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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of weighted-average assumptions | The assumptions used in the Company’s valuation are summarized as follows, presented on a weighted average basis:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Risk-free interest rate |  | 3.8% - 3.9% |  | 4.2 | % |  | 4.6 | %
Expected term (in years) |  | 2.5 - 6.2 |  | 6.2 |  | 4.8
Expected volatility |  | 124.9% -142.5% |  | 107.8 | % |  | 98.1 | %
Expected annual dividends per share |  | — | % |  | — | % |  | — | %
Schedule of stock option activity | The following table summarizes the Company’s stock option activity for the year ended December 31, 2025:
|  | Number of share options |  | Weighted average exercise price |  | Weighted average remaining contractual term (years) |  | Aggregate intrinsic value
Outstanding at December 31, 2024* |  | 108,136,310 |  | $ | 2.34 |  | 8.6 |  | $ | 1,677,748 |
Granted* |  | 13,297,732 |  | 19.20 |  |  |  |
Forfeited |  | (1,015,750) |  | 10.12 |  |  |  |
Exercised |  | (953,564) |  | 3.99 |  |  |  |
Outstanding at December 31, 2025 |  | 119,464,728 |  | $ | 4.14 |  | 7.8 |  | $ | 1,618,734 |
Vested and expected to vest at December 31, 2025 |  | 110,536,687 |  | $ | 3.86 |  | 7.7 |  | $ | 1,527,454 |
Exercisable at December 31, 2025 |  | 64,834,314 |  | $ | 2.32 |  | 7.4 |  | $ | 983,902 |
* 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 | Stock‑based compensation expense related to stock options is recorded within the consolidated statements of operations and comprehensive loss as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Research and development |  | $ | 218,564 |  |  | $ | 16,007 |  |  | $ | 4,408 |
General and administrative |  | 513,856 |  |  | 34,974 |  |  | 9,700 |
Total stock-based compensation |  | $ | 732,420 |  | $ | 50,981 |  | $ | 14,108
The following table summarizes stock-based compensation expense associated with each of our stock-based compensation arrangements:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Time-based stock options |  | $ | 731,358 |  |  | $ | 39,349 |  |  | $ | 12,606 |
Performance and market-based stock options |  | — |  |  | 11,033 |  |  | 1,318 |
Employee stock purchase plan |  | 1,062 |  | 599 |  | 184
Total stock-based compensation |  | $ | 732,420 |  | $ | 50,981 |  | $ | 14,108

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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