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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | We recognize total stock-based compensation expense in our Consolidated Statements of Operations as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Cost of goods sold |  | $ | 1,946 |  |  | $ | 3,177 |
Research and development |  |  | 8,161 |  |  |  | 13,890 |
General and administrative |  |  | 11,505 |  |  |  | 16,321 |
Total stock-based compensation |  | $ | 21,612 |  |  | $ | 33,388 |
Schedule of Black-Scholes Option-Pricing Model Assumptions Used to Calculate Fair Value of Employee Stock Options | The following table lists the Black-Scholes option-pricing model assumptions used to calculate the fair value of employee and director stock options, as well as the resulting grant-date fair value:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Average risk-free interest rate |  |  | 4.2 | % |  |  | 4.0 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Average volatility factor |  |  | 91.7 | % |  |  | 88.4 | %
Weighted-average expected life |  | 5.1 years |  |  | 5.1 years |
Weighted-average grant-date fair value of options granted |  | $ | 0.76 |  |  | $ | 0.37 |
Schedule of Stock Option Activity Under Equity Incentive Plans | The table below presents a summary of stock option activity under our equity incentive plans (in thousands, except for price per share and contractual life information):
|  |  |  |  |  |  |  | Weighted- |  |  |  |
|  |  |  |  | Weighted- |  |  | Average |  |  |  |
|  |  |  |  | Average |  |  | Remaining |  |  |  |
|  | Number |  |  | Exercise |  |  | Contractual |  |  | Aggregate |
|  | of |  |  | Price |  |  | Life |  |  | Intrinsic |
|  | Shares |  |  | per Share |  |  | (in Years) |  |  | Value(1) |
Outstanding at December 31, 2023 |  |  | 23,016 |  |  | $ | 8.26 |  |  |  |  |  |  |
Options granted |  |  | 12,541 |  |  |  | 1.04 |  |  |  |  |  |  |
Options exercised |  |  | (144 | ) |  |  | 0.52 |  |  |  |  |  |  |
Options forfeited & canceled |  |  | (2,354 | ) |  |  | 7.87 |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 33,059 |  |  | $ | 5.58 |  |  |  | 6.39 |  |  | $ | 4,468 |
Exercisable at December 31, 2024 |  |  | 11,347 |  |  |  | 13.14 |  |  |  | 4.62 |  |  | $ | 1,230 |
(1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on December 31, 2024.
Schedule of Restricted Stock Unit Award Activity | A summary of RSU award activity is as follows (in thousands except for per share amounts):
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  |  |  |  | Grant |
|  |  |  |  | Date Fair |
|  | Units Issued |  |  | Value |
Unvested at December 31, 2023 |  |  | 4,230 |  |  | $ | 6.14 |
Granted |  |  | 50 |  |  |  | 1.09 |
Vested and released |  |  | (2,474 | ) |  |  | 5.82 |
Forfeited and canceled |  |  | (283 | ) |  |  | 3.06 |
Unvested at December 31, 2024 |  |  | 1,523 |  |  | $ | 7.07 |

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