Basic and diluted net earnings (loss) per share is calculated based upon the weighted-average number of shares of common stock outstanding during the period. Shares of the Company’s common stock underlying pre-funded warrants are included in the calculation of the basic and diluted earnings per share.

Basic and diluted net earnings (loss) per share are as follows (in thousands except share and per share amounts):


	Three months ended September 30,					Nine months ended September 30,
	2026		2025			2026			2025
Net income (loss)	$	3,063	$	(27,081	)	$	(84,837	)	$	7,509
Basic weighted average shares outstanding		101,793,104		82,397,753			101,058,958			82,245,324
Effect of potentially dilutive securities:
Stock options to purchase common stock		6,301,855		—			—			649,847
Restricted stock units		520,755		—			—			47,552
Diluted weighted average shares outstanding		108,615,714		82,397,753			101,058,958			82,942,723

Basic net earnings (loss) per share	$	0.03	$	(0.33	)	$	(0.84	)	$	0.09
Diluted net earnings (loss) per share	$	0.03	$	(0.33	)	$	(0.84	)	$	0.09

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net earnings (loss) per common share, as their effect is anti-dilutive:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Stock options to purchase common stock		9,565,892		14,943,250		15,867,747		14,293,403
Restricted stock units		650,661		774,675		1,171,416		727,123