SHARE-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Weighted Average Grant Date Fair Value and Total Intrinsic Value of Options Exercised |
The following table summarizes activity related to stock options outstanding as of and for the year ended December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (Stock options and intrinsic value in thousands) | | Number of stock options outstanding | | Weighted-average exercise price | | Weighted-average remaining contractual life (years) | | Aggregate intrinsic value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding – January 1, 2025 | | 24,153 | | | $ | 2.91 | | | 6.33 | | $ | — | | | Granted | | 7,243 | | | 0.95 | | | | | | | Exercised | | (8) | | | 1.35 | | | | | | | Forfeited, cancelled, and expired | | (2,735) | | | 2.43 | | | | | | | Cancelled under the Award Exchange Program | | (8,866) | | | 3.32 | | | | | | Outstanding1 - December 31, 2025 | | 19,787 | | | $ | 2.23 | | | 7.38 | | $ | 1,775 | | Exercisable - December 31, 2025 | | 11,077 | | | $ | 3.02 | | | 6.20 | | $ | 355 | | 1 Outstanding stock options include stock options granted to the Company’s Chief Executive Officer during the year ended December 31, 2024, that vest based on the achievement of certain market-based performance goals over the performance period, including the achievement of certain stock price performance targets. |
The following table summarizes the weighted-average grant date fair value and total intrinsic value of stock options exercised for the years ended December 31, 2025 and 2024: | | | | | | | | | | | | | | | | (In thousands, except per share data) | | December 31, 2025 | | December 31, 2024 | | | | | | | Weighted-average per share grant date fair value of stock options granted | | $ | 0.64 | | | $ | 1.03 | | | Intrinsic value of stock options exercised, using market price at exercise date | | $ | 4 | | | $ | 3 | |
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| Schedule of Fair Value Valuation Assumptions |
The fair value of stock options granted under the Plan during the year ended December 31, 2025 and 2024 was determined using the Black-Scholes option-pricing model with the following range of assumptions at the time of the grant: | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | | | | | | Risk-free annual interest rate | | 3.8% to 4.4% | | 3.9% to 4.3% | | Expected annual dividend yield | | 0% | | 0% | | Expected stock price volatility | | 72.8% to 92.8% | | 72.4% to 84.4% | | Expected life of stock options | | 1.5 to 7.0 years | | 4.5 to 7.5 years | | Forfeiture rate | | 19.3% to 19.6% | | 9.9% to 34.0% | | Fair value at grant date | | $0.33 to $0.94 | | $0.24 to $1.55 | | Stock price at grant date | | $0.51 to $1.31 | | $0.87 to $2.05 | | Exercise price range | | $0.51 to $1.35 | | $0.92 to $6.62 |
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| Schedule of RSUs Outstanding |
The following table summarizes activity related to RSUs outstanding as of and for the year ended December 31, 2025: | | | | | | | | | | | | | | | | (shares in thousands) | | Number of RSUs outstanding | | Weighted-average fair value | Outstanding – January 1, 2025 | | 8,927 | | | $ | 2.14 | | | Granted | | 13,560 | | 0.95 | | | Granted under the Award Exchange Program | | 8,866 | | | 0.98 | | | Vested and settled | | (2,808) | | 2.34 | | | Forfeited | | (2,078) | | 1.49 | | Outstanding - December 31, 2025 | | 26,467 | | | $ | 1.15 | |
For the years ended December 31, 2025 and 2024, total fair value of RSUs vested, using market price at vest date, was $2.6 million and $3.5 million, respectively.
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| Schedule of Share-based Compensation Expense Capitalized |
The following table sets forth the classification of share-based compensation expense related to stock options for the years ended December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | Year Ended
December 31, | | ($ in thousands) | | | | | | 2025 | | 2024 | Stock Option expense included in cost of goods sold and ending inventory | | | | | | $ | 456 | | | $ | 1,121 | | Stock Option expense included in selling, general, and administrative expense | | | | | | 2,940 | | | 5,313 | | Total share-based compensation expense for stock options | | | | | | $ | 3,396 | | | $ | 6,434 | | | | | | | | | | | | | | | | | | | |
The following table sets forth the classification of share-based compensation expense related to RSUs for the years ended December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | Year Ended
December 31, | | ($ in thousands) | | | | | | 2025 | | 2024 | RSU expense included in cost of goods sold and ending inventory | | | | | | $ | 1,055 | | | $ | 1,407 | | RSU expense included in selling, general, and administrative expense | | | | | | 6,473 | | | 6,490 | | Total share-based compensation expense for RSUs | | | | | | $ | 7,528 | | | $ | 7,897 | | | | | | | | | | | | | | | | | | | |
The following table reflects share-based compensation expense capitalized to cost of goods sold and share-based compensation expense capitalized to ending inventory for the years ended December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | Year Ended
December 31, | | ($ in thousands) | | | | | | 2025 | | 2024 | | Capitalized expense to cost of goods sold | | | | | | $ | 1,822 | | | $ | 2,361 | | | Capitalized expense to inventory for prior periods | | | | | | 848 | | | 661 | | | | | | | | | | | | | | | | | | | |
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