v3.26.1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Compensation  
Schedule of stock option activity

The following is a summary of stock option activity (intrinsic values in thousands):

  ​ ​ ​

  ​ ​ ​

Weighted

  ​ ​ ​

Weighted-

  ​ ​ ​

  ​ ​ ​

Average

Average

Aggregate

Exercise

Contractual

Intrinsic

Options Outstanding

Price Per Share

Life (in years)

Value (in thousands)

Outstanding, December 31, 2025

 

5,780,464

$

1.07

 

7.29

$

121,825

Granted

 

780,000

16.99

 

 

 

Exercised

 

(28,186)

1.81

 

 

378

Forfeited and expired

 

 

 

 

Outstanding and expected to vest, March 31, 2026

6,532,278

$

2.97

7.39

$

74,601

Exercisable, March 31, 2026

 

3,966,866

$

0.93

 

6.60

$

51,993

Schedule of weighted average assumptions used as inputs in the valuation of stock options granted

Valuation Assumptions

March 31, 2026

Strike price

$16.99

Annual volatility (%)

120%

Risk- free rate (%)

3.81%

Expected term (years)

5.77

Schedule of activity related to restricted stock units

Weighted Average

Grant Date Fair

  ​ ​ ​

Shares

  ​ ​ ​

Value

Non-vested at December 31, 2025

 

7,333,182

$

7.15

Granted

 

1,360,412

17.05

Vested

 

(994,257)

4.47

Forfeited

 

(40,721)

6.82

Non-vested at March 31, 2026

 

7,658,616

$

9.26

Schedule of total stock-based compensation expenses

The table below summarizes total stock-based compensation expenses for the three months ended March 31, 2026 and March 31, 2025 (in thousands):

:

Three Months Ended March 31,

  ​ ​ ​

2026

  ​ ​ ​

2025

Research and development

$

4,468

$

3,021

Selling, general and administrative expenses

1,422

1,153

Total stock-based compensation expenses

$

5,890

$

4,174