Share-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount |
The Company’s share-based compensation expense for the periods presented was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, 2026 | | Three Months Ended
September 30, 2025 | | Nine Months Ended
September 30, 2026 | | Nine Months Ended
September 30, 2025 | | | | | | | | | | | Cost of revenue | | $ | 569,145 | | | $ | 361,367 | | | $ | 1,519,780 | | | $ | 441,671 | | | Research and development costs | | 249,151 | | | $ | — | | | 249,151 | | | $ | — | | | General and administrative costs | | 9,457,291 | | | 429,290 | | | 12,164,158 | | | 524,688 | | | Total share-based compensation expense | | $ | 10,275,587 | | | $ | 790,657 | | | $ | 13,933,089 | | | $ | 966,359 | |
The weighted average unrecognized compensation cost at September 30, 2026, for stock options and restricted stock was as follows: | | | | | | | | | | | | | Amount | | Weighted
Average
Remaining
Recognition
Period (Years) | | Stock options | $ | 16,076,327 | | | 3.05 | | Restricted stock | 95,931,683 | | | 2.85 | | Total compensation cost | $ | 112,008,010 | | | 2.88 |
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| Schedule of Share-Based Payment Arrangement, Option, Activity |
The summary of stock options and restricted stock under the Company’s 2025 Stock Plan and 2026 Plan as of September 30, 2026, and changes for the nine months then ended are presented as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended
September 30, 2026 | | Nine Months Ended
September 30, 2025 | | Stock Options | | Number of
Options | | Weighted
Average
Exercise Price | | Number of
Options | | Weighted
Average
Exercise Price | | Outstanding at the beginning of the period | | 6,459,000 | | $0.21 | | — | | | $— | | Granted | | 7,060,972 | | $0.96 | | 6,534,000 | | | $0.21 | | Exercised | | 161,248 | | | $0.39 | | — | | | $— | | Forfeited/expired | | 1,094,418 | | | $0.61 | | — | | | $— | | Outstanding at the end of the period | | 12,264,306 | | $0.60 | | 6,534,000 | | | $0.21 | | Exercisable at the end of the period | | 3,308,844 | | $0.30 | | — | | | $— |
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| Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended
September 30, 2026 | | Nine Months Ended
September 30, 2025 | | Restricted Stock | | Number of
Shares | | Weighted
Average Grant
Date Fair Value | | Number of
Shares | | Weighted
Average Grant
Date Fair Value | | Outstanding at the beginning of the period | | 5,585,000 | | $0.76 | | — | | $— | | Granted | | 10,157,710 | | $10.04 | | 5,585,000 | | $0.97 | | Vested | | 2,989,122 | | | $0.91 | | — | | $— | | Forfeited/expired | | 22,000 | | $11.55 | | — | | $— | | Outstanding at the end of the period | | 12,731,588 | | $8.11 | | 5,585,000 | | | $0.97 |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
Assumptions used in determining the fair value of stock options granted for the three months ended September 30, 2026 and 2025 were as follows: | | | | | | | | | | | | | Assumption | | Three Months Ended
September 30, 2026 | Three Months Ended
September 30, 2025 | | Expected volatility | | N/A | N/A | | Expected term (years) | | N/A | N/A | | Risk-free interest rate | | N/A | N/A | | Expected dividend yield | | N/A | N/A | | Weighted Average Grant-Date Fair Value | | N/A | N/A |
Assumptions used in determining the fair value of stock options granted for the nine months ended September 30, 2026 and 2025 were as follows: | | | | | | | | | | | | Assumption | | Nine Months Ended
September 30, 2026 | Nine Months Ended
September 30, 2025 | | Expected volatility | | 110.0% | 110.0% | | Expected term (years) | | 7 | 7 | | Risk-free interest rate | | 4.29% - 4.50% | 4.17% | | Expected dividend yield | | — | % | —% | | Weighted Average Grant-Date Fair Value | | $ | 2.590 | | $ | 0.921 | |
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