v3.25.2
Stock-based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Stock-Based Compensation
As of June 30, 2025, the Company had three stock-based employee compensation plans: the Amended and Restated Stock Incentive Plan (“Incentive Plan”), the Amended and Restated Inducement Equity Incentive Plan (“Inducement Plan”) and the Amended and Restated Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was most recently amended and restated on April 21, 2025 and approved by the Company’s stockholders on June 12, 2025. The Inducement Plan was most recently amended and restated by the Company’s Board of Directors on October 26, 2023. The ESPP was most recently amended and restated by the Company’s Board of Directors on July 7, 2023.
The Company recorded the following stock-based compensation expense (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Incentive Plan$19,377$10,934 $38,609$22,500
Inducement Plan1,7412,084 3,6734,007
ESPP186155 390318
Stock-based compensation expense$21,304 $13,173 $42,672 $26,825 
Stock Incentive Plan
The following table summarizes stock option activity under the Incentive Plan:
Shares
(in thousands)		Weighted Average Exercise Price per ShareWeighted Average Remaining Contractual Term
(in years)		Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 202439,082 $7.96 
Granted233 10.32 
Exercised(599)5.43 $2,407 
Cancelled or Forfeited(1,326)10.43 
Outstanding at June 30, 202537,390 $7.93 6.35$61,951 
Exercisable at June 30, 202523,804 $7.92 5.03$42,079 
The following table summarizes restricted stock unit activity under the Incentive Plan:
Shares
(in thousands)		Weighted Average Grant Date Fair Value
Unvested at December 31, 20249,289 $7.73 
Granted246 9.55 
Vested(197)8.90 
Forfeited(422)7.63 
Unvested at June 30, 20258,916 $7.75 
For restricted stock unit awards granted under the Incentive Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the first six months of 2025 and 2024 was $9.55 and $5.80, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method.
Inducement Equity Incentive Plan
The following table summarizes stock option activity under the Inducement Plan:
Shares
(in thousands)		Weighted Average Exercise Price per ShareWeighted Average Remaining Contractual Term
(in years)		Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 20245,158 $8.44 
Granted23 7.90 
Exercised(247)5.65 $981 
Cancelled or Forfeited(231)11.55 
Outstanding at June 30, 20254,703 $8.43 6.45$10,636 
Exercisable at June 30, 20253,269 $7.82 5.82$9,095 
The following table summarizes restricted stock unit activity under the Inducement Plan:
Shares
(in thousands)		Weighted Average Grant Date Fair Value
Unvested at December 31, 2024823 $8.53 
Granted254 8.58 
Vested(123)8.78 
Forfeited(72)8.24 
Unvested at June 30, 2025882 $8.53 
For restricted stock unit awards granted under the Inducement Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the first six months of 2025 and 2024 was $8.58 and $5.36, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method.
Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive and Inducement Plans
For stock option awards granted under the Incentive Plan and the Inducement Plan, the fair value is estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted below. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method.
Stock Incentive Plan
The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan during the six months ended June 30, 2025 and 2024.
Six Months Ended June 30,
20252024
Expected Life in Years5.95.8
Expected Volatility77.1 %83.7 %
Expected Dividend Yield0.0 %0.0 %
Risk-Free Interest Rate4.1 %4.3 %
Weighted average grant date fair value per share$7.12 $4.56 
Inducement Equity Incentive Plan
The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Inducement Plan during the six months ended June 30, 2025 and 2024.
Six Months Ended June 30,
20252024
Expected Life in Years5.95.8
Expected Volatility82.7 %83.3 %
Expected Dividend Yield0.0 %0.0 %
Risk-Free Interest Rate4.4 %4.4 %
Weighted average grant date fair value per share$5.73 $3.90