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Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2025 and 2024, respectively, for the 2019 Plan:

			Options						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value
Outstanding as of January 1, 2025			16,136,045						$	1.52
Granted			9,937,100						$	0.78
Exercised			—						$	—					—
Forfeited or expired			(344,648)						$	3.49
Outstanding as of September 30, 2025			25,728,497						$	1.21					8.56						$	1,058,962
Options exercisable as of September 30, 2025			8,105,832						$	1.62					7.14						$	39,947

			Options						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value
Outstanding as of January 1, 2024			6,196,140						$	7.15
Granted			5,715,349						$	1.23
Exercised			—						$	—
Repricing modification			—						$	9.55
Forfeited or expired			(365,351)						$	2.08
Outstanding as of September 30, 2024			11,546,138						$	1.63					8.33						$	2,794,286
Options exercisable as of September 30, 2024			4,171,969						$	2.09					7.07						$	329,830

Schedule of Valuation Assumptions Used

The following table summarizes the key assumptions used in estimating the fair value of the SARs at issuance and on September 30, 2025:

			July 7, 2025						September 30, 2025
Expected term (years)			1-2.90						0.90-2.80
Risk-free interest rate			4.17%-4.38%						3.79%-4.11%
Stock price volatility			85%-115%						85%-115%
Probability (1)			50%-50%						50%-50%
Dividend rate			—		%				—		%

(1) Scenario probability was based on timing expectations of the Company that a corporate transaction occurring was estimated at 50%; and a corporate transaction not occurring at 50%.

The following are the underlying assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:

			Nine Months Ended September 30,
			2025			2024
Risk-free interest rate			4.14%			4.11%
Expected dividend yield			0%			0%
Expected volatility			116.0%			100.0%
Expected term of options (years)			5.91			5.95

The following table summarizes the key assumptions used in estimating the fair value of the SARs at issuance and on September 30, 2025:

			July 7, 2025						September 30, 2025
Expected term (years)			1-2.90						0.90-2.80
Risk-free interest rate			4.17%-4.38%						3.79%-4.11%
Stock price volatility			85%-115%						85%-115%
Probability (1)			50%-50%						50%-50%
Dividend rate			—		%				—		%

(1) Scenario probability was based on timing expectations of the Company that a corporate transaction occurring was estimated at 50%; and a corporate transaction not occurring at 50%.

Schedule of SARs Activity

The Company’s SARs activity is as follows:

SARs grants			Shares						Weighted average exercise price						Weighted average remaining contractual term (years)						Aggregate intrinsic value
Balance at January 1, 2025			—						$—
SARs granted			34,998,367						$0.765
SARs forfeited or expired			—						$—
Balance at September 30, 2025			34,998,367						$0.765						9.76						$4,080,809
Exercisable at September 30, 2025			—						$—						—						$—

Schedule of Stock-Based Compensation Expense for Stock Awards Recognized

Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows:

									Three Months  Ended September 30,												Nine Months  Ended September 30,
															2025						2024						2025						2024
Research and development															$	1,539,000					$	811,000					$	3,131,000					$	2,816,000
General and administrative															2,075,000						1,099,000						4,424,000						3,726,000
Total															$	3,614,000					$	1,910,000					$	7,555,000					$	6,542,000

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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