​

​

For the Years Ended

​

​

December 31, 

​

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

Expenses

​

​

  ​

​

​

  ​

​

​

  ​

Operating expenses, excluding share-based compensation, depreciation and amortization expense

​

  ​

​

  ​

​

  ​

Research and development

​

$

22,868

​

$

25,867

​

$

35,925

Wages and salaries

​

1,379

​

2,144

​

2,622

Contracted research expenses and clinical trial expenses

​

20,038

​

18,057

​

28,334

Consultancy and professional service fees

​

881

​

1,698

​

3,986

Royalties

​

118

​

3,353

​

120

Other expenses*

​

452

​

615

​

863

Selling, General and administrative

​

4,578

​

4,693

​

8,900

Wages and salaries

​

1,488

​

1,683

​

2,942

Professional service fee

​

​

1,794

​

​

1,548

​

​

3,516

Insurance expense

​

​

995

​

​

989

​

​

1,047

Other expenses*

​

​

301

​

​

473

​

​

1,395

Total operating expenses, excluding share-based compensation

​

​

27,446

​

​

30,560

​

​

44,825

Share-based compensation

​

​

​

​

​

​

​

​

​

Research and development

​

​

1,716

​

​

3,775

​

​

9,147

Selling, General and administrative

​

2,107

​

5,212

​

29,772

Total share-based compensation

​

3,823

​

8,987

​

38,919

Depreciation and amortization expense

​

399

​

449

​

464

Total operating expenses

​

​

31,668

​

​

39,996

​

​

84,208

Operating loss

​

​

(31,668)

​

​

(39,996)

​

​

(84,208)

Interest income

​

​

74

​

​

3,737

​

​

6,640

Interest expense

​

​

(25)

​

​

(20)

​

​

(2)

Other income (expense)

​

​

(4)

​

​

141

​

​

(41)

Income tax expense

​

9

​

6

​

—

Segment and consolidated net loss

​

$

(31,632)

​

$

(36,144)

​

$

(77,611)