Common Stock Warrants

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Common Stock Warrants

Common Stock Warrants

In October 2022, the Company issued a warrant to a customer (“Holder”) to purchase an aggregate of up to 1,484,230 shares of Common Stock (the “Customer Warrant”). The exercise period of the Customer Warrant is through the seventh anniversary of the issue date.

In October 2023, the Company amended the warrant agreement and issued an additional warrant to the Holder to purchase an aggregate of up to 831,945 shares of Common Stock (the “2023 Warrant”, and together with the Customer Warrant, the “Warrants”), with the same exercise period as the Customer Warrant. The Warrants will vest and become exercisable over the contract term, contingent upon the achievement of performance conditions, comprised of specified tranches of payments by the Holder and its affiliates to the Company.

As of March 31, 2025 and December 31, 2024, an aggregate of 474,029 shares of the underlying Warrants vested and are exercisable for each of the reporting periods. Additionally, an aggregate of 201,262 and 50,439 shares were probable of vesting as of March 31, 2025 and December 31, 2024, respectively.

The Company recognized $0.4 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively, as a reduction of revenue in the condensed consolidated statements of operations and comprehensive income (loss) related to the Warrants. The remaining grant date fair values of the Warrants that are probable of vesting will be recognized as a reduction of revenue in proportion to the amount of related product sales, which could occur until October 14, 2029.