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Stock-based Compensation
 9 Months Ended
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,
2025202420252024
Incentive Plan$16,232$14,794$54,841$37,294
Inducement Plan2,1792,2345,8526,241
ESPP233221623539
Total stock-based compensation costs18,64417,24961,31644,074
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 ShareWeighted Average Remaining Contractual Term
(in years)		Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 202439,082 $7.96 
Granted538 9.31 
Exercised(897)5.36 $3,290 
Cancelled or Forfeited(1,924)9.99 
Outstanding at September 30, 202536,799 $7.94 6.10$28,966 
Exercisable at September 30, 202523,314 $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, 20249,289 $7.73 
Granted393 9.17 
Vested(270)8.25 
Forfeited(667)7.64 
Unvested at September 30, 20258,745 $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 ShareWeighted Average Remaining Contractual Term
(in years)		Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 20245,158 $8.44 
Granted96 8.07 
Exercised(252)5.65 $994 
Cancelled or Forfeited(279)11.31 
Outstanding at September 30, 20254,723 $8.41 6.20$6,940 
Exercisable at September 30, 20253,519 $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, 2024823 $8.53 
Granted472 8.47 
Vested(197)9.16 
Forfeited(99)8.33 
Unvested at September 30, 2025999 $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,
20252024
Expected Life in Years6.25.8
Expected Volatility79.0 %83.7 %
Expected Dividend Yield0.0 %0.0 %
Risk-Free Interest Rate4.1 %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,
20252024
Expected Life in Years6.45.8
Expected Volatility80.9 %83.4 %
Expected Dividend Yield0.0 %0.0 %
Risk-Free Interest Rate4.0 %4.2 %
Weighted average grant date fair value per share$5.89 $4.43