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Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2023:

 

 

 

Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual Life

 

Outstanding as of December 31, 2022

 

 

35,715

 

 

$

475.74

 

 

 

7.32

 

Granted

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

Expired

 

 

(3,281

)

 

 

336.80

 

 

 

 

Forfeited / cancelled

 

 

(6,346

)

 

 

387.49

 

 

 

 

Outstanding as of December 31, 2023

 

 

26,088

 

 

$

514.72

 

 

 

6.64

 

Vested and exercisable as of December 31, 2022

 

 

16,494

 

 

$

378.40

 

 

 

5.71

 

Vested and exercisable as of December 31, 2023

 

 

16,861

 

 

$

468.68

 

 

 

5.70

 

Summary of Weighted Average Assumptions Used in Calculation of Fair Value Using Black-Scholes Option Pricing Model

The grant date fair value of stock options granted during the year ended December 31, 2022 was estimated at the time of grant using the Black-Scholes option-pricing model and utilized the following assumptions:

 

 

 

May 20, 2022

 

 

May 9, 2022

 

Fair value of common stock (per share)

 

$

91.20

 

 

$

66.40

 

Expected term (in years)

 

10

 

 

10

 

Risk-free interest rate

 

 

2.78

%

 

 

3.05

%

Expected volatility

 

 

100.00

%

 

 

100.00

%

Dividend yield

 

—%

 

 

—%

 

Summary of Activity for Restricted Stock Units

The following table summarizes restricted stock unit ("RSUs") activity for the year ended December 31, 2023:

 

 

 

Shares

 

 

Weighted Average
Grant Date Fair
Value per Share

 

Unvested and outstanding as of December 31, 2022

 

 

108,268

 

 

$

259.37

 

Granted

 

 

110,365

 

 

 

73.10

 

Vested and released

 

 

(20,278

)

 

 

468.31

 

Forfeited / cancelled

 

 

(23,089

)

 

 

213.51

 

Outstanding as of December 31, 2023

 

 

175,266

 

 

$

124.33

 

Vested and exercisable

 

 

(1,152

)

 

 

84.80

 

Unvested and outstanding as of December 31, 2023

 

 

174,114

 

 

$

124.59