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Net Loss Per Share | 9 Months Ended
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Sep. 30, 2025
Net Loss Per Share |
Net Loss Per Share | (9) Net Loss Per Share The Company analyzes the potential dilutive effect of stock options and warrants under the treasury stock method (as applicable), during periods of income, or during periods in which income is recognized related to changes in fair value of its liability-classified securities. The following table sets forth the computation of basic and diluted net loss per common share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 | ​
Net loss per share – Basic: |  | ​ | ​ |  | ​ |  | ​ | ​ |  |  | ​ |  | ​
Numerator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | $ | (7,262,658) | ​ | $ | (12,638,357) | ​ | $ | (19,019,785) | ​ | $ | (18,725,716) | ​
Denominator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Weighted-average common shares outstanding, basic | ​ | ​ | 19,685,071 | ​ | ​ | 12,975,808 | ​ | ​ | 18,876,078 | ​ | ​ | 11,394,729 | ​
Basic net loss per common share | ​ | $ | (0.37) | ​ | $ | (0.97) | ​ | $ | (1.01) | ​ | $ | (1.64) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss per share – Diluted: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Numerator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | $ | (7,262,658) | ​ | $ | (12,638,357) | ​ | $ | (19,019,785) | ​ | $ | (18,725,716) | ​
Less: gain from change in fair value applicable to dilutive liability-classified warrants | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,898,892) | ​
Numerator for diluted net loss per share | ​ | $ | (7,262,658) | ​ | $ | (12,638,357) | ​ | $ | (19,019,785) | ​ | $ | (21,624,608) | ​
Denominator | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator for basic net loss per share | ​ | ​ | 19,685,071 | ​ | ​ | 12,975,808 | ​ | ​ | 18,876,078 | ​ | ​ | 11,394,729 | ​
Plus: incremental shares underlying “in the money” liability-classified warrants outstanding | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 66,569 | ​
Denominator for diluted net loss per share | ​ | ​ | 19,685,071 | ​ | ​ | 12,975,808 | ​ | ​ | 18,876,078 | ​ | ​ | 11,461,298 | ​
Diluted net loss per common share | ​ | $ | (0.37) | ​ | $ | (0.97) | ​ | $ | (1.01) | ​ | $ | (1.89) | ​
​ Potentially dilutive securities, whose effect would have been antidilutive, were excluded from the computation of diluted earnings per share for each of the three and nine months ended September 30, 2025 and 2024. Total antidilutive securities that were excluded from the computation of diluted weighted-average shares outstanding were as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | September 30,
​ |  | 2025 |  | 2024
Stock options | ​ | 2,463,458 | ​ | 1,877,751
ELOC shares remaining | ​ | — | ​ | 817,491
Warrants | ​ | 5,558,333 | ​ | 2,400
Restricted stock |  | 25,000 | ​ | —
​

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