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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