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STOCK AWARDS, WARRANTS AND OPTIONS | 9 Months Ended
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Sep. 30, 2025
STOCK AWARDS, WARRANTS AND OPTIONS |
STOCK AWARDS, WARRANTS AND OPTIONS | 3. STOCK AWARDS, WARRANTS AND OPTIONS Warrants The following table summarizes all warrant activity for the nine months ended September 30, 2025: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
​ |  | Warrants |  | Exercise Price
Outstanding at December 31, 2024 |  | 4,935,621 | ​ | $ | 5.70
Granted | ​ | — | ​ | ​ | —
Exercised | ​ | (699) | ​ | ​ | 5.70
Outstanding at September 30, 2025 |  | 4,934,922 | ​ | $ | 5.70
​ The following table summarizes all outstanding warrants to purchase shares of the Company’s common stock: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Warrants Outstanding | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | September 30, | ​ | December 31, | ​ | Exercise Price | ​ | Expiration
Type |  | Grant Date |  | 2025 |  | 2024 |  | per Share |  | Date
Common Warrants | ​ | 10/3/2023 | ​ | 4,934,922 | ​ | 4,935,621 | ​ | $ | 5.70 | ​ | 10/3/2030
​ | ​ | ​ | ​ | 4,934,922 | ​ | 4,935,621 | ​ | ​ | ​ | ​ | ​
​ Stock Awards The Company’s Board of Directors (the “Board”) has approved six stock option plans: (i) the 2006 Stock Option Plan, (ii) the 2012 Restated Equity Incentive Plan (which superseded the 2006 Stock Option Plan) (the “2012 Plan”), (iii) the 2012 Non-Employee Director Stock Option Plan (the “2012 Non-Employee Director Plan”), (iv) the 2020 Equity Incentive Plan (the “2020 Plan”), (v) the 2021 Equity Incentive Plan (the “2021 Plan”), and (vi) the 2025 Equity Incentive Plan (the “2025 Plan”). At this time, the Company only issues stock options and restricted stock awards under the 2020 Plan, the 2021 Plan, and the 2025 Plan and no longer issues stock awards under the 2006 Stock Option Plan, the 2012 Plan, or the 2012 Non-Employee Director Plan. In June 2021, the Company’s stockholders approved the 2021 Plan, which authorized 3,500,000 shares of common stock reserved under the 2021 Plan for the issuance of stock awards. The number of shares available for issuance under the 2021 Plan was automatically increased on January 1 of each year, commencing with January 1, 2022, by an amount equal to the lesser of 5% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year or such number of shares determined by the compensation committee of the Board. On January 1, 2025 and 2024, 2,279,114 and 1,557,416 shares were added under the 2021 Plan, respectively. Once the 2025 Plan was approved on May 22, 2025, no new shares have been or will be added to the share reserve under the 2021 Plan. In May 2025, the Company’s stockholders approved the 2025 Plan which authorized 3,500,000 shares of common stock reserved under the 2025 Plan for the issuance of stock awards. The number of shares available for issuance under the 2025 Plan shall be automatically increased on January 1 of each year, commencing with January 1, 2026 and ending on January 1, 2035, by an amount equal to 5% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year. As of September 30, 2025, 3,585,246 shares remain available for issuance under the respective stock option plans. The Company’s stock option plans are administered by the Board, in conjunction with the compensation committee of the Board, which determines the recipients and types of awards to be granted, as well as the number of shares subject to the awards, the exercise price and the vesting schedule. Each stock award granted will be designated in the award agreement as either an incentive stock option, a nonstatutory stock option, or a restricted stock award. Notwithstanding such designation, however, to the extent that the aggregate fair market value of the shares with respect to which incentive stock options are exercisable for the first time by the participant during any calendar year (under all plans of the Company and any parent or subsidiary) exceeds $100,000, such options will be treated as nonstatutory stock options. Stock options are granted with an exercise price not less than equal to the closing price of the Company’s common stock on the date of grant, and generally vest over a period of one to four years. The term of stock options granted under each of the plans cannot exceed ten years. Stock Option Awards The estimated weighted average fair value of the options granted during the three months ended September 30, 2025 and 2024 were approximately $5.50 and $4.16 per share, respectively. The estimated weighted average fair value of the options granted during the nine months ended September 30, 2025 and 2024 were approximately $12.01 and $4.56 per share, respectively. The Company estimates the fair value of each option award using the Black-Scholes option-pricing model. The company used the following assumptions to estimate the fair value of stock options issued during the nine months ended September 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine months ended September 30, |
​ | ​ | 2025 | ​ | 2024 | ​
Expected volatility |  | 104 - 115 | % | 109 - 119 | %
Expected term |  | 5 - 6 years |  | 5 - 7 years | ​
Dividend yield |  | 0 | % | 0 | %
Risk-free interest rates |  | 3.7 - 4.5 | % | 3.9 - 4.5 | %
​ Employee and non-employee stock-based compensation expense was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended September 30, | ​ | Nine months ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
General and administrative | ​ | $ | 1,779,609 | ​ | $ | 1,274,238 | ​ | $ | 6,497,110 | ​ | $ | 4,852,244
Research and development | ​ |  | 2,217,739 | ​ |  | 777,045 | ​ |  | 6,886,790 | ​ |  | 2,617,244
Total | ​ | $ | 3,997,348 | ​ | $ | 2,051,283 | ​ | $ | 13,383,900 | ​ | $ | 7,469,488
​ The Company does not recognize an income tax benefit as the Company believes that an actual income tax benefit may not be realized. For non-qualified stock options, the loss creates a timing difference, resulting in a deferred tax asset, which is fully reserved by a valuation allowance. As of September 30, 2025, the total unrecognized fair value compensation cost related to non-vested stock options was approximately $35.0 million, which is expected to be recognized over a weighted average period of approximately 2.46 years. ​ The following is a schedule summarizing employee and non-employee stock option activity for the nine months ended September 30, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted Average | ​ | Aggregate
​ |  | Options |  | Exercise Price |  | Intrinsic Value
Outstanding at December 31, 2024 |  | 10,731,183 | ​ | $ | 4.38 |  | ​ | ​
Granted |  | 2,533,027 | ​ |  | 14.12 |  | ​ |
Exercised |  | (154,206) | ​ |  | 3.20 |  | $ | 1,359,331
Expired/Cancelled |  | (296,519) | ​ |  | 10.18 |  | ​ |
Outstanding at September 30, 2025 |  | 12,813,485 | ​ | $ | 6.18 | ​ | $ | 33,377,698
Exercisable at September 30, 2025 |  | 8,223,709 | ​ | $ | 4.32 | ​ | $ | 27,762,799
​ The aggregate intrinsic value represents the difference between the exercise price of the options and the estimated fair value of the Company’s common stock for each of the respective periods. ​ Restricted Stock Awards ​ The Company has granted restricted stock awards (“RSAs”) under the 2021 Plan. The stock awards are fully vested upon grant and each outstanding RSA will be exchanged for one share of the Company’s common stock. The Company estimates the fair value of each restricted stock award using the Company’s adjusted closing stock price on the grant date. ​ The following table summarized the activity of the Company’s RSA for the nine months ended September 30, 2025: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Weighted Average
​ | ​ | Number of | ​ | ​ | Grant Date
​ |  | RSAs | ​ |  | Fair Value
Outstanding at December 31, 2024 |  | — | ​ | $ | —
Granted |  | 17,210 | ​ |  | 14.96
Vested |  | (17,210) | ​ |  | 14.96
Expired/Cancelled |  | — | ​ |  | —
Outstanding at September 30, 2025 |  | — | ​ | $ | —
​

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