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Equity Based Compensation (Tables)
 9 Months Ended
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