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Stock Incentive Plans (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation | Stock-based compensation expense by classification included within the consolidated statements of operations and comprehensive income (loss), including $1.5 million recognized as stock-based compensation expense upon the achievement of a technical milestone by Ginkgo Bioworks Holdings, Inc., or Ginkgo, during the nine months ended September 30, 2023 as described in Note 15, was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Research and development | $ | 799 |  |  | $ | 1,189 |  |  | $ | 2,287 |  |  | $ | 5,058 |
General and administrative | 896 |  |  | 1,132 |  |  | 2,430 |  |  | 3,322 |
Total stock-based compensation expense | $ | 1,695 |  |  | $ | 2,321 |  |  | $ | 4,717 |  |  | $ | 8,380 |
Schedule of Weighted Average Assumptions Used | The estimated grant date fair values of stock option awards granted under the 2016 Plan and the 2018 Inducement Incentive Award Plan were calculated using the Black-Scholes option pricing model based on the weighted-average assumptions in the following table. No stock options were granted during the three months ended September 30, 2023.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  |  |  | 2024 |  | 2023
Risk-free interest rate | 4.05 | % |  |  |  | 4.04 | % |  | 3.95 | %
Dividend yield | — |  |  |  |  | — |  |  | — |
Expected term (in years) | 6.23 |  |  |  | 6.20 |  | 5.94
Expected volatility | 94.98 | % |  |  |  | 95.07 | % |  | 94.64 | %
Weighted-average fair value of common stock | $ | 17.97 |  |  |  |  | $ | 19.79 |  |  | $ | 34.50 |
Schedule of Options Activity | The following table summarizes the stock option activity under the 2016 Plan, the 2018 Inducement Incentive Award Plan, and Old Cartesian Plan for options for common stock:
|  |  |  |  | Weighted-average |  |
| Number of |  |  |  | remaining |  | Aggregate
| common stock |  | Weighted-average |  | contractual term |  | intrinsic value
| options |  | exercise price ($) |  | (in years) |  | (in thousands)
Outstanding at December 31, 2023 | 776,865 |  |  | $ | 2.97 |  |  | 6.50 |  | $ | 13,760 |
Granted | 908,675 |  |  | $ | 19.79 |  |  |  |  |
Converted from options for Series A Preferred Stock | 470,403 |  |  | $ | 2.40 |  |  |  |  |
Exercised | (106,073) |  |  | $ | 3.12 |  |  |  |  |
Forfeited | (77,681) |  |  | $ | 17.12 |  |  |  |  |
Outstanding at September 30, 2024 | 1,972,189 |  |  | $ | 10.02 |  |  | 7.11 |  | $ | 15,207 |
Vested at September 30, 2024 | 976,876 |  |  | $ | 2.84 |  |  | 5.09 |  | $ | 13,020 |
Vested and expected to vest at September 30, 2024 | 1,830,212 |  |  | $ | 9.26 |  |  | 6.94 |  | $ | 15,190 |
The following table summarizes the stock option activity under the Old Cartesian Plan for options for Series A Preferred Stock:
| Number of |  |  |  | Weighted-average |  |
| Series A |  |  |  | remaining |  | Aggregate
| Preferred Stock |  | Weighted-average |  | contractual term |  | intrinsic value
| options |  | exercise price ($) |  | (in years) |  | (in thousands)
Outstanding at December 31, 2023 | 14,112.299 |  |  | $ | 79.94 |  |  | 5.91 |  | $ | 8,601 |
Converted to options for common stock | (14,112.299) |  |  | $ | 79.94 |  |  |  |  |
Outstanding at September 30, 2024 | — |  |  | $ | — |  |  |  |  |
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes the Company’s restricted stock units under the 2016 Plan, the 2018 Inducement Incentive Award Plan, and the Old Cartesian Plan:
| Number of shares |  | Weighted-average grant date fair value ($)
Unvested at December 31, 2023 | — |  |  | $ | — |
Granted | 477,037 |  |  | 19.86 |
Forfeited | (28,826) |  |  | 19.80 |
Unvested at September 30, 2024 | 448,211 |  |  | $ | 19.86 |

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