Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2024

3. Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share is calculated using the weighted-average number of common shares outstanding, plus potential dilutive common stock during the period. Diluted net loss per share is the same as basic net loss per share in the period when the effect of the potentially dilutive securities is anti-dilutive. The pre-funded warrants are included in both the basic and diluted EPS calculation.

The following table presents the calculation of basic and diluted net income (loss) per share:


	Year Ended December 31,
	2024		2023
Numerator:
Net income (loss)	$	31,869	$	(569	)

Denominator:
Basic
Weighted-average common shares outstanding		77,516,177		66,655,971
Weighted-average pre-funded warrants		6,923,126		7,152,266
Weighted-average common shares outstanding used to calculate basic net income (loss) per share		84,439,303		73,808,237
Diluted
Weighted-average common shares outstanding used to calculate basic net income (loss) per share		84,439,303		73,808,237
Effect of potentially dilutive securities:
Stock options, ESPP & RSUs		305,813		—
Weighted-average common shares outstanding used to calculate diluted net income (loss) per share		84,745,116		73,808,237

Net income (loss) per share, basic and diluted
Basic	$	0.38	$	(0.01	)
Diluted	$	0.38	$	(0.01	)

The following weighted-average outstanding shares of potentially dilutive securities are excluded from the computation of diluted net loss per share for the periods presented, because including them would have been anti-dilutive:


	Year Ended December 31,
	2024		2023
Options and ESPP to purchase common stock		14,452,982		13,805,472
Common stock warrants		11,538,462		5,675,167
RSUs		227,925		1,820,589
Total		26,219,369		21,301,228