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Net Loss per Share | 6 Months Ended
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Jun. 30, 2022
Net Loss per Share |
Net Loss per Share | 12. Net Loss per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, excluding shares subject to repurchase and without consideration of potentially dilutive securities. Diluted net loss per share is computed by giving effect to all potentially dilutive common shares outstanding for the period. For purposes of this computation, outstanding common stock options, and restricted stock units are considered to be common share equivalents. Common share equivalents are excluded from the computation in periods in which they have an anti-dilutive effect, unless the consideration of any one of them gives a dilutive effect. The Convertible Notes are not convertible by the holders as of June 30, 2022. Upon conversion, the Company has the option to pay cash, issue shares of common stock, or any combination thereof for the aggregate amount due upon conversion. If converted, the principal value of the Convertible Notes would exceed the value based on contractual settlement provisions by $23.1 million as of June 30, 2022. Since the Company is in a net loss position in the periods presented, the shares which would be issued upon conversion of the Convertible Notes are excluded from the net loss per share calculation as it would have an antidilutive effect. As such, the 7.4 million shares underlying the conversion option of the Convertible Notes will not have an impact on the Company’s diluted earnings per share. If converted, the Company does not intend to settle the obligation in cash. The following table provides the basic and diluted net loss per share computations for three and six months ended June 30, 2022 and 2021. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
(in thousands, except per share data) |  | 2022 |  | 2021 | ​ | 2022 |  | 2021 |
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss, basic and diluted |  | $ | (145,151) |  | $ | (116,026) | ​ | $ | (283,746) |  | $ | (179,879) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average number of shares used in computing net loss per share, basic and diluted | ​ | ​ | 96,579 | ​ | ​ | 88,077 | ​ | ​ | 96,081 | ​ | ​ | 87,387 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss per share, basic and diluted | ​ | $ | (1.50) | ​ | $ | (1.32) | ​ | $ | (2.95) | ​ | $ | (2.06) | ​
​ The following table shows total outstanding potentially dilutive shares excluded from the computation of diluted loss per share as their effect would be anti-dilutive, as of June 30, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​
​ |  | 2022 |  | 2021 |
​ |  | (in thousands) | ​
Options to purchase common stock | ​ | 5,435 |  | 6,284 | ​
Performance-based awards and restricted stock units | ​ | 7,601 | ​ | 3,992 | ​
Employee stock purchase plan | ​ | 112 | ​ | 31 | ​
Convertible Notes | ​ | 7,411 | ​ | 7,411 | ​
Earnouts for development with acquired Canadian entity | ​ | 931 | ​ | — | ​
Total | ​ | 21,490 |  | 17,718 | ​
​

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