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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Schedule of RSA activity and related information

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​	​	​	​	​	​	​
​	​	​	​	​	Weighted-
​	​	Number of		​	Average Grant-Date
​		Shares			Fair Value
Unvested as of December 31, 2023	​	​	27,200	​	$	2.71
Vested	​	​	(6,028)	​	​	0.01
Repurchased	​	​	(21,172)	​	​	3.48
Unvested as of December 31, 2024	​	​	—	​	$	—

Schedule of fair values of stock options granted

​

​	​	​	​	​	​	​	​
​	​	​	December 31,				​
​	​		2024			2023
Risk-free interest rate	​	​	3.80	%	​	4.13	%
Expected term (in years)	​	​	6.07	​	​	6.04	​
Expected volatility	​	​	94.31	%	​	87.86	%
Expected dividend yield	​	​	0.00	%	​	0.00	%

Schedule of stock option activity and related information

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Weighted-Average

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Aggregate

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Remaining

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Intrinsic

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Number of Shares

Weighted - Average Exercise Price

Contractual Term (in years)

Value (in thousands)

Outstanding - December 31, 2023

​

​

2,382,933

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$

8.51

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​

​

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$

8,084

Granted

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6,736,822

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​

14.67

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Exercised

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(38,427)

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7.11

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​

231

Forfeited or cancelled

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(375,131)

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10.29

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Outstanding - December 31, 2024

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​

8,706,197

​

$

13.21

​

​

8.76

​

$

2,104

Options vested and exercisable as of December 31, 2024

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​

1,294,162

​

$

7.64

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​

5.51

​

$

1,901

Options vested and expected to vest as of December 31, 2024

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​

8,706,197

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$

13.21

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​

8.76

​

$

2,104

Schedule of stock-based compensation expense as reflected in condensed consolidated statements of operations and comprehensive loss

The Company recognized stock-based compensation expense related to the issuance of equity awards to employees in the consolidated statement of operations as follows (in thousands):

​	​	​	​	​	​	​
​	​	December 31,
​	​	2024			2023
Research and development	​	$	4,066	​	$	1,600
General and administrative	​	​	6,755	​	​	1,895
Total stock-based compensation expense	​	$	10,821	​	$	3,495

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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