XML 24 R18.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Diluted Net (Loss) Income Per Common Share

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

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

The following potentially dilutive shares of common 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

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

+ Details

Name:	us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

+ Details

Name:	us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration