Net Loss per Share

6 Months Ended

Jun. 30, 2024

11. Net Loss per Share

Basic and diluted net 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,
	2024			2023		2024			2023
Basic Earnings Per Share:
Numerator:
Net (loss) income	$	(32,870	)	$	46,552	$	(73,003	)	$	(24,622	)
(Loss) income attributable to common stockholders - basic	$	(32,870	)	$	46,552	$	(73,003	)	$	(24,622	)

Denominator:
Weighted-average shares outstanding		151,514,597			127,713,486		148,808,089			126,793,342
Net (loss) income per share applicable to common stockholders - basic	$	(0.22	)	$	0.36	$	(0.49	)	$	(0.19	)

Diluted Earnings Per Share:
Numerator:
Net (loss) income	$	(32,870	)	$	46,552	$	(73,003	)	$	(24,622	)
(Loss) income attributable to common stockholders - diluted	$	(32,870	)	$	46,552	$	(73,003	)	$	(24,622	)

Denominator:
Weighted-average shares outstanding		151,514,597			127,713,486		148,808,089			126,793,342

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		151,514,597			129,844,931		148,808,089			126,793,342
Net (loss) income per share applicable to common stockholders - diluted	$	(0.22	)	$	0.36	$	(0.49	)	$	(0.19	)

Anti-dilutive potential common stock equivalents excluded from the calculation of net (loss) income per share:
Stock options to purchase common stock		19,307,296			11,946,170		19,307,296			16,755,599
Unvested restricted stock units		3,807,443			879,557		3,807,443			3,938,868
Shares issuable under employee stock purchase plan		306,240			—		193,503			193,454
Warrants to purchase common stock		1,177,433			1,177,433		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.

The Company’s potential dilutive securities, which include stock options, unvested restricted common stock and shares issuable under the 2015 Employee Stock Purchase Plan, have been excluded from the computation of diluted net loss per share for the three months ended June 30, 2024, and the six months ended June 30, 2024 and 2023 as the effect would be to reduce the net loss per share and therefore be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same for those periods. Additionally, for the three and six months ended June 30, 2024 and 2023, 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.