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EQUITY PLANS AND SHARE-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 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 | 8,290 |  |  |  | 1.22 |
Canceled | (1,892) |  |  |  | 8.31 |
Expired | (358) |  |  |  | 6.52 |
Outstanding at June 30, 2025 | 16,549 |  |  |  | $ | 6.57 |
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 | 11,814 |  |  | — |  |  | 1.25 |  |  | — |
Vested | (4,179) |  |  | — |  |  | 9.34 |  |  | — |
Forfeited | (2,939) |  |  | — |  |  | 4.01 |  |  | — |
Outstanding at June 30, 2025 | 18,907 |  |  | 392 |  |  | $ | 3.67 |  |  | $ | 9.43 |
Schedule of Stock-Based Compensation Expense | The following table summarizes share-based compensation expense:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 925 |  |  | $ | 1,131 |  |  | $ | 2,090 |  |  | $ | 3,237 |
Research and development | 3,307 |  |  | 4,591 |  |  | 5,914 |  |  | 10,379 |
Sales, general and administrative | 7,663 |  |  | 11,497 |  |  | 13,092 |  |  | 23,128 |
Total share-based compensation expense | $ | 11,895 |  |  | $ | 17,219 |  |  | $ | 21,096 |  |  | $ | 36,744 |
Schedule of Fair Value of Employee Stock Options | The fair value of employee stock options was estimated using the following assumptions:
|  |  | Six Months Ended June 30,
|  |  |  |  | 2025 |  | 2024
Expected term in years |  |  |  |  | 4.9 |  | 4.9
Expected volatility |  |  |  |  | 95% — 96% |  | 81% — 89%
Risk-free interest rate |  |  |  |  | 3.89% — 4.29% |  | 4.20% — 4.32%
Dividend yield |  |  |  |  | — |  | —
Weighted average grant date fair value per share |  |  |  |  | $0.90 |  | $1.43
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:
|  |  | Six Months Ended June 30,
|  |  |  |  | 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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