Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

10. NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the applicable period. Diluted net income (loss) per share incorporates the additional shares issuable upon assumed exercise of stock options and the vesting of restricted stock units, except in such case when their inclusion would be anti-dilutive.

	Three months ended September 30,						Nine months ended September 30,
(in thousands, except per share amounts)	2022			2021			2022		2021
Numerator:
Net income (loss)	$	(33,726	)	$	(30,608	)	$	29,290	$	(62,181	)
Denominator:
Weighted-average common shares outstanding-basic		57,447,192			57,106,639			57,372,399		54,704,410
Dilutive securities		—			—			528,899		—
Weighted-average common shares outstanding-diluted		57,447,192			57,106,639			57,901,298		54,704,410
Net income (loss) per share-basic	$	(0.59	)	$	(0.54	)	$	0.51	$	(1.14	)
Net income (loss) per share-diluted	$	(0.59	)	$	(0.54	)	$	0.51	$	(1.14	)

For the three months ended September 30, 2022 and for the three and nine months ended September 30, 2021, the effect of dilutive securities, including stock options, restricted stock units and unvested common stock from early exercise of options, was excluded from the denominator for the calculation of diluted net loss per share because the Company recognized a net loss in each of those periods and their inclusion would be anti-dilutive. Anti-dilutive securities excluded for the three months ended September 30, 2022 and 2021 were 9,933,508 and 6,891,252, respectively, and for the nine months ended September 30, 2022 and 2021 were 9,048,927 and 6,630,582, respectively.