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)	2026		2025		2026		2025
Net loss	$	(16,565)	$	(56,646)	$	(49,533)	$	(95,248)
Weighted average number of shares outstanding	155,016,023		113,743,358		154,581,598		110,490,935
Basic and diluted loss per share	$	(0.11)	$	(0.50)	$	(0.32)	$	(0.86)

For the three and six months ended June 30, 2026 and 2025, basic and diluted loss per share are calculated on the weighted average number of shares issued and outstanding, and also considers in the calculation the Company’s outstanding Pre-funded warrants, which were 27,743,685 and 23,897,532 as of June 30, 2026 and 2025, respectively. The calculation excludes shares to be issued under the Share-based Compensation Plans, the Company’s warrants issued in connection with the senior secured term loan facility and the Company’s HCR warrants and shares to be issued under the 2022 ESPP as the effect of including those shares would be anti-dilutive. See Note 6, “Senior secured term loan facility and warrants,” Note 7, “Deferred royalty obligation and warrants” and Note 13, “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:


	As of June 30,
	2026	2025
2019 Equity Incentive Plan - Share Options	8,720,930	9,869,002
Inducement Plan - Share Options	1,270,471	776,100
2019 Equity Incentive Plan - RSUs	8,297,993	3,131,764
Conditional Share Capital Plan - RSUs	3,093,194	4,270,904
Outstanding warrants	10,362,071	527,295
2022 ESPP	224,834	—
	31,969,493	18,575,065