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Stock-based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Stock-Based Compensation As of September 30, 2025, the Company had three stock-based employee compensation plans: the Amended and Restated Stock Incentive Plan (“Incentive Plan”), the Amended and Restated Inducement Equity Incentive Plan (“Inducement Plan”) and the Amended and Restated Employee Stock Purchase Plan (“ESPP”). The Incentive Plan was most recently amended and restated on April 21, 2025 and approved by the Company’s stockholders on June 12, 2025. The Inducement Plan was most recently amended and restated by the Company’s Board of Directors on October 26, 2023. The ESPP was most recently amended and restated by the Company’s Board of Directors on July 7, 2023. The Company recorded the following stock-based compensation expense (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Incentive Plan | $ | 16,232 |  | $ | 14,794 |  | $ | 54,841 |  | $ | 37,294
Inducement Plan | 2,179 |  | 2,234 |  | 5,852 |  | 6,241
ESPP | 233 |  | 221 |  | 623 |  | 539
Total stock-based compensation costs | 18,644 |  | 17,249 |  | 61,316 |  | 44,074
Capitalized stock-based compensation costs | (43) |  | — |  | (43) |  | —
Total stock-based compensation costs included in operating expenses | $ | 18,601 |  | $ | 17,249 |  | $ | 61,273 |  | $ | 44,074
Stock Incentive Plan The following table summarizes stock option activity under the Incentive Plan:
| Shares (in thousands) |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024 | 39,082 |  |  | $ | 7.96 |  |  |  |  |
Granted | 538 |  |  | 9.31 |  |  |  |  |
Exercised | (897) |  |  | 5.36 |  |  |  |  | $ | 3,290 |
Cancelled or Forfeited | (1,924) |  |  | 9.99 |  |  |  |  |
Outstanding at September 30, 2025 | 36,799 |  |  | $ | 7.94 |  |  | 6.10 |  | $ | 28,966 |
Exercisable at September 30, 2025 | 23,314 |  |  | $ | 7.92 |  |  | 4.74 |  | $ | 23,388 |
The following table summarizes restricted stock unit activity under the Incentive Plan:
| Shares (in thousands) |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2024 | 9,289 |  |  | $ | 7.73 |
Granted | 393 |  |  | 9.17 |
Vested | (270) |  |  | 8.25 |
Forfeited | (667) |  |  | 7.64 |
Unvested at September 30, 2025 | 8,745 |  |  | $ | 7.60 |
For restricted stock unit awards granted under the Incentive Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the first nine months of 2025 and 2024 was $9.17 and $5.80, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method. Inducement Equity Incentive Plan The following table summarizes stock option activity under the Inducement Plan:
| Shares (in thousands) |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024 | 5,158 |  |  | $ | 8.44 |  |  |  |  |
Granted | 96 |  |  | 8.07 |  |  |  |  |
Exercised | (252) |  |  | 5.65 |  |  |  |  | $ | 994 |
Cancelled or Forfeited | (279) |  |  | 11.31 |  |  |  |  |
Outstanding at September 30, 2025 | 4,723 |  |  | $ | 8.41 |  |  | 6.20 |  | $ | 6,940 |
Exercisable at September 30, 2025 | 3,519 |  |  | $ | 8.18 |  |  | 5.60 |  | $ | 6,324 |
The following table summarizes restricted stock unit activity under the Inducement Plan:
| Shares (in thousands) |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2024 | 823 |  |  | $ | 8.53 |
Granted | 472 |  |  | 8.47 |
Vested | (197) |  |  | 9.16 |
Forfeited | (99) |  |  | 8.33 |
Unvested at September 30, 2025 | 999 |  |  | $ | 8.39 |
For restricted stock unit awards granted under the Inducement Plan, the fair value of the awards is determined based on the market value of the Company’s shares on the grant date. The weighted average grant date fair value of these awards granted during the first nine months of 2025 and 2024 was $8.47 and $6.25, respectively. The fair value of the restricted stock unit awards is amortized to expense over the vesting periods using a straight-line expense attribution method. Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive and Inducement Plans For stock option awards granted under the Incentive Plan and the Inducement Plan, the fair value is estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted below. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method. Stock Incentive Plan The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Incentive Plan during the nine months ended September 30, 2025 and 2024.
| Nine Months Ended September 30,
| 2025 |  | 2024
Expected Life in Years | 6.2 |  | 5.8
Expected Volatility | 79.0 | % |  | 83.7 | %
Expected Dividend Yield | 0.0 | % |  | 0.0 | %
Risk-Free Interest Rate | 4.1 | % |  | 4.3 | %
Weighted average grant date fair value per share | $ | 6.64 |  |  | $ | 4.56 |
Inducement Equity Incentive Plan The following table summarizes the key assumptions used by the Company to value the stock option awards granted under the Inducement Plan during the nine months ended September 30, 2025 and 2024.
| Nine Months Ended September 30,
| 2025 |  | 2024
Expected Life in Years | 6.4 |  | 5.8
Expected Volatility | 80.9 | % |  | 83.4 | %
Expected Dividend Yield | 0.0 | % |  | 0.0 | %
Risk-Free Interest Rate | 4.0 | % |  | 4.2 | %
Weighted average grant date fair value per share | $ | 5.89 |  |  | $ | 4.43 |

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