Net Income/Loss Per Share

9 Months Ended

Sep. 30, 2024

Note 10. Net Income/Loss Per Share

Basic net income/loss per common share is calculated by dividing the net income/loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net income/loss per share is computed by dividing the net income/loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net income/loss per share calculation, incentive stock options, restricted stock units, preferred stock and warrants are considered to be potentially dilutive securities and are excluded from the calculation of diluted net income/loss per share because their effect would be anti-dilutive. Basic weighted average shares outstanding for the three and nine months ended September 30, 2024 and 2023 include 12,342,786 and 6,429,270, reflectively, shares underlying pre-funded warrants to purchase common shares. As the shares underlying these pre-funded warrants can be issued for little consideration (an exercise price per share equal to $0.001 per share), these shares are deemed to be issued for purposes of basic earnings per share.


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
(In thousands, except share and per share data)				(As Restated)						(As Restated)
Net income (loss)	$	76,971		$	(9,906	)	$	8,433		$	(86,438	)
Undistributed earnings allocated to participating securities		(22,542	)		—			(2,882	)		—
Net income (loss) attributable to common shares - basic		54,429			(9,906	)		5,551			(86,438	)
Allocated undistributed earnings allocated to participating securities		22,542			—			2,882			—
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds, net of tax		(94,475	)		—			(69,519	)		—
Net loss attributable to common shares, basic	$	(17,504	)	$	(9,906	)	$	(61,086	)	$	(86,438	)

Basic weighted-average common shares outstanding		51,945,920			29,974,400			41,443,049			22,813,085
Potentially dilutive common shares:
Common stock warrants		3,532,422			—			1,663,697			—
Weighted-average number of common shares outstanding, diluted		55,478,342			29,974,400			43,106,746			22,813,085

Basic net income (loss) per common share	$	1.05		$	(0.33	)	$	0.13		$	(3.79	)
Diluted net loss per common share	$	(0.32	)	$	(0.33	)	$	(1.42	)	$	(3.79	)

The computation of diluted earnings per share excludes incentive stock options, restricted stock units, preferred stock and warrants that are anti-dilutive. The following table provides a summary as of September 30, 2024 and 2023 of common share equivalents that were excluded because their inclusion would have been anti-dilutive.


	For the Nine Months Ended September 30,
	2024		2023

Preferred Stock		6,361,567		6,361,567
Stock options outstanding and other equity awards		16,543,376		15,238,434
Common and preferred warrants outstanding		18,567,751		18,577,332
Total		41,472,694		40,177,333