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


	Three Months Ended March 31,
	2026			2025
Basic Earnings Per Share:
Numerator:
Net (loss) income	$	(19,913	)	$	32,682
Net (loss) income attributable to common stockholders - basic	$	(19,913	)	$	32,682

Denominator:
Weighted-average shares outstanding - basic		9,582,533			8,703,221
Net (loss) income per share attributable to common stockholders - basic	$	(2.08	)	$	3.76

Diluted Earnings Per Share:
Numerator:
Net (loss) income	$	(19,913	)	$	32,682
Net (loss) income attributable to common stockholders - diluted	$	(19,913	)	$	32,682

Denominator:
Weighted-average shares outstanding - basic		9,582,533			8,703,221

Dilutive impact from:
Stock options to purchase common stock		—			—
Unvested restricted stock units		—			10,364
Shares issuable under employee stock purchase plan		—			1,116
Weighted-average shares outstanding - diluted		9,582,533			8,714,701
Net (loss) income per share applicable to common stockholders - diluted	$	(2.08	)	$	3.75
Anti-dilutive potential common stock equivalents excluded from the calculation of net income (loss) per share:
Stock options to purchase common stock		1,642,883			1,244,484
Unvested restricted stock units		185,120			76,477
Shares issuable under employee stock purchase plan		885			4,229
Warrants to purchase common stock		32,379			32,379

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 three months ended March 31, 2026 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 from continuing operations attributable to common stockholders for those periods. The anti-dilutive potential common stock equivalents for the three months ended March 31, 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.