STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2025

STOCKHOLDERS' EQUITY [Abstract]

Schedule of Assumptions

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%

Schedule of Option Activity

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

Schedule of Unvested RSU Activity

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

Schedule of Stock-Based Compensation Expense

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