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v3.25.2

Common stock and Stock-Based Compensation (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Common stock and Stock-Based Compensation [Abstract] |  |
Summary Of Common Stock Reserved For Issuance |  | Common stock reserved for issuance as of December 31, 2024 and 2023, is as follows:
|  | 2024 |  |  | 2023 |
Series Seed Shadow Preferred |  |  | 2,020,309 |  |  |  | 2,020,309 |
Series A Shadow Preferred |  |  | 4,573,935 |  |  |  | 4,573,935 |
Series B Shadow Preferred |  |  | 12,234,661 |  |  |  | 12,234,661 |
Series C Shadow Preferred |  |  | 10,211,548 |  |  |  | 10,211,548 |
Series D Shadow Preferred |  |  | 3,990,707 |  |  |  | 3,990,707 |
Series D Exchange Shadow Preferred |  |  | 239,405 |  |  |  | 239,405 |
Series D-1 Shadow Preferred |  |  | 3,662,318 |  |  |  | 3,662,318 |
Series D-2 Shadow Preferred |  |  | 7,561,820 |  |  |  | 7,561,820 |
Warrants outstanding for future issuance of Series D Shadow and Series D-2 Shadow preferred stock |  |  | 756,172 |  |  |  | 1,094,667 |
Warrants outstanding for future issuance of common stock |  |  | — |  |  |  | 2,063 |
Pay-to-Play warrants (estimated see Note 8) |  |  | 1,127,088 |  |  |  | 721,086 |
Convertible Notes warrants - 2023 |  |  |  | (a) |  |  |  | (a)
Pre-funded warrant (estimated see Note 8) |  |  | 2,000,000 |  |  |  | 7,007,582 |
Pre-funded warrant April 2024 (estimated see Note 8) |  |  | 4,500,000 |  |  |  | — |
Stock options and restricted stock units |  |  | 41,018,458 |  |  |  | 21,354,809 |
Stock options available for future issuance |  |  | 2,226,705 |  |  |  | 839,706 |
Total shares of common stock reserved |  |  | 96,123,126 |  |  |  | 75,514,616 |
(a) | The number of warrants shares to be issued upon exercise of the 2023 Convertible Note Warrants is not determinable as of December 31, 2023 due to the variable settlement terms (see Note 8).
Summary Of 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 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 The Grant Date Fair Value Of The Company's Stock Options |  |
|  | 2024 |  |  | 2023 |
Risk-free interest rate |  |  | 3.99% - 4.43% |  |  |  | 4.44% - 4.46% |
Expected life, in years |  |  | 5.00 - 6.22 |  |  |  | 5.00 - 6.01 |
Expected volatility |  |  | 56.92% - 57.51% |  |  |  | 56.74% - 57.56% |
Dividend yield |  |  | — % |  |  |  | — % |
Weighted average fair value of common stock |  | $ | 0.88 |  |  | $ | 0.25 |
Summary Of Company's 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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