Stock-Based Compensation (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2025 |
Dec. 31, 2024 |
| Share-Based Payment Arrangement [Abstract] |
|
|
| Summary of Assumptions Used to Compute Fair Value |
The
following table summarizes assumptions used to compute the fair value of options granted:
Summary of Assumptions Used to Compute Fair Value
| | |
September 30, 2025 | | |
September 30, 2024 | |
| Stock price | |
| $14-5,990 | | |
| $146
- 305 | |
| Exercise price | |
| $15-5,990 | | |
| $146
- 2,500 | |
| Expected volatility | |
| 110.95 | % | |
| 61.00
- 62.12% | |
| Expected term (in years) | |
| 10 | | |
| 5.61
- 6.08 | |
| Risk-free interest rate | |
| 4.45 | % | |
| 4.20
- 4.45% | |
|
The following table summarizes assumptions used
to compute the fair value of options granted:
Summary
of Assumptions Used to Compute Fair Value
| | |
December 31, 2024 | |
December 31, 2023 |
| Stock price | |
$150.00 - 2,930.00 | |
$4,190.00 - 5,990.00 |
| Exercise price | |
$58.50 - 2,500.00 | |
$4,190.00 - 5,990.00 |
| Expected volatility | |
61.00 - 69.57% | |
80.00 - 110.95% |
| Expected term (in years) | |
5.61 - 6.08 | |
5.00 - 6.08 |
| Risk-free interest rate | |
3.71 - 4.45% | |
3.46 - 4.31% |
|
| Summary of Stock Option Activity |
A
summary of stock option activity under the Plan is as follows:
Summary of Stock Option Activity
| | |
Shares Underlying Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual
Term (in years) | | |
Intrinsic Value | |
| Outstanding at December 31, 2024 | |
| 2,566 | | |
$ | 1,618.30 | | |
| 8.52 | | |
$ | — | |
| Granted | |
| 10,086 | | |
| 210.45 | | |
| 9.12 | | |
| — | |
| Expired | |
| (17 | ) | |
| 176.44 | | |
| — | | |
| — | |
| Forfeited | |
| (43 | ) | |
| 292.63 | | |
| — | | |
| — | |
| Outstanding at September 30, 2025 | |
| 12,592 | | |
$ | 347.85 | | |
| 8.89 | | |
| — | |
| Exercisable at September 30, 2025 | |
| 1,312 | | |
$ | 1,668.77 | | |
| 6.82 | | |
$ | — | |
|
A summary of stock option activity under the Plan
is as follows:
Summary
of Stock Option Activity
| | |
Shares Underlying Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term (in years) | | |
Intrinsic Value | |
| Outstanding at December 31, 2022 | |
| 635 | | |
$ | 1,052.40 | | |
| 7.95 | | |
$ | 108,253 | |
| Granted | |
| 1,738 | | |
| 4,964.90 | | |
| | | |
| | |
| Exercised | |
| (36 | ) | |
| 1,094.60 | | |
| | | |
| 4,480 | |
| Expired | |
| (13 | ) | |
| 5,990.00 | | |
| | | |
| | |
| Forfeited | |
| (823 | ) | |
| 5,785.60 | | |
| | | |
| | |
| Outstanding at December 31, 2023 | |
| 1,501 | | |
$ | 2,914.40 | | |
| 8.29 | | |
$ | 109,821 | |
| Granted | |
| 2,845 | | |
| 1,433.40 | | |
| | | |
| | |
| Exercised | |
| — | | |
| — | | |
| | | |
| | |
| Expired | |
| (200 | ) | |
| 3,092.40 | | |
| | | |
| | |
| Forfeited | |
| (1,580 | ) | |
| 2,345.70 | | |
| | | |
| | |
| Outstanding at December 31, 2024 | |
| 2,566 | | |
$ | 1,618.30 | | |
| 8.52 | | |
$ | — | |
| Exercisable at December 31, 2024 | |
| 656 | | |
$ | 1,596.50 | | |
| 6.37 | | |
$ | — | |
|
| Summary of Activity with Respect Status of, RSUs |
A
summary of the activity with respect to, and status of, RSUs during the nine months ended September 30, 2025 is presented below:
Summary of Activity with Respect Status of, RSUs
| | |
Units | | |
Weighted Average Grant Date Fair
Value | |
| Outstanding at December 31, 2024 | |
| 34,078 | | |
$ | 17.40 | |
| Granted | |
| 520,529 | | |
| 7.03 | |
| Exercised | |
| (125,427 | ) | |
| 11.91 | |
| Forfeited | |
| (14,751 | ) | |
| 8.49 | |
| Outstanding at September 30, 2025 | |
| 414,429 | | |
$ | 7.45 | |
|
A summary of the activity with respect to, and
status of, RSUs during the year ended December 31, 2024 is presented below:
Summary
of Activity with Respect Status of, RSUs
| | |
Units | | |
Weighted Average Grant Date Fair Value | |
| Outstanding at December 31, 2023 | |
| — | | |
$ | — | |
| Granted | |
| 42,504 | | |
| 26.50 | |
| Exercised | |
| (8,179 | ) | |
| 58.60 | |
| Forfeited | |
| (247 | ) | |
| 218.40 | |
| Outstanding at December 31, 2024 | |
| 34,078 | | |
$ | 17.40 | |
|