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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

STOCK-BASED COMPENSATION

Summary of the expense for stock-based compensation related to stock option grants

​

​	​	​	​	​	​	​
​	​	Twelve Months Ended
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Employee and director stock option and stock grants:	​	​	​	​	​	​
Research and development	​	$	413,022	​	$	3,486,168
General and administrative	​		1,850,682	​	​	786,612
Total stock-based compensation	​	$	2,263,704	​	$	4,272,780

Schedule of assumptions used for stock

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Volatility		​	100.17	%	​	82.13	%
Risk-free interest rate		​	4.37	%	​	4.21-4.64	%
Expected life (years)		​	6.0		​	6.0	​
Dividend		​	0	%	​	0	%

Summary of stock options activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Number of	​	​	​	​	​	​	​	​
​	​	Shares	​	​	​	​	​	​	​	​
​	​	Issuable	​	​	​	​	Weighted	​	​	​
​	​	Upon	​	​	​	​	Average	​	​	​
​	​	Exercise	​	Weighted		​	Remaining	​	​	​
​	​	of	​	Average		​	Contracted	​	Aggregate
​		Outstanding	​	Exercise			Term in	​	Intrinsic
​	​ ​ ​	Options	​ ​ ​	Price		​ ​ ​	Years	​ ​ ​	Value
Outstanding as of December 31, 2023		78,397	​	$	163.80		8.64		$	1,682,667
Granted		102,116	​	$	81.60		​		​	​
Expired		(53)	​	$	600.00		​		​	​
Forfeited		(27,503)	​	$	75.30		​		​	​
Exercised		(55)	​	$	50.40		​		​	​
Outstanding as of December 31, 2024	​	152,902	​	$	123.00	​	7.37	​	$	—
Granted	​	77,331	​	$	8.70	​	​	​	​	​
Expired	​	(18,066)	​	$	125.25	​	​	​	​	​
Outstanding as of December 31, 2025	​	212,167	​	$	80.47	​	5.35	​	$	—
​	​	​	​	​	​	​	​	​	​	​
Exercisable as of December 31, 2025		113,080	​	$	129.93		​	​	$	—
Unvested as of December 31, 2025		99,087	​	$	24.03		​	​	$	—

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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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.

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