Net Loss Per Ordinary Share
Net loss per ordinary share was determined as follows (in thousands, except per share amounts):
Year Ended 
December 31,
202520242023
Numerator:
Net loss
$(244,092)$(122,310)$(147,028)
Denominator:
Weighted-average ordinary shares outstanding used in per share calculations
53,829 53,772 53,216 
Net loss per share:
Basic and diluted net loss per ordinary share
$(4.53)$(2.27)$(2.76)
Potentially issuable ordinary shares were not used in computing diluted net loss per ordinary share as their effect would be anti-dilutive due to the loss recorded during the years ended December 31, 2025, 2024 and 2023, and therefore diluted net loss per share is equal to basic net loss per share.

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,
 202520242023
Stock options to purchase ordinary shares10,289 11,107 9,866 
Restricted Stock Units (RSU)1,091 25 
Total11,380 11,113 9,891 

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2018Mar 15, 2019
2017Feb 26, 2018
2016Feb 27, 2017

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.