v3.25.4

Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Stock-Based Compensation |
Summary of stock option activity | A summary of stock option activity for awards under the Plans is presented below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Options Outstanding and Exercisable
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | Aggregate
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Intrinsic
​ | ​ | Number of | ​ | Exercise | ​ | Contractual | ​ | Value(1)
​ | ​ ​ ​ | Shares | ​ ​ ​ | Price | ​ ​ ​ | Life (Years) | ​ ​ ​ | (in thousands)
Outstanding as of January 1, 2024 | ​ | 567,995 | ​ | $ | 105.96 | ​ | 7.3 | ​ | $ | 52
Granted |  | 248,609 | ​ | $ | 19.80 |  | — | ​ |  | —
Exercised | ​ | (1,214) | ​ | $ | 18.60 | ​ | — | ​ | ​ | —
Forfeitures | ​ | (77,495) | ​ | $ | 41.76 | ​ | — | ​ | ​ | —
Outstanding as of December 31, 2024 |  | 737,895 | ​ | $ | 83.84 |  | 7.1 | ​ | $ | 22
Granted | ​ | 120,748 | ​ | $ | 9.33 | ​ | — | ​ | ​ | —
Exercised | ​ | — | ​ | $ | — | ​ | — | ​ | ​ | —
Forfeitures | ​ | (9,677) | ​ | $ | 37.74 | ​ | — | ​ | ​ | —
Outstanding as of December 31, 2025 | ​ | 848,966 | ​ | $ | 73.76 | ​ | 6.5 | ​ | ​ | —
Exercisable as of December 31, 2025 |  | 636,486 | ​ | $ | 94.11 |  | 5.8 | ​ | $ | 55
| (1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at December 31, 2025 and 2024.
Summary of stock based compensation expense recorded |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | 2025 | ​ ​ ​ | 2024
Research and development | ​ | $ | 1,345 | ​ | $ | 2,756
General and administrative | ​ |  | 1,641 | ​ |  | 3,579
Total stock-based compensation expense | ​ | $ | 2,986 | ​ | $ | 6,335
Summary of assumptions used in the Black Scholes option pricing model for stock options granted | The assumptions used in the Black-Scholes option-pricing model for stock options granted were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​
​ | ​ | December 31, | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​
Expected term |  | 6.0 | years | ​ | 5.8 | years | ​
Expected volatility |  | 90.5 | % | ​ | 83.3 | % | ​
Risk free interest rate |  | 4.4 | % | ​ | 3.6 - 4.7 | % | ​
Expected dividend yield |  | — | % | ​ | — | % | ​
​

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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