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Stock Award Plan and Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity for Employees and Non-Employees | Stock option activity for employees and non-employees for the three months ended March 31, 2026 is as follows:
| Shares Issuable Pursuant to Stock Options |  |  | Weighted- Average Exercise Price |  |  | Weighted-Average Remaining Contractual Terms (years) |  |  | Total Intrinsic Value (in thousands) |
Outstanding January 1, 2026 |  | 8,173,509 |  |  | $ | 4.73 |  |  |  | 9.5 |  |  | $ | 1,270 |
Granted |  | 812,169 |  |  | $ | 6.37 |  |  |  |  |  |  |
Exercised |  | — |  |  | $ | — |  |  |  |  |  |  |
Cancelled/Forfeited |  | — |  |  | $ | — |  |  |  |  |  |  |
Expired |  | — |  |  | $ | — |  |  |  |  |  |  |
Outstanding March 31, 2026 |  | 8,985,678 |  |  | $ | 4.87 |  |  |  | 8.2 |  |  | $ | 16,270 |
Exercisable March 31, 2026 |  | 2,601,033 |  |  | $ | 6.35 |  |  |  | 4.7 |  |  | $ | 4,593 |
Available for future grant |  | 5,044,631 |  |  |  |  |  |  |  |  |  |
Summary of Assumptions Used in Black Scholes Model to Estimate Fair Value of Stock Options | The Company uses the Black-Scholes model to estimate the fair value of stock options granted. There were no stock options granted during the three months ended March 31, 2025. For stock options granted during the three months ended March 31, 2026, the Company utilized the following assumptions:
| Three Months Ended March 31, 2026
Expected term (years) | 5.31 - 6.25
Risk free interest rate | 3.75% - 4.03%
Volatility | 130% - 133%
Dividend yield | 0%
Weighted-average fair value of options granted during the period | $5.82
Schedule of Stock-Based Compensation Expense Included in the Company's Consolidated Statements of Operations | The following table presents stock-based compensation expense included in the Company’s consolidated statements of operations, including $6.6 million recognized in connection with the modification of stock options granted to Mr. Race pursuant to the settlement agreement described in Note 10.
| Three Months Ended March 31, |
| 2026 |  |  | 2025 |
Research and development | $ | 737,937 |  |  | $ | 99,699 |
General and administrative |  | 7,972,365 |  |  |  | 197,530 |
Total | $ | 8,710,302 |  |  | $ | 297,229 |

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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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