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Stock-Based Compensation (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |  |
Summary of Stock-based Compensation Expense | The Company recorded stock-based compensation expense for stock options and RSUs as follows:
|  | Three Months Ended March 31, |
(Amounts in thousands) |  | 2025 |  |  | 2024 |
Research and development |  | $ | 5,975 |  |  | $ | 180 |
Selling, general and administrative |  |  | 5,065 |  |  |  | 157 |
Total |  | $ | 11,040 |  |  | $ | 337 |
| The Company recorded stock-based compensation expense for stock options and the 2024 cancellation of 135,400 RSUs during the years ended December 31 , 2024 and 2023 , as follows (in thousands):
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 1,106 |  |  | $ | 372 |
Selling, general and administrative |  |  | 2,741 |  |  |  | 2,111 |
Total |  | $ | 3,847 |  |  | $ | 2,483 |
Summary of Stock Option Activity | A summary of stock option activity under the 2011 Amended Plan is as follows:
|  | Number of Options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual life (in years) |  |  | Aggregate intrinsic value (in thousands) |
Outstanding as of December 31, 2024 |  |  | 28,360,635 |  |  | $ | 1.27 |  |  |  | 9.2 |  |  | $ | 22,741 |
Forfeited |  |  | (318,400 | ) |  |  | 1.18 |  |  |  |  |  |  |  |  |
Outstanding as of March 31, 2025 |  |  | 28,042,235 |  |  | $ | 1.27 |  |  |  | 8.9 |  |  |  | 30,225 |
Vested and expected to vest as of March 31, 2025 |  |  | 28,042,235 |  |  | $ | 1.27 |  |  |  | 8.9 |  |  |  | 30,225 |
Exercisable as of March 31, 2025 |  |  | 8,472,388 |  |  | $ | 1.87 |  |  |  | 8.1 |  |  |  | 10,342 |
| A summary of stock option activity as of December 31, 2024 is as follows:
|  | Number of options outstanding |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual life |  |  | Aggregate intrinsic value (in thousands) |
Outstanding options at December 31, 2022 |  |  | 1,325,844 |  |  | $ | 9.10 |  |  |  | 5.6 |  |  | $ | 925 |
Granted |  |  | 15,141,280 |  |  |  | 0.44 |  |  |  |  |  |  |  |  |
Exercised |  |  | (1,000 | ) |  |  | 0.80 |  |  |  |  |  |  |  |  |
Expired |  |  | (8,601 | ) |  |  | 0.80 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (19,543 | ) |  |  | 15.53 |  |  |  |  |  |  |  |  |
Outstanding options at December 31, 2023 |  |  | 16,437,980 |  |  | $ | 1.12 |  |  |  | 9.3 |  |  | $ | 13,907 |
Granted |  |  | 21,329,457 |  |  |  | 0.92 |  |  |  |  |  |  |  |  |
Exercised |  |  | (65,646 | ) |  |  | 1.49 |  |  |  |  |  |  |  |  |
Expired |  |  | (5,500 | ) |  |  | 0.74 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (1,333,107 | ) |  |  | 1.54 |  |  |  |  |  |  |  |  |
Outstanding options at December 31, 2024 |  |  | 36,363,184 |  |  | $ | 0.99 |  |  |  | 9.2 |  |  | $ | 22,845 |
Vested/expected to vest at December 31, 2024 |  |  | 35,560,434 |  |  | $ | 0.99 |  |  |  | 9.1 |  |  | $ | 22,492 |
Exercisable options at December 31, 2024 |  |  | 9,614,865 |  |  | $ | 1.58 |  |  |  | 8.3 |  |  | $ | 7,066 |
Summary of RSU Activity Issued | A summary of the Company’s RSU activity issued under the 2011 Amended Plan is as follows:
|  | RSUs Awarded |  |  | Weighted average grant date fair value |
Nonvested as of December 31, 2024 |  |  | 3,630,447 |  |  | $ | 1.53 |
Vested |  |  | (2,464,171 | ) |  |  | 1.76 |
Forfeited |  |  | (15,552 | ) |  |  | 0.73 |
Nonvested as of March 31, 2025 |  |  | 1,150,724 |  |  | $ | 1.04 |
| A summary of the Company’s RSU activity issued under the 2011 Amended Plan, inclusive of the 6,000,000 RSUs issued to an investor (see Notes 7 and 13), for the years ended December 31, 2024 and 2023 is as follows:
|  | Awards |  |  | Weighted- average grant date fair value (per share) |
Nonvested as of January 1, 2023 |  |  | 137,909 |  |  | $ | 15.28 |
Issued |  |  | 10,929,820 |  |  | $ | 0.60 |
Exercised |  |  | (6,000,000 | ) |  | $ | 0.44 |
Forfeited |  |  | (150,900 | ) |  | $ | 1.98 |
Nonvested as of December 31, 2023 |  |  | 4,916,829 |  |  | $ | 1.18 |
Forfeited |  |  | (254,555 | ) |  | $ | 0.88 |
Expired |  |  | (7,000 | ) |  | $ | 0.82 |
Nonvested as of December 31, 2024 |  |  | 4,655,274 |  |  | $ | 1.19 |

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