Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted-average number of common shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities include stock options, RSUs, PSUs, ESPP shares, incentive shares, and the Notes. If dilutive, those potentially dilutive securities are reflected in diluted net income (loss) per share using the treasury stock method, except for the Notes, which are subject to the if-converted method.

The following table sets forth the computation of basic and diluted net income (loss) per share of Common Stock for the years ended December 31, 2025, 2024 and 2023 (in thousands, except share amounts and per share amounts):


	Year Ended December 31,
	2025		2024		2023
Basic and diluted net income (loss) per share:

Numerator
Net Income (loss) - continuing operations	$	(81,081)	$	(56,514)	$	(52,934)
Less: Net income (loss) attributable to noncontrolling interests	1,823		2,513		2,476
Net income (loss) attributable to common stockholders - continuing operations	(82,904)		(59,027)		(55,410)
Net income (loss) attributable to common stockholders - discontinued operations	(616)		—		—
Basic net income (loss) attributable to common stockholders	(83,520)		(59,027)		(55,410)





Denominator
Weighted-average common shares outstanding	40,299,826		39,170,368		31,243,179








Net income (loss) per share:
Continuing operations	$	(2.06)	$	(1.51)	$	(1.77)
Discontinued operations	(0.02)		—		—
Basic and diluted net income (loss) per share	$	(2.08)	$	(1.51)	$	(1.77)

The following weighted-average potentially dilutive instruments are not included in the diluted net income (loss) per share calculations above because they would have had an antidilutive effect on the net income (loss) per share:


	Year Ended December 31,
	2025	2024	2023
Capped call transactions (1)	642,544	3,081,088	3,376,400
Convertible Senior notes due 2026 (2)	643,699	3,081,088	3,376,400
Convertible Senior notes due 2027 (2)	4,102,466	750,438	—
Convertible Senior notes due 2030 (2)	2,233,491	—	—
Stock options	3,062,500	3,062,500	2,477,793
RSUs	689,487	792,675	1,475,683
PSUs	1,294,473	280,807	110,823
ESPP	9,777	11,793	28,139
Total	12,678,437	11,060,389	10,845,238

(1)The capped call transactions are expected to reduce potential dilution to our Common Stock upon conversion of the 2026 Notes outstanding principal. Upon conversion of both the capped call transactions and then-outstanding 2026 Notes, there will be minimized economic dilution from the 2026 Notes, as exercise of the capped call transactions reduces dilution from the 2026 Notes that would have otherwise occurred when the price of our Common Stock exceeds the conversion price.

(2)We apply the if-converted method in computing the effect of our convertible senior notes on diluted net income (loss) per share, whereby the numerator of our diluted net income (loss) per share computations is adjusted for interest expense, net of tax, and loss on extinguishment of debt, and the denominator is adjusted for the number of shares into which the convertible senior notes could be converted. The effect is only included in the calculation of income (loss) per share for those instruments for which it would reduce income (loss) per share. See Note 8, Financing Arrangements, for additional information.