v3.25.4

Net Loss Per Share | 12 Months Ended
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Dec. 31, 2025
Earnings Per Share [Abstract] |
Net Loss Per Share | Net Loss Per Share The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Numerator: |  |  |  |  |
Net loss | $ | (295,275) |  |  | $ | (345,065) |  |  | $ | (442,746) |
Denominator: |  |  |  |  |
Weighted-average shares used to compute net loss per share, basic and diluted | 343,800 |  | 321,863 |  | 300,727
Net loss per share, basic and diluted | $ | (0.86) |  |  | $ | (1.07) |  |  | $ | (1.47) |
The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to the Company’s Class A and Class B common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands):
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Stock options | 15,118 |  | 23,166 |  | 31,135
Unvested restricted common stock and early exercised stock options | 265 |  | 406 |  | 135
RSUs | 18,436 |  | 20,556 |  | 23,692
ESPP | 1,840 |  | 1,376 |  | 870
Shares issuable upon conversion of the 2027 Notes | 10,993 |  | 10,993 |  | 10,993
Total | 46,652 |  | 56,497 |  | 66,825
The Company calculates the potential dilutive effect of its 2027 Notes under the if-converted method. Under this method, diluted net loss per share is determined by assuming that all of the 2027 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period. In connection with the issuance of the 2027 Notes, the Company entered into Capped Calls, which are not included for purposes of calculating the number of diluted weighted-average shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2027 Notes.

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