v3.25.3
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Values of Stock Options Granted and Assumptions Used in Black-Scholes Model The weighted average fair value of stock options granted, and the assumptions used for the Black-Scholes option pricing model were as follows:

Nine Months Ended September 30,
20252024
Weighted average fair value of stock options granted$1.84 $11.59 
Assumptions:
Risk-free interest rate
3.6% - 4.1%
4.5%
Expected volatility
106.2% - 110.5%
99.8% - 102.5%
Expected term (in years)
5.3 - 6.0
5.0 - 5.5
Schedule of Information on Stock Option Activity
Information on stock option activity is as follows:
 
Options
Exercisable
Weighted Average
Exercise
Price Per
Share
Options
Outstanding
Weighted Average
Exercise
Price Per
Share
Balance as of December 31, 2024127,267$316.92 572,264$75.44 
Granted—— 861,4262.23 
Vested116,2725.77 —— 
Exercised—— —— 
Expired(8,834)369.25 (8,834)369.25 
Forfeited—— (41,000)5.75 
Balance as of September 30, 2025234,705$160.81 1,383,856$30.05 
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense related to stock option awards is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
In Thousands2025202420252024
Stock-based compensation expense$314 $78 $859 $346 
Stock-based compensation expense related to RSAs is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
In Thousands2025202420252024
Stock-based compensation expense$1,101 $2,418 $4,137 $7,274 


Stock-based compensation expense related to RSUs is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
In Thousands2025202420252024
Stock-based compensation expense$471 $191 $1,367 $410 
Certain condensed consolidated statement of operations amounts were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
In Thousands2025202420252024
Stock-based compensation expense:
Research and development$556 $807 $2,177 $2,467 
Selling, general, and administrative1,330 1,880 4,186 5,563 
Total$1,886 $2,687 $6,363 $8,030 
Schedule of Nonvested Share Activity Information on RSA activity is as follows:
 
Restricted Stock
Awards
Weighted Average Grant
Date Fair Value
Unvested balance as of December 31, 2024274,058$31.50 
Granted—— 
Vested(135,621)31.50 
Forfeited(23,086)31.50 
Unvested balance as of September 30, 2025115,351$31.50 
Information on RSU activity is as follows:
 
Restricted Stock
Units
Weighted Average Grant
Date Fair Value
Unvested balance as of December 31, 2024779,861$7.62 
Granted924,0131.90 
Vested(100,603)11.33 
Forfeited(36,570)5.75 
Unvested balance as of September 30, 20251,566,701$4.05 
Schedule of Grant Date Fair Value of Awards Vested
The total fair value of RSAs that vested is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
In Thousands2025202420252024
Fair value of shares vested$51 $511 $267 $3,230 
The total fair value of RSUs that vested is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
In Thousands2025202420252024
Fair value of shares vested$86 $— $209 $629