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Stockholders' Equity (Tables)
9 Months Ended
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