LOSS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

LOSS PER SHARE

NOTE 13. 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 during the period (including shares underlying Pre-Funded Warrants with only nominal cost to exercise). 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 net loss per share because they would have an anti-dilutive effect due to net losses for the years ended December 31 (in thousands):

	2024	2023
Shares issuable upon the release of RSUs	3,487	1,239
Shares issuable upon exercise of stock options	298	370
Shares issuable upon the exercise of the 2022 Warrant	247	247
Shares issuable upon the exercise of the Common Warrants (as defined in Note 18, Stockholders' Deficit)	9,303	—
	13,335	1,856

5.00% Notes

As discussed in Note 11, 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 December 31, 2024 based on the Fixed Conversion Rate is 9.9 million, convertible at the holders’ option. There were 9.4 million shares of common stock issuable upon conversion of the 5.00% Notes as of December 31, 2023. These shares were not included in the computation of diluted net loss per share because they would have an anti-dilutive effect.