Net Income (Loss) per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income (Loss) per Share

11. Net Income (Loss) per Share

Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):

	Three Months Ended June 30,					Six Months Ended June 30,
	2023		2022			2023			2022
Basic Earnings Per Share:
Numerator:
Net income (loss)	$	46,552	$	(64,735	)	$	(24,622	)	$	(121,359	)
Income (loss) attributable to common stockholders - basic	$	46,552	$	(64,735	)	$	(24,622	)	$	(121,359	)
Denominator:
Weighted-average shares outstanding		127,713,486		92,255,416			126,793,342			92,224,382
Net income (loss) per share applicable to common stockholders - basic	$	0.36	$	(0.70	)	$	(0.19	)	$	(1.32	)
Diluted Earnings Per Share
Numerator:
Net income (loss)	$	46,552	$	(64,735	)	$	(24,622	)	$	(121,359	)
Income (loss) attributable to common stockholders - diluted	$	46,552	$	(64,735	)	$	(24,622	)	$	(121,359	)
Denominator:
Weighted-average shares outstanding		127,713,486		92,255,416			126,793,342			92,224,382
Dilutive impact from:
Stock options to purchase common stock		1,597,058		—			—			—
Unvested restricted stock units		519,338		—			—			—
Shares issuable under employee stock purchase plan		15,049		—			—			—
Weighted-average shares outstanding - diluted		129,844,931		92,255,416			126,793,342			92,224,382
Net income (loss) per share applicable to common stockholders - diluted	$	0.36	$	(0.70	)	$	(0.19	)	$	(1.32	)
Anti-dilutive potential common stock equivalents excluded from the calculation of net income (loss) per share:
Stock options to purchase common stock		11,946,170		14,987,043			16,755,599			14,987,043
Unvested restricted stock units		879,557		1,578,621			3,938,868			1,578,621
Shares issuable under employee stock purchase plan		—		250,002			193,454			250,002
Warrants to purchase common stock		1,177,433		—			1,177,433			—

The effect of dilutive securities was calculated using the treasury stock method. The anti-dilutive potential common stock equivalents for the three months ended June 30, 2023 were excluded from the computation of diluted net income per share attributable to common stockholders because those stock options to purchase common stock and restricted stock units had an anti-dilutive impact due to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for those periods. For that same period, the warrants to purchase common stock were excluded because the exercise price of the Tranche A Warrants is greater than the average fair value of the Company's common shares, and the necessary conditions for exercise of the Tranche B and Tranche C Warrants had not been met. The anti-dilutive potential common stock equivalents for the six months ended June 30, 2023 and the three and six months ended June 30, 2022 were excluded from the computation of diluted net loss per share attributable to common stockholders because those stock options to purchase common stock, restricted stock units, and shares issuable under employee stock purchase plan had an anti-dilutive impact as the Company reported a net loss attributable to common stockholders for those periods.