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Net Income (Loss) Per Share Attributable to Shareholders | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share Attributable to Shareholders | Net Income (Loss) Per Share Attributable to Shareholders For the three months ended and nine months ended September 30, 2024, basic net income (loss) per share is the same as diluted net income (loss) per share as the inclusion of any potential common shares outstanding would have been anti-dilutive. For the three months ended and nine months ended September 30, 2025, diluted net income (loss) per share is computed by applying the two-class method and then by dividing net income attributable to common stockholders by the weighted-average number of diluted common shares outstanding. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the Company’s outstanding preferred stock, the treasury stock method for the Company’s other potentially dilutive securities, and is ultimately applied by sequencing instruments beginning with those that are more dilutive. The following table sets forth the computation of basic and dilutive net income (loss) per share attributable to common stockholders for the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Basic net income (loss) per share: |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income (loss) | $ | 5,711 |  |  | $ | (14,904) |  |  | $ | 1,477 |  |  | $ | (30,093) |
Less: Net income attributable to participating securities | (4,204) |  |  | — |  |  | (1,089) |  |  | — |
Net income (loss) attributable to common stockholders | 1,507 |  |  | (14,904) |  |  | 388 |  |  | (30,093) |
Denominator: |  |  |  |  |  |  |
Weighted-average shares used in calculating net income (loss) per share, basic | 10,429,583 |  |  | 10,107,487 |  |  | 10,376,253 |  |  | 10,049,097 |
Net income (loss) per share, basic | $ | 0.14 |  |  | $ | (1.47) |  |  | $ | 0.04 |  |  | $ | (2.99) |
Diluted net income (loss) per share: |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income (loss) attributable to common stockholders | $ | 1,507 |  |  | $ | (14,904) |  |  | $ | 388 |  |  | $ | (30,093) |
Denominator: |  |  |  |  |  |  |
Weighted-average shares used in calculating net income (loss) per share, basic | 10,429,583 |  |  | 10,107,487 |  |  | 10,376,253 |  |  | 10,049,097 |
Effect of dilutive securities: |  |  |  |  |  |  |
Outstanding stock options | 4,336,722 |  |  | — |  |  | 3,940,885 |  |  | — |
Warrants to purchase redeemable convertible preferred stock | 8,798 |  |  | — |  |  | 8,616 |  |  | — |
Warrants to purchase common stock | 98,294 |  |  | — |  |  | 93,366 |  |  | — |
Restricted stock awards in exchange for non-recourse note | 698,552 |  |  | — |  |  | 698,245 |  |  | — |
Weighted-average shares used in calculating net income (loss) per share, diluted | 15,571,949 |  |  | 10,107,487 |  |  | 15,117,365 |  |  | 10,049,097 |
Net income (loss) per share, diluted | $ | 0.10 |  |  | $ | (1.47) |  |  | $ | 0.03 |  |  | $ | (2.99) |
Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Redeemable convertible preferred stock | 29,084,235 |  | 29,084,235 |  | 29,084,235 |  | 29,084,235
Outstanding stock options | - |  | 6,565,802 |  | - |  | 6,565,802
Restricted stock awards in exchange for non-recourse note | - |  | 700,000 |  | - |  | 700,000
Warrants to purchase common stock | - |  | 121,566 |  | - |  | 121,566
Warrants to purchase redeemable convertible preferred stock | - |  | 9,660 |  | - |  | 9,660
Unvested early-exercised options | - |  | 500 |  | - |  | 500

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