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Common stock and Stock-Based Compensation (Tables)

12 Months Ended

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			756,172				1,094,667
Series D-2 Shadow preferred stock
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 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 Company Recorded Stock-Based Compensation Expense For Stock Options

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, 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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