Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2023

Net Income (Loss) per Share

Net Income (Loss) per Share

2. Net Income (Loss) per Share

Basic net income (loss) per share is computed by dividing the net income (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 income (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. 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				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share data)	2023		2022		2023		2022
Numerator:
Net loss from continuing operations	$	(8,950)	$	(16,023)	$	(46,683)	$	(78,568)
Net income from discontinued operations		—		932,654		—		961,062
Net income (loss)	$	(8,950)	$	916,631		(46,683)		882,494
Denominator:
Weighted-average ordinary shares outstanding		52,361		75,515		57,287		75,678
Less: weighted-average ordinary shares subject to forfeiture		—		—		—		—
Weighted-average ordinary shares outstanding - basic and diluted		52,361		75,515		57,287		75,678
Net income (loss) per share:
Continuing operations - basic and diluted	$	(0.17)	$	(0.21)	$	(0.81)	$	(1.04)
Discontinued operations - basic and diluted	$	—	$	12.35	$	—	$	12.70
Net income (loss) per share - basic and diluted	$	(0.17)	$	12.14	$	(0.81)	$	11.66

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 nine months ended September 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		Nine Months Ended
	September 30,		September 30,
(In thousands)	2023	2022	2023	2022
Share issuances under equity incentive plans and employee share purchase plan	3,459	5,036	3,972	7,137