| Schedule of computation of EPS and the effect on income and the weighted average number of shares |
| | | | | | | | | Three Months Ended September 30, | (in thousands, except per share data) | | 2025 | | 2024 | Net loss | | $ | (6,169) | | $ | (204) | Reduction of the original issue price of NCNV preferred share value from $1,000 to $600 per share | | | — | | | 43,656 | Cumulative preferred stock dividends | | | — | | | (82) | Net loss available to common shareholders used in basic earnings per share | | | (6,169) | | | 43,370 | Add back cumulative preferred stock dividends | | | — | | | 82 | Net (loss) income available to common shareholders used in diluted earnings per share | | $ | (6,169) | | $ | 43,452 | Weighted average number of common shares used in basic earnings per share | | | 24,020,175 | | | 183,917 | Adjustments to weighted average shares for shares used in diluted earnings per share: | | | | | | | Weighted average number of common shares for assumed options exercised | | | — | | | 905,552 | Weighted average number of common shares for assumed conversion of Series A shares | | | — | | | 5,185,210 | Weighted average number of common shares used in diluted earnings per share | | | 24,020,175 | | | 6,274,679 | Net (loss) income per common share – basic | | $ | (0.26) | | $ | 235.81 | Net (loss) income per common share – diluted | | $ | (0.26) | | $ | 6.92 |
| | | | | | | | | Nine Months Ended September 30, | (in thousands, except share and per share data) | | 2025 | | 2024 | Net loss | | $ | (18,103) | | $ | (17,197) | Accretion of NCNV preferred stock | | | — | | | — | Reduction of the original issue price of NCNV preferred share value from $1,000 to $600 per share | | | — | | | 43,656 | Cumulative preferred stock dividends | | | | | | | Cumulative preferred stock dividends | | | — | | | (247) | Net (loss) income available to common shareholders used in basic earnings per share | | | (18,103) | | $ | 26,212 | Add back cumulative preferred stock dividends | | | — | | | 247 | Net (loss) income available to common shareholders used in diluted earnings per share | | $ | (18,103) | | $ | 26,459 | Weighted average number of common shares used in basic earnings per share | | | 23,283,602 | | | 177,381 | Adjustments to weighted average shares for shares used in diluted earnings per share: | | | | | | | Weighted average number of common shares for assumed options exercised | | | — | | | 834,178 | Weighted average number of common shares for assumed conversion of Series A shares | | | — | | | 5,185,210 | Weighted average number of common shares used in diluted earnings per share | | | 23,283,602 | | | 6,196,769 | Net (loss) income per common share – basic | | $ | (0.78) | | $ | 147.77 | Net (loss) income per common share – diluted | | $ | (0.78) | | $ | 4.27 |
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| | | | | | | | | Year Ended December 31, | (in thousands, except share and per share data) | | 2024 | | 2023 | Net loss | | $ | (20,823) | | $ | (13,036) | Accretion of NCNV preferred stock | | | — | | | (5,903) | Reduction of the original issue price of NCNV preferred share value from $1,000 to $600 per share | | | 43,656 | | | — | Cumulative preferred stock dividends | | | (309) | | | (330) | Net income (loss) available to common shareholders used in basic earnings per share | | | 22,524 | | $ | (19,269) | Add back interest expense on convertible debt | | | 915 | | | — | Add back cumulative preferred stock dividends | | | 309 | | | — | Net income (loss) available to common shareholders used in diluted earnings per share | | $ | 23,748 | | $ | (19,269) | Weighted average number of common shares used in basic earnings per share | | | 1,728,127 | | | 170,212 | Adjustments to weighted average shares for shares used in diluted earnings per share: | | | | | | | Weighted average number of common shares for assumed options exercised | | | 2,823,613 | | | — | Weighted average number of common shares for assumed warrants exercised | | | 1,306 | | | — | Weighted average number of common shares for assumed conversion of SAFE agreements | | | 286,266 | | | — | Weighted average number of common shares for assumed conversion of convertible debt | | | 886,471 | | | — | Weighted average number of common shares for assumed conversion of Series A and NCNV shares | | | 17,401,910 | | | — | Weighted average number of common shares used in diluted earnings per share | | | 23,127,693 | | | 170,212 | Net income (loss) per common share – basic | | $ | 13.03 | | $ | (113.21) | Net income (loss) per common share – diluted | | $ | 1.03 | | $ | (113.21) |
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| Schedule of anti-dilutive securities excluded from the computation of diluted net loss per share |
| | | | | Nine Months Ended September 30: | | 2025 | | 2024 | Incentive stock options | | 5,856,563 | | 5,997,539 | Restricted stock units | | 1,315,430 | | — | Warrants | | 107,813 | | — | Shares available for future issuance under the convertible debt note | | 6,477,174 | | — | Shares available for future issuance under equity line-of-credit agreement | | 4,562,859 | | — | Temporary redeemable preferred stock | | — | | 3,984,088 | Total | | 18,319,839 | | 9,981,627 |
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| | | | | Year Ended December 31: | | 2024 | | 2023 | Incentive stock options | | 7,681 | | 948,464 | Temporary redeemable preferred stock | | — | | 3,978,898 | Total | | 7,681 | | 4,927,362 |
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