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STOCKHOLDERS’ EQUITY (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Summary of Allocation of Stock-Based Compensation Expense Related to Share-Based Payment Awards
The following table summarizes the stock-based compensation expense included in operating expenses on our condensed consolidated statements of operations related to stock options, restricted stock units, and employee stock purchases for the three months ended March 31, 2025 and 2024, which was allocated as follows:
Three Months Ended March 31,
(In thousands)20252024
Research and development$2,395 $1,681 
Selling, general and administrative5,013 3,196 
Total stock-based compensation expense$7,408 $4,877 
Schedule of Assumptions Used to Estimate the Fair Value of Stock Options Granted The fair value of service-based stock options granted during the three months ended March 31, 2025 and 2024 has been estimated at the date of grant using the Black- Scholes option-pricing model with the following assumptions:
Three Months Ended March 31,
20252024
Dividend yield0%0%
Expected volatility range
71.42% to 73.36%
82.94% to 86.68%
Risk-free interest rate range
4.16% to 4.47%
4.05% to 4.32%
Expected term6 years6 years
Schedule of Assumptions Used to Estimate the Fair Value of Employee Stock Purchases Under the Purchase Plan
The fair value of employees’ stock purchase rights during the three months ended March 31, 2025 and 2024 has been estimated using the Black-Scholes option-pricing model with the following assumptions:
Three Months Ended March 31,
20252024
Dividend yield0%0%
Expected volatility range
44.18% to 93.79%
59.46% to 79.05%
Risk-free interest rate range
4.17% to 5.10%
4.79% to 5.40%
Expected term range
6 months to 12 months
6 months to 12 months
Schedule of Stock Options, RSUs and PSOs Activity
The following table summarizes the activity for stock options, RSUs and PSOs for the three months ended March 31, 2025 (in thousands):
Stock Options RSU's PSO's
Equity awards outstanding, beginning of year71,180,260— 4,787,107 
Changes during the year
Granted
11,834,5003,673,750— 
Exercised
(125,999)— (29,350)
Expired or Forfeited
(11,558,265)(586,500)(350,000)
Equity outstanding, end of period
71,330,4963,087,2504,407,757 
Unvested portion of equity outstanding, end of period
35,516,641 3,087,250100,000 
As of March 31, 2025, total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards are expected to be recognized were as follows ($ in thousands):
Stock Options
RSU's
PSO's
Unrecognized compensation cost
$45,466,916 6,684,07732,971 
Expected weighted-average period in years of compensation cost to be recognized2.833.890.22