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Net Loss Per Share
3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
The following table presents the basic and diluted net loss per share:
Three Months Ended
March 31, 2024March 31, 2023
(in thousands, except per share data)
Basic and Diluted Loss Per Share:
Net loss$(17,757)$(98,732)
Weighted-average common shares outstanding used to compute net loss per share
139,297 134,667 
Basic and diluted loss per share$(0.13)$(0.73)
The following weighted-average shares have been excluded from the calculation of diluted net loss per share attributable to common stockholders for each period presented because they are anti-dilutive:
Three Months Ended
March 31, 2024March 31, 2023
(in thousands)
Unvested restricted stock units2,558 1,738 
Options to purchase common stock1,572 1,742 
Unvested performance stock units241 135 
ESPP shares65 17 
Convertible Senior Notes3,210 6,026 
Total shares excluded from net loss per share7,646 9,658 

For the three months ended March 31, 2024 and 2023, the Company excluded outstanding performance stock units from the calculation of diluted net loss per share because they were anti-dilutive. As of March 31, 2024, the performance stock units granted during 2021, 2022, 2023, and 2024 had expected achievement levels of 0%, 80%, 93%, and 150%, respectively. As of March 31, 2023, the performance stock units granted in 2020, 2021, 2022, and 2023 had expected achievement levels of 94%, 0%,
54%, and 29%, respectively. Refer to Note 9—"Stock-Based Compensation" for additional information related to performance stock units.
For the three months ended March 31, 2024 and 2023, shares that would be issuable assuming conversion of all of the Convertible Senior Notes (as defined in Note 13) were excluded from the calculation of diluted loss per share because they were anti-dilutive. The Convertible Senior Notes have an initial conversion rate of 15.6539 shares of common stock per $1,000 principal amount of the Convertible Senior Notes, which will be subject to anti-dilution adjustments in certain circumstances. As of March 31, 2024 and 2023, the number of shares that would be issuable assuming conversion of all of the Convertible Senior Notes is approximately 3,210,098 and 5,474,952, respectively.