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Share-Based Compensation (Tables)

9 Months Ended

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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