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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock

In the year ended December 31, 2024 no shares of Class B common stock were converted to Class A common stock. As of December 31, 2024 the par value of the Class A, Class B and Class C shares was $139, $14 and $3, respectively.

 

 

 

Shares
Authorized

 

 

Shares
Issued

 

 

Shares
Outstanding

 

Class A

 

 

1,000,000,000

 

 

 

13,922,877

 

 

 

13,922,877

 

Class B

 

 

100,000,000

 

 

 

1,369,518

 

 

 

1,369,518

 

Class C

 

 

200,000,000

 

 

 

277,777

 

 

 

277,777

 

 

 

 

1,300,000,000

 

 

 

15,570,172

 

 

 

15,570,172

 

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

 

 

$

 

Forfeited

 

 

(66,892

)

 

$

95.91

 

 

 

 

 

 

 

Expired

 

 

(4,840

)

 

$

36.00

 

 

 

 

 

 

 

Outstanding as of December 31, 2024

 

 

427,710

 

 

$

103.49

 

 

 

3.7

 

 

$

 

Vested and expected to vest as of December 31, 2024

 

 

427,351

 

 

$

103.48

 

 

 

3.7

 

 

$

 

Options exercisable as of December 31, 2024

 

 

427,490

 

 

$

103.49

 

 

 

3.7

 

 

$

 

Summary of Unvested Restricted Stock Unit Activity

The following table summarizes the unvested restricted stock unit activity for the year ended December 31, 2024:

 

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested as of January 1, 2024

 

 

1,119,107

 

 

$

74.39

 

Granted

 

 

1,903,463

 

 

 

19.44

 

Vested

 

 

(1,031,080

)

 

 

46.04

 

Forfeited

 

 

(637,450

)

 

 

50.44

 

Unvested as of December 31, 2024

 

 

1,354,040

 

 

$

30.01

 

Summary of Performance-based Market Condition Share Awards

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested as of January 1, 2024

 

 

1,335,803

 

 

$

45.82

 

Granted

 

 

 

 

 

 

Vested

 

 

 

 

 

 

Cancelled/Forfeited

 

 

(559,923

)

 

 

54.56

 

Unvested as of December 31, 2024

 

 

775,880

 

 

$

39.51

 

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 year ended December 31, 2024 and December 31, 2023 was determined using a Monte-Carlo valuation simulation, with the following most significant weighted-average assumptions:

 

 

 

Years Ended December 31,

 

 

 

2024

 

2023

 

 

2022

 

Risk-free rate

 

N/A

 

 

4.61

%

 

 

2.34

%

Term to end of performance period (yrs)

 

N/A

 

3 years

 

 

3 years

 

Weighted average valuation date stock price

 

N/A

 

$

2.76

 

 

$

3.50

 

Expected volatility

 

N/A

 

 

70

%

 

 

75

%

Expected dividend yield

 

N/A

 

 

0

%

 

 

0

%

Stock-Based Compensation Expense

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

 

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Cost of revenues

 

$

1,470

 

 

$

1,681

 

 

$

1,605

 

Research and development

 

 

7,160

 

 

 

10,348

 

 

 

10,236

 

Selling and marketing

 

 

4,954

 

 

 

8,613

 

 

 

7,182

 

General and administrative

 

 

33,921

 

 

 

51,398

 

 

 

50,121

 

Total

 

$

47,505

 

 

$

72,040

 

 

$

69,144