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Equity-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Equity-based Compensation

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

​

​	​	​
​	​	​
​		Nine Months Ended
​	​	September 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

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​	​	​	​	​	​	​	​	​	​	​
​	​	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		(44,195)	​	$	1.46	​	​	​	​	​
Options forfeited		(22,037)	​	$	1.66	​	​	​	​	​
Options expired		(643,054)	​	$	0.88	​	​	​	​	​
Balance, September 30, 2025		3,644,204	​	$	5.39	​	$	212	​	5.8
Exercisable as of September 30, 2025		3,366,840	​	$	5.66	​	$	211	​	5.6

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	​	2,867,409	​	$	0.66
Vested	​	(642,903)	​	$	1.87
Forfeited	​	(745,288)	​	$	0.69
Outstanding at September 30, 2025	​	2,652,182	​	$	0.94

Schedule of total equity-based compensation expense

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Three Months Ended September 30,

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Nine Months Ended September 30,

​

2025

2024

2025

2024

Research and development

​

$

307

​

$

291

​

$

948

​

$

804

​

General and administrative

​

215

​

605

​

781

​

2,410

​

Total equity-based compensation

​

$

522

​

$

896

​

$

1,729

​

$

3,214

​

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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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