Net Loss per Share and Anti-dilutive Securities

3 Months Ended

Mar. 31, 2024

Net Loss per Share and Anti-dilutive Securities

Net Loss per Share and Anti-dilutive Securities

2. Net Loss per Share and Anti-dilutive Securities

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares outstanding during the period. Diluted net loss per share is computed by increasing the weighted-average number of shares outstanding for the dilutive effect of potential ordinary shares determined using the treasury stock method. Potential ordinary shares include outstanding share options, ordinary shares expected to be issued under the Company’s employee share purchase plan (“ESPP”), restricted share units (“RSUs”), and performance-contingent RSUs for which the performance or market vesting conditions have been deemed probable. Performance-contingent RSUs with performance or market vesting conditions that have been deemed not probable as of the end of the period are not included in the diluted net loss per share computation.

	Three Months Ended March 31,
(In thousands, except per share data)	2024		2023
Numerator:
Net loss	$	(11,664)	$	(22,088)
Denominator:
Weighted-average ordinary shares outstanding		48,283		62,934
Less: weighted-average ordinary shares subject to forfeiture		—		—
Weighted-average ordinary shares outstanding - basic and diluted		48,283		62,934
Net loss per share - basic and diluted	$	(0.24)	$	(0.35)

In accordance with Accounting Standards Codification (“ASC”) 260, Earnings Per Share, if a company incurred a net loss, then potential ordinary shares are considered anti-dilutive for the periods in which the net loss was recognized. As a result, the following potential ordinary shares were not included in the computation of diluted net loss per share because including them would have had an anti-dilutive effect:

	Three Months Ended March 31,
(In thousands)	2024	2023
Options	2,304	2,467
Restricted share units and performance-contingent RSUs deemed probable	848	1,775
Employee share purchase plan	109	47
Total	3,261	4,289