v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Expense
The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):
Three Months Ended
March 31,
20252024
Cost of sales$525 $594 
Research and development4,289 5,505 
Selling, general, and administrative5,471 5,457 
Total stock-based compensation expense$10,285 $11,556 
Schedule of Option and Appreciation Rights Activity
The following is a summary of stock options and SARs activity under the 2023 Inducement Plan and 2015 Plan for the three months ended March 31, 2025:
2023 Inducement Plan2015 Plan
Stock
Options		Weighted-Average
Exercise
Price		Stock
Options		Weighted-Average
Exercise
Price
Outstanding at December 31, 2024486,950 $10.45 3,496,052 $32.75 
Granted— — 2,224,293 7.88 
Exercised— — (5,386)6.02 
Canceled— — (419,113)58.31 
Outstanding at March 31, 2025486,950 $10.45 5,295,846 $20.31 
Shares exercisable at March 31, 2025215,485 $10.80 2,055,818 $37.53 
Schedule of Assumptions Used in Estimation of Fair Value of Stock
The fair value of stock options granted under the 2023 Inducement Plan and the 2015 Plan was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:
Three Months Ended
March 31,
20252024
Weighted average Black-Scholes fair value of stock options granted$5.59$4.34
Risk-free interest rate
4.0%-4.1%
4.3%
Dividend yield—%—%
Volatility
99.7%-121.6%
114.3%-121.1%
Expected term (in years)
3.9-6.5
3.9-4.4
Schedule of Share Based Compensation Restricted Stock Awards Activity
The following is a summary of RSU activity for the three months ended March 31, 2025:
2023 Inducement Plan2015 Plan
Number of
Shares		Per Share
Weighted-
Average
Fair Value		Number of
Shares		Per Share
Weighted-
Average
Fair Value
Outstanding and unvested at December 31, 2024285,429 $10.42 5,558,642 $8.27 
Granted— — 3,531,690 7.87 
Vested(102,796)10.96 (1,832,799)10.21 
Forfeited— — (187,046)9.00 
Outstanding and unvested at March 31, 2025182,633 $10.11 7,070,487 $8.27