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Stock-Based Awards (Tables)

9 Months Ended

Sep. 30, 2025

Stock-Based Awards

Summary of assumptions used to determine fair value of stock options granted

​

​	​	​	​	​	​	​
​		Nine Months Ended
​	​	September 30,
​	​	2025	​	​	2024	​
Risk-free interest rate		4.28	%	​	3.85	%
Expected term (in years)		6.2	​	​	6.0	​
Expected volatility		82.77	%	​	81.95	%
Expected dividend yield		0	%	​	0	%

Summary of stock option activity

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted		​	​
​	​	​	​	Weighted		​	Average	​	​	​
​	​	​	​	Average		​	Remaining	​	Aggregate
​	​	Number	​	Exercise		​	Contractual	​	Intrinsic
(In thousands, except share and per share data and years)	​	of Shares	​	Price		​	Term	​	Value
​	​	​	​	​	​	​	(in years)	​	​	​
Outstanding as of December 31, 2024		6,721,967	​	$	11.12	​	6.8	​	$	2,968
Granted		5,194,155	​	​	2.16	​	​	​	​	​
Forfeited and cancelled		(461,604)	​	​	7.34	​	​	​	​	​
Outstanding as of September 30, 2025		11,454,518	​	$	7.27	​	7.8	​	$	2,157
Options vested and expected to vest as of September 30, 2025		11,454,518	​	$	7.27	​	7.8	​	$	2,157
Options exercisable as of September 30, 2025		4,358,272	​	$	13.75	​	5.7	​	$	911

​

Summary of restricted stock units activity

​

​	​	​	​	​	​	​	​	​
​	​	​	​	Weighted		​	​
​	​	​	​	Average		​	​
​	​	​	​	Grant Date		​	Aggregate
​	​	Number	​	Fair Value		​	Intrinsic
(In thousands, except share and per share data)	​	of Shares	​	Per Share		​	Value
Outstanding as of December 31, 2024	​	2,276,151	​	$	5.12	​	​	​
Granted	​	2,093,713	​	​	2.23	​	​	​
Vested	​	(608,833)	​	​	8.32	​	$	1,355
Forfeited and cancelled	​	(86,200)	​	​	4.67	​	​	​
Outstanding as of September 30, 2025	​	3,674,831	​	$	2.96	​	​	​

Summary of stock-based compensation expense

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Three Months Ended

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Nine Months Ended

​

​

September 30,

​

September 30,

(In thousands)

2025

2024

2025

2024

Cost of revenue

$

191

$

232

​

$

600

$

707

Research and development

​

​

964

​

​

1,124

​

​

3,255

​

​

2,192

General and administrative

​

1,705

​

1,648

​

5,603

​

5,097

Total stock-based compensation expense

​

$

2,860

​

$

3,004

​

$

9,458

​

$

7,996

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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 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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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