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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2025.

						Number of Options						Weighted average exercise price						Weighted average remaining contractual term
Outstanding at December 31, 2024 *						108,136,310						$	2.34					8.6
Granted *						11,417,774						19.25
Forfeited						(882,300)						9.40
Exercised						(724,289)						3.85
Outstanding at September 30, 2025						117,947,495						3.92						8.0
Vested and expected to vest as of September 30, 2025						107,458,854						$	3.67					7.9
Exercisable at September 30, 2025						47,711,084						$	2.46					7.6

* The stock option activity in the table above includes performance-based options outstanding as of December 31, 2024 of     

48,220,320 of which 39,013,976 options were unvested and converted to time-based vesting. During the three months ended March 31, 2025, the company granted 5,475,000 performance-based options which were modified to time-based vesting during the three months ended June 30, 2025.

Schedule of Stock-Based Compensation Expense

The total stock-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss was as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Research and development						$	40,612					$	5,819					$	173,248					$	11,747
General and administrative						90,149						13,552						447,393						28,219
Total stock-based compensation expense						$	130,761					$	19,371					$	620,641					$	39,966

The following summarizes stock-based compensation expense associated with each of the Company’s stock-based compensation arrangements:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Time-based stock options						$	130,457					$	10,803					$	619,873					$	28,614
Performance-based stock options						—						8,409						—						11,031
Employee stock purchase plan						304						159						768						321
Total stock-based compensation expense						$	130,761					$	19,371					$	620,641					$	39,966

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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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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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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