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Equity Incentive Plans | 9 Months Ended
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Sep. 30, 2025
Equity Incentive Plans |
Equity Incentive Plans | 10. Equity Incentive Plans Stock Award Plans The Company maintains a 2016 Equity Incentive Plan (the “2016 Plan”), which provides for the issuance of incentive share awards in the form of non-qualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and performance-based stock awards. As of September 30, 2025, there were 2,169,950 shares available for issuance under the 2016 Plan. Stock option transactions during the nine months ended September 30, 2025 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Remaining | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Contractual | ​ | Aggregate
​ | ​ | ​ | ​ | Exercise | ​ | Term | ​ | Intrinsic
​ |  | Shares |  | Price |  | (Years) |  | Value (in thousands)
Outstanding at December 31, 2024 |  | 3,755,965 | ​ | $ | 3.74 |  | 7.5 | ​ | $ | 4
Granted |  | 1,596,058 | ​ | $ | 2.04 |  | ​ |  | $ | —
Exercised | ​ | — | ​ | $ | — | ​ | ​ | ​ | $ | —
Forfeited/Cancelled/Expired |  | (339,375) | ​ | $ | 3.37 |  | ​ |  | $ | 9
Outstanding at September 30, 2025 |  | 5,012,648 | ​ | $ | 3.23 |  | 7.5 | ​ | $ | 1,617
Vested and expected to vest at September 30, 2025 |  | 5,012,648 | ​ | $ | 3.23 |  | 7.5 | ​ | $ | 1,617
Exercisable at September 30, 2025 |  | 2,496,564 | ​ | $ | 3.89 |  | 6.1 | ​ | $ | 122
​ The aggregate intrinsic value of options at September 30, 2025 is based on the Company’s closing stock price on that date of $2.98 per share. Restricted stock unit awards transactions during the nine months ended September 30, 2025 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Avg
​ | ​ | ​ | ​ | Grant Date
​ |  | Shares |  | Fair Value
Outstanding at December 31, 2024 | ​ | 220,000 | ​ | $ | 2.73
Granted | ​ | — | ​ | $ | —
Vested | ​ | (67,500) | ​ | $ | 2.65
Cancelled | ​ | — | ​ | $ | —
Outstanding at September 30, 2025 | ​ | 152,500 | ​ | $ | 2.73
​ Share-based Compensation The Company estimates the fair value of stock options with performance and service conditions using the Black-Scholes valuation model (“Black-Scholes”). Compensation expense related to stock options granted is measured at the grant date based on the estimated fair value of the award and is recognized on the accelerated attribution method over the requisite service period. The assumptions used in the Black-Scholes model during the nine months ended September 30, 2025 and 2024 are presented below. There were no stock options granted during the three months ended September 30, 2025 and 2024. ​
​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024
Risk-free interest rate | ​ | 4.22%-4.28% | ​ | 4.24%-4.25%
Expected volatility | ​ | 99.6%-101.4% | ​ | 89.4%-92.5%
Expected term (in years) | ​ | 5.5-7.0 | ​ | 5.1-7.0
Expected dividend yield | ​ | 0% | ​ | 0%
​ The table below summarizes the total share-based compensation expense included in the Company’s condensed consolidated statements of operations for the periods presented (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Research and development | ​ | $ | 246 | ​ | $ | 323 | ​ | $ | 733 | ​ | $ | 698
General and administrative | ​ |  | 376 | ​ |  | 347 | ​ |  | 1,245 | ​ |  | 1,841
Total stock-based compensation | ​ | $ | 622 | ​ | $ | 670 | ​ | $ | 1,978 | ​ | $ | 2,539
​ As of September 30, 2025, there was $2.7 million of total unrecognized compensation expense related to unvested stock options and restricted stock units, which the Company expects to recognize over the weighted average remaining period of approximately 1.8 years.

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