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Stock Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense by classification included within the consolidated statements of operations and comprehensive 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 year ended December 31, 2023 as described in Note 16, was as follows (in thousands):
|  |  |  | Year Ended December 31,
|  |  |  |  |  |  |  | 2024 |  | 2023 |  |
Research and development |  |  |  |  |  |  |  | $ | 3,217 |  |  | $ | 12,985 |  |  |
General and administrative |  |  |  |  |  |  |  | 3,365 |  |  | 12,793 |  |  |
Total stock-based compensation expense |  |  |  |  |  |  |  | $ | 6,582 |  |  | $ | 25,778 |  |  |
Schedule of Weighted Average Assumptions Used | The fair value of the stock options assumed in connection with the Merger was calculated using a Black-Scholes option pricing model based on the following weighted-average assumptions:
| Common Stock |  | Series A Preferred Stock
Risk-free interest rate | 4.83 | % |  | 4.92 | %
Dividend yield | — |  |  | — |
Expected term | 3.59 |  | 3.29
Expected volatility | 83.77 | % |  | 83.87 | %
Weighted-average fair value of common stock or Series A Preferred Stock, as applicable | $ | 12.00 |  |  | $ | 403.47 |
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 following weighted-average assumptions:
|  |  |  |  | Year Ended December 31,
|  |  |  |  |  |  |  |  | 2024 |  | 2023 |  |
Risk-free interest rate |  |  |  |  |  |  |  |  | 4.02 | % |  | 3.95 | % |  |
Dividend yield |  |  |  |  |  |  |  |  | — |  |  | — |  |  |
Expected term |  |  |  |  |  |  |  |  | 6.21 |  | 5.94 |  |
Expected volatility |  |  |  |  |  |  |  |  | 95.21 | % |  | 94.64 | % |  |
Weighted-average fair value of common stock |  |  |  |  |  |  |  |  | $ | 19.63 |  |  | $ | 34.54 |  |  |
Schedule of Stock Option Activity | The following table summarizes the stock option activity under the 2016 Plan, the 2018 Inducement Incentive Award Plan, and the 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 | 1,000,092 |  |  | $ | 19.63 |  |  |  |  |
Converted from options for Series A Preferred Stock | 470,403 |  |  | $ | 2.40 |  |  |  |  |
Exercised | (458,544) |  |  | $ | 2.57 |  |  |  |  |
Forfeited | (82,781) |  |  | $ | 17.28 |  |  |  |  |
Outstanding at December 31, 2024 | 1,706,035 |  |  | $ | 11.99 |  |  | 7.59 |  | $ | 12,025 |
Vested at December 31, 2024 | 656,258 |  |  | $ | 3.22 |  |  | 5.36 |  | $ | 9,674 |
Vested and expected to vest at December 31, 2024 | 1,564,044 |  |  | $ | 11.31 |  |  | 7.44 |  | $ | 11,961 |
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 December 31, 2024 | — |  |  | $ | — |  |  |  |  |
Schedule of Restricted Stock Units Activity | The following table summarizes the Company’s restricted stock units under the 2016 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 | (32,799) |  |  | 19.80 |
Unvested at December 31, 2024 | 444,238 |  |  | $ | 19.86 |

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