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Stock-based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Activity Under Restricted Stock Units | 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 |
Schedule of Activity Under Stock Options | 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 |
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.
Schedule of Nonvested Performance-Based Units Activity | 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 |  |  | — |  |  | $ | — |
Schedule of Stock-Based Compensation Expense | As of September 30, 2024, the Company had reserved shares of common stock for future issuance under equity compensation plans as follows (in thousands):
|  | Securities To Be Issued Upon Exercise Of Options |  |  | Securities To Be Issued Upon Release Of Restricted Stock |  |  | Number Of Remaining Securities Available For Future Issuance |
2022 Inducement Equity Incentive Plan |  |  | 7,320 |  |  |  | 898 |  |  |  | 454 |
2011 Equity Incentive Plan |  |  | 7,929 |  |  |  | 12,781 |  |  |  | 23,584 |
2017 Inducement Award Plan |  |  | 59 |  |  |  | — |  |  |  | 2 |
2017 Employee Stock Purchase Plan |  |  | — |  |  |  | — |  |  |  | 1,379 |
SomaLogic Plans |  |  | 24,920 |  |  |  | 757 |  |  |  | — |
Total common stock reserved for future issuance |  |  | 40,228 |  |  |  | 14,436 |  |  |  | 25,419 |
Schedule of 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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