Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2024

The computation of basic net income (loss) per share is based on the weighted-average number of the Company's common shares outstanding. The weighted-average common shares outstanding used in the basic and diluted net loss per share calculation includes the Pre-Funded Warrants issued in connection with the Company’s registered direct offering in June 2024 as the Pre-Funded Warrants are exercisable for nominal cash consideration.

The computation of diluted net income (loss) per share is based on the weighted-average number of the Company's common shares outstanding and potential dilutive common shares outstanding during the period as determined by using the treasury stock method.

The following table illustrates the determination of basic and diluted net income (loss) per share for each period presented (in thousands, except share and per share date):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net (loss) income	$	(14,032)	$	35,461	$	64,495	$	2,859
Denominator:
Weighted‑average common shares outstanding, basic	40,629,602		33,281,287		36,118,930		32,942,958
Effect of dilutive securities	—		1,494,164		1,464,556		1,346,453
Weighted‑average common shares outstanding, diluted	40,629,602		34,775,451		37,583,486		34,289,411

Net (loss) income per share, basic	$	(0.35)	$	1.07	$	1.79	$	0.09
Net (loss) income per share, diluted	$	(0.35)	$	1.02	$	1.72	$	0.08

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Unvested restricted stock units	2,014,608	11,299	398,871	12,198
Unvested performance stock units	438,500	—	438,500	—
Unvested shares from early exercises	4,670	—	—	—
Stock options to purchase common stock	5,502,085	3,480,965	2,724,204	3,609,307
	7,959,863	3,492,264	3,561,575	3,621,505