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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Stock-Based Compensation |
Stock-Based Compensation | 10.Stock-Based Compensation Stock Option Activity A summary of the Company’s stock option activity and related information follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | Remaining | ​ | Aggregate
​ | ​ | ​ | ​ | Average | ​ | Contractual | ​ | Intrinsic Value
​ |  | Shares |  | Exercise Price |  | Term (years) |  | (in thousands)
Outstanding at December 31, 2024 |  | 6,850,889 | ​ | $ | 13.75 |  | 8.31 | ​ | $ | 2,946
Granted |  | 4,450,300 | ​ | $ | 6.53 | ​ | ​ | ​ | ​ | ​
Cancelled or forfeited |  | (74,905) | ​ | $ | 9.97 | ​ | ​ | ​ | ​ | ​
Expired | ​ | (473) | ​ | $ | 682.65 | ​ | ​ | ​ | ​ | ​
Outstanding at June 30, 2025 | ​ | 11,225,811 | ​ | $ | 10.89 | ​ | 8.56 | ​ | $ | 447
Vested and exercisable at June 30, 2025 | ​ | 3,570,804 | ​ | $ | 14.39 | ​ | 7.22 | ​ | $ | 302
Vested and expected to vest at June 30, 2025 |  | 11,225,811 | ​ | $ | 10.89 | ​ | 8.56 | ​ | $ | 447
​ There were no options exercised during the three and six months ended June 30, 2025. The intrinsic value of stock options exercised during the three and six months ended June 30, 2024 was $0.1 million and $0.2 million, respectively. The total grant date fair value of stock options vested for the three and six months ended June 30, 2025 was $3.9 million and $12.2 million, respectively. The total grant date fair value of stock options vested for the three and six months ended June 30, 2024 was $2.5 million and $5.6 million, respectively. The weighted-average grant date fair value per share of options granted for the three and six months ended June 30, 2025 was $3.75 and $4.56, respectively. The weighted-average grant date fair value per share of options granted for the three and six months ended June 30, 2024 was $6.64 and $9.95, respectively. As of June 30, 2025, the total unrecognized compensation expense related to unvested stock option awards was $44.8 million. The Company expects to recognize that cost over a weighted-average period of approximately 2.8 years. Stock-Based Compensation Expense During the three and six months ended June 30, 2025 and 2024, 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
General and administrative | ​ | $ | 2,729 | ​ | $ | 2,531 | ​ | $ | 5,266 | ​ | $ | 4,581
Research and development | ​ | ​ | 1,622 | ​ | ​ | 920 | ​ |  | 2,924 | ​ |  | 1,624
Total | ​ | $ | 4,351 | ​ | $ | 3,451 | ​ | $ | 8,190 | ​ | $ | 6,205
​ No related tax benefits were recognized during the three and six months ended June 30, 2025 and 2024.

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