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Stock Incentive Plans (Tables)

9 Months Ended

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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