A reconciliation from net income (loss) to basic net income (loss) attributable to common stockholders per share of common stock and diluted net income (loss) attributable to common stockholders per share of common stock for the three months ended March 31, 2026, and 2025 is as follows (in thousands):


	Three months ended March 31,
	2026		2025
Basic net income (loss) per share of common stock:
Net income (loss)	$	37,890	$	(3,099)
Earnings allocated to participating securities	(1,573)		—
Net income (loss) attributable to shares of common stock	36,317		(3,099)
Less: Dividends declared or accumulated	—		—
Undistributed net income (loss) attributable to shares of common stock, basic	36,317		(3,099)
Weighted-average shares of common stock outstanding	58,406		54,096
Basic net income (loss) per share of common stock	$	0.62	$	(0.06)

Diluted net income (loss) per share of common stock:
Net income (loss) attributable to shares of common stock	$	36,317	$	(3,099)
Plus: Fair value adjustment income related to warrant liability	—		—
Net income (loss) attributable to shares of common stock, diluted	36,317		(3,099)
Weighted-average number of shares of common stock outstanding	58,406		54,096
Dilutive effect of outstanding stock options (as converted to common stock)	1,825		—
Weighted-average shares of common stock outstanding, diluted	60,230		54,096
Diluted net income (loss) per share of common stock	$	0.60	$	(0.06)