| EARNINGS PER SHARE |
EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Net income (loss) attributable to common stock | $ | 52,472 | | | $ | (102,080) | | | $ | 266,904 | | | $ | (99,973) | | | | | | | | | | | Weighted-average common shares outstanding: | | | | | | | | | Basic | 99,113,041 | | 70,128,197 | | 95,430,903 | | 66,168,315 | | Diluted | 110,799,280 | | 70,128,197 | | 110,249,406 | | 66,168,315 | | | | | | | | | | Net income (loss) per share attributable to common stock: | | | | | | | | | Basic | $ | 0.53 | | | $ | (1.46) | | | $ | 2.80 | | | $ | (1.51) | | | Diluted | $ | 0.47 | | | $ | (1.46) | | | $ | 2.42 | | | $ | (1.51) | |
The potentially dilutive shares of common stock that have been excluded from the calculation of earnings per share because of the anti-dilutive effect or the shares are contingently issuable based on satisfaction of performance conditions, are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | Outstanding stock options | 558,697 | | | 22,172,587 | | | 240,285 | | | 22,172,587 | | Warrants to purchase shares of common stock | 500,000 | | | 18,581,679 | | | 500,000 | | | 18,581,679 | | Debt/accrued interest convertible into shares of common stock | — | | | 321,477 | | | — | | | 321,477 | | Restricted stock units | 127 | | | — | | | 63 | | | — | | Unvested restricted stock awards | 75,000 | | | 1,588,455 | | | 75,000 | | | 1,588,455 | | Total potentially dilutive shares of common stock | 1,133,824 | | | 42,664,198 | | | 815,348 | | | 42,664,198 | |
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