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Equity and Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Common Stock Reserved for Future Issuance

Shares of Common Stock outstanding, shares of stock plans outstanding and shares reserved for future issuance related to stock options and RSU grants and the Company’s Employee Stock Purchase Plan (“ESPP”) purchases are as follows (in thousands):

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Common stock outstanding

 

 

100,917

 

 

 

98,770

 

Stock options outstanding

 

 

9,855

 

 

 

11,104

 

RSUs outstanding

 

 

1,319

 

 

 

4,404

 

Shares reserved for future stock options and RSUs grant

 

 

19,462

 

 

 

10,769

 

Shares reserved for future ESPP offering

 

 

6,586

 

 

 

5,952

 

Total shares of common stock reserved

 

 

138,139

 

 

 

130,999

 
Summary of Stock Option Transactions

Stock option transactions, including forfeited options granted under the 2024 Plan as well as prior plans, are summarized below:

 

 

 

Shares
(In thousands)

 

 

Weighted
Average
Exercise Price per
Share

 

 

Weighted
Average
Remaining Contractual
Life
(In Years)

 

 

Aggregate
Intrinsic Value
(In thousands)

 

Outstanding at December 31, 2023

 

 

11,104

 

 

$

18.21

 

 

 

 

 

 

 

Granted

 

 

5,518

 

 

 

1.74

 

 

 

 

 

 

 

Forfeited

 

 

(5,848

)

 

 

4.66

 

 

 

 

 

 

 

Expired

 

 

(919

)

 

 

28.03

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

9,855

 

 

 

16.12

 

 

 

6.56

 

 

$

—

 

Vested and expected to vest, December 31, 2024

 

 

9,359

 

 

 

16.82

 

 

 

5.24

 

 

 

—

 

Exercisable at December 31, 2024

 

 

5,886

 

 

$

24.61

 

 

 

4.37

 

 

$

—

 
Summary of RSU,PRSU and TSR Awards

The following table summarizes the activities of RSUs, PRSUs and TSR awards:

 

 

 

Shares
(In thousands)

 

 

Weighted Average Fair Value at Grant

 

Unvested at December 31, 2023

 

 

4,404

 

 

$

12.37

 

Granted

 

 

1,628

 

 

 

1.78

 

Vested

 

 

(2,254

)

 

 

8.50

 

Forfeited

 

 

(2,459

)

 

 

10.50

 

Unvested at December 31, 2024

 

 

1,319

 

 

$

9.40

 
Schedule of Recorded Stock-Based Compensation Expense

Stock-based compensation expense was recorded directly to research and development and selling, general and administrative expense for the years the years ended December 31, 2024 and 2023 was as follows (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

Research and development

 

$

12,064

 

 

$

25,462

 

Selling, general and administrative

 

 

11,381

 

 

 

22,914

 

Total stock-based compensation expense

 

$

23,445

 

 

$

48,376

 
Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Employee Stock Purchase Plans

The assumptions used to estimate the fair value of stock options granted and ESPPs using the Black-Scholes option valuation model were as follows:

 

 

 

Years Ended December 31,

 

 

2024

 

 

 

2023

 

 

Stock Options

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

6.1

 

 

 

 

6.1

 

 

Expected volatility

 

 

113.7

 

%

 

 

92.8

 

%

Risk-free interest rate

 

 

4.2

 

%

 

 

3.0

 

%

Expected dividend yield

 

 

—

 

 

 

 

—

 

 

Weighted average estimated fair value

 

$

1.49

 

 

 

$

4.67

 

 

 

 

 

 

 

 

 

 

 

ESPPs

 

 

 

 

 

 

 

 

Expected term (in years)

 

0.5 - 2.0

 

 

 

0.5 - 2.0

 

 

Expected volatility

 

61.5 - 271.2

 

%

 

56.7 - 271.2

 

%

Risk-free interest rate

 

2.6 - 5.3

 

%

 

0.2 - 5.2

 

%

Expected dividend yield

 

 

—

 

 

 

 

—

 

 

Weighted average estimated fair value

 

$

1.67

 

 

 

$

5.64

 

 

 
Schedule of Assumptions used to Estimate Fair Value of TSR Awards

The assumptions used to estimate the fair value of the TSR awards using the Monte Carlo valuation model were as follows:

 

 

 

Year Ended December 31,

 

 

 

 

2024

 

 

 

2023

 

 

TSR awards

 

 

 

 

 

 

 

 

Expected term (in years)

 

 

3.9

 

 

 

 

3.9

 

 

Expected volatility

 

69.0 - 73.3

 

%

 

69.0 - 73.3

 

%

Risk-free interest rate

 

1.8 - 4.2

 

%

 

1.8 - 4.2

 

%

Expected dividend yield

 

 

—

 

 

 

 

—

 

 

Weighted average estimated fair value

 

$

29.52

 

 

 

$

28.90