INCOME (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Basic and Diluted Loss Per Share Calculation

Basic and diluted income (loss) per share of common stock are calculated as follows (in thousands, except share and per share data):


	THREE MONTHS ENDED MARCH 31,
	2026		2025
Numerator:


Net income (loss) attributable to common stockholders - basic and diluted	$	(23,708)	$	148,451
Denominator:
Weighted-average shares of common stock outstanding - basic	19,629,906		40,559,355
Effect of potentially dilutive stock options	—		460,730
Effect of potentially dilutive employee stock purchase plan shares	—		914
Effect of potentially dilutive restricted stock units	—		326
Total potentially dilutive securities	—		461,970
Weighted-average shares of common stock outstanding used to compute diluted net loss	19,629,906		41,021,325
Net income (loss) per share of common stock
Basic	$	(1.21)	$	3.66
Diluted	$	(1.21)	$	3.62

Schedule of Antidilutive Securities Excluded From Computation of Diluted Net Loss Per Share

The Company excluded the following from the computation of diluted net income (loss) per share attributable to common stockholders as of March 31, 2026 and 2025 because including them would have had an anti-dilutive effect:


	MARCH 31, 2026	MARCH 31, 2025
Restricted stock unit awards	22,784	882,775
Options to purchase common stock	3,667,575	4,869,232
Employee stock purchase plan shares	5,443	42,086
Total	3,695,802	5,794,093