Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share

The following table sets forth the calculation of basic and diluted net income (loss) per share during the periods presented (in thousands, except share amounts, as adjusted for the Reserve Stock Split):


		Three Months Ended March 31,
		2026				2025
Numerator:
Net income (loss)		$	35,912			$	(15,030	)
Undistributed earnings allocated to participating securities			(3,118	)		$	—
Net income (loss) – basic		$	32,794			$	(15,030	)

Net income (loss)		$	35,912			$	(15,030	)
Fair value adjustment for pre-funded warrants			(6,358	)			—
Undistributed earnings allocated to participating securities			(3,096	)			—
Net income (loss) – diluted		$	26,458			$	(15,030	)

Denominator:
Weighted average shares of common stock outstanding – basic			9,120,267				4,394,119
Effect of dilutive shares
Pre-funded warrants			62,785				—
Options			7,302				—
Weighted average shares of common stock outstanding – diluted			9,190,354				4,394,119

Net income (loss) per share – basic		$	3.60			$	(3.42	)
Net income (loss) per share – diluted		$	2.88			$	(3.42	)

Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Calculation of Diluted Net Income (Loss) Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive, as adjusted for the Reverse Stock Split:


		March 31,
		2026				2025
Stock options issued and outstanding			1,509,652				1,283,632
Restricted stock awards			—				5,408
Common warrants			867,193				—
Total			2,376,845				1,289,040