v3.26.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Stock-Based Compensation [Abstract]  
Schedule of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its accompanying consolidated statements of operations:

 

 

 

Year Ended
December 31,

 

 

 

2025

 

 

2024

 

General and administrative

$

 

4,769,539

 

 

 

1,303,546

 

Research and development

 

 

97,818

 

 

 

20,390

 

Total stock-based compensation

$

 

4,867,357

 

 

 

1,323,936

 

Schedule of Option Activity

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

 

 

(57,472

)

 

 

10.23

 

 

 

 

Balance at December 31, 2025

 

 

2,253,189

 

$

 

6.30

 

 

 

 

Vested and expected to vest

 

 

2,253,189

 

 

 

6.30

 

 

 

7.09

 

Exercisable at the end of the period

 

 

1,429,251

 

 

 

4.03

 

 

 

6.32

 

Schedule of Fair Value of Options Determined Using Black-Scholes Option-Pricing Model

The fair value of the options were determined using the Black-Scholes option-pricing model and were based on the following weighted average assumptions:

 

 

Awards Granted During the Year Ended

 

 

December 31, 2025

 

 

December 31, 2024

 

Expected term - years

9.1

 

 

6.1 - 10.0

 

Expected volatility

28.6%

 

 

28.5% - 29.5%

 

Risk-free interest rate

4.2%

 

 

3.7% - 4.2%

 

Expected dividends

 

 

 

 

 

Schedule of RSU Activity

The following table summarizes RSUs with service-only conditions activity for the year ended December 31, 2025:

 

 

 

Awards

 

 

Weighted Average Grant Date Fair Value

 

Balance at December 31, 2024

 

 

520,300

 

$

 

8.13

 

Granted

 

 

748,852

 

 

 

6.70

 

Released

 

 

(163,861

)

 

 

8.38

 

Forfeited

 

 

(65,757

)

 

 

4.32

 

Balance at December 31, 2025

 

 

1,039,534

 

$

 

7.30

 

The following table summarizes RSUs with market-based conditions activity for the year ended December 31, 2025:

 

 

 

Awards

 

 

Weighted Average Grant Date Fair Value

 

Balance at December 31, 2024

 

 

 

$

 

 

Granted

 

 

496,483

 

 

 

10.09

 

Released

 

 

 

 

 

 

Forfeited

 

 

(669

)

 

 

10.09

 

Balance at December 31, 2025

 

 

495,814

 

$

 

10.09

 

The following table summarizes RSUs with performance-based conditions activity for the year ended December 31, 2025:

 

 

 

Awards

 

 

Weighted Average Grant Date Fair Value

 

Balance at December 31, 2024

 

 

 

$

 

 

Granted

 

 

201,279

 

 

 

8.18

 

Released

 

 

 

 

 

 

Forfeited

 

 

(271

)

 

 

8.18

 

Balance at December 31, 2025

 

 

201,008

 

$

 

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 year ended December 31, 2025:

 

RSUs - Market-Based Conditions

 

 

 

Expected term - years

 

 

2.9

 

Expected volatility

 

 

89.7

%

Risk-free interest rate

 

 

4.3

%

Expected dividends