Year Ended

December 31,

($ in thousands except per share data)

2021

2020

2019

Net income (loss) applicable to common stockholders — Basic:

Net income (loss)

$

98,091

$

(112,662)

$

(56,515)

Less: Deemed dividend on preferred stock

—

(28,043)

Less: Undistributed earnings to preferred stockholders

(1,150)

—

Net income (loss) applicable to common stockholders - basic

$

96,941

$

(112,662)

$

(84,558)

Numerator for basic net income (loss) applicable to common stockholders

$

96,941

$

(112,662)

$

(84,558)

Denominator for basic net income (loss) applicable to common stockholders

49,203

33,821

28,545

Net income (loss) applicable to common stockholders - basic

$

1.97

$

(3.33)

$

(2.96)

Net loss applicable to common stockholders — Diluted:

Net income (loss)

$

96,941

$

(112,662)

$

(84,558)

Less: Warrant revaluation gain applicable to dilutive liability-classified warrants

(6,983)

—

Less: Future tranche right revaluation gain applicable to dilutive liability-classified future tranche rights

(118,803)

—

Numerator for diluted net income (loss) applicable to common stockholders

$

(28,845)

$

(112,662)

$

(84,558)

Denominator for basic net income (loss) applicable to common stockholders

49,203

33,821

28,545

Plus: Incremental shares underlying “in the money” liability-classified warrants outstanding

93

—

Plus: Incremental shares underlying “in the money” liability-classified future tranche rights outstanding

831

—

Denominator for diluted net income (loss) applicable to common stockholders

50,127

33,821

28,545

Net income (loss) applicable to common stockholders - diluted

$

(0.58)

$

(3.33)

$

(2.96)