Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation

Schedule of stock-based compensation expense

Stock-based compensation expense reflected in the statement of operations was as follows:

	Year Ended
	December 31,
	2025		2024
General and administrative	$	969,990	$	2,510,444
Research and development		827,686		1,326,326
	$	1,797,676	$	3,836,770

Schedule of stock option activity

The following table summarizes stock option activity:

				Weighted
				Average
				Remaining		Aggregate
		Weighted		Contractual		Intrinsic
	Number of	Average		Life		Value
	Options	Exercise Price		(Years)		(Thousands)
Options outstanding at December 31, 2024	2,336,020	$	11.39	7.3	$	1,298
Options granted	220,000	$	2.09			302
Options exercised	(14,284)	$	0.14			47
Options canceled	(147,233)	$	8.37			37
Options outstanding at December 31, 2025	2,394,503	$	10.79	6.9	$	777
Options exercisable at December 31, 2025	2,059,481	$	11.88	6.6	$	528

Schedule of weighted average assumptions used to determine fair value of options

The assumptions utilized in the fair value calculations for stock options granted during the years ended December 31, 2025 and 2024, respectively, were as follows:

	Year Ended		Year Ended
	December 31, 2025		December 31, 2024
Risk-free interest rate	3.83	%	4.18	%
Expected life	5.6		5.3
Expected volatility	116	%	123	%
Expected dividend yield	—		—