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Preferred Stock (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Equity [Abstract]

Schedule of Convertible Preferred Stock

Convertible preferred stock at September 30, 2023, August 10, 2023, and December 31, 2022, is as follows:

​

​	​	​	​	​	​	​	​	​	​
​		September 30,			August 10,			December 31,
Series	​	2023		​	2023		​	2022
Series A-1 preferred stock, $0.001 par value per share. Issued, and outstanding 0 and 131,797 shares at September 30, 2023, and December 31, 2022, respectively	​	$	—	​	$	6,065	​	$	6,065
Series A-2 preferred stock, $0.001 par value per share. Issued, and outstanding 0 and 576,126 shares at September 30, 2023, and December 31, 2022, respectively		​	—		​	8,976		​	8,976
Series A-3 preferred stock, $0.001 par value per share. Issued, and outstanding 0 and 612,822 shares at September 30, 2023, and December 31, 2022, respectively		​	—		​	10,611		​	10,611
Series A-4 preferred stock, $0.001 par value per share. Issued, and outstanding 0 and 127,787 shares at September 30, 2023, and December 31, 2022, respectively		​	—		​	1,993		​	1,993
Series A-5 preferred stock, $0.001 par value per share. Issued and outstanding 0 shares at September 30, 2023;authorized 734,533, issued and outstanding 730,320 and December 31, 2022		​	—		​	12,858		​	12,858
Series A-6 preferred stock, $0.001 par value per share. Issued and outstanding 0 shares at September 30, 2023; authorized 805,848, issued and outstanding 800,657 at December 31, 2022		​	—		​	15,476		​	15,476
Series B preferred stock, $0.001 par value per share. Issued and outstanding 0 shares at September 30, 2023; authorized 7,021,678, issued and outstanding 6,984,971 at December 31, 2022, respectively		​	—		​	84,637		​	84,528
Series B-1 preferred stock, $0.001 par value per share. Issued, and outstanding 0 shares at September 30, 2023, authorized, issued and outstanding 1,659,672 at and December 31, 2022		​	—		​	23,500		​	23,499
Series B-2 preferred stock, $0.001 par value per share. Issued and outstanding 0 and 706,243 shares at September 30, 2023, and December 31, 2022, respectively		​	—		​	—		​	—
Series B-3 preferred stock, $0.001 par value per share. Issued and outstanding 0 and 0 shares at September 30, 2023, and December 31, 2022, respectively		​	—		​	39,858		​	—
Total convertible preferred stock	​	$	—	​	$	203,974	​	$	164,006

​

The following table summarizes activity in convertible preferred stock in the nine months ended September 30, 2023, and 2022.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at

​

​

Retirements /

Balance at

Series

​

December 31, 2022

Issuances

Conversions

September 30, 2023

Series A-1

​

$

6,065

​

$

—

​

$

(6,065)

​

$

—

Series A-2

​

8,976

​

—

​

(8,976)

​

—

Series A-3

​

10,611

​

—

​

(10,611)

​

—

Series A-4

​

1,993

​

—

​

(1,993)

​

—

Series A-5

​

12,858

​

—

​

(12,858)

​

—

Series A-6

​

15,476

​

—

​

(15,476)

​

—

Series B

​

84,528

​

109

​

(84,637)

​

—

Series B-1

​

23,499

​

1

​

(23,500)

​

—

Series B-2

​

—

​

—

​

—

​

—

Series B-3

​

—

​

39,858

​

(39,858)

​

—

Total convertible preferred stock

​

$

164,006

​

$

39,968

​

$

(203,974)

​

$

—

​

​	​	​	​	​	​	​	​	​	​
​		Balance at			​	​		Balance at
Series	​	December 31, 2021		​	Issuances		​	September 30, 2022
Series A-1	​	$	6,065	​	$	—	​	$	6,065
Series A-2	​		8,976	​		—	​		8,976
Series A-3	​		10,611	​		—	​		10,611
Series A-4	​		1,993	​		—	​		1,993
Series A-5	​		12,858	​		—	​		12,858
Series A-6	​		15,476	​		—	​		15,476
Series B	​		84,528	​		—	​		84,528
Series B-1	​		20,000	​		3,499	​		23,499
Total convertible preferred stock	​	$	160,507	​	$	3,499	​	$	164,006

Convertible preferred stock, net of issuance costs, at December 31, 2022 and 2021, is as follows:

​	​	​	​	​	​	​
​		December 31,
Series	​	2022			2021
Series A‑1 preferred stock, $0.001 par value per share. Authorized, issued, and outstanding 131,797 shares at December 31, 2022 and 2021	​	$	6,065	​	$	6,065
Series A‑2 preferred stock, $0.001 par value per share. Authorized, issued, and outstanding 576,126 shares at December 31, 2022 and 2021	​		8,976	​		8,976
Series A‑3 preferred stock, $0.001 par value per share. Authorized, issued, and outstanding 612,822 shares at December 31, 2022 and 2021	​		10,611	​		10,611
Series A‑4 preferred stock, $0.001 par value per share. Authorized, issued, and outstanding 127,787 shares at December 31, 2022 and 2021	​		1,993	​		1,993
Series A‑5 preferred stock, $0.001 par value per share. Authorized 734,533 shares; issued and outstanding 730,320 shares at December 31, 2022 and 2021	​		12,858	​		12,858
Series A‑6 preferred stock, $0.001 par value per share. Authorized 805,848 shares; issued and outstanding 800,657 shares at December 31, 2022 and 2021	​		15,476	​		15,476
Series B preferred stock, $0.001 par value per share. Authorized 7,021,678 shares; issued and outstanding 6,984,971 and 6,984,971 shares at December 31, 2022 and 2021, respectively	​		84,528	​		84,528
Series B‑1 preferred stock, $0.001 par value per share. Authorized 1,659,672 shares; issued and outstanding 1,659,672 and 1,412,487 shares at December 31, 2022 and 2021, respectively	​		23,499	​		20,000
Series B‑2 preferred stock, $0.001 par value per share. Authorized 1,765,609 shares; issued and outstanding 706,243 and 0 shares at December 31, 2022 and 2021, respectively	​		—	​		—
Series B‑3 preferred stock, $0.001 par value per share. Authorized 8,474,924 shares; issued and outstanding 0 at shares at December 31, 2022 and 2021	​		—	​		—
Total convertible preferred stock	​	$	164,006	​	$	160,507

​

Schedule of Warrants Outstanding

Warrants outstanding at September 30, 2023, and December 31, 2022, are as follows:

​

​	​	​	​	​
​		September 30,		December 31,
​	​	2023	​	2022
Public Warrants	​	8,333,272	​	—
Private Placement Warrants		5,933,333		—
Series B-3 Warrants		—		15,819,000
Total warrants		14,266,605		15,819,000

Warrants to purchase convertible preferred stock at September 30, 2023, and December 31, 2022, are as follows:

​

​	​	​	​	​
​		September 30,		December 31,
Series	​	2023	​	2022
Series A-5 preferred stock, $17.81 exercise price	​	—	​	4,213
Series A-6 preferred stock, $20.23 exercise price		—		5,190
Series B preferred stock, $0.41 exercise price		—		36,707
Series B-3 preferred stock, $2.03 exercise price		—		2,824,974
Total warrants		—		2,871,084

​

The following table summarizes activity in warrants to purchase preferred stock in the nine months ended September 30, 2023. There was no activity in the nine months ended September 30, 2022.

​

​	​	​	​	​	​	​	​	​	​	​
​		Balance at		​		​		Retirements /		Balance at
Series	​	December 31, 2022	​	Exercises	​	Issuances	​	Conversions	​	September 30, 2023
Series A-5	​	4,213	​	—	​	—	​	(4,213)	​	—
Series A-6		5,190		—		—		(5,190)		—
Series B		36,707		(11,123)		—		(25,584)		—
Series B-3		2,824,974		(4,771,642)		2,595,777		(649,109)		—

​

​	​	​	​	​	​	​	​	​	​	​
Issue Date		Equity Class		Quantity		Exercise Price			Initial Fair Value
08‑26‑2015		Series A‑5 Preferred Stock		3,370	​	$	17.81	​	$	54
10‑27‑2016		Series A‑5 Preferred Stock		842	​	$	17.81	​	$	10
06‑30‑2017		Series A‑6 Preferred Stock		4,449	​	$	20.23	​	$	102
11‑20‑2018		Series A‑6 Preferred Stock		741	​	$	20.23	​	$	12

​

Fair Value Measurement Inputs and Valuation Techniques

The fair value of the Series B-2 Tranche Liability was determined using a Binomial Tranche Model. Both models incorporated the following significant assumptions for the respective valuation dates:

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