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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock As of June 30, 2024, the par value of the Class A, Class B and Class C shares was $134, $14, and $3, respectively.

 

 

 

Shares
Authorized

 

 

Shares
Issued

 

 

Shares
Outstanding

 

Class A

 

 

1,000,000,000

 

 

 

13,308,758

 

 

 

13,308,758

 

Class B

 

 

100,000,000

 

 

 

1,369,518

 

 

 

1,369,518

 

Class C

 

 

200,000,000

 

 

 

277,777

 

 

 

277,777

 

 

 

 

1,300,000,000

 

 

 

14,956,053

 

 

 

14,956,053

 
Activity under Plans

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, 2024

 

 

499,442

 

 

$

101.82

 

 

 

4.6

 

 

$

—

 

Granted

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(31,417

)

 

$

90.40

 

 

 

 

 

 

 

Expired

 

 

(2,200

)

 

$

36.0

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Outstanding as of June 30, 2024

 

 

465,825

 

 

$

102.90

 

 

 

4.2

 

 

$

—

 

Vested and expected to vest as of December 31, 2023

 

 

498,921

 

 

$

101.80

 

 

 

4.6

 

 

$

—

 

Vested and expected to vest as of June 30, 2024

 

 

465,457

 

 

$

102.89

 

 

 

4.2

 

 

$

—

 

Options exercisable as of December 31, 2023

 

 

495,428

 

 

$

101.59

 

 

 

4.6

 

 

$

—

 

Options exercisable as of June 30, 2024

 

 

465,603

 

 

$

102.90

 

 

 

4.2

 

 

$

—

 
Summary of Unvested Restricted Stock Unit Activity

Activity for the restricted stock units is as follows:

 

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested as of January 1, 2024

 

 

1,119,107

 

 

$

74.39

 

Granted

 

 

1,500,867

 

 

 

22.06

 

Vested

 

 

(478,477

)

 

 

56.55

 

Forfeited

 

 

(250,276

)

 

 

61.87

 

Unvested as of June 30, 2024

 

 

1,891,221

 

 

$

39.03

 
Summary of Performance-based Market Condition Share Awards

Activity for the restricted stock units with a market condition is as follows:

 

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested as of January 1, 2024

 

 

1,335,803

 

 

$

45.82

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

—

 

Cancelled/Forfeited

 

 

(539,345

)

 

 

54.97

 

Unvested as of June 30, 2024

 

 

796,458

 

 

$

39.62

 
Schedule of Weighted Average Assumptions used to Determine Estimated Fair Value of Performance-based Market Condition Share Awards Granted

The weighted average estimated fair value of the performance-based market condition share awards granted during the six months ended June 30, 2023 was determined using a Monte-Carlo valuation simulation, with the following most significant weighted-average assumptions:

 

 

 

Six Months Ended June 30,

 

 

 

2024

 

2023

 

Risk-free rate

 

N/A

 

 

4.61

%

Term to end of performance period (yrs)

 

N/A

 

3 years

 

Valuation date stock price

 

N/A

 

$

2.76

 

Expected volatility

 

N/A

 

 

70

%

Expected dividend yield

 

N/A

 

 

0

%
Stock-Based Compensation Expense

Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Cost of revenues

 

$

388

 

 

$

435

 

 

$

785

 

 

$

833

 

Research and development

 

 

1,615

 

 

 

2,872

 

 

 

3,624

 

 

 

5,673

 

Selling and marketing

 

 

1,380

 

 

 

2,337

 

 

 

3,158

 

 

 

4,323

 

General and administrative

 

 

6,455

 

 

 

15,869

 

 

 

18,499

 

 

 

31,681

 

Total

 

$

9,838

 

 

$

21,513

 

 

$

26,066

 

 

$

42,510