Net Loss Per Share

9 Months Ended

Sep. 30, 2021

9.	Net Loss Per Share

Basic and diluted net loss per share was calculated as follows for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Basic net loss per share:
Numerator:
Net loss (in thousands)	$	(130,171	)	$	(105,735	)	$	(333,180	)	$	(368,822	)
Denominator:
Weighted average common stock outstanding —basic		58,819,548			51,981,468			58,593,743			51,938,923
Dilutive effect of shares of common stock equivalents resulting from common stock options and restricted stock units		—			—			—			—
Weighted average common stock outstanding —diluted		58,819,548			51,981,468			58,593,743			51,938,923
Net loss per share—basic and diluted	$	(2.21	)	$	(2.03	)	$	(5.69	)	$	(7.10	)

The following common stock equivalents outstanding as of September 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Stock options		6,728,998		6,945,435		6,728,998		6,945,435
Restricted stock units		310,418		489,495		310,418		489,495
Employee stock purchase plan		15,437		16,396		15,437		16,396
		7,054,853		7,451,326		7,054,853		7,451,326

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.