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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
Schedule of Common Stock | As of September 30, 2024, the par value of the Class A, Class B and Class C shares was $136, $14, and $3, respectively.
|  | Shares Authorized |  |  | Shares Issued |  |  | Shares Outstanding |
Class A |  |  | 1,000,000,000 |  |  |  | 13,640,114 |  |  |  | 13,640,114 |
Class B |  |  | 100,000,000 |  |  |  | 1,369,518 |  |  |  | 1,369,518 |
Class C |  |  | 200,000,000 |  |  |  | 277,777 |  |  |  | 277,777 |
|  |  | 1,300,000,000 |  |  |  | 15,287,409 |  |  |  | 15,287,409 |
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 |  |  | (47,454 | ) |  | $ | 86.73 |  |  |  |  |  |  |
Expired |  |  | (4,840 | ) |  | $ | 36.00 |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Outstanding as of September 30, 2024 |  |  | 447,148 |  |  | $ | 104.13 |  |  |  | 4.0 |  |  | $ | — |
Vested and expected to vest as of December 31, 2023 |  |  | 498,921 |  |  | $ | 101.80 |  |  |  | 4.6 |  |  | $ | — |
Vested and expected to vest as of September 30, 2024 |  |  | 446,784 |  |  | $ | 104.13 |  |  |  | 4.0 |  |  | $ | — |
Options exercisable as of December 31, 2023 |  |  | 495,428 |  |  | $ | 101.59 |  |  |  | 4.6 |  |  | $ | — |
Options exercisable as of September 30, 2024 |  |  | 446,928 |  |  | $ | 104.13 |  |  |  | 4.0 |  |  | $ | — |
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 |  |  | 1,635,000 |  |  |  | 21.16 |
Vested |  |  | (748,135 | ) |  |  | 48.92 |
Forfeited |  |  | (378,793 | ) |  |  | 56.78 |
Unvested as of September 30, 2024 |  |  | 1,627,179 |  |  | $ | 36.71 |
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 September 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 nine months ended September 30, 2023 was determined using a Monte-Carlo valuation simulation, with the following most significant weighted-average assumptions:
|  | Nine Months Ended September 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of revenues |  | $ | 354 |  |  | $ | 423 |  |  | $ | 1,139 |  |  | $ | 1,256 |
Research and development |  |  | 1,659 |  |  |  | 2,407 |  |  |  | 5,283 |  |  |  | 8,080 |
Selling and marketing |  |  | 1,165 |  |  |  | 2,406 |  |  |  | 4,323 |  |  |  | 6,729 |
General and administrative |  |  | 7,421 |  |  |  | 11,663 |  |  |  | 25,920 |  |  |  | 43,344 |
Total |  | $ | 10,599 |  |  | $ | 16,899 |  |  | $ | 36,665 |  |  | $ | 59,409 |

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