XML 178 R28.htm IDEA: XBRL DOCUMENT
v3.25.2

Stock-based Compensation (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |  |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the six months ended June 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ |  | 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 June 30, 2025 |  | 6,420,876 | ​ | $ | 2.53 | ​ | 7.0 | ​ | $ | 43
Exercisable as of June 30, 2025 |  | 4,691,835 | ​ | $ | 2.46 | ​ | 6.3 | ​ | $ | 43
| 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 six months ended June 30, 2025 and 2024 were estimated using the Black-Scholes option-pricing model based on the following assumptions: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Six Months Ended June 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% - 107.10 | %
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 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended June 30, |  | Six Months Ended June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Research and development | ​ | $ | 103 | ​ | $ | (44) | ​ | $ | 210 | ​ | $ | 392
General and administrative | ​ |  | 328 | ​ |  | 669 | ​ |  | 729 | ​ |  | 1,290
​ | ​ | $ | 431 | ​ | $ | 625 | ​ | $ | 939 | ​ | $ | 1,682
| 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

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration