v3.26.1
Stock-based Compensation (Tables)
 6 Months Ended 12 Months Ended
Mar. 31, 2026
Sep. 30, 2025
Stock-Based Compensation [Abstract]    
Schedule of Stock-based Compensation Expense The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):
    Six Months Ended  
    March 31,  
    2026     2025  
Research and development   $ 95,704     $ 117,929  
General and administrative     353,668       243,830  
Total stock-based compensation expense   $ 449,372     $ 361,759  
                 
The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):
    Year ended  
    September 30,  
    2025     2024  
Research and development   $ 212,185     $ 249,346  
General and administrative     450,263       855,100  
Total stock-based compensation expense   $ 662,448     $ 1,104,446  
Schedule of Stock Options Activity

A summary of information related to stock options for the six months ended March 31, 2026 is as follows:

 

    Options     Weighted Average Exercise Price     Intrinsic Value  
Outstanding as of September 30, 2025     4,514,863     $ 1.37          
Granted     838,000       1.97          
Exercised     (25 )     1.08     $ 70  
Forfeited/expired     (93,352 )     1.40          
Outstanding as of March 31, 2026     5,259,486       1.47     $ 12,586,779  
                         
Exercisable as of March 31, 2026     3,686,131     $ 1.41     $ 9,046,741  
Exercisable and expected to vest at March 31, 2026     5,259,486     $ 1.47     $ 12,586,779  

A summary of information related to stock options for the years ended September 30, 2025 and 2024 is as follows:

 

    Options     Weighted Average Exercise Price     Intrinsic Value  
Outstanding as of September 30, 2023     2,624,280     $ 1.49          
Granted     2,056,461       1.42          
Exercised     -       -          
Forfeited     (214,401 )     1.44          
Expired     (256,368 )     1.25          
Outstanding as of September 30, 2024     4,209,972       1.47          
Granted     905,000       1.08          
Exercised     (5,050 )     1.76          
Forfeited     (291,454 )     1.44          
Expired     (303,605 )     1.80          
Outstanding as of September 30, 2025     4,514,863     $ 1.37     $ 419,392  
                         
Exercisable as of September 30, 2025     3,255,681     $ 1.38     $ 419,392  
Exercisable and expected to vest at September 30, 2025     4,514,863     $ 1.37     $ 419,392  
Schedule of Stock Options Granted Black-Scholes Pricing Model Using the Range of Inputs  

The stock options granted during the years ended September 30, 2025 and 2024 were valued using the Black-Scholes pricing model using the range of inputs as follows:

 

Assumptions     FY 2025       FY 2024  
Risk free interest rate     4.36% - 4.41 %     4.22% - 4.65 %
Expected volatility     61.4% - 63.1 %     62.8% - 64.17 %
Expected term      5.1 - 6.1        5.0 - 6.0  
Dividend yield   $ -     $ -