Net Income (Loss) Per Ordinary Share

3 Months Ended

Mar. 31, 2026

Net income (loss) per ordinary share was determined as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net income (loss)	$	32,721	$	(60,195)
Denominator:
Weighted-average ordinary shares outstanding used in per share calculations - basic	53,708		53,827
Dilutive restricted stock units outstanding	384		—
Dilutive stock options outstanding	17		—
Weighted-average ordinary shares outstanding used in per share calculations - diluted	54,109		53,827
Net income (loss) per ordinary share:
Basic	$	0.61	$	(1.12)
Diluted	$	0.60	$	(1.12)

Potentially issuable ordinary shares were not used in computing diluted net loss per ordinary share as their effect would be anti-dilutive due to the loss recorded during the three months ended March 31, 2025, and therefore diluted net loss per share is equal to basic net loss per share.

The equivalent ordinary shares not included in diluted net income (loss) per share because their effect would be anti-dilutive are as follows (in thousands):


	Three Months Ended March 31,
	2026	2025
Stock options to purchase ordinary shares	10,640	12,835
Restricted Stock Units (RSU)	259	291
Total	10,899	13,126

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