v3.26.3
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance (in shares) at Dec. 31, 2024 82,622,000        
Balance at Dec. 31, 2024 $ 826 $ 1,010,306 $ (342,771) $ 139 $ 668,500
Net loss 0 0 17,122 0 17,122
Unrealized loss on available-for-sale securities 0 0 0 250 250
Cash dividends declared $ 0 (35,729) 0 0 (35,729)
Stock based awards and amortization (in shares) 23,000        
Stock based awards and amortization $ 0 313 0 0 313
Issuance of common stock pursuant to public offerings, net (in shares) 25,142,000        
Issuance of common stock pursuant to public offerings, net $ 252 205,172 0 0 205,424
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income 0 0 0 250 250
Net (loss) income $ 0 0 17,122 0 17,122
Balance (in shares) at Mar. 31, 2025 107,787,000        
Balance at Mar. 31, 2025 $ 1,078 1,180,062 (325,649) 389 855,880
Balance (in shares) at Dec. 31, 2024 82,622,000        
Balance at Dec. 31, 2024 $ 826 1,010,306 (342,771) 139 668,500
Net loss         55,622
Unrealized loss on available-for-sale securities         280
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income         280
Net (loss) income         $ 55,622
Balance (in shares) at Sep. 30, 2025 148,239,000       148,239,000
Balance at Sep. 30, 2025 $ 1,482 1,371,337 (287,149) 419 $ 1,086,089
Balance (in shares) at Dec. 31, 2024 82,622,000        
Balance at Dec. 31, 2024 $ 826 1,010,306 (342,771) 139 $ 668,500
Issuance of common stock pursuant to public offerings, net (in shares)         100,429,631
Issuance of common stock pursuant to public offerings, net [1]         $ 741,423
Balance (in shares) at Dec. 31, 2025 181,986,000        
Balance at Dec. 31, 2025 $ 1,820 1,553,451 (183,741) 418 1,371,948
Balance (in shares) at Mar. 31, 2025 107,787,000        
Balance at Mar. 31, 2025 $ 1,078 1,180,062 (325,649) 389 855,880
Net loss 0 0 (33,578) 0 (33,578)
Unrealized loss on available-for-sale securities 0 0 0 (64) (64)
Cash dividends declared $ 0 (42,635) 0 0 (42,635)
Stock based awards and amortization (in shares) 9,000        
Stock based awards and amortization $ 0 201 0 0 201
Issuance of common stock pursuant to public offerings, net (in shares) 19,884,000        
Issuance of common stock pursuant to public offerings, net $ 199 139,217 0 0 139,416
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income $ 0 0 0 (64) (64)
Shares repurchased and retired (in shares) (1,113,000)        
Shares repurchased and retired $ (11) (7,249) 0 0 (7,260)
Net (loss) income $ 0 0 (33,578) 0 (33,578)
Balance (in shares) at Jun. 30, 2025 126,567,000        
Balance at Jun. 30, 2025 $ 1,266 1,269,596 (359,227) 325 911,960
Net loss 0 0 72,078 0 72,078
Unrealized loss on available-for-sale securities 0 0 0 94 94
Cash dividends declared $ 0 (50,588) 0 0 (50,588)
Stock based awards and amortization (in shares) 7,000        
Stock based awards and amortization $ 0 200 0 0 200
Issuance of common stock pursuant to public offerings, net (in shares) 21,665,000        
Issuance of common stock pursuant to public offerings, net $ 216 152,129 0 0 152,345
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income 0 0 0 94 94
Net (loss) income $ 0 0 72,078 0 $ 72,078
Balance (in shares) at Sep. 30, 2025 148,239,000       148,239,000
Balance at Sep. 30, 2025 $ 1,482 1,371,337 (287,149) 419 $ 1,086,089
Balance (in shares) at Dec. 31, 2025 181,986,000        
Balance at Dec. 31, 2025 $ 1,820 1,553,451 (183,741) 418 1,371,948
Net loss 0 0 (19,955) 0 (19,955)
Unrealized loss on available-for-sale securities 0 0 0 (279) (279)
Cash dividends declared $ 0 (68,977) 0 0 (68,977)
Stock based awards and amortization (in shares) 155,000        
Stock based awards and amortization $ 2 1,302 0 0 1,304
Issuance of common stock pursuant to public offerings, net (in shares) 14,559,000        
Issuance of common stock pursuant to public offerings, net $ 145 107,622 0 0 107,767
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income 0 0 0 (279) (279)
Net (loss) income $ 0 0 (19,955) 0 (19,955)
Balance (in shares) at Mar. 31, 2026 196,700,000        
Balance at Mar. 31, 2026 $ 1,967 1,593,398 (203,696) 139 1,391,808
Balance (in shares) at Dec. 31, 2025 181,986,000        
Balance at Dec. 31, 2025 $ 1,820 1,553,451 (183,741) 418 1,371,948
Balance (in shares) at Jun. 30, 2026 199,603,000        
Balance at Jun. 30, 2026 $ 1,996 1,553,904 (114,504) (138) 1,441,258
Balance (in shares) at Dec. 31, 2025 181,986,000        
Balance at Dec. 31, 2025 $ 1,820 1,553,451 (183,741) 418 1,371,948
Net loss         (109,683)
Unrealized loss on available-for-sale securities         $ (836)
Issuance of common stock pursuant to public offerings, net (in shares)         18,558,681
Issuance of common stock pursuant to public offerings, net [1]         $ 135,525
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income         (836)
Net (loss) income         $ (109,683)
Balance (in shares) at Sep. 30, 2026 194,662,000       194,662,000
Balance at Sep. 30, 2026 $ 1,947 1,463,731 (293,424) (418) $ 1,171,836
Balance (in shares) at Mar. 31, 2026 196,700,000        
Balance at Mar. 31, 2026 $ 1,967 1,593,398 (203,696) 139 1,391,808
Net loss 0 0 89,192 0 89,192
Unrealized loss on available-for-sale securities 0 0 0 (277) (277)
Cash dividends declared $ 0 (60,265) 0 0 (60,265)
Stock based awards and amortization (in shares) 10,000        
Stock based awards and amortization $ 0 386 0 0 386
Issuance of common stock pursuant to public offerings, net (in shares) 4,000,000        
Issuance of common stock pursuant to public offerings, net $ 40 27,718 0 0 27,758
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income $ 0 0 0 (277) (277)
Shares repurchased and retired (in shares) (1,107,000)        
Shares repurchased and retired $ (11) (7,333) 0 0 (7,344)
Net (loss) income $ 0 0 89,192 0 89,192
Balance (in shares) at Jun. 30, 2026 199,603,000        
Balance at Jun. 30, 2026 $ 1,996 1,553,904 (114,504) (138) 1,441,258
Net loss 0 0 (178,920) 0 (178,920)
Unrealized loss on available-for-sale securities 0 0 0 (280) (280)
Cash dividends declared $ 0 (59,434) 0 0 (59,434)
Stock based awards and amortization (in shares) 5,000        
Stock based awards and amortization $ 1 384 0 0 385
Unrealized (losses) gains on U.S. Treasury securities measured at fair value through other comprehensive net (loss) income $ 0 0 0 (280) (280)
Shares repurchased and retired (in shares) (4,946,000)        
Shares repurchased and retired $ (50) (31,123) 0 0 (31,173)
Net (loss) income $ 0 0 (178,920) 0 $ (178,920)
Balance (in shares) at Sep. 30, 2026 194,662,000       194,662,000
Balance at Sep. 30, 2026 $ 1,947 $ 1,463,731 $ (293,424) $ (418) $ 1,171,836
[1] Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.