v3.26.1
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Based Compensation in Statement of Operations The Company has recorded stock-based compensation related to its options in the unaudited accompanying statements of operations as follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

General and administrative

 

$

512,246

 

 

$

677,926

 

 

$

2,272,114

 

 

$

1,373,319

 

Research and development

 

 

431,665

 

 

 

357,787

 

 

 

867,313

 

 

 

742,476

 

 

$

943,911

 

 

$

1,035,713

 

 

$

3,139,427

 

 

$

2,115,795

 

Summary of Stock Options Activity

The following table summarizes the activity for the periods indicated (unaudited):

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Weighted
average

 

 

average
remaining

 

 

Aggregate

 

 

 

 

 

exercise

 

 

contractual

 

 

intrinsic

 

 

Options

 

 

price

 

 

term (years)

 

 

value

 

Outstanding at January 1, 2026

 

 

2,971,238

 

 

$

5.44

 

 

 

8.0

 

 

 

 

Granted

 

 

922,428

 

 

$

4.77

 

 

 

 

 

 

 

Exercised

 

 

(666

)

 

$

1.09

 

 

 

 

 

 

4,175

 

Forfeited

 

 

(211

)

 

$

1.09

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

3,892,789

 

 

$

5.28

 

 

 

8.0

 

 

$

3,581,624

 

Exercisable at June 30, 2026

 

 

2,404,281

 

 

$

5.12

 

 

 

7.3

 

 

$

2,699,213

 

Vested and expected to vest at June 30, 2026

 

 

3,892,789

 

 

$

5.28

 

 

 

8.0

 

 

$

3,581,624

 

Summary of Estimated Black-Scholes Option-Pricing Model Using the Weighted-Average Assumptions

The grant date fair value of each option grant for the six months ended June 30, 2026 and 2025 was estimated using the Black-Scholes option-pricing model using the following weighted-average assumptions (unaudited):

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

Risk-free interest rate

 

 

3.9

%

 

 

4.5

%

Expected term (years)

 

 

5.76

 

 

 

5.75

 

Expected volatility

 

 

100.29

%

 

 

96.82

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%