Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2025 |
|---|
| Stockholders' Equity |
|
| Schedule of Stock-Based Compensation Expense |
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Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
($ in thousands) |
|
2025 |
|
2024 |
|
|
2025 |
|
2024 |
Fortress: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee and non-employee awards |
|
$ |
990 |
|
$ |
2,385 |
|
|
$ |
6,514 |
|
$ |
6,827 |
Executive awards |
|
|
167 |
|
|
276 |
|
|
|
527 |
|
|
772 |
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Partner Companies: |
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|
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|
|
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Avenue |
|
|
163 |
|
|
331 |
|
|
|
523 |
|
|
714 |
Checkpoint |
|
|
— |
|
|
1,611 |
|
|
|
14,097 |
|
|
3,491 |
Mustang |
|
|
23 |
|
|
42 |
|
|
|
106 |
|
|
(500) |
Journey |
|
|
1,854 |
|
|
1,640 |
|
|
|
4,513 |
|
|
4,720 |
Other |
|
|
— |
|
|
288 |
|
|
|
— |
|
|
405 |
Total stock-based compensation expense |
|
$ |
3,197 |
|
$ |
6,573 |
|
|
$ |
26,280 |
|
$ |
16,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
($ in thousands) |
|
2025 |
|
2024 |
|
|
2025 |
|
2024 |
Research and development |
|
$ |
152 |
|
$ |
1,216 |
|
|
$ |
6,245 |
|
$ |
2,943 |
Selling, general and administrative |
|
|
3,045 |
|
|
5,357 |
|
|
|
20,035 |
|
|
13,486 |
Total stock-based compensation expense |
|
$ |
3,197 |
|
$ |
6,573 |
|
|
$ |
26,280 |
|
$ |
16,429 |
|
| Schedule of Stock Option Activities |
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Weighted average |
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Total |
|
remaining |
|
|
|
|
Weighted average |
|
weighted average |
|
contractual life |
|
|
Number of shares |
|
exercise price |
|
intrinsic value |
|
(years) |
Options vested and expected to vest at December 31, 2024 |
|
558,896 |
|
$ |
2.32 |
|
$ |
186,300 |
|
6.02 |
Forfeited |
|
(540,000) |
|
|
— |
|
|
— |
|
— |
Options vested and expected to vest at September 30, 2025 |
|
18,896 |
|
$ |
20.55 |
|
$ |
— |
|
0.01 |
Options vested and exercisable at September 30, 2025 |
|
18,896 |
|
$ |
20.55 |
|
$ |
— |
|
0.01 |
|
| Schedule of Restricted Stock Awards and Restricted Stock Units |
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Weighted |
|
|
|
|
average grant |
|
|
Number of shares |
|
price |
Unvested balance at December 31, 2024 |
|
4,414,724 |
|
$ |
12.87 |
Restricted stock granted |
|
1,204,624 |
|
|
2.03 |
Restricted stock vested |
|
(737,132) |
|
|
37.13 |
Restricted stock units granted |
|
500,000 |
|
|
2.61 |
Restricted stock units forfeited |
|
(6,098) |
|
|
— |
Restricted stock units vested |
|
(258,960) |
|
|
25.36 |
Unvested balance at September 30, 2025 |
|
5,117,158 |
|
$ |
5.20 |
|
| Schedule of Warrant activities |
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Total weighted |
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Weighted average |
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|
|
average |
|
remaining |
|
|
Number of |
|
Weighted average |
|
intrinsic |
|
contractual life |
|
|
shares |
|
exercise price |
|
value |
|
(years) |
Outstanding as of December 31, 2024 |
|
14,406,201 |
|
$ |
2.15 |
|
$ |
2,933,774 |
|
4.46 |
Exercised |
|
(1,355,582) |
|
|
1.67 |
|
|
— |
|
— |
Outstanding as of September 30, 2025 |
|
13,050,619 |
|
$ |
2.20 |
|
$ |
— |
|
3.70 |
Exercisable as of September 30, 2025 |
|
13,050,619 |
|
$ |
2.20 |
|
$ |
— |
|
3.70 |
|