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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Schedule of stock option activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted	​	​	​
​	​	​	​	Weighted-		​	Average	​	Aggregate
​	​	​	​	Average		​	Remaining	​	Intrinsic
​	​	​	​	Exercise		​	Contractual	​	Value
​		Shares		Price			Term (years)		(in thousands)
Outstanding at December 31, 2023	​	3,553,969	​	$	13.59	​	8.39	​	$	1,912
Granted		3,644,675	​	$	13.90	​	​	​	​	​
Exercised	​	(36,539)	​	$	5.21	​	​	​	​	​
Cancelled or forfeited		(309,544)	​	$	12.52	​	​	​	​	​
Expired	​	(1,672)	​	$	414.04	​	​	​	​	​
Outstanding at December 31, 2024		6,850,889	​	$	13.75		8.31	​	$	2,946
Vested and exercisable at December 31, 2024		2,206,580	​	$	15.15		7.05	​	$	1,878
Vested and expected to vest at December 31, 2024	​	6,850,889	​	$	13.75	​	8.31	​	$	2,946

​

Schedule of stock-based compensation expense

During the years ended December 31, 2024 and 2023, the Company recorded stock-based compensation expense for employee and non-employee stock options and restricted stock, which was allocated as follows in the statements of operations (in thousands):

​

​	​	​	​	​	​	​
​		Year Ended December 31,
​		2024			2023
Research and development	​	$	3,782	​	$	1,304
General and administrative	​		9,260	​		5,010
Total	​	$	13,042	​	$	6,314

Schedule of weighted-average expected volatility

​

​	​	​	​	​
​	​	Year Ended December 31,
​		2024		2023
Weighted-average expected volatility		74.32%-76.4%	​	65.86%-73.68%
Expected term (in years)		5.5-6.25	​	5.5-6.25
Risk-free interest rate		3.53%-4.59%	​	3.42%-4.67%
Expected dividend yield		0%	​	0%

​

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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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