Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| 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, | | 2026 | | 2025 | | 2026 | | 2025 | | Cost of sales | $ | 234 | | | $ | 382 | | | $ | 429 | | | $ | 907 | | | Research and development | 2,629 | | | 3,501 | | | 5,562 | | | 7,790 | | | Selling, general, and administrative | 5,226 | | | 5,331 | | | 9,822 | | | 10,802 | | | Total stock-based compensation expense | $ | 8,089 | | | $ | 9,214 | | | $ | 15,813 | | | $ | 19,499 | |
|
| Schedule of Option and Appreciation Rights Activity |
The following is a summary of stock options and SAR’s activity under the 2023 Inducement Plan and 2015 Plan for the six months ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 Inducement Plan | | 2015 Plan | | | | Stock
Options | | Weighted-Average
Exercise
Price | | Stock
Options | | Weighted-Average
Exercise
Price | | | | | | Outstanding at January 1, 2026 | 486,950 | | | $ | 10.45 | | | 5,221,997 | | | $ | 18.58 | | | | | | | Granted | — | | | — | | | 2,229,242 | | | 9.96 | | | | | | | Exercised | (21,383) | | | 9.01 | | | (249,772) | | | 6.75 | | | | | | | Canceled | (42,767) | | | 9.01 | | | (500,121) | | | 21.36 | | | | | | | Outstanding at June 30, 2026 | 422,800 | | | $ | 10.67 | | | 6,701,346 | | | $ | 15.95 | | | | | | | Shares exercisable at June 30, 2026 | 347,611 | | | $ | 10.75 | | | 2,823,836 | | | $ | 25.77 | | | | | |
|
| 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, | | 2026 | | 2025 | | 2026 | | 2025 | | Weighted average Black-Scholes fair value of stock options granted | $6.98 | | $5.65 | | $6.62 | | $5.60 | | Risk-free interest rate | 3.8% - 4.3% | | 3.7% - 4.1% | | 3.5%-4.3% | | 3.7%-4.1% | | Dividend yield | —% | | —% | | —% | | —% | | Volatility | 89.6% - 110.2% | | 98.1% - 121.7% | | 89.6%-110.2% | | 98.1%-121.7% | | Expected term (in years) | 3.8 - 6.6 | | 3.8 - 6.5 | | 3.8-6.6 | | 3.8-6.5 |
|
| Schedule of Share Based Compensation Restricted Stock Awards Activity |
The following is a summary of RSU activity for the six months ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | 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 January 1, 2026 | 149,843 | | | $ | 10.35 | | | 5,891,589 | | | $ | 6.95 | | | Granted | — | | | — | | | 3,113,176 | | | 10.03 | | | Vested | (102,797) | | | 10.96 | | | (2,533,090) | | | 6.67 | | | Forfeited | (28,513) | | | 9.01 | | | (825,458) | | | 8.27 | | | Outstanding and unvested at June 30, 2026 | 18,533 | | | $ | 9.05 | | | 5,646,217 | | | $ | 8.58 | |
|