| Net Loss Per Share |
Basic and diluted net loss per share was calculated as follows for the three and nine months ended September 30, 2019 and 2018:
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
Basic net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (in thousands) |
|
$ |
(179,958 |
) |
|
$ |
(122,918 |
) |
|
$ |
(511,585 |
) |
|
$ |
(214,494 |
) |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common stock outstanding
—basic |
|
|
51,704,687 |
|
|
|
46,706,770 |
|
|
|
50,496,489 |
|
|
|
45,866,676 |
|
|
Dilutive effect of shares of common stock
equivalents resulting from common stock
options and restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Weighted average common stock outstanding
—diluted |
|
|
51,704,687 |
|
|
|
46,706,770 |
|
|
|
50,496,489 |
|
|
|
45,866,676 |
|
|
Net loss per share—basic and diluted |
|
$ |
(3.48 |
) |
|
$ |
(2.63 |
) |
|
$ |
(10.13 |
) |
|
$ |
(4.68 |
) |
The following common stock equivalents outstanding as of September 30, 2019 and 2018 were excluded from the calculation of diluted net loss per share for the periods presented because including them would have been anti-dilutive:
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
Stock options |
|
|
7,085,322 |
|
|
|
6,396,175 |
|
|
|
7,085,322 |
|
|
|
6,396,175 |
|
|
Restricted stock units |
|
|
— |
|
|
|
13,800 |
|
|
|
— |
|
|
|
13,800 |
|
|
Employee stock purchase plan |
|
|
10,900 |
|
|
|
6,481 |
|
|
|
10,900 |
|
|
|
6,481 |
|
|
|
|
|
7,096,222 |
|
|
|
6,416,456 |
|
|
|
7,096,222 |
|
|
|
6,416,456 |
|
Stock options and restricted stock units that are outstanding and contain performance-based vesting criteria for which the performance conditions have not been met are excluded from the calculation of common stock equivalents outstanding.
|