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Share-based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-based Compensation |
Schedule of restricted share units | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Grant Date
​ |  | RSUs |  | Fair Value
Unvested RSUs as of December 31, 2023 |  | 1,563,018 | ​ | $ | 5.93
Granted |  | 5,000 | ​ | ​ | 3.59
Forfeited | ​ | (121,545) | ​ | ​ | 5.24
Vested | ​ | (390,753) | ​ | ​ | 5.80
Vested and unissued |  | (5,000) | ​ | ​ | 3.59
Unvested RSUs as of September 30, 2024 |  | 1,050,720 | ​ | $ | 6.01
Schedule of restricted share awards | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Grant Date
​ |  | RSAs |  | Fair Value
Unvested RSAs as of December 31, 2023 |  | 499,993 | ​ | $ | 8.16
Granted |  | — | ​ |  | —
Vested |  | (124,998) | ​ |  | 8.16
Unvested RSAs as of September 30, 2024 |  | 374,995 | ​ | $ | 8.16
Schedule of share-based compensation expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development | ​ | $ | 772 | ​ | $ | — | ​ | $ | 1,841 | ​ | $ | 2,186
General and administrative | ​ |  | 7,874 | ​ | ​ | 2,577 | ​ | ​ | 12,140 | ​ | ​ | 5,075
Total share-based compensation expense | ​ | $ | 8,646 | ​ | $ | 2,577 | ​ | $ | 13,981 | ​ | $ | 7,261
Equity Incentive Plan 2023 |
Share-based Compensation |
Schedule of weighted-average assumptions were used to estimate the fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​
​ |  | September 30, | ​
​ |  | 2024 |  | 2023 |
Share price | ​ | $ | 3.49 | ​ | $ | 6.26 | ​
Expected volatility | ​ | ​ | 101.2 | % | ​ | 97.1 | %
Risk-free rate | ​ | ​ | 4.2 | % | ​ | 3.6 | %
Expected life | ​ | ​ | 6.1 years | ​ | ​ | 6.1 years | ​
Expected dividend yield | ​ | ​ | — | % | ​ | — | %
Schedule of company's share option activity |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | Aggregate
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Intrinsic
​ | ​ | Number of | ​ | Exercise Price | ​ | Contractual | ​ | Value
​ |  | Options |  | (per share) |  | Life (Years) |  | (in thousands)
Options outstanding as of December 31, 2023 |  | 5,791,065 | ​ | $ | 2.12 | ​ | 9.3 | ​ | $ | 17,752
Granted | ​ | 5,785,348 | ​ | ​ | 3.61 | ​ | — | ​ | ​ | —
Forfeited |  | (267,575) | ​ | ​ | 1.87 | ​ | — | ​ | ​ | —
Options outstanding as of September 30, 2024 |  | 11,308,838 | ​ | $ | 2.89 | ​ | 9.1 | ​ | $ | 17,365
Options vested and exercisable as of September 30, 20241 |  | 3,939,960 | ​ | $ | 2.16 | ​ | 8.5 | ​ | $ | 9,984
1Of the vested options as of September 30, 2024, 753,334 remain subject to restrictions on exercisability.
Market-Based Share Options |
Share-based Compensation |
Schedule of weighted-average assumptions were used to estimate the fair value | ​
​ | ​ | ​ | ​ | ​
​ |  | For the |
​ | ​ | Nine Months Ended |
​ | ​ | September 30, |
​ | ​ | 2023 |
Expected volatility |  | ​ | 80.0 | %
Risk-free rate |  | ​ | 3.6 | %
Expected life |  | ​ | 2.2 years | ​
Expected dividend yield |  | ​ | — | %
Fair value per Market-Based Share Options | ​ | $ | 4.66 | ​

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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