Net loss per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. In calculating diluted net loss per share, the number of shares is increased by the weighted average number of potential common shares related to stock compensation awards including RSAs, RSUs, and stock options, and through the date of the IPO, the number of shares of common stock that would be issued upon conversion of the preferred stock. For further details, refer to Note 10, Share-Based Compensation and Note 7, Redeemable Preferred Stock.

All share and per-share amounts used in the calculation of basic and diluted net loss per share, including shares excluded as anti-dilutive, have been retrospectively adjusted to reflect the 2-for-1 stock split described in Note 1, Basis of Presentation and Principles of Consolidation.

The weighted-average number of common stock and common stock equivalent shares used in the calculation of basic and diluted net loss per share were as follows:


	Three Months Ended September 30, 2026		Three Months Ended September 30, 2025		Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
Numerator:
Net loss	$	(13,063,478)	$	(3,244,834)	$	(24,196,214)	$	(13,158,560)

Denominator:
Average common shares outstanding – basic *	134,924,112		28,000,000		64,033,612		28,000,000
Average common shares outstanding – diluted	134,924,112		28,000,000		64,033,612		28,000,000

Net loss per common share – basic and diluted	$	(0.10)	$	(0.12)	$	(0.38)	$	(0.47)

*Weighted-average shares outstanding includes vested restricted stock awards and restricted stock units from the date of vesting.

The two-class method does not change the net loss per share calculation because Class A and Class B have identical economic rights.

Diluted weighted-average common shares outstanding for the three and nine months ended September 30, 2026 excludes 24,995,894 shares of common stock issuable under the Company’s 2025 Stock Plan and 2026 Plan, as the Company reported a net loss for the period. Diluted average common shares outstanding for the three and nine months ended September 30, 2025, excludes 12,119,000 shares of common stock issuable under the Company’s 2025 Stock Plan, as the Company reported a net loss for the period.