Net Loss Per Common Share

12 Months Ended

Dec. 31, 2023

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. Pre-Funded Warrants are included in the weighted-average number of common shares outstanding during the periods. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, warrants for common stock, stock options, PBSOs, unvested RSUs and 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:


	December 31, 2023	December 31, 2022
Common shares under option	3,686,191	3,842,737
Unvested RSUs	3,047,888	1,768,185
Shares issuable related to the ESPP	—	27,558
Unvested PBRSUs	160,275	461,250
Common shares under PBSOs	661,850	499,200
Shares issuable upon conversion of convertible notes	8,007,010	8,007,010
Warrants for common stock	36,344,212	36,964,286
Total potential dilutive shares	51,907,426	51,570,226