Loss Per Share

3 Months Ended

Mar. 31, 2026

11. Loss Per Share

The Company calculates basic loss per share by dividing net loss for each respective period by the weighted average number of common shares outstanding for each respective period. The Company computes diluted loss per share after giving consideration to the dilutive effect of stock options and unvested restricted stock units that are outstanding during the period, except where such securities would be anti-dilutive.

Basic and diluted loss per share was calculated as follows:


	Three Months Ended March 31,
	2026			2025
	(In thousands)
Net loss	$	(96,231	)	$	(114,329	)
Weighted average shares outstanding, basic and diluted		118,490			103,500
Net loss per share, basic and diluted	$	(0.81	)	$	(1.10	)

The following common stock equivalents were excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive:


	Three Months Ended March 31,
	2026	2025
	(In thousands)
Unvested restricted stock units	6,290	5,525
Stock options	5,634	5,903
	11,924	11,428