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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2025
STOCKHOLDERS' EQUITY [Abstract]  
STOCKHOLDERS' EQUITY
7.
STOCKHOLDERS’ EQUITY
  
Treasury Stock
  
In May 2025, the Company’s board of directors (the “Board”) authorized a share repurchase program of up to $500.0 million of the Company’s outstanding shares of common stock (the “Repurchase Program”). The Repurchase Program does not obligate the Company to acquire any particular amount of its common stock, and may be modified, suspended, or terminated at any time at the Company’s discretion. The Repurchase Program has no expiration date.
  
A summary of common stock repurchase activity under the Repurchase Program is as follows:
  
                          
  Three Months Ended September 30,    Nine Months Ended September 30,
  2025    2024    2025   2024
(In thousands)
             
Shares repurchased
   512     n/a       1,329         n/a  
Total cost of shares repurchased
 $ 8,040     n/a     $ 23,188         n/a  
  
The repurchased shares are included in treasury stock in our condensed consolidated balance sheet.
  
Preferred Stock
  
The Company is currently authorized to issue up to 10 million shares of preferred stock, $0.0001, par value per share. There were no shares of preferred stock outstanding at September 30, 2025 and December 31, 2024.
  
Common Stock
  
As of September 30, 2025 and December 31, 2024, the Company was authorized to issue 300,000,000 shares of its common stock, $0.0001 par value per share, and 238,332,393 and 236,620,545 shares of common stock were outstanding as of September 30, 2025 and December 31, 2024, respectively. After giving effect to shares reserved for the issuance of warrants and for awards issued under the Company’s equity incentive plans, 38.1 million shares of common stock were available for issuance as of September 30, 2025.
  
Warrants
  
On January 7, 2025, affiliates of a former noteholder of the Company exercised warrants to purchase an aggregate of 966,554 shares of common stock on a cashless basis, and the Company issued 866,302 shares of common stock to these entities. On January 10, 2024, a former noteholder of the Company exercised a warrant to purchase 4 million shares of the Company’s common stock on a cashless basis and the Company issued 1,977,514 shares of common stock to this noteholder. On March 8, 2024, affiliates of a former noteholder exercised warrants to purchase an aggregate of 3,388,681 shares of the Company’s common stock on a cashless basis and the Company issued 2,482,205 shares of common stock to such noteholders. On March 14, 2024, an entity associated with another former noteholder of the Company exercised a warrant to purchase 169,651 shares of the Company’s common stock on a cashless basis and the Company issued 85,784 shares of common stock to this entity.
  
On February 24, 2024, a warrant to purchase 34,800 shares of the Company’s common stock held by a former noteholder of the Company expired in accordance with its terms. At September 30, 2024 and December 31, 2023, the Company had outstanding warrants to purchase an aggregate of 3,122,350 and 12,502,906 shares, respectively, of common stock, with weighted-average exercise prices of $2.08 and $2.32 per share, respectively, with expiration dates ranging between October 2024 and May 2030.
There were no outstanding warrants as of September 30, 2025 and outstanding warrants to purchase 966,554 shares of common stock as of December 31, 2024.
  
Equity Incentive Plans
  
The fair value of stock options granted under the Company’s equity incentive plans was determined on the date of grant using the Black-Scholes option valuation model. The Black-Scholes model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of certain subjective assumptions including the expected stock price volatility. The stock options granted to employees and directors have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimate. The following assumptions were used to determine the fair value of options granted during the nine months ended September 30, 2025 and 2024:
  
               
    Nine Months ended September 30,  
      2025       2024  
Expected term
    5.5 - 6.3 years       5.5 - 6.3 years  
Volatility
   66 %    66 %
Dividend yield
   0.0      0.0  
Risk-free interest rate
   4.40 %     4.16-4.34
%
  
A summary of the Company’s option activity under the Company’s equity incentive plans and related information is as follows:
  
                 
    Shares     Weighted-
Average
Exercise Price 		 
Options outstanding, vested and expected to vest at December 31, 2024
    5,141,516     $ 3.90  
Forfeited
    (205,024 )    $ 2.78  
Expired
    (1,125 )    $ 2.21  
Granted
    683,720     $ 16.10  
Exercised
    (920,007 )    $ 3.38  
Options outstanding, vested and expected to vest at September 30, 2025
    4,699,080     $ 5.83  
                 
Options exercisable
    2,758,497     $ 3.78  
  
As of September 30, 2025, the Company had $10.1 million of unrecognized compensation expense related to options granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.7 years.
  
The Company’s RSUs generally vest annually over a period of four years for employees and semi-annually over a period of one year for directors. A summary of the Company’s unvested RSU activity and related information is as follows:
  
              
     Shares  
 Weighted-
Average Grant
Date Fair Value		  
Balance at December 31, 2024
  5,745,990    $ 5.50  
Granted
  1,874,865    $ 16.35  
Vested
  (1,839,902 )   $ 5.19  
Forfeited
  (552,689 )   $ 8.71  
Balance at September 30, 2025
  5,228,264    $ 9.16  
As of September 30, 2025, the Company had $40.6 million of unrecognized compensation expense related to unvested RSUs granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 2.9 years.
  
Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three and nine months ended September 30, 2025 and 2024 was as follows:
  
                             
    Three Months ended September 30,   Nine Months ended September 30,
(in thousands)   2025   2024   2025   2024
Research and development
  $ 54    $ 24    $ 145    $ 65 
Plasma center operating expenses
    132      44      310      131 
Selling, general and administrative
    3,935      2,714      11,762      6,960 
Cost of product revenue
    926      397      2,417      1,027 
Total stock-based compensation expense
  $ 5,047    $ 3,179    $ 14,634    $ 8,183