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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders’ Equity Public and Private Placements June 2024 Shelf Registration Statement On June 28, 2024, the Company filed a universal shelf registration statement on Form S-3 (the “June 2024 Shelf Registration Statement”) with the SEC, pursuant to which the Company may offer, issue and sell any combination of shares of the Company’s common stock, par value $0.01 per share, shares of the Company’s preferred stock, par value $0.01 per share, debt securities, warrants to purchase common stock, preferred stock and/or debt securities, in one or more series, and units consisting of any combination of the other types of securities registered under such June 2024 Shelf Registration Statement in an aggregate amount of up to $150 million, in each case, to the public in one or more registered offerings. The June 2024 Shelf Registration Statement was declared effective on August 5, 2024. Authorized Shares The Company is authorized to issue 80 million shares of common stock, $0.01 par value, and 10 million shares of preferred stock, $0.01 par value. As of September 30, 2025, the Company has designated the following preferred stock:
Designated Preferred Shares |  | September 30, 2025
Series A |  | 4,200 |
Series B |  | 2,360 |
Series C |  | 590 |
Series D |  | 10,000 |
Series E |  | 40,000 |
Series E-1 |  | 12,960 |
Series F-1 |  | 24,900 |
Series F-2 |  | 24,900 |
Series F-3 |  | 34,860 |
Series F-4 |  | 24,900 |
Total |  | 179,670 |
Preferred Stock As of September 30, 2025, there were an aggregate of 10,957 shares of Series E and Series E-1, 1,085 Series F-2 and 2,150 Series F-4 Convertible Preferred Stock outstanding, respectively. Subject to limitations set forth in the Beneficial Ownership Limitation, the shares of Series E and E-1 Preferred Stock are convertible into common stock at the option of the holder at the conversion price of $10.00 per share. Subject to limitations set forth in the Certificate of Designation, the shares of Series F-2 and F-4 Preferred Stock are convertible into common stock at the option of the holder at the conversion price of $3.30 per share and $6.00 per share, respectively, rounded down to the nearest whole share, and in each case subject to the terms and limitations contained in the Certificate of Designation. Omnibus Equity Incentive Plan On September 30, 2020, the Company’s 2020 Omnibus Equity Incentive Plan (the “2020 Plan”) was adopted by the Company’s Board of Directors. On November 23, 2020, the Company’s stockholders approved the 2020 Plan. The 2020 Plan will continue in effect until the tenth anniversary of the date of its adoption by the Board or until earlier terminated by the Board. The 2020 Plan is administered by the Board of Directors or a committee designated by the Board of Directors. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, as well as other stock-based awards or cash awards that are deemed to be consistent with the purposes of the plan to Company employees, directors and consultants. As of September 30, 2025, there have been 9,325,000 shares of common stock reserved under the 2020 Plan, which includes the additional 2,200,000 shares approved by shareholders on May 15, 2025, of which 2,457,579 shares of common stock remained available to be issued as of September 30, 2025 under the 2020 Plan. In addition to options granted from the 2020 Plan, the Company also grants employment inducement awards pursuant to Listing Rule 5635(c)(4) of the corporate governance rules of the Nasdaq Stock Market. The inducement grants are intended to provide incentive to certain individuals to enter into employment with the Company. Prior to December 5, 2023, the inducement awards were granted outside of the 2020 Plan, however they are governed in all respects as if they were issued under the 2020 Plan. These grants do not reduce the number of options available for issuance under the 2020 Plan. On December 5, 2023, the Company’s 2023 Inducement Plan (the “2023 Plan”) was adopted by the Company’s Board of Directors. The 2023 Plan is administered by a Compensation Committee of two or more Independent Directors appointed by the Board of Directors and is intended to provide for the grant of non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, as well as other stock-based awards or cash awards that are deemed appropriate to incentivize employment with the Company. Awards from the 2023 Plan can only be granted to individuals who have not previously worked for the Company or have not worked for the Company for a bona fide period of time. As of September 30, 2025, there have been 1,100,000 shares of common stock reserved under the 2023 Plan, of which 237,086 remain available to be granted. Stock Options The following tables include information for all options granted including inducement grants that are granted outside of the 2020 Plan. 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:
| Nine Months Ended September 30,
| 2025 |  | 2024
Expected terms (years) | 5.7 |  | 5.6
Expected volatility | 89.1% |  | 114.0%
Risk-free interest rate | 4.30% |  | 4.20%
Expected dividends | 0.00% |  | 0.00%
The following is a summary of stock option activity for the nine months ended September 30, 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, 2025 | 5,766,927 |  | $ | 7.23 |  |  | 7.5 |  | $ | 28,796 |
Granted | 2,710,163 |  | 15.62 |  |  | 9.4 |  |
Exercised | (573,791) |  |  | 7.59 |  |  |  |  |
Expired | (63,175) |  |  | 12.83 |  |  |  |  |
Cancelled/Forfeited | (93,243) |  | 10.33 |  |  |  |  |
Outstanding at September 30, 2025 | 7,746,881 |  | $ | 10.06 |  |  | 8.0 |  | $ | 20,184 |
Exercisable at September 30, 2025 | 4,365,983 |  | $ | 8.64 |  |  | 7.2 |  | $ | 13,690 |
Unvested at September 30, 2025 | 3,380,898 |  |  | $ | 11.88 |  |  | 9.0 |  | $ | 6,494 |
The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2025 and 2024 was $11.71 and $4.22, respectively. The aggregate intrinsic value of stock options exercised was $3.0 million and $0.2 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. Total cash received as a result of stock option exercises was $4.4 million and $0.4 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. The following is a summary of share-based compensation expense in the statement of operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Selling, general and administrative | $ | 3,566 |  |  | $ | 1,530 |  |  | $ | 12,813 |  |  | $ | 5,502 |
Research and development | 1,551 |  |  | 411 |  |  | 4,892 |  |  | 1,954 |
Cost of goods sold | 531 |  |  | 200 |  |  | 2,015 |  |  | 699 |
Total | $ | 5,648 |  |  | $ | 2,141 |  |  | $ | 19,720 |  |  | $ | 8,155 |
At September 30, 2025, there was $16.1 million of aggregate unrecognized compensation expense related to employee and board stock option grants. The cost is expected to be recognized over a weighted average period of 0.94 years. Common Stock Warrants The following is a summary of common stock warrant activity for the nine months ended September 30, 2025:
| Warrants |  | Weighted Average Exercise Price
Outstanding at January 1, 2025 | 3,193,275 |  | $ | 5.80 |
Warrants issued | — |  |  | — |
Warrants exercised | (1,615,775) |  |  | 10.00 |
Warrants canceled | (236,125) |  |  | 10.00 |
Outstanding and exercisable at September 30, 2025 | 1,341,375 |  | $ | 0.01 |
The following table presents information related to common stock warrants outstanding at September 30, 2025:
| Warrants Exercisable
Range of Exercise Prices | Outstanding Number of Warrants |  | Weighted Average Remaining Warrant Term (in years)
$0.01 (1) | 1,341,375 |  | n/a
(1) Pre-funded warrants with a $0.01 exercise price do not expire until exercised. Employee Stock Purchase Plan In August 2021, the Company’s Board of Directors, with shareholder approval in May 2022, adopted the Employee Stock Purchase Plan (the “ESPP”). The ESPP provides for a maximum of 560,295 shares of common stock to be purchased by participating employees, which includes an additional 300,000 shares approved by shareholders on May 15, 2025, of which 171,364 have been issued as of September 30, 2025 since the inception of the benefit in 2021. Employees who elect to participate in the ESPP will be able to purchase common stock at the lower of 85% of the fair market value of common stock on the first or last day of the applicable six-month offering period.

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