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Convertible Preferred Stock and Stockholders' Deficit (Tables)
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
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:

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

Shares

 

 

Issued and

 

 

Liquidation

 

 

Carrying

 

 

 

Authorized

 

 

Outstanding

 

 

Preference

 

 

Value

 

 

 

 

 

 

 

 

 

(in thousands)

 

Series B

 

 

5,000,000

 

 

 

250,000

 

 

$

490

 

 

$

 

Series G

 

 

5,000,000

 

 

 

5,000,000

 

 

 

5,000

 

 

 

5

 

Series I-2

 

 

4,310

 

 

 

4,310

 

 

 

4,310

 

 

 

 

Total

 

 

10,004,310

 

 

 

5,254,310

 

 

$

9,800

 

 

$

5

 

 

The authorized, issued and outstanding shares of non-redeemable convertible preferred stock as of December 31, 2023 consisted of the following:

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

Shares

 

 

Issued and

 

 

Liquidation

 

 

Carrying

 

 

 

Authorized

 

 

Outstanding

 

 

Preference

 

 

Value

 

 

 

 

 

 

 

 

 

(in thousands)

 

Series B

 

 

5,000,000

 

 

 

250,000

 

 

$

486

 

 

$

 

Series G

 

 

5,000,000

 

 

 

5,000,000

 

 

 

5,000

 

 

 

5

 

Series I-2

 

 

4,310

 

 

 

4,310

 

 

 

4,310

 

 

 

 

Total

 

 

10,004,310

 

 

 

5,254,310

 

 

$

9,796

 

 

$

5

 

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:

 

 

 

 

 

 

 

 

Conversion

 

 

 

Initial

 

 

Current

 

 

Ratio to

 

 

 

Conversion

 

 

Conversion

 

 

Common

 

 

 

Price

 

 

Price

 

 

Stock

 

Series B

 

$

75.00

 

 

$

0.12

 

 

 

8.33

 

Series D

 

$

37.50

 

 

$

1.75

 

 

 

57,142.86

 

Series G

 

$

60.00

 

 

$

9.69

 

 

 

0.10

 

Series I-2

 

$

1.75

 

 

$

1.75

 

 

 

571.43

 

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:

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

Weighted-

 

 

Remaining

 

 

Aggregate

 

 

 

Number of

 

 

Average

 

 

Contractual

 

 

Intrinsic

 

 

 

Outstanding

 

 

Exercise

 

 

Term

 

 

Value

 

 

 

Options

 

 

Price

 

 

(in years)

 

 

(in thousands)

 

Outstanding at December 31, 2023

 

 

11,807,494

 

 

$

0.64

 

 

 

 

 

 

 

Outstanding at March 31, 2024

 

 

11,807,494

 

 

$

0.64

 

 

 

7.50

 

 

$

 

Vested and expected to vest at March 31, 2024

 

 

11,339,507

 

 

$

0.66

 

 

 

7.43

 

 

$

 

Exercisable at March 31, 2024

 

 

7,365,030

 

 

$

0.92

 

 

 

6.49

 

 

$

 

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):

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Cost of sales

 

$

1

 

 

$

1

 

General and administrative

 

 

102

 

 

 

85

 

Selling and marketing

 

 

1

 

 

 

1

 

Research and development

 

 

33

 

 

 

21

 

Total

 

$

137

 

 

$

108

 

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:

Options outstanding

 

 

11,807,494

 

Common stock available for issuance under the 2010 Plan

 

 

18,025,564

 

Redeemable convertible preferred stock

 

 

2,457,143

 

Non-redeemable convertible preferred stock

 

 

5,061,687

 

Total

 

 

37,351,888