Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2025

13. Net Income (Loss) Per Share

The computations of basic and diluted net income (loss) per share were as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Basic net income (loss) per share:
Net income (loss)	$	6,083	$	(63,330	)
Shares used in computation:
Weighted-average common shares outstanding		51,362		45,733
Basic net income (loss) per share	$	0.12	$	(1.38	)

Diluted net income (loss) per share:
Net income (loss)	$	6,083	$	(63,330	)
Shares used in computation:
Weighted-average common shares outstanding		51,362		45,733
Stock options		26		—
Restricted stock units		25		—
Employee stock purchase plan		21		—
Weighted-average diluted common shares		51,434		45,733
Diluted net income (loss) per share	$	0.12	$	(1.38	)

For periods in which the Company incurred net losses, common stock equivalents were excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive. Accordingly, basic and diluted net loss per share were the same for such periods. The weighted-average number of common shares outstanding used in the basic and diluted net income (loss) per share calculations includes the weighted-average effect of pre-funded warrants to purchase shares of the Company's common stock, as the pre-funded warrants are exercisable at any time for nominal cash consideration. The following potentially dilutive common stock

equivalents outstanding at the end of the period were excluded from the computations of weighted-average diluted common shares for the periods indicated as their effects would be anti-dilutive (in thousands):


	Three Months Ended March 31,
	2025		2024
Stock options issued and outstanding		11,809		9,559
Unvested restricted stock units outstanding		2,286		1,688
Employee stock purchase plan		—		45
		14,095		11,292