LOSS PER SHARE

6 Months Ended

Jun. 30, 2024

NOTE 11. LOSS PER SHARE

Basic net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding (including shares underlying Pre-Funded Warrants with only nominal cost to exercise) during the period. Basic and diluted net loss per share are the same because all outstanding common stock equivalents have been excluded, as they are anti-dilutive due to the Company’s losses.

The following potentially issuable common shares were not included in the computation of diluted earnings (loss) per share because they would have an anti-dilutive effect for each of the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Shares issuable upon the release of RSUs	3,601	1,193	3,601	1,193
Shares issuable upon exercise of stock options	333	405	333	405
Shares issuable upon the exercise of the 2022 Warrant	247	247	247	247
Shares issuable upon the exercise of the Common Warrants	9,613	—	9,613	—
	13,794	1,845	13,794	1,845

Potentially dilutive common shares also include the following:

5.00% Notes

As discussed in Note 9, Convertible Notes, each holder of the 5.00% Notes has the right at their option, to convert any portion of the 5.00% Notes at the Fixed Conversion Rate of 138.88889 shares of common stock per $1,000 principal amount of the 5.00% Notes. Holders of the 5.00% Notes who convert their 5.00% Notes in connection with a Make-Whole Fundamental Change are, under certain circumstances, entitled to an increase in the conversion rate. The number of shares of common stock issuable upon conversion of the 5.00% Notes as of June 30, 2024 based on the Fixed Conversion Rate is 9.6 million, convertible at the holders’ option. There were 9.3 million shares of common stock issuable upon conversion of the 5.00% Notes as of June 30, 2023. These shares were not included in the computation of diluted net loss per share because they would have an anti-dilutive effect due to net losses for the three and six months ended June 30, 2024.