8. Share-Based Compensation Share-Based Compensation Expense Share-based compensation expense included in the condensed consolidated statements of operations was recognized as follows: | | | | | | | | | Three Months Ended March 31, | (In thousands) | | 2025 | | 2024 | Research and development | | $ | 1,070 | | $ | 1,465 | Selling, general and administrative | | | 3,807 | | | 3,764 | Total share-based compensation expense | | $ | 4,877 | | $ | 5,229 |
Share-Based Compensation Award Activity The following table summarizes option activity under the 2013 EIP for the three months ended March 31, 2025: | | | | | | | | | | | | Weighted-Average | | Weighted-Average | | | Number of Shares | | Remaining | | Exercise Price of | | | Subject to | | Contractual | | Outstanding Options | | | Outstanding Options | | Term (Years) | | (in dollars) | Outstanding at December 31, 2024 | | 1,896,908 | | | | $ | 15.53 | Granted | | — | | | | | — | Exercised | | — | | | | | — | Forfeited | | — | | | | | — | Outstanding at March 31, 2025 | | 1,896,908 | | 5.77 | | | 15.53 | Vested and expected to vest at March 31, 2025 | | | | 5.77 | | | | Exercisable at March 31, 2025 | | | | 5.58 | | | |
The following table summarizes total RSU activity (including market-based and performance-contingent RSUs) for the three months ended March 31, 2025: | | | | | | Number of Shares | | | | Subject to | | | | Outstanding RSUs | | Outstanding at December 31, 2024 | | 3,955,487 | | Granted | | 1,311,088 | | Released | | (619,026) | | Forfeited | | (163,160) | | Outstanding at March 31, 2025 | | 4,484,389 | |
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