The computation of basic net income (loss) per share is based on the weighted-average number of the Company's common shares outstanding. The weighted-average common shares outstanding used in the basic and diluted net loss per share calculation includes the Pre-Funded Warrants issued in connection with the Company’s registered direct offering in June 2024 as the Pre-Funded Warrants are exercisable for nominal cash consideration.

The computation of diluted net income (loss) per share is based on the weighted-average number of the Company's common shares outstanding and potential dilutive common shares outstanding during the period as determined by using the treasury stock method.

The following table illustrates the determination of basic and diluted net income (loss) per share for each period presented (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net (loss) income	$	(43,103)	$	55,031	$	(60,452)	$	78,527
Denominator:
Weighted‑average common shares outstanding, basic	41,338,752		34,180,549		41,206,974		33,838,811
Effect of dilutive securities	—		1,326,480		—		1,309,410
Weighted‑average common shares outstanding, diluted	41,338,752		35,507,029		41,206,974		35,148,221

Net (loss) income per share, basic	$	(1.04)	$	1.61	$	(1.47)	$	2.32
Net (loss) income per share, diluted	$	(1.04)	$	1.55	$	(1.47)	$	2.23

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) 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
Unvested restricted stock units	2,484,038	30,200	2,484,038	82,880
Unvested performance stock units	438,500	—	438,500	—
Stock options to purchase common stock	6,008,644	3,768,987	6,008,644	3,809,263
	8,931,182	3,799,187	8,931,182	3,892,143