Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 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 months ended March 31, 2024 and 2023.

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Research and development	$	1,231	$	2,131
Sales and marketing		75		222
General and administrative		2,060		12,286
Total stock-based compensation expense	$	3,366	$	14,639

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		3,417,932		$	2.53		9.3	$	547
Granted		—			—
Exercised		—			—
Cancelled or forfeited		(6,200	)		0.51
Outstanding as of March 31, 2024		3,411,732		$	2.53		9.0	$	—
Options exercisable as of March 31, 2024		1,139,304		$	1.64		8.8	$	—
Options unvested as of March 31,2024		2,463,196		$	3.16		9.1	$	—

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		13,720		$	—	$	8
Issued		—			—		—
Vested		(3,272	)		—		—
Repurchased		—			—		—
Unvested common stock as of March 31, 2024		10,448				$	8

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:

	March 31,			March 31,
	2024			2023
Weighted-average risk-free interest rate (1)		—	%		3.6	%
Weighted-average expected term (in years)		—			6.03
Weighted-average expected volatility (2)		—	%		57.9	%
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.