v3.26.1
Net Loss Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period.

Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period. For diluted net loss per share, the numerator is decreased to reverse the gain on troubled debt restructuring associated with the repurchase of a portion of the 2026 Notes and the denominator is increased to include the number of the shares issuable upon the conversion of the 2026 Notes. For purposes of the calculations below, stock options, restricted stock units, and the 2026 Notes are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share when including them has an anti-dilutive effect.

The share-settled warrants and cash-settled warrants are not participating securities. The share-settled warrants are excluded from the calculation of diluted EPS for the three and six months ended June 30, 2026, and the three months ended June 30, 2025, as their effect would have been anti-dilutive because the exercise prices were greater than the average market price of the common shares for those periods. The cash-settled warrants are not included in the calculation of diluted EPS due to the cash-settlement requirement.

The Company uses the treasury stock method for stock options, restricted stock units, and share-settled warrants, and uses the if-converted method for convertible debt. See Note 8 – Senior Notes, Capped Call Transactions and Warrants for additional information about the 2026 Notes, 2029 Notes, and Second Lien Notes.

The following table presents shares used in calculating basic and diluted net loss per share for the three and six months ended June 30, 2026 and 2025, as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands, except share and per share amounts)
Numerator:
Net loss available to stockholders for basic net loss per share$(72,557)$(15,710)$(81,384)$(29,843)
Gain on troubled debt restructuring(2,176)— (2,156)— 
Gain on change in fair value of warrants— — — (5,825)
Net loss available to stockholders for diluted net loss per share$(74,733)$(15,710)$(83,540)$(35,668)
Denominator:
Weighted average number of shares outstanding used to compute basic net loss per share12,217,384 6,276,556 12,139,509 6,191,117 
Conversion option of the 2026 Notes13,570 — 15,702 — 
Impact of potential exercise of warrants
— — — 163,320 
Weighted average number of shares outstanding used to compute diluted net loss per share12,230,954 6,276,556 12,155,211 6,354,437 
Net loss per share:
Basic
$(5.94)$(2.50)$(6.70)$(4.82)
Diluted$(6.11)$(2.50)$(6.87)$(5.61)
The securities listed below were excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2026 and 2025 as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Shares subject to outstanding common stock options and employee stock purchase plan174,604 167,382 174,604 167,382 
Restricted stock units654,529 767,160 654,529 767,160 
Share-settled warrants1,034,220 687,588 1,034,220 — 
2026 Notes— 320,106 — 320,106 
Total1,863,353 1,942,236 1,863,353 1,254,648