Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Net Loss Per Share

Net Loss Per Share

(9) Net Loss Per Share

The Company analyzes the potential dilutive effect of stock options and warrants under the treasury stock method (as applicable), during the periods of income, or during periods in which income is recognized related to changes in fair value of its liability-classified securities.

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

	Year Ended
	December 31,
	2025		2024
Net loss per share – Basic:
Numerator
Net loss	$	(28,854,197)	$	(24,590,375)
Denominator
Weighted-average common shares outstanding, basic		20,551,997		12,182,475
Basic net loss per common share	$	(1.40)	$	(2.02)
Net loss per share – Diluted:
Numerator
Net loss	$	(28,854,197)	$	(24,590,375)
Less: gain from change in fair value applicable to dilutive liability-classified warrants		—		(3,625,893)
Numerator for diluted net loss per share	$	(28,854,197)	$	(28,216,268)
Denominator
Denominator for basic net loss per share		20,551,997		12,182,475
Plus: incremental shares underlying “in the money” liability-classified warrants outstanding		—		52,969
Denominator for diluted net loss per share		20,551,997		12,235,444
Diluted net loss per common share	$	(1.40)	$	(2.31)

Potentially dilutive securities, whose effect would have been antidilutive, were excluded from the computation of diluted earnings per share for each of the years ended December 31, 2025 and 2024. Total antidilutive securities that were excluded from the computation of diluted weighted-average shares outstanding were as follows:

	December 31,
	2025	2024
Stock options	2,394,503	2,336,020
Warrants	5,841,870	2,400