Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense

The Company recognized share-based compensation in its Statements of Operations and Comprehensive Loss during the periods presented as follows:

Expense classification:	Year Ended December 31, 2024		Year Ended December 31, 2023
Manufacture and supply	$	374	$	191
Research and development	1,215		456
Selling, general and administrative	5,510		2,042
Total share-based compensation expenses	$	7,099	$	2,689
Share-based compensation from:
Restricted Stock Units	4,545		993
Stock Options	2,512		1,669
Employee Stock Purchase Plan	42		27
Total share-based compensation expenses	$	7,099	$	2,689

Summary of Restricted Stock Units

The following tables summarize the Company’s awards of service-based and market conditions vesting-based restricted stock units for the years 2024 and 2023:

Restricted Stock Unit Awards (RSUs) - Service-based:	Number of Units	Weighted Average Grant Date Fair Value Per Share
	(In thousands)
Unvested as of December 31, 2022	162	$	2.38
Granted	1,874	0.91
Forfeited	(31)	2.33
Vested	(57)	2.03
Unvested as of December 31, 2023	1,948	$	0.97
Granted	1,470	5.52
Forfeited	(43)	1.58
Vested	(765)	1.45
Unvested as of December 31, 2024	2,610	$	3.38
Expected to vest as of December 31, 2024	2,459	$	3.35

Summary of Stock Option Activity

Restricted Stock Unit Awards (RSUs) - Market conditions vesting-based:	Number of Units	Weighted Average Grant Date Fair Value Per Share
	(In thousands)
Unvested as of December 31, 2022	—	$	—
Granted	1,332	2.40
Forfeited	—	—
Vested	—	—
Unvested as of December 31, 2023	1,332	$	2.40
Granted	—	—
Forfeited	—	—
Vested	(250)	2.41
Unvested as of December 31, 2024	1,082	$	2.40
Expected to vest as of December 31, 2024	1,010	$	2.40

The following table summarizes the Company’s stock option activity for the years during 2024 and 2023:

(in 000s, except share price data)	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
Outstanding as of December 31, 2022	6,028	$	5.48	7.50	$	38
Granted	150	$	2.02
Exercised	(1)	$	0.88
Forfeited and Expired	(444)	$	2.27
Outstanding as of December 31, 2023	5,733	$	5.58	6.41	$	1,082
Granted	1,024	4.83
Exercised	(357)	$	2.05
Forfeited and Expired	(99)	$	3.84
Outstanding as of December 31, 2024	6,301	$	5.68	6.08	$	4,009
Expected to vest as of December 31, 2024	6,234	$	5.69	6.05	$	3,980
Exercisable as of December 31, 2024	4,861	$	6.24	5.33	$	2,898

Summary of Stock Option Valuation Assumptions

The Company’s estimates of the fair value of market conditions vesting-based awards at their grant or valuation dates were based on a Monte Carlo simulation and considered various variables and assumptions, including a simulated 30-day average at the end of the Performance period including the following assumptions:

	Year Ended December 31,
		2023
Expected dividend yield		0%
Expected volatility		92%	-	95%
Expected term (years)		2.74	-	3.00
Risk-free interest rate		3.6%	-	4.4%
Stock price at grant date		$2.01	-	$2.04

The fair values of stock options granted were estimated using the Black-Scholes model based on the following assumptions:

	Year Ended December 31,
	2024			2023
Expected dividend yield	0%			0%
Expected volatility	104%	-	107%	100%
Expected term (years)	5.50	-	6.13	5.50
Risk-free interest rate	4.1%	-	4.5%	4.0%
Exercise prices	$2.50	-	$5.68	$2.02