Basic and diluted net (loss) income per share was calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share and per share data)	2025		2024		2025		2024
Numerator:


Net (loss) income	$	(25,741)	$	90,833	$	(25,459)	$	39,067
Denominator:
Weighted average shares of common stock outstanding—basic	7,412,990		6,681,349		7,095,846		6,673,868
Net (loss) income per share— basic	$	(3.47)	$	13.59	$	(3.59)	$	5.85
Effective of dilutive securities
Time-based restricted stock units	—		8,160		—		5,435

Employee stock purchase plan	—		3,867		—		2,559
Dilutive potential common shares	—		12,027		—		7,994
Weighted average shares of common stock outstanding—diluted	7,412,990		6,693,376		7,095,846		6,681,862
Net (loss) income per share— diluted	$	(3.47)	$	13.57	$	(3.59)	$	5.85

Basic and diluted weighted average shares of common stock outstanding for the three and six months ended June 30, 2025 and 2024 includes the weighted average effect of pre-funded warrants, for the purchase of shares of common stock, for which the remaining unfunded exercise price is less than or equal to $0.30 per share.

For the three and six months ended June 30, 2025, during which the Company recorded net loss, the Company’s potentially dilutive securities included outstanding stock options, employee stock purchase plan shares, unvested restricted stock units and warrants to purchase shares of common stock. These 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.” Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same for these periods.

For the three and six months ended June 30, 2024, during which the Company recorded net income, the dilutive effect of outstanding stock options, restricted stock units, employee stock purchase plan shares and warrants were calculated using the treasury stock method, whereby all such awards were assumed to be exercised at the beginning of the period. The hypothetical proceeds from such exercises, including the average unrecognized stock compensation expense for outstanding stock options and restricted stock units, were 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 from the computation of diluted net (loss) income per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Options to purchase shares of common stock	307,625	330,210	307,625	330,210
Unvested restricted stock units	333,264	260,027	333,264	260,027
Warrants to purchase shares of common stock (excluding prefunded warrants, which are included in basic shares outstanding)	2,545,948	2,545,960	2,545,948	2,545,960
	3,186,837	3,136,197	3,186,837	3,136,197