v3.25.4
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of shares available for future grant
As of December 31, 2025, the shares available for future grant under the Amended and Restated Plan are as follows:
Shares Available for Grant
Available as of December 31, 2024119,046 
Share pool increase1,548,728 
Forfeited/Cancelled324,248 
Option grants(1,672,200)
Available as of December 31, 2025319,822 
As of December 31, 2025, the shares available for future grant under the Amended and Restated Plan are as follows:
Shares Available for Grant
Available as of December 31, 2024286,500 
Forfeited/Cancelled
31,000 
Option grants(175,000)
Available as of December 31, 2025142,500 
Schedule of summary of stock option activity
The following is a summary of option activities under the Company’s Amended and Restated Plan and the Inducement Plan for the year ended December 31, 2025:
Number of
Shares
Weighted
Average
Exercise Price
Weighted
Average Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value*
Outstanding, December 31, 20243,036,603 $7.72 8.91$22,624 
Granted
1,847,200 2.85 
Forfeited(176,334)4.34 
Cancelled(178,914)10.99 
Outstanding, December 31, 20254,528,555 $5.74 8.73$ 
Exercisable, December 31, 20251,863,551 $7.03 8.38$ 
Vested and expected to vest, December 31, 20254,528,555 $5.74 8.73$ 
*The aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the stock options at December 31, 2025 for those stock options for which the quoted market price was in excess of the exercise price ("in-the-money options").
Schedule of fair value assumptions of stock option granted
The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model under the following assumptions:
Year Ended December 31,
20252024
Dividend yield0.00 %0.00 %
Risk-free interest rate
3.79-4.27%
3.69-4.48%
Expected term (years)
5.27-6.08
5.27-6.08
Volatility
83.86-86.09%
81.73-99.96%
Schedule of Stock-Based compensation Expense The Company recognized stock-based compensation expense, including compensation expense for warrants with vesting provisions issued to a service provider (Note 6), and the RSUs discussed above, in its Consolidated Statements of Operations as follows:
Year Ended
December 31,
20252024
Research and development$2,061,154 $1,514,921 
General and administrative5,706,540 6,802,559 
$7,767,694 $8,317,480 
Schedule of Share-Based Payment Award, Restricted Stock Units, Valuation Assumptions
The fair value of the Company's market-based RSUs were estimated on the date of grant under the following assumptions:
Year Ended December 31,
2024
Dividend yield0.00%
Volatility factor93.71%
Risk-free interest rate4.16%
Derived service periods (years)
1.27 - 2.48
The fair value of the Company's market-based RSUs were estimated on the modification date under the following assumptions:
August 22,
2024
Dividend yield0.00%
Volatility factor94.3%
Risk-free interest rate3.76%
Derived service periods (years)2.11
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following is a summary of restricted stock unit activity during the year ended December 31, 2025:
Number of
Shares
Weighted Average Grant Date Fair Value
Unvested, December 31, 2024503,113 $9.62 
Granted— — 
Released(10,625)4.80 
Unvested, December 31, 2025492,488 $9.72