Net Loss Per Share

9 Months Ended

Sep. 30, 2021

17.

Net Loss Per Share

The following common stock equivalents were excluded from the computation of diluted net loss per share, because including them would have been antidilutive:


	As of September 30,
	2021		2020
Unvested RSAs		2,128,173		3,912,305
Unvested RSUs		1,645,381		1,234,269
Unvested market-based RSUs		—		55,614
Unvested performance-based RSUs		75,040		72,798
Unvested performance-based RSAs		—		22,611
Common stock options issued and outstanding		10,171,267		7,986,544
Estimated shares issuable under performance-based milestone compensation arrangements		4,600,340		—
Estimated shares issuable under the ESPP		21,482		18,240
Assumed conversion of 2027 Notes		12,878,305		12,878,305
Assumed conversion of 2029 Notes		7,702,988		—
		39,222,976		26,180,686

Our 2029 Notes and 2027 Notes are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election.

As discussed in Notes 8 and 15, we have performance-based milestone compensation arrangements, whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole election, upon achievement of each contingent milestone. The common stock equivalents of such arrangements were estimated as if the contingent milestones were achieved as of the reporting date and the arrangements were all settled in equity.