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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation
Note 15: Stock-Based Compensation
Upon the consummation of the Merger, the 2023 Equity Incentive Plan (the “Incentive Plan”) became effective. The Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, RSUs, dividend equivalents, and other stock or cash-based awards, or collectively, awards to officers, employees, non-employee directors, and consultants and those of our subsidiaries as selected from time to time by the plan administrator in its discretion. Unless otherwise set forth in an individual award agreement, each award shall vest over a four-year period, with one-quarter of the award vesting on the first annual anniversary of the date of grant, with the remainder of the award vesting monthly thereafter.
On July 22, 2024 the Company filed a registration statement on Form S-8 to register up to 15% (initially 7,309,322 shares) of the number of shares of common stock, par value $0.00001, to be outstanding immediately following consummation of the Initial Capital Raise following the Merger issuable pursuant to outstanding unvested or unexercised stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, and other stock or cash based awards (collectively, “Awards”) granted under the Company’s Incentive Plan which became effective upon the consummation and completion of the Merger.
Shares underlying any awards under the Incentive Plan that are forfeited, cancelled, held back to cover the exercise price or tax withholding, satisfied without the issuance of stock or otherwise terminated (other than by exercise) will be added back to the shares available for issuance under the Incentive Plan. The payment of dividend equivalents in cash shall not count against the share reserve.
Restricted Stock Units
The Company granted 4,040,198 restricted stock units to employees under its Incentive Plan during the six months ended June 30, 2025. As of June 30, 2025, the Company had 4,040,192 unvested RSUs with a grant date fair value of $5.91.
The following table summarizes the Company’s restricted stock activity consisting of RSUs:
 Shares
Outstanding 		Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2024241,932$2.36 
Granted4,040,198$5.91 
Vested(241,938)$2.36 
Unvested at June 30, 20254,040,192$5.91 
As of June 30, 2025, there was $12,261,113 of unrecognized stock-based compensation related to RSUs outstanding, which is expected to be recognized over a weighted-average remaining service period of less than one year.
Stock Options
Stock options to purchase the Company’s common stock are granted to employees and directors, upon approval by the Board of Directors, with an exercise price equal to the fair market value of the stock on the date of grant. Options generally become exercisable in four years, in equal installments beginning one year from the date of grant, and generally expire five years from the date of grant. The fair value of the Company’s stock options is estimated on the date of grant using the Black-Scholes option-pricing model. The grant date fair value of the stock options granted during the six months ended June 30, 2025 was $2.37.
The following table summaries the Company’s stock option activity:
Stock OptionsWeighted
Average
Exercise Price
Per Share		Aggregate Intrinsic Value
Outstanding at December 31, 2024—$— $— 
Granted1,000,000$2.67 
Outstanding at June 30, 20251,000,000$2.67 $— 
Exercisable at June 30, 2025—$— $— 
Vested or expected to vest at June 30, 20251,000,000$2.67 $— 
As of June 30, 2025, there was $2,320,389 of unrecognized stock-based compensation related to stock options outstanding and the average remaining contractual life on outstanding options was 4.92 years.
Stock-based compensation expense included in the accompanying consolidated statements of operations was:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Stock-based compensation expense $6,221,140 $4,506,066 $12,261,113 $4,506,066