Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Net Income (Loss) Per Share

Basic net income (loss) per share is determined by dividing net income (loss) by the weighted average shares of common stock outstanding during the period, without consideration of potentially dilutive securities, except for those shares that are issuable for little or no cash consideration. Diluted net income (loss) per share is determined by dividing net income (loss) by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as stock options, stock purchased pursuant to the Company’s employee stock purchase plan, convertible notes and warrants calculated using the treasury stock method. In periods with reported net operating losses, all common stock options and warrants are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.

At both December 31, 2025 and 2024, the Company had 1,341,375 pre-funded warrants outstanding. The following tables provides a reconciliation of the weighted average shares outstanding calculation for the year-ended December 31, 2025 and 2024.

Weighted average number of basic shares outstanding
	Year ended December 31,
	2025	2024
Weighted average shares issued	34,479,782	27,571,541
Weighted average pre-funded warrants	1,341,375	939,852
Weighted average shares outstanding	35,821,157	28,511,393

Weighted average number of diluted shares outstanding
	Year ended December 31,
	2025	2024
Weighted average shares outstanding (Basic)	35,821,157	28,511,393
Additional dilutive shares	4,098,400	—
Weighted average shares outstanding (Diluted)	39,919,557	28,511,393

For the years ended December 31, 2025 and 2024 the following potentially dilutive securities were excluded from the computation of diluted earnings per share because their effects would be antidilutive:

	December 31,
	2025	2024
Common stock warrants - equity	—	1,851,900
Assumed conversion of preferred stock	—	1,782,842
Stock options	3,845,762	5,766,927
Assumed conversion of ESPP shares	47,815	35,513
Total	3,893,577	9,437,182