Net Income (Loss) per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Net Income (Loss) per Share Attributable to Common Stockholders [Abstract]

Net Income (Loss) per Share Attributable to Common Stockholders

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 Net Income (Loss) per Share Attributable to Common Stockholders

The Company presents basic and diluted earnings per share (“EPS”) data for its common stock. Basic EPS is calculated by dividing the income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is determined by adjusting the net income (loss) attributable to common stockholders and the weighted-average number of shares of outstanding for the effects of potentially dilutive common shares, including stock options, restricted stock units, warrants and convertible notes, as applicable. Since the shares underlying the November 2025 pre-funded warrants were issuable for little consideration of $0.0001 per share, they were considered outstanding for both basic and diluted loss per share from the date of issuance.

The Convertible Notes and certain warrants are considered participating securities under ASC 260 Earnings per Share, because they entitle holders to participate in dividends on a nonforfeitable basis. Other warrants and the Company’s stock options and restricted stock units do not have such rights and are not considered participating securities.

When participating securities are present, ASC 260 requires the use of the two-class method when computing basic EPS. The two-class method is an earnings allocation formula that allocates net income to common stockholders and participating securities based on their respective rights to receive dividends and share in undistributed earnings. Participating securities do not have a contractual obligation to share in losses; therefore, net losses are not allocated to participating securities.

For diluted EPS, the Company evaluates the potential dilutive effect of participating securities and other instruments. Stock options, restricted stock units and certain warrants are included in diluted EPS using the treasury stock method, while convertible notes are evaluated using the if-converted method, if dilutive. 

The following table sets forth the computation of the basic and diluted net income and (loss) per share:

		Three Months Ended March 31,
		2026		2025
BASIC EPS:
Net income (loss)		846,100		(5,896,839	)
Less: Net (income) loss attributable to participating securities		(517,454	)	—
Net income (loss) attributable to common stockholders	$	328,646		(5,896,839	)
Weighted-average shares outstanding- Basic		66,645,591		25,149,236
Earnings (loss) per share- Basic	$	0.00		(0.23	)
DILUTED EPS:
Net income (loss) attributable to common stockholders	$	328,646		(5,896,839	)
Weighted-average shares outstanding- Basic		66,645,591		25,149,236
Add: Dilutive potential common shares		11,450,042		—
Weighted-average shares outstanding- Diluted		78,095,633		25,149,236
Earnings (loss) per share- Diluted	$	0.00		(0.23	)

The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding because they would be anti-dilutive:

	Three Months Ended March 31,
		2026	2025
Options to purchase common stock		3,687,269	4,538,059
Warrants to purchase common stock, in connection with April 2023 financing		68,809	68,809
Warrants to purchase common stock, in connection with November 2023 financing		5,805,083	5,805,083
Warrants to purchase common stock, in connection with June 2025 financing		105,726	—
November 2025 convertible notes and PIK interest, if converted		16,801,212	—
Warrants to purchase common stock, in connection with November 2025 financing		65,514,252	—
Warrants to purchase common stock		141,639	196,816
Total potential shares		92,123,990	10,608,767