Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Summary of Outstanding Common Stock Warrants

As of March 31, 2025 and December 31, 2024, the following table summarizes the Company's outstanding common stock warrants:

	As of March 31, 2025				As of December 31, 2024
	Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Expiration Date
March 2022 Common warrants		516,265	$	4.50		1,255,346	$	4.50	March 2027
May 2023 Tranche B warrants		870,628	$	2.50		2,065,305	$	2.50	November 2026 (1)
October 2023 pre-funded warrants		250,000	$	0.01		250,000	$	0.01	N/A
Total		1,636,893				3,570,651

(1) Subject to earlier expiration as described above.

Summary of Stock Based Compensation Expense

Stock-based compensation expense was recognized in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Research and development	$	4,314	$	2,461
Selling, general and administrative		10,365		3,984
Total	$	14,679	$	6,445

Schedule of Fair Value of Award Granted Using Black-Scholes Option Pricing Model

The fair value of each award granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

	Three Months Ended March 31,
	2025	2024
Expected life (years)	5.9-6.1	5.8-6.1
Risk-free interest rate	4.1%-4.7%	4.0%-4.1%
Volatility	118%-120%	122%-124%
Dividend rate	—  %	—  %

Summary of Stock Option and Restricted Stock Unit Transactions

The following table summarizes stock option transactions for the three months ended March 31, 2025 which were for awards issued under the 2014 Plan:

	Number of Options			Weighted- Average Exercise Price per		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
	Outstanding			Share		(in years)		(in thousands)
Balance at January 1, 2025		3,971,798		$	26.75		8.48	$	79,578
Options granted		590,761			49.25
Options exercised		(1,007,534	)		13.27
Options canceled/forfeited		(148,306	)		51.43
Balance at March 31, 2025		3,406,719		$	33.57		8.66	$	129,984
Options exercisable at March 31, 2025		716,284		$	24.61		7.38	$	34,471
Options vested and expected to vest at March 31, 2025		3,406,719		$	33.57		8.66	$	129,984

Summary of Restricted Stock Unit Transactions

The following table summarizes restricted stock unit transactions for the three months ended March 31, 2025 under the 2014 Plan:

	Number of Restricted Stock Units			Weighted- Average Grant-Date Fair Value per Share
Outstanding at January 1, 2025		939,865		$	48.55
Restricted stock units granted		222,626		$	49.17
Restricted stock units vested		(800,500	)	$	48.65
Restricted stock units canceled/forfeited		-		$	0.00
Outstanding at March 31, 2025		361,991		$	48.71