Net Loss Per Share

6 Months Ended

Jun. 30, 2021

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, 2021 and 2020:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Basic net loss per share:
Numerator:
Net loss (in thousands)	$	(107,245	)	$	(136,347	)	$	(203,009	)	$	(263,087	)
Denominator:
Weighted average common stock outstanding —basic		58,582,569			51,926,074			58,478,970			51,917,417
Dilutive effect of shares of common stock equivalents resulting from common stock options and restricted stock units		—			—			—			—
Weighted average common stock outstanding —diluted		58,582,569			51,926,074			58,478,970			51,917,417
Net loss per share—basic and diluted	$	(1.83	)	$	(2.63	)	$	(3.47	)	$	(5.07	)

The following common stock equivalents outstanding as of June 30, 2021 and 2020 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,
	2021		2020		2021		2020
Stock options		7,048,814		7,172,273		7,048,814		7,172,273
Restricted stock units		333,220		523,870		333,220		523,870
Employee stock purchase plan		28,687		39,290		28,687		39,290
		7,410,721		7,735,433		7,410,721		7,735,433

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.