Net Income (Loss) Per Share of Common Stock (Tables)

6 Months Ended

Jun. 30, 2026

Computation of Basic and Diluted Income (Loss) Per Share

The following table sets forth the computation of basic and diluted income (loss) per share for common stockholders:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income (loss)	$	17,466,285		$	(3,258,588	)	$	(107,938,099	)	$	(7,011,560	)
Undistributed earnings attributable to participating preferred stock		(819,327	)		—			—			—
Net income (loss) attributable to common stockholders - basic	$	16,646,958		$	(3,258,588	)	$	(107,938,099	)	$	(7,011,560	)
Adjustment for the change in fair value of the warrant liability		(27,553,204	)		—			—			—
Net income (loss) attributable to common stockholders - diluted	$	(10,906,246	)	$	(3,258,588	)	$	(107,938,099	)	$	(7,011,560	)

Weighted average shares of common stock outstanding - basic		46,599,044			7,568,981			45,257,190			7,568,981
Effect of dilutive warrants		32,505,541			—			—			—
Weighted average shares of common stock outstanding - diluted		79,104,585			7,568,981			45,257,190			7,568,981

Net income (loss) per share of common stock:
Basic	$	0.36		$	(0.43	)	$	(2.38	)	$	(0.93	)
Diluted	$	(0.14	)	$	(0.43	)	$	(2.38	)	$	(0.93	)

Securities Excluded from Calculation of Weighted Average Shares Outstanding as their Effect is Antidilutive

The following securities outstanding at June 30, 2026 and 2025 have been excluded from the calculation of weighted average shares outstanding as their effect on the calculation of income (loss) per share is antidilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Common stock options		13,423,117		1,483,172		13,423,117		1,483,172
Performance-based restricted stock units		199,781		228,209		199,781		228,209
Series A Preferred Stock (1)		—		—		2,619,947		—
Series A Preferred Stock warrants(2)		—		—		51,746,200		—

(1)

The dilutive effect of Series A Preferred Stock is included by allocating the undistributed earnings attributable to participating preferred stock in the basic earnings per share numerator. An aggregate of 5,539 shares of Series A Preferred Stock remain outstanding, which are convertible into an aggregate of 2,619,947 shares of common stock, subject to the limitations on conversion set forth in the Certificate of Designation. See Note 6 for additional information regarding the Company’s Series A Preferred Stock. Shares of the Series A Preferred Stock are classified as temporary equity and excluded from the calculation of weighted average shares outstanding.

(2)

As of June 30, 2026, there were outstanding (i) Preferred Tranche A Warrants to purchase an aggregate of 69,400 shares of the Company’s Series A Preferred Stock, which are convertible into 32,826,200 shares of its common stock and (ii) Preferred Tranche B Warrants to purchase an aggregate of 40,000 shares of the Company’s Series A Preferred Stock, which are convertible into 18,920,000 shares of its common stock. Both the Tranche A Warrants and Tranche B Warrants are subject to the limitations on conversion set forth in the Certificate of Designation. See Note 6 for additional information regarding the Company’s Series A Preferred Stock and Warrants.