The Company computes basic net loss per share, or EPS, using the weighted average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted EPS is based upon the weighted average number of common shares and potentially dilutive securities (common share equivalents) outstanding during the period. Dilutive securities include the dilutive effect of in-the-money options and warrants, which is calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of an option or warrant, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in capital, if any, when the option or warrant is exercised are assumed to be used to repurchase shares in the current period. Dilutive securities are excluded from the diluted EPS calculation if their effect is anti-dilutive.


Potentially dilutive securities	Three Months Ended March 31,
	2026	2025
Stock options	1,820,742	1,119,010
Common stock warrants	1,399,851	1,268,571
Common stock issuable upon conversion of Series A Preferred Stock	131,280	—
Common stock issuable upon exercise or conversion of the securities underlying the Agent Units	7,872	—
Total	3,359,745	2,387,582