v3.26.1
STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options Outstanding and Weighted-Average Exercise Price
Stock options outstanding and their weighted-average exercise price at June 30, 2026 and 2025 were as follows:
June 30, 2026June 30, 2025
Stock Options
Weighted-
Average Exercise
Price
Weighted-
Average
Remaining Life
Stock Options
Weighted-
Average Exercise
Price
Weighted-
Average
Remaining Life
#$/shareYears#$/shareYears
8,323,000$3.948.41,000,000$4.575.9
Schedule of Valuation Assumptions The inputs used to measure the modification were as follows:
Black-Scholes Option Pricing Model InputBasisInputs for Value of
Modification
Annualized volatility (%)Volatility of publicly traded peers79.25%
Expected term (years)Award agreement0.32
Dividend yield (%)No dividends over the expected term—%
Risk-free rate (%)Risk-free U.S. Treasury yield over the expected term3.73%
Exercise price ($/share)Award agreement$4.00
Common stock price ($/share)Initial public offering price$13.50
Schedule of Stock-Based Compensation Expense
The Company recognized stock-based compensation expense from stock options as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
$$$$
Pre-development expense186,937 — 391,177 — 
General and administrative expense2,157,732 94,450 3,780,238 188,900 
2,344,669 94,450 4,171,415 188,900