v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2026 and 2025:
Six Months Ended June 30,
20262025
Weighted-average risk-free interest rate
3.68% - 4.36%
4.01% - 4.55%
Expected term (in years)
5.49 - 10.00
5.51 - 10.00
Expected dividend yield0%0%
Expected volatility
66.85% - 70.13%
65.86% - 67.33%
Schedule of Stock Option Activity
The following table summarizes the stock option activity during the six months ended June 30, 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 
Granted2,993,6214.87 
Exercised(13,183)2.66 
Cancelled(266,693)3.68 
Outstanding at June 30, 202610,964,703$4.12 7.24$15,213,701 
Vested and exercisable at June 30, 20266,390,539$4.26 6.00$10,040,749 
Schedule of Recognized Share-based Compensation Expense Recognized
For the three and six months ended June 30, 2026 and 2025, the Company recognized share-based compensation expense on the accompanying condensed consolidated statements of operations as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Research and development$662,580 $610,369 $1,332,985 $1,343,405 
General and administrative965,329 914,574 1,931,598 1,873,805 
Total$1,627,909 $1,524,943 $3,264,583 $3,217,210