v3.26.1
Equity-based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Equity-based Compensation  
Schedule of fair value of options granted using the Black-Scholes option pricing model

Year Ended December 31, 

  ​ ​ ​

2024

Expected volatility

91.78% – 92.29%

Risk-free interest rate

4.23% – 4.45%

Dividend yield

0.00%

Expected term (years)

6.08 – 6.20

Summary of activity for options

Options Outstanding

Weighted-Average

Aggregate

Remaining

Number of

Weighted-Average

Intrinsic Value

Contractual Life

  ​ ​ ​

Options

  ​ ​ ​

Exercise Price

  ​ ​ ​

(in 000’s)

  ​ ​ ​

(In Years)

Balance, December 31, 2024

 

4,353,490

$

4.67

 

$

5.8

Options granted

 

$

Options exercised

 

(50,375)

$

1.41

Options forfeited

 

(22,037)

$

1.66

Options expired

 

(643,054)

$

0.88

Balance, December 31, 2025

 

3,638,024

$

5.40

$

210

5.6

Exercisable as of December 31, 2025

 

3,431,878

$

5.61

$

209

5.4

Schedule of restricted stock units award activity

Number of

Weighted-Average

Restricted Stock Units

Grant Date Fair Value

Outstanding at December 31, 2024

1,172,964

$

1.98

Granted

2,867,409

$

0.66

Vested

(861,403)

$

1.90

Forfeited

(745,288)

$

0.69

Outstanding at December 31, 2025

2,433,682

$

0.85

Schedule of total equity-based compensation expense

 

Year Ended December 31, 

  ​ ​ ​

 

2025

  ​ ​ ​

2024

Research and development

$

1,316

$

1,080

General and administrative

 

771

 

2,668

Total equity-based compensation

$

2,087

$

3,748