v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of stock option activity
The following is a summary of option activity under the Company’s Amended and Restated Plan and the Inducement Plan, for the six months ended June 30, 2026:
Number of
Shares		Weighted
Average
Exercise Price		Weighted
Average
Remaining
Contractual
Term (Years)		Aggregate Intrinsic Value*
Outstanding, December 31, 20254,528,555 $5.74 8.73$— 
Granted1,407,800 0.81 
Exercised— — 
Cancelled(41,908)6.51 
Forfeited(741,720)2.77 
Outstanding, June 30, 20265,152,727$2.45 8.25$195,469 
Exercisable, June 30, 20262,479,027$3.84 7.56$76,863 
*The aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the stock options at June 30, 2026 for those stock options for which the quoted market price was in excess of the exercise price ("in-the-money options").
Schedule of fair value assumptions of stock option granted
The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model under the following assumptions:
Six Months Ended
June 30,
20262025
Dividend yield0.00%0.00%
Volatility
84.61 - 86.16%
83.86 - 85.93%
Risk-free interest rate
3.78- 4.00%
3.93 - 4.27%
Expected term (years)
5.27- 6.08
5.27 - 6.08
Schedule of Nonvested Restricted Stock Units Activity
The following is a summary of restricted stock unit ("RSU") activity during the six months ended June 30, 2026:
Number of
Shares
Weighted
Average Grant Date Fair Value
Unvested, December 31, 2025492,488 $9.72 
Vested(9,375)7.56 
Unvested, June 30, 2026483,113$9.76 
Schedule of stock-based compensation expense The Company recognized stock-based compensation expense for the stock options, ESPP, and the RSUs discussed above, in its unaudited condensed consolidated statements of operations as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Research and development$519,271 $519,018 $1,078,725 $1,008,606 
General and administrative751,938 1,514,091 1,689,474 3,226,412 
$1,271,209 $2,033,109 $2,768,199 $4,235,018