v3.26.1
Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Compensation  
Schedule of stock option activity

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

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Weighted

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Weighted-

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Average

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Average

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Aggregate

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​

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Exercise

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Contractual

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Intrinsic

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​

Options Outstanding

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Price Per Share

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Life (in years)

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Value (in thousands)

Outstanding, December 31, 2025

 

5,780,464

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$

1.07

 

7.29

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$

121,825

Granted

 

780,000

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​

16.99

 

​

 

 

​

Exercised

 

(419,076)

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​

0.91

 

​

 

​

9,771

Forfeited and expired

 

—

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​

—

 

​

 

 

​

Outstanding and expected to vest, June 30, 2026

​

6,141,388

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$

3.11

​

7.22

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$

99,568

Exercisable, June 30, 2026

 

3,923,484

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$

1.24

 

6.54

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$

70,596

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

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Valuation Assumptions

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Time-based Stock Option Grants

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

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Weighted Average

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Grant Date Fair

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Shares

  ​ ​ ​

Value

Non-vested at December 31, 2025

 

7,333,182

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$

7.15

Granted

 

1,523,401

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​

17.17

Vested

 

(1,966,345)

​

​

5.30

Forfeited

 

(147,403)

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​

10.40

Non-vested at June 30, 2026

 

6,742,835

​

$

9.89

Schedule of total stock-based compensation expenses

The table below summarizes total stock-based compensation expenses for the three and six months ended June 30, 2026 and June 30, 2025 (in thousands):

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Three Months Ended June 30,

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Six Months Ended June 30,

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  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

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Research and development

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$

4,816

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$

2,256

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$

9,284

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$

5,277

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Selling, general and administrative expenses

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​

2,204

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​

1,298

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​

3,626

​

​

2,451

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Total stock-based compensation expenses

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$

7,020

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$

3,554

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$

12,910

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$

7,728

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