Net Loss per Share

3 Months Ended

Mar. 31, 2022

Note 9. Net Loss per Share

Basic net loss per share is calculated based on the weighted-average number of shares of the Company’s common stock during the period. Diluted net loss per share is calculated based on the weighted-average number of shares of the Company’s common stock and other dilutive securities outstanding during the period. Potentially dilutive securities are excluded from the calculation if their inclusion would have been antidilutive.

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 March 31,
	2022			2021
Numerator:
Net loss	$	(67,993	)	$	(72,593	)
Denominator:
Weighted-average common shares outstanding		71,194,778			68,476,799
Less: weighted-average common shares subject to vesting		-			(1,394,638	)
Weighted-average common shares used to compute basic and diluted net loss per share		71,194,778			67,082,161
Net loss per share: basic and diluted	$	(0.96	)	$	(1.08	)

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 March 31,
	2022		2021
Common stock options issued and outstanding		12,564,969		11,708,625
Restricted stock units issued		1,558,381		1,532,162
Employee Stock Purchase Plan shares		102,414		96,591
Unvested early exercised common stock options		-		111,094
Unvested restricted common stock issued as part of collaboration agreement		-		1,257,651
Total		14,225,764		14,706,123

The Company also excluded the effect of Gilead’s right to purchase additional shares of the Company’s common stock from its calculation as these rights had no intrinsic value at March 31, 2022.