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SEQUITY PLANS AND SHARE-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes stock option activity for time-based awards:
(shares in thousands) | Number of shares |  |  |  | Weighted average exercise price
Outstanding at December 31, 2024 | 10,509 |  |  |  | $ | 11.09 |
Granted | 7,562 |  |  |  | 1.24 |
Canceled | (1,287) |  |  |  | 9.20 |
Expired | (236) |  |  |  | 6.91 |
Outstanding at March 31, 2025 | 16,548 |  |  |  | $ | 6.80 |
Schedule of Time-Based RSUs and PSUs Activity | The following table summarizes the time-based RSUs and PSUs activity:
| Restricted Stock Units (RSU) |  | Performance Stock Units (PSU) |  | Weighted average grant date fair value
(shares in thousands) |  |  | RSU |  | PSU
Outstanding at December 31, 2024 | 14,211 |  |  | 392 |  |  | $ | 7.41 |  |  | $ | 9.43 |
Granted | 11,618 |  |  | — |  |  | 1.25 |  |  | — |
Vested | (3,870) |  |  | — |  |  | 9.51 |  |  | — |
Forfeited | (552) |  |  | — |  |  | 5.79 |  |  | — |
Outstanding at March 31, 2025 | 21,407 |  |  | 392 |  |  | $ | 3.73 |  |  | $ | 9.43 |
Schedule of Stock-Based Compensation Expense | The following table summarizes share-based compensation expense:
| Three Months Ended March 31, |  |
(In thousands) | 2025 |  | 2024 |  |  |  |
Cost of revenue | $ | 1,165 |  |  | $ | 2,106 |  |  |  |  |
Research and development | 2,607 |  |  | 5,788 |  |  |  |  |
Sales, general and administrative | 5,429 |  |  | 11,631 |  |  |  |  |
Total share-based compensation expense | $ | 9,201 |  |  | $ | 19,525 |  |  |  |  |
Schedule of Fair Value of Employee Stock Options | The fair value of employee stock options was estimated using the following assumptions:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Expected term in years |  |  |  |  | 4.9 |  | 4.9
Expected volatility |  |  |  |  | 95% — 96% |  | 81%
Risk-free interest rate |  |  |  |  | 3.92% — 4.29% |  | 4.32%
Dividend yield |  |  |  |  | — |  | —
Weighted average grant date fair value per share |  |  |  |  | $0.91 |  | $2.45
Schedule of Fair Value of Employee Stock Purchase Plan | The fair value of shares to be issued under the ESPP was estimated using the following assumptions:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Expected term in years |  |  |  |  | 0.5 — 2.0 |  | 0.5 — 2.0
Expected volatility |  |  |  |  | 113% |  | 81%
Risk-free interest rate |  |  |  |  | 3.96% — 4.31% |  | 4.54% — 5.27%
Dividend yield |  |  |  |  | — |  | —
Weighted average grant date fair value per share |  |  |  |  | $0.93 |  | $2.78

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