Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation (Tables)

v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense
The Company recognizes stock-based compensation in the consolidated statements of operations, based on the department to which the related employee reports, as follows:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in thousands) (in thousands)
Cost of net revenue $ 155  $ 174  $ 437  $ 355 
Research and development 7,625  10,088  22,281  20,529 
Selling, general and administrative 5,333  7,097  13,306  13,536 
$ 13,113  $ 17,359  $ 36,024  $ 34,420 
Summary of Restricted Stock Unit Activity
A summary of the Company’s restricted stock unit activity for all equity plans is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2024 7,919  $ 24.99 
  Granted1
950  14.76 
  Vested2
(2,241) 24.65 
  Canceled3
(801) 26.16 
Outstanding at June 30, 2025 5,827  $ 23.29 
____________
(1) Includes approximately 154 thousand shares granted under the Inducement Plan at a weighted-average grant-date fair value per share of $13.91.
(2) Includes approximately 4 thousand shares vested under the Inducement Plan at a weighted-average grant-date fair value per share of $18.16.
(3) Includes approximately 18 thousand shares canceled under the Inducement Plan at a weighted-average grant-date fair value per share of $14.99
Summary of Performance-Based Restricted Stock Unit Activity
A summary of the Company’s performance-based restricted stock unit activity is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2024 3,520  $ 25.66 
  Canceled1
(826) 38.09 
Outstanding at June 30, 2025 2,694  $ 24.84 
________________
(1) Includes shares canceled due to achievement below threshold amounts from shares granted which were previously reserved at the maximum achievable (250%). No shares were eligible to vest for the 2024 and mid year 2025 performance periods due to achievement below the 25th percentile.
Summary of Employee Stock Purchase Plan, Valuation Assumptions
The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
Six Months Ended June 30,
2025 2024
Weighted-average grant date fair value per share
$5.24 - $6.00
$5.78 - $6.35
Risk-free interest rate
4.29% - 4.44%
5.4% - 5.41%
Dividend yield —  % —  %
Expected life (in years)
0.50 - 0.51
 0.50
Volatility
92.19% - 95.74%
49.76% - 70.46%
Summary of Stock Option Activity
A summary of the Company’s stock options activity is as follows:
Number of Options
(in thousands)		 Weighted-Average Exercise Price Weighted-Average Contractual Term (in years) Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024 2,965  $ 19.35 
Canceled (247) 18.76 
Outstanding at June 30, 2025 2,718  $ 19.39  7.6 $ — 
Vested and expected to vest at June 30, 2025 2,613  $ 19.39  7.6 $ — 
Exercisable at June 30, 2025 573  $ 18.87  3.7 $ — 
Schedule of Stock Options, Valuation Assumptions
The fair values of stock options were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
Six Months Ended June 30,
2025(1)
2024
Weighted-average grant date fair value per share
N/A - N/A
$10.84 - $11.24
Risk-free interest rate N/A 4.33  %
Dividend yield N/A —  %
Expected life (in years) N/A 6.50
Volatility N/A 57.50  %
__________________
(1) No options were granted during the six months ended June 30, 2025.