Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Basic net loss per common share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per common share is computed by dividing the net loss by the sum of the weighted-average number of common shares outstanding during the period plus any potential dilutive effects of common stock equivalents outstanding during the period calculated in accordance with the treasury stock method. For periods that the Company was in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common securities outstanding would have been anti-dilutive.

The following is a calculation of the basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net loss	$	(163,141)	$	(213,717)	$	(395,064)	$	(417,371)
Weighted-average shares outstanding, basic and diluted	138,930,173		136,653,753		138,287,533		136,058,223
Net loss per share, basic and diluted	$	(1.17)	$	(1.56)	$	(2.86)	$	(3.07)

Securities that could potentially dilute basic net loss per common share in the future that were not included in the computation of diluted net loss per common share because to do so would have been antidilutive for the periods presented were as follows:


	Three and Nine Months Ended September 30,
	2025	2024
Options issued and outstanding	8,808,357	10,489,446
Restricted shares subject to future vesting	5,984,554	4,777,368
Total	14,792,911	15,266,814