Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2025

18. Net Income (Loss) per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the applicable period. In computing diluted net income (loss) per share, only potential shares of common stock that are dilutive are included.

For the three months ended March 31, 2025, the Company’s potentially dilutive securities, which include stock options, RSUs and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share.

For the three months ended March 31, 2024, the Company considered each issue or series of issues of potential shares of common stock separately when determining whether potential shares of common stock are dilutive or antidilutive. The Company made such determination in sequence from the most dilutive to the least dilutive and concluded that its Convertible Notes are dilutive to net income per share for the three months ended March 31, 2024. Pursuant to FASB ASC Topic 260, Earnings Per Share, the Company applied the if-converted method to determine the effect of its Convertible Notes on the diluted earnings per share calculations. Pursuant to such method, the Company adjusted the numerator for the gains or losses recognized during the period in net income from the Convertible Notes and the denominator is increased to include the number of additional shares of common stock that would have been outstanding if the Convertible Notes were converted as of the beginning the period.


	Three Months Ended March 31,
(in thousands, except per share amounts)	2025			2024
Numerator:
Net income (loss)-basic	$	(11,031	)	$	1,029
Net income (loss)-diluted	$	(11,031	)	$	(14,771	)
Denominator:
Weighted-average common shares outstanding-basic		12,197,615			995,280
Dilutive securities		—			1,338,900
Weighted-average common shares outstanding-diluted		12,197,615			2,334,180

Net income (loss) per share-basic	$	(0.90	)	$	1.03
Net income (loss) per share-diluted	$	(0.90	)	$	(6.33	)

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2025		2024
Options to purchase common stock		1,938,015		2,028,820
Restricted stock units		467,150		—
Warrants to purchase common stock		18,144		18,144