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Stock Award Plan and Stock-Based Compensation (Tables)

3 Months Ended

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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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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-Name Accounting Standards Codification
-Topic 718
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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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