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STOCKHOLDERS’ EQUITY (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule 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, RSUs, and employee stock purchases for the three and nine months ended September 30, 2025 and 2024, which was allocated as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Research and development$2,544 $1,904 $7,461 $7,960 
Selling, general and administrative4,197 4,986 13,427 16,432 
Total stock-based compensation expense$6,742 $6,890 $20,888 $24,392 
Schedule of Assumptions Used to Estimate the Fair Value of Stock Options Granted The fair value of service-based stock options granted during the nine months ended September 30, 2025 and 2024 has been estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:
Nine Months Ended September 30,
20252024
Dividend yield0%0%
Expected volatility range
71.42% to 74.36%
82.94% to 86.68%
Risk-free interest rate range
3.72% to 4.47%
3.53% to 4.62%
Expected term6 years6 years
Schedule of Assumptions Used to Estimate the Fair Value of Employee Stock Purchases Under the Purchase Plan
The fair value of employees’ stock purchase rights during the nine months ended September 30, 2025 and 2024 has been estimated using the Black-Scholes option-pricing model with the following assumptions:
Nine Months Ended September 30,
20252024
Dividend yield0%0%
Expected volatility range
69.11% to 87.80%
72.08% to 119.00%
Risk-free interest rate range
3.98% to 4.29%
4.79% to 5.37%
Expected term range
6 months to 12 months
6 months to 12 months
Schedule of Stock Options, RSUs and PSOs Activity
The following table summarizes the activity for stock options, RSUs and PSOs as of September 30, 2025:
Stock Options
RSUs
PSOs
Equity awards outstanding, beginning of year71,180,260 — 4,787,107 
Changes during the year
Granted
27,399,500 5,309,750 67,000 
Exercised
(1,057,155)— (107,100)
Expired or Forfeited
(17,672,624)(998,750)(503,060)
Equity outstanding, end of period
79,849,981 4,311,000 4,243,947 
Unvested portion of equity outstanding, end of period
40,354,141 4,311,000 67,000 
As of September 30, 2025, total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards are expected to be recognized were as follows ($ in thousands):
Stock Options
RSUs
PSOs
Unrecognized compensation cost
$45,979,197 $6,902,172 $56,240 
Expected weighted-average period in years of compensation cost to be recognized2.923.510.55