v3.24.3
Net Loss per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Loss per Share NET (LOSS) INCOME PER SHARE
Basic and diluted net (loss) income per share was calculated as follow:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except share and per share data)2024202320242023
Numerator:
Net (loss) income
$(36,696)$(2,305)$2,371 $(82,037)
Denominator:
Weighted average shares of common stock outstanding—basic
200,865,276 196,987,827 200,434,027 170,751,244 
Net (loss) income per share— basic
$(0.18)$(0.01)$0.01 $(0.48)
Effective of dilutive securities
Restricted stock units — 110,947 
Employee stock purchase plan— 66,258 
Dilutive potential common shares— — 177,205 — 
Weighted average shares of common stock outstanding—diluted
200,865,276 196,987,827 200,611,232 170,751,244 
Net (loss) income per share— diluted
$(0.18)$(0.01)$0.01 $(0.48)
Basic and diluted weighted average shares of common stock outstanding for the three and nine months ended September 30, 2024 and September 30, 2023 include the weighted average effect of outstanding pre-funded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $0.01 or less per share. The Company’s potentially dilutive securities include outstanding stock options, unvested restricted stock units and warrants to purchase shares of common stock for the three and nine months ended September 30, 2024 and 2023. For the three and nine months ended September 30, 2023, and for the three months ended September 30, 2024, during which the Company recorded a net loss, all potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share, and thus they are considered “anti-dilutive.” For these periods, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share of common stock is the same. For the nine months ended September 30, 2024, the Company reported net income. For this period, the dilutive effect of outstanding stock options, restricted stock units, warrants, and estimated common shares issuable under the Company’s employee stock purchase plan was calculated using the treasury stock method, whereby all such awards were assumed to be exercised at the later of the beginning of the period or the grant date. The hypothetical proceeds from such exercises, including the average unrecognized stock compensation expense for outstanding stock options and restricted stock units, was assumed to be used to purchase outstanding common stock at the average price during the period. The net share impact of dilutive securities was added to the weighted average basic common shares outstanding to calculate weighted average diluted shares outstanding.

The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net (loss) income per share for the periods indicated because including them would have had an anti-dilutive effect:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Options to purchase shares of common stock11,583,656 5,568,734 11,583,656 5,568,734 
Unvested restricted stock units8,116,220 5,574,839 7,976,220 5,574,839 
Warrants to purchase shares of common stock (excluding prefunded warrants, which are included in basic shares outstanding)
76,378,805 80,244,959 76,378,805 80,244,959 
96,078,681 91,388,532 95,938,681 91,388,532