The Company applies the two-class method when computing net income (loss) per share attributable to common shareholders when shares meet the definition of participating securities. The two-class method determines net income (loss) per share of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires net income (loss) available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The holders of the Company’s redeemable convertible preferred stock were entitled to dividends in preference to common stockholders, if declared. Such dividends were not cumulative. Any remaining earnings would be distributed among the holders of redeemable convertible preferred stock and common stock pro rata on an as-converted basis. The holders of the Company’s redeemable convertible preferred stock were not contractually obligated to participate in the Company’s losses.

Basic net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the Company’s outstanding preferred stock, the treasury stock method for the Company’s other potentially dilutive securities, and is ultimately applied by sequencing instruments beginning with those that are more dilutive. For periods in which the Company reports net losses, diluted net income (loss) per common share is the same as basic net income (loss) per common share as all potentially dilutive securities are anti-dilutive.


	Three Months Ended March 31,
	2026		2025
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	17,970	$	(3,988)


Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	45,932,719		10,312,892
Net income (loss) per share, basic	$	0.39	$	(0.39)
Diluted net income (loss) per share:
Numerator:
Net income (loss)	$	17,970	$	(3,988)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	45,932,719		10,312,892
Effect of dilutive securities:
Outstanding stock options	6,982,322		—

Warrants to purchase common stock	113,319		—

Weighted-average shares used in calculating net income (loss) per share, diluted	53,028,360		10,312,892
Net income (loss) per share, diluted	$	0.34	$	(0.39)


	Three Months Ended March 31,
	2026	2025
Redeemable convertible preferred stock	-	29,084,235
Outstanding stock options	-	6,916,176
Restricted stock awards in exchange for non-recourse note	-	700,000
Warrants to purchase common stock	-	121,566
Warrants to purchase redeemable convertible preferred stock	-	9,660
Unvested early-exercised options	-	314