XML 30 R19.htm IDEA: XBRL DOCUMENT v3.25.3

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Stock-Based Compensation

Stock-Based Compensation

11.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		4,915,310	​	$	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

​

The intrinsic value of stock options exercised during the three and nine months ended September 30, 2025 was less than $0.1 million. The intrinsic value of stock options exercised during the three and nine months ended September 30, 2024 was less than $0.1 million and $0.2 million, respectively. The total grant date fair value of stock options vested for the three and nine months ended September 30, 2025 was $3.0 million and $15.2 million, respectively. The total grant date fair value of stock options vested for the three and nine months ended September 30, 2024 was $1.6 million and $7.2 million, respectively. The weighted-average grant date fair value per share of options granted for the three and nine months ended September 30, 2025 was $4.38 and $4.54, respectively. The weighted-average grant date fair value per share of options granted for the three and nine months ended September 30, 2024 was $7.32 and $9.66, respectively.

As of September 30, 2025, the total unrecognized compensation expense related to unvested stock option awards was $41.6 million. The Company expects to recognize that cost over a weighted-average period of approximately 2.7 years.

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

​

No related tax benefits were recognized during the three and nine months ended September 30, 2025 and 2024.

X

- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/718/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration