The Company currently grants stock options to employees and directors under the 2020 Stock Incentive Plan (the “2020 Plan”) and formerly, the Company granted stock options under the 2016 Long Term Incentive Plan. The 2020 Plan is administered by the Compensation Committee of the Company's Board of Directors. The 2020 Plan is intended to attract and retain employees and directors and provide an incentive for these individuals to assist the Company to achieve long-range performance goals and to enable these individuals to participate in the long-term growth of the Company.

On May 3, 2024, the Board adopted the 2024 Inducement Pool (the “Inducement Pool”), which mirrors the terms of the 2020 Plan, with a total of 2,000,000 shares of common stock reserved for issuance under the Inducement Pool. Effective January 22, 2025, the number of shares of common stock available under the Inducement Pool increased by 2,000,000 shares.


	Number of Options	Weighted average exercise price		Weighted average remaining contractual term
Outstanding at December 31, 2024 *	108,136,310	$	2.34	8.6
Granted *	7,575,921	19.06
Forfeited	(631,050)	9.40
Exercised	(474,952)	3.73
Outstanding at June 30, 2025	114,606,229	3.40		8.2
Vested and expected to vest as of June 30, 2025	107,743,839	$	3.36	8.2
Exercisable at June 30, 2025	46,882,326	$	2.36	7.8

48,220,320 of which 39,013,976 options were unvested and converted to time-based vesting. During the three months ended March 31, 2025, the company granted 5,475,000 performance-based options which were modified to time-based vesting during the three months ended June 30, 2025.

During the second quarter of 2025, the Compensation Committee of the Board of Directors approved a modification to the Company's outstanding unvested performance-based stock option awards for certain employees and executives that will require only the service-based vesting requirements to continue to be satisfied in order to become fully vested, subject to employee consent. The Company accounted for this change as a Type III modification (improbable-to-probable) in accordance with the requirements of Accounting Standards Codification Topic 718. As a result, 44,488,976 options were valued on the modification date. The Company will recognize the newly assessed measurement date fair value of the awards as compensation expense over the remaining vesting period. During the three months ended June 30, 2025, the Company recognized expense of $466,641 associated with the modification. As of June 30, 2025, the unrecognized compensation cost associated with the modification was $454,609 and is expected to be expensed over a weighted-average recognition period of approximately 2.0 years.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development	$	128,577	$	3,513	$	132,636	$	5,927
General and administrative	350,207		7,575		357,244		14,668
Total stock-based compensation expense	$	478,784	$	11,088	$	489,880	$	20,595


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Time-based stock options	$	478,553	$	9,696	$	489,416	$	17,811
Performance-based stock options	—		1,301		—		2,622
Employee stock purchase plan	231		91		464		162
Total stock-based compensation expense	$	478,784	$	11,088	$	489,880	$	20,595