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Summary of Significant Accounting Policies (Policies) | 6 Months Ended
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Jun. 30, 2023
Accounting Policies [Abstract] |
Allowance for Credit Losses | Allowance for Credit Losses The Company reviews its held-to-maturity investments for credit losses on a collective basis by major security type and in line with the Company's investment policy. As of June 30, 2023, the Company's held-to-maturity investments were in securities that are issued by the U.S. government and in corporate bonds, are highly rated, and have a history of zero credit losses. The Company reviews the credit quality of its accounts receivables by monitoring the aging of its accounts receivable, the history of write offs for uncollectible accounts, and the credit quality of its significant customers, the current economic environment/macroeconomic trends, supportable forecasts, and other relevant factors. The Company's accounts receivable are with customers that do not have a history of uncollectibility nor a history of significantly aged accounts receivables. As of June 30, 2023, the Company did no t recognize a credit loss allowance for its investments or accounts receivable.
Basic and Diluted Net Income (Loss) per Share of Common Stock | Basic and Diluted Net Income (Loss) per Share of Common Stock The Company calculates net income (loss) per common share in accordance with ASC 260, Earnings Per Share. Basic net income (loss) per common share for the three and six months ended June 30, 2023 and 2022 was determined by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding during the period. Per ASC 260, Earnings Per Share, the weighted average number of common shares outstanding utilized for determining the basic net income (loss) per common share for the three and six months ended June 30, 2023 includes the outstanding pre-funded warrants to purchase 7,516,267 and 3,200,000 shares of common stock issued in the April 2022 public offering and December 2020 public offering, respectively. The outstanding pre-funded warrants to purchase 11,666,667 and 3,200,000 shares of common stock issued in the April 2022 public offering and December 2020 public offering were included in the three and six months ended June 30, 2022, respectively. Diluted net income (loss) per common share for the three and six months ended June 30, 2023 and 2022 was determined as follows (in thousands, except share and per share amounts):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net income (loss) | $ | 122,260 |  |  | $ | (13,345 | ) |  | $ | 88,384 |  |  | $ | (18,796 | )
Dilutive effect of convertible debt |  | 433 |  |  |  | — |  |  |  | 1,047 |  |  |  | — |
Net income (loss) allocated to common shares | $ | 122,693 |  |  | $ | (13,345 | ) |  | $ | 89,431 |  |  | $ | (18,796 | )
Weighted average common shares outstanding – basic |  | 47,837,393 |  |  |  | 43,285,232 |  |  |  | 47,797,731 |  |  |  | 37,647,535 |
Dilutive effect of convertible debt |  | 1,138,200 |  |  |  | — |  |  |  | 1,138,200 |  |  |  | — |
Dilutive effect of restricted stock units |  | 947,768 |  |  |  | — |  |  |  | 230,320 |  |  |  | — |
Weighted average common shares outstanding – diluted |  | 49,923,361 |  |  |  | 43,285,232 |  |  |  | 49,166,251 |  |  |  | 37,647,535 |
Net income (loss) per share – diluted | $ | 2.46 |  |  | $ | (0.31 | ) |  | $ | 1.82 |  |  | $ | (0.50 | )
The following potentially dilutive shares of common stock and common shares that contain certain performance contingencies have not been included in the computation of diluted net income (loss) per share for the three and six months ended June 30, 2023 and 2022, as the result would be anti-dilutive:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Outstanding stock options |  | 1,970,536 |  |  |  | 2,129,002 |  |  |  | 1,970,536 |  |  |  | 2,129,002 |
Outstanding restricted stock units |  | 400,000 |  |  |  | 1,024,929 |  |  |  | 400,000 |  |  |  | 1,024,929 |
Warrants to purchase common stock associated with March 2018 public offering – Series 2 |  | — |  |  |  | 798,810 |  |  |  | — |  |  |  | 798,810 |
Warrants to purchase common stock associated with December 2020 public offering - Series 2 |  | 6,800,000 |  |  |  | 6,800,000 |  |  |  | 6,800,000 |  |  |  | 6,800,000 |
Warrants to purchase common stock associated with April 2022 Public Offering |  | 15,000,000 |  |  |  | 15,000,000 |  |  |  | 15,000,000 |  |  |  | 15,000,000 |
Warrants to purchase common stock associated with Loan Agreement |  | 198,811 |  |  |  | 198,819 |  |  |  | 198,811 |  |  |  | 198,819 |
Common stock associated with March 2019 Notes |  | — |  |  |  | 1,138,200 |  |  |  | — |  |  |  | 1,138,200 |
Warrants to purchase common stock associated with Danforth |  | 50,000 |  |  |  | 50,000 |  |  |  | 50,000 |  |  |  | 50,000 |
Total |  | 24,419,347 |  |  |  | 27,139,760 |  |  |  | 24,419,347 |  |  |  | 27,139,760 |
Reclassification of Prior Year Amounts | Reclassification of Prior Year Amounts Certain prior year amounts have been reclassified for consistency with the current year presentation.
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”), which revised the effective dates for ASU 2016-13 for public business entities that meet the SEC definition of a smaller reporting company to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2016-13 during the three months ended March 31, 2023 and the adoption did no t materially impact the unaudited condensed consolidated financial statements.
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in and Entity’s Own Equity (“ASU 2020-06”). The amendments in ASU 2020-06 reduce the number of accounting models for convertible debt instruments and revises certain guidance relating to the derivative scope exception and earnings per share. The amendments in ASU 2020-06 are effective for public business entities that meet the definition of a SEC filer and a smaller reporting company for fiscal years beginning after December 15, 2023, and interim periods within those years. As a smaller reporting company, the Company is currently evaluating the impact ASU 2020-06 will have on its unaudited condensed consolidated financial statements.

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- Definition Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 35 -Paragraph 7A -URI https://asc.fasb.org/extlink&oid=125515542&loc=SL120269220-210453 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 3D -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL120267969-210447 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922895-210455 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 35 -Paragraph 13A -URI https://asc.fasb.org/extlink&oid=125515542&loc=SL120267917-210453 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 35 -Paragraph 8A -URI https://asc.fasb.org/extlink&oid=124266218&loc=SL120267834-210445 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 30 -Paragraph 4A -URI https://asc.fasb.org/extlink&oid=124256539&loc=SL120269210-210444 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919260-210447 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 45 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=124255206&loc=SL120267845-210446 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919272-210447 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 30 -Paragraph 5A -URI https://asc.fasb.org/extlink&oid=124256539&loc=SL120254536-210444 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 3C -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL120267966-210447 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 30 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=124268681&loc=SL120267897-210452 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919244-210447 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 3D -URI https://asc.fasb.org/extlink&oid=124269663&loc=SL120267862-210455 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.M.Q4) -URI https://asc.fasb.org/extlink&oid=122651532&loc=SL122037091-237805 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 3C -URI https://asc.fasb.org/extlink&oid=124269663&loc=SL120267859-210455 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 3A -URI https://asc.fasb.org/extlink&oid=124269663&loc=SL120267853-210455 + Details
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