The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net loss	$	(295,275)	$	(345,065)	$	(442,746)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted	343,800		321,863		300,727
Net loss per share, basic and diluted	$	(0.86)	$	(1.07)	$	(1.47)

The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to the Company’s Class A and Class B common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands):


	December 31, 2025	December 31, 2024	December 31, 2023
Stock options	15,118	23,166	31,135
Unvested restricted common stock and early exercised stock options	265	406	135
RSUs	18,436	20,556	23,692
ESPP	1,840	1,376	870
Shares issuable upon conversion of the 2027 Notes	10,993	10,993	10,993
Total	46,652	56,497	66,825

The Company calculates the potential dilutive effect of its 2027 Notes under the if-converted method. Under this method, diluted net loss per share is determined by assuming that all of the 2027 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period.

In connection with the issuance of the 2027 Notes, the Company entered into Capped Calls, which are not included for purposes of calculating the number of diluted weighted-average shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2027 Notes.