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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Activity Under Restricted Stock Units | Restricted Stock Units
|  | Number of Units (in thousands) |  |  | Weighted-Average Grant Date Fair Value per Unit |
Balance at December 31, 2023 |  |  | 6,933 |  |  | $ | 2.46 |
Assumed through acquisition |  |  | 2,970 |  |  |  | 2.00 |
Granted |  |  | 10,850 |  |  |  | 2.20 |
Vested |  |  | (5,332 | ) |  |  | 2.29 |
Forfeited |  |  | (2,032 | ) |  |  | 2.28 |
Balance at December 31, 2024 |  |  | 13,389 |  |  | $ | 2.24 |
Schedule of Activity Under Stock Options | Stock Options
|  | Number of Options (in thousands) |  |  | Weighted-Average Exercise Price per Option |  |  | Weighted- Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value (1) (in thousands) |
Balance at December 31, 2023 |  |  | 9,294 |  |  | $ | 3.62 |  |  |  | 8.5 |  |  |  |
Assumed through acquisition |  |  | 28,184 |  |  |  | 4.80 |  |  |  |  |  |  |
Granted |  |  | 6,697 |  |  |  | 2.50 |  |  |  |  |  |  |
Exercised |  |  | (715 | ) |  |  | 2.07 |  |  |  |  |  |  |
Cancelled |  |  | (4,247 | ) |  |  | 3.88 |  |  |  |  |  |  |
Balance at December 31, 2024 |  |  | 39,213 |  |  | $ | 4.28 |  |  |  | 5.9 |  |  | $ | 2.75 |
Vested at December 31, 2024 |  |  | 28,594 |  |  | $ | 4.76 |  |  |  | 5.0 |  |  | $ | 2.75 |
Unvested options at December 31, 2024 |  |  | 10,619 |  |  | $ | 3.10 |  |  |  | 8.6 |  |  | $ | — |
(1) Aggregate intrinsic value as of December 31, 2024 was calculated as the difference between the closing price per share of the Company’s common stock on The Nasdaq Global Select Market on December 31, 2024, which was $1.75, and the exercise price of the options, multiplied by the number of in-the-money options.
Schedule of Stock-Based Compensation Determined using Black-Sholes Option-Pricing Model and Weighted Average Assumptions | The weighted average assumptions used to estimate the fair value of options granted were as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Stock options |  |  |  |  |  |  |  |  |
Weighted average expected volatility |  |  | 89.0 | % |  |  | 97.1 | % |  |  | 91.8 | %
Weighted average expected term |  | 6.6 years |  |  | 4.7 years |  |  | 4.3 years |
Weighted average risk-free interest rate |  |  | 4.4 | % |  |  | 3.9 | % |  |  | 2.6 | %
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Weighted-average fair value per share |  | $ | 1.96 |  |  | $ | 1.49 |  |  | $ | 2.21 |
Schedule of Nonvested Performance-Based Units Activity | Activity under the performance-based awards was as follows:
|  | Number of Units (in thousands) |  |  | Weighted-Average Grant Date Fair Value per Unit |
Balance at December 31, 2023 |  |  | 309 |  |  | $ | 2.42 |
PSU granted |  |  | 100 |  |  |  | 2.25 |
Performance adjustment |  |  | (26 | ) |  |  | 2.42 |
PSU released |  |  | (383 | ) |  |  | 2.38 |
Balance at December 31, 2024 |  |  | — |  |  | $ | — |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense is reported in the Company's consolidated statements of operations as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cost of product revenue |  | $ | 732 |  |  | $ | 652 |  |  | $ | 511 |
Cost of services revenue |  |  | 648 |  |  |  | 159 |  |  |  | 81 |
Cost of collaboration and other revenue |  |  | 3 |  |  |  | — |  |  |  | — |
Research and development expense |  |  | 5,827 |  |  |  | 1,671 |  |  |  | 2,481 |
Selling, general and administrative expense |  |  | 24,522 |  |  |  | 10,641 |  |  |  | 11,807 |
Total stock-based compensation expense |  | $ | 31,732 |  |  | $ | 13,123 |  |  | $ | 14,880 |

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