Net (Loss) Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 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 September 30, 2024 and 2023, and for the nine months ended September 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 September 30, 2024 and 2023 and the nine months ended September 30, 2024 as reflected below.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net (loss) income	$	(11,509)	$	(2,035)	$	(27,082)	$	241
Denominator:
Weighted-average number of common shares – basic	91,082,081		64,678,761		85,224,263		59,252,768
Effect of stock options (a)	—		—		—		57,471
Effect of restricted stock units (b)	—		—		—		654,682
Effect of warrants (c)	—		—		—		1,547,751
Effect of Employee Stock Purchase Plan (d)	—		—		—		1,064
Weighted-average number of common shares – diluted	91,082,081		64,678,761		85,224,263		61,513,736
(Loss) Earnings per share attributable to common stockholders:
(Loss) Earnings per common share – basic	$	(0.13)	$	(0.03)	$	(0.32)	$	—
(Loss) Earnings per common share – diluted	$	(0.13)	$	(0.03)	$	(0.32)	$	—

(a)For the three months ended September 30, 2024 and 2023, outstanding stock options to purchase 6,301,364 and 5,912,647 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS. For the nine months ended September 30, 2024 and 2023, outstanding stock options to purchase 6,301,364 and 5,339,130 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS.

(b)For the three months ended September 30, 2024 and 2023, outstanding restricted stock units of 3,910,376 and 3,280,313 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS. For the nine months ended September 30, 2024 and 2023, outstanding restricted stock units of 3,910,376 and 605,650. shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS.

(c)For the three months ended September 30, 2024 and 2023, outstanding warrants to purchase 4,624,977 and 4,464,429 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS. For the nine months ended September 30, 2024 and 2023, outstanding warrants to purchase 4,624,977 and 4,464,429 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS.

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