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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 8. 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 September 30, 2024 and December 31, 2023. Common Stock In the three and nine months ended September 30, 2024, no shares of Class B common stock were converted to Class A 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 |
As of September 30, 2024 and December 31, 2023, the Company had reserved 3,682,735 and 3,725,304 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, cash based awards, restricted stock units and performance 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, 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 |  |  | $ | — |
No options were granted in the nine months ended September 30, 2024 and 2023. Restricted Stock Units 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 |
The total grant date fair value of RSU’s granted for the nine months ended September 30, 2024 was $34,594. Restricted stock units vest over the service period of one to four years. The aggregate intrinsic value of restricted stock units vested for the nine months ended September 30, 2024 and 2023 was $11,280 and $17,018, respectively. Restricted Stock Units with a Market Condition 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 |
The total grant-date fair value of performance-based market condition share awards granted during the nine months ended September 30, 2023 was $5,805. There were no performance-based market condition share awards granted during the nine months ended September 30, 2024. In the nine months ended September 30, 2024, the Company cancelled 422,319 restricted stock units with a market condition that were not expected to vest. The Company subsequently issued 595,462 restricted stock units to the individuals who had held the canceled awards. The cancelation and subsequent issuance was treated as a modification. 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 | %
2020 Employee Stock Purchase Plan During the nine months ended September 30, 2023, the Company issued 61,216 shares under the ESPP. During the nine months ended September 30, 2024, the Company issued 115,527 shares under the ESPP. As of September 30, 2024, 329,741 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 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 |
As of September 30, 2024, the unrecognized stock-based compensation expense related to unvested common stock-based awards was $46,827, which is expected to be recognized over a weighted-average period of 2.1 years.

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