Stockholders' Equity (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Stockholders' Equity Note [Abstract] |
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| Schedule of Designated Preferred Units |
As of June 30, 2025, the Company has designated the following preferred stock: | | | | | | | | | | Designated Preferred Shares | | June 30, 2025 | | Series A | | 4,200 | | | Series B | | 2,360 | | | Series C | | 590 | | | Series D | | 10,000 | | | Series E | | 40,000 | | | Series E-1 | | 12,960 | | | Series F-1 | | 24,900 | | | Series F-2 | | 24,900 | | | Series F-3 | | 34,860 | | | Series F-4 | | 24,900 | | | Total | | 179,670 | |
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| Schedule of Avenue Warrant Valued Using the Black-Scholes Option Pricing Method |
The Company values stock options using the Black-Scholes option pricing model and used the following assumptions, on a weighted-average basis, during the reporting periods: | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2025 | | 2024 | | Expected terms (years) | 5.7 | | 5.5 | | Expected volatility | 89.2% | | 114.3% | | Risk-free interest rate | 4.32% | | 4.22% | | Expected dividends | 0.00% | | 0.00% |
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| Schedule of Stock Option Activity |
The following is a summary of stock option activity for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average
Exercise Price Per Share | | Weighted Average
Remaining
Contractual Term
(in years) | | Aggregate Intrinsic
Value
(in thousands) | | Outstanding at January 1, 2025 | 5,766,927 | | $ | 7.23 | | | 7.5 | | $ | 28,796 | | | Granted | 2,632,163 | | 15.76 | | | 9.6 | | | | Exercised | (243,684) | | | 6.14 | | | | | | | Expired | (786) | | | 16.25 | | | | | | | Cancelled/Forfeited | (72,377) | | 9.88 | | | | | | | Outstanding at June 30, 2025 | 8,082,243 | | $ | 10.01 | | | 7.9 | | $ | 35,672 | | | | | | | | | | | Exercisable at June 30, 2025 | 4,242,694 | | $ | 8.57 | | | 6.7 | | $ | 22,968 | | | Unvested at June 30, 2025 | 3,839,549 | | | $ | 11.61 | | | 9.2 | | $ | 12,704 | |
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| Schedule of Recognized Share-based Compensation Cost |
The following is a summary of share-based compensation expense in the statement of operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (In thousands) | 2025 | | 2024 | | 2025 | | 2024 | | Selling, general and administrative | $ | 4,718 | | | $ | 1,930 | | | $ | 9,247 | | | $ | 3,971 | | | Research and development | 1,773 | | | 895 | | | 3,341 | | | 1,543 | | | Cost of goods sold | 718 | | | 244 | | | 1,484 | | | 500 | | | Total | $ | 7,209 | | | $ | 3,069 | | | $ | 14,072 | | | $ | 6,014 | |
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| Schedule of Warrant Activity |
The following is a summary of common stock warrant activity for the six months ended June 30, 2025: | | | | | | | | | | | | | | Warrants | | Weighted Average Exercise Price | | Outstanding at January 1, 2025 | 3,193,275 | | $ | 5.80 | | | Warrants issued | — | | | — | | | Warrants exercised | (1,615,775) | | | 10.00 | | | Warrants canceled | (236,125) | | | 10.00 | | | Outstanding and exercisable at June 30, 2025 | 1,341,375 | | $ | 0.01 | |
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| Schedule of Information Related to Stock Warrants Outstanding and Exercisable |
The following table presents information related to common stock warrants outstanding at June 30, 2025: | | | | | | | | | | | | | Warrants Exercisable | | Range of Exercise Prices | Outstanding
Number of
Warrants | | Weighted Average
Remaining Warrant Term
(in years) | $0.01 (1) | 1,341,375 | | n/a |
(1) Pre-funded warrants with a $0.01 exercise price do not expire until exercised.
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