STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2025

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

7.

STOCKHOLDERS’ EQUITY

Preferred Stock

The Company is currently authorized to issue up to 10 million shares of preferred stock, $0.0001, par value per share. There were no shares of preferred stock outstanding at March 31, 2025 and December 31, 2024.

Common Stock

As of March 31, 2025 and December 31, 2024, the Company was authorized to issue 300,000,000 shares of its common stock, $0.0001 par value per share, and 238,532,252 and 236,620,545 shares of common stock were outstanding as of March 31, 2025 and December 31, 2024, respectively. After giving effect to shares reserved for the issuance of warrants and for awards issued under the Company’s equity incentive plans, 36,622,488 shares of common stock were available for issuance as of March 31, 2025.

Warrants

On January 7, 2025, affiliates of a former noteholder of the Company exercised warrants to purchase an aggregate of 966,554 shares of common stock on a cashless basis, and the Company issued 866,302 shares of common stock to these entities. On January 10, 2024, a former noteholder of the Company exercised a warrant to purchase 4 million shares of the Company’s common stock on a cashless basis and the Company issued 1,977,514 shares of common stock to this noteholder. On March 8, 2024, affiliates of a former noteholder exercised warrants to purchase an aggregate of 3,388,681 shares of the Company’s common stock on a cashless basis and the Company issued 2,482,205 shares of common stock to such noteholders. On March 14, 2024, an entity associated with another former noteholder of the Company exercised a warrant to purchase 169,651 shares of the Company’s common stock on a cashless basis and the Company issued 85,784 shares of common stock to this entity.

On February 24, 2024, a warrant to purchase 34,800 shares of the Company’s common stock held by a former noteholder of the Company expired in accordance with its terms. At March 31, 2024 and December 31, 2023, the Company had outstanding warrants to purchase an aggregate of 4,909,774 and 12,502,906 shares, respectively, of common stock, with weighted-average exercise prices of $2.51 and $2.32 per share, respectively, with expiration dates ranging between October 2024 and May 2030.

There were no outstanding warrants as of March 31, 2025 and outstanding warrants to purchase 966,554 shares of common stock as of December 31, 2024.

Equity Incentive Plans

The fair value of stock options granted under the Company’s equity incentive plans was determined on the date of grant using the Black-Scholes option valuation model. The Black-Scholes model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of certain subjective assumptions including the expected stock price volatility. The stock options granted to employees and directors have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimate. The following assumptions were used to determine the fair value of options granted during the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025	2024
Expected term	5.5 - 6.3 years	5.5 - 6.3 years
Volatility	66%	66%
Dividend yield	0.0	0.0
Risk-free interest rate	4.40%	4.29%

A summary of the Company’s option activity under the Company’s equity incentive plans and related information is as follows:

	Shares			Weighted Average Exercise Price
Options outstanding, vested and expected to vest at December 31, 2024	5,141,516		$	3.90
Forfeited	(1,101	)	$	1.29
Expired	(10,480	)	$	4.89
Granted	683,720		$	16.07
Exercised	(39,173	)	$	6.61
Options outstanding, vested and expected to vest at March 31, 2025	5,774,482		$	5.32
Options exercisable	3,086,687		$	3.21

As of March 31, 2025, the Company had $12.7 million of unrecognized compensation expense related to options granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 3.1 years.  

The Company’s RSUs generally vest annually over a period of four years for employees and semi-annually over a period of one year for directors. A summary of the Company’s unvested RSU activity and related information is as follows:

	Shares			Weighted Average Grant Date Fair Value
Balance at December 31, 2024	5,745,990		$	5.50
Granted	1,658,458		$	16.11
Vested	(1,455,350	)	$	4.17
Forfeited	(93,611	)	$	6.64
Balance at March 31, 2025	5,855,487		$	8.82

As of March 31, 2025, the Company had $48.3 million of unrecognized compensation expense related to unvested RSUs granted under the Company’s equity incentive plans, which is expected to be recognized over a weighted-average period of 3.4 years.

Total stock-based compensation expense for all awards granted under the Company’s equity incentive plans for the three months ended March 31, 2025 and 2024 was as follows:  

	Three Months Ended March 31,
(in thousands)		2025		2024
Research and development	$	39	$	17
Plasma center operating expenses		77		39
Selling, general and administrative		3,873		1,841
Cost of product revenue		635		244
Total stock-based compensation expense	$	4,624	$	2,141