Net (Loss) Income Per Common Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net (Loss) Income Per Common Share

Net (Loss) Income Per Common Share

Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net (loss) income per share is computed by dividing net (loss) income by the weighted-average number of common stock equivalents outstanding for the period, including shares that potentially could be dilutive if they were exercised or vested during the period, determined using the treasury-stock method and the if-converted method for shares issuable upon conversion of convertible notes. For purposes of this calculation, warrants for common stock, stock options, PBSOs, unvested RSUs and PBRSUs, shares issuable under the ESPP and shares issuable upon conversion of the convertible notes are considered to be common stock equivalents and are only included in the calculation of diluted net (loss) income per share when their effect is dilutive.

The following table summarizes the calculation of basic and diluted net (loss) income per share:

	March 31,
(in thousands, except share and per share data)	2025		2024
Net (loss) income - basic	$	(40,455)	$	61,022
Adjustments for dilutive earnings per share:
Interest expense for convertible notes, less amortization of debt issuance costs	—		2,650
Net (loss) income - diluted	$	(40,455)	$	63,672
Weighted average shares - basic	196,127,948		169,258,564
Effect of dilutive common stock equivalents:
Warrants	—		11,713,131
Shares issuable upon conversion of convertible notes	—		8,007,010
Common shares under option	—		54,217
Common shares under PBSOs	—		55,678
Unvested RSUs	—		478,229
Unvested PBRSUs	—		74,422
Dilutive common stock equivalents	—		20,382,687
Weighted average shares - diluted	196,127,948		189,641,251
Net (loss) income per common share – basic	$	(0.21)	$	0.36
Net (loss) income per common share – diluted	$	(0.21)	$	0.34

The shares outstanding at the end of the respective periods presented below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:

	March 31
	2025	2024
Common shares under option	6,889,915	5,228,191
Common shares under PBSOs	632,950	433,950
Unvested RSUs	9,066,649	2,204,617
Shares issuable related to the ESPP	129,624	—
Shares issuable upon conversion of convertible notes	34,338,912	—
Warrants	26,071,429	—
Total potential dilutive shares	77,129,479	7,866,758