The details of our net loss attributable to common stockholders, basic and diluted EPS are set forth below:


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(6,475,862	)	$	(12,224,975	)	$	(6,935,760	)	$	(28,836,400	)
Deemed dividend in connection with extinguishment of preferred stock through issuance of warrants		(1,573,312	)		—			(2,047,370	)		—
Reclassification of convertible preferred stock from mezzanine equity to liability		—			—			—			10,398,050
Deemed dividend in connection with modification of pre-funded warrants		—			—			—			(3,076,380	)
Net loss attributable to common stockholders	$	(8,049,174	)	$	(12,224,975	)	$	(8,983,130	)	$	(21,514,730	)
Denominator:
Weighted-average shares outstanding — basic and diluted		199,852,017			13,283,472			159,264,585			9,974,164
Net loss per share — basic and diluted	$	(0.04	)	$	(0.92	)	$	(0.06	)	$	(2.16	)

For additional information regarding the adjustments to arrive at net loss attributable to common stockholders, see Notes 11 and 12.

Pre-funded warrants are included in basic and diluted weighted-average shares outstanding as they are exercisable for nominal consideration and are considered outstanding Common Stock equivalents. Contingently issuable shares are included in basic and diluted EPS only when all specified contingencies other than time have been satisfied. Shares issuable in connection with the SEPA are excluded from basic EPS because issuances are contingent on meeting price thresholds, volume limitations, and regulatory caps. As those contingencies were not satisfied as of June 30, 2026, no shares issuable under the SEPA were included in the denominator of basic EPS for the three months ended June 30, 2026.

Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue Common Stock were exercised, vested, or converted into Common Stock, and is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period, adjusted for the effect of potentially dilutive shares of Common Stock using the treasury stock or if-converted methods, as applicable. Diluted EPS for the three months ended June 30, 2026 and 2025 excludes potentially dilutive securities from the computation because the effect of their inclusion would have been anti-dilutive or would have decreased the reported loss per share.

Basic and diluted EPS presented for the six months ended June 30, 2026 includes 10,359,696 shares of Common Stock that the Company was required to issue but had not yet issued as of June 30, 2026.

The following securities were outstanding during the period but were not included in the computation of diluted EPS because their effect would have been anti-dilutive:


	Three and Six Months Ended
	2026		2025
December 2025 YA Warrants		30,060,123		—
February 2026 Offering Common Warrants		32,792,859		—
February 2026 Offering Placement Agent Warrants		437,239		—
2025 Offering Placement Agent Warrants		673,617		—
Junior Note Warrants		172,209		172,209
Public Warrants		83,722		83,722
June 2023 Senior Note Warrants		67,177		67,177
August 2024 Warrants Issued with Junior Notes		3,987		3,987
If-converted Common Stock from convertible notes		22,086,794		4,668,912
Stock options outstanding		49,781		27,157
Orbit Settlement Shares		10,020,040		—
If-converted Common Stock from Series A Preferred Stock(1)		10,081		21,933
Unvested restricted stock units		—		485
Total		96,457,629		5,045,581

(1)

Assumed that all shares of Series A Preferred Stock were converted into Common Stock at a conversion rate equal to $0.05 divided by $5.00, representing the maximum number of shares issuable to holders of Series A Preferred Stock.