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Equity-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Compensation Cost Recognized | Presented below is a summary of the compensation cost recognized in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 1,206 |  |  | $ | 1,347 |  |  | $ | 3,527 |  |  | $ | 4,803 |
Sales and marketing |  |  | 2 |  |  |  | 87 |  |  |  | (5 | ) |  |  | 407 |
General and administrative |  |  | 1,949 |  |  |  | 3,402 |  |  |  | 5,926 |  |  |  | 18,563 |
Total |  | $ | 3,157 |  |  | $ | 4,836 |  |  | $ | 9,448 |  |  | $ | 23,773 |
Summary of Stock Option Activity | The following summary sets forth the stock option activity under the 2023 and 2020 Plan:
|  | Number of options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term (in years) |  |  | Aggregate intrinsic value (in thousands) |
Outstanding as of December 31, 2023 |  |  | 85,448 |  |  | $ | 101.18 |  |  |  | 9.3 |  |  | $ | 547 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (4,597 | ) |  |  | 84.28 |  |  |  |  |  |  |
Outstanding as of September 30, 2024 |  |  | 80,851 |  |  | $ | 102.14 |  |  |  | 8.5 |  |  | $ | — |
Options exercisable as of September 30, 2024 |  |  | 34,362 |  |  | $ | 63.11 |  |  |  | 8.4 |  |  | $ | — |
Options unvested as of September 30, 2024 |  |  | 49,079 |  |  | $ | 143.95 |  |  |  | 8.6 |  |  | $ | — |
Summary of Unvested Common Stock | A summary of unvested common stock from early option exercises that are subject to repurchase by the Company under the 2020 Plan is as follows:
|  | Early Option Exercises |
|  | Number of options |  |  | Weighted average exercise price |  |  | Repurchase liability (in thousands) |
Unvested common stock as of December 31, 2023 |  |  | 343 |  |  | $ | — |  |  | $ | 8 |
Issued |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | (244 | ) |  |  | — |  |  |  | — |
Repurchased |  |  | — |  |  |  | — |  |  |  | — |
Unvested common stock as of September 30, 2024 |  |  | 99 |  |  |  |  |  | $ | 3 |
During the nine months ended September 30, 2024, the Company did no t grant any shares under the 2023 and 2020 Plan.
Summary of Stock Option Valuation Assumptions | The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |
Weighted-average risk-free interest rate (1) |  |  | — | % |  |  | 3.7 | %
Weighted-average expected term (in years) |  |  | — |  |  |  | 5.93 |
Weighted-average expected volatility (2) |  |  | — | % |  |  | 62.3 | %
Expected dividend yield |  |  | — | % |  |  | — | %
(1) Based on U.S. Treasury seven-year constant maturity interest rate whose term is consistent with the expected term of the option. (2) Expected volatility is based on an analysis of comparable public company volatilities and adjusted for the Company’s stage of development.

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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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