Net Loss Per Ordinary Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Net Loss Per Ordinary Share

Net Loss Per Ordinary Share

Basic net loss per ordinary share is calculated by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. Shares used in diluted net loss per ordinary share would include the dilutive effect of ordinary shares potentially issuable upon the exercise of stock options outstanding. However, potentially issuable ordinary shares are not used in computing diluted net loss per ordinary share as their effect would be anti-dilutive due to the loss recorded during the periods presented and therefore diluted net loss per ordinary share is equal to basic net loss per ordinary share.

Prior to the Separation and Distribution, the Company operated as part of Elan and not as a separate entity. As a result, the Company did not have any ordinary shares outstanding prior to December 21, 2012. The calculation of basic and diluted net loss per ordinary share assumes that the 14,496,929 ordinary shares issued to Elan shareholders in connection with the separation from Elan were outstanding for the year ended December 31, 2012 and that the 3,182,253 ordinary shares issued to Elan upon separation have been outstanding since December 20, 2012.

Net loss per ordinary share was determined as follows (in thousands, except per share amounts):

	Year Ended December 31,
	2014			2013			2012
Numerator:
Net loss	$	(7,150	)	$	(40,996	)	$	(41,411	)
Denominator:
Weighted-average ordinary shares outstanding	24,672			18,615			14,593
Net income (loss) per share attributable to holders of ordinary shares:
Basic and diluted net loss per share	$	(0.29	)	$	(2.20	)	$	(2.84	)

The equivalent ordinary shares not included in diluted net loss per share because their effect would be anti-dilutive are as follows (in thousands):

	Year Ended December 31,
	2014	2013	2012
Stock options to purchase ordinary shares	2,612	1,974	1,005