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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2025
Equity Incentive Plans  
Schedule of Stock Option Activity

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Options Outstanding

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Weighted

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Average

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Weighted

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Remaining

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Average

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Contractual

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Aggregate

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Exercise

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Term

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Intrinsic

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  ​ ​ ​

Shares

  ​ ​ ​

Price

  ​ ​ ​

(Years)

  ​ ​ ​

Value (in thousands)

Outstanding at December 31, 2024

 

3,755,965

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$

3.74

 

7.5

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$

4

Granted

 

1,596,058

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$

2.04

 

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$

—

Exercised

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(201,602)

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$

3.26

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$

953

Forfeited/Cancelled/Expired

 

(346,500)

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$

3.38

 

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$

31

Outstanding at December 31, 2025

 

4,803,921

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$

3.22

 

7.4

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$

15,045

Vested and expected to vest at December 31, 2025

 

4,803,921

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$

3.22

 

7.4

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$

15,045

Exercisable at December 31, 2025

 

2,294,337

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$

3.94

 

6.0

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$

5,728

Schedule of restricted stock awards

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Weighted Avg

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Grant Date

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Shares

  ​ ​ ​

Fair Value

Outstanding at December 31, 2024

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220,000

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$

2.73

Granted

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—

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$

—

Vested

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(67,500)

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$

2.65

Cancelled

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—

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$

—

Outstanding at December 31, 2025

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152,500

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$

2.73

Schedule of Assumptions Used in the Black-Scholes Model

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Year Ended December 31, 

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  ​ ​ ​

2025

  ​ ​ ​

2024

Risk-free interest rate

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4.22%-4.28%

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3.54%-4.25%

Expected volatility

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99.64%-101.43%

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89.40%-92.50%

Expected term (in years)

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5.5-7.0

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5.1-7.0

Expected dividend yield

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0%

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0%

Schedule of Stock-Based Compensation Expenses

The table below summarizes the total stock-based compensation expense included in the Company’s consolidated statements of operations for the periods presented (in thousands):

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Year Ended December 31, 

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2025

  ​ ​ ​

2024

Research and development

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$

999

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$

663

General and administrative

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1,611

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2,230

Total stock-based compensation

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$

2,610

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$

2,893

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