Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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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
September 30, | | Nine Months Ended
September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Cost of sales | $ | 226 | | | $ | 367 | | | $ | 656 | | | $ | 1,274 | | | Research and development | 2,329 | | | 3,491 | | | 7,891 | | | 11,281 | | | Selling, general, and administrative | 5,400 | | | 4,691 | | | 15,221 | | | 15,493 | | | Total stock-based compensation expense | $ | 7,955 | | | $ | 8,549 | | | $ | 23,768 | | | $ | 28,048 | |
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| 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 nine months ended September 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 | | | (260,250) | | | 6.78 | | | | | | | Canceled | (42,767) | | | 9.01 | | | (616,278) | | | 27.39 | | | | | | | Outstanding at September 30, 2026 | 422,800 | | | $ | 10.67 | | | 6,574,711 | | | $ | 15.30 | | | | | | | Shares exercisable at September 30, 2026 | 374,035 | | | $ | 10.75 | | | 2,940,135 | | | $ | 23.27 | | | | | |
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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
September 30, | | Nine Months Ended
September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Weighted average Black-Scholes fair value of stock options granted | $— | | $4.90 | | $6.62 | | $5.60 | | Risk-free interest rate | —% | | 3.7% | | 3.5%-4.3% | | 3.7%-4.1% | | Dividend yield | —% | | —% | | —% | | —% | | Volatility | —% | | 94.6% | | 89.6%-110.2% | | 94.6%-121.7% | | Expected term (in years) | — | | 3.5 | | 3.8-6.6 | | 3.5-6.5 |
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| Schedule of Share Based Compensation Restricted Stock Awards Activity |
The following is a summary of RSU activity for the nine months ended September 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 | — | | | — | | | 3,116,110 | | | 10.03 | | | Vested | (121,330) | | | 10.66 | | | (2,579,797) | | | 6.67 | | | Forfeited | (28,513) | | | 9.01 | | | (1,067,927) | | | 8.32 | | | Outstanding and unvested at September 30, 2026 | — | | | $ | — | | | 5,359,975 | | | $ | 8.56 | |
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