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Stock-based compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Allocation of Share-based Compensation | 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 |
Schedule of Stock Option Activity | 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 |
Schedule of 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 |  | —% |  | —% |  | —% |  | —%
Schedule of Non-vested Share Activity | 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 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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