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Summary of Significant Accounting Policies | 6 Months Ended
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Jun. 30, 2024
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements and notes follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2023, except as described below. Basic and Diluted Net (Loss) Income per Share of Common Stock The Company calculates net (loss) income per common share in accordance with ASC 260, Earnings Per Share. Basic net (loss) income per common share for the three and six months ended June 30, 2024 and 2023 was determined by dividing net (loss) income 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 (loss) income per common share for the three and six months ended June 30, 2024 and 2023 includes the outstanding prefunded 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. Diluted net (loss) income per common share for the three and six months ended June 30, 2024 and 2023 was determined as follows (in thousands, except share and per share amounts):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net (loss) income allocated to common shares | $ | (14,458 | ) |  | $ | 122,260 |  |  | $ | (14,047 | ) |  | $ | 88,384 |
Dilutive effect of convertible debt |  | — |  |  |  | 433 |  |  |  | — |  |  | $ | 1,047 |
Net (loss) income allocated to common shares | $ | (14,458 | ) |  | $ | 122,693 |  |  | $ | (14,047 | ) |  | $ | 89,431 |
Weighted average common shares outstanding – basic |  | 48,511,656 |  |  |  | 47,837,393 |  |  |  | 48,379,256 |  |  |  | 47,797,731 |
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 |  | 48,511,656 |  |  |  | 49,923,361 |  |  |  | 48,379,256 |  |  |  | 49,166,251 |
Net (loss) income per share – diluted | $ | (0.30 | ) |  | $ | 2.46 |  |  | $ | (0.29 | ) |  | $ | 1.82 |
The following potentially dilutive shares of com mon stock and outstanding restricted stock units that contain certain performance contingencies have not been included in the computation of diluted net (loss) income per share for the three and six months ended June 30, 2024 and 2023, as the result would be anti-dilutive or the performance contingencies have not been met:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Outstanding stock options |  | 2,842,808 |  |  |  | 1,970,536 |  |  |  | 2,842,808 |  |  |  | 1,970,536 |
Outstanding restricted stock units |  | 3,263,345 |  |  |  | 400,000 |  |  |  | 3,263,345 |  |  |  | 400,000 |
Warrants to purchase common stock associated with December 2020 public offering - Series 2 |  | — |  |  |  | 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 |  |  |  | 198,811 |  |  |  | 198,811 |  |  |  | 198,811 |
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 |  | 22,493,164 |  |  |  | 24,419,347 |  |  |  | 22,493,164 |  |  |  | 24,419,347 |
Reclassification of Prior Year Amounts Certain prior year amounts within the changes in operating assets and liabilities on the unaudited condensed consolidated statement of cash flows and certain prior year accrued expenses have been reclassified for consistency with the current year presentation. Recently Adopted 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. The Company adopted ASU 2020-06 on January 1, 2024 and the adoption did no t materially impact the unaudited condensed consolidated financial statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which introduced new guidance on disclosures for reportable segments and significant segment expenses, including for entities with a single reportable segment. This guidance is effective for the Company for annual reporting periods beginning January 1, 2024 and interim periods beginning January 1, 2025. As a smaller reporting company, the Company is currently evaluating the impact ASU 2023-07 will have on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which introduced new guidance on disclosures for income taxes, including enhancements to the rate reconciliation and income taxes paid disclosures. This guidance is effective for the Company for annual reporting periods beginning January 1, 2025. As a smaller reporting company, the Company is currently evaluating the impact ASU 2023-09 will have on its consolidated financial statements.

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- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent + Details
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