Net income (loss) per share

9 Months Ended

Sep. 30, 2024

13. Net income (loss) per share

Basic and diluted net loss per common share are calculated by dividing net loss by the weighted-average number of common shares outstanding during the relevant period, including the pre-funded warrants given their nominal exercise price. The Company was in a loss position for all periods presented, and basic net loss per share and diluted net loss per share are therefore the same for all periods, as the inclusion of all potential common securities outstanding would have been anti-dilutive.

The following table summarizes the calculation of basic and diluted net income (loss) per share of common stock:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024			2023		2024			2023
	(in thousands, except per share amounts)
Basic earnings per common share:
Net income (loss) attributable to common stockholders	$	(59,924	)	$	984	$	(217,690	)	$	(195,138	)
Weighted-average number of common shares – basic		235,412			196,978		229,076			193,605
Basic earnings (loss) per common share	$	(0.25	)	$	0.00	$	(0.95	)	$	(1.01	)

Diluted earnings per common share:
Net income (loss) attributable to common stockholders	$	(59,924	)	$	984	$	(217,690	)	$	(195,138	)
Weighted-average number of common shares – basic		235,412			196,978		229,076			193,605
Effect of dilutive securities:
Stock options and restricted stock units		-			3,495		-			-
Weighted-average number of common shares – diluted		235,412			200,473		229,076			193,605
Diluted earnings (loss) per common share	$	(0.25	)	$	0.00	$	(0.95	)	$	(1.01	)

The following securities were excluded from the computation of net loss per diluted share of common stock for periods presented as their effect would have been anti-dilutive:


	Nine Months Ended September 30,
	2024		2023
	(in thousands)
Options to purchase common stock		28,483		23,302
Unvested RSUs		4,489		142
Total		32,972		23,444