We computed basic Net (loss) income per common share by dividing Net (loss) income by the weighted-average number of common shares outstanding during the relevant period. Diluted Net (loss) income per common share is calculated by dividing Net (loss) income by the weighted average of common shares outstanding during the relevant period plus the effect of dilutive shares using the treasury stock method, which excludes shares that would have an antidilutive effect, for share-based awards and warrants and the if-converted method for the effect of shares issuable under our convertible debt instruments. In periods where we report net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items would decrease the net loss per share.


	Three Months Ended March 31,
(in thousands, except per share data)	2026		2025
Numerator
Net (loss) income, basic and diluted	$	(83,390)	$	(778)




Denominator
Weighted-average of common shares outstanding, basic and diluted	26,258		9,973








Antidilutive shares:
Convertible notes	6,478		—
Warrants	4,484		62
Options	4,358		631
Dividend warrants	3,896		—
Restricted stock units	684		184
ELOC commitment shares	649		—
Total antidilutive shares	20,549		877

Net (loss) income per share
Basic and diluted	$	(3.18)	$	(0.08)