and Nine Months Ended September 30,
	2021	2020
Common shares under option	3,703,938	4,428,650
Unvested RSUs	879,349	457,610
Unvested PBRSUs	45,300	—
Shares issuable related to the ESPP	9,871	—
Shares issuable upon conversion of convertible notes	8,460,237	—
Total potential dilutive shares	13,098,695	4,886,260