Net Loss Per Share

3 Months Ended

Mar. 31, 2025

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 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 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 Employee Share Purchase Plan (“ESPP”).

The dilutive effect of the stock options, restricted share awards, 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 is as follows:


	Three Months Ended March 31,
Net Loss Per Share:	2025		2024

Net loss	$	(4,920)	$	(27,342)



Weighted average shares:
Basic shares	96,601		91,693
Effect of dilutive securities—employee and director equity awards outstanding and preferred shares	—		—

Diluted shares	96,601		91,693

Net loss per share - basic	$	(0.05)	$	(0.30)
Net loss per share - diluted	$	(0.05)	$	(0.30)

Potential ordinary shares of 5,179 and 867 were excluded from the calculation of weighted average shares for the three months ended March 31, 2025 and 2024, respectively, because their effect was considered to be anti-dilutive or they were related to shares from performance share unit awards for which the contingent vesting condition had not been achieved. For the three months ended March 31, 2025 and 2024, 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.