Equity-Based Compensation (Tables)

6 Months Ended

Jun. 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 months and six months ended June 30, 2024 and 2023.

	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2024			2023		2024			2023
Research and development	$	1,090		$	1,325	$	2,321		$	3,456
Sales and marketing		(82	)		99		(7	)		321
General and administrative		1,917			2,875		3,977			15,161
Total	$	2,925		$	4,299	$	6,291		$	18,938

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 June 30, 2024		80,851		$	102.14		8.8	$	—
Options exercisable as of June 30, 2024		30,748		$	65.25		8.6	$	—
Options unvested as of June 30, 2024		53,054		$	136.39		8.8	$	—

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		(163	)		—		—
Repurchased		—			—		—
Unvested common stock as of June 30, 2024		180				$	3

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:

	June 30,			June 30,
	2024			2023
Weighted-average risk-free interest rate (1)		—	%		3.7	%
Weighted-average expected term (in years)		—			5.92
Weighted-average expected volatility (2)		—	%		61.5	%
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.