We compute basic net income (loss) per common share by dividing net income (loss) by the weighted-average number of common shares outstanding. We compute diluted net income (loss) per common share by dividing net income (loss) by the weighted-average number of common shares and dilutive potential common share equivalents then outstanding during the period. Potential common shares consist of shares issuable upon the vesting of restricted stock units and the exercise of stock options (the proceeds of which are then assumed to have been used to repurchase outstanding shares using the treasury stock method). Because the inclusion of potential common shares would be anti-dilutive for periods presenting a net loss, diluted net loss per common share is the same as basic net loss per common share.

The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common shareholders of the Company (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income (loss)	$	(9,905)	$	(10,561)	$	(18,941)	$	45,981

Weighted average common shares outstanding - basic	57,367,283		56,803,450		57,300,718		56,734,010
Effect of dilutive securities:
Options to purchase common stock	—		—		—		61,693
Restricted stock units	—		—		—		670,000
Employee stock purchase program	—		—		—		8,415

Weighted average common shares outstanding - diluted	57,367,283		56,803,450		57,300,718		57,474,118

Net income (loss) per share - basic	$	(0.17)	$	(0.19)	$	(0.33)	$	0.81
Net income (loss) per share - diluted	$	(0.17)	$	(0.19)	$	(0.33)	$	0.80

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Six Months Ended June 30,
	2026	2025
Options to purchase common stock	11,791,184	9,904,987
Unvested restricted stock	225,000	—
Shares issuable under employee stock purchase plan	5,632	—

Warrants to purchase common stock	10,757	10,757
	12,032,573	9,915,744