v3.26.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Based Compensation in Statement of Operations The Company has recorded stock-based compensation related to its options and common stock issued outside the 2021 Plan in the accompanying statements of operations as follows:

 

 

Years Ended December 31,

 

 

2025

 

 

2024

 

General and administrative

 

$

2,802,174

 

 

$

1,588,667

 

Research and development

 

 

1,488,141

 

 

 

1,074,872

 

 

$

4,290,315

 

 

$

2,663,539

 

Summary of Stock Options Activity

The following table summarizes the activity for the year ended December 31, 2025:

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Weighted
Average

 

 

Average
Remaining

 

 

Aggregate

 

 

 

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

Options

 

 

Price

 

 

Term (Years)

 

 

Value

 

Outstanding at January 1, 2025

 

 

2,228,658

 

 

$

5.08

 

 

 

8.4

 

 

 

 

Granted

 

 

924,196

 

 

$

6.04

 

 

 

 

 

 

 

Exercised

 

 

(35,114

)

 

$

1.08

 

 

 

 

 

$

166,440

 

Forfeited

 

 

(146,502

)

 

$

4.80

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

2,971,238

 

 

$

5.44

 

 

 

8.0

 

 

$

2,537,068

 

Exercisable at December 31, 2025

 

 

1,878,719

 

 

$

4.95

 

 

 

7.6

 

 

$

2,370,662

 

Vested and expected to vest at December 31, 2025

 

 

2,971,238

 

 

$

5.44

 

 

 

8.0

 

 

$

2,537,068

 

 

Summary of Estimated Black-Scholes Option-Pricing Model Using the Weighted-Average Assumptions

The grant date fair value of each option grant was estimated using the Black-Scholes option-pricing model using the following weighted-average assumptions:

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.4

%

 

 

4.2

%

Expected term (years)

 

 

5.7

 

 

 

5.7

 

Expected volatility

 

 

96.99

%

 

 

106.32

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%