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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2023
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 9. Stockholders’ Equity Undesignated Preferred Stock The Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of 100,000,000 shares of undesignated preferred stock, par value of $0.01 per share, with rights and preferences, including voting rights, designated from time to time by the board of directors. No shares of preferred stock were issued or outstanding as of March 31, 2023 and December 31, 2022. Common Stock In the three months ended March 31, 2023, no shares of Class B common stock were converted to Class A common stock. As of March 31, 2023, the par value of the Class A, Class B and Class C shares was $2,470, $275, and $56, respectively.
|  | Shares Authorized |  |  | Shares Issued |  |  | Shares Outstanding |
Class A |  |  | 1,000,000,000 |  |  |  | 247,762,793 |  |  |  | 247,762,793 |
Class B |  |  | 100,000,000 |  |  |  | 27,390,397 |  |  |  | 27,390,397 |
Class C |  |  | 200,000,000 |  |  |  | 5,555,555 |  |  |  | 5,555,555 |
|  |  | 1,300,000,000 |  |  |  | 280,708,745 |  |  |  | 280,708,745 |
As of March 31, 2023 and December 31, 2022, the Company had reserved 82,550,522 and 68,617,245 shares of common stock for the exercise of outstanding stock options, the vesting of restricted stock units, the vesting of performance-based market condition share awards, and the number of shares remaining available for future grant, respectively. Stock Plans and Stock Options The Company maintains the 2006 Employee, Director and Consultant Stock Plan as amended and restated (the “2006 Plan”) and 2020 Equity Incentive Plan (the “2020 Plan” together, the “Plans”) under which it has granted incentive stock options, non-qualified stock options, and restricted stock units to employees, officers, and directors of the Company. In connection with the adoption of the 2020 Plan, the then-remaining shares of common stock reserved for grant or issuance under the 2006 Plan became available for issuance under the 2020 Plan, and no further grants will be made under the 2006 Plan. Options issued under the Plans are exercisable for periods not to exceed ten years, and vest and contain such other terms and conditions as specified in the applicable award document. Options to buy common stock are issued under the Plans, with exercise prices equal to the closing price of shares of the Company’s common stock on the New York Stock Exchange on the date of award. Activity under the Plans is as follows:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding as of January 1, 2023 |  |  | 11,039,551 |  |  | $ | 5.23 |  |  |  | 5.5 |  |  | $ | 996 |
Granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Forfeited |  |  | (173,320 | ) |  | $ | 5.80 |  |  |  |  |  |  |
Expired |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Exercised |  |  | (128,572 | ) |  | $ | 2.25 |  |  |  |  |  |  |
Outstanding as of March 31, 2023 |  |  | 10,737,659 |  |  | $ | 5.24 |  |  |  | 5.3 |  |  | $ | 207 |
Vested and expected to vest as of December 31, 2022 |  |  | 10,951,967 |  |  | $ | 5.02 |  |  |  | 5.5 |  |  | $ | 996 |
Vested and expected to vest as of March 31, 2023 |  |  | 10,681,404 |  |  | $ | 5.05 |  |  |  | 5.3 |  |  | $ | 207 |
Options exercisable as of December 31, 2022 |  |  | 10,417,259 |  |  | $ | 4.97 |  |  |  | 5.4 |  |  | $ | 996 |
Options exercisable as of March 31, 2023 |  |  | 10,343,741 |  |  | $ | 5.01 |  |  |  | 5.2 |  |  | $ | 207 |
No options were granted in the three months ended March 31, 2023 and 2022. Restricted Stock Units Activity for the restricted stock units is as follows:
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested as of January 1, 2023 |  |  | 19,316,459 |  |  | $ | 10.78 |
Granted |  |  | 9,675,841 |  |  |  | 2.76 |
Vested |  |  | (2,781,161 | ) |  |  | 7.17 |
Forfeited |  |  | (511,008 | ) |  |  | 4.86 |
Unvested as of March 31, 2023 |  |  | 25,700,131 |  |  | $ | 8.27 |
The total grant date fair value of RSU’s granted for the three months ended March 31, 2023 was $26,712. Restricted stock units vest over the service period of one to four years. The aggregate intrinsic value of restricted stock units vested for the three months ended March 31, 2023 and 2022 was $7,693 and $6,598, respectively. Restricted Stock Units with a Market Condition In the three months ended March 31, 2023, the Company granted performance-based market condition share awards to certain members of the Company’s management team (excluding the co-CEOs), which entitle these employees with the right to receive shares of common stock, upon achievement of certain stock price milestones measured over a rolling thirty day trading-period, subject to the satisfaction of the applicable service vesting conditions. These performance-based market condition share awards consist of three tranches with three separate specified award values t hat become payable upon the achievement of certain stock price milestones, which can result in a vesting range of up to 2,654,598 shares. These performance-based market condition share awards have a performance period of three years. As of March 31, 2023, 146,310 of the performance-based market condition share awards granted in the prior year have satisfied both the applicable market capitalization milestones and the service vesting conditions.
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested as of January 1, 2023 |  |  | 25,602,405 |  |  | $ | 2.30 |
Granted |  |  | 2,654,598 |  |  |  | 2.19 |
Vested |  |  | (146,310 | ) |  |  | 3.24 |
Cancelled/Forfeited |  |  | — |  |  |  | — |
Unvested as of March 31, 2023 |  |  | 28,110,693 |  |  | $ | 2.28 |
The total grant-date fair value of performance-based market condition share awards granted during the three months ended March 31, 2023 and 2022 was $5,805 and $24,978, respectively. The weighted average estimated fair value of the performance-based market condition share awards granted during the three months ended March 31, 2023 was determined using a Monte-Carlo valuation simulation, with the following most significant weighted-average assumptions:
|  | Three Months Ended March 31, |
|  | 2023 |
Risk-free rate |  |  | 4.61 | %
Term to end of performance period (yrs) |  | 3 years |
Valuation date stock price |  | $ | 2.76 |
Expected volatility |  |  | 70 | %
Expected dividend yield |  |  | 0 | %
2020 Employee Stock Purchase Plan During the three months ended March 31, 2022, the Company had issued 425,114 shares under the ESPP. During the three months ended March 31, 2023, the Company issued 513,339 shares under the ESPP. As of March 31, 2023 7,634,642 shares remained available for issuance. Stock-Based Compensation Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Cost of revenues |  | $ | 398 |  |  | $ | 335 |
Research and development |  |  | 2,801 |  |  |  | 2,182 |
Selling and marketing |  |  | 1,986 |  |  |  | 1,795 |
General and administrative |  |  | 15,812 |  |  |  | 7,773 |
Total |  | $ | 20,997 |  |  | $ | 12,085 |
As of March 31, 2023, the unrecognized stock-based compensation expense related to unvested common stock-based awards was $112,729, which is expected to be recognized over a weighted-average period of 2.7 years.

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