v3.26.1
Share-Based Compensation
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation

8. Share-Based Compensation

Share-Based Compensation Expense

Share-based compensation expense included in the condensed consolidated statements of operations was recognized as follows:

Three Months Ended March 31, 

(In thousands)

  ​ ​ ​

2026

  ​ ​ ​

2025

Research and development

$

627

$

1,070

Selling, general and administrative

 

2,849

 

3,807

Restructuring expenses

1,028

Total share-based compensation expense

$

4,504

$

4,877

 

 

Share-Based Compensation Modification Due to Organizational Restructuring

As a result of the Company’s organizational restructuring announcement on March 3, 2026 (see “Note 10. Organizational Restructuring” for information), the Board of Directors’ Compensation Committee approved the acceleration of certain equity awards for employees affected by the restructuring. The Company accounted for this acceleration as a Type III modification (improbable to probable) which resulted in an incremental fair value of $1.0 million, as of the modification date, and was recorded in “Restructuring expenses” within the condensed consolidated statements of operations.

Share-Based Compensation Option and Award Activity

The following tables summarize option and RSU activity (including market-based and performance-contingent RSUs) for the three months ended March 31, 2026 and 2025:

Weighted-Average

Weighted-Average

  ​ ​ ​

Number of Shares 

Remaining

Exercise Price of

Number of Shares

  ​ ​ ​

Subject to

Contractual

Outstanding Options

Subject to

Outstanding Options

Term (Years)

(in dollars)

Outstanding RSUs

Outstanding at December 31, 2025

1,927,447

$

15.05

3,202,492

 

Granted

69,215

Exercised/Released

(22,044)

10.95

(720,320)

Forfeited

(2,393)

10.30

(193,076)

Expired

(17,240)

27.73

Outstanding at March 31, 2026

1,885,770

5.3

$

14.98

2,358,311

 

Weighted-Average

Weighted-Average

  ​ ​ ​

Number of Shares 

Remaining

Exercise Price of

Number of Shares

Subject to

Contractual

Outstanding Options

Subject to

Outstanding Options

Term (Years)

(in dollars)

Outstanding RSUs

Outstanding at December 31, 2024

1,896,908

$

15.53

3,955,487

Granted

1,311,088

Exercised/Released

(619,026)

Forfeited

(163,160)

Expired

Outstanding at March 31, 2025

1,896,908

5.8

$

15.53

4,484,389