Annual report [Section 13 and 15(d), not S-K Item 405]

SHARE-BASED COMPENSATION (Tables)

v3.25.4
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
SHARE-BASED COMPENSATION  
Schedule of unvested Class A membership interest converted

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​

​

​

Year Ended

Stock Option

​

Number of

​

​

Exercise

​

​

December 31,

Issuance Date

​

Options

​

​

Price

​

2025

​

2024

June 2021

​

40,375

​

$

125.20

​

$

—

​

$

363,440

July 2021

​

77,500

​

​

123.60

​

​

—

​

​

981,833

January 2022

​

4,000

​

​

88.80

​

​

6,317

​

​

75,800

April 2022

​

1,500

​

​

75.80

​

​

7,170

​

​

21,511

February 2023

​

23,375

​

​

68.20

​

​

438,084

​

​

438,084

June 2023

​

2,500

​

​

55.00

​

​

—

​

​

53,600

February 2024

​

41,750

​

​

63.00

​

​

734,852

​

​

612,375

June 2024

​

3,000

​

​

47.60

​

​

55,260

​

​

55,260

January 2025

​

1,500

​

​

15.54

​

​

5,718

​

​

—

February 2025

​

32,275

​

​

15.96

​

​

—

​

​

—

Total

​

227,775

​

​

​

​

$

1,247,401

​

$

2,601,903

Schedule of fair value of options assumptions

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Years Ended

​

December 31,

​

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

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Weighted

​

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​

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​

​

Average

​

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​

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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

​

9.08

​

​

—

Exercised

—

​

​

—

​

—

​

​

—

Forfeited

—

​

​

—

​

—

​

​

—

Outstanding, vested and expected to vest at December 31, 2025

227,775

​

$

88.45

​

6.76

​

$

—

Exercisable

209,199

​

$

90.91

​

6.55

​

$

—