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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Stock-Based Compensation |
Summary of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 December 31, 2025 |  | 848,966 | ​ | $ | 73.76 |  | 6.5 | ​ | $ | —
Granted | ​ | 151,480 | ​ | $ | 10.85 | ​ | — | ​ | ​ | —
Exercised | ​ | (2,488) | ​ | $ | 5.76 | ​ | — | ​ | ​ | —
Forfeitures | ​ | (2,978) | ​ | $ | 11.56 | ​ | — | ​ | ​ | —
Outstanding as of March 31, 2026 | ​ | 994,980 | ​ | $ | 64.54 | ​ | 6.8 | ​ | ​ | 179
Exercisable as of March 31, 2026 |  | 681,158 | ​ | $ | 88.89 |  | 5.8 | ​ | $ | 50
(1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at December 31, 2025 and March 31, 2026.
Summary of stock based compensation expense recorded | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
(in thousands) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​
Research and development | ​ | $ | 124 | ​ | $ | 579 | ​
General and administrative | ​ |  | 220 | ​ |  | 784 | ​
Total stock-based compensation expense | ​ | $ | 344 | ​ | $ | 1,363 | ​
Summary of assumptions used in the Black Scholes option pricing model for stock options granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​
Expected term |  | 6.1 | years | ​ | 6.1 | years | ​
Expected volatility |  | 90.8 | % | ​ | 90.5 | % | ​
Risk free interest rate |  | 3.9 | % | ​ | 4.4 | % | ​
Expected dividend yield |  | — | % | ​ | — | % | ​

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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