Structure Therapeutics Inc. Earnings Per Share Disclosure
11. Net Loss Per Share
The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders, which excludes unvested restricted shares and shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except per share amounts):
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YEAR ENDED | |||||||||
DECEMBER 31, | |||||||||
2025 | | 2024 | | 2023 | |||||
Numerator: |
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Net loss | $ | (141,202) | $ | (122,526) | $ | (89,620) | |||
Denominator: |
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Weighted-average ordinary shares outstanding | 177,331 | 157,922 | 110,198 | ||||||
Add: weighted average of ordinary shares to be issued upon exercise of Pre-Funded Warrants | 265 | — | — | ||||||
Weighted average shares used to compute net loss per share, basic and diluted |
| 177,596 |
| 157,922 |
| 110,198 | |||
Net loss per share, basic and diluted | $ | (0.80) | $ | (0.78) | $ | (0.81) | |||
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have been antidilutive (in thousands):
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DECEMBER 31, | ||||||
2025 | | 2024 | | 2023 | ||
Options to purchase ordinary shares |
| 15,355 |
| 12,597 |
| 11,899 |
Unvested restricted share units | 4,292 | 1,051 | — | |||
Shares committed under ESPP | 344 | 217 | 106 | |||
Total |
| 19,991 |
| 13,865 |
| 12,005 |
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.