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Equity Incentive Plan | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Equity Incentive Plan | 10. Equity Incentive Plan Option Plan Activity The following table summarizes the stock option activity for the nine months ended September 30, 2025:
|  | Shares (in thousands) |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |
Outstanding at December 31, 2024 |  |  | 26,082 |  |  | $ | 4.46 |  |  |  | 7.80 |
Granted |  |  | 6,244 |  |  | $ | 1.84 |  |  |  |
Exercised |  |  | (287 | ) |  | $ | 1.46 |  |  |  |
Expired and forfeited |  |  | (3,151 | ) |  | $ | 12.65 |  |  |  |
Outstanding at September 30, 2025 |  |  | 28,888 |  |  | $ | 3.03 |  |  |  | 7.91 |
We estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model and for market-based stock option grants using the Monte Carlo simulation model. The following are the weighted-average assumptions:
|  | For the Nine Months Ended |
|  | September 30, |
|  | 2025 |  |  | 2024 |
Risk-free interest rate |  |  | 4.2 | % |  |  | 3.7 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 80.1 | % |  |  | 79.8 | %
Expected life (years) |  | 6 to 10 |  |  | 6 to 10 |
The following table summarizes the restricted stock unit activity ("RSUs") for the nine months ended September 30, 2025:
|  | Shares (in thousands) |  |  | Weighted-Average Grant Date Fair Value |
Outstanding at December 31, 2024 |  |  | 1,981 |  |  | $ | 2.35 |
Granted |  |  | 2,896 |  |  | $ | 1.82 |
Released |  |  | (663 | ) |  | $ | 1.95 |
Expired and forfeited |  |  | (200 | ) |  | $ | 2.57 |
Outstanding at September 30, 2025 |  |  | 4,014 |  |  | $ | 1.94 |
The fair value of RSUs is estimated based on the closing market price of our common stock on the date of the grant. RSUs generally vest quarterly over a four-year period. We estimated the fair value of each purchase right granted under our 1997 Employee Stock Purchase Plan, as amended, at the beginning of each new offering period using the Black-Scholes option pricing model. The following are the weighted average assumptions:
|  | For the Nine Months Ended |
|  | September 30, |
|  | 2025 |  |  | 2024 |
Risk-free interest rate |  |  | 4.2 | % |  |  | 5.4 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Volatility |  |  | 79.1 | % |  |  | 83.6 | %
Expected life (months) |  |  | 6 |  |  |  | 6 |
Stock-Based Compensation The following table summarizes stock-based compensation expense related to stock-based payment awards granted pursuant to all of our equity compensation arrangements (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 277 |  |  | $ | 361 |  |  | $ | 797 |  |  | $ | 1,615 |
General and administrative |  |  | 1,918 |  |  |  | 1,671 |  |  |  | 5,315 |  |  |  | 5,609 |
Sales and marketing |  |  | 657 |  |  |  | 690 |  |  |  | 2,048 |  |  |  | 3,443 |
Total stock-based compensation expense |  | $ | 2,852 |  |  | $ | 2,722 |  |  | $ | 8,160 |  |  | $ | 10,667 |
As of September 30, 2025, there was $24.4 million of total unrecognized compensation cost related to non-vested, stock-based payment awards granted under all of our equity compensation plans and all non-plan option grants. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures. We expect to recognize this compensation cost over a weighted-average period of two years.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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