Net Loss Per Share
Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows (in thousands, except share and per share amounts):
Year Ended December 31,
20252024
Numerator
Net loss$(287,528)$(220,662)
Net Loss Attributable to Ordinary Shareholders - Basic and Diluted$(287,528)$(220,662)
Denominator
Weighted-average number of ordinary shares used in net loss per share - basic and diluted266,138,224 255,161,038 
Net Loss Per Share - Basic and Diluted$(1.08)$(0.86)
For all periods presented, outstanding but unvested RSUs, share options and warrants have been excluded from the calculation, because their effects would be anti-dilutive. Therefore, the weighted average number of ordinary shares used to calculate both basic and diluted loss per share are the same for all periods presented.
The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:
December 31,
20252024
Unvested restricted stock units
92,500 32,412 
Outstanding share options
31,130,935 20,754,316 
Warrants3,265,306 3,265,306 
Total34,488,741 24,052,034 

Historical Timeline

Fiscal YearFiled
2025Mar 27, 2026Showing above
2024Mar 20, 2025
2023Mar 21, 2024

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.