Basic net income (loss) per share is computed based on the weighted average number of shares outstanding during the applicable period, including nominally priced warrants. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding. Diluted net income (loss) per share is calculated based on the weighted average of shares of common stock outstanding and the number of additional shares that would have been outstanding if the potentially dilutive securities had been issued. The Company uses the treasury stock method to calculate the number of shares for the nominally priced warrants.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Numerator:
Basic net income (loss) available to stockholders	10,325		(20,657)		5,704		(18,624)
Change in fair value of warrants	(6,097)		-		(2,186)		-
Diluted net income (loss) available to stockholders	4,228		(20,657)		3,518		(18,624)
Denominator:
Weighted average common shares outstanding - Basic	8,571		3,185		8,560		3,146

Dilutive effect of warrants	158		-		295		-
Dilutive effect of stock options	412		-		323		-
Dilutive effect of convertible promissory notes including interest	-		—		-		—
Weighted average common shares outstanding - Diluted	9,141		3,185		9,178		3,146
Net income (loss) per share:
Basic	$	1.20	$	(6.49)	$	0.67	$	(5.92)
Diluted	$	0.46	$	(6.49)	$	0.38	$	(5.92)

Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding that are nominally priced. In September 2024, the Company did not have any dilutive common stock equivalents that were nominally priced. The following securities were excluded from the calculation of diluted net income per share during the nine months ended September 30, 2025 because the result would have been anti-dilutive.


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2025	2024	2025	2024
Common stock options	84	42	112	42
Common stock purchase warrants	2	3,963	2	3,963
Convertible notes payable, including interest		621	-	621
	86	4,626	114	4,626