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Stock Incentive Plans and Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Option Activity | The following table summarizes all stock option activity for the year ended December 31, 2024:
In thousands (except per share amounts and years) |  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value |
Outstanding as of January 1, 2024 |  |  | 27,956 |  |  | $ | 3.21 |  |  |  |  |  |
Granted |  |  | 9,100 |  |  |  | 0.83 |  |  |  |  |  |
Forfeited |  |  | (8,961 | ) |  |  | 2.81 |  |  |  |  |  |
Expired |  |  | (389 | ) |  |  | 1.98 |  |  |  |  |  |
Exercised |  |  | (10 | ) |  |  | 1.08 |  |  |  |  |  |
Outstanding as of December 31, 2024 |  |  | 27,696 |  |  |  | 2.65 |  |  | 7.3 years |  | $ | - |
Exercisable as of December 31, 2024 |  |  | 13,834 |  |  |  | 4.33 |  |  | 5.6 years |  | $ | - |
Vested and expected to vest as of December 31, 2024 |  |  | 27,005 |  |  |  | 2.70 |  |  | 6.5 years |  | $ | - |
Available for future grant as of December 31, 2024 |  |  | 27,290 |  |  |  |  |  |  |  |  |
Assumptions Used to Estimate Fair Value of Share-Based Payment Awards | For 2024, 2023, and 2022, the Company used the following assumptions to estimate the fair value of share-based payment awards under the Black-Scholes model:
|  | 2024 |  | 2023 |  | 2022
Risk-free interest rate |  | 3.84% - 4.66% |  | 3.59% - 4.72% |  | 1.64% - 4.35%
Expected dividend yield |  | 0.00% |  | 0.00% |  | 0.00%
Expected option life (years) |  | 6.25 |  | 6.25 |  | 6.25
Expected volatility |  | 106% |  | 101% - 104% |  | 96% - 101%
The Company used the following assumptions to estimate the fair value of share-based payment awards under the Monte Carlo model in 2024 and 2023:
|  | 2024 |  | 2023
Risk-free interest rate |  | 3.92% - 3.96% |  | 4.06% - 4.09%
Expected dividend yield |  | 0.00% |  | 0.00%
Expected option life (years) |  | 9 |  | 9
Expected volatility |  | 51.00% - 42.80% |  | 42.5% - 43.00%
Restricted Stock Unit Activity | The following table presents the restricted stock unit activity for the year ended December 31, 2024:
In thousands (except per share amounts) |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding as of January 1, 2024 |  |  | 11,983 |  |  |  | 1.70 |
Granted |  |  | 7,938 |  |  |  | 1.16 |
Vested |  |  | (3,852 | ) |  |  | 2.42 |
Forfeited |  |  | (2,204 | ) |  |  | 2.09 |
Outstanding as of December 31, 2024 |  |  | 13,865 |  |  | $ | 1.15 |
Stock-Based Compensation Expense Related to Option Awards | The following table presents the stock-based compensation expense related to stock-based awards for the years ended December 31, 2024, 2023, and 2022:
In thousands |  | 2024 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 3,539 |  |  | $ | 4,187 |  |  | $ | 4,465 |
Selling, general and administrative |  |  | 14,166 |  |  |  | 12,493 |  |  |  | 22,339 |
Restructuring |  |  | — |  |  |  | (1,034 | ) |  |  | (591 | )
Stock-based compensation expense |  | $ | 17,705 |  |  | $ | 15,646 |  |  | $ | 26,213 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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