Net Loss Per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

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 the 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.