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NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

NET INCOME (LOSS) PER SHARE

Schedule of computation of EPS and the effect on income and the weighted average number of shares

The following data show the amounts used in computing EPS and the effect on income and the weighted average number of shares:

​	​	​	​	​	​	​
​	​ ​ ​	Year Ended December 31,
(in thousands, except share and per share data)	​ ​ ​	2025		​ ​ ​	2024
Net loss	​	$	(25,388)	​	$	(20,823)
Reduction of the original issue price of NCNV preferred share value from $1,000 to $600 per share	​	​	—	​	​	43,656
Cumulative preferred stock dividends	​	​	—	​	​	(309)
Net (loss) income available to common shareholders used in basic earnings per share	​	​	(25,388)	​	$	22,524
Add back interest expense on convertible debt	​	​	-	​	​	915
Add back cumulative preferred stock dividends	​	​	-	​	​	309
Net (loss) income available to common shareholders used in diluted earnings per share	​	$	(25,388)	​	$	23,748
Weighted average number of common shares used in basic earnings per share	​	​	25,039,431	​	​	1,728,127
Adjustments to weighted average shares for shares used in diluted earnings per share:	​	​	​	​	​	​
Weighted average number of common shares for assumed options exercised	​	​	—	​	​	2,823,613
Weighted average number of common shares for assumed warrants exercised	​	​	—	​	​	1,306
Weighted average number of common shares for assumed conversion of SAFE agreements	​	​	—	​	​	286,266
Weighted average number of common shares for assumed conversion of convertible debt	​	​	—	​	​	886,471
Weighted average number of common shares for assumed conversion of Series A shares	​	​	—	​	​	17,401,910
Weighted average number of common shares used in diluted earnings per share	​		25,039,431	​		23,127,693
Net (loss) income per common share – basic	​	$	(1.01)	​	$	13.03
Net (loss) income per common share – diluted	​	$	(1.01)	​	$	1.03

​

Schedule of anti-dilutive securities excluded from the computation of diluted net loss per share

For the years ended December 31, 2025 and 2024, the following items have been excluded from the computation of diluted net (loss) income per share because the effect of including these would have been anti-dilutive:

​	​	​	​	​
Year Ended December 31:	​	2025	​ ​ ​	2024
Incentive stock options		5,853,656		7,681
Restricted stock units	​	895,434	​	—
Warrants	​	107,813	​	—
Shares available for future issuance under the convertible debt note	​	5,308,221	​	—
Shares available for future issuance under equity line-of-credit agreement	​	17,859	​	—
Total		12,182,983		7,681

​

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- References

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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