Net Income (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net income (loss) per common, Series A preferred, and Series B preferred share (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		As Revised 2025		2026		As Revised 2025
Numerator:
Net income (loss)	$	55,442	$	(114,190)	$	(96,888)	$	(229,709)
Denominator:
Weighted-average common, Series A preferred and Series B preferred shares outstanding, basic(1)	29,247,673		28,508,089		29,142,570		28,276,865
Effect of dilutive securities:
Common stock issuable under equity plans	1,050,361		—		—		—
Common stock issuable under warrants	15,103		—		—		—
Weighted-average common, Series A preferred and Series B preferred shares outstanding, diluted	30,313,137		28,508,089		29,142,570		28,276,865

Net income (loss) per common, Series A preferred, and Series B preferred share - basic	$	1.90	$	(4.01)	$	(3.32)	$	(8.12)
Net income (loss) per common, Series A preferred, and Series B preferred share - diluted	$	1.83	$	(4.01)	$	(3.32)	$	(8.12)

(1) Basic weighted average shares outstanding reflect the weighted-average impact of common stock, Pre-Funded Warrants, Series A and Series B convertible preferred shares outstanding, and earned PSUs during the period. Diluted weighted average shares outstanding also include the weighted average incremental shares from dilutive stock-based awards and warrants, as applicable.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes potential common shares excluded from the computation of diluted earnings per common, Series A preferred, and Series B preferred share for the three and nine months ended September 30, 2026 and 2025, as their inclusion would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Common stock issuable under equity plans	299,454	2,177,363	2,120,673	2,177,363
Common stock issuable under warrants	—	19,454	19,454	19,454

Schedule of Error Corrections and Prior Period Adjustments

The following tables summarize the impact of the revision on both the weighted average shares outstanding and net loss per share calculations for each of the relevant periods:


	Weighted Average Shares Outstanding		Net Loss per Share
Period Impacted	As Reported	As Revised	As Reported		As Revised
Year-ended 12/31/2025	22,434,310	28,409,706	$	(12.85)	$	(10.15)
Year-ended 12/31/2024	21,272,962	26,908,070	$	(21.90)	$	(17.31)
Year-ended 12/31/2023	18,687,774	21,562,581	$	(19.99)	$	(17.33)

Three months ended 9/30/25	22,482,502	28,508,089	$	(5.08)	$	(4.01)
Nine months ended 9/30/25	22,261,718	28,276,865	$	(10.32)	$	(8.12)