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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share-based Compensation Expense | The Company recognized share-based compensation in its unaudited Condensed Statements of Operations and Comprehensive (Loss) Income during 2024 and 2023 as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Manufacture and supply | $ | 102 |  |  | $ | 59 |  |  | $ | 271 |  |  | $ | 155 |
Research and development | 310 |  |  | 105 |  |  | 788 |  |  | 277 |
Selling, general and administrative | 1,165 |  |  | 610 |  |  | 3,637 |  |  | 1,334 |
Total share-based compensation expenses | $ | 1,577 |  |  | $ | 774 |  |  | $ | 4,696 |  |  | $ | 1,766 |
Share-based compensation from: |  |  |  |  |  |  |
Restricted stock units | $ | 1,049 |  |  | $ | 312 |  |  | $ | 2,982 |  |  | $ | 532 |
Stock options | 528 |  |  | 462 |  |  | 1,698 |  |  | 1,217 |
Employee stock purchase plan (ESPP) | — |  |  | — |  |  | 16 |  |  | 17 |
Total share-based compensation expenses | $ | 1,577 |  |  | $ | 774 |  |  | $ | 4,696 |  |  | $ | 1,766 |
Restricted Stock Units Awards | The following tables provide information about the Company’s restricted stock unit and stock option activity during the nine month period ended September 30, 2024:
Restricted Stock Unit Awards (RSUs) - Service-based: | Number of Units |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
Unvested as of December 31, 2023 | 1,948 |  |  | $ | 0.97 |
Granted | 1,430 |  |  | $ | 5.54 |
Vested | (607) |  |  | $ | 0.96 |
Forfeited | (43) |  |  | $ | 1.58 |
Unvested as of September 30, 2024 | 2,728 |  |  | $ | 3.36 |
Expected to vest as of September 30, 2024 | 2,539 |  |  | $ | 3.33 |
Performance Share Activity |
Restricted Stock Unit Awards (RSUs) - Market conditions vesting-based: | Number of Units |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
Unvested as of December 31, 2023 | 1,332 |  |  | $ | 2.40 |
Vested | (150) |  |  | 2.40 |
Forfeited | — |  |  | — |
Unvested as of September 30, 2024 | 1,182 |  |  | $ | 2.40 |
Expected to vest as of September 30, 2024 | 1,089 |  |  | $ | 2.40 |
Stock Option Activity |
Stock Option Awards: | Number of Options |  | Weighted Average Exercise Price
| (in thousands) |  |
Outstanding as of December 31, 2023 | 5,733 |  |  | $ | 5.58 |
Granted | 1,024 |  |  | 4.83 |
Exercised | (357) |  |  | 2.05 |
Forfeited/Expired | (99) |  |  | 3.84 |
Outstanding as of September 30, 2024 | 6,301 |  |  | $ | 5.68 |
Expected to vest as of September 30, 2024 | 6,210 |  |  | $ | 5.70 |
Exercisable as of September 30, 2024 | 4,688 |  |  | $ | 6.36 |
The fair values of stock options granted were estimated using the Black-Scholes pricing model based on the following assumptions:
| Nine Months Ended September 30, |  |
Expected dividend yield | —%
Expected volatility | 104% | - | 107% |  |
Expected term (years) | 5.5 | - | 6.1 |  |
Risk-free interest rate | 4.1% | - | 4.5% |  |

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