Net (Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2024

Basic net (loss) earnings per share is calculated by dividing net (loss) income by the weighted-average number of common shares.

The following table reconciles the basic to diluted weighted average shares outstanding for the three and six months ended June 30, 2024 and 2023. Diluted EPS is adjusted by the effect of dilutive securities, including options and awards under the Company’s equity compensation plans, warrants and ESPP. As a result of the Company’s net loss incurred for the three months ended June 30, 2024 and 2023, and for the six months ended June 30, 2024. all potentially dilutive instruments outstanding would have anti-dilutive effects on per-share calculations. Therefore, basic and diluted net loss per share are the same for the three months ended June 30, 2024 and 2023 and six months ended 2024 as reflected below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net (loss) income	$	(2,745)	$	(5,792)	$	(15,573)	$	2,276
Denominator:
Weighted-average number of common shares – basic	90,911,626		57,350,902		82,263,168		56,494,805
Effect of stock options (a)	—		—		—		46,043
Effect of restricted stock units (b)	—		—		—		468,036
Effect of warrants (c)	—		—		—		1,910,742
Effect of Employee Stock Purchase Plan (d)	—		—		—		18,596
Weighted-average number of common shares – diluted	90,911,626		57,350,902		82,263,168		58,938,222
(Loss) Earnings per share attributable to common stockholders:
(Loss) Earnings per common share – basic	$	(0.03)	$	(0.10)	$	(0.19)	$	0.04
(Loss) Earnings per common share – diluted	$	(0.03)	$	(0.10)	$	(0.19)	$	0.04

(a)For the three months ended June 30, 2024 and 2023, outstanding stock options of 6,438,239 and 5,919,522 shares of Common Stock were anti-dilutive and excluded from the computation of diluted EPS. For the six months ended June 30, 2024 and 2023, outstanding stock options of 6,438,239 and 5,794,522 shares of Common Stock were anti-dilutive and excluded from the computation of diluted EPS.

(b)For the three months ended June 30, 2024 and 2023, outstanding restricted stock units of 3,935,201 and 2,477,738 shares of Common Stock were anti-dilutive and excluded from the computation of diluted EPS. For the six months ended June 30, 2024 and 2023,

outstanding restricted stock units of 3,935,201 and 743,438. shares of Common Stock were anti-dilutive and excluded from the computation of diluted EPS.

(c)For the three months ended June 30, 2024 and 2023, outstanding warrants of 4,624,977 and 6,874,977 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS. For the six months ended June 30, 2024 and 2023, outstanding warrants of 4,624,977 and 1,714,429 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS.

(d)For the three and six months ended June 30, 2024 and the three months ended June 30, 2023, the estimated effects of ESPP awards were not material.