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Equity Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule for Fair Value of Stock Options Granted Estimated on the Date of Grant Using the Black-Scholes Option | The fair value of stock option awards granted during the period was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions:
|  | Nine Months Ended September 30, |
|  | 2024 |  | 2023 |
Stock price |  | $ | 1.36 |  | $ | 2.90 |
Exercise price |  |  | 1.36 |  |  | 2.90 |
Expected term (years) (1) |  |  | 6.25 |  |  | 6.25 |
Expected volatility (2) |  |  | 80.3 | % |  | 65.4 | %
Risk-free interest rate (3) |  |  | 4.1 | % |  | 3.6 | %
Dividend yield (4) |  |  | 0.0 | % |  | 0.0 | %
(1) Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method. (2) Expected volatility for grants issued prior to July 21, 2023 (which is the two-year anniversary of the Company’s IPO) is based on the historical volatility of a selected peer group over a period equivalent to the expected term, and expected volatility for grants issued subsequent to July 21, 2023 is based on historical volatility of the Company’s stock. (3) The risk-free interest rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term. (4) We have assumed a dividend yield of zero as the Company has no plans to declare dividends in the foreseeable future.
Summary of Stock Option Activity | The following is a summary of stock option activity for the nine months ended September 30, 2024:
| Shares |  |  | Weighted average exercise price |  |  | Weighted average remaining life |  |  | Intrinsic value (in thousands) |
Outstanding balance as of January 1, 2024 |  | 3,080,903 |  |  | $ | 3.40 |  |  |  |  |  |  |
Granted |  | 338,773 |  |  | $ | 1.36 |  |  |  |  |  |  |
Exercised |  | (99,000 | ) |  | $ | 0.01 |  |  |  |  |  |  |
Forfeited and expired |  | (326,991 | ) |  | $ | 4.02 |  |  |  |  |  |  |
Balance as of September 30, 2024 |  | 2,993,685 |  |  | $ | 3.21 |  |  |  | 7.2 |  |  | $ | 551 |
Exercisable at the end of the period |  | 1,476,280 |  |  | $ | 3.18 |  |  |  | 5.8 |  |  | $ | 551 |
Vested and expected to vest |  | 2,993,685 |  |  | $ | 3.21 |  |  |  | 7.2 |  |  | $ | 551 |
Summary of Restricted Stock Unit Activity | The following is a summary of RSU activity for the nine months ended September 30, 2024:
| Shares |  |  | Weighted average grant date fair value |  |  | Aggregate Intrinsic Value (in thousands) |
Balance unvested shares at January 1, 2024 |  | 2,174,053 |  |  | $ | 3.68 |  |  |  |
Granted |  | 3,275,254 |  |  | $ | 1.23 |  |  |  |
Vested |  | (984,979 | ) |  | $ | 3.98 |  |  |  |
Forfeited |  | (553,575 | ) |  | $ | 2.06 |  |  |  |
Balance unvested at September 30, 2024 |  | 3,910,753 |  |  | $ | 1.78 |  |  | $ | 4,224 |
Expected to vest at September 30, 2024 |  | 3,910,753 |  |  | $ | 1.78 |  |  | $ | 4,224 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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