Net Loss per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2026

Net Loss per Share Attributable to Common Stockholders [Abstract]

Net Loss per Share Attributable to Common Stockholders

(12)

Net Loss per Share Attributable to Common Stockholders

The Company presents basic and diluted earnings per share (“EPS”) data for its common stock. Basic EPS is calculated by dividing the income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is determined by adjusting the net income (loss) attributable to common stockholders and the weighted-average number of shares of outstanding for the effects of potentially dilutive common shares, including stock options, restricted stock units, warrants and convertible notes, if the effect is dilutive. Since the shares underlying the November 2025 pre-funded warrants were issuable for little consideration of $0.0001 per share, they were considered outstanding for both basic and diluted loss per share from the date of issuance. For the three and six month periods ended June 30, 2026, unexercised pre-funded warrants of 337,501 were considered outstanding.

The Convertible Notes and certain warrants are considered participating securities under ASC 260 Earnings per Share, because they entitle holders to participate in dividends on a nonforfeitable basis. Other warrants and the Company’s stock options and restricted stock units do not have such rights and are not considered participating securities.

When participating securities are present, ASC 260 requires the use of the two-class method when computing basic EPS. The two-class method is an earnings allocation formula that allocates net income to common stockholders and participating securities based on their respective rights to receive dividends and share in undistributed earnings. Participating securities do not have a contractual obligation to share in losses; therefore, net losses are not allocated to participating securities.

For diluted EPS, the Company evaluates the potential dilutive effect of participating securities and other instruments. Stock options, restricted stock units and certain warrants are included in diluted EPS using the treasury stock method, while convertible notes are evaluated using the if-converted method, as applicable. Potential common shares are included in diluted EPS only when their effect is dilutive. For the three and six months ended June 30, 2026 and 2025, diluted net loss per share equals basic net loss per share because the inclusion of potentially dilutive securities would have been anti-dilutive.

The following table sets forth the computation of the basic and diluted net loss per share:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025

Net loss attributable to common stockholders, basic and diluted	$	(4,469,095	)		(4,585,922	)		(3,622,995	)		(10,482,761	)
Weighted average common shares outstanding, basic and diluted		3,357,117			1,444,036			3,344,767			1,351,264
Loss per share, basic and diluted	$	(1.33	)		(3.18	)		(1.08	)		(7.76	)

The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding because they would be anti-dilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Options to purchase common stock		190,356		232,462		190,356		232,462
Restricted stock units to purchase common stock		70,725		—		70,725		—
Warrants to purchase common stock, in connection with April 2023 financing		3,442		3,442		3,442		3,442
Warrants to purchase common stock, in connection with November 2023 financing		290,256		290,256		290,256		290,256
Warrants to purchase common stock, in connection with June 2025 financing		5,287		5,287		5,287		5,287
Warrants to purchase common stock, in connection with August 2025 financing		670,463		—		670,463		—
November 2025 convertible notes and PIK interest, if converted		856,962		—		856,962		—
Warrants to purchase common stock, in connection with November 2025 financing		3,275,748		—		3,275,748		—
Warrants to purchase common stock		7,083		7,083		7,083		7,083
Total potential shares		5,370,322		538,530		5,370,322		538,530