v3.25.2
STOCKHOLDERS’ EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Allocation of Stock-Based Compensation Expense Related to Share-Based Payment Awards
The following table summarizes the stock-based compensation expense included in operating expenses on our condensed consolidated statements of operations related to stock options, restricted stock units, and employee stock purchases for the three and six months ended June 30, 2025 and 2024, which was allocated as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Research and development$2,521 $4,375 $4,917 $6,056 
Selling, general and administrative4,217 8,250 9,230 11,446 
Total stock-based compensation expense$6,738 $12,625 $14,147 $17,502 
Schedule of Assumptions Used to Estimate the Fair Value of Stock Options Granted The fair value of service-based stock options granted during the six months ended June 30, 2025 and 2024 has been estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:
Six Months Ended June 30,
20252024
Dividend yield0%0%
Expected volatility range
71.96% to 73.94%
82.94% to 86.68%
Risk-free interest rate range
4.04% to 4.47%
4.05% to 4.62%
Expected term6 years6 years
Schedule of Assumptions Used to Estimate the Fair Value of Employee Stock Purchases Under the Purchase Plan
The fair value of employees’ stock purchase rights during the six months ended June 30, 2025 and 2024 has been estimated using the Black-Scholes option-pricing model with the following assumptions:
Six Months Ended June 30,
20252024
Dividend yield0%0%
Expected volatility range
44.18% to 93.79%
59.46% to 79.05%
Risk-free interest rate range
4.17% to 5.10%
4.79% to 5.40%
Expected term range
6 months to 12 months
6 months to 12 months
Schedule of Stock Options, RSUs and PSOs Activity
The following table summarizes the activity for stock options, RSUs and PSOs as of June 30, 2025:
Stock Options
RSUs
PSOs
Equity awards outstanding, beginning of year71,180,260 — 4,787,107 
Changes during the year
Granted
15,179,500 4,699,750 67,000 
Exercised
(591,321)— — 
Expired or Forfeited
(15,725,482)(821,500)(73,100)
Equity outstanding, end of period
70,042,957 3,878,250 4,340,457 
Unvested portion of equity outstanding, end of period
32,083,468 3,878,250 67,000 
As of June 30, 2025, total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards are expected to be recognized were as follows ($ in thousands):
Stock Options
RSUs
PSOs
Unrecognized compensation cost
$42,177,124 $6,960,870 $42,493 
Expected weighted-average period in years of compensation cost to be recognized2.753.690.80