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Stock Option Plans (Tables) | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Options | Stock option activity for employees and non-employees under the Equity Compensation Plans for the three months ended March 31, 2026, was as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (periods) |  |  | Aggregate Intrinsic Value |
Outstanding options, December 31, 2025 |  |  | 20,887,772 |  |  | $ | 2.93 |  |  |  | 9.48 |  |  | $ | 26,069,500 |
Granted |  |  | 18,643,100 |  |  | $ | 4.43 |  |  |  |  |  |  |
Forfeited |  |  | (522,997 | ) |  | $ | 3.52 |  |  |  |  |  |  |
Exercised |  |  | (39,083 | ) |  | $ | 2.89 |  |  |  |  |  |  |
Expired |  |  | (8,855 | ) |  | $ | 9.76 |  |  |  |  |  |  |
Outstanding options, March 31, 2026 |  |  | 38,959,937 |  |  | $ | 3.64 |  |  |  | 9.53 |  |  | $ | 27,556,141 |
Options vested and exercisable, March 31, 2026 |  |  | 1,555,511 |  |  | $ | 8.65 |  |  |  | 7.19 |  |  | $ | 506,292 |
Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Options | The estimated fair value of stock options granted to employees and consultants during the three months ended March 31, 2026 and 2025, were calculated using the Black-Scholes option-pricing model using the following assumptions:
|  | For The Three Months Ended March 31,
|  | 2026 |  | 2025
Expected volatility |  | 90.7 - 102.0 |  | % |  | * | %
Weighted-average volatility |  |  | 101.7 |  | % |  | * | %
Expected dividends |  | — |  | % |  | * | %
Expected term (in periods) |  | 6.00 - 6.08 |  |  |  | * |
Risk-free rate |  | 3.81 - 3.94 |  | % |  | * | %
* No options were granted during the three months ended March 31, 2025.
Summary of Restricted Stock | Stock award activity for employees and non-employees under the Equity Compensation Plans for the three months ended March 31, 2026, was as follows:
|  | Number of shares |  |  | Weighted Average Grant Date Fair Value |
Unvested as of December 31, 2025 |  |  | 14,639 |  |  | $ | 8.93 |
Vested and issued |  |  | (4,180 | ) |  | $ | 11.56 |
Unvested as of March 31, 2026 |  |  | 10,459 |  |  | $ | 7.88 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense for the three months ended March 31, 2026 and 2025, was as follows:
|  | For The Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Research and development |  | $ | 2,861,910 |  |  | $ | 332,289 |
General and administrative |  |  | 2,598,001 |  |  |  | 280,662 |
Total |  | $ | 5,459,911 |  |  | $ | 612,951 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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