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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Stock-Based Compensation |
Schedule of the Company's option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Aggregate
​ |  | ​ |  | Exercise |  | Contractual |  | Intrinsic
​ | ​ | ​ | ​ | Price Per | ​ | Term | ​ | Value
​ | ​ | Options | ​ | Share | ​ | (in years) | ​ | (in thousands)
Outstanding as of December 31, 2023 |  | 5,096,086 | ​ | $ | 9.68 |  | 8.5 | ​ | $ | 15,033
Granted |  | 2,902,385 | ​ | $ | 11.68 | ​ | ​ | ​ | ​ | ​
Exercised |  | (72,201) | ​ | $ | 8.26 | ​ | ​ | ​ | $ | 333
Forfeited or expired |  | (255,362) | ​ | $ | 10.23 | ​ | ​ | ​ | ​ | ​
Outstanding, vested and expected to vest as of December 31, 2024 |  | 7,670,908 | ​ | $ | 9.59 | ​ | 8.2 | ​ | $ | 1,777
Exercisable as of December 31, 2024 | ​ | 6,565,317 | ​ | $ | 9.31 | ​ | 8.0 | ​ | $ | 1,777
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted- |  | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Aggregate
​ | ​ | ​ | ​ | Exercise | ​ | Contractual | ​ | Intrinsic
​ | ​ | ​ | ​ | Price Per | ​ | Term | ​ | Value
​ | ​ | Options | ​ | Share | ​ | (in years) | ​ | (in thousands)
Outstanding as of December 31, 2023 |  | — | ​ | $ | — |  | ​ | — | ​ | $ | —
Granted |  | 1,880,680 | ​ | $ | 10.19 |  | ​ | ​ | ​ |  |
Forfeited or expired |  | (92,800) | ​ | $ | 10.19 | ​ |  | ​ | ​ |  | ​
Outstanding, vested and expected to vest as of December 31, 2024 |  | 1,787,880 | ​ | $ | 10.19 | ​ |  | 9.3 | ​ | $ | —
Exercisable as of December 31, 2024 |  | — | ​ | $ | — | ​ |  | — | ​ | $ | —
Schedule of various significant assumptions used to estimate the fair value of stock options | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2024 |  | 2023
Expected term (in years) | ​ | 5.8 – 6.1 | ​ |  | 5.8 – 6.6 | ​
Volatility | ​ | 103.65% – 109.78 | % | ​ | 97.65% – 102.54 | %
Risk-free interest rate | ​ | 3.47% – 4.48 | % | ​ | 3.66% – 4.77 | %
Dividend yield | ​ | 0.00 | % | ​ | 0.00 | %
Schedule of activity for the Company's early exercisable shares | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Exercise Price
​ |  | Shares |  | Per Share
Unvested as of December 31, 2022 |  | 663,930 | ​ | $ | 5.36
Early exercised |  | 18,469 | ​ | $ | 9.48
Vested |  | (340,502) | ​ | $ | 5.65
Repurchased |  | (14,797) | ​ | $ | 4.36
Unvested as of December 31, 2023 |  | 327,100 | ​ | $ | 5.33
Early exercised |  | 25,034 | ​ | $ | 8.84
Vested |  | (205,451) | ​ | $ | 5.62
Unvested as of December 31, 2024 |  | 146,683 | ​ | $ | 5.53
Schedule of the stock-based compensation expense granted to employees and non- employees | The following table summarizes stock-based compensation expense recognized in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2024 | ​ | 2023
Research and development | ​ | $ | 10,110 | ​ | $ | 4,745
General and administrative | ​ |  | 9,347 | ​ |  | 3,880
Total stock-based compensation expense | ​ | $ | 19,457 | ​ | $ | 8,625
​ The following table summarizes the stock-based compensation expense recognized in the Company’s consolidated statements of operations and comprehensive loss by award type for the years ended December 31, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2024 | ​ | 2023
Stock options | ​ | $ | 19,399 | ​ | $ | 8,553
Restricted stock awards | ​ |  | 58 | ​ |  | 72
Total stock-based compensation expense | ​ | $ | 19,457 | ​ | $ | 8,625

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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