Quarterly report [Sections 13 or 15(d)]

SHARE-BASED COMPENSATION (Tables)

v3.25.2
SHARE-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2025
SHARE-BASED COMPENSATION  
Schedule of unvested Class A membership interest converted

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Three Months Ended

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Six Months Ended

Stock Option

​

Number of

​

​

Exercise

​

June 30,

​

​

June 30,

Issuance Date

​

Options

​

​

Price

​

2025

​

2024

​

2025

​

2024

June 2021

​

40,375

​

$

125.20

​

$

—

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$

181,720

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$

—

​

$

363,440

July 2021

​

77,500

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​

123.60

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​

—

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​

490,916

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​

—

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​

981,833

January 2022

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4,000

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​

88.80

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​

—

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18,950

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​

6,317

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​

37,900

April 2022

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1,500

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​

75.80

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​

1,793

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5,378

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7,170

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​

10,755

February 2023

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23,375

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68.20

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109,521

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109,521

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219,042

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219,042

June 2023

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2,500

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​

55.00

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—

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26,800

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—

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53,600

February 2024

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41,750

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63.00

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183,713

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183,713

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367,426

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244,951

June 2024

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3,000

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​

47.60

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27,630

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—

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55,260

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​

—

January 2025

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1,500

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​

15.54

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​

1,559

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​

—

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​

2,599

​

​

—

February 2025

​

32,275

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​

15.96

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—

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—

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—

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—

Total

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227,775

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​

​

​

$

324,216

​

$

1,016,998

​

$

657,814

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$

1,911,521

Schedule of fair value of options assumptions

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Six Months Ended

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June 30,

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2025

​

2024

Expected term

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5.0

years

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​

6.7

years

Volatility

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102

%

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​

103

%

Dividend yield

​

—

%

​

​

—

%

Risk-free interest rate

​

4.25

%

​

​

4.28

%

Weighted average grant date fair value

$

12.33

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​

$

51.80

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Schedule of stock option activity

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Weighted

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Average

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Weighted

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Remaining

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Aggregate

​

Number of

    

Average

​

Contractual Term

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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

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​

15.94

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9.58

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​

—

Exercised

—

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—

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—

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—

Forfeited

—

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—

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—

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​

—

Outstanding, vested and expected to vest at June 30, 2025

227,775

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$

88.45

​

7.26

​

$

—

Exercisable

198,094

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$

91.71

​

7.07

​

$

—