Net Loss per Share

6 Months Ended

Jun. 30, 2024

NET INCOME (LOSS) PER SHARE

Basic and diluted net income (loss) per share was calculated as follow:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share and per share data)	2024		2023		2024		2023
Numerator:


Net income (loss)	$	90,833	$	(55,712)	$	39,067	$	(79,732)
Denominator:
Weighted average shares of common stock outstanding—basic	200,440,473		168,737,764		200,216,035		157,415,524
Net income (loss) per share— basic	$	0.45	$	(0.33)	$	0.20	$	(0.51)
Effective of dilutive securities
Time-based restricted stock units	244,804		—		163,072		—

Employee stock purchase plan	116,034		—		76,776		—
Dilutive potential common shares	360,838		—		239,848		—
Weighted average shares of common stock outstanding—diluted	200,801,311		168,737,764		200,455,883		157,415,524
Net income (loss) per share— diluted	$	0.45	$	(0.33)	$	0.19	$	(0.51)

Basic and diluted weighted average shares of common stock outstanding for the three and six months ended June 30, 2024 and June 30, 2023 include the weighted average effect of outstanding pre-funded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $0.01 or less per share. The Company’s potentially dilutive securities include outstanding stock options, unvested restricted stock units and warrants to purchase shares of common stock for the three and six months ended June 30, 2024 and 2023. For the three and six month periods ended June 30, 2023, during which the Company recorded a net loss, all potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share, and thus they are considered “anti-dilutive.” For these periods, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share of common stock is the same. For the three and six month ended June 30, 2024, the Company reported net income. For these periods, the dilutive effect of outstanding stock options, restricted stock units and warrants were calculated using the treasury stock method, whereby all such awards were assumed to be exercised at the beginning of the period. The hypothetical proceeds from such exercises, including the average unrecognized stock compensation expense for outstanding stock options and restricted stock units, were assumed to be used to purchase outstanding common stock at the average price during the period. The net share impact of dilutive securities was added to the weighted average basic common shares outstanding to calculate weighted average diluted shares outstanding.

The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Options to purchase shares of common stock	9,906,298	3,583,186	9,906,298	3,583,186
Unvested restricted stock units	7,800,805	5,859,232	7,800,805	5,859,232
Warrants to purchase shares of common stock (excluding prefunded warrants, which are included in basic shares outstanding)	76,378,805	80,246,459	76,378,805	80,246,459
	94,085,908	89,688,877	94,085,908	89,688,877