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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation

Schedule of Stock option plans

​

​	​
​	2023
​	Plan
Outstanding or Exercised as of December 31, 2023	8,791,833
Available for future issuance under plan	3,849,804
Total authorized by plan	12,641,637
​	​
Outstanding or Exercised as of December 31, 2024	11,609,900
Available for future issuance under plan	1,031,737
Totals authorized by plan	12,641,637
​	​
Outstanding or Exercised as of December 31, 2025	9,846,529
Available for future issuance under plan	2,795,108
Totals authorized by plan	12,641,637

Schedule of summary of stock option activity

​

​	​	​	​	​	​	​	​
​	​	​	​	Weighted		​	Average
​	​	Number of	​	Average		​	Remaining Life
​	​ ​ ​	Options	​ ​ ​	Exercise Price		​ ​ ​	(years)
Outstanding at December 31, 2022		2,805,673	​	$	7.80		7.28
Granted		180,000	​		4.43		​
Exercised		(28,240)	​		1.33		​
Expired or Forfeited		(46,125)	​		11.33		​
Outstanding at December 31, 2023		2,911,308	​	$	7.60		6.30
Granted		2,804,739	​		1.33		​
Exercised		(152,273)	​		1.43		​
Expired or Forfeited		(954,587)	​		6.40		​
Outstanding at December 31, 2024		4,609,187	​	$	4.25		7.84
Granted		204,941	​		3.16		​
Exercised		(129,583)	​		1.33		​
Expired or Forfeited		(695,687)	​		6.73		​
​	​	​	​	​	​	​	​
Outstanding at December 31, 2025		3,988,858	​	$	3.86		7.04

Summary of assumptions used to compute the fair value of stock options granted

​

​	​	​	​	​	​	​	​	​	​	​
December 31,	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​	2023
Assumptions for Black-Scholes:		​	​		​	​		​	​	​
Expected term in years		​	5.8		​	5.3 to 5.8		​	6.0 to 6.1	​
Volatility		​	90.47%	%	​	90.47% to 92.90	%	​	86.97% to 88.42	%
Risk-free interest rate		​	3.68% to 4.13	%	​	4.01% to 4.64	%	​	3.58% to 4.43	%
Expected annual dividends		​	None		​	None		​	None	​
Value of options granted:		​	​		​	​		​	​	​
Number of options granted		​	204,941		​	2,804,739		​	180,000	​
Weighted average fair value per share		$	1.96		$	1.00		$	3.34	​
Fair value of options granted		$	401,348		$	2,790,737		$	600,345	​

Schedule of summary of stock awards and restricted stock units activity

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
Stock Awards and Restricted Stock Units	​	Number of	​	Grant Date
​	​ ​ ​	Shares/Units	​ ​ ​	Fair Value Per Share/Unit
Unvested at December 31, 2022		288,650	​	$	5.64
Granted		96,525	​		5.18
Vested		(138,650)	​		5.64
Forfeited		—	​		—
Unvested at December 31, 2023		246,525	​	$	5.46
Granted		232,766	​		1.41
Vested		(146,525)	​		5.34
Forfeited		—	​		—
Unvested at December 31, 2024		332,766	​	$	2.68
Granted		1,144,305	​		2.54
Vested		(704,633)	​		2.54
Forfeited		—	​		—
​	​	​	​	​	​
Unvested at December 31, 2025		772,438	​	$	2.61

Schedule of summary of performance stock units activity

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
Performance Stock Units	​	Number of	​	Grant Date
​	​ ​ ​	Units	​ ​ ​	Fair Value Per Unit
Unvested at December 31, 2024		—	​	$	—
Granted		1,504,431	​		2.37
Vested		—	​		—
Forfeited		—	​		—
​	​	​	​	​	​
Unvested at December 31, 2025		1,504,431	​	$	2.37

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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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