v3.26.1
STOCK BASED COMPENSATION (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
STOCK BASED COMPENSATION    
Schedule of assumptions made for purposes of estimating the fair value under the Black Scholes valuation model for stock options granted

  ​ ​ ​

Three Months Ended March 31,

 

2026

2025

 

Expected term of options (years)

 

5.00 - 6.07

 

5.00 - 6.06

Risk free interest rate

 

3.83% - 3.98

%  

4.02% - 4.43

%

Volatility

 

60.92% - 65.79

%  

64.37% - 65.81

%

Expected dividend yield

 

 

Common stock grant date fair value per share

$25.18 - $27.78

 

$3.23

Option grant date fair value per share

$13.89 - $17.42

$1.87 - $2.03

Year ended December 31,

 

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Expected term of options (years)

 

5.00 - 6.06

 

5.16 - 6.07

Risk free interest rate

 

3.72% - 4.43

%  

3.44% - 4.51

%

Volatility

 

63.34% - 65.81

%  

62.55% - 63.77

%

Expected dividend yield

 

 

Common stock grant date fair value per share

$

3.23 - $9.67

 

$

4.80

Grant date fair value per share

$

1.87 - $7.29

$

2.73 - $2.99

Schedule of stock-based compensation expense by class reflected in the Company's consolidated statements of operations related to stock options

For the three months ended March 31, 2026, and 2025, the Company recorded stock-based compensation expense of $1,534 and $3,857, respectively. The following table provides stock-based compensation expense by class reflected in the Company’s condensed consolidated statements of operations related to stock options (including stock options with performance conditions) for the three months ended March 31, 2026, and 2025 (in thousands):

  ​ ​ ​

Three Months Ended March 31,

2026

2025

Research and development

$

240

$

347

Selling, general and administrative

 

1,294

 

3,510

Total

$

1,534

$

3,857

The following table provides stock-based compensation expense by class reflected in the Company’s consolidated statements of operations related to stock options (including stock options with performance conditions) for the years ended December 31, 2025, and 2024 (in thousands):

Year ended December 31,

2025

2024

Research and development

  ​ ​ ​

$

1,001

  ​ ​ ​

$

677

Selling, general and administrative

 

8,448

 

8,448

Total

$

9,449

$

9,125

Schedule of stock options activity

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Weighted-

  ​ ​ ​

  ​ ​ ​

Average

Remaining

Weighted-

Contractual

Aggregate

Number of

Average

Term

Intrinsic Value

Options

Exercise Price

(Years)

(in thousands)

Outstanding as of December 31, 2024 (1)

 

5,085,269

$

6.78

 

7.28

$

1,172

Granted

 

594,691

 

3.23

Exercised

 

(300)

 

8.21

 

 

Cancelled or forfeited

 

(555,215)

 

3.86

 

  ​

 

  ​

Outstanding as of March 31, 2025

 

5,124,445

$

3.00

 

7.11

$

1,172

Options vested and expected to vest as of March 31, 2025 (2)

 

5,004,445

$

3.00

 

7.08

 

  ​

Exercisable as of March 31, 2025

 

3,696,298

$

2.91

 

6.68

$

1,172

Weighted-

Average

Remaining

Weighted-

Contractual

Aggregate

Number of

Average

Term

Intrinsic Value

  ​ ​ ​

Options

  ​ ​ ​

Exercise Price

  ​ ​ ​

(Years)

  ​ ​ ​

(in thousands)

Outstanding as of December 31, 2025 (3)

 

5,546,772

$

3.83

 

6.94

$

31,996

Granted

 

33,580

 

25.45

 

 

Exercised

 

(29,252)

 

3.10

 

667

 

Cancelled or forfeited

 

(12,179)

 

5.08

 

 

Outstanding as of March 31, 2026

 

5,538,921

$

4.03

 

6.72

$

131,528

Options vested and expected to vest as of March 31, 2026 (4)

 

5,448,921

$

4.05

 

6.71

 

Exercisable as of March 31, 2026

 

4,436,262

$

3.06

 

6.18

$

109,673

(1)Includes 245,628 of stock options subject to performance conditions
(2)Does not include 120,000 stock options subject to performance conditions which are improbable as of March 31, 2025.
(3)Includes 215,628 of stock options subject to performance conditions
(4)Does not include 90,000 stock options subject to performance conditions which are improbable as of March 31, 2026.

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Weighted-Average

  ​ ​ ​

  ​ ​ ​

Weighted-

Remaining

Aggregate

Number of

Average

Contractual

Intrinsic Value

  ​ ​ ​

Options

  ​ ​ ​

Exercise Price

  ​ ​ ​

Term (Years)

  ​ ​ ​

(in thousands)

Outstanding as of December 31, 2024(1)

 

5,085,269

$

6.78

 

7.28

$

1,172

Granted

 

1,375,868

 

6.80

 

  ​

 

  ​

Exercised

 

(5,477)

 

3.50

 

  ​

 

26

Cancelled or forfeited(2)

 

(908,888)

 

3.63

 

  ​

 

  ​

Outstanding as of December 31, 2025

 

5,546,722

$

3.83

 

6.94

$

31,996

Options vested and expected to vest as of December 31, 2025(3)

 

5,366,772

$

3.76

 

6.91

 

  ​

Exercisable as of December 31, 2025

 

4,240,296

$

3.01

 

6.39

$

28,248

(1)Includes 245,628 of stock options subject to performance conditions

(2)Includes 30,000 of forfeited stock options subject to performance conditions.

(3)

Does not include 90,000 stock options subject to performance conditions which are improbable as of December 31, 2025.

Schedule of weighted average assumptions used in estimating grant-date fair value of the Company's RSUs  

  ​ ​ ​

Year ended

 

December 31, 2024

 

Volatility

 

75

%

Risk-free interest rate

 

4

%

Expected dividend yield

 

0

%

Term (years)

 

3.0