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Equity Incentive Plans
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
Stock Options
The activity related to stock options during the nine months ended September 30, 2025 consisted of the following:
September 30, 2025
Number of shares (in thousands)Weighted-average exercise price $
Outstanding at December 31, 2024
9,276 $11.00 
Granted2,503 7.72 
Exercised/released
(441)7.21 
Cancelled/forfeited
(2,228)12.12 
Outstanding at September 30, 2025
9,110 $10.01 
The following weighted-average assumptions were used to estimate the fair value of the options granted during the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30,
20252024
Expected volatility78 %77 %
Risk-free interest rate3.99 %4.08 %
Expected term (in years)5.05.0
Expected dividend yield0.0 %0.0%
Fair value per common share option$5.03$3.82
Performance Awards and Restricted Stock Units
The fair value of performance awards and RSUs is based on the market price of the Company's common shares on the date prior to the grant. During the nine months ended September 30, 2025, the Company granted performance awards that vest in four tranches upon the Company’s common shares achieving four progressively higher target prices, and each tranche is further subject to a one year service period following tranche achievement. The Company estimated the fair value of each award with a market and service condition on the date of grant by using a Monte Carlo simulation (lattice model).
The activity related to performance awards and RSUs for the nine months ended September 30, 2025 consisted of the following:
September 30, 2025
Number of shares (in thousands)Weighted-average fair value price
Unvested balance, December 31, 2024
7,986 $8.08 
Granted1,430 6.81 
Vested(2,684)8.59 
Cancelled/forfeited
(2,141)8.18 
Unvested balance, September 30, 2025
4,591 $7.34 
Share-based Compensation Expense
The classification of share-based compensation expense consisted of the following (in thousands):
Three Months Ended
 September 30,
Nine Months Ended
September 30,
2025202420252024
Research and development$327 $306 $755 $(1,773)
Selling, general and administrative5,387 7,812 6,751 23,427 
Capitalized in inventory, net
205 209 444 996 
Share-based compensation expense$5,919 $8,327 $7,950 $22,650 
As of September 30, 2025, there was $16.1 million of unrecognized share-based compensation expense related to unvested awards granted which is expected to be recognized over a weighted-average period of 1.0 year.