INCOME (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 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 JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Numerator:


Net income (loss) attributable to common stockholders - basic and diluted	$	(28,710)	$	(30,696)	$	(52,418)	$	117,755
Denominator:
Weighted-average shares of common stock outstanding - basic	19,800,322		40,612,907		19,715,585		40,586,279
Effect of potentially dilutive stock options	—		—		—		433,710
Effect of potentially dilutive employee stock purchase plan shares	—		—		—		—
Effect of potentially dilutive restricted stock units	—		—		—		133,769
Total potentially dilutive securities	—		—		—		567,479
Weighted-average shares of common stock outstanding used to compute diluted net loss1	19,800,322		40,612,907		19,715,585		41,153,758
Net income (loss) per share of common stock
Basic	$	(1.45)	$	(0.76)	$	(2.66)	$	2.90
Diluted	$	(1.45)	$	(0.76)	$	(2.66)	$	2.86

In periods where there is a net loss, zero incremental shares are included as the effect would be antidilutive.

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 June 30, 2026 and 2025 because including them would have had an anti-dilutive effect:


	THREE MONTHS ENDED JUNE 30,		SIX MONTHS ENDED JUNE 30,
	2026	2025	2026	2025
Restricted stock unit awards	277,474	12,462	164,024	6,265
Options to purchase common stock	4,139,826	4,838,595	3,906,745	4,865,192
Employee stock purchase plan shares	7,176	29,517	5,957	35,628
Total	4,424,476	4,880,574	4,076,726	4,907,085