STOCKHOLDERS' EQUITY (Tables)
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6 Months Ended |
Jun. 30, 2026 |
| STOCKHOLDERS' EQUITY |
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| Schedule of share-based compensation expense |
Share-based compensation expense for the periods noted was as follows: | | | | | | | | | | | | | | | Three months Ended | | Six months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Stock options | | $ | 1,852,602 | | $ | 251,571 | | $ | 4,033,894 | | $ | 404,083 | RSUs | | | 1,052,325 | | | 335,342 | | | 3,704,998 | | | 428,214 | Total share-based compensation expense | | $ | 2,904,927 | | $ | 586,913 | | $ | 7,738,892 | | $ | 832,297 |
The following table summarizes the aggregate non-cash stock-based compensation recognized in the Condensed Consolidated Statement of Operations for stock options and RSUs: | | | | | | | | | | | | | | | Three months Ended | | Six months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | General and administrative | | $ | 218,435 | | $ | 263,385 | | $ | 597,043 | | $ | 331,093 | Salaries and benefits | | | 2,682,591 | | | 319,627 | | | 7,134,048 | | | 493,403 | Professional fees | | | 3,901 | | | 3,901 | | | 7,801 | | | 7,801 | Total non-cash share-based compensation expense | | $ | 2,904,927 | | $ | 586,913 | | $ | 7,738,892 | | $ | 832,297 |
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| Schedule of assumptions to value stock options |
| | | | | | | Six Months Ended | | Weighted-Average Grant Date Assumptions | | June 30, 2026 | | Expected term (in years) | | | 9.8 | | Risk-free interest rate | | | 4.2 | % | Expected dividend yield | | | — | % | Expected volatility | | | 97.7 | % | Fair value per share | | $ | 7.45 | |
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| Schedule of stock options activity |
| | | | | | | | | | | | | | | Weighted- | | Weighted- | | | | | | | | Average | | Average | | | | | | | | Exercise | | Remaining | | Aggregate | | | | | Price Per | | Contractual | | Intrinsic | | | Shares | | Share | | Term (in years) | | Value | Options outstanding, December 31, 2025 | | 5,635,748 | | $ | 1.21 | | 5.5 | | $ | 21,526,399 | Granted | | 945,606 | | | 8.30 | | — | | | — | Exercised | | (1,722,289) | | | 0.77 | | — | | | — | Forfeited | | (433,020) | | | 2.98 | | — | | | — | Expired | | — | | | — | | — | | | — | Options outstanding, June 30, 2026 | | 4,426,045 | | $ | 2.72 | | 6.3 | | $ | 20,982,450 | Nonvested options, June 30, 2026 | | 2,960,929 | | $ | 3.23 | | 6.3 | | $ | 12,844,596 | Vested and exercisable options, June 30, 2026 | | 1,465,116 | | $ | 1.71 | | 6.3 | | $ | 8,137,854 |
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| Schedule of restricted stock activity |
| | | | | | | | | | Weighted- | | | | | Average | | | | | Grant Date | | | | | Fair Value | | | Shares | | Per Share | RSUs outstanding at December 31, 2025 | | 2,869,111 | | $ | 1.86 | Granted | | 790,106 | | | 8.30 | Vested | | (1,726,920) | | | 2.11 | Forfeited | | (263,871) | | | 3.14 | RSUs outstanding at June 30, 2026 | | 1,668,426 | | $ | 4.44 |
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| Schedule of warrants outstanding |
Following is a summary of the Company’s warrant activity during the six months ended June 30, 2026: | | | | | | | | | | Weighted | | | Number of | | Average | | | Warrants | | Exercise Price | Balance at December 31, 2025 | | 2,833,893 | | $ | 0.73 | Exercised | | (2,703,643) | | | 0.73 | Balance at June 30, 2026 | | 130,250 | | $ | 0.85 |
Each warrant represents the right to receive one share of the Company’s common stock. The composition of the Company’s remaining warrants outstanding at June 30, 2026 was as follows: | | | | | | | | Number of warrants | | Exercise Price | | Expiration Date | | Remaining life (years) | 130,250 | | $ | 0.85 | | 8/3/2026 | | 0.09 |
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