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Net Loss Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Net Income (Loss) Per Share
In September 2025, the Company issued Series B convertible preferred stock (“Series B Preferred Stock”). The Series B Preferred Stockholders do not have a contractual obligation to share in the Company’s losses. As such, losses are attributed entirely to common shareholders. Due to the Company’s net income for the quarter ended September 30, 2025, earnings per share (“EPS”) is calculated using the two-class method. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders but does not require the presentation of basic and diluted EPS for securities other than common stock. The two-class method is required because Series B Preferred Stock has the right to receive dividends or dividend equivalents should the Company have declared dividends on its common stock as if such Series B Preferred Stock had been converted to common stock. Under the two-class method, earnings for the period are allocated to the common and preferred stockholders taking into consideration the participation of holders of Series B Preferred Stock in dividends on an as-converted basis. The weighted-average number of common and preferred shares outstanding during the period is then used to calculate basic EPS for each class of shares.
Diluted EPS is computed in the same manner as basic EPS except that the numerator is decreased to reverse the gain on troubled debt restructuring associated with the exchange transaction of the 2026 Notes and the denominator is increased to include the number of the shares issuable upon the conversion of the 2026 Notes. For the diluted EPS calculation, the if-converted method assuming Series B Preferred Stock is converted into common shares is applied and compared to the two-class method and whichever method results in a more dilutive impact is utilized to calculate the diluted EPS. Dilutive common stock equivalents include the dilutive effect of in-the-money stock equivalents, excluding any common stock equivalents if their effect would be anti-dilutive.

The following table summarizes net income (loss) attributable to common stockholders and participating securities used in the calculation of basic and diluted net income (loss) per common share for the three and nine months ended September 30, 2025 and 2024, as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands, except share and per share amounts)
Numerator:
Net income (loss) available to shareholders for basic net income (loss) per share
$8,711 $(28,309)$(21,132)$(22,145)
Less: Undeclared cumulative dividends to preferred stockholders
(207)— (207)— 
Less: Undistributed income allocated to participating securities
(1,511)— — — 
Net income (loss) attributable to common shareholders
6,993 (28,309)(21,339)(22,145)
Gain on troubled debt restructuring
(27,472)— (27,472)— 
Net loss available to shareholders for diluted net loss per share
$(20,479)$(28,309)$(48,811)$(22,145)
Denominator:
Weighted average number of shares outstanding used to compute basic net loss per share
7,165,708 5,967,674 6,519,546 5,918,245 
2026 Notes
257,681 — 299,298 — 
Weighted average number of shares outstanding used to compute diluted net loss per share
7,423,389 5,967,674 6,818,844 5,918,245 
Net income (loss) per share:
Basic
$0.98 $(4.74)$(3.27)$(3.74)
Diluted$(2.76)$(4.74)$(7.16)$(3.74)
The securities listed below were excluded from the computation of diluted net income (loss) per share for the three and nine months ended September 30, 2025 and 2024 as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Shares subject to outstanding common stock options and ESPP187,038 185,912 187,038 185,912 
Restricted stock units191,410 672,931 191,410 672,931 
Share-settled warrants752,304 649,781 709,397 649,781 
Convertible preferred stock
319,663 — 107,725 — 
2024 Notes— 27,068 — 27,068 
2026 Notes— 398,543 — 398,543 
Total1,450,415 1,934,235 1,195,570 1,934,235