Share-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 Share-based Compensation Expense |
The Company recognized share-based compensation in its Condensed Statements of Operations and Comprehensive Loss during the three and six month periods ended June 30, 2025 and 2024 as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | Manufacture and supply | $ | 128 | | | $ | 99 | | | $ | 228 | | | $ | 169 | | | Research and development | 408 | | | 308 | | | 738 | | | 478 | | | Selling, general and administrative | 1,348 | | | 1,132 | | | 2,505 | | | 2,472 | | | Total share-based compensation expenses | $ | 1,884 | | | $ | 1,539 | | | $ | 3,471 | | | $ | 3,119 | | | | | | | | | | | Share-based compensation from: | | | | | | | | | Restricted stock units | $ | 1,407 | | | $ | 1,000 | | | $ | 2,509 | | | $ | 1,933 | | | Stock options | 468 | | | 523 | | | 953 | | | 1,170 | | | Employee stock purchase plan (ESPP) | 9 | | | 16 | | | 9 | | | 16 | | | | | | | | | | | Total share-based compensation expenses | $ | 1,884 | | | $ | 1,539 | | | $ | 3,471 | | | $ | 3,119 | |
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| Schedule of Restricted Stock Units Awards |
The following tables summarize the Company’s awards of service-based and market conditions vesting-based restricted stock units for the six month period ended June 30, 2025: | | | | | | | | | | | | | Restricted Stock Unit Awards (RSUs) - Service-based: | Number of
Units | | Weighted
Average
Grant Date Fair
Value | | | (in thousands) | | | | Unvested as of December 31, 2024 | 2,610 | | | $ | 3.38 | | | Granted | 1,454 | | | $ | 2.65 | | | Vested | (729) | | | $ | 3.04 | | | Forfeited | (45) | | | $ | 3.85 | | | Unvested as of June 30, 2025 | 3,290 | | | $ | 3.13 | | Expected to vest as of June 30, 2025 | 3,055 | | | $ | 3.11 | | | | | |
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| Schedule of Performance Share Activity |
| | | | | | | | | | | | | Restricted Stock Unit Awards (RSUs) - Market conditions vesting-based: | Number of
Units | | Weighted
Average
Grant Date Fair
Value | | | (in thousands) | | | | Unvested as of December 31, 2024 | 1,082 | | | $ | 2.40 | | | Granted | 784 | | | 2.82 | | | Vested | — | | | — | | | Forfeited | — | | | — | | | Unvested as of June 30, 2025 | 1,866 | | | $ | 2.57 | | Expected to vest as of June 30, 2025 | 1,719 | | | $ | 2.56 | | | | | |
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| Schedule of Valuation Assumptions |
The Company’s estimates of the fair value of the 2025 market conditions vesting-based awards at their grant or valuation dates were based on a Monte Carlo simulation and considered various variables and the following assumptions: | | | | | | | | Six Months Ended, June 30, 2025 | | Expected dividend yield | 0% | | Expected volatility | 91.5% | | Risk-free interest rate | 3.9% | Stock price at grant date | $2.65 |
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| Schedule of Stock Option Activity |
| | | | | | | | | | | | | Stock Option Awards: | Number of
Options | | Weighted Average
Exercise Price | | | (in thousands) | | | | Outstanding as of December 31, 2024 | 6,301 | | | $ | 5.68 | | | Granted | 990 | | | 2.84 | | | Exercised | (8) | | | 0.88 | | | Forfeited/Expired | (96) | | | 5.32 | | | Outstanding as of June 30, 2025 | 7,187 | | | $ | 5.30 | | Expected to vest as of June 30, 2025 | 7,067 | | | $ | 5.33 | | | Exercisable as of June 30, 2025 | 5,407 | | | $ | 5.92 | |
The fair values of stock options granted were estimated using the Black-Scholes pricing model based on the following assumptions: | | | | | | | | | | | | | | | Six Months Ended
June 30, 2025 | | | | Expected dividend yield | —% | — | —% | | | | Expected volatility | 97% | — | 100% | | | | Expected term (years) | 5.5 | — | 6.1 | | | | Risk-free interest rate | 4.1% | — | 4.2% | | |
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