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BASIC AND DILUTED NET (LOSS) INCOME PER SHARE | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
BASIC AND DILUTED NET (LOSS) INCOME PER SHARE | BASIC AND DILUTED NET (LOSS) INCOME PER SHARE Basic net (loss) income per share has been computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is calculated by dividing net (loss) income by the weighted-average number of shares of common stock plus potentially dilutive securities outstanding during the period. Potential shares of common stock exercisable for little or no consideration are included in both basic and diluted weighted-average number of shares of common stock outstanding. The components of basic and diluted net (loss) income per share are as follows (in thousands, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |
Net (loss) income | $ | (34,930) |  |  | $ | 10,672 |  |  | $ | (85,513) |  |  | $ | (74,545) |
Less: Net income allocated to participating securities | — |  |  | 1,287 |  |  | — |  |  | — |
Net (loss) income available to common stockholders | $ | (34,930) |  |  | $ | 9,385 |  |  | $ | (85,513) |  |  | $ | (74,545) |
Denominator: |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |
Weighted average number of common shares outstanding - basic | 304,268 |  |  | 208,345 |  |  | 260,803 |  |  | 198,849 |
Diluted: |  |  |  |  |  |  |
Weighted average number of common shares outstanding - basic | 304,268 |  |  | 208,345 |  |  | 260,803 |  |  | 198,849 |
Dilutive effect of restricted stock units | — |  |  | 5,823 |  |  | — |  |  | — |
Dilutive effect of common stock pursuant to employee stock purchase plan | — |  |  | 157 |  |  | — |  |  | — |
Weighted average number of common shares outstanding - diluted | 304,268 |  | 214,325 |  | 260,803 |  | 198,849
Net (loss) income per share: |  |  |  |  |  |  |
Basic | $ | (0.11) |  |  | $ | 0.05 |  |  | $ | (0.33) |  |  | $ | (0.37) |
Diluted | $ | (0.11) |  |  | $ | 0.04 |  |  | $ | (0.33) |  |  | $ | (0.37) |
During the three and nine months ended September 30, 2025, basic and diluted weighted-average number of shares outstanding were 304.3 million and 260.8 million shares, respectively, and included pre-funded warrants to purchase 34.4 million shares of common stock with an exercise price of $0.01 per share. In June 2025, a total of 22.4 million pre-funded warrants were exercised, and in July 2025 the remaining outstanding 12.0 million pre-funded warrants were exercised. The Company’s outstanding warrants to purchase shares of common stock with the exercise price of $0.75 per share entitle holders to participate in dividends but are not required to absorb losses incurred and as a result were excluded from basic net loss per share calculations during the three and nine months ended September 30, 2025. During the three months ended September 30, 2024, basic and diluted weighted-average number of shares outstanding were 208.3 million and 214.3 million shares, respectively. During the nine months ended September 30, 2024, both basic and diluted weighted-average number of shares outstanding were 198.8 million shares, and included pre-funded warrants to purchase 3.8 million shares of common stock with an exercise price of $0.01 per share. These warrants were exercised during the three months ended June 30, 2024. The Company’s outstanding warrants to purchase shares of common stock with the exercise price of $1.00 per share entitle holders to participate in dividends but are not required to absorb losses incurred. As a result, for the three months ended September 30, 2024, the Company applied the two-class method to allocate net income to shares of common stock and these warrants for purposes of calculating basic and diluted net income per share. The warrants were excluded from basic net loss per share calculations during the nine months ended September 30, 2024. The computation of diluted net loss per share for the three and nine months ended September 30, 2025 excluded 98.4 million shares subject to outstanding stock options, restricted stock units and warrants to purchase shares of common stock, and the shares reserved for issuance under the Company’s employee stock purchase plan because their inclusion would have had an anti-dilutive effect on diluted net loss per share. The computation of diluted net income per share for the three months ended September 30, 2024 excluded 12.7 million shares subject to stock options and restricted stock units outstanding because their inclusion would have had an anti-dilutive effect on diluted net income per share. The computation of diluted net loss per share for the nine months ended September 30, 2024 excluded 51.6 million shares subject to outstanding stock options, restricted stock units and warrants to purchase shares of common stock, and the shares reserved for issuance under the Company’s employee stock purchase plan because their inclusion would have had an anti-dilutive effect on diluted net loss per share.

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