v3.26.1
Stock Option Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options

Stock option activity for employees and non-employees under the Equity Compensation Plans for the three months ended March 31, 2026, was as follows:

 

Options

 

 

Weighted
Average
Exercise Price

 

 

Weighted Average Remaining Contractual Life (periods)

 

 

Aggregate Intrinsic Value

 

Outstanding options, December 31, 2025

 

 

20,887,772

 

 

$

2.93

 

 

 

9.48

 

 

$

26,069,500

 

Granted

 

 

18,643,100

 

 

$

4.43

 

 

 

 

 

 

 

Forfeited

 

 

(522,997

)

 

$

3.52

 

 

 

 

 

 

 

Exercised

 

 

(39,083

)

 

$

2.89

 

 

 

 

 

 

 

Expired

 

 

(8,855

)

 

$

9.76

 

 

 

 

 

 

 

Outstanding options, March 31, 2026

 

 

38,959,937

 

 

$

3.64

 

 

 

9.53

 

 

$

27,556,141

 

Options vested and exercisable, March 31, 2026

 

 

1,555,511

 

 

$

8.65

 

 

 

7.19

 

 

$

506,292

 

 
Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Options

The estimated fair value of stock options granted to employees and consultants during the three months ended March 31, 2026 and 2025, were calculated using the Black-Scholes option-pricing model using the following assumptions:

 

 

For The Three Months Ended March 31,

 

2026

 

2025

Expected volatility

 

90.7 - 102.0

 

%

 

*

%

Weighted-average volatility

 

 

101.7

 

%

 

*

%

Expected dividends

 

—

 

%

 

*

%

Expected term (in periods)

 

6.00 - 6.08

 

 

 

*

 

Risk-free rate

 

3.81 - 3.94

 

%

 

*

%

* No options were granted during the three months ended March 31, 2025.
Summary of Restricted Stock

Stock award activity for employees and non-employees under the Equity Compensation Plans for the three months ended March 31, 2026, was as follows:

 

Number of shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested as of December 31, 2025

 

 

14,639

 

 

$

8.93

 

Vested and issued

 

 

(4,180

)

 

$

11.56

 

Unvested as of March 31, 2026

 

 

10,459

 

 

$

7.88

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three months ended March 31, 2026 and 2025, was as follows:

 

 

For The Three Months Ended March 31,

 

 

2026

 

 

2025

 

Research and development

 

$

2,861,910

 

 

$

332,289

 

General and administrative

 

 

2,598,001

 

 

 

280,662

 

Total

 

$

5,459,911

 

 

$

612,951