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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Diluted Net Income (Loss) Per Common Share

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	)

Summary of Antidilutive Securities Excluded from Computation of Weighted Average Common Stock Outstanding

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

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Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

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Tabular disclosure of the effect of income (loss) on an entity's diluted earnings per share.

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