Net Loss per Share

12 Months Ended

Dec. 31, 2023

Net Loss per Share

Net Loss per Share

13.     Net Loss per Share

The Convertible Notes are convertible by the holders as of December 31, 2023. Upon conversion, the Company has the option to pay cash, issue shares of common stock, or any combination thereof for the aggregate amount due upon conversion. If converted, the value of the shares issued to settle the Convertible Notes would exceed the Convertible Note principal by $118.5 million based on the closing price of the Company’s common stock as of December 31, 2023. Since the Company is in a net loss position in the periods presented, the shares which would be issued upon conversion of the Convertible Notes are excluded from the net loss per share calculation as it would have an antidilutive effect. As such, the 7.4 million shares underlying the conversion option of the Convertible Notes have been excluded from the calculation of diluted earnings per share. If converted, the Company does not intend to settle the obligation in cash.

The following table shows the potentially dilutive common stock equivalents that were excluded from the computations of diluted net loss per share as their effect would be anti-dilutive, as of December 31, 2023, 2022, and 2021:

	December 31,
	2023	2022	2021
	(in thousands)
Options to purchase common stock	5,501	5,300	5,898
Performance-based awards and restricted stock units	9,248	6,836	3,988
Employee stock purchase plan	88	90	33
Convertible Note	7,411	7,411	7,411
Earnouts for development with acquired Canadian entity	—	361	353
	22,248	19,998	17,683