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SHARE-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2025
SHARE-BASED COMPENSATION |
Schedule of unvested Class A membership interest converted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Three Months Ended | ​ | ​ | Nine Months Ended
Stock Option | ​ | Number of | ​ | ​ | Exercise | ​ | September 30, | ​ | ​ | September 30,
Issuance Date | ​ | Options | ​ | ​ | Price | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
June 2021 | ​ | 40,375 | ​ | $ | 125.20 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 363,440
July 2021 | ​ | 77,500 | ​ | ​ | 123.60 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 981,833
January 2022 | ​ | 4,000 | ​ | ​ | 88.80 | ​ | ​ | — | ​ | ​ | 18,950 | ​ | ​ | 6,317 | ​ | ​ | 56,850
April 2022 | ​ | 1,500 | ​ | ​ | 75.80 | ​ | ​ | — | ​ | ​ | 5,377 | ​ | ​ | 7,170 | ​ | ​ | 16,133
February 2023 | ​ | 23,375 | ​ | ​ | 68.20 | ​ | ​ | 109,521 | ​ | ​ | 109,521 | ​ | ​ | 328,563 | ​ | ​ | 328,563
June 2023 | ​ | 2,500 | ​ | ​ | 55.00 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 53,600
February 2024 | ​ | 41,750 | ​ | ​ | 63.00 | ​ | ​ | 183,713 | ​ | ​ | 183,713 | ​ | ​ | 551,139 | ​ | ​ | 428,663
June 2024 | ​ | 3,000 | ​ | ​ | 47.60 | ​ | ​ | — | ​ | ​ | 27,630 | ​ | ​ | 55,260 | ​ | ​ | 27,630
January 2025 | ​ | 1,500 | ​ | ​ | 15.54 | ​ | ​ | 1,559 | ​ | ​ | — | ​ | ​ | 4,158 | ​ | ​ | —
February 2025 | ​ | 32,275 | ​ | ​ | 15.96 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | 227,775 | ​ | ​ | ​ | ​ | $ | 294,793 | ​ | $ | 345,191 | ​ | $ | 952,607 | ​ | $ | 2,256,712
Schedule of fair value of options assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Nine Months Ended
​ | September 30,
​ | 2025 | ​ | 2024
Expected term | ​ | 5.0 | years | ​ | ​ | 6.7 | years
Volatility | ​ | 102 | % | ​ | ​ | 103 | %
Dividend yield | ​ | — | % | ​ | ​ | — | %
Risk-free interest rate | ​ | 4.25 | % | ​ | ​ | 4.28 | %
Weighted average grant date fair value | $ | 12.33 | ​ | ​ | $ | 51.80 | ​
Schedule of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​
​ | ​ | ​ | Weighted | ​ | Remaining | ​ | Aggregate
​ | Number of |  | Average | ​ | Contractual Term | ​ | Intrinsic
​ | Options |  | Exercise Price | ​ | (in years) | ​ | Value
Outstanding, vested and expected to vest at December 31, 2024 | 194,000 |  | $ | 101.07 | ​ | 7.36 |  | $ | —
Granted | 33,775 | ​ | ​ | 15.94 | ​ | 9.33 | ​ | ​ | —
Exercised | — | ​ | ​ | — | ​ | — | ​ | ​ | —
Forfeited | — | ​ | ​ | — | ​ | — | ​ | ​ | —
Outstanding, vested and expected to vest at September 30, 2025 | 227,775 | ​ | $ | 88.45 | ​ | 7.01 | ​ | $ | —
Exercisable | 203,647 | ​ | $ | 91.65 | ​ | 6.78 | ​ | $ | —

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