v3.26.1
STOCK-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2026
STOCK-BASED COMPENSATION  
Summary of the activity of restricted stock awards

​

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​

​

​

​

​

Weighted Average

​

​

Number of

​

Grant Date

​

  ​ ​ ​

RSUs

​

Fair Value

Outstanding at December 31, 2025

 

—

​

$

—

Granted

 

15,000

​

 

24.81

Vested

 

—

​

 

—

Expired/Cancelled

 

—

​

 

—

Outstanding at March 31, 2026

 

15,000

​

$

24.81

​

Warrant  
STOCK-BASED COMPENSATION  
Schedule of warrant activity

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Weighted Average

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  ​ ​ ​

Warrants

  ​ ​ ​

Exercise Price

Outstanding at December 31, 2025

 

3,345,922

​

$

5.70

Granted

​

—

​

​

—

Exercised

​

—

​

​

—

Outstanding at March 31, 2026

 

3,345,922

​

$

5.70

Employee Stock Option  
STOCK-BASED COMPENSATION  
Schedule of fair value of option using Black-Scholes option

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Three months ended March 31, 

 

​

​

2026

​

2025

​

Expected volatility

 

127 - 197

%  

112 - 114

%

Expected term

 

1 - 6 years

 

5 - 6 years

​

Dividend yield

 

0

%  

0

%

Risk-free interest rates

 

3.5 - 4.1

%  

4.3 - 4.5

%

Schedule of employee and non-employee stock based compensation expense

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Three months ended March 31, 

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  ​ ​ ​

2026

​

2025

General and administrative

​

$

2,791,874

​

$

3,000,814

Research and development

​

 

3,126,181

​

 

2,738,585

Total

​

$

5,918,055

​

$

5,739,399

Schedule of employee and non-employee stock option

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Number of

​

Weighted Average

​

Aggregate

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  ​ ​ ​

Options

  ​ ​ ​

Exercise Price

  ​ ​ ​

Intrinsic Value

Outstanding at December 31, 2025

 

12,313,107

​

$

6.27

 

​

​

Granted

 

1,979,850

​

 

25.16

 

​

  ​

Exercised

 

(293,764)

​

 

5.01

 

$

7,387,731

Expired/Cancelled

 

(95,378)

​

 

18.72

 

​

  ​

Outstanding at March 31, 2026

 

13,903,815

​

$

8.90

​

$

298,944,484

Exercisable at March 31, 2026

 

8,628,154

​

$

4.90

​

$

219,997,259