Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

12. Net Loss Per Share

The following table sets forth the reconciliation of basic and diluted loss per share for the three and six months ended June 30, 2024 and 2023 (in thousands except per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net loss for basic and diluted loss per share available to common stockholders	$	(37,582	)	$	(26,649	)	$	(61,959	)	$	(57,402	)
Weighted average number of shares outstanding		113,236			142,626			105,571			142,146
Weighted average common stock warrants exercisable for nominal consideration		6,952			—			5,878			—
Weighted average number of shares, basic and diluted		120,188			142,626			111,449			142,146
Loss per share
Basic and Diluted	$	(0.31	)	$	(0.19	)	$	(0.56	)	$	(0.40	)

Basic net income (loss) per share is computed by dividing net loss by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of Common Stock and, if dilutive, potential Common Stock outstanding during the period. Potential Common Stock consists of the incremental Common Stock issuable upon the exercise of stock options and warrants (using the treasury stock method or the reverse treasury stock method, as applicable).

In the computation of net (loss) income per share, treasury shares are not included as part of the outstanding shares.

In accordance with FASB ASC 260, Earnings Per Share, Penny Warrants are warrants that would be exercised for no or little consideration and therefore should be included in the calculation of weighted average shares outstanding for purposes of calculating basic and diluted net income (loss) per share. The Closing Penny Warrants become exercisable upon the passage of time and are included in basic and diluted net income (loss) per share from the closing date of September 21, 2023. The Subsequent Penny Warrants to purchase up to an aggregate of 8,500,000 shares of Common Stock are not vested as of the closing date of September 21, 2023 and the vesting is based on the passage of time, the Company’s repayment of the Oramed Note or the occurrence of the Management Sale Trigger Date (as defined therein). Therefore, these Subsequent Penny Warrants are included in the computation for diluted net income per share once all other exercise contingencies are removed except for the passage of time.

The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:

	June 30,		December 31,
	2024		2023
Stock options		34,373,767		33,123,798
Public Warrants		6,854,309		6,854,309
Firm Warrants		5,832,653		—
RDO Common Warrants		15,000,000		—
Placement Agent Warrants		1,200,000		—
Deposit Warrant		3,250,000		—
Retainer Shares		4,000,000		4,000,000
Private Warrants		3,613,383		3,613,383
Representative Warrants		470,588		—
Shares Issuable pursuant to ESPP		116,723		29,806
Convertible Debentures		—		546,921
Total		74,711,423		48,168,217