Net Loss per Share of Common Stock

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss per Share of Common Stock

Note 4 – Net Loss per Share of Common Stock

Net Loss Per Share

Basic net loss per share is computed by dividing our net loss available to common stockholders by the weighted average number of shares of common stock outstanding (which includes vested RSUs and unexercised pre-funded warrants) during the period. Diluted loss per share is computed by dividing our net loss available to common stockholders by the diluted weighted average number of shares of common stock (which includes the potentially dilutive effect of stock options, unvested RSUs and warrants) during the period. Since we experienced a net loss for both periods presented, basic and diluted net loss per share are the same. As such, diluted loss per share for the three months ended March 31, 2026 and 2025 excludes the impact of potentially dilutive common shares since those shares would have an anti-dilutive effect on net loss per share.

We issued 280,788 Pre-Funded Warrants with such Pre-Funded Warrants being immediately exercisable, having an exercise price of $0.0001 per share that expire when fully exercised. The Pre-Funded Warrants were determined to be equity-classified in accordance with ASC 480 and ASC 815. At March 31, 2025, 259,760 of these prefunded warrants were unexercised. Pursuant to the guidance of ASC 260-10, we concluded that because the equity-classified Pre-Funded Warrants were immediately exercisable for little or no cash consideration due to the non-substantive stated exercise price, all the necessary conditions for issuance of the underlying common shares had been met when the Pre-Funded Warrants were issued. Therefore, the underlying common shares have been included in the denominator for both the calculation of basic and dilutive net loss per common share for the three months ended March 31, 2025.

The computation of net loss per share for the three months ended March 31, 2026 and 2025 was as follows:

	Three months ended March 31,
	2026			2025
Basic and diluted net loss per share:
Net loss available to common stockholders	$	(3,377,179	)	$	(2,834,405	)
Weighted average number of common shares-basic and diluted		2,623,143			373,967
Basic and diluted net loss per share	$	(1.29	)	$	(7.58	)

	2026		2025
Weighted-average number of common shares outstanding – basic and diluted		2,572,114		176,223
Pre-Funded Warrants considered issued for EPS purposes		-		190,312
Weighted-average number of vested RSUs– basic and diluted		51,029		7,432
Weighted-average number of common shares-basic and diluted		2,623,143		373,967

We have excluded the following potentially dilutive securities from the calculation of diluted net loss per share since they would have had an anti-dilutive effect:

	March 31,
	2026		2025
Stock options		136,372		112
Restricted stock units (unvested)		45,733		7,653
Warrants for common stock		1,437,131		71,037
Total		1,619,236		78,802