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Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock

In the three and six months ended June 30, 2025 and 2024, no shares of Class B common stock were converted to Class A common stock. As of June 30, 2025, the par value of the Class A, Class B and Class C shares was $144, $14, and $3, respectively. As of December 31, 2024 the par value of the Class A, Class B and Class C shares was $139, $14 and $3, respectively.

 

 

 

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Shares Authorized

 

 

Shares Issued and Outstanding

 

 

Shares Issued and Outstanding

 

Class A

 

 

1,000,000,000

 

 

 

14,441,896

 

 

 

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

 

 

 

16,089,191

 

 

 

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, 2025

 

 

427,710

 

 

$

103.49

 

 

 

3.7

 

 

$

 

Forfeited

 

 

(28,809

)

 

$

99.14

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

398,901

 

 

$

103.80

 

 

 

3.2

 

 

$

 

Vested and expected to vest as of December 31, 2024

 

 

427,351

 

 

$

103.48

 

 

 

3.7

 

 

$

 

Vested and expected to vest as of June 30, 2025

 

 

398,553

 

 

$

103.80

 

 

 

3.2

 

 

$

 

Options exercisable as of December 31, 2024

 

 

427,490

 

 

$

103.49

 

 

 

3.7

 

 

$

 

Options exercisable as of June 30, 2025

 

 

398,681

 

 

$

103.80

 

 

 

3.2

 

 

$

 

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, 2025

 

 

1,354,040

 

 

$

30.01

 

Granted

 

 

918,335

 

 

 

9.70

 

Vested

 

 

(442,270

)

 

 

27.64

 

Forfeited

 

 

(284,372

)

 

 

28.83

 

Unvested as of June 30, 2025

 

 

1,545,733

 

 

$

18.80

 

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, 2025

 

 

775,880

 

 

$

39.51

 

Cancelled/Forfeited

 

 

(25,722

)

 

 

43.73

 

Expired

 

 

(700,000

)

 

 

39.05

 

Unvested as of June 30, 2025

 

 

50,158

 

 

$

43.73

 

Schedule of Fair Value of Liability Awards Estimated using Various Assumptions, to Grant Date Fair Value of Liability Awards Valued with Inputs The fair value of the Liability Awards is estimated using a Monte Carlo simulation model which uses various

assumptions, the grant date fair value of the first annual tranche of the Liability Awards, granted on February 5, 2025, was $590. As of June 30, 2025 the Liability Awards were valued with the following inputs:

 

 

Six Months Ended June 30,

 

 

 

2025

 

Risk-free rate

 

Various

 

Term to end of performance period (yrs)

 

 

0.31

 

Baseline Stock Price

 

$

10.17

 

Expected volatility

 

 

95

%

Expected dividend yield

 

 

0

%

Stock-Based Compensation Expense

Stock-based compensation expense, related to all of the Company's stock-based awards, was classified in the condensed consolidated statements of operations and comprehensive loss as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of revenues

 

$

200

 

 

$

388

 

 

$

463

 

 

$

785

 

Research and development

 

 

1,551

 

 

 

1,615

 

 

 

3,161

 

 

 

3,624

 

Selling and marketing

 

 

557

 

 

 

1,380

 

 

 

1,164

 

 

 

3,158

 

General and administrative

 

 

3,354

 

 

 

6,455

 

 

 

8,560

 

 

 

18,499

 

Total

 

$

5,662

 

 

$

9,838

 

 

$

13,348

 

 

$

26,066