Convertible Preferred Stock and Stockholders' Deficit (Tables)
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3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
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Schedule of Authorized, Issued and Outstanding Shares of Non-redeemable Convertible Preferred Stock |
The authorized, issued, and outstanding shares of non-redeemable convertible preferred stock as of March 31, 2024 consist of the following:
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Shares |
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Shares |
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Issued and |
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Liquidation |
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Carrying |
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Authorized |
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Outstanding |
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Preference |
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Value |
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(in thousands) |
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Series B |
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5,000,000 |
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250,000 |
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$ |
490 |
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$ |
— |
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Series G |
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5,000,000 |
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5,000,000 |
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5,000 |
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5 |
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Series I-2 |
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4,310 |
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4,310 |
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4,310 |
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— |
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Total |
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10,004,310 |
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5,254,310 |
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$ |
9,800 |
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$ |
5 |
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The authorized, issued and outstanding shares of non-redeemable convertible preferred stock as of December 31, 2023 consisted of the following:
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Shares |
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Shares |
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Issued and |
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Liquidation |
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Carrying |
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Authorized |
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Outstanding |
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Preference |
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Value |
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(in thousands) |
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Series B |
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5,000,000 |
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250,000 |
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$ |
486 |
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$ |
— |
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Series G |
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5,000,000 |
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5,000,000 |
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5,000 |
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5 |
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Series I-2 |
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4,310 |
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4,310 |
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4,310 |
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— |
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Total |
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10,004,310 |
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5,254,310 |
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$ |
9,796 |
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$ |
5 |
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Summary of Conversion Ratio of Shares of Common Stock into Each Share of Preferred Stock Converted |
The following table summarizes the conversion ratio of shares of common stock into which each share of convertible preferred stock can be converted as of March 31, 2024:
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Conversion |
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Initial |
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Current |
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Ratio to |
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Conversion |
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Conversion |
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Common |
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Price |
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Price |
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Stock |
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Series B |
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$ |
75.00 |
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$ |
0.12 |
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8.33 |
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Series D |
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$ |
37.50 |
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$ |
1.75 |
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57,142.86 |
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Series G |
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$ |
60.00 |
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$ |
9.69 |
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0.10 |
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Series I-2 |
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$ |
1.75 |
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$ |
1.75 |
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571.43 |
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Summary of Stock Option Activity |
The Company's stock option activity, involving stock options issued to employees, directors and consultants under the 2006 Plan and the 2010 Plan, for the three months ended March 31, 2024 is summarized below:
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Average |
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Weighted- |
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Remaining |
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Aggregate |
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Number of |
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Average |
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Contractual |
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Intrinsic |
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Outstanding |
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Exercise |
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Term |
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Value |
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Options |
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Price |
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(in years) |
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(in thousands) |
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Outstanding at December 31, 2023 |
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11,807,494 |
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$ |
0.64 |
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Outstanding at March 31, 2024 |
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11,807,494 |
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$ |
0.64 |
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7.50 |
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$ |
— |
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Vested and expected to vest at March 31, 2024 |
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11,339,507 |
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$ |
0.66 |
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7.43 |
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$ |
— |
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Exercisable at March 31, 2024 |
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7,365,030 |
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$ |
0.92 |
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6.49 |
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$ |
— |
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Schedule of Total Stock-Based Compensation Expense |
Total stock-based compensation expense recorded in the condensed consolidated statements of operations is as follows (in thousands):
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Three Months Ended March 31, |
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2024 |
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2023 |
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Cost of sales |
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$ |
1 |
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$ |
1 |
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General and administrative |
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102 |
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85 |
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Selling and marketing |
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1 |
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1 |
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Research and development |
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33 |
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21 |
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Total |
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$ |
137 |
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$ |
108 |
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Summary of Shares of Common Stock Reserved for Future Issuance |
As of March 31, 2024, the Company had shares of common stock reserved for future issuance as follows:
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Options outstanding |
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11,807,494 |
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Common stock available for issuance under the 2010 Plan |
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18,025,564 |
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Redeemable convertible preferred stock |
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2,457,143 |
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Non-redeemable convertible preferred stock |
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5,061,687 |
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Total |
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37,351,888 |
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