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NET INCOME (LOSS) PER COMMON SHARE | 6 Months Ended
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Jun. 30, 2026
Earnings Per Share [Abstract] |
NET INCOME (LOSS) PER COMMON SHARE | NET INCOME (LOSS) PER COMMON SHARE Basic and diluted net loss per common share for the three and six months ended June 30, 2026 and 2025 was calculated as follows:
| FOR THE THREE MONTHS ENDED JUNE 30, |  | FOR THE SIX MONTHS ENDED JUNE 30, |  |
(in thousands except share and per share amounts) | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Net income (loss) | $ | 43,665 |  |  | $ | (9,703) |  |  | $ | 35,387 |  |  | $ | (19,142) |  |  |  |  |
Weighted-average number of common shares outstanding, basic | 5,699,111 |  | 5,605,116 |  | 5,693,877 |  | 5,600,987 |  |  |  |
Effect of potentially dilutive securities: |  |  |  |  |  |  |  |  |  |  |
Stock options | 82,654 |  |  |  | 41,298 |  |  |  |  |  |
Restricted stock units | 16,148 |  |  |  | 13,957 |  |  |  |  |  |
Weighted-average number of common shares outstanding, diluted | 5,797,913 |  |  |  | 5,749,133 |  |  |  |  |  |
Net income (loss) per common share, basic | $ | 7.66 |  |  | $ | (1.73) |  |  | $ | 6.21 |  |  | $ | (3.42) |  |  |  |  |
Net income per common share, diluted | $ | 7.53 |  |  |  |  | $ | 6.16 |  |  |  |  |  |  |
Basic net income (loss) per share of common stock is based on the weighted-average number of shares of common stock outstanding during the period. Pre-funded warrants to purchase 416,673 shares of common stock that were issued in connection with the November 2022 follow-on offering are included in the weighted-average number of common shares outstanding for the three and six months ended June 30, 2026 and 2025. The weighted- average number of common shares outstanding diluted for the three and six months ended June 30, 2026 and 2025 excluded approximately 0.5 million and 0.9 million stock options and nonvested restricted stock awards and units, respectively, which were not dilutive.

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