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Stock-based compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-based compensation | Stock-based compensation The Company grants stock options, restricted stock units, and stock appreciation rights (“SARs”) under the 2021 Stock Option and Incentive Plan (“2021 Plan”) and the 2023 Inducement Plan (the “2023 Inducement Plan”). On January 1, 2025, the number of shares of common stock reserved for future issuance under the 2021 Plan was increased by 5,768,113 shares pursuant to an automatic annual increase. As of September 30, 2025, 5,483,484 shares were available for future grant under the 2021 Plan. As of September 30, 2025, 1,724,200 shares were available for future grant under the 2023 Inducement Plan. Total stock-based compensation expense related to all of the Company’s stock-based awards was recorded in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Research and development |  | 1,982 |  |  | 2,010 |  |  | $ | 6,020 |  |  | $ | 5,577 |
Selling, general and administrative |  | 2,414 |  |  | 3,498 |  |  | 8,073 |  |  | 8,824 |
Total stock-based compensation expense |  | $ | 4,396 |  |  | $ | 5,508 |  |  | $ | 14,093 |  |  | $ | 14,401 |
Stock options Activity for stock options is shown below:
| Number of Options |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands $)
Outstanding at December 31, 2024 | 19,177,571 |  |  | $ | 3.39 |  |  | 7.6 |  | $ | 7,317 |
Granted | 6,512,400 |  |  | 3.16 |  |  |  |  |
Exercised | (864,563) |  |  | 2.26 |  |  |  |  | 1,738
Canceled/Forfeited | (2,293,910) |  |  | 3.05 |  |  |  |  |
Expired | (626,082) |  |  | 7.33 |  |  |  |  |
Outstanding at September 30, 2025 | 21,905,416 |  |  | 3.29 |  |  | 7.7 |  | $ | 9,804 |
Exercisable at September 30, 2025 | 10,105,606 |  |  | $ | 3.41 |  |  | 6.6 |  | $ | 6,621 |
As of September 30, 2025, total unrecognized stock-based compensation related to stock options was $22.0 million, which the Company expects to recognize over a remaining weighted average period of 2.1 years. Determination of fair value The estimated grant-date fair value of all the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Expected term (in years) |  | 5.8-6.1 |  | 6.0-6.1 |  | 5.5-6.1 |  | 5.5-6.1
Volatility |  | 91%-91% |  | 82%-84% |  | 90%-92% |  | 81%-84%
Risk-free interest rate |  | 3.8%-4.0% |  | 3.7%-4.4% |  | 3.8%-4.4% |  | 3.7%-4.6%
Dividend Yield |  | —% |  | —% |  | —% |  | —%
Restricted stock units Activity for restricted stock units is shown below:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024 | 3,711,710 |  |  | $ | 3.12 |
Granted | 1,667,362 |  |  | 3.19 |
Vested | (469,008) |  |  | 3.93 |
Forfeitures | (489,704) |  |  | 2.56 |
Unvested as of September 30, 2025 | 4,420,360 |  |  | $ | 3.12 |
As of September 30, 2025, there was $5.9 million of unrecognized compensation expense related to the outstanding restricted stock units expected to be recognized over a remaining weighted-average period of 1.9 years.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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