Stock-Based Compensation and Common Stock (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Stock-Based Compensation and Common Stock [Abstract] |
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|
| Schedule of Stock-Based Compensation |
A summary of stock-based compensation expense recognized during the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
| |
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Restricted stock units (classified as liabilities)
|
|
$
|
404 |
|
$
|
1,751 |
|
|
$
|
1,190 |
|
|
$
|
3,042 |
|
|
Restricted stock units (classified as equity)
|
|
|
—
|
|
|
758 |
|
|
|
(22 |
)
|
|
|
1,037 |
|
|
Stock options
|
|
|
691 |
|
|
1,838 |
|
|
|
4,029 |
|
|
|
11,768 |
|
|
Total stock-based compensation
|
|
|
1,095 |
|
|
4,347 |
|
|
|
5,197 |
|
|
|
15,847 |
|
|
Stock-based compensation capitalized to property and equipment
|
|
|
—
|
|
|
(172 |
)
|
|
|
(67 |
)
|
|
|
(172 |
)
|
|
Stock-based compensation, net of capitalized amount
|
|
$
|
1,095 |
|
$
|
4,175 |
|
|
$
|
5,130 |
|
|
$
|
15,675 |
|
|
A summary of stock-based compensation recognized during the years ended December 31, 2023 and 2022 is as follows (in thousands):
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|
|
For the Years Ended
December 31,
|
| |
|
2023
|
|
2022
|
|
Restricted stock units (classified as liabilities)
|
|
$
|
4,667 |
|
|
$
|
—
|
|
Restricted stock units (classified as equity)
|
|
|
1,538 |
|
|
|
550 |
|
Stock options
|
|
|
13,995 |
|
|
|
41,796 |
|
Total stock-based compensation
|
|
|
20,200 |
|
|
|
42,346 |
|
Stock-based compensation capitalized to property and equipment
|
|
|
(490 |
)
|
|
|
—
|
|
Stock-based compensation, net of capitalized amount
|
|
$
|
19,710 |
|
|
$
|
42,346 |
|
| Schedule of Unrecognized Stock-Based Compensation Will be Adjusted for Actual Forfeitures |
|
As of December 31, 2023, unrecognized stock-based compensation related to outstanding awards and the related weighted-average period over which it is expected to be recognized subsequent to December 31, 2023 is presented in the table below. Total unrecognized stock-based compensation will be adjusted for actual forfeitures. | | | Unrecognized
Stock-based
Compensation
Related to
Outstanding
Awards
(in thousands) | | Remaining
Weighted
Average
Amortization
Period
(in years) | | Stock options | | $ | 4,031 | | 0.9 | | Restricted stock units classified as equity awards | | | 197 | | 1.7 | | Restricted stock units classified as liability awards | | | 8,259 | | 1.3 | | Total unrecognized stock-based compensation | | $ | 12,487 | | |
|
| Schedule of Fair Value of Stock Options at the Grant Date |
|
The fair value of stock options at the grant date was determined using the following assumptions for the years ended December 31, 2022: | | | December 31,
2022 | | Expected average life (years) | | 7.0 | | Expected volatility | | 75.33% | | Risk-free interest rate | | 1.65% | | Expected dividend yield | | —% |
|
| Schedule of Company’s Outstanding Stock Options |
|
A summary of the Company’s outstanding stock options as of December 31, 2023 and 2022 and changes during the year is presented below: | | | Shares | | Weighted
Average
Exercise
Price | | Weighted
Average
Contractual
Term
(in Years) | | Outstanding, December 31, 2021 | | 304,443 | | | $ | 1,050.00 | | 7.0 | | Granted | | 6,868 | | | $ | 1,158.23 | | 6.8 | | Exercised | | (248 | ) | | | | | | | Forfeited | | (6,028 | ) | | $ | 1,050.00 | | 7.0 | | Unissued shares converted to options | | 523 | | | | | | | | Outstanding, December 31, 2022 | | 305,558 | | | $ | 1,050.00 | | 7.0 | | Granted | | — | | | | | | | | Exercised | | (520 | ) | | | | | 7.0 | | Forfeited | | (4,941 | ) | | $ | 1,134.02 | | 7.0 | | Outstanding, December 31, 2023 | | 300,097 | | | $ | 1,054.35 | | 7.0 | | Exercisable, December 31, 2023 | | 263,570 | | | $ | 1,054.97 | | 7.0 |
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| Schedule of Company’s Outstanding RSUs |
|
A summary of the Company’s outstanding RSUs as of December 31, 2023 and 2022 and changes during the year is presented below:
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|
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Outstanding and unvested, December 31, 2021
|
|
8,965 |
|
|
$
|
1,050.00 |
|
Granted
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|
734 |
|
|
$
|
1,050.00 |
|
Settled
|
|
(8,526 |
)
|
|
$
|
1,050.00 |
|
Forfeited
|
|
(50 |
)
|
|
$
|
1,050.00 |
|
Unvested shares converted to options
|
|
(523 |
)
|
|
$
|
1,050.00 |
|
Outstanding and unvested, December 31, 2022
|
|
600 |
|
|
$
|
1,050.00 |
| |
|
|
|
|
|
|
|
Granted
|
|
338,332 |
|
|
$
|
9.72 |
|
Settled
|
|
(319,144 |
)
|
|
$
|
10.28 |
|
Forfeited
|
|
(16,887 |
)
|
|
$
|
0.50 |
|
Outstanding and unvested, December 31, 2023
|
|
2,901 |
|
|
$
|
0.49 |
|