Net Loss Per Share

6 Months Ended

Jun. 30, 2023

The following table shows the calculation of basic and diluted net loss per share for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Basic net loss per share:
Numerator:
Net loss (in thousands)	$	(160,325	)	$	(126,260	)	$	(307,153	)	$	(248,315	)
Denominator:
Weighted average common stock outstanding —basic		59,769,640			59,266,322			59,722,147			59,148,246
Dilutive effect of shares of common stock equivalents resulting from common stock options and restricted stock units		—			—			—			—
Weighted average common stock outstanding —diluted		59,769,640			59,266,322			59,722,147			59,148,246
Net loss per share—basic and diluted	$	(2.68	)	$	(2.13	)	$	(5.14	)	$	(4.20	)

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 June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock options		7,851,925		6,999,816		7,851,925		6,999,816
Restricted stock units		445,421		243,159		445,421		243,159
Employee stock purchase plan		87,938		33,614		87,938		33,614
		8,385,284		7,276,589		8,385,284		7,276,589

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.