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Equity-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Equity-based Compensation

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

​

​	​	​	​	​
​	​	Year Ended December 31,
​		2024		2023
Expected volatility	​	91.78% – 92.29%	​	91.47% – 92.68%
Risk-free interest rate	​	4.23% – 4.45%	​	3.46% – 4.71%
Dividend yield	​	0.00%	​	0.00%
Expected term (years)	​	6.08 – 6.20	​	6.18 – 6.37

Summary of activity for options

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Options Outstanding
​	​	​	​	​		​	​		​	Weighted-Average
​	​	​	​	​		​	Aggregate		​	Remaining
​	​	Number of	​	Weighted-Average		​	Intrinsic Value		​	Contractual Life
​		Options		Exercise Price			(in 000’s)			(In Years)
Balance, December 31, 2023		4,213,405	​	$	4.73		$	1,579	​	6.5
Options granted		247,500	​	$	1.97	​	​	​	​	​
Options exercised		(93,350)	​	$	0.88	​	​	​	​	​
Options forfeited		(12,815)	​	$	2.09	​	​	​	​	​
Options expired		(1,250)	​	$	2.66	​	​	​	​	​
Balance, December 31, 2024		4,353,490	​	$	4.67	​	$	—	​	5.8
Exercisable as of December 31, 2024		3,688,126	​	$	5.04	​	$	—	​	5.3

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	​	873,800	​	$	1.97
Vested	​	(183,482)	​	$	2.17
Forfeited	​	(39,509)	​	$	1.89
Outstanding at December 31, 2024	​	1,172,964	​	$	1.98

Schedule of total equity-based compensation expense

​

​	​	​	​	​	​	​	​
​	​		Year Ended December 31,
​			2024			2023
Research and development	​	​	$	1,080	​	$	670
General and administrative	​	​		2,668	​		3,684
Total equity-based compensation	​	​	$	3,748	​	$	4,354

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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.

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