A reconciliation of the components of basic and diluted net loss per share of common stock is presented below:


	Three Months Ended March 31,
	2026								2025
				Weighted Average		Loss						Weighted Average		Loss
	Net Loss			Shares		Per Share			Net Loss			Shares		Per Share
Basic Net Loss per Share:
Net loss attributable to common stock	$	(14,305,590	)		17,241,665	$	(0.83	)	$	(22,548,325	)		12,020,108	$	(1.88	)

Diluted Net Loss per Share:
Net loss attributable to common stock	$	(14,305,590	)		17,241,665	$	(0.83	)	$	(22,548,325	)		12,020,108	$	(1.88	)

The Company uses the two-class method to compute basic earnings per share. Under this method earnings are allocated to common shares, exchangeable shares and participating securities according to their participation rights in dividends declared and undistributed earnings and divide the income available to each class by the weighted average number of common shares for the period in each class. Unvested restricted stock grants made to our non-employee directors and certain employees are considered participating securities because the shares have the right to receive non-forfeitable dividends. Because the participating shares have no obligation to share in net losses, we do not allocate losses to our common shares in this calculation.

Diluted earnings per share reflect the potential dilutive effect of securities that could share in our earnings. Restricted stock awarded to non-employee directors and certain employees that have not yet vested are considered when computing diluted earnings per share. The Company uses the treasury stock method to determine the dilutive effect of unvested restricted stock. Shares of unvested restricted stock under a stock-based compensation arrangement are considered options for purposes of computing diluted earnings per share and are considered outstanding shares as of the grant date for purposes of computing diluted earnings per share even though their exercise may be contingent upon vesting. Those stock-based awards are included in the diluted earnings per share computation even if the non-employee director and employee may be required to forfeit the stock at some future date, or no shares may ever be issued to the non-employee director and/or employee. Unvested restricted stocks are not included in outstanding common shares in computing basic earnings per share.

Options and warrants (other than pre-funded warrants discussed further below) to purchase 417,048 and 678,875 shares of common stock of the Company were outstanding as of March 31, 2026, respectively. Warrants to purchase 726,375 shares of common stock of the Company were outstanding as of March 31, 2025. A total of 208,955 and 439,210 restricted shares of common stock were unvested as of March 31, 2026 and 2025, respectively. These warrants and unvested restricted shares were not included in the computation of diluted earnings per share for the periods where the Company generated a net loss due to being anti-dilutive.