v3.26.1
Stock-based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity and Related Information

A summary of stock option activity and related information as of March 31, 2026 is as follows:

 

 

Number of
Option Shares

 

 

Weighted Average
Exercise Price

 

 

 Outstanding at December 31, 2025

 

 

8,002,394

 

 

$

4.69

 

 

 Granted

 

 

1,100,000

 

 

 

1.60

 

 

 Exercised

 

 

 

 

 

 

 

 Forfeited

 

 

(150,000

)

 

 

2.10

 

 

 Expired

 

 

(763,000

)

 

 

3.91

 

 

 Outstanding at March 31, 2026

 

 

8,189,394

 

 

$

4.40

 

 

 Exercisable at March 31, 2026

 

 

7,072,644

 

 

$

4.84

 

 

Summary of Stock-based Compensation Expense The following table summarizes stock-based compensation expense for the three months ended March 31, 2026 and 2025, respectively:

 

 

 

Three months ended

 

 

 

 

March 31,

 

 

 

 

2026

 

 

2025

 

 

Research, development and patents

 

$

154,548

 

 

$

124,191

 

 

General and administrative

 

 

253,213

 

 

 

161,752

 

 

Total stock-based compensation expense

 

$

407,761

 

 

$

285,943

 

 

Schedule of Assumptions Used in Estimating Fair Value of Options Granted and Performance-Based Stock Options The following table provides the assumptions used in the Black-Scholes valuation model used to estimate the fair value of options granted during the three months ended March 31, 2026 and 2025, and to estimate the fair value of performance-based stock options as of March 31, 2026 and 2025.

 

 

March 31,

 

 

2026

 

2025

Stock Options

 

 

 

 

Risk-free interest rate

 

3.87 - 3.92%

 

3.96 - 4.48%

Expected volatility of common stock

 

61.79 - 69.31%

 

71.62 - 75.66%

Dividend yield

 

0.00%

 

0.00%

Expected term (in years)

 

5.30 - 5.54

 

4.53 - 5.31