Basic and diluted net (loss) earnings per share is calculated based upon the weighted-average number of shares of common stock outstanding during the period. Shares of the Company's common stock underlying pre-funded warrants are included in the calculation of the basic and diluted earnings per share.

Basic and diluted net (loss) earnings per share are as follows (in thousands except share and per share amounts):


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Net (loss) income	$	(43,397	)	$	(12,295	)	$	(87,900	)	$	34,590
Basic weighted average shares outstanding		101,478,945			82,186,768			100,685,824			82,167,849
Effect of potentially dilutive securities:
Stock options to purchase common stock		—			—			—			651,925
Restricted stock units		—			—			—			70,289
Diluted weighted average shares outstanding		101,478,945			82,186,768			100,685,824			82,890,063

Basic net (loss) earnings per share	$	(0.43	)	$	(0.15	)	$	(0.87	)	$	0.42
Diluted net (loss) earnings per share	$	(0.43	)	$	(0.15	)	$	(0.87	)	$	0.42

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net (loss) earnings per common share, as their effect is anti-dilutive:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Stock options to purchase common stock		15,939,132		15,190,513		15,939,132		14,538,588
Restricted stock units		1,170,738		777,325		1,170,738		707,036