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Stock-based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | 12. Stock-based Compensation The Company has various stock-based compensation plans, which are more fully described in our 2023 Financial Statements. Upon completion of the Merger, the Company assumed SomaLogic's stock incentive plans. In addition, all outstanding options to purchase SomaLogic Common Stock and all restricted stock units in respect of shares of SomaLogic Common Stock that were outstanding immediately prior to the completion of the Merger were automatically adjusted by the exchange ratio of 1.11 and converted into an equity award of the same type covering shares of the Company's common stock, on the same terms and conditions (including any continuing vesting requirements), under the applicable Company plan and award agreement in effect immediately prior to the completion of the Merger. During the three and nine months ended September 30, 2024, the Company recorded nil and $6.2 million, respectively, of stock-based compensation expense due to the acceleration of awards for certain SomaLogic executives in connection with the Merger. Restricted Stock Units
|  | Number of Units (in thousands) |  |  | Weighted-Average Grant Date Fair Value per Unit |
Balance at December 31, 2023 |  |  | 6,933 |  |  | $ | 2.46 |
Assumed through acquisition |  |  | 2,970 |  |  |  | 2.00 |
Granted |  |  | 10,263 |  |  |  | 2.21 |
Vested |  |  | (4,002 | ) |  |  | 2.34 |
Forfeited |  |  | (1,728 | ) |  |  | 2.30 |
Balance at September 30, 2024 |  |  | 14,436 |  |  | $ | 2.24 |
As of September 30, 2024, unrecognized stock-based compensation expense related to outstanding unvested restricted stock units ("RSUs") under the Company’s equity incentive plans was $29.8 million. The Company expects to recognize the expense over a weighted-average period of 3.1 years. Stock Options
|  | Number of Options (in thousands) |  |  | Weighted-Average Exercise Price per Option |  |  | Weighted- Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value (1) (in thousands) |
Balance at December 31, 2023 |  |  | 9,294 |  |  | $ | 3.62 |  |  |  | 8.5 |  |  |  |
Assumed through acquisition |  |  | 28,184 |  |  |  | 4.80 |  |  |  |  |  |  |
Granted |  |  | 6,697 |  |  |  | 2.50 |  |  |  |  |  |  |
Exercised |  |  | (573 | ) |  |  | 2.12 |  |  |  |  |  |  |
Cancelled |  |  | (3,374 | ) |  |  | 3.92 |  |  |  |  |  |  |
Balance at September 30, 2024 |  |  | 40,228 |  |  | $ | 4.26 |  |  |  | 6.2 |  |  | $ | 196 |
Vested at September 30, 2024 |  |  | 28,006 |  |  | $ | 4.76 |  |  |  | 5.1 |  |  | $ | 93 |
Unvested options at September 30, 2024 |  |  | 12,222 |  |  | $ | 3.10 |  |  |  | 8.7 |  |  | $ | 103 |
(1) Aggregate intrinsic value as of September 30, 2024 was calculated as the difference between the closing price per share of the Company’s common stock on The Nasdaq Global Select Market on September 30, 2024, which was $1.93, and the exercise price of the options, multiplied by the number of in-the-money options. The total intrinsic value of options exercised during the three and nine months ended September 30, 2024 was nil and $0.6 million, respectively. The total intrinsic value of options exercised during each of the three and nine months ended September 30, 2023 was immaterial. As of September 30, 2024, the aggregate unrecognized compensation costs related to outstanding unvested options under the Company’s equity incentive plans were $22.5 million. The Company expects to recognize those costs over a weighted-average period of 2.6 years. Performance-based Awards In July 2023, the Company granted performance-based restricted stock units ("PSUs") to certain executive officers that vest based upon the achievement of specified revenue and EBITDA targets for the twelve months ended December 31, 2023, and the executive’s continued employment with the Company. Stock-based compensation expense is being recognized over the requisite service period, as it is deemed probable the Company will satisfy the performance measures. Certain of the specified revenue and EBITDA targets were met and the PSUs vested and were released from restriction in April 2024. Activity under the performance-based awards was as follows:
|  | Number of Units (in thousands) |  |  | Weighted-Average Grant Date Fair Value per Unit |
Balance at December 31, 2023 |  |  | 309 |  |  | $ | 2.42 |
PSU granted |  |  | 100 |  |  |  | 2.25 |
Performance adjustment |  |  | (26 | ) |  |  | 2.42 |
PSU released |  |  | (383 | ) |  |  | 2.38 |
Balance at September 30, 2024 |  |  | — |  |  | $ | — |
Stock-based Compensation Expense Stock-based compensation expense is reported in the Company's condensed consolidated statement of operations as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of product revenue |  | $ | 136 |  |  | $ | 151 |  |  | $ | 441 |  |  | $ | 524 |
Cost of services revenue |  |  | 228 |  |  |  | 37 |  |  |  | 455 |  |  |  | 122 |
Cost of collaboration and other revenue |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 2 |
Research and development expense |  |  | 724 |  |  |  | 459 |  |  |  | 4,480 |  |  |  | 1,241 |
Selling, general and administrative expense |  |  | 4,833 |  |  |  | 2,739 |  |  |  | 18,885 |  |  |  | 7,759 |
Total stock-based compensation expense |  | $ | 5,921 |  |  | $ | 3,386 |  |  | $ | 24,262 |  |  | $ | 9,648 |

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