Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Basic net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common stock equivalents are excluded if their effect is antidilutive. Potential common stock equivalents are composed of incremental shares of common stock issuable upon the exercise of stock options and warrants and the vesting of restricted stock units. In periods when a net loss is reported, all common stock equivalents are excluded from the calculation because they would have an anti-dilutive effect, meaning the loss per share would be reduced. Therefore, in periods when a loss is reported, basic and dilutive loss per share are the same.

The following table is a reconciliation of the numerator and denominator in the basic and diluted net loss per share calculation (in thousands, except per share data) for the three and nine months ended September 30, 2024, and 2023:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net loss	$	(25,646)	$	(34,013)	$	(22,230)	$	(82,667)
Loss from continuing operations	$	(25,646)	$	(29,385)	$	(16,108)	$	(72,024)
Loss from discontinued operations, net of income taxes and loss on sale of discontinued operations	$	—	$	(4,628)	$	(6,122)	$	(10,643)
Weighted average number of shares outstanding:
Basic	38,081		31,892		37,710		31,386
Dilutive effect of equity based awards and warrants	—		—		—		—
Diluted	38,081		31,892		37,710		31,386
Net loss per share - basic
Continuing operations	$	(0.67)	$	(0.92)	$	(0.43)	$	(2.29)
Discontinued operations	$	—	$	(0.15)	$	(0.16)	$	(0.34)
Net loss per share - diluted
Continuing operations	$	(0.67)	$	(0.92)	$	(0.43)	$	(2.29)
Discontinued operations	$	—	$	(0.15)	$	(0.16)	$	(0.34)

The following table sets forth potential common stock that is not included in the diluted net loss per share calculation above because their effect would be anti-dilutive for the periods indicated (in thousands):


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Outstanding stock options	1,022	1,333	1,170	1,340
Unvested restricted stock units	8,308	6,373	8,118	2,023
Outstanding Warrants	12,200	—	12,200	—