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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2023.

	​	Number of Options			​	Weighted- Average Exercise Price			​	Weighted- Average Remaining Contractual Term (In Years)			​	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2022	​		2,640,590		​	$	16.19		​		8.08		​	$	25,513
Granted	​		181,246		​		41.48		​				​
Exercised	​		(175,191	)	​		11.38		​				​
Forfeited	​		(17,684	)	​		15.00		​				​
Expired	​		(70,430	)	​		102.56		​				​
Outstanding at September 30, 2023	​		2,558,531		​	$	15.95		​		7.77		​	$	86,191
Exercisable at September 30, 2023	​		1,285,226		​	$	16.00		​		6.84		​	$	46,219

Summary of Fair Value of Stock Option Granted

The weighted-average assumptions used to estimate the fair value of stock options granted were as follows:

	​	Nine Months Ended September 30,
	​	2023			​	2022
Risk-free interest rate	​		3.87	%	​		2.24	%
Expected term (in years)	​		7.14		​		6.00
Expected volatility	​		59	%	​		55	%
Expected dividend yield	​		0	%	​		0	%
Fair value per share of common stock	​	$	41.48		​	$	13.41

Schedule of Restricted Stock Unit Activity

A summary of restricted common stock activity is as follows:

	​	Nine Months Ended September 30,
	​	2023			​	2022
Unvested at the beginning of the year	​		1,916		​		10,170
Vested	​		(1,916	)	​		(6,854	)
Unvested at the end of the period	​		—		​		3,316

Summary of Stock-based Compensation Expense

Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees is as follows (in thousands):

	​	Three Months Ended September 30,								Nine Months Ended September 30,
	​	2023			​	2022				2023			​	2022
Research and development	​	$	455		​	$	140			$	1,167		​	$	422
General and administrative	​		815		​		242				2,436		​		674
Total stock-based compensation expense	​	$	1,270		​	$	382			$	3,603		​	$	1,096

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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