Net Loss per Share

6 Months Ended

Jun. 30, 2023

Net Loss per Share

Net Loss per Share

2. Net Loss per Share

Basic net loss per share is computed by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding for the period, excluding shares subject to repurchase and without consideration of potentially dilutive securities. Diluted net loss per share is computed by giving effect to all potentially dilutive ordinary shares outstanding for the period, which primarily consist of instruments issued and outstanding under the Company’s equity incentive and employee share purchase plans and shares issuable upon note conversion (for the 2022 periods only). Ordinary share equivalents are excluded from the computation in periods in which they have an anti-dilutive effect unless the consideration of any one of them gives a dilutive effect.

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2023		2022		2023		2022
Numerator:
Net loss from continuing operations	$	(15,645)	$	(22,793)	$	(37,733)	$	(63,052)
Net income from discontinued operations		—		14,602		—		28,915
Net loss	$	(15,645)	$	(8,191)		(37,733)		(34,137)
Denominator:
Weighted-average ordinary shares outstanding		56,682		76,270		59,791		75,761
Less: weighted-average ordinary shares subject to forfeiture		—		—		—		—
Weighted-average ordinary shares outstanding - basic and diluted		56,682		76,270		59,791		75,761
Net income (loss) per share:
Continuing operations - basic and diluted	$	(0.28)	$	(0.30)	$	(0.63)	$	(0.83)
Discontinued operations - basic and diluted	$	—	$	0.19	$	—	$	0.38
Net loss per share - basic and diluted	$	(0.28)	$	(0.11)	$	(0.63)	$	(0.45)

Anti-dilutive Securities

In accordance with Accounting Standards Codification (“ASC”) 260, Earnings Per Share, if a company incurred a loss related to its continuing operations, then potential ordinary shares are considered anti-dilutive for the periods in which the loss was recognized. For the three and six months ended June 30, 2023 and 2022, the Company recognized losses from continuing operations. As a result, the following ordinary equivalent shares were not included in the computation of diluted net loss per share for both continuing operations and discontinuing operations:

	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2023	2022	2023	2022
Share issuances under equity incentive plans and employee share purchase plan	3,693	5,660	4,114	6,239
Share issuances upon the conversion of convertible senior notes	—	6,676	—	6,676
Total	3,693	12,336	4,114	12,915