Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock-based Compensation

The following table summarizes stock-based compensation expense by financial statement line item in the Company’s condensed consolidated statement of operations and comprehensive loss for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	39,927	$	216,838	$	86,427	$	477,846
General and administrative		21,561		389,677		48,047		781,490
Total	$	61,488	$	606,515	$	134,474	$	1,259,336

Summary of Stock Option Activity

A summary of stock option activity for the six months ended June 30, 2023 is presented below:

	Number of Shares (1)			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value (2)
	(in thousands)					(in years)		(in thousands)
Outstanding as of December 31, 2022		10,501		$	0.34
Granted		979			1.90
Exercised		(1,572	)		0.01
Outstanding as of June 30, 2023		9,908			0.55		2.55	$	14,614
Exercisable as of June 30, 2023		8,707			0.30		1.56		14,614

(1) Excludes 1.9 million shares underlying options issued outside the accounting for compensation awards under ASC 718.

(2) The aggregate intrinsic value is calculated as the difference between the Company's closing stock price on the last trading day of the quarter and the exercise prices, multiplied by the number of in-the-money stock options.

Summary of key input assumptions in the Black-Scholes option-pricing

the following key input assumptions in the Black-Scholes option-pricing model:

	Six Months Ended June 30,
	2023			2022
Risk-free interest rate		3.94	%		3.25	%
Expected volatility		93	%		75	%
Expected term (in years)		5.5			5.5
Dividend yield		0	%		0	%

Summary of RSU and RSA Activity

A summary of the RSU and restricted stock award (“RSA”) activity for the six months ended June 30, 2023 is presented below:

	Restricted Stock Units					Restricted Stock Awards
	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value		Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2022		134,436		$	5.84		4		$	1.99
Granted		88,869			1.32		—			—
Vested		(27,217	)		6.83		(4	)		1.99
Forfeited		(11,852	)		4.24		—			—
Nonvested as of June 30, 2023		184,236			3.61		—			—

Summary of Activity For Earnout RSA

A summary of activity during the six months ended June 30, 2023 for the earnout shares is presented below:

	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2022		23,520		$	12.79
Vested		(307	)		13.34
Forfeited		(241	)		12.25
Nonvested as of June 30, 2023		22,972			12.79