Net Loss per Share

6 Months Ended

Jun. 30, 2025

14. Net (Loss) Income per Share

Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the period, including the 8,500,000 shares of common stock issuable upon the exercise of pre-funded warrants that are exercisable for little or no consideration, as described in Note 8. Diluted net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of common equivalent shares outstanding for the period, including the 8,500,000 shares of common stock issuable upon the exercise of pre-funded warrants that are exercisable for little or no consideration as well as any dilutive effect from outstanding stock options, unvested restricted stock, restricted stock units, and employee stock purchase plan stock using the treasury stock method. In periods with reported net operating losses, all common stock equivalents are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.

The calculation of net (loss) income and the number of shares used to compute basic and diluted net (loss) income per share for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands, except per share data):


	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025			2024
Net (loss) income, basic and diluted	$	(17,296	)	$	55,409	$	(34,951	)	$	28,539
Weighted-average common shares outstanding, basic		62,544			62,205		62,506			62,095
Effect of dilutive securities:
Stock options		—			1,359		—			1,562
Restricted stock units		—			23		—			27
Weighted-average common shares outstanding, diluted		62,544			63,587		62,506			63,684
Net (loss) income per share, basic	$	(0.28	)	$	0.89	$	(0.56	)	$	0.46
Net (loss) income per share, diluted	$	(0.28	)	$	0.87	$	(0.56	)	$	0.45

The following common stock equivalents were excluded from the calculation of diluted net (loss) income per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Stock options		12,082,312		8,027,624		12,082,312		7,306,339
Restricted stock units		70,669		27,401		70,669		18,309
Total		12,152,981		8,055,025		12,152,981		7,324,648