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Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Three Months Ended September 30,						Nine Months Ended September 30,
​	​	2025			2024		​	2025		​	2024
Stock options	​	$	1,402	​	$	1,316	​	$	3,941	​	$	2,903
Restricted stock units	​		286	​		230	​		817	​		851
Total stock-based compensation expense	​	$	1,688	​	$	1,546	​	$	4,758	​	$	3,754
Included in:	​	​	​	​	​	​	​	​	​	​	​	​
General and administrative expense	​	$	1,454	​	$	1,311	​	$	4,068	​	$	3,005
Research and development expense	​		234	​		235	​		690	​		749
Total stock-based compensation expense	​	$	1,688	​	$	1,546	​	$	4,758	​	$	3,754

Schedule of option activity transactions

The following table summarizes stock option activity for the nine months ended September 30, 2025 (in thousands, except share and per share data):

​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted-		​	​
​	​	Number of	​	​	​	​	Average	​	​	​
​	​	Shares	​	Weighted-		​	Remaining	​	​	​
​	​	Underlying	​	Average		​	Contractual	​	Aggregate
​	​	Outstanding	​	Exercise		​	Term	​	Intrinsic
​	​	Options	​	Price		​	(in Years)	​	Value (1)
Outstanding, January 1, 2025		4,462,517	​	$	6.58		7.4	​	$	619
Granted		1,276,597	​	​	4.83		​	​		​
Exercised	​	(44,792)	​	​	6.14	​	​	​	​	​
Forfeited/expired		(147)	​	​	23.05		​	​		​
Outstanding, September 30, 2025 (2)		5,694,175	​	$	6.19		7.3	​	$	7,048
Vested and expected to vest, September 30, 2025		5,694,175	​	$	6.19		7.3	​	$	7,048
Exercisable at September 30, 2025		3,422,341	​	$	6.74		6.3	​	$	2,668

​

(1) Aggregate intrinsic value represents the difference between the fair value of the Company’s Series A common stock on the last day of the fiscal period and the exercise price, multiplied by the number of options outstanding.

(2) Includes 477,467 performance-based options with a weighted-average exercise price of $6.44, all of which were fully vested and exercisable.

Schedule of restricted stock unit activity

​

​	​	​	​	​	​
​	​	​	​	Weighted-Average
​		Restricted		Grant Date
​		Stock Units		Fair Value
Outstanding, January 1, 2025		844,382	​	$	2.96
Granted		254,017	​	​	4.71
Vested/released		(281,462)	​	​	2.96
Outstanding, September 30, 2025	​	816,937	​	$	3.50

Schedule of fair value assumptions

​

​	​	​	​	​	​	​
​		Nine Months Ended September 30,
​	​	2025		​	2024
Expected volatility		95 - 96	%	​	91 - 96	%
Risk-free interest rate		4.1 - 4.3	%	​	3.9 - 4.5	%
Dividend yield		—		​	—
Expected term (in years)		5.3 - 6.0	​	​	5.3 - 6.1	​

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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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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.

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