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Equity-based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Equity-based Compensation

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

​

​	​	​
​	​	​
​		Six Months Ended June 30,
​	​	2024
Expected volatility		91.78% – 92.29%
Risk-free interest rate		4.23% – 4.45%
Dividend yield		0.00%
Expected term (years)		6.10 – 6.20

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, 2024		4,353,490	​	$	4.67		$	—	​	5.8
Options granted		—	​	$	—	​	​	​	​	​
Options exercised		—	​	$	—	​	​	​	​	​
Options forfeited		—	​	$	—	​	​	​	​	​
Options expired		(636,393)	​	$	0.88	​	​	​	​	​
Balance, June 30, 2025		3,717,097	​	$	5.32	​	$	—	​	6.2
Exercisable as of June 30, 2025		3,308,560	​	$	5.67	​	$	—	​	6.0

Schedule of restricted stock units award activity

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​	​	​	​	​	​
​	​	Number of	​	Weighted-Average
​	​	Restricted Stock Units	​	Grant Date Fair Value
Outstanding at December 31, 2024	​	1,172,964	​	$	1.98
Granted	​	2,757,008	​	$	0.61
Vested	​	(262,082)	​	$	2.06
Forfeited	​	—	​	$	—
Outstanding at June 30, 2025	​	3,667,890	​	$	0.97

Schedule of total equity-based compensation expense

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Three Months Ended June 30,

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Six Months Ended June 30,

​

2025

2024

2025

2024

Research and development

​

$

331

​

$

282

​

$

641

​

$

513

​

General and administrative

​

290

​

865

​

566

​

1,805

​

Total equity-based compensation

​

$

621

​

$

1,147

​

$

1,207

​

$

2,318

​

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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 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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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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