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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company's stockholders approved the 2025 Equity Incentive Plan (the "2025 Equity Plan") at the 2025 Annual Meeting of Stockholders, held on June 5, 2025 (the “Annual Meeting”), to replace the expiring Amended and Restated 2007 Equity Incentive Plan (the "2007 Equity Plan"). Following approval of the 2025 Equity Plan, no future awards are permitted to be granted under the 2007 Equity Plan. The maximum number of shares of our common stock that may be issued under the 2025 Equity Plan (subject to certain adjustments) is the sum of (i) 9.0 million shares which were approved by stockholders at the Annual Meeting; plus (ii) the number of shares reserved for issuance under the 2007 Equity Plan that remained available for grant under the 2007 Equity Plan as of the Annual Meeting; plus (iii) any shares underlying 2007 Equity Plan awards that may become available for issuance under the 2025 Equity Plan in accordance with the 2025 Equity Plan provisions. Stock Option Grants The fair value of the stock options granted were estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Expected stock price volatility |  | 55.4 | % |  | 56.6 | % |  | 55.5 | % |  | 57.2 | % |  |  |  |
Risk free interest rate |  | 4.0 | % |  | 4.3 | % |  | 4.3 | % |  | 4.0 | % |  |  |  |
Expected life of options (years) |  | 5.6 |  | 5.6 |  | 5.6 |  | 5.6 |  |  |  |
Expected annual dividend per share |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
A summary of the Company's stock options for the six months ended June 30, 2025 were as follows:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Years |  | Aggregate Intrinsic Value
|  | (in thousands) |  |  |  |  |  | (in millions)
Options outstanding, December 31, 2024 |  | 26,013 |  |  | $ | 12.11 |  |  |  |  |
Granted |  | 3,522 |  |  | $ | 8.60 |  |  |  |  |
Exercised |  | (19) |  |  | $ | 7.34 |  |  |  |  |
Forfeited |  | (272) |  |  | $ | 11.21 |  |  |  |  |
Expired |  | (973) |  |  | $ | 12.99 |  |  |  |  |
Options outstanding, June 30, 2025 |  | 28,271 |  |  | $ | 11.65 |  |  | 5.9 |  | $ | 0.4 |
Vested and non-vested expected to vest, June 30, 2025 |  | 27,036 |  |  | $ | 11.66 |  |  | 5.8 |  | $ | 0.4 |
Exercisable at June 30, 2025 |  | 19,534 |  |  | $ | 11.91 |  |  | 4.7 |  | $ | 0.4 |
As of June 30, 2025, the total unrecognized compensation cost related to non-vested stock options granted was $40.3 million and is expected to be recognized over a weighted average period of two years. Restricted Stock Units and Performance-Based Restricted Stock Units (collectively "RSUs") RSUs awarded are generally subject to graded vesting and are contingent on an employee's continued service. RSUs are generally subject to forfeiture if employment terminates prior to the release of vesting restrictions. The Company expenses the cost of the RSUs, which is determined to be the fair market value of the shares of common stock underlying the RSUs at the date of grant, ratably over the period during which the vesting restrictions lapse. A summary of non-vested RSU activity for the six months ended June 30, 2025 is as follows:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Years |  | Aggregate Intrinsic Value
|  | (in thousands) |  |  |  |  |  | (in millions)
Non-vested units as of December 31, 2024 |  | 8,277 |  |  | $ | 13.59 |  |  |  |  |
Granted |  | 7,234 |  |  | $ | 8.82 |  |  |  |  |
Vested |  | (2,283) |  |  | $ | 11.46 |  |  |  |  |
Forfeited |  | (519) |  |  | $ | 11.03 |  |  |  |  |
Non-vested units as of June 30, 2025 |  | 12,709 |  |  | $ | 11.13 |  |  | 2.6 |  | $ | 72.8 |
As of June 30, 2025, there was $85.2 million of total unrecognized compensation cost related to non-vested RSUs with service-based vesting conditions. These costs are expected to be recognized over a weighted average period of three years. Compensation Expense Related to Equity Awards The following table summarizes information related to compensation expense recognized in the Company's Consolidated Statements of Operations related to the equity awards:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Research and development expense |  | $ | 2,393 |  |  | $ | 3,061 |  |  | $ | 6,397 |  |  | $ | 7,932 |
Selling, general, and administrative expense |  | 15,166 |  |  | 13,136 |  |  | 36,334 |  |  | 39,068 |
Total equity compensation expense |  | $ | 17,559 |  |  | $ | 16,197 |  |  | $ | 42,731 |  |  | $ | 47,000 |

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