diff --git a/src/app/utils/mathParse.test.ts b/src/app/utils/mathParse.test.ts
index 4824fe09a..3952a33b9 100644
--- a/src/app/utils/mathParse.test.ts
+++ b/src/app/utils/mathParse.test.ts
@@ -81,3 +81,18 @@ test('block and inline mixed with text', () => {
     { type: 'text', value: ' ok' },
   ]);
 });
+
+test('math inside a backtick code span stays literal text (#194 P4-4)', () => {
+  assert.deepEqual(splitMathSegments('inline `$y^2$` here'), [
+    { type: 'text', value: 'inline `$y^2$` here' },
+  ]);
+  assert.deepEqual(splitMathSegments('``$a$`` and $b$'), [
+    { type: 'text', value: '``$a$`` and ' },
+    { type: 'inline', value: 'b' },
+  ]);
+  // An unclosed backtick is just a character.
+  assert.deepEqual(splitMathSegments('tick ` then $c$'), [
+    { type: 'text', value: 'tick ` then ' },
+    { type: 'inline', value: 'c' },
+  ]);
+});
diff --git a/src/app/utils/mathParse.ts b/src/app/utils/mathParse.ts
index c228b3748..2b5bc8c51 100644
--- a/src/app/utils/mathParse.ts
+++ b/src/app/utils/mathParse.ts
@@ -88,6 +88,23 @@ export const splitMathSegments = (text: string): MathSegment[] => {
   };
 
   while (i < text.length) {
+    // Backtick code spans are literal: `$x$` inside them must stay text so
+    // markdown's inline code wins (a run of N backticks closes with N).
+    if (text[i] === '`') {
+      let ticks = 0;
+      while (text[i + ticks] === '`') ticks += 1;
+      const fence = '`'.repeat(ticks);
+      const close = text.indexOf(fence, i + ticks);
+      if (close !== -1) {
+        buffer += text.slice(i, close + ticks);
+        i = close + ticks;
+        continue;
+      }
+      buffer += fence;
+      i += ticks;
+      continue;
+    }
+
     // Escaped dollar: consume `\$` and emit a literal `$` as text.
     if (text[i] === '\\' && text[i + 1] === '$') {
       buffer += '$';