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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Share-based Compensation Expense | The Company recognized share-based compensation in its Condensed Statements of Operations and Comprehensive Loss during the three month periods ended March 31, 2025 and 2024 as follows:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Manufacture and supply | $ | 100 |  |  | $ | 70 |  |  |  |  |
Research and development | 330 |  |  | 170 |  |  |  |  |
Selling, general and administrative | 1,157 |  |  | 1,340 |  |  |  |  |
Total share-based compensation expenses | $ | 1,587 |  |  | $ | 1,580 |  |  |  |  |
Share-based compensation from: |  |  |  |  |  |  |
Restricted stock units | $ | 1,102 |  |  | $ | 933 |  |  |  |  |
Stock options | 485 |  |  | 647 |  |  |  |  |
Total share-based compensation expenses | $ | 1,587 |  |  | $ | 1,580 |  |  |  |  |
Restricted Stock Units Awards | The following tables provide information about the Company’s restricted stock unit and stock option activity during the three month period ended March 31, 2025: Restricted Stock Units The following tables summarize the Company’s awards of service-based and market conditions vesting-based restricted stock units for the three month period ended March 31, 2025:
Restricted Stock Unit Awards (RSUs) - Service-based: | Number of Units |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
Unvested as of December 31, 2024 | 2,610 |  |  | $ | 3.38 |
Granted | 1,435 |  |  | $ | 2.65 |
Vested | (713) |  |  | $ | 3.07 |
Forfeited | (31) |  |  | $ | 3.99 |
Unvested as of March 31, 2025 | 3,301 |  |  | $ | 3.13 |
Expected to vest as of March 31, 2025 | 3,030 |  |  | $ | 3.11 |
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, 2024 | 1,082 |  |  | $ | 2.40 |
Granted | 784 |  |  | 2.82 |
Vested | — |  |  | — |
Forfeited | — |  |  | — |
Unvested as of March 31, 2025 | 1,866 |  |  | $ | 2.57 |
Expected to vest as of March 31, 2025 | 1,698 |  |  | $ | 2.56 |
Schedule of Valuation Assumptions | The Company’s estimates of the fair value of the 2025 market conditions vesting-based awards at their grant or valuation dates were based on a Monte Carlo simulation and considered various variables and the following assumptions:
| Three Months Ended March 31, 2025
Expected dividend yield | 0%
Expected volatility | 91.5%
Risk-free interest rate | 3.9%
Stock price at grant date | $2.65
Stock Option Activity |
Stock Option Awards: | Number of Options |  | Weighted Average Exercise Price
| (in thousands) |  |
Outstanding as of December 31, 2024 | 6,301 |  |  | $ | 5.68 |
Granted | 738 |  |  | 2.65 |
Exercised | — |  |  | — |
Forfeited/Expired | (62) |  |  | 5.56 |
Outstanding as of March 31, 2025 | 6,977 |  |  | $ | 5.36 |
Expected to vest as of March 31, 2025 | 6,849 |  |  | $ | 5.40 |
Exercisable as of March 31, 2025 | 5,238 |  |  | $ | 6.04 |
The fair values of stock options granted were estimated using the Black-Scholes pricing model based on the following assumptions:
| Three Months Ended March 31, 2025 |  |
Expected dividend yield | —% |  |
Expected volatility | 100% |  |
Expected term (years) | 6.1 |  |
Risk-free interest rate | 4.2% |  |

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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