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Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Stock-based Compensation

Schedule of stock option activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​		Weighted	​	​	​
​	​	​		Weighted			average		Aggregate
​	​	​		average			remaining		Intrinsic
​	​	​		exercise			contractual		Value
​		Options		price			term (years)		(in thousands)
Outstanding as of December 31, 2024		7,746,991	​	$	2.81				​
Exercised		(37,987)	​		0.11	​	​		$	14
Granted		1,749,000	​		0.50	​			​
Forfeited		(3,037,128)	​		2.10	​			​
Outstanding as of September 30, 2025		6,420,876	​	$	2.53	​	6.8	​	$	25
Exercisable as of September 30, 2025		4,859,858	​	$	2.49	​	6.2	​	$	25

Schedule of estimated using the Black-Scholes option-pricing model

​

​	​	​	​	​	​
​		Nine Months Ended September 30,			​
​		2025		2024	​
Risk-free interest rate		4.32% - 4.35	%	3.77% - 4.59	%
Expected term		6	years	6	years
Expected volatility		108.30% - 110.68	%	103.00% - 112.10	%
Expected dividend yield		—		—	​

Schedule of stock-based compensation expense

The Company recorded stock-based compensation expense in the following expense categories in its accompanying unaudited interim consolidated statements of operations (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Three Months Ended September 30,						Nine Months Ended September 30,
​		2025			2024			2025			2024
Research and development	​	$	107	​	$	384	​	$	317	​	$	776
General and administrative	​		314	​		731	​		1,043	​		2,021
​	​	$	421	​	$	1,115	​	$	1,360	​	$	2,797

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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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-Topic 718
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-Section 50
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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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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.

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