Net Loss Per Share

3 Months Ended

Mar. 31, 2023

The following table shows the calculation of basic and diluted net loss per share for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023			2022
Basic net loss per share:
Numerator:
Net loss (in thousands)	$	(146,828	)	$	(122,055	)
Denominator:
Weighted average common stock outstanding —basic		59,674,127			59,028,858
Dilutive effect of shares of common stock equivalents resulting from common stock options and restricted stock units		—			—
Weighted average common stock outstanding —diluted		59,674,127			59,028,858
Net loss per share—basic and diluted	$	(2.46	)	$	(2.07	)

The following table summarizes common stock equivalents outstanding that were excluded from the calculation of diluted net loss per share because including them would have been anti-dilutive as of March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023		2022
Stock options		7,733,310		6,932,438
Restricted stock units		470,891		541,913
Employee stock purchase plan		46,846		26,323
		8,251,047		7,500,674

Stock options and restricted stock units that are outstanding and contain performance-based vesting criteria for which the performance conditions have not been met are excluded from the calculation of common stock equivalents outstanding.