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Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2024

Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

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.