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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The Company recognized share-based compensation in its Condensed Statements of Operations and Comprehensive Loss during the three and nine month periods ended September 30, 2025 and 2024 as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Manufacture and supply | $ | 130 |  |  | $ | 102 |  |  | $ | 358 |  |  | $ | 271 |
Research and development | 1,310 |  |  | 310 |  |  | 2,048 |  |  | 788 |
Selling, general and administrative | 1,337 |  |  | 1,165 |  |  | 3,842 |  |  | 3,637 |
Total share-based compensation expenses | $ | 2,777 |  |  | $ | 1,577 |  |  | $ | 6,248 |  |  | $ | 4,696 |
Share-based compensation from: |  |  |  |  |  |  |
Restricted stock units | $ | 1,997 |  |  | $ | 1,049 |  |  | $ | 4,506 |  |  | $ | 2,982 |
Stock options | 780 |  |  | 528 |  |  | 1,733 |  |  | 1,698 |
Employee stock purchase plan (ESPP) | — |  |  | — |  |  | 9 |  |  | 16 |
Total share-based compensation expenses | $ | 2,777 |  |  | $ | 1,577 |  |  | $ | 6,248 |  |  | $ | 4,696 |
Share-Based Compensation Equity 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, 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 nine month period ended September 30, 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 | 1,481 |  |  | $ | 2.67 |
Vested | (1,054) |  |  | $ | 3.03 |
Forfeited | (145) |  |  | $ | 3.31 |
Unvested as of September 30, 2025 | 2,892 |  |  | $ | 3.15 |
Expected to vest as of September 30, 2025 | 2,717 |  |  | $ | 3.14 |
As of September 30, 2025, $5,872 of total unrecognized compensation expenses related to unvested service-based restricted stock units are expected to be recognized over a remaining weighted average period of 1.69 years. The service-based restricted stock units granted to employees are subject to a three-year graduated vesting schedule and are not subject to performance-based criteria other than continued employment.
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 |  |  | 2.51 |
Vested | — |  |  | — |
Forfeited | (86) |  |  | — |
Unvested as of September 30, 2025 | 1,780 |  |  | $ | 2.56 |
Expected to vest as of September 30, 2025 | 1,666 |  |  | $ | 2.55 |
As of September 30, 2025, $1,866 of unrecognized compensation expense related to unvested market condition vesting- based restricted stock units are expected to be recognized over a remaining weighted average period of 1.31 years. The 2023 market conditions vesting-based restricted stock units vest based on a Performance Price measured as the 30-day average of the closing prices of the Company’s common stock as reported on the Nasdaq Stock Market immediately prior to and including the last calendar day of the three-year performance period (which ends on the third anniversary of the grant date). To the extent the Performance Price is less than $1.75, the Vesting Percentage will be zero. To the extent the Performance Price is $1.75, the Vesting Percentage will be 50%. To the extent the Performance Price is $1.76 or greater, but less than $2.50, the Vesting Percentage will be a prorated amount between 50.01% and 99.99%, based on straight-line interpolation. To the extent the Performance Price is $2.50, the Vesting Percentage will be 100%. To the extent the Performance Price is $2.51 or greater, but less than $3.25, the Vesting Percentage will be a prorated amount between 100.01% and 149.99%, based on straight-line interpolation. To the extent the Performance Price is $3.25 or greater, the Vesting Percentage will be 150%. In no event will the Vesting Percentage exceed 150%. The 2025 market conditions vesting-based restricted stock units were measured over a three-year performance period. The performance period is split into two pricing periods. The first pricing period commences on the grant date and ends on the calendar day immediately proceeding the second anniversary of the grant date. The second pricing period commences on the second anniversary of the grant date and ends on the third anniversary of the grant date, The performance price for the first pricing period is calculated based on the 30-day average price observed for the last 30 days of the first pricing period. The performance price for the second pricing period is calculated based on the highest 30-day average for any 30-day period throughout the second pricing period. To the extent the Performance Price is less than $6.00, the Vesting Percentage will be zero. To the extent the Performance Price is $6.00, the Vesting Percentage will be 50%. To the extent the Performance Price is $6.01 or greater, but less than $7.00, the Vesting Percentage will be a prorated amount between 50.01% and 99.99%, based on straight-line interpolation. To the extent the Performance Price is $7.00, the Vesting Percentage will be 100%. To the extent the Performance Price is $7.01 or greater, but less than $8.00, the Vesting Percentage will be a prorated amount between 100.01% and 149.99%, based on straight-line interpolation. To the extent the Performance Price is $8.00 or greater, the Vesting Percentage will be 150%. In no event will the Vesting Percentage exceed 150%. 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:
| Nine Months Ended September 30, 2025
Expected dividend yield | 0%
Expected volatility | 91.5%
Risk-free interest rate | 3.9%
Stock price at grant date | $2.65
2022 Inducement Equity Incentive Plan In accordance with Nasdaq Listing Rule 5635(c)(4), the Company adopted the 2022 Equity Inducement Plan approved by the Compensation Committee of the Board of Directors of the Company effective as of July 29, 2022.
Stock Option Awards: | Number of Options |  | Weighted Average Exercise Price
| (in thousands) |  |
Outstanding as of December 31, 2024 | 6,301 |  |  | $ | 5.68 |
Granted | 990 |  |  | 2.84 |
Exercised | (207) |  |  | 1.67 |
Forfeited/Expired | (144) |  |  | 4.70 |
Outstanding as of September 30, 2025 | 6,940 |  |  | $ | 5.42 |
Expected to vest as of September 30, 2025 | 6,848 |  |  | $ | 5.44 |
Exercisable as of September 30, 2025 | 5,444 |  |  | $ | 5.89 |
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, 2025 |  |
Expected dividend yield | —% | — | —% |  |
Expected volatility | 97% | — | 100% |  |
Expected term (years) | 5.5 | — | 6.1 |  |
Risk-free interest rate | 4.1% | — | 4.2% |  |
The weighted average grant date fair value of stock options granted during the nine months ended September 30, 2025 was $2.27. During the nine months ended September 30, 2025, stock options were granted with a weighted average exercise price of $2.84. As of September 30, 2025, $3,365 of unrecognized compensation expense related to non-vested stock options is expected to be recognized over a remaining weighted average period of 1.71 years.

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