Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| 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
June 30, | | Six Months Ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Cost of sales | $ | 382 | | | $ | 1,104 | | | $ | 907 | | | $ | 1,698 | | | Research and development | 3,501 | | | 6,177 | | | 7,790 | | | 11,682 | | | Selling, general, and administrative | 5,331 | | | 6,818 | | | 10,802 | | | 12,275 | | | Total stock-based compensation expense | $ | 9,214 | | | $ | 14,099 | | | $ | 19,499 | | | $ | 25,655 | |
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| Schedule of Option and Appreciation Rights Activity |
The following is a summary of stock options activity under the 2023 Inducement Plan and 2015 Plan for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 Inducement Plan | | 2015 Plan | | | | Stock
Options | | Weighted-Average
Exercise
Price | | Stock
Options | | Weighted-Average
Exercise
Price | | | | | | Outstanding at December 31, 2024 | 486,950 | | | $ | 10.45 | | | 3,496,052 | | | $ | 32.75 | | | | | | | Granted | — | | | — | | | 2,458,551 | | | 7.74 | | | | | | | Exercised | — | | | — | | | (25,471) | | | 6.48 | | | | | | | Canceled | — | | | — | | | (521,034) | | | 51.79 | | | | | | | Outstanding at June 30, 2025 | 486,950 | | | $ | 10.45 | | | 5,408,098 | | | $ | 19.67 | | | | | | | Shares exercisable at June 30, 2025 | 241,911 | | | $ | 10.79 | | | 2,209,663 | | | $ | 35.81 | | | | | |
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| 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
June 30, | | Six Months Ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Weighted average Black-Scholes fair value of stock options granted | $5.65 | | $14.13 | | $5.60 | | $5.86 | | Risk-free interest rate | 3.7%-4.1% | | 4.3% | | 3.7%-4.1% | | 4.3% | | Dividend yield | —% | | —% | | —% | | —% | | Volatility | 98.1%-121.7% | | 121.8% | | 98.1%-121.7% | | 114.3%-121.8% | | Expected term (in years) | 3.8-6.5 | | 6.3 | | 3.8-6.5 | | 3.9-6.3 |
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| Schedule of Share Based Compensation Restricted Stock Awards Activity |
The following is a summary of RSU activity for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | 2023 Inducement Plan | | 2015 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, 2024 | 285,429 | | | $ | 10.42 | | | 5,558,642 | | | $ | 8.27 | | | Granted | — | | | — | | | 3,689,830 | | | 7.81 | | | Vested | (102,796) | | | 10.96 | | | (2,081,665) | | | 10.71 | | | Forfeited | — | | | — | | | (677,308) | | | 7.80 | | | Outstanding and unvested at June 30, 2025 | 182,633 | | | $ | 10.11 | | | 6,489,499 | | | $ | 7.28 | |
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