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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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Tabular disclosure of share-based payment arrangement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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