EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026		2025
Net income (loss) attributable to common stock	$	170,224	$	(21,420)

Weighted-average common shares outstanding:
Basic	91,793,374		63,549,403
Diluted	109,154,227		63,549,403

Net income (loss) per share attributable to common stock:
Basic	$	1.85	$	(0.34)
Diluted	$	1.56	$	(0.34)

Schedule of Potentially Dilutive Shares Excluded from Calculation of Earnings Per Share

he potentially dilutive shares of common stock that have been excluded from the calculation of earnings per share because of the anti-dilutive effect or the shares are contingently issuable based on satisfaction of performance conditions, are as follows:


	Three Months Ended March 31,
	2026	2025
Outstanding stock options	39,808	21,417,036
Warrants to purchase shares of common stock	500,000	14,548,203
Convertible preferred stock	—	793,430
Debt/accrued interest convertible into shares of common stock	—	321,281
Unvested restricted stock awards	75,000	3,982,188
Total potentially dilutive shares of common stock	614,808	41,062,138