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Equity-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Equity-based Compensation

Schedule of fair value of options granted using the Black-Scholes option pricing model

​

​	​	​	​	​	​
​	​	Three Months Ended March 31,			​
​		2024		2023
Fair value of common stock	​	$1.98 – $1.98		$1.65 – $2.12	​
Expected volatility		92.29% – 92.29%		92.29% – 92.68%	​
Risk-free interest rate		4.23% – 4.23%		3.46% – 4.21%	​
Dividend yield		0.00%		0.00%	​
Expected term (years)		6.10-6.20		6.18 – 6.21	​

Summary of activity for options

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Options Outstanding
​	​	​	​	​	​	​	​	​	​	Weighted
​	​	​	​	Weighted-		​	Aggregate		​	Average
​	​	​	​	Average		​	Intrinsic		​	Remaining
​	​	Number of	​	Exercise		​	Value		​	Contractual Life
​		Options		Price			(in 000’s)			(In Years)
Balance, December 31, 2023		4,213,405	​	$	4.73		$	1,579		6.5
Options granted		205,000	​	$	1.98	​	​	​	​	​
Options exercised		—	​	$	—	​	​	​	​	​
Options forfeited		(3,050)	​	$	2.49	​	​	​	​	​
Options expired		(1,250)	​	$	2.66	​	​	​	​	​
Balance, March 31, 2024		4,414,105	​	$	4.61	​	$	1,515		6.4
Exercisable as of March 31, 2024		3,322,003	​	$	4.96	​	$	1,422	​	5.7

Schedule of restricted stock units award activity

​

​	​	​	​	​	​
​	​	Number of	​	Weighted-Average
​	​	Restricted Stock Units	​	Grant Date Fair Value
Outstanding at December 31, 2023	​	522,155	​	$	2.07
Granted	​	796,200	​	$	1.98
Vested	​	(118,527)	​	$	2.10
Forfeited	​	(3,050)	​	$	2.49
Outstanding at March 31, 2024	​	1,196,778	​	$	1.96

Schedule of total equity-based compensation expense

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Three Months Ended March 31,

​

​

2024

2023

Research and development

​

$

231

​

$

157

​

​

General and administrative

​

940

​

1,030

​

​

Total equity-based compensation

​

$

1,171

​

$

1,187

​

​

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