QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
x | Accelerated filer | o | |||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
June 30, 2024 | December 31, 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Total cash, cash equivalents and short-term investments | |||||||||||
Other receivables | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Restricted cash | |||||||||||
Intangible assets | |||||||||||
Goodwill | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Operating lease liabilities, current portion | |||||||||||
Accrued and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Operating lease liabilities, net of current portion | |||||||||||
Warrant liability | |||||||||||
Earnout shares liability | |||||||||||
Other non-current liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 6) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock: $ | |||||||||||
Common stock: $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Flight services | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Flight services | |||||||||||||||||||||||
Research and development (including related party purchases of $ | |||||||||||||||||||||||
Selling, general and administrative (including related party purchases of $ | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
Interest and other income, net | |||||||||||||||||||||||
Gain (Loss) from change in fair value of warrants and earnout shares | ( | ( | |||||||||||||||||||||
Total other income (loss), net | ( | ( | |||||||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | |||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per share, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted-average common stock outstanding, basic and diluted |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive gain (loss): | |||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | ( | ( | |||||||||||||||||||||
Foreign currency translation loss | ( | ( | ( | ( | |||||||||||||||||||
Total other comprehensive gain (loss) | ( | ( | |||||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2024 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon release of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Vesting of early exercised stock options and common stock issued in private placement | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | |||||||||||||||||||||||||||||||||
Issuance of common stock upon release of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Issuance of common stock under the Employee Stock Purchase Plan | |||||||||||||||||||||||||||||||||||
Issuance of common stock in acquisition | — | ||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at June 30, 2024 | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon release of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Vesting of early exercised stock options and common stock issued in private placement | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock in private placement | — | — | |||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon release of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Vesting of early exercised stock options and common stock issued in private placement | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common stock under the Employee Stock Purchase Plan | |||||||||||||||||||||||||||||||||||
Issuance of common stock in private placement | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | ( | $ |
Six Months Ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Reconciliation of net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization expense | |||||||||||
Stock-based compensation expense | |||||||||||
(Gain)/Loss from change in the fair value of warrants and earnout shares | ( | ||||||||||
Net accretion of investments in marketable debt securities | ( | ( | |||||||||
Changes in operating assets and liabilities | |||||||||||
Other receivables and prepaid expenses and other current assets | ( | ( | |||||||||
Other non-current assets | |||||||||||
Accounts payable and accrued and other current liabilities | |||||||||||
Non-current liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of marketable securities | ( | ( | |||||||||
Proceeds from sales and maturities of marketable securities | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Net cash provided by investing activities | |||||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of common stock in private placement, net | |||||||||||
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | |||||||||||
Proceeds from the exercise of stock options and warrants issuance | |||||||||||
Repayments of tenant improvement loan and obligations under finance lease | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net change in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash, at the beginning of the period | |||||||||||
Cash, cash equivalents and restricted cash, at the end of the period | $ | $ | |||||||||
Reconciliation of cash, cash equivalents and restricted cash to balance sheets | |||||||||||
Cash and cash equivalents | $ | ||||||||||
Restricted cash | |||||||||||
Cash, cash equivalents and restricted cash | $ | $ | |||||||||
Non-cash investing and financing activities | |||||||||||
Net assets acquired in exchange for stock issuance | $ | $ | |||||||||
Unpaid property and equipment purchases | $ | $ | |||||||||
Property and equipment purchased through finance leases | $ | $ | |||||||||
Right of use assets acquired through operating leases | $ | $ |
June 30, 2024 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets measured at fair value | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Term deposits | $ | $ | $ | $ | |||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Government debt securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Available-for-sale investments | |||||||||||||||||||||||
Total fair value of assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities measured at fair value | |||||||||||||||||||||||
Common stock warrant liabilities (Public) | $ | $ | $ | $ | |||||||||||||||||||
Common stock warrant liabilities (Private) | |||||||||||||||||||||||
Common stock warrant liabilities (Delta) | |||||||||||||||||||||||
Warrant liability | |||||||||||||||||||||||
Earnout Shares Liability | |||||||||||||||||||||||
Total fair value of liabilities | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets measured at fair value | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Term deposits | $ | $ | $ | $ | |||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||
Government debt securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Available-for-sale investments | |||||||||||||||||||||||
Total fair value of assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities measured at fair value | |||||||||||||||||||||||
Common stock warrant liabilities (Public) | $ | $ | $ | $ | |||||||||||||||||||
Common stock warrant liabilities (Private Placement) | |||||||||||||||||||||||
Common stock warrant liabilities (Delta) | |||||||||||||||||||||||
Warrant liabilities | |||||||||||||||||||||||
Earnout Shares Liability | |||||||||||||||||||||||
Total fair value of liabilities | $ | $ | $ | $ |
June 30, 2024 | |||||||||||||||||||||||||||||
Cost or Amortized Cost | Unrealized Gains | Unrealized Losses | Allowance for credit losses | Fair value | |||||||||||||||||||||||||
Assets measured at fair value | |||||||||||||||||||||||||||||
Term deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Asset backed securities | ( | ||||||||||||||||||||||||||||
Government debt securities | ( | ||||||||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Cost or Amortized Cost | Unrealized Gains | Unrealized Losses | Allowance for credit losses | Fair value | |||||||||||||||||||||||||
Assets measured at fair value | |||||||||||||||||||||||||||||
Term deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Asset backed securities | ( | ||||||||||||||||||||||||||||
Government debt securities | ( | ||||||||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
Earnout Shares Liability | Common Stock Warrant Liabilities Delta | ||||||||||
Fair value as of January 1, 2024 | $ | $ | |||||||||
Change in fair value | ( | ( | |||||||||
Fair value as of June 30, 2024 | $ | $ | |||||||||
June 30, 2024 | December 31, 2023 | ||||||||||
Equipment | $ | $ | |||||||||
Buildings | |||||||||||
Leasehold improvements | |||||||||||
Computer software | |||||||||||
Molds and tooling | |||||||||||
Land | |||||||||||
Vehicles and aircraft | |||||||||||
Furniture and fixtures | |||||||||||
Construction in-progress | |||||||||||
Gross property and equipment | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Property and equipment, net | $ | $ |
June 30, 2024 | December 31, 2023 | ||||||||||
Automation platform software | $ | $ | |||||||||
Multimodal software technology | |||||||||||
System simulation software technology | |||||||||||
Developed Technology | |||||||||||
Other intangibles | |||||||||||
Gross intangible assets | |||||||||||
Accumulated amortization | ( | ( | |||||||||
Intangible assets, net | $ | $ |
Fiscal Year | Amount | ||||
2024 (remainder) | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
$ |
June 30, 2024 | December 31, 2023 | ||||||||||
Prepaid equipment | $ | $ | |||||||||
Prepaid software | |||||||||||
Prepaid taxes | |||||||||||
Prepaid insurance | |||||||||||
Other | |||||||||||
Total | $ | $ |
June 30, 2024 | December 31, 2023 | ||||||||||
Contractual agreement asset | $ | $ | |||||||||
Long term prepaid insurance | |||||||||||
Other non-current assets | |||||||||||
Total | $ | $ |
June 30, 2024 | December 31, 2023 | ||||||||||
Vendor related accruals | $ | $ | |||||||||
Payroll accruals | |||||||||||
Contract liabilities under contracts with customers | |||||||||||
Deferred research and development credits | |||||||||||
Other accruals and current liabilities | |||||||||||
Total | $ | $ |
June 30, 2024 | December 31, 2023 | ||||||||||
Expected volatility | % | % | |||||||||
Risk-free interest rate | % | % | |||||||||
Dividend rate | % | % | |||||||||
Expected term (in years) |
June 30, 2024 | December 31, 2023 | ||||||||||
Expected volatility | % | % | |||||||||
Risk-free interest rate | % | % | |||||||||
Dividend rate | % | % | |||||||||
Expected term (in years) |
Number of Units | Weighted-Average Grant Date Fair Value Per Share | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||
Balances—December 31, 2023 | $ | $ | ||||||||||||||||||
Granted | $ | |||||||||||||||||||
Vested | ( | $ | ||||||||||||||||||
Forfeited | ( | $ | ||||||||||||||||||
Balances—June 30, 2024 | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Research and development expenses | $ | $ | $ | $ | ||||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average shares outstanding | |||||||||||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( |
June 30, 2024 | June 30, 2023 | ||||||||||
Common stock warrants | |||||||||||
Unvested restricted stock units | |||||||||||
Unvested early exercised common stock options | |||||||||||
Options to purchase common stock and unvested restricted stock awards | |||||||||||
Total |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2024 | 2023 | ($) | (%) | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Flight services | $ | 28 | $ | — | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Flight services | 15 | — | |||||||||||||||||||||
Research and development | 112,996 | 88,849 | 24,147 | 27 | % | ||||||||||||||||||
Selling, general and administrative | 31,304 | 27,120 | 4,184 | 15 | % | ||||||||||||||||||
Total operating expenses | 144,315 | 115,969 | 28,346 | 24 | % | ||||||||||||||||||
Loss from operations | (144,287) | (115,969) | (28,318) | 24 | % | ||||||||||||||||||
Interest and other income, net | 11,191 | 10,683 | 508 | 5 | % | ||||||||||||||||||
Gain (Loss) from change in fair value of warrants and earnout shares | 9,814 | (180,737) | 190,551 | (105) | % | ||||||||||||||||||
Total other income, net | 21,005 | (170,054) | 191,059 | (112) | % | ||||||||||||||||||
Loss before income taxes | (123,282) | (286,023) | 162,741 | (57) | % | ||||||||||||||||||
Income tax expenses | 10 | 56 | (46) | (82) | % | ||||||||||||||||||
Net loss | $ | (123,292) | $ | (286,079) | 162,787 | (57) | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2024 | 2023 | ($) | (%) | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Flight services | $ | 53 | $ | — | 53 | 100% | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Flight services | 30 | — | 30 | 100% | |||||||||||||||||||
Research and development | 228,632 | 164,367 | 64,265 | 39 | % | ||||||||||||||||||
Selling, general and administrative | 61,575 | 51,318 | 10,257 | 20 | % | ||||||||||||||||||
Total operating expenses | 290,237 | 215,685 | 74,552 | 35 | % | ||||||||||||||||||
Loss from operations | (290,184) | (215,685) | (74,499) | 35 | % | ||||||||||||||||||
Interest and other income, net | 23,510 | 19,083 | 4,427 | 23 | % | ||||||||||||||||||
Gain (loss) from change in fair value of warrants and earnout shares | 48,841 | (202,780) | 251,621 | (124) | % | ||||||||||||||||||
Total other income, net | 72,351 | (183,697) | 256,048 | (139) | % | ||||||||||||||||||
Loss before income taxes | (217,833) | (399,382) | 181,549 | (45) | % | ||||||||||||||||||
Income tax expenses | 46 | 90 | (44) | (49) | % | ||||||||||||||||||
Net loss | $ | (217,879) | $ | (399,472) | 181,593 | (45) | % | ||||||||||||||||
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2024 | 2023 | ($) | (%) | ||||||||||||||||||||
Net cash (used in) provided by: | |||||||||||||||||||||||
Operating activities | $ | (205,471) | $ | (150,312) | (55,159) | 37 | % | ||||||||||||||||
Investing activities | 171,271 | 98,797 | 72,474 | 73 | % | ||||||||||||||||||
Financing activities | 5,283 | 284,883 | (279,600) | (98) | % | ||||||||||||||||||
Net change in cash, cash equivalents, and restricted cash | $ | (28,917) | $ | 233,368 | $233,368 | (262,285) | (112) | % |
Exhibit Number | Description | Form | Exhibit | Filing Date | Filed Herewith | |||||||||||||||
3.1 | S-4 | 3.2 | 7/6/2021 | |||||||||||||||||
3.2 | 8-K | 3.1 | 9/21/2023 | |||||||||||||||||
31.1 | X | |||||||||||||||||||
31.2 | X | |||||||||||||||||||
32.1* | X | |||||||||||||||||||
32.2* | X | |||||||||||||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Joby Aviation, Inc. | ||||||||
Date: August 7, 2024 | By: | /s/ JoeBen Bevirt | ||||||
JoeBen Bevirt | ||||||||
Chief Executive Officer, Chief Architect and Director | ||||||||
Date: August 7, 2024 | By: | /s/ Matthew Field | ||||||
Matthew Field | ||||||||
Chief Financial Officer and Treasurer |
Date: August 7, 2024 | By: | /s/ JoeBen Bevirt | ||||||
JoeBen Bevirt | ||||||||
Chief Executive Officer and Chief Architect (Principal Executive Officer) |
Date: August 7, 2024 | By: | /s/ Matthew Field | ||||||
Matthew Field | ||||||||
Chief Financial Officer and Treasurer (Principal Financial Officer) |
/s/ JoeBen Bevirt | |||||
Name: | JoeBen Bevirt | ||||
Title: | Chief Executive Officer and Chief Architect (Principal Executive Officer) |
/s/ Matthew Field | |||||
Name: | Matthew Field | ||||
Title: | Chief Financial Officer and Treasurer (Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock , par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares Issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 1,400,000,000 | 1,400,000,000 |
Common stock, shares, issued (in shares) | 713,879,586 | 698,262,025 |
Common stock, shares outstanding (in shares) | 713,879,586 | 698,262,025 |
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Research and development expense, related party | $ 112,996 | $ 88,849 | $ 228,632 | $ 164,367 |
Selling, general, and administrative expense, related party | 31,304 | 27,120 | 61,575 | 51,318 |
Related Party | ||||
Research and development expense, related party | 325 | 786 | 548 | 914 |
Selling, general, and administrative expense, related party | $ 49 | $ 139 | $ 85 | $ 163 |
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (123,292) | $ (286,079) | $ (217,879) | $ (399,472) |
Other comprehensive gain (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | (290) | 1,403 | (1,162) | 4,648 |
Foreign currency translation loss | (162) | (268) | (391) | (241) |
Total other comprehensive gain (loss) | (452) | 1,135 | (1,553) | 4,407 |
Comprehensive loss | $ (123,744) | $ (284,944) | $ (219,432) | $ (395,065) |
Company and Nature of Business |
6 Months Ended |
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Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company and Nature of Business | Company and Nature of Business Description of Business Joby Aviation, Inc. (“Joby Aviation” or the “Company”) is a vertically integrated air mobility company that is building a clean, quiet, fully-electric vertical takeoff and landing (“eVTOL”) aircraft to be used by the Company to deliver air transportation as a service. The Company is headquartered in Santa Cruz, California. Merger with RTP On August 10, 2021 (the “Closing Date”), Reinvent Technology Partners, a Cayman Islands exempted company and special purpose acquisition company (“RTP”), completed the transactions contemplated by that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of February 23, 2021, by and among RTP, RTP Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of RTP (“RTP Merger Sub”), and Joby Aero, Inc., a Delaware corporation (“Legacy Joby”). On the Closing Date, RTP was domesticated as a Delaware corporation, Merger Sub merged with and into Legacy Joby and the separate corporate existence of Merger Sub ceased (the “Merger”), and Legacy Joby survived as a wholly-owned subsidiary of RTP, which changed its name to Joby Aviation, Inc. In connection with the execution of the Merger Agreement, RTP entered into separate subscription agreements with a number of investors (each a “PIPE Investor”), pursuant to which the PIPE Investors agreed to purchase, and RTP agreed to sell to the PIPE Investors, shares of Common Stock, in a private placement (“PIPE Financing”). The PIPE Financing closed substantially concurrently with the consummation of the Merger. The Merger, together with the other transactions described in the Merger Agreement and the PIPE Financing, are referred to herein as the (“Reverse Recapitalization”). The number of Legacy Joby common shares and redeemable convertible preferred shares for all periods prior to the Closing Date have been retrospectively increased using the exchange ratio that was established in accordance with the Merger Agreement. Please refer to Note 3, “Reverse Recapitalization,” in the Company’s annual report on Form 10-K for the year ended December 31, 2023.
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Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Condensed Consolidated Financial Statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The Condensed Consolidated Financial Statements include accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. There have been no changes to the Company’s significant accounting policies described in Note 2 “Summary of Significant Accounting Policies” to the audited Consolidated Financial Statements in the Company’s annual report on Form 10-K for the year ended December 31, 2023, that have had a material impact on the Condensed Consolidated Financial Statements and related notes. Certain information and footnote disclosures normally included in the Company’s annual audited Consolidated Financial Statements and accompanying notes have been condensed or omitted in these accompanying interim Condensed Consolidated Financial Statements and footnotes. Accordingly, the accompanying interim Condensed Consolidated Financial Statements included herein should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. The results of operations presented in this quarterly report on Form 10-Q are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. In the opinion of management, these unaudited Condensed Consolidated Financial Statements include all adjustments and accruals, consisting only of normal, recurring adjustments that are necessary for a fair statement of the results of all interim periods reported herein. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with remaining original maturity of three months or less from the date of purchase to be cash and cash equivalents. The recorded carrying amount of cash and cash equivalents approximates their fair value. At June 30, 2024 and December 31, 2023, restricted cash primarily related to a security deposit for a lease obligation of approximately $0.8 million. New Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. For public business entities, the guidance is effective for annual periods beginning after 15 December 2024. The Company expects the adoption to have a disclosure only impact on its consolidated financial statements. In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance also requires all public entities with a single reportable segment have to provide all the disclosures required by ASC 280, including the significant segment expense disclosures. The guidance applies to all public entities and is effective for fiscal years beginning after 15 December 2023, and for interim periods beginning after 15 December 2024. The Company expects the adoption to have a disclosure only impact on its consolidated financial statements.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: •Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; •Level 2 - Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and •Level 3 - Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company’s financial assets consist of Level 1 and 2 assets. The Company classifies its cash equivalents and marketable debt securities within Level 1 or Level 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. The Company’s fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of the Company’s marketable debt securities were derived from non-binding market consensus prices that are corroborated by observable market data and quoted market prices for similar instruments. The Company’s financial liabilities measured at fair value on a recurring basis consist of Level 1, Level 2 and Level 3 liabilities. The Company’s Public Warrants (as defined in Note 7) are classified as Level 1 because they are directly observable in the market. The Company classifies the Private Placement Warrants (as defined in Note 7) within Level 2, because they were valued using inputs other than quoted prices which are directly observable in the market, including readily available pricing for the Company’s Public Warrants. The Company classifies Delta Warrant and Earnout Shares Liability (as defined in Note 7) within Level 3, because they were valued using unobservable inputs that are significant to the fair value measurement. The Delta Warrant and Earnout Shares Liability are measured at fair value on a recurring basis. Changes in fair value of Level 3 liabilities are recorded in total other income (loss), net, in the condensed consolidated statements of operations. The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy as of June 30, 2024 and December 31, 2023 (in thousands):
The following is a summary of the Company’s available-for-sale securities (in thousands):
There were no transfers between Level 1, Level 2 or Level 3 financial instruments in the six months ended June 30, 2024 and 2023. The following table sets forth a summary of the change in the fair value, which is recognized as a component of total other income (loss), net within the condensed consolidated statement of operations, of the Company’s Level 3 financial liabilities (in thousands):
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Acquisitions |
6 Months Ended |
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Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Acquisitions | Acquisitions 2024 Acquisitions On May 31, 2024, the Company completed the acquisition of certain assets of an aerospace company that develops modular autonomy technology for aviation in exchange for 1,944,990 shares of the Company’s common stock with an aggregate acquisition date fair value of $9.5 million. The transaction is expected to contribute to development of autonomous capabilities of the Company’s aircraft and to accelerate the execution of the Company’s contract deliverables with the U.S. Department of Defense. The acquisition was accounted for as a business combination as the assets acquired constituted a business in accordance with ASC 805 Business Combinations. As part of the acquisition, the Company also issued 1,375,245 shares of the Company common stock subject to lock-up period of twelve month following the acquisition date (“Holdback Equity”). The number of shares of Holdback Equity to be released at the end of the lock-up period depends on the continuing employment of selected employees of the aerospace company, whose employment transitioned to the Company as a result of the acquisition, and the weighted volume average price of the Company’s common stock at the end of the lock-up period. The number of shares of Holdback Equity to be released may additionally be reduced to satisfy certain indemnification obligations, if any, of the seller. The Company accounted for the Holdback Equity under ASC 718 Compensation — Stock Compensation as a compensation arrangement separate from the business combination and will recognize $8.7 million as stock-based compensation expense over the lock-up period, commencing on the acquisition date. The purchase consideration of $9.5 million was preliminarily allocated to $7.4 million of total intangible assets comprising of $6.9 million of acquired developed technology and $0.5 million of contractual assets, $1.6 million of acquired fixed assets comprising of aircraft, related equipment and other long lived assets, $0.3 million of acquired goodwill, and $0.2 million of acquired current assets. The acquired goodwill is not tax deductible. It represents the excess of the purchase consideration over the aggregate preliminary fair value of identifiable assets acquired at the acquisition date and is primarily attributable to the assembled workforce and expected synergies at the time of the acquisition. The fair values of the acquired assets are still provisional and subject to change within the measurement period. The final determination of the fair values of the acquired assets is expected to be completed as soon as practicable, but no later than one year from the acquisition date.
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Balance Sheet Components |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following (in thousands):
Depreciation and amortization expense of property and equipment for the three and six months ended June 30, 2024 was $7.2 million and $14.2 million, respectively and $5.9 million and $11.5 million for the three and six months ended June 30, 2023, respectively. Vehicles and aircraft includes utility automobiles used at the Company’s various facilities and purchased aircraft to support the Company’s air operations and training. Intangible Assets, Net The intangible assets consist of the following (in thousands):
Amortization expense related to intangible assets for the three and six months ended June 30, 2024 was $1.5 million and $3.0 million, respectively and $1.5 million and $3.1 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024 the weighted-average amortization period of intangible assets was 2.4 years The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of June 30, 2024 (in thousands):
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands):
Other non-current assets Other non-current assets consist of the following (in thousands):
Accrued and other current liabilities Accrued and other current liabilities consist of the following (in thousands):
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contingencies As of June 30, 2024, the Company had $13 million of unconditional purchase obligations with remaining terms in excess of one year. These obligations primarily relate to the Company’s purchase agreements for certain aircraft parts through 2028. The Company is subject to claims and assessments from time to time in the ordinary course of business. Accruals for litigation and contingencies are reflected in the Condensed Consolidated Financial Statements based on management’s assessment, including the advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential losses from any claims or legal proceedings are considered probable and the amounts can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount can be reasonably estimated. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s condensed consolidated results of operations in a given period. As of June 30, 2024, and December 31, 2023, the Company was not involved in any material legal proceedings. Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company has indemnified its Board of Directors and officers, to the extent legally permissible, against all liabilities reasonably incurred in connection with any action in which such individual may be involved by reason of such individual being or having been a director or officer, other than liabilities arising from willful misconduct of the individual. The Company currently has directors’ and officers’ insurance. The Company believes the estimated fair value of these obligations is minimal. The Company did not record any liabilities in connection with these possible obligations as of June 30, 2024 and December 31, 2023.
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Stock Warrants and Earnout Shares |
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Warrants and Rights Note Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Warrants and Earnout Shares | Stock Warrants and Earnout Shares Private Placement and Public Warrants In connection with the Merger, each of the 17,250,000 publicly-traded warrants (“Public Warrants”) and 11,533,333 private placement warrants (“Private Placement Warrants” and, together with the Public Warrants, the “Common Stock Warrants”) issued to Reinvent Sponsor, LLC (the “Sponsor”) in connection with RTP’s initial public offering and subsequent overallotment were converted into an equal number of warrants that entitle the holder to purchase one share of the Company’s Common stock, par value $0.0001 (“Common Stock”) at an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of the Merger or earlier upon redemption or the Company’s liquidation. Once the Common Stock Warrants become exercisable, the Company may redeem the outstanding Common Stock Warrants subject to certain Common Stock price and other conditions as defined in the Warrant Agreement between RTP and Continental Stock Transfer & Trust Company (“Warrant Agreement”) and the Sponsor Agreement by and among the Company, Sponsor and RTP (“Sponsor Agreement”). During the three and six months ended June 30, 2024, no Common Stock Warrants were exercised. The Private Placement Warrants were initially recognized as a liability on August 10, 2021, at a fair value of $21.9 million. For the three and six months ended June 30, 2024, the Private Placement Warrant liability was remeasured to fair value as of June 30, 2024, resulting in a gain of $2.4 million and $7.5 million, respectively, which is included within the gain (loss) from change in the fair value of warrants and earnout shares in the condensed consolidated statements of operations. For the three and six months ended June 30, 2023, the loss from change in the fair value of private warrants was $23.1 million and $25.0 million, respectively. The Public Warrants were initially recognized as a liability on August 10, 2021 at a fair value of $32.8 million. For the three and six months ended June 30, 2024, the public warrant liability was remeasured to fair value based upon the market price as of June 30, 2024, resulting in a gain of $3.6 million and $11.3 million, respectively, classified within the gain (loss) from change in the fair value of warrants and earnout shares in the condensed consolidated statements of operations. For the three and six months ended June 30, 2023, the loss from change in the fair value of public warrants was $34.5 million and $37.4 million, respectively. Earnout Shares Liability In connection with the Reverse Recapitalization and pursuant to the Sponsor Agreement, Sponsor agreed to certain terms of vesting, lock-up and transfer with respect to the 17,130,000 common shares held by it (“Earnout Shares”). The terms of the Sponsor Agreement specify that the Earnout Shares will vest upon achieving certain specified release events. In accordance with ASC 815 Derivatives and Hedging, the Earnout Shares are not indexed to the Common Stock and therefore are accounted for as a liability (“Earnout Shares Liability”) as of the Closing Date and subsequently remeasured at each reporting date with changes in fair value recorded as a component of total other income (loss), net in the condensed consolidated statements of operations. Under the vesting schedule, 20% of the Earnout Shares vest in tranches when the volume-weighted average price of the Company’s common stock quoted on the NYSE is greater than $12.00, $18.00, $24.00, $32.00 and $50.00 for any 20 trading days within a period of 30 trading days (each such occurrence a “Triggering Event”). After ten years following the consummation of the Merger (the “Earnout Period”), any Earnout Shares which have not yet vested are forfeited. No Earnout Shares vested as of June 30, 2024. Earnout Shares Liability at the closing of the Merger on August 10, 2021, was $149.9 million based on a Monte Carlo simulation valuation model using a distribution of potential outcomes on a monthly basis over the Earnout Period using the most reliable information available. During the three and six months ended June 30, 2024, the Company recognized a gain related to the change in the fair value of the Earnout Shares Liability of $3.7 million and $26.7 million, respectively, included within the gain (loss) from change in fair value of warrants and earnout shares in the condensed consolidated statement of operations. During the three and six months ended June 30, 2023, the Company recognized a loss related to the change in the fair value of the Earnout Shares Liability of $104.2 million and $117.2 million, respectively. Assumptions used in the valuation are as follows:
Delta Warrant In connection with the umbrella agreement that the Company entered with Delta Air Lines, Inc. (“Delta”) on October 7, 2022, the Company sold and issued to Delta, in private placement, 11,044,232 shares of the Company’s Common Stock, at the per-share purchase price of $5.4327, for an aggregate cash consideration of $60.0 million. In addition, the Company issued a warrant for Delta to purchase up to 12,833,333 shares of the Company's common stock in two tranches, subject to certain milestone achievement conditions (“Delta Warrant”). The first and the second tranches of the warrant permit Delta to purchase up to 7,000,000 and 5,833,333 shares of Common Stock at exercise prices of $10 and $12, respectively, starting from the date the applicable milestones are satisfied and ending on the year anniversary of the warrant issuance date. The number of shares and exercise price for both tranches is subject to value cap adjustment if the 30 day volume weighted average price per share of the Company’s stock exceeds 150% of each respective tranche’s exercise price, but disregarding any price increases occurring within 10 business days after a public announcement of the achievement of an applicable milestone, if any. The Company concluded that no assets or liabilities were transferred by either party beyond the Company’s issuance of common stock and warrants in exchange for the total cash consideration from Delta, that the umbrella agreement does not constitute a funded research and development agreement in the scope of ASC 730 “Research and Development” or a collaborative agreement in the scope of ASC 808 “Collaborative Agreements”, and that the Delta Warrant is a freestanding financial instrument not indexed to the Company’s own stock. Accordingly, the Company recognized the issuance of Common Stock as equity in additional paid-in capital on condensed consolidated balance sheets and the Delta Warrant as liability on the condensed consolidated balance sheets at fair value. The Delta Warrant issuance was initially recognized as a liability on October 7, 2022, at a fair value of $16.1 million based on a Monte Carlo simulation valuation model using the most reliable information available. During the three and six months ended June 30, 2024, the Delta Warrant’s liability was remeasured to fair value as of June 30, 2024, resulting in a gain of $0.1 million and $3.3 million, respectively, which is included within the gain (loss) from change in the fair value of warrants and earnout shares in the condensed consolidated statements of operations. During the three and six months ended June 30, 2023, the Company recognized a loss related to the change in the fair value of the Delta Warrant liability of $18.4 million and $22.6 million, respectively. Assumptions used in the valuation of Delta Warrants are as follows:
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | Stock-based Compensation Equity Compensation Plans In November 2016, the Company’s Board of Directors adopted the 2016 Stock Option and Grant Plan (“2016 Plan”) under which officers, employees, directors, consultants and other key persons of the Company or its affiliates may be granted incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock and restricted stock units. On August 10, 2021, the Company’s Board of Directors amended the 2016 Plan to provide that no new awards could be granted under the 2016 Plan. Under the 2016 Plan, stock options were generally granted with an exercise price equal to the estimated fair value of the Company’s common stock, as determined by the Company’s Board of Directors on the date of grant. Options generally have contractual terms of ten years. Outstanding options generally vest over six years, contain a one year cliff, are exercisable immediately and, upon early exercise, are subject to repurchase by the Company at the original exercise price. If an ISO is granted to an optionee who, at the time of grant, owns more than 10% of the voting power of all classes of capital stock, the term of the ISO is five years. Options issued under the 2016 Plan must be priced at no less than the fair value of the shares on the date of the grant provided, however, that the exercise price of an option granted to a 10% stockholder is not less than 110% of the fair value of the shares on the date of grant. The Board of Directors determines the exercisability provisions of a stock option agreement at its sole discretion. The fair value of the RSU’s granted under the 2016 Plan was determined by the Company’s Board of Directors on the date of grant. Generally, RSUs granted under the 2016 Plan have a six years vesting period. On August 10, 2021, the Company adopted the 2021 Equity Incentive Plan (“2021 Plan”). Under the 2021 Plan, the Company can grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to employees, directors and consultants. The number of shares available for issuance under the 2021 Plan will be increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount equal to the lesser of (i) a number of shares equal to four percent (4%) of the total number of shares of all classes of common stock of the Company outstanding on the last day of the immediately preceding fiscal year, or (ii) such number of shares determined by the Company’s Board of Directors. On January 1, 2024, the number of shares available for issuance under 2021 plan increased by 27,930,481 shares. The fair value of the RSU’s granted under the 2021 Plan was determined by the Company’s Board of Directors on the date of grant. Generally, RSUs granted under the 2021 Plan have a four year vesting period. Restricted Stock Units A summary of RSU activity for the six months ended June 30, 2024 is as follows (in thousands, except per share data):
The total fair value of RSUs vested for the six months ended June 30, 2024 and 2023 was $60.9 million and $38.4 million, respectively. On February 27, 2023, the Company’s Compensation Committee of the Board of Directors (“Compensation Committee”) approved a performance-based bonus program under which RSUs were awarded in connection with the achievement of specified goals in 2023 (“2023 Bonus Plan”). The RSU awards were granted when the achievement of each goal was approved by the Compensation Committee in 2023, and the RSUs vested in equal installments in each of January, February, March and April 2024 provided the employee or consultant continued to be a service provider through the relevant vesting dates. The target bonus opportunity was equal to 30% of the employee’s base salary as of the applicable grant date, with stretch bonus goals that are one-third higher than the target amounts unless otherwise established by the Compensation Committee. In accordance with ASC 718 Compensation - Stock Compensation, awards under 2023 Bonus Plan were classified as a liability until such time that the respective milestones were met, at which point the liability was reclassified to equity. If it was determined that the milestone could not be met, the liability was reversed. On February 12, 2024, the Compensation Committee approved a performance-based program under which RSUs are awarded. Each RSU represents the right to receive, upon vesting, up to 1.25 shares of the Company’s common stock, based on the achievement of certain specified objectives tied to five goals during 2024 (“2024 Bonus Plan”). Each goal has criteria for achievement of a minimum, target or maximum achievement level, expressed as a percentage, and the amount of the awards that will vest is calculated by summing the actual achievement percentages as of December 31, 2024. The maximum possible amount that will vest is 125%. If exactly the minimum or target levels are achieved, 45% and 100% of the awards, respectively, will vest. The RSUs awarded under the 2024 Bonus Plan will vest in equal installments on each of January 14, 2025, February 10, 2025, March 4, 2025 and April 7, 2025, subject in each case to the participant’s continued status as a service provider through respective vesting date. In accordance with ASC 718 Compensation - Stock Compensation, the Company has determined that 2024 Bonus Plan awards are equity awards with performance condition, and classified them as an equity. In June 2023, the Compensation Committee approved long-term incentive performance-based RSU awards (“LTI Awards”) to certain employees of the Company. The LTI Awards vest in a single installment on June 21, 2026, provided that (i) certain performance conditions are met on or prior to that date and (ii) the employee continues to be a service provider through the vesting date. The Company considers the probability of achieving each of the performance goals at the end of each reporting period and recognizes expense over the requisite service period when achievement of the goal is determined to be probable, and adjusts the expense if the probability of achieving the goal later changes. On February 12, 2024, the Compensation Committee approved a long-term performance-based RSU awards (“LPA Awards”) to certain employees of the Company. The LPA Awards have the same performance conditions as the awards granted under the 2024 Bonus Plan and will vest in three equal annual installments on the anniversary of the grant date, provided that performance conditions are satisfied and the employee continues to be a service provider through the respective vesting dates. In accordance with ASC 718 Compensation - Stock Compensation, Management has determined that these LPA awards are equity awards with performance and service conditions, and classified them as an equity. Employee Stock Purchase Plan On August 10, 2021, the Company adopted the 2021 Employee Stock Purchase Plan (“2021 ESPP”). Under the 2021 ESPP, participating employees may be offered the option to purchase shares of the Company’s Common Stock at a purchase price which equals 85% of the fair market value of the Company’s common stock on the enrollment date or on the exercise date, whichever is lower. Under the terms of 2021 ESPP, if the closing price of the Company’s shares on the exercise date falls below the closing price of the Company’s shares on the enrollment date for an ongoing offering, the ongoing offering will terminate immediately following the purchase of ESPP shares on the exercise date and participants in the terminated offering would automatically be enrolled in the new offering (“ESPP Reset”), potentially resulting in an additional modification to stock-based compensation expense to be recognized over the new offering period. Due to the changes in the Company’s stock price, an ESPP Reset occurred in May 2024, resulting in incremental stock-based compensation expense to be recognized over the offering period ending May 2025. The number of shares of common stock available for issuance under the 2021 ESPP will be increased on the first day of each fiscal year beginning on January 1, 2022, in an amount equal to the lesser of (i) a number of shares of common stock equal to half percent (0.5%) of the total number of shares of all classes of common stock of the Company on the last day of the immediately preceding fiscal year, or (ii) such number of shares determined by the Company’s Board of Directors, On January 1, 2024, the number of shares available for issuance under 2021 ESPP increased by 3,491,310 shares. Stock-based Compensation Expense The following sets forth the total stock-based compensation expense for the Company’s stock awards included in the Company’s condensed consolidated statements of operations (in thousands):
Shares subject to repurchase The Company allows certain option holders to exercise unvested options to purchase shares of common stock. Common shares received from such early exercises are subject to a right of repurchase at the original issuance price. The Company’s repurchase right with respect to these shares lapses as the shares vest. These awards are typically subject to a vesting period of six years. As of June 30, 2024 and December 31, 2023, 1,512,364 and 1,988,511 shares, respectively, were subject to repurchase at a weighted average price of $0.07 per share and $0.09 per share, respectively, and $0.1 million and $0.2 million, respectively, was recorded within the other non-current liabilities on the Company’s condensed consolidated balance sheets. In addition, upon completion of the Reverse Recapitalization 2,677,200 Series C Preferred shares which were subject to time-based vesting conditions were converted to restricted common shares. As of June 30, 2024 and December 31, 2023, the number of such shares that were subject to repurchase was 1,337,990 and 1,561,599, respectively.
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Related Party Transactions |
6 Months Ended |
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Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company’s Chief Executive Officer and founder has ownership interests in certain vendors providing services to the Company. The services purchased from these vendors include rent of office space and certain utilities and maintenance services related to the property on which the rented premises are located. Expenses and related payments to these vendors totaled $0.2 million and $0.3 million during the three and six months ended June 30, 2024, respectively and $0.2 million and $0.3 million during the three and six months ended June 30, 2023, respectively. Toyota Motor Corporation (“Toyota”) is a beneficial owner of more than 10% of the voting interests of the Company and has the right to designate a director for election to the Company’s Board of Directors. Toyota is developing prototypes and supplying parts and materials for some of the Company’s manufactured subassembly components. The Company made payments to Toyota for these parts and materials totaling $0.2 million and $0.3 million during the three and six months ended June 30, 2024, respectively and $0.8 million during each of the three and six months ended June 30, 2023. Additionally, the Company identified an embedded finance lease within the Company’s purchase and sale agreement with Toyota for subassembly components in the amount of $3.9 million and $3.8 million as of June 30, 2024 and December 31, 2023, respectively.
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Net Loss Per Share Attributable to Common Stockholders |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Because the Company reported a net loss for the three and six months ended June 30, 2024 and 2023, the number of shares used to calculate diluted net loss per common share is the same as the number of shares used to calculate basic net loss per common share for those periods presented because the potentially dilutive shares would have been antidilutive if included in the calculation. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company evaluated subsequent events and transactions that occurred up to the date financial statements were issued. The Company did not identify any subsequent events or transactions that would have required adjustment or disclosure in the financial statements.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
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Jun. 30, 2024 |
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Jun. 30, 2023 |
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Pay vs Performance Disclosure | ||||||
Net loss | $ (123,292) | $ (94,587) | $ (286,079) | $ (113,393) | $ (217,879) | $ (399,472) |
Insider Trading Arrangements |
3 Months Ended | 6 Months Ended |
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Jun. 30, 2024
shares
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Jun. 30, 2024
shares
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Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Gregory Bowles [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 4, 2024, Gregory Bowles, the Company’s Head of Government Policy, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell, subject to certain conditions, up to 220,497 of shares of Company common stock beginning November 23, 2024 and ending September 19, 2025. This includes up to 171,592 shares to be issued upon the vesting of RSUs granted to Mr. Bowles. The actual number of shares that will be released to Mr. Bowles and may be sold under the Rule 10b5-1 trading arrangement will be net of the number of shares sold by the Company to satisfy tax withholding obligations arising from the vesting of the RSUs and is not yet determinable. | |
Name | Gregory Bowles | |
Title | Head of Government Policy | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 4, 2024 | |
Expiration Date | September 19, 2025 | |
Arrangement Duration | 301 days | |
Aggregate Available | 220,497 | 220,497 |
Kate DeHoff [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 6, 2024, Kate DeHoff, the Company’s General Counsel and Corporate Secretary, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell, subject to certain conditions, up to 230,242 of shares of Company common stock beginning September 23, 2024 and ending September 19, 2025. This includes up to 200,242 shares to be issued upon the vesting of RSUs granted to Ms. DeHoff. The actual number of shares that will be released to Ms. DeHoff and may be sold under the Rule 10b5-1 trading arrangement will be net of the number of shares sold by the Company to satisfy tax withholding obligations arising from the vesting of the RSUs and is not yet determinable.
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Name | Kate DeHoff | |
Title | General Counsel and Corporate Secretary | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 6, 2024 | |
Expiration Date | September 19, 2025 | |
Arrangement Duration | 362 days | |
Aggregate Available | 230,242 | 230,242 |
Paul Sciarra [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 27, 2024, Paul Sciarra, Chairman of the Company’s Board of Directors, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell, subject to certain conditions, up to 6,000,000 shares of Company common stock held by Sciarra Asset Management, beginning September 30, 2024 and ending September 19, 2025.
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Name | Paul Sciarra | |
Title | Board of Directors | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 27, 2024 | |
Expiration Date | September 19, 2025 | |
Arrangement Duration | 355 days | |
Aggregate Available | 6,000,000 | 6,000,000 |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The Condensed Consolidated Financial Statements include accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. There have been no changes to the Company’s significant accounting policies described in Note 2 “Summary of Significant Accounting Policies” to the audited Consolidated Financial Statements in the Company’s annual report on Form 10-K for the year ended December 31, 2023, that have had a material impact on the Condensed Consolidated Financial Statements and related notes.
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Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with remaining original maturity of three months or less from the date of purchase to be cash and cash equivalents. The recorded carrying amount of cash and cash equivalents approximates their fair value.
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New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. For public business entities, the guidance is effective for annual periods beginning after 15 December 2024. The Company expects the adoption to have a disclosure only impact on its consolidated financial statements. In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance also requires all public entities with a single reportable segment have to provide all the disclosures required by ASC 280, including the significant segment expense disclosures. The guidance applies to all public entities and is effective for fiscal years beginning after 15 December 2023, and for interim periods beginning after 15 December 2024. The Company expects the adoption to have a disclosure only impact on its consolidated financial statements.
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Fair Value Measurements | A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company’s financial assets consist of Level 1 and 2 assets. The Company classifies its cash equivalents and marketable debt securities within Level 1 or Level 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. The Company’s fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of the Company’s marketable debt securities were derived from non-binding market consensus prices that are corroborated by observable market data and quoted market prices for similar instruments. The Company’s financial liabilities measured at fair value on a recurring basis consist of Level 1, Level 2 and Level 3 liabilities. The Company’s Public Warrants (as defined in Note 7) are classified as Level 1 because they are directly observable in the market. The Company classifies the Private Placement Warrants (as defined in Note 7) within Level 2, because they were valued using inputs other than quoted prices which are directly observable in the market, including readily available pricing for the Company’s Public Warrants. The Company classifies Delta Warrant and Earnout Shares Liability (as defined in Note 7) within Level 3, because they were valued using unobservable inputs that are significant to the fair value measurement. The Delta Warrant and Earnout Shares Liability are measured at fair value on a recurring basis. Changes in fair value of Level 3 liabilities are recorded in total other income (loss), net, in the condensed consolidated statements of operations.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy as of June 30, 2024 and December 31, 2023 (in thousands):
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Summary of Debt Securities, Available-for-sale | The following is a summary of the Company’s available-for-sale securities (in thousands):
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Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of the change in the fair value, which is recognized as a component of total other income (loss), net within the condensed consolidated statement of operations, of the Company’s Level 3 financial liabilities (in thousands):
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Balance Sheet Components (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment | Property and equipment, net consists of the following (in thousands):
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Schedule of Intangible Assets | The intangible assets consist of the following (in thousands):
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Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets | The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of June 30, 2024 (in thousands):
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Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands):
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Schedule of Other Noncurrent Assets | Other non-current assets consist of the following (in thousands):
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Schedule of Accrued and Other Liabilities | Accrued and other current liabilities consist of the following (in thousands):
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Stock Warrants and Earnout Shares (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants and Rights Note Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used to Estimate Fair Value of The Total Earnout Shares Liability | Assumptions used in the valuation are as follows:
Assumptions used in the valuation of Delta Warrants are as follows:
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | A summary of RSU activity for the six months ended June 30, 2024 is as follows (in thousands, except per share data):
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Summary of Stock-Based Compensation Expense | The following sets forth the total stock-based compensation expense for the Company’s stock awards included in the Company’s condensed consolidated statements of operations (in thousands):
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Net Loss Per Share Attributable to Common Stockholders (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:
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Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
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Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 762 | $ 762 | |
Lease Obligation | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 800 | $ 800 |
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions |
6 Months Ended | |
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Jun. 30, 2024 |
Jun. 30, 2023 |
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Liability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Transfers between Level 1, Level 2, or Level 3 financial instruments | $ 0.0 | $ 0.0 |
Fair Value Measurements - Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) $ in Thousands |
6 Months Ended |
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Jun. 30, 2024
USD ($)
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Earnout Shares Liability | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 95,969 |
Change in fair value | (26,688) |
Ending balance | 69,281 |
Common Stock Warrant Liabilities Delta | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | 27,734 |
Change in fair value | (3,269) |
Ending balance | $ 24,465 |
Balance sheet Components - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Depreciation and amortization expense | $ 7.2 | $ 5.9 | $ 14.2 | $ 11.5 |
Amortization of Intangible Assets | $ 1.5 | $ 1.5 | $ 3.0 | $ 3.1 |
Weighted-average amortization period of intangible assets | 2 years 4 months 24 days |
Balance sheet Components - Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
2024 (remainder) | $ 2,931 | |
2025 | 4,633 | |
2026 | 2,467 | |
2027 | 944 | |
Intangible assets, net | $ 10,975 | $ 6,585 |
Balance sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid equipment | $ 4,945 | $ 3,471 |
Prepaid software | 6,190 | 3,809 |
Prepaid taxes | 1,043 | 1,603 |
Prepaid insurance | 1,478 | 6,192 |
Other | 5,707 | 3,767 |
Total | $ 19,363 | $ 18,842 |
Balance sheet Components - Schedule of Other Noncurrent Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Contractual agreement asset | $ 59,611 | $ 59,611 |
Long term prepaid insurance | 333 | 413 |
Other non-current assets | 672 | 586 |
Total | $ 60,616 | $ 60,610 |
Balance sheet Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Vendor related accruals | $ 13,619 | $ 11,391 |
Payroll accruals | 10,028 | 16,265 |
Contract liabilities under contracts with customers | 3,592 | 2,534 |
Deferred research and development credits | 1,469 | 3,633 |
Other accruals and current liabilities | 4,436 | 3,995 |
Accrued and other current liabilities | $ 33,144 | $ 37,818 |
Commitment and Contingencies (Details) $ in Millions |
Jun. 30, 2024
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligation | $ 13 |
Stock Warrants and Earnout Shares - Schedule of Assumptions Used to Estimate Fair Value of Earnout Shares Liability (Details) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
Class of Warrant or Right [Line Items] | ||
Expected volatility | 76.30% | 75.30% |
Risk-free interest rate | 4.33% | 3.90% |
Dividend rate | 0.00% | 0.00% |
Expected term (in years) | 7 years 1 month 9 days | 7 years 7 months 9 days |
Common Stock Warrant Liabilities Delta | ||
Class of Warrant or Right [Line Items] | ||
Expected volatility | 76.30% | 75.30% |
Risk-free interest rate | 4.33% | 3.90% |
Dividend rate | 0.00% | 0.00% |
Expected term (in years) | 8 years 3 months 18 days | 8 years 9 months 18 days |
Stock-Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
Number of Units | ||
Beginning balance (in shares) | 31,076,699 | |
Awards granted (in shares) | 23,521,204 | |
Vested (in shares) | (9,634,661) | |
Forfeited (in shares) | (1,100,025) | |
Ending balance (in shares) | 43,863,217 | |
Weighted-Average Grant Date Fair Value Per Share | ||
Beginning balance (in dollars per share) | $ 6.41 | |
Granted (in dollars per share) | 5.51 | |
Vested (in dollars per share) | 6.32 | |
Forfeited (in dollars per share) | 5.86 | |
Ending balance (in dollars per share) | $ 5.96 | |
Aggregate Intrinsic Value | $ 223,702 | $ 206,660 |
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based payment arrangement, expense | $ 28,370 | $ 25,222 | $ 55,387 | $ 42,480 |
Research and development expenses | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based payment arrangement, expense | 22,444 | 20,158 | 43,114 | 33,202 |
Selling, general and administrative expenses | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based payment arrangement, expense | $ 5,926 | $ 5,064 | $ 12,273 | $ 9,278 |
Related Party Transactions - Additional Information (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Related Party Transaction [Line Items] | |||||
Finance lease right-of-use assets | $ 3.9 | $ 3.9 | $ 3.8 | ||
Other Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Voting interests, percentage | 0.10 | 0.10 | |||
Office Space And Certain Utilities And Maintenance Services | |||||
Related Party Transaction [Line Items] | |||||
Expenses and payments to related party vendors | $ 0.2 | $ 0.2 | $ 0.3 | $ 0.3 | |
Subassembly Components | Other Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Expenses and payments to related party vendors | $ 0.2 | $ 0.8 | $ 0.3 | $ 0.8 |
Net Loss Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Numerator: | ||||
Net loss attributable to common stockholders | $ (123,292) | $ (286,079) | $ (217,879) | $ (399,472) |
Denominator: | ||||
Weighted average number of shares outstanding, basic (in shares) | 689,324,227 | 636,679,165 | 685,536,805 | 621,018,919 |
Weighted-average common stock outstanding, diluted (in shares) | 689,324,227 | 636,679,165 | 685,536,805 | 621,018,919 |
Earnings per share, basic (in dollars per share) | $ (0.18) | $ (0.45) | $ (0.32) | $ (0.64) |
Net loss per share, diluted (in dollars per share) | $ (0.18) | $ (0.45) | $ (0.32) | $ (0.64) |
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