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BASIC AND DILUTED NET (LOSS) INCOME PER SHARE
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
BASIC AND DILUTED NET (LOSS) INCOME PER SHARE BASIC AND DILUTED NET (LOSS) INCOME PER SHARE
Basic net (loss) income per share has been computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is calculated by dividing net (loss) income by the weighted-average number of shares of common stock plus potentially dilutive securities outstanding during the period. Potential shares of common stock exercisable for little or no consideration are included in both basic and diluted weighted-average number of shares of common stock outstanding. During the three months ended March 31, 2024, both basic and diluted weighted-average number of shares outstanding included 251,177 shares from pre-funded warrants to purchase 3,809,523 shares of common stock with an exercise price of $0.01 per share.
The components of basic and diluted net (loss) income per share are as follows (in thousands, except per share amounts):
Three Months Ended
March 31,
20242023
Numerator:
Net (loss) income$(49,089)$21,133 
Denominator:
Basic:
Weighted average number of common shares outstanding - basic180,342 168,533 
Diluted:
Weighted average number of common shares outstanding - basic180,342 168,533 
Dilutive effect of restricted stock units— 300 
Dilutive effect of common stock pursuant to employee stock purchase plan— 348 
Weighted average number of common shares outstanding - diluted180,342 169,181 
Net (loss) income per share:
Basic$(0.27)$0.13 
Diluted$(0.27)$0.12 
Warrants to purchase shares of common stock with the exercise price of $1.00 per share entitle holders to participate in dividends but are not required to absorb losses incurred and as a result were excluded from basic net loss per share calculations during the three months ended March 31, 2024. The computation of diluted net loss per share for the three months ended March 31, 2024 excluded 55.6 million shares subject to stock options, restricted stock units outstanding, warrants to purchase common stock, and the employee stock purchase plan shares reserved for issuance because their inclusion would have had an anti-dilutive effect on diluted net loss per share. The computation of diluted net income per share for the three months ended March 31, 2023 excluded 14.7 million shares subject to stock options because their inclusion would have had an anti-dilutive effect on diluted net income per share.