Share-Based Payment Awards (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plan and for inducement awards for the year ended December 31, 2024:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2024		6,304,767		$	9.98
Granted		2,486,952			17.74
Exercised		(641,210	)		8.62
Forfeited		(406,862	)		10.20
Expired		(73,000	)		22.88
Outstanding at December 31, 2024		7,670,647		$	12.47		7.43	$	7,478
Exercisable at December 31, 2024		3,701,708		$	11.80		6.11	$	3,873

Schedule of Key Assumptions Used

In determining the grant date fair value of option awards during the years ended December 31, 2024 and 2023, the Company applied the Black-Scholes option pricing model based on the following key assumptions:

	Year ended December 31,
	2024	2023
Option life (in years)	5.5 - 6.08	5.27 - 6.08
Stock volatility	97% - 100%	78% - 97%
Risk-free interest rate	3.45% - 4.60%	3.44% - 4.68%
Expected dividends	0.0%	0.0%

Summary of Information about Stock Options

The following table summarizes information about employee, non-executive director and external consultant stock options for the years ended December 31, 2024 and 2023 (in thousands except per share amounts):

	Year ended December 31,
	2024		2023
Weighted average grant date fair value per share		14.13	$	3.46
Total cash received from exercise of stock options		5,528		2,955
Total intrinsic value of stock options exercised		7,887		1,970

Summary of Restricted Stock Unit Activity

The following table provides a reconciliation of RSU activity under the 2016 Plan and the 2023 Plan for the year ended December 31, 2024:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2024		1,333,192		$	5.31
Granted		683,620			19.59
Vested		(591,277	)		6.39
Forfeited		(109,906	)		11.33
Nonvested at December 31, 2024		1,315,629		$	11.74

Compensation Expense from Stock-Based Payment Awards

The Company’s consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards for the years ended December 31, 2024 and 2023, respectively, as follows (in thousands):

	Year Ended December 31,
	2024		2023
Compensation expense included in:
Research and development	$	18,472	$	4,650
Sales and marketing		—		289
General and administrative		18,268		7,118
	$	36,740	$	12,057