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Stock Based Compensation (Tables)
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
 2023202220232022
Research and development$33,250 $186,864 $119,676 $664,710 
General and administrative19,323 376,273 67,371 1,157,762 
Total$52,573 $563,137 $187,047 $1,822,472 
Summary of Stock Option Activity
A summary of stock option activity for the nine months ended September 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, 202210,501$0.34 
Granted9791.90 
Exercised(4,700)0.02 
Outstanding as of September 30, 20236,7800.80 3.20$8,609 
Exercisable as of September 30, 20235,6590.52 1.948,609 
(1)Excludes 1.7 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:
Nine Months Ended September 30,
20232022
Risk-free interest rate3.94 %2.95 %
Expected volatility93 %80 %
Expected term (in years)5.55.8
Dividend yield0 %0 %
Summary of RSU and RSA Activity
A summary of the RSU and restricted stock award (“RSA”) activity for the nine months ended September 30, 2023 is presented below:
 Restricted Stock UnitsRestricted 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, 2022134,436$5.84 4$1.99 
Granted94,4271.38 —— 
Vested(41,451)6.54 (4)1.99 
Forfeited(18,646)3.82 —— 
Nonvested as of September 30, 2023168,7663.39 —— 
Summary of Activity for Earnout RSA
A summary of activity during the nine months ended September 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, 202223,520$12.79 
Vested(443)13.34 
Forfeited(289)12.36 
Nonvested as of September 30, 202322,78812.78