v3.26.1
Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Share-based compensation expense related to the issuance of stock options was as follows for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Research and development
$
113,814 
$
128,599 
$
168,898 
$
175,669 
General and administrative
414,288 
260,515 
768,424 
507,162 
$
528,102 
$
389,114 
$
937,322 
$
682,831 
Schedule of Assumptions Used to Determine Fair Value of Share-Based Awards
The weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of share-based awards granted during the six months ended June 30, 2026 and 2025 were as follows:
 
2026
2025
Expected stock price volatility
105.38%
111.99%
Risk-free interest rate
3.85%
4.30%
Expected term (in years)
6.03
5.94
Expected dividend yield
Schedule of Share-Based Award Activity
The following table summarizes the share-based award activity for the periods presented:
 
Number of Shares
Weighted Average
Exercise Price Per
Share
Weighted Average
Remaining
Contractual Term
(years)
Aggregate Intrinsic Value
Outstanding at January 1, 2026
5,868,500
$
1.33 
8.2
$
2,941,679 
Granted
2,905,500
$
2.10 
     Forfeited
(154,961)
$
1.46 
Outstanding at June 30, 2026
8,619,039
$
1.58 
8.3
$
— 
Vested and exercisable at June 30, 2026
3,793,321
$
1.57 
7.3
$
— 
Vested and expected to vest at June 30, 2026
8,619,039
$
1.58 
8.3
$
—