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Net Loss Per Share of Common Stock (Tables) | 3 Months Ended
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Mar. 31, 2026
Earnings Per Share [Abstract] |
Computation of Basic and Diluted Loss Per Share | The following table sets forth the computation of basic and diluted loss per share for common stockholders:
| Three Months Ended March 31, |
| 2026 |  |  | 2025 |
Net loss | $ | (125,404,384 | ) |  | $ | (3,752,972 | )
Weighted average shares of common stock outstanding |  | 43,900,426 |  |  |  | 7,568,981 |
Net loss per share of common stock – basic and diluted | $ | (2.86 | ) |  | $ | (0.50 | )
Securities Excluded from Calculation of Weighted Average Shares Outstanding as their Effect is Antidilutive | The following securities outstanding at March 31, 2026 and 2025 have been excluded from the calculation of weighted average shares outstanding as their effect on the calculation of loss per share is antidilutive:
| Three Months Ended March 31, |
| 2026 |  |  | 2025 |
Common stock options |  | 8,985,678 |  |  |  | 1,486,297 |
Performance-based restricted stock units |  | 217,495 |  |  |  | 228,209 |
Common stock warrants |  | — |  |  |  | 5,099 |
Series A preferred stock (1) |  | 1,559,008 |  |  |  | — |
Series A preferred stock warrants(2) |  | 56,192,400 |  |  |  | — |
(1) An aggregate of 3,296 shares of Series A Preferred Stock remain outstanding, which are convertible into an aggregate of 1,559,008 shares of common stock, subject to the limitations on conversion set forth in the Certificate of Designation. See Note 6 for additional information regarding the Company’s Series A Preferred Stock. Shares of the Series A Preferred Stock are classified as temporary equity and excluded from t he calculation of weighted average shares outstanding. (2) As of March 31, 2026, there were outstanding (i) Preferred Tranche A Warrants to purchase an aggregate of 78,800 shares of the Company’s Series A Preferred Stock, which are convertible into 37,272,400 shares of its common stock and (ii) Preferred Tranche B Warrants to purchase an aggregate of 40,000 shares of the Company’s Series A Preferred Stock, which are convertible into 18,920,000 shares of its common stock. Both the Tranche A Warrants and Tranche B Warrants are subject to the limitations on conversion set forth in the Certificate of Designation. See Note 6 for additional information regarding the Company’s Series A Preferred Stock and Warrants.

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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 + Details
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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 -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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