Net Income (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of 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,
	2021			2020			2021			2020
Numerator:
Net loss	$	(77,975	)	$	1,822		$	(226,538	)	$	(71,005	)
Denominator:
Weighted-average common shares outstanding		71,286,685			64,132,283			70,296,187			53,452,007
Less: weighted-average common shares subject to vesting		(1,176,547	)		(1,533,090	)		(1,305,897	)		(1,599,760	)
Weighted-average common shares used to compute basic net income (loss) per share		70,110,138			62,599,193			68,990,290			51,852,247
Dilutive effect of stock options		-			2,538,926			-			-
Dilutive effect of ESPP		-			7,588			-			-
Weighted-average common shares used to compute diluted net income (loss) per share		70,110,138			65,145,707			68,990,290			51,852,247
Net income (loss) per share: basic	$	(1.11	)	$	0.03		$	(3.28	)	$	(1.37	)
Net income (loss) per share: diluted	$	(1.11	)	$	0.03		$	(3.28	)	$	(1.37	)

Summary of Outstanding Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share

The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have been antidilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Common stock options issued and outstanding		12,625,226		1,518,386		12,625,226		7,841,220
Unvested restricted stock units		1,361,008		653,950		1,361,008		653,950
Employee Stock Purchase Plan shares		166,461		12,966		166,461		79,848
Unvested early exercised common stock options		39,142		-		39,142		240,977
Unvested restricted common stock issued as   part of collaboration agreement		-		1,257,651		-		1,257,651
Total		14,191,837		3,442,953		14,191,837		10,073,646