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Net Loss per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Net Loss per Share | 3. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock units (“RSUs”), shares issued pursuant to the Employee Stock Purchase Plan (“ESPP”), performance restricted stock units (“PSUs”), the Warrants (defined in Note 8), the Conversion Option of the 2022 Notes, and the Conversion Option of the 2025 Notes (the “Conversion Options”) (Note 8) are considered to be potential common stock equivalents. A reconciliation of the denominator used in the calculation of basic and diluted net loss per share is as follows:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net loss | $ | (5,463 | ) |  | $ | (31,411 | ) |  | $ | (162,691 | ) |  | $ | (97,113 | )
Weighted-average common shares outstanding — basic |  | 50,051 |  |  |  | 48,067 |  |  |  | 49,719 |  |  |  | 47,821 |
Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, PSUs, Warrants and the Conversion Options |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Weighted-average common shares, outstanding — diluted |  | 50,051 |  |  |  | 48,067 |  |  |  | 49,719 |  |  |  | 47,821 |
Net loss per share, basic and diluted | $ | (0.11 | ) |  | $ | (0.65 | ) |  | $ | (3.27 | ) |  | $ | (2.03 | )
Since the Company incurred net losses for each of the periods presented, diluted net loss per share is the same as basic net loss per share. All of the Company’s outstanding stock options, RSUs, PSUs, and shares issuable under the ESPP, as well as the Warrants and Conversion Options were excluded in the calculation of diluted net loss per share as the effect would be anti-dilutive. The Company uses the treasury stock method and the average market price per share during the period for calculating any potential dilutive effect of the Warrants. The average stock price for the three months ended September 30, 2023 was $522.44 and for the nine months ended September 30, 2023 was $452.38. The Company uses the if-converted method when calculating any potential dilutive effect of the Conversion Options, which assumes conversion of outstanding convertible securities at the beginning of the reporting period or date of issuance, if the convertible security was issued during the period. Because the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended September 30, 2023 was equal to or greater than 130% of the applicable conversion price of $282.52 on each applicable trading day, the 2025 Notes (defined in Note 8) are convertible at the option of the holders thereof during the calendar quarter ending December 31, 2023. As of November 3, 2023, the Company had no t received any material conversion notices. The following table contains all potentially dilutive common stock equivalents.
|  | As of September 30, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Options to purchase common shares |  |  | 485 |  |  |  | 522 |
RSUs |  |  | 2,020 |  |  |  | 1,601 |
Conversion Option of the 2022 Notes and Warrants |  |  | — |  |  |  | 844 |
Conversion Option of the 2025 Notes |  |  | 1,625 |  |  |  | 1,625 |
PSUs |  |  | — |  |  |  | — |
ESPP |  |  | — |  |  |  | 7 |

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