Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Basic earnings (loss) per share of common stock is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive shares of common stock.

Diluted earnings per common share considers the potential dilution that could occur if outstanding securities were exercised or settled in shares. Dilutive securities that may impact diluted income per share include shares underlying outstanding stock options, restricted stock units, and performance stock units granted to employees and non-employees (see Note 10). Dilutive securities related to common shares underlying outstanding stock options, restricted stock units, and performance stock units are included in the calculation of diluted earnings per share using the treasury stock method. Common shares underlying the Company's former Convertible Promissory Notes, as defined below (see Note 7), which were outstanding during the three and six months ended June 30, 2025, and were extinguished in December 2025, would have been included in the calculation of diluted earnings per share using the if-converted method to the extent dilutive.

For periods in which the Company reports net income, diluted earnings per share reflects the dilutive effect of outstanding stock options, restricted stock units, and performance stock units to the extent such securities are dilutive, as determined using the treasury stock method. For periods in which the Company reports a net loss, diluted loss per share is the same as basic loss per share, as the effect of potentially dilutive securities would have been antidilutive.

The following table sets forth the computation of basic and diluted net earnings (loss) per share of common stock:


	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands, except share and per share data)	2026		2025			2026		2025
Basic earnings (loss) per common share calculation:
Net income (loss)	$	2,174	$	(4,430	)	$	424	$	(11,431	)
Weighted-average shares of common stock outstanding – basic		76,281,971		62,290,411			74,440,626		61,977,574
Earnings (loss) per share of common stock - basic	$	0.03	$	(0.07	)	$	0.01	$	(0.18	)

Diluted earnings (loss) per common share calculation:
Net income (loss)	$	2,174	$	(4,430	)	$	424	$	(11,431	)
Weighted-average shares of common stock outstanding – basic		76,281,971		62,290,411			74,440,626		61,977,574
Outstanding options, restricted stock units and performance stock units		4,269,036		—			4,355,104		—
Weighted-average shares of common stock – diluted		80,551,007		62,290,411			78,795,730		61,977,574
Earnings (loss) per share of common stock – diluted	$	0.03	$	(0.07	)	$	0.01	$	(0.18	)

The Company excluded the effect of the below elements from our calculation of diluted income (loss) per share, as their inclusion would have been anti-dilutive. These amounts represent the number of instruments outstanding at the end of the period.


	As of June 30,
	2026		2025
Outstanding stock options and restricted stock units		325,935		4,501,506
Convertible promissory note		—		5,305,861
		325,935		9,807,367

The unvested performance stock units outstanding as of June 30, 2026, and 2025, are excluded from our calculation of diluted earnings (loss) per share as they are subject to performance conditions that were not achieved as of the end of each period.