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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Stock-Based Compensation |
Schedule of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 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 |  | 4,915,310 | ​ | $ | 6.51 | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (675) | ​ | $ | 4.76 | ​ | ​ | ​ | ​ | ​
Cancelled or forfeited |  | (230,561) | ​ | $ | 9.42 | ​ | ​ | ​ | ​ | ​
Expired | ​ | (3,495) | ​ | $ | 805.71 | ​ | ​ | ​ | ​ | ​
Outstanding at September 30, 2025 | ​ | 11,531,468 | ​ | $ | 10.51 | ​ | 8.36 | ​ | $ | 5,246
Vested and exercisable at September 30, 2025 | ​ | 3,929,590 | ​ | $ | 13.58 | ​ | 7.06 | ​ | $ | 1,136
Vested and expected to vest at September 30, 2025 |  | 11,531,468 | ​ | $ | 10.51 | ​ | 8.36 | ​ | $ | 5,246
Schedule of stock-based compensation expense | During the three and nine months ended September 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 September 30, | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
General and administrative | ​ | $ | 2,698 | ​ | $ | 2,382 | ​ | $ | 7,964 | ​ | $ | 6,963
Research and development | ​ | ​ | 1,610 | ​ | ​ | 1,052 | ​ |  | 4,534 | ​ |  | 2,676
Total | ​ | $ | 4,308 | ​ | $ | 3,434 | ​ | $ | 12,498 | ​ | $ | 9,639

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