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Stock-Based Compensation (Tables)

9 Months Ended

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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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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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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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