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Stock Based Compensation (Tables)

12 Months Ended

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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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 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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