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Equity-Based Compensation (Tables)
 9 Months Ended
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 not 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.