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Net Loss Per Share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Net Loss Per Share | 12. Net Loss Per Share Loss Per Share Basic loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed based on the sum of the weighted average number of common shares and dilutive common shares outstanding during the period. As described in Note 2 – Summary of Significant Accounting Policies, Earnout Shares issued in connection with the Business Combination, as further described in Note 3 – Business Combination, are subject to vesting based on the VWAP of common shares during the earnout period. The Earnout Shares are excluded from the calculation of basic and diluted weighted-average number of common shares outstanding until vested. The following table outlines the basic and diluted net loss per share for the three months ended March 31, 2024 and 2023:
|  |  |  | Three Months Ended March 31,
(in thousands, except per share data) |  |  |  |  |  | 2024 |  | 2023
Net loss |  |  |  |  |  | $ | (18,961) |  |  | $ | (6,100) |
Weighted-average shares outstanding, basic and diluted |  |  |  |  |  | 100,755 |  |  | 99,158 |
Net loss per share, basic and diluted |  |  |  |  |  | $ | (0.19) |  |  | $ | (0.06) |
The following table outlines dilutive common share equivalents outstanding, which are excluded in the above diluted net loss per share calculation, as the effect of their inclusion would be anti-dilutive, or the share equivalents were contingently issuable as of each period presented:
| March 31,
| 2024 |  | 2023
Options to purchase common stock issued and outstanding(1) | 22,437,492 |  |  | 18,735,538 |
Earnout shares | 16,292,542 |  |  | 16,292,542 |
Avista private placement warrants | 8,233,333 |  |  | 8,233,333 |
Avista public warrants | 7,666,667 |  |  | 7,666,667 |
Restricted stock units issued and outstanding(1) | 2,421,767 |  |  | 1,710,065 |
Forward purchase warrants | 1,666,667 |  |  | 1,666,667 |
Backstop warrants | 1,445,489 |  |  | 1,445,489 |
Shares expected to be purchased under employee stock purchase plan | 946,670 |  |  | 1,918,512 |
Total anti-dilutive shares | 61,110,627 |  |  | 57,668,813 |
_____________ (1)Outstanding stock options and restricted stock units include awards outstanding to employees of Ligand.

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