Net Loss Per Share

6 Months Ended

Jun. 30, 2019

9.	Net Loss Per Share

Basic and diluted net loss per share was calculated as follows for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Basic net loss per share:
Numerator:
Net loss (in thousands)	$	(168,221	)	$	(16,978	)	$	(331,627	)	$	(91,576	)
Denominator:
Weighted average common stock outstanding - basic		51,257,640			46,541,716			49,882,377			45,439,666
Dilutive effect of shares of common stock equivalents resulting from common stock options and restricted stock units		—			—			—			—
Weighted average common stock outstanding - diluted		51,257,640			46,541,716			49,882,377			45,439,666
Net loss per share—basic and diluted	$	(3.28	)	$	(0.36	)	$	(6.65	)	$	(2.02	)

The following common stock equivalents outstanding as of June 30, 2019 and 2018 were excluded from the calculation of diluted net loss per share for the periods presented because including them would have been anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Stock options		7,362,768		6,207,172		7,362,768		6,207,172
Restricted stock units		—		13,950		—		13,950
Employee stock purchase plan		39,006		8,004		39,006		8,004
		7,401,774		6,229,126		7,401,774		6,229,126

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.