Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

11. 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)	2023			2022			2023			2022
Numerator:
Net income (loss)	$	(32,954	)	$	(33,726	)	$	(96,842	)	$	29,290
Denominator:
Weighted-average common shares outstanding-basic		57,853,132			57,447,192			57,788,755			57,372,399
Dilutive securities		—			—			—			528,899
Weighted-average common shares outstanding-diluted		57,853,132			57,447,192			57,788,755			57,901,298
Net income (loss) per share-basic	$	(0.57	)	$	(0.59	)	$	(1.68	)	$	0.51
Net income (loss) per share-diluted	$	(0.57	)	$	(0.59	)	$	(1.68	)	$	0.51

For the three and nine months ended September 30, 2023, as well as for the three months end September 30, 2022, 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 for the periods and their inclusion would be anti-dilutive. Anti-dilutive securities excluded for the three months ended September 30, 2023 and 2022 were 12,993,266 and 9,933,508, respectively, and for the nine months ended September 30, 2023 and 2022 were 12,507,026 and 9,048,927, respectively.