Net Loss Per Share

12 Months Ended

Dec. 31, 2023

Basic net loss per share is calculated by dividing net loss by the weighted average number of shares outstanding during each period. Diluted net loss per share is calculated by dividing net loss - diluted by the diluted number of shares outstanding during each period. Except where the result would be anti-dilutive to net loss, diluted net loss per share would be calculated assuming the impact of the conversion of the February 2023 Notes and the October 2023 Notes (together, the “2023 Notes”), the conversion of the Company’s preferred shares, the exercise of outstanding equity compensation awards, and ordinary shares expected to be issued under the Company’s ESPP.

The Company had a choice to settle the conversion obligations under the 2023 Notes in cash, shares or any combination of the two. The Company utilized the if-converted method to reflect the impact of the conversion of the 2023 Notes, unless the result was anti-dilutive. This method assumed the conversion of the 2023 Notes into shares of the Company’s ordinary shares and reflected the elimination of the interest expense related to the 2023 Notes.

The dilutive effect of the stock options, restricted stock units, preferred shares and ordinary shares expected to be issued under the Company’s ESPP has been calculated using the treasury stock method.

A reconciliation of basic and diluted net loss per share, together with the related shares outstanding in thousands for the years ended December 31, 2023, 2022 and 2021, is as follows:


Net Loss Per Share:	2023		2022		2021

Net loss	$	(160,276)	$	(137,464)	$	(77,329)

Weighted average shares:
Basic shares	80,174		60,094		58,535
Effect of dilutive securities—employee and director equity awards outstanding	—		—		—
Diluted shares	80,174		60,094		58,535

Net loss per share - basic	$	(2.00)	$	(2.29)	$	(1.32)
Net loss per share - diluted	$	(2.00)	$	(2.29)	$	(1.32)

Potential ordinary shares of 513, 17,941, 15,327 and were excluded from the calculation of weighted average shares for the years ended December 31, 2023, 2022 and 2021 respectively, because either their effect was considered to be anti-dilutive or they were related to shares from PSUs for which the contingent vesting condition had not been achieved. For the years ended December 31, 2023, 2022 and 2021, the effects of dilutive securities were entirely excluded from the calculation of net loss per share as a net loss was reported in these periods.