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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, cash awards, and CSBUs are as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Research and development expenses		$	1,466,469			$	1,711,231			$	2,965,376			$	3,609,590
General and administrative expenses			1,114,284				1,514,563				2,035,956			$	3,100,572
Total stock-based compensation expense		$	2,580,753			$	3,225,794			$	5,001,332			$	6,710,162

Summary of Activity Relating to Stock Options

The table below summarizes activity relating to stock options under the incentive plans for the nine months ended September 30, 2025:

		Number of Shares				Weighted Average Exercise Price				Weighted Average Contractual Term (Years)				Aggregate Intrinsic Value(a)
Outstanding at December 31, 2024			7,621,580			$	5.64				6.34			$	4,885,683
Granted			1,608,606				5.06								—
Exercised			(274,158	)			4.03								443,734
Expired			(248,822	)			8.99								—
Forfeited			(115,785	)			4.87								—
Outstanding at September 30, 2025			8,591,421				5.50				6.46			$	6,812,150
Exercisable at September 30, 2025			5,862,359			$	5.94				5.34			$	3,795,561

(a)The aggregate intrinsic value in the above table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on September 30, 2025 of $5.22 and the per share exercise price of the underlying options.

Summary of Activity Relating to Restricted Stock Units

The table below summarizes activity relating to restricted stock units (RSUs) for the nine months ended September 30, 2025:

		Number of Shares				Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2024			540,965			$	5.49
Vested / Settled			(233,236	)			5.52
Forfeited			(26,456	)			4.72
Outstanding at September 30, 2025			281,273			$	5.53

Summary of Employee Stock Purchase Plan Activity

A summary of the weighted-average grant-date fair value and total stock-based compensation expense recognized related to the 2016 ESPP are as follows:

	Nine Months Ended September 30,
	2025				2024
Weighted-average grant-date fair value per share	$	—			$	1.32
Total stock-based compensation expense	$	—			$	14,199

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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 employee stock purchase plan activity.

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