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Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Designated Preferred Units As of March 31, 2025, the Company has designated the following preferred stock:
Designated Preferred SharesMarch 31, 2025
Series A4,200 
Series B2,360 
Series C590 
Series D10,000 
Series E 40,000 
Series E-112,960 
Series F-1 24,900 
Series F-224,900 
Series F-334,860 
Series F-424,900 
Total179,670 
Schedule of Avenue Warrant Valued Using the Black-Scholes Option Pricing Method
The Company values stock options using the Black-Scholes option pricing model and used the following assumptions, on a weighted-average basis, during the reporting periods:
 Three Months Ended March 31,
 20252024
Expected terms (years)5.75.6
Expected volatility90.0%115.0%
Risk-free interest rate4.35%4.19%
Expected dividends0.00%0.00%
Schedule of Stock Option Activity
The following is a summary of stock option activity for the three months ended March 31, 2025:
Number of Options Weighted Average
Exercise Price Per Share
Weighted Average
Remaining
Contractual Term
(in years)
Aggregate Intrinsic
Value
(in thousands)
Outstanding at January 1, 20255,766,927$7.23 7.5$28,796 
Granted2,356,16315.97 9.8
Exercised(101,597)6.20 
Expired— — 
Cancelled/Forfeited(53,432)9.80 
Outstanding at March 31, 20257,968,061$9.81 8.0$31,861 
Exercisable at March 31, 20253,873,579$8.37 6.6$18,258 
Unvested at March 31, 20254,094,482 $11.17 9.3$13,603 
Schedule of Recognized Share-based Compensation Cost
The following is a summary of share-based compensation expense in the statement of operations:
Three Months Ended March 31,
(In thousands)20252024
Selling, general and administrative$4,529 $2,042 
Research and development1,568 647 
Cost of goods sold766 256 
Total$6,863 $2,945 
Schedule of Warrant Activity
The following is a summary of common stock warrant activity for the three months ended March 31, 2025:
 Warrants
Weighted Average Exercise Price
Outstanding at January 1, 20253,193,275$5.80 
Warrants issued— — 
Warrants exercised(238,500)10.00 
Outstanding and exercisable at March 31, 20252,954,775$5.46 
Schedule of Information Related to Stock Warrants Outstanding and Exercisable
The following table presents information related to common stock warrants outstanding at March 31, 2025:
Warrants Exercisable
Range of Exercise PricesOutstanding
Number of
Warrants
Weighted Average
Remaining Warrant Term
(in years)
$0.01 (1)
1,341,375
$10.00 (2)
1,613,4000.1
2,954,775
(1) Pre-funded warrants with a $0.01 exercise price do not expire until exercised.
(2) As of May 5, 2025, the expiration date of the Series F warrants, additional warrants totaling 1,377,275 were exercised with subsequent cash receipts of $13.8 million.