Net Loss Per Share

3 Months Ended

Mar. 31, 2020

9.	Net Loss Per Share

Basic and diluted net loss per share was calculated as follows for the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020			2019
Basic net loss per share:
Numerator:
Net loss (in thousands)	$	(126,740	)	$	(163,406	)
Denominator:
Weighted average common stock outstanding —basic		51,908,760			48,491,834
Dilutive effect of shares of common stock equivalents resulting from common stock options and restricted stock units		—			—
Weighted average common stock outstanding —diluted		51,908,760			48,491,834
Net loss per share—basic and diluted	$	(2.44	)	$	(3.37	)

The following common stock equivalents outstanding as of March 31, 2020 and 2019 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 March 31,
	2020		2019
Stock options		8,154,363		7,536,593
Employee stock purchase plan		26,356		19,640
		8,180,719		7,556,233

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.