Basic and Diluted Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Basic Loss Per Share

The following table summarizes the distributable losses for the three and nine months ended September 30, 2019 and 2018 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net loss	$	(31,498	)	$	(63,591	)	$	(41,634	)	$	(155,264	)
Distributions to Ionis		—			—			(13,492	)		(7,792	)
Distributable losses	$	(31,498	)	$	(63,591	)	$	(55,126	)	$	(163,056	)

The following table summarizes the reconciliation of weighted-average shares outstanding used in the calculation of basic loss per share for the three and nine months ended September 30, 2019 and 2018:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Determination of shares:
Weighted-average common shares outstanding    owned by Ionis		70,221,338		65,538,467		69,680,886		57,346,539
Weighted-average common shares outstanding    owned by others		22,821,555		21,671,415		22,509,819		21,446,813
Total weighted-average shares outstanding		93,042,893		87,209,882		92,190,705		78,793,352

The following table summarizes the calculation of basic loss per share for the three and nine months ended September 30, 2019 and 2018 (in thousands, except per share and share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Losses allocated to Ionis	$	(23,772	)	$	(47,789	)	$	(41,666	)	$	(118,674	)
Plus: Distribution to Ionis		—			—			13,492			7,792
Losses available to Ionis	$	(23,772	)	$	(47,789	)	$	(28,174	)	$	(110,882	)
Weighted-average common shares outstanding    owned by Ionis		70,221,338			65,538,467			69,680,886			57,346,539
Basic loss per common share owned by Ionis	$	(0.34	)	$	(0.73	)	$	(0.40	)	$	(1.93	)
Losses allocated to common shares owned by    others	$	(7,726	)	$	(15,802	)	$	(13,460	)	$	(44,382	)
Weighted-average common shares outstanding    owned by others		22,821,555			21,671,415			22,509,819			21,446,813
Basic loss per common share owned by others	$	(0.34	)	$	(0.73	)	$	(0.60	)	$	(2.07	)