v3.26.1
STOCKHOLDERS' EQUITY (Tables)
6 Months Ended
Jun. 30, 2026
STOCKHOLDERS' EQUITY  
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

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

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

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

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