| Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share |
The following table includes the computation of basic and diluted net income (loss) per share available to (attributable to) common stockholders (in thousands, except per share amounts):
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|
|
|
|
|
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|
|
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|
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|
Three Months Ended June 30, |
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|
Six Months Ended June 30, |
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|
|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
|
Numerator: |
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|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
50,177 |
|
|
$ |
39,746 |
|
|
$ |
(77,328 |
) |
|
$ |
12,776 |
|
Less: Undistributed earnings allocated to participating securities |
|
|
(18,139 |
) |
|
|
(17,938 |
) |
|
|
— |
|
|
|
(7,566 |
) |
Net income (loss) available to (attributable to) common
stockholders, basic |
|
|
32,038 |
|
|
|
21,808 |
|
|
|
(77,328 |
) |
|
|
5,210 |
|
Add: Undistributed earnings allocated to participating securities |
|
|
18,139 |
|
|
|
17,938 |
|
|
|
— |
|
|
|
7,566 |
|
Less: Remeasurement of tranche liability |
|
|
(39,248 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Remeasurement of warrant liabilities |
|
|
(20,324 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Undistributed earnings reallocated to participating
securities |
|
|
— |
|
|
|
(17,938 |
) |
|
|
— |
|
|
|
(7,566 |
) |
Net (loss) income (attributable to) available to common
stockholders, diluted |
|
$ |
(9,395 |
) |
|
$ |
21,808 |
|
|
$ |
(77,328 |
) |
|
$ |
5,210 |
|
Denominator: |
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|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computing net income (loss) per
share available to (attributable to) common stockholders, basic |
|
|
11,663 |
|
|
|
8,541 |
|
|
|
11,308 |
|
|
|
6,098 |
|
Dilutive effect of assumed settlement of tranche liability |
|
|
7,105 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Dilutive effect of assumed exercise of warrant liabilities |
|
|
4,378 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Weighted-average shares used in computing net income (loss) per
share available to (attributable to) common stockholders, diluted |
|
|
23,146 |
|
|
|
8,541 |
|
|
|
11,308 |
|
|
|
6,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share available to (attributable to) common
stockholders, basic |
|
$ |
2.75 |
|
|
$ |
2.55 |
|
|
$ |
(6.84 |
) |
|
$ |
0.85 |
|
Net (loss) income per share (attributable to) available to common
stockholders, diluted |
|
$ |
(0.41 |
) |
|
$ |
2.55 |
|
|
$ |
(6.84 |
) |
|
$ |
0.85 |
|
|
| Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
The following table presents the potential shares of common stock outstanding that were excluded from the computation of diluted net income (loss) per share of common stock as of the periods presented for the three months ended June 30, 2025 and six months ended June 30, 2026 and 2025 because including them would have been antidilutive (in thousands):
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|
|
|
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June 30, |
|
|
|
2026 |
|
|
2025 |
|
Common stock issuable upon exercise of stock options |
|
|
1,987 |
|
|
|
1,220 |
|
Unvested restricted stock units |
|
|
765 |
|
|
|
116 |
|
Common stock issuable upon exercise of warrants |
|
|
6,925 |
|
|
|
7,395 |
|
Common stock issuable upon settlement of tranche liability in the 2025 PIPE |
|
|
12,297 |
|
|
|
12,750 |
|
Total |
|
|
21,974 |
|
|
|
21,481 |
|
|