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Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Share

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)

Summary of Dilutive Common Shares

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

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(1)Outstanding stock options and restricted stock units include awards outstanding to employees of Ligand.

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- References

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- 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

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

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