v3.26.3
Stock Option Plans (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of the assumptions employed in the calculation of the fair value of share-based compensation expense

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards on the date of grant. The assumptions employed in the calculation of the fair value of share-based compensation expense were calculated as follows for the nine months ended September 30, 2026 and 2025:

 

 

 

 

2026

 

 

2025

 

Common stock fair value (weighted-average)

 

 

$

1.33

 

 

$

3.39

 

Risk free interest rate

 

 

3.82% - 4.04%

 

 

4.04% - 4.66%

 

Expected dividend yield

 

 

0%

 

 

0%

 

Expected term

 

 

6.0 years

 

 

6.0 years

 

Expected stock volatility

 

 

101.2% - 105.6%

 

 

101.9% - 103.0%

 
Schedule of below is a summary of stock option activity

Below is a summary of stock option activity for the nine months ended September 30, 2026:

 

 

 

 

 

Weighted

 

 

Weighted

 

Number

 

 

Average

 

 

Average

 

of options

 

 

Exercise Price

 

 

Contractual Life

Outstanding at December 31, 2025

 

18,031,425

 

 

$

2.35

 

 

8.91 years

 

 

 

 

 

 

 

Forfeited and cancelled

 

(4,935,510

)

 

$

2.35

 

 

 

Exercised

 

-

 

 

$

0.00

 

 

 

Granted

 

4,103,996

 

 

$

1.33

 

 

 

Outstanding at September 30, 2026

 

17,199,911

 

 

$

2.10

 

 

8.51 years

Exercisable at September 30, 2026

 

3,011,065

 

 

$

3.85

 

 

5.88 years
Summary of total stock-based compensation expense

Total stock-based compensation expense for the nine months ended September 30, 2026 and 2025 was allocated as follows:

 

 

 

 

2026

 

 

2025

 

General and administrative

 

 

$

2,234,447

 

 

$

1,508,919

 

Research and development

 

 

 

4,128,245

 

 

 

2,768,344

 

Total stock-based compensation expense

 

 

$

6,362,692

 

 

$

4,277,263