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Stock-based Compensation (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

​

The following table summarizes stock option activity for the three months ended March 31, 2025:

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted		​	​
​	​	​	​	Weighted		​	average	​	Aggregate
​	​	​	​	average		​	remaining	​	Intrinsic
​	​	​	​	exercise		​	contractual	​	Value (in
​	​	Options	​	price		​	term (years)	​	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		(2,562,180)	​		1.99		​	​		​
Outstanding as of March 31, 2025		6,895,824	​	$	2.54		7.2	​	$	31
Exercisable as of March 31, 2025		4,693,361	​	$	2.51		6.4	​	$	31

The following table summarizes stock option activity:

​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted		​	​
​	​	​	​	Weighted		​	average	​	Aggregate
​	​	​	​	average		​	remaining	​	Intrinsic
​	​	​	​	exercise		​	contractual	​	Value (in
​	​	Options	​	price		​	term (years)	​	thousands)
Outstanding as of December 31, 2023		6,023,370	​	$	3.94				​
Exercised		(3,810)	​		0.99	​	​		$	4
Granted		3,805,465	​		1.76	​			​
Forfeited		(2,078,034)	​		4.17	​			​
Outstanding as of December 31, 2024		7,746,991	​	$	2.81	​	7.5	​	$	59
Exercisable as of December 31, 2024		4,414,750	​	$	2.44	​	6.4	​	$	59

Schedule of Estimated Using The Black-Scholes Option-Pricing Model

The fair values in the three months ended March 31, 2025 and 2024 were estimated using the Black-Scholes option-pricing model based on the following assumptions:

​

​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2025		2024
Risk-free interest rate		4.32% - 4.35%	​	3.77% - 3.89%	​
Expected term		6 years		6 years	​
Expected volatility		108.30% - 110.68%	​	103.39% - 105.96%	​
Expected dividend yield		—		—	​

​

​

​	​	​	​	​	​
​	​	Years Ended December 31,
​		2024		2023
Risk-free interest rate		3.77% - 4.59%	​	2.92% - 4.76%	​
Expected term		6 years		6 years	​
Expected volatility		86.55% - 112.12%	​	57.77% - 103.00%	​
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:

​

​	​	​	​	​	​	​
​		Three Months Ended March 31,
​	​	2025		​	2024
Research and development	​	$	107	​	$	436
General and administrative	​		401	​		621
​	​	$	508	​	$	1,057

The Company recorded stock-based compensation expense in the following expense categories in the accompanying consolidated statements of operations:

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2024			2023
Research and development	​	$	1,116	​	$	1,242
General and administrative	​		2,533	​		1,074
​	​	$	3,649	​	$	2,316

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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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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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