v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions in its Application of the Black-Scholes Option Pricing Model for Grants
The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
20262025
Weighted-average risk-free interest rate
3.68% - 4.14%
4.07% - 4.55%
Expected term (in years)
5.98 - 10.00
5.51 - 10.00
Expected dividend yield0%0%
Expected volatility
67.62% - 70.13%
65.86% - 67.33%
Schedule of Stock Option Activity
The following table summarizes the stock option activity during the three months ended March 31, 2026:
Number of
Options		Weighted-
Average
Exercise Price
per Share		Weighted
Average
Remaining
Contractual
Term (in Years)		Aggregate
Intrinsic Value
Outstanding at December 31, 20258,250,958$3.83 
Granted2,771,3714.91 
Exercised(4,696)2.22 
Cancelled(9,283)3.50 
Outstanding at March 31, 202611,008,350$4.10 7.59$18,078,420 
Vested and exercisable at March 31, 20265,845,046$4.33 6.27$10,447,339 
Schedule of Recognized Share-based Compensation Expense Recognized
For the three months ended March 31, 2026 and 2025, the Company recognized share-based compensation expense on the accompanying condensed consolidated statements of operations as follows:
Three Months Ended March 31,
20262025
Research and development$670,406 $733,037 
General and administrative966,269 959,230 
Total$1,636,675 $1,692,267