NET INCOME (LOSS) PER COMMON SHARE

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

8. NET INCOME (LOSS) PER COMMON SHARE

Basic and diluted net loss per common share for the three and six months ended June 30, 2026 and 2025 was calculated as follows:


	FOR THE THREE MONTHS ENDED JUNE 30,					FOR THE SIX MONTHS ENDED JUNE 30,
(in thousands except share and per share amounts)	2026		2025			2026		2025
Net income (loss)	$	43,665	$	(9,703	)	$	35,387	$	(19,142	)
Weighted-average number of common shares outstanding, basic		5,699,111		5,605,116			5,693,877		5,600,987
Effect of potentially dilutive securities:
Stock options		82,654					41,298
Restricted stock units		16,148					13,957
Weighted-average number of common shares outstanding, diluted		5,797,913					5,749,133
Net income (loss) per common share, basic	$	7.66	$	(1.73	)	$	6.21	$	(3.42	)
Net income per common share, diluted	$	7.53				$	6.16

Basic net income (loss) per share of common stock is based on the weighted-average number of shares of common stock outstanding during the period.

Pre-funded

warrants to purchase

416,673

shares of common stock that were issued in connection with the November 2022

follow-on

offering are included in the weighted-average number of common shares outstanding for the three and six months ended June 30, 2026 and 2025. The weighted- average number of common shares outstanding diluted for the three and six months ended June 30, 2026 and 2025 excluded approximately

0.5

million and

0.9

million stock options and nonvested restricted stock awards and units, respectively, which were not

dilutive

11. NET LOSS PER COMMON SHARE

Basic and diluted loss per common share were calculated as follows:


	FOR THE YEAR ENDED DECEMBER 31,
(in thousands except share and per share amounts)	2025			2024
Net loss	$	(8,978	)	$	(57,775	)
Weighted-average number of common shares outstanding, basic and diluted		5,629,370			5,443,332

Net loss per common share, basic and diluted	$	(1.59	)	$	(10.61	)

Basic net loss per share of common stock is based on the weighted-average number of shares of common stock outstanding during the period.

Pre-funded

warrants to purchase 416,673 shares of common stock that were issued in connection with the November 2022

follow-on

offering were included in the weighted-average number of common shares outstanding for the years ended December 31, 2025 and 2024, respectively. The weighted-average number of common shares outstanding diluted for the years ended December 31, 2025 and 2024 both exclude approximately $0.7 million stock options and nonvested restricted stock awards and units, which were not dilutive.