The basic loss per share is calculated by dividing the net loss attributable to shareholders by the weighted average number of shares in issue during the period, excluding common shares owned by the Company and held as treasury shares, as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share and per share amounts)	2025		2024		2025		2024
Net loss	$	(56,646)	$	(36,544)	$	(95,248)	$	(83,150)
Weighted average number of shares outstanding	113,743,358		95,691,245		110,490,935		89,121,783
Basic and diluted loss per share	$	(0.50)	$	(0.38)	$	(0.86)	$	(0.93)

For the three and six months ended June 30, 2025 and 2024, basic and diluted loss per share are calculated on the weighted average number of shares issued and outstanding and also include the Pre-funded warrants issued in connection with the 2024 Equity Offering and the 2025 Private Placement. The calculation excludes shares to be issued under the Share-based Compensation Plans, the Company’s Deerfield warrants and shares to be issued under the 2022 ESPP as the effect of including those shares would be anti-dilutive. See Note 8, “Senior secured term loan facility,” Note 9, “Deerfield warrants”, and Note 17, “Share-based compensation,” for further information.

Potentially dilutive securities that were not included in the diluted per share calculations because the effect of including them would be anti-dilutive were as follows:


	Six Months Ended June 30,
	2025	2024
2019 Equity Incentive Plan - Share Options	9,869,002	9,269,223
Inducement Plan - Share Options	776,100	688,800
2019 Equity Incentive Plan - RSUs	3,131,764	623,335
Conditional Share Capital Plan - RSUs	4,270,904	5,166,541
Outstanding warrants	527,295	4,940,135

	18,575,065	20,688,034