v3.25.2
Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Compensation [Abstract]  
Schedule of Share-Based Compensation Expense

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

General and administrative

$

1,405,671

 

$

146,959

 

$

2,370,303

 

$

146,959

Research and development

 

29,532

 

 

3,560

 

 

49,293

 

 

3,560

Total share-based compensation

$

1,435,203

 

$

150,519

 

$

2,419,596

 

$

150,519

Schedule of Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2025:

 

 

 

Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Life (Years)

 

Balance at December 31, 2024

 

 

2,537,602

 

$

 

5.60

 

 

 

7.85

 

Granted

 

 

69,124

 

 

 

10.23

 

 

 

 

Exercised

 

 

(296,065

)

 

 

0.34

 

 

 

 

Forfeited

 

 

(11,850

)

 

 

10.23

 

 

 

 

Balance at June 30, 2025

 

 

2,298,811

 

$

 

6.38

 

 

 

7.62

 

Vested and expected to vest

 

 

1,420,789

 

$

 

10.23

 

 

 

8.93

 

Exercisable at the end of the period

 

 

1,307,867

 

$

 

3.46

 

 

 

6.62

 

Schedule of RSU Activity

The following table summarizes RSU with Service-Only Conditions activity for the six months ended June 30, 2025:

 

 

 

Awards

 

 

Weighted Average Grant Date Fair Value

 

Balance at December 31, 2024

 

 

520,300

 

$

 

8.13

 

Granted

 

 

685,693

 

 

 

6.86

 

Released

 

 

(163,861

)

 

 

8.38

 

Forfeited

 

 

(60,574

)

 

 

4.04

 

Balance at June 30, 2025

 

 

981,558

 

$

 

7.45

 

The following table summarizes RSU with Market-Based Conditions activity for the six months ended June 30, 2025:

 

 

 

Awards

 

 

Weighted Average Grant Date Fair Value

 

Balance at December 31, 2024

 

 

 

$

 

 

Granted

 

 

496,483

 

 

 

10.09

 

Released

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

Balance at June 30, 2025

 

 

496,483

 

$

 

10.09

 

Restricted Stock Units with Performance-Based Conditions

 

The following table summarizes RSU with Performance-Based Conditions activity for the six months ended June 30, 2025:

 

 

 

Awards

 

 

Weighted Average Grant Date Fair Value

 

Balance at December 31, 2024

 

 

 

$

 

 

Granted

 

 

201,279

 

 

 

8.18

 

Released

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

Balance at June 30, 2025

 

 

201,279

 

$

 

8.18

 

Schedule of Assumptions Used to Estimate the Fair Value of RSUs With Market-based Conditions The following summarizes the assumptions used to estimate the fair value of the RSUs with market-based conditions that were granted during the six months ended June 30, 2025:

 

RSUs - Market-Based Conditions

 

 

 

Expected term - years

 

 

2.9

 

Expected volatility

 

 

89.7

%

Risk-free interest rate

 

 

4.3

%

Expected dividends