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Stock-Based Compensation (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 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 September 30,								Nine Months Ended September 30,
(Amounts in thousands)		2025				2024				2025				2024
Research and development		$	3,700			$	189			$	12,871			$	539
Selling, general and administrative			5,786				170				15,221				503
Total		$	9,486			$	359			$	28,092			$	1,042

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 is as follows:

(Value in thousands, life in years)		Number of options				Weighted average exercise price				Weighted average remaining contractual life				Aggregate intrinsic value
Outstanding as of December 31, 2024			28,360,635			$	1.27				9.2			$	22,741
Granted			1,347,536				3.57
Exercised			(15,080	)			1.18
Forfeited			(374,308	)			1.31
Outstanding as of September 30, 2025			29,318,783			$	1.37				8.5				68,324
Vested and expected to vest as of September 30, 2025			29,318,783			$	1.37				8.5				68,324
Exercisable as of September 30, 2025			15,847,903			$	1.48				8.1				38,507

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 is as follows:

		Number of RSUs(1)				Weighted average grant date fair value
Balance as of December 31, 2024			3,630,447			$	1.53
Granted			8,872,307				2.67
Issued			(1,331,257	)			2.64
Forfeited			(406,649	)			2.29
Balance as of September 30, 2025			10,764,848			$	2.30

(1)  As of September 30, 2025, 1,973,365 of the RSUs have vested but have not yet been issued to the award holders. As no conditions remain in order for these shares of common stock to be issuable, these awards have been included in the weighted average shares outstanding calculation for purposes of earnings per share (see Note 18).

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

Summary of Fair Value of Options Issued using Black-Scholes Option Pricing Model

The fair value of the options issued was determined using the Black-Scholes option pricing model, using the following inputs:

		Three and Nine Months Ended September 30, 2025
Weighted average exercise price (per share)		$	3.57
Risk-free rate			3.7	%
Expected life (in years)			5.6
Expected volatility rate			60.7	%
Dividend yield rate			—	%

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