Net Loss per Share

6 Months Ended

Jun. 30, 2022

Note 10. 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 June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(66,632	)	$	(75,970	)	$	(134,625	)	$	(148,563	)
Denominator:
Weighted-average common shares outstanding		71,814,232			71,094,199			71,506,216			69,792,730
Less: weighted-average common shares subject to vesting		-			(1,348,902	)		-			(1,371,644	)
Weighted-average common shares used to compute basic and diluted net loss per share		71,814,232			69,745,297			71,506,216			68,421,086
Net loss per share: basic and diluted	$	(0.93	)	$	(1.09	)	$	(1.88	)	$	(2.17	)

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


	As of June 30,
	2022		2021
Common stock options issued and outstanding		12,404,112		12,508,782
Restricted stock units issued		1,397,281		1,330,120
Employee Stock Purchase Plan shares		135,040		169,326
Unvested early exercised common stock options		-		73,618
Unvested restricted common stock issued as part of collaboration agreement		-		1,257,651
Total		13,936,433		15,339,497

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 June 30, 2022.