Net Income (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2025

Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders

Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025		2024
Basic Earnings Per Share:
Numerator:
Net income (loss) from continuing operations attributable to common stockholders	$	(19,855	)	$	(26,196	)	$	12,827	$	(59,099	)
Net loss from discontinuing operations attributable to common stockholders	$	—		$	(6,674	)	$	—	$	(13,904	)
Net income (loss) attributable to common stockholders - basic	$	(19,855	)	$	(32,870	)	$	12,827	$	(73,003	)

Denominator:
Weighted-average shares outstanding - basic		8,743,733			7,575,620			8,723,589		7,440,323
Net income (loss) from continuing operations per share attributable to common stockholders - basic	$	(2.27	)	$	(3.46	)	$	1.47	$	(7.94	)
Net loss from discontinued operations per share attributable to common stockholders - basic	$	—		$	(0.88	)	$	—	$	(1.87	)
Net income (loss) per share attributable to common stockholders - basic	$	(2.27	)	$	(4.34	)	$	1.47	$	(9.81	)

Diluted Earnings Per Share:
Numerator:
Net income (loss) from continuing operations attributable to common stockholders	$	(19,855	)	$	(26,196	)	$	12,827	$	(59,099	)
Net loss from discontinuing operations attributable to common stockholders	$	—		$	(6,674	)	$	—	$	(13,904	)
Net income (loss) attributable to common stockholders - diluted	$	(19,855	)	$	(32,870	)	$	12,827	$	(73,003	)

Denominator:
Weighted-average shares outstanding - basic		8,743,733			7,575,620			8,723,589		7,440,323

Dilutive impact from:
Stock options to purchase common stock		—			—			—		—
Unvested restricted stock units		—			—			8,586		—
Shares issuable under employee stock purchase plan		—			—			1		—
Weighted-average shares outstanding - diluted		8,743,733			7,575,620			8,732,176		7,440,323
Net income (loss) per share applicable to common stockholders - diluted	$	(2.27	)	$	(3.46	)	$	1.47	$	(7.94	)
Net loss from discontinuing operations attributable to common stockholders - diluted	$	—		$	(0.88	)	$	—	$	(1.87	)
Net income (loss) attributable to common stockholders - diluted	$	(2.27	)	$	(4.34	)	$	1.47	$	(9.81	)

Anti-dilutive potential common stock equivalents excluded from the calculation of net income (loss) per share:
Stock options to purchase common stock		1,200,467			965,154			1,200,467		965,154
Unvested restricted stock units		51,199			190,237			51,199		190,237
Shares issuable under employee stock purchase plan		19,991			15,312			12,701		9,675
Warrants to purchase common stock		32,379			58,871			32,379		58,871

The Company’s potential dilutive securities include stock options, unvested restricted common stock and shares issuable under the 2015 Employee Stock Purchase Plan. The effect of dilutive securities was calculated using the treasury stock method. The anti-dilutive potential common stock equivalents for the six months ended June 30, 2025 were excluded from the computation of diluted net income per share attributable to common stockholders because those stock options to purchase common stock and restricted stock units had an anti-dilutive impact due to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for those periods. For that same period, the warrants to purchase common stock were excluded because the exercise price of the Tranche A Warrants is greater than the average fair value of the Company's common shares. The anti-dilutive potential common stock equivalents for the three months ended June 30, 2025 and the three and six months ended June 30, 2024 were excluded from the computation of diluted net loss per share attributable to common

stockholders because those stock options to purchase common stock, restricted stock units, and shares issuable under employee stock purchase plan had an anti-dilutive impact as the Company reported a net loss attributable to common stockholders for those periods.