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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

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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 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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