Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2022

Basic and diluted net loss per common share is determined by dividing net loss by the weighted average common shares and pre-funded warrants outstanding during the period. Basic and diluted shares outstanding includes the weighted average effect of the Company's outstanding pre-funded warrants as the exercise of such pre-funded warrants requires nominal consideration to be given for the delivery of the corresponding shares of common stock. As of December 31, 2022, and 2021, the Company had zero and 3,164,280 pre-funded warrants outstanding, respectively, which if exercised, would increase the number of shares of common stock issued and outstanding. For the periods when there is a net loss, shares underlying stock options and RSUs have been excluded from the calculation of diluted net loss per common share because the effect of including such shares would be anti-dilutive. Therefore, the weighted average common shares used to calculate both basic and diluted net loss per common share would be the same.

The following table sets forth the computation of basic and diluted net income (loss) per common share for the periods indicated:


	Years ended December 31,
	2022		2021		2020
Basic and diluted net income (loss) per common share calculation:
Net loss	$	(185,211)	$	(114,522)	$	(84,547)


Weighted average common shares outstanding - dilutive	121,037		101,866		74,185
Net loss per common share - basic and diluted	$	(1.53)	$	(1.12)	$	(1.14)

The following potentially dilutive securities have been excluded from the computations of diluted weighted average common shares outstanding for the periods presented, as the effect of including such shares would be anti-dilutive:


	Years ended December 31,
	2022	2021	2020
Stock options outstanding	12,402,629	10,861,483	8,927,698
Restricted stock units	3,025,941	2,246,269	1,958,383
Total	15,428,570	13,107,752	10,886,081