Stock-Based Compensation (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2025 |
Dec. 31, 2024 |
| Stock-Based Compensation [Abstract] |
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|
| Schedule of Stock Option Activity |
Stock option activity for the nine months ended September 30, 2025 was as follows (in thousands, except share, per share, and remaining life data):
| | | Number of
Options | | Weighted
Average
Exercise
Price | | Weighted
Average
Remaining
Life | | Intrinsic
Value | | Outstanding at December 31, 2024 | | 72,140 | | | $ | 219.80 | | 7.2 years | | $ | 11 | | Granted | | 6,347 | | | $ | 51.84 | | | | | | | Exercised | | — | | | $ | — | | | | | | | Cancelled | | (8,746 | ) | | $ | 237.60 | | | | | | | Outstanding at September 30, 2025 | | 69,741 | | | $ | 206.12 | | 6.2 years | | $ | — | | | | | | | | | | | | | | | Exercisable as of September 30, 2025 | | 60,838 | | | $ | 214.98 | | 5.9 years | | $ | — | | | | | | | | | | | | | | | Vested and expected to vest as of September 30, 2025 | | 69,741 | | | $ | 206.12 | | 6.2 years | | $ | — |
|
Stock option activity for the years ended December 31, 2024 and 2023 was as follows (in thousands, except share, per share, and remaining life data):
| | | Number of
Options | | Weighted
Average
Exercise
Price | | Weighted
Average
Remaining
Life | | Intrinsic
Value | | Outstanding at December 31, 2022 | | 46,132 | | | $ | 351.00 | | 8.2 years | | $ | 2,034 | | Granted | | 10,736 | | | $ | 184.50 | | | | | | | Exercised | | (1,639 | ) | | $ | 66.00 | | | | | | | Cancelled | | (5,573 | ) | | $ | 399.00 | | | | | | | Outstanding at December 31, 2023 | | 49,656 | | | $ | 319.50 | | 7.1 years | | $ | 726 | | Granted | | 29,195 | | | $ | 70.40 | | | | | | | Exercised | | (267 | ) | | $ | 57.00 | | | | | | | Cancelled | | (6,444 | ) | | $ | 329.30 | | | | | | | Outstanding at December 31, 2024 | | 72,140 | | | $ | 219.80 | | 7.2 years | | $ | 11 | | | | | | | | | | | | | | | Exercisable as of December 31, 2024 | | 62,694 | | | $ | 213.40 | | 7.0 years | | $ | — | | | | | | | | | | | | | | | Vested and expected to vest as of December 31, 2024 | | 72,140 | | | $ | 219.80 | | 7.2 years | | $ | 11 |
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| Schedule of Weighted Average Assumptions for Fair Value of Options Estimated |
The Company estimated the fair value of stock options using the Black-Scholes option pricing model. The fair value of the stock options was estimated using the following weighted average assumptions for the nine months ended September 30, 2025 and 2024.
| | | Nine Months Ended
September 30, | | | | 2025 | | 2024 | | Dividend yield | | — | % | | — | % | | Expected volatility | | 65.16 | % | | 51.6 | % | | Risk-free interest rate | | 4.39 | % | | 4.26 | % | | Expected life | | 5.46 years | | | 5.0 years | |
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The fair value of the stock options was estimated using the following weighted average assumptions for the years ended December 31, 2024 and 2023. | | | Year Ended
December 31, | | 2024 | | 2023 | | Dividend yield | | — | % | | — | % | | Expected volatility | | 52.04 | % | | 61.55 | % | | Risk-free interest rate | | 4.27 | % | | 3.77 | % | | Expected life | | 4.96 years | | | 5.98 years | |
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| Schedule of Stock-Based Compensation Expense to Employees and Non-Employees |
The Company has recorded stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 related to the issuance of stock option awards to employees and nonemployees in the condensed consolidated statement of operations and comprehensive loss as follows (in thousands):
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|
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
|
| |
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
Cost of revenue
|
|
$
|
4 |
|
$
|
3 |
|
$
|
5 |
|
$
|
38 |
|
Research and development
|
|
|
25 |
|
|
144 |
|
|
191 |
|
|
966 |
|
Sales, general and administrative
|
|
|
64 |
|
|
387 |
|
|
446 |
|
|
1,691 |
| |
|
$
|
93 |
|
$
|
534 |
|
$
|
642 |
|
$
|
2,695 |
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The Company has recorded stock-based compensation expense for the years ended December 31, 2024 and 2023 related to the issuance of stock option awards to employees and nonemployees in the consolidated statement of operations and comprehensive loss as follows:
|
|
|
Year Ended
December 31,
|
| |
|
2024
|
|
2023
|
|
Cost of revenue
|
|
$
|
41 |
|
$
|
—
|
|
Research and development
|
|
|
1,107 |
|
|
940 |
|
Sales, general and administrative
|
|
|
2,077 |
|
|
2,040 |
| |
|
$
|
3,225 |
|
$
|
2,980 |
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| Schedule of Restricted Stock Units |
The following table summarizes the activity related to the Company’s restricted stock units (“RSUs”):
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|
|
Number of
RSUs
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Balance, March 31, 2025
|
|
—
|
|
|
—
|
|
Granted
|
|
61,594 |
|
$
|
8.60 |
|
Vested
|
|
61,594 |
|
$
|
8.60 |
|
Vested and converted to shares
|
|
—
|
|
|
—
|
|
Forfeited or cancelled
|
|
—
|
|
|
—
|
|
Balance, June 30, 2025
|
|
61,594 |
|
$
|
8.60 |
|
Granted
|
|
89,254 |
|
$
|
6.70 |
|
Vested
|
|
89,254 |
|
$
|
6.70 |
|
Vested and converted to shares
|
|
—
|
|
|
—
|
|
Forfeited or cancelled
|
|
—
|
|
|
—
|
|
Balance, September 30, 2025
|
|
150,848 |
|
$
|
7.48 |
|
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| Schedule of Stock-based Compensation Expense of RSU |
The Company has recorded stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 related to the issuance of RSUs to employees and nonemployees in the condensed consolidated statement of operations and comprehensive loss as follows (in thousands):
|
|
|
Three Months Ended
September 30,
|
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Nine Months Ended
September 30,
|
| |
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
Cost of revenue
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Research and development
|
|
|
322 |
|
|
—
|
|
|
537 |
|
|
—
|
|
Sales, general and administrative
|
|
|
276 |
|
|
—
|
|
|
591 |
|
|
—
|
| |
|
$
|
598 |
|
$
|
—
|
|
$
|
1,128 |
|
$
|
—
|
|
|