v3.26.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
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 in the unaudited accompanying statements of operations as follows:

 

 

Three Months Ended
March 31,

 

 

2026

 

 

2025

 

General and administrative

 

$

1,759,868

 

 

$

695,393

 

Research and development

 

 

435,648

 

 

 

384,689

 

 

$

2,195,516

 

 

$

1,080,082

 

Summary of Stock Options Activity

The following table summarizes the activity for the periods indicated (unaudited):

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Weighted
average

 

 

average
remaining

 

 

Aggregate

 

 

 

 

 

exercise

 

 

contractual

 

 

intrinsic

 

 

Options

 

 

price

 

 

term (years)

 

 

value

 

Outstanding at January 1, 2026

 

 

2,971,238

 

 

$

5.44

 

 

 

8.0

 

 

 

 

Granted

 

 

887,428

 

 

$

4.79

 

 

 

 

 

 

 

Outstanding at March 31, 2026

 

 

3,858,666

 

 

$

5.29

 

 

 

8.2

 

 

$

604,495

 

Exercisable at March 31, 2026

 

 

2,179,173

 

 

$

5.03

 

 

 

7.5

 

 

$

603,001

 

Vested and expected to vest at March 31, 2026

 

 

3,858,666

 

 

$

5.29

 

 

 

8.2

 

 

$

604,495

 

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

The grant date fair value of each option grant for the three months ended March 31, 2026 and 2025 was estimated using the Black-Scholes option-pricing model using the following weighted-average assumptions (unaudited):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Risk-free interest rate

 

 

3.9

%

 

 

4.5

%

Expected term (years)

 

5.76

 

 

 

5.75

 

Expected volatility

 

 

100.38

%

 

 

96.82

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%