Share-based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summarizes Share-based Compensation Expense by Function |
The following table summarizes share-based compensation expense by function for the three and six months ended June 30, 2026 and 2025:
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Three Months Ended June 30, |
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Six months ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Share-based compensation expense: |
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Selling, general and administrative |
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$ |
1,144,833 |
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$ |
1,901 |
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$ |
1,401,827 |
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$ |
3,118 |
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Research and development |
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33,267 |
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16,354 |
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58,153 |
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25,370 |
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Total share-based compensation expense |
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$ |
1,178,100 |
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$ |
18,255 |
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$ |
1,459,980 |
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$ |
28,488 |
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| Summary of Stock Option Activity for Plan |
The following table summarizes stock option activity for the Plan:
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Weighted |
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Average |
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Weighted |
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Remaining |
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Number of |
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Average |
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Contractual |
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Shares |
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Exercise Price |
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Term (years) |
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Outstanding at December 31, 2025 |
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9,072,974 |
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$ |
0.91 |
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— |
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Granted |
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1,119,136 |
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4.85 |
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— |
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Exercised |
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(211,647 |
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— |
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— |
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Forfeited |
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(555,698 |
) |
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— |
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— |
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Outstanding at June 30, 2026 |
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9,424,765 |
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$ |
1.45 |
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8.12 |
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Vested and Exercisable at June 30, 2026 |
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4,210,766 |
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$ |
0.20 |
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7.37 |
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| Summary of Weighted Average Assumptions |
The fair value of each option granted during the three and six months ended June 30, 2026 and 2025, was estimated on the date of grant using the weighted average assumptions in the table below:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Expected volatility |
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93.5 |
% |
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49.7 |
% |
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51.8 |
% |
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49.3 |
% |
Risk-free interest rate |
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4.3 |
% |
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4.2 |
% |
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3.9 |
% |
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4.1 |
% |
Expected term (in years) |
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6.0 |
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6.1 |
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6.0 |
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6.1 |
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Expected dividend yield |
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0.0 |
% |
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0.0 |
% |
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0.0 |
% |
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0.0 |
% |
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| Summary of Restricted Stock |
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Number of Shares |
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Weighted Average Grant
Date Fair Value |
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Unvested at December 31, 2025 |
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499,720 |
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$ |
0.00 |
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Vested |
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(176,372 |
) |
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— |
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Unvested at June 30, 2026 |
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323,348 |
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$ |
0.00 |
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| Summary of Restricted Stock Units |
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Number of Shares |
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Weighted Average Grant
Date Fair Value |
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Unvested at December 31, 2025 |
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- |
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$ |
0.00 |
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Granted |
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2,683,680 |
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5.00 |
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Vested |
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(83,865 |
) |
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5.00 |
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Unvested at June 30, 2026 |
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2,599,815 |
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$ |
5.00 |
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