Net loss per share

3 Months Ended

Mar. 31, 2024

Net loss per share

Net loss per share

12. Net loss per share

Basic loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period. For purposes of calculating net loss per share, weighted-average number of common shares outstanding includes the weighted average effect of the Pre-Funded Warrants issued in June 2023, the exercise of which requires little or no consideration for the delivery of shares of common stock. Diluted net loss per common share is calculated by increasing the denominator by the weighted-average number of additional shares that could have been outstanding from securities convertible into common stock, such as stock options, restricted stock units, and employee stock purchase plan shares (using the “treasury stock” method), and the 5.00% Convertible Senior Notes due 2048 (the “2018 Notes”), Series A Convertible Preferred Stock, and Series B Convertible Preferred Stock (using the “if-converted” method), unless their effect on net loss per share is anti-dilutive.

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:

	Three months ended March 31,
	2024	2023
Outstanding stock options	2,122,901	1,976,176
Outstanding restricted stock units	426,392	160,660
2018 Notes	—	3,489
Employee stock purchase plan	6,486	6,796
Series A Convertible Preferred Stock	833,333	833,333
Series B Convertible Preferred Stock	4,236,570	4,236,570
Total potentially dilutive securities	7,625,682	7,217,024