Net Loss per Share

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(64,919	)	$	(77,975	)	$	(199,544	)	$	(226,538	)
Denominator:
Weighted-average common shares outstanding		72,236,283			71,286,685			71,752,246			70,296,187
Less: weighted-average common shares subject to vesting		-			(1,176,547	)		-			(1,305,897	)
Weighted-average common shares used to compute basic and diluted net loss per share		72,236,283			70,110,138			71,752,246			68,990,290
Net loss per share: basic and diluted	$	(0.90	)	$	(1.11	)	$	(2.78	)	$	(3.28	)

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 September 30,
	2022		2021
Common stock options issued and outstanding		12,221,549		12,625,226
Restricted stock units issued		1,420,753		1,361,008
Employee Stock Purchase Plan shares		130,149		166,461
Unvested early exercised common stock options		-		39,142
Total		13,772,451		14,191,837

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 September 30, 2022.