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Share-Based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The Company recognized share-based compensation in its unaudited Condensed Statements of Operations and Comprehensive (Loss) Income during 2024 and 2023 as follows:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Manufacture and supply$102 $59 $271 $155 
Research and development310 105 788 277 
Selling, general and administrative1,165 610 3,637 1,334 
Total share-based compensation expenses$1,577 $774 $4,696 $1,766 
Share-based compensation from:
Restricted stock units$1,049 $312 $2,982 $532 
Stock options528 462 1,698 1,217 
Employee stock purchase plan (ESPP)— — 16 17 
Total share-based compensation expenses$1,577 $774 $4,696 $1,766 
Share-Based Compensation Equity Awards
The following tables provide information about the Company’s restricted stock unit and stock option activity during the nine month period ended September 30, 2024:
Restricted Stock Unit Awards (RSUs) - Service-based:
Number of
Units		Weighted
Average
Grant Date Fair
Value
 (in thousands) 
Unvested as of December 31, 20231,948 $0.97 
Granted1,430 $5.54 
Vested(607)$0.96 
Forfeited(43)$1.58 
Unvested as of September 30, 20242,728 $3.36 
Expected to vest as of September 30, 2024
2,539 $3.33 
As of September 30, 2024, $6,677 of total unrecognized compensation expenses related to unvested service-based restricted stock units are expected to be recognized over a remaining weighted average period of 1.96 years. The service-based restricted stock units granted to employees are subject to a three-year graduated vesting schedule and are not subject to performance-based criteria other than continued employment.
Restricted Stock Unit Awards (RSUs) - Market conditions vesting-based:
Number of
Units		Weighted
Average
Grant Date Fair
Value
 (in thousands) 
Unvested as of December 31, 20231,332 $2.40 
Vested(150)2.40 
Forfeited— — 
Unvested as of September 30, 20241,182 $2.40 
Expected to vest as of September 30, 2024
1,089 $2.40 
As of September 30, 2024, $1,451 of unrecognized compensation expense related to unvested market condition vesting- based restricted stock units are expected to be recognized over a remaining weighted average period of 1.59 years.
The market conditions vesting-based restricted stock units vest based on a Performance Price measured as the 30-day average of the closing prices of the Company’s common stock as reported on the NASDAQ Stock Market immediately prior to and including the last calendar day of the three-year performance period (which ends on the third anniversary of the grant date). To the extent the Performance Price is less than $1.75, the Vesting Percentage will be zero. To the extent the Performance Price is $1.75, the Vesting Percentage will be 50%. To the extent the Performance Price is $1.76 or greater, but less than $2.50, the Vesting Percentage will be a prorated amount between 50.01% and 99.99%, based on straight-line interpolation. To the extent the Performance Price is $2.50, the Vesting Percentage will be 100%. To the extent the Performance Price is $2.51 or greater, but less than $3.25, the Vesting Percentage will be a prorated amount between 100.01% and 149.99%, based on straight-line interpolation. To the extent the Performance Price is $3.25 or greater, the Vesting Percentage will be 150%. In no event will the Vesting Percentage exceed 150%.
2022 Inducement Equity Incentive Plan
In accordance with NASDAQ Listing Rule 5635(c)(4), the Company adopted the 2022 Equity Inducement Plan approved by the Compensation Committee of the Board of Directors of the Company effective as of July 29, 2022. There were no awards outstanding under this Plan as of September 30, 2024.
Stock Option Awards:Number of
Options		Weighted Average
Exercise Price
 (in thousands)
Outstanding as of December 31, 20235,733 $5.58 
Granted1,024 4.83 
Exercised(357)2.05 
Forfeited/Expired(99)3.84 
Outstanding as of September 30, 20246,301 $5.68 
Expected to vest as of September 30, 2024
6,210 $5.70 
Exercisable as of September 30, 20244,688 $6.36 
The fair values of stock options granted were estimated using the Black-Scholes pricing model based on the following assumptions:
Nine Months Ended
September 30,
Expected dividend yield—%
Expected volatility104%-107%
Expected term (years)5.5-6.1
Risk-free interest rate4.1%-4.5%
The weighted average grant date fair value of stock options granted during the nine months ended September 30, 2024 was $3.98. During the nine months ended September 30, 2024, stock options were granted with a weighted average exercise price of $4.83 and accordingly, given the Company’s share price of $4.98 at September 30, 2024, the intrinsic value provided by certain shares granted during this period was de minimis.
As of September 30, 2024, $3,559 of unrecognized compensation expense related to non-vested stock options is expected to be recognized over a remaining weighted average period of 1.56 years.