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Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Compensation [Abstract]  
Schedule of Share-Based Compensation Expense The Company did not record share-based compensation expense during the three months ended March 31, 2024.

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

General and administrative

$

 

964,632

 

Research and development

 

 

19,761

 

Total share-based compensation

$

 

984,393

 

Schedule of Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2025:

 

 

 

Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Life (Years)

 

Balance at December 31, 2024

 

 

2,537,602

 

$

 

5.60

 

 

 

7.85

 

Granted

 

 

 

 

 

 

 

 

 

Exercised

 

 

(147,579

)

 

 

0.28

 

 

 

 

Forfeited

 

 

(11,850

)

 

 

5.11

 

 

 

 

Balance at March 31, 2025

 

 

2,378,173

 

$

 

5.89

 

 

 

7.67

 

Vested and expected to vest

 

 

2,378,173

 

$

 

5.89

 

 

 

7.67

 

Exercisable at the end of the period

 

 

1,026,508

 

$

 

0.18

 

 

 

5.67

 

Schedule of RSU Activity

The following table summarizes RSU with Service-Only Conditions activity for the three months ended March 31, 2025:

 

 

 

Awards

 

 

Weighted Average Grant Date Fair Value

 

Balance at December 31, 2024

 

 

520,300

 

$

 

8.13

 

Granted

 

 

465,044

 

 

 

8.18

 

Exercised

 

 

 

 

 

 

Forfeited

 

 

(4,500

)

 

 

5.11

 

Balance at March 31, 2025

 

 

980,844

 

$

 

8.17

 

The following table summarizes RSU with Market-Based Conditions activity for the three months ended March 31, 2025:

 

 

 

Awards

 

 

Weighted Average Grant Date Fair Value

 

Balance at December 31, 2024

 

 

 

$

 

 

Granted

 

 

496,483

 

 

 

10.09

 

Exercised

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

Balance at March 31, 2025

 

 

496,483

 

$

 

10.09

 

Schedule of Assumptions Used to Estimate the Fair Value of RSUs With Market-based Conditions The following summarizes the assumptions used to estimate the fair value of the RSUS with market-based conditions that were granted during the three months ended March 31, 2025:

 

RSUs - Market-Based Conditions

 

 

 

Expected term - years

 

 

2.9

 

Expected volatility

 

 

89.7

%

Risk-free interest rate

 

 

4.3

%

Expected dividends