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Net Loss Per Share
 3 Months Ended
Mar. 31, 2026
Net Loss Per Share [Abstract]  
Net Loss Per Share

Note 12 — Net Loss Per Share

 

Basic net loss per share is computed by dividing the net income or loss applicable to common shares by the weighted average number of common shares outstanding during the period. The weighted average number of shares of common stock outstanding includes pre-funded warrants because their exercise requires only nominal consideration for delivery of shares; it does not include any potentially dilutive securities or any unvested restricted shares of common stock. Certain restricted shares, although classified as issued and outstanding at March 31, 2026, are considered contingently returnable until the restrictions lapse and will not be included in the basic net loss per share calculation until the shares are vested. Unvested shares of the Company’s restricted stock do not contain non-forfeitable rights to dividends and dividend equivalents.

 

The two-class method is used to determine earnings per share based on participation rights of participating securities in any undistributed earnings. Each share of preferred stock that includes rights to participate in distributed earnings is considered a participating security and the Company uses the two-class method to calculate net income available to the Company’s common stockholders per common share — basic and diluted.

 

The following securities were excluded from the computation of diluted shares outstanding due to the losses incurred in the periods presented, as they would have had an anti-dilutive impact on the Company’s net loss:

 

   Three months Ended
March 31,		 
   2026   2025 
Options to purchase shares of common stock   2    32 
Warrants   1,136,288    2,765 
Unvested shares of restricted stock   263    46 
Common stock issuable upon conversion of Series C Redeemable Preferred Stock   379    1,112 
Common stock issuable upon conversion of Series D Redeemable Preferred Stock   

539,462

    — 
Common stock issuable upon conversion of Series E Redeemable Preferred Stock   

393,042

    — 
Total   

2,069,436

    3,955