| | | | | ii | | | |
| | | | | iii | | | |
| | | | | vi | | | |
| | | | | 1 | | | |
| | | | | 5 | | | |
| | | | | 32 | | | |
| | | | | 33 | | | |
| | | | | 34 | | | |
| | | | | 56 | | | |
| | | | | 68 | | | |
| | | | | 74 | | | |
| | | | | 80 | | | |
| | | | | 82 | | | |
| | | | | 85 | | | |
| | | | | 87 | | | |
| | | | | 95 | | | |
| | | | | 96 | | | |
| | | | | 98 | | | |
| | | | | 99 | | | |
| | | | | 100 | | |
| | |
Years Ended
December 31, |
| |
$
|
| |
%
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
Change
|
| |
Change
|
| ||||||||||||
Operating expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 55,276 | | | | | $ | 18,831 | | | | | $ | 36,445 | | | | | | 194% | | |
General and administrative
|
| | | | 48,387 | | | | | | 3,595 | | | | | | 44,792 | | | | | | 1,246% | | |
Total operating expenses
|
| | | | 103,663 | | | | | | 22,426 | | | | | | 81,237 | | | | | | 362% | | |
Loss from operations
|
| | | | (103,663) | | | | | | (22,426) | | | | | | (81,237) | | | | | | 362% | | |
Other income (expense):
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Other income (expense)
|
| | | | (12,485) | | | | | | 107 | | | | | | (12,592) | | | | | | (11,768)% | | |
Interest income
|
| | | | 98 | | | | | | 788 | | | | | | (690) | | | | | | (88)% | | |
Interest expense
|
| | | | (8,163) | | | | | | — | | | | | | (8,163) | | | | | | NM | | |
Loss before provision for income taxes
|
| | | | (124,213) | | | | | | (21,531) | | | | | | (102,682) | | | | | | 477% | | |
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | N.M | | |
Net loss
|
| | | $ | (124,213) | | | | | $ | (21,531) | | | | | $ | (102,682) | | | | | | 477% | | |
| | |
Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net cash used in operating activities
|
| | | $ | (64,909) | | | | | $ | (19,130) | | |
Net cash provided by investing activities
|
| | | $ | 49,533 | | | | | $ | 20,416 | | |
Net cash provided by (used in) financing activities
|
| | | $ | 268,936 | | | | | $ | (154) | | |
Name
|
| |
Age
|
| |
Position
|
|
Alex Rodrigues | | |
26
|
| | Chief Executive Officer, Founder and Director | |
Brandon Moak | | |
26
|
| | Chief Technology Officer, Founder and Director | |
Richard Hawwa | | |
37
|
| | Chief Financial Officer | |
Siddhartha Venkatesan | | |
43
|
| | Chief Legal Officer | |
Stephen Houghton | | |
42
|
| | Chief Operating Officer | |
Elaine Chao | | |
68
|
| | Director | |
Patricia Chiodo | | |
57
|
| | Director | |
Pat Grady | | |
39
|
| | Director | |
Ian Robertson | | |
62
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Bonus ($)
|
| |
Stock Awards ($)(1)
|
| |
Total ($)
|
| |||||||||||||||
Alex Rodrigues
Chief Executive Officer |
| | | | 2021 | | | | | | 180,000 | | | | | | — | | | | | | 57,211,582 | | | | | | 57,391,582 | | |
| | | 2020 | | | | | | 160,673 | | | | | | | | | | | | | | | | | | 160,673 | | | ||
Brandon Moak
Chief Technology Officer |
| | | | 2021 | | | | | | 180,000 | | | | | | — | | | | | | 30,805,652 | | | | | | 30,985,652 | | |
| | | 2020 | | | | | | 160,673 | | | | | | | | | | | | | | | | | | 160,673 | | | ||
Richard Hawwa
Chief Financial Officer |
| | | | 2021 | | | | | | 228,846 | | | | | $ | 87,500(2) | | | | | | 37,410,000 | | | | | | 37,726,346 | | |
Name
|
| |
Grant
Date |
| |
Number of Shares or
Units of Stock That Have Not Vested (Time-Based Vesting) (#) |
| |
Market Value of
Shares or Units of Stock That Have Not Vested (Time-Based Vesting) ($)(1) |
| |
Equity incentive plan
awards: number of unearned shares, units or other rights that have not vested (Performance-Based Vesting) (#) |
| |
Equity incentive plan
awards: market or payout value of unearned shares, units or other rights that have not vested (Performance-Based Vesting) ($)(1) |
|
Alex Rodrigues
|
| |
6/28/21
|
| |
―
|
| |
―
|
| |
4,844,239(2)
|
| |
$42,047,994
|
|
Chief Executive Officer | | | | | | | ||||||||||
Brandon Moak
|
| |
6/28/21
|
| |
―
|
| |
―
|
| |
2,608,386(2)
|
| |
$22,640,797
|
|
Chief Technology Officer | | | | | | | ||||||||||
Richard Hawwa
|
| |
5/1/21
|
| |
4,474,510(3)
|
| |
$38,838,747
|
| |
―
|
| |
―
|
|
Chief Financial Officer
|
| | | | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($)(1) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
| |||||||||||||||
Elaine Chao
|
| | | | 100,698 | | | | | | — | | | | | | 2,327,254 | | | | | | — | | | | | | 2,427,953 | | |
Patricia Chiodo
|
| | | | — | | | | | | 157,893 | | | | | | — | | | | | | — | | | | | | 157,893 | | |
Pat Grady
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ian Robertson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Stock Awards
Outstanding at 2021 Fiscal Year End |
| |
Option Awards
Outstanding at 2021 Fiscal Year End |
| ||||||
Elaine Chao
|
| | | | — | | | | | | 1,062,697 | | |
Patricia Chiodo
|
| | | | 16,427 | | | | | | — | | |
Pat Grady
|
| | | | — | | | | | | — | | |
Ian Robertson
|
| | | | — | | | | | | — | | |
Name and Address of Beneficial Owner(1)
|
| |
Number of Shares of
Class A Common Stock |
| |
%
|
| |
Number of Shares of
Class B Common Stock |
| |
%
|
| ||||||||||||
5% Holders | | | | | | | | | | | | | | | | | | | | | | | | | |
Entities Affiliated With Sequoia Capital(2)
|
| | | | 53,144,138 | | | | | | 14.6% | | | | | | — | | | | | | — | | |
Data Collective IV, L.P.(3)
|
| | | | 63,720,154 | | | | | | 17.6% | | | | | | — | | | | | | — | | |
Entities Affiliated with YCombinator(4)
|
| | | | 27,913,857 | | | | | | 7.7% | | | | | | — | | | | | | — | | |
Tiger Global PIP Eleven LLC(5)
|
| | | | 21,293,320 | | | | | | 5.9% | | | | | | — | | | | | | — | | |
Affiliates of Maven Ventures(6)
|
| | | | 21,684,426 | | | | | | 6.0% | | | | | | — | | | | | | — | | |
Directors and Executive Officers
|
| | | | | | | | | | | | | | | | — | | | | | | — | | |
Alex Rodrigues(7)
|
| | | | — | | | | | | — | | | | | | 50,034,332 | | | | | | 57.5% | | |
Brandon Moak(8)
|
| | | | — | | | | | | — | | | | | | 37,044,649 | | | | | | 42.5% | | |
Richard Hawwa
|
| | | | 1,118,627 | | | | | | * | | | | | | — | | | | | | — | | |
Siddhartha Venkatesan
|
| | | | 363,553 | | | | | | * | | | | | | — | | | | | | — | | |
Stephen Houghton
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Elaine Chao
|
| | | | 391,519 | | | | | | * | | | | | | — | | | | | | — | | |
Pat Grady(9)
|
| | | | 53,886,635 | | | | | | 14.8% | | | | | | — | | | | | | — | | |
Patricia Chiodo
|
| | | | 2,556 | | | | | | * | | | | | | — | | | | | | — | | |
Ian Robertson(10)
|
| | | | 304,357 | | | | | | * | | | | | | — | | | | | | — | | |
All directors and officers as a group (nine individuals)
|
| | | | 56,067,247 | | | | | | 15.5% | | | | | | 87,078,981 | | | | | | 100.0% | | |
| | |
Before the Offering
|
| | | | | | | | | | | | | |
After the Offering
|
| ||||||||||||||||||||||||
Name of Selling Shareholder
|
| |
Number of
Shares of Common Stock |
| |
Number
of Warrants |
| |
Number of
Shares of Common Stock Being Offered |
| |
Number of
Warrants Being Offered |
| |
Number of
Shares of Common Stock |
| |
Percentage of
Outstanding Shares of Common Stock |
| |
Number of
Warrants |
| |||||||||||||||||||||
CPP Investment Board PMI-3 Inc.(1)
|
| | | | 2,000,000 | | | | | | — | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Data Collective IV, L.P.(2)
|
| | | | 63,720,154 | | | | | | — | | | | | | 63,720,154 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Entities Affiliated with YCombinator(3)
|
| | | | 27,913,857 | | | | | | — | | | | | | 27,913,857 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Knight-Swift Transportation(4)
|
| | | | 2,500,000 | | | | | | — | | | | | | 2,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Maven Ventures Opportunity Fund I, L.P.(5)
|
| | | | 700,000 | | | | | | — | | | | | | 700,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Maven Ventures Fund III, L.P.(6)
|
| | | | 300,000 | | | | | | — | | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
MDC Capital Partners (Ventures), LP(7)
|
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
MIC Capital Partners (Public) Parallel Cayman,
LP(8) |
| | | | 1,000,000 | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Thirty Fifth Investment Company LLC(9)
|
| | | | 2,000,000 | | | | | | — | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Palantir Technologies Inc.(10)
|
| | | | 1,800,000 | | | | | | — | | | | | | 1,800,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
RACI PS Investments, LLC(11)
|
| | | | 50,000 | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Entities affiliated with Sequoia Capital(12)
|
| | | | 53,144,138 | | | | | | — | | | | | | 53,144,138 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Tiger Global PIP Eleven LLC(13)
|
| | | | 21,293,320 | | | | | | — | | | | | | 21,293,320 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Transform Odyssey LP(14)
|
| | | | 200,000 | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Healthcare of Ontario Pension Plan Trust Fund(15)
|
| | | | 1,000,000 | | | | | | 166,666 | | | | | | 1,000,000 | | | | | | 166,666 | | | | | | — | | | | | | — | | | | | | — | | |
National Bank Financial Inc.(16)
|
| | | | 500,000 | | | | | | 83,333 | | | | | | 500,000 | | | | | | 83,333 | | | | | | — | | | | | | — | | | | | | — | | |
Avi Das
|
| | | | 5,000 | | | | | | 833 | | | | | | 5,000 | | | | | | 833 | | | | | | — | | | | | | — | | | | | | — | | |
Ken Manget
|
| | | | 22,500 | | | | | | 3,750 | | | | | | 22,500 | | | | | | 3,750 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Before the Offering
|
| | | | | | | | | | | | | |
After the Offering
|
| ||||||||||||||||||||||||
Name of Selling Shareholder
|
| |
Number of
Shares of Common Stock |
| |
Number
of Warrants |
| |
Number of
Shares of Common Stock Being Offered |
| |
Number of
Warrants Being Offered |
| |
Number of
Shares of Common Stock |
| |
Percentage of
Outstanding Shares of Common Stock |
| |
Number of
Warrants |
| |||||||||||||||||||||
2768566 Ontario Corp.(17)
|
| | | | 50,000 | | | | | | 8,333 | | | | | | 50,000 | | | | | | 8,333 | | | | | | — | | | | | | — | | | | | | — | | |
Badger Power Consulting Inc.(18)
|
| | | | 307,500 | | | | | | 51,250 | | | | | | 307,500 | | | | | | 51,250 | | | | | | — | | | | | | — | | | | | | — | | |
Michael Hoffman
|
| | | | 307,500 | | | | | | 51,250 | | | | | | 307,500 | | | | | | 51,250 | | | | | | — | | | | | | — | | | | | | — | | |
Chris Jarratt
|
| | | | 307,500 | | | | | | 51,250 | | | | | | 307,500 | | | | | | 51,250 | | | | | | — | | | | | | — | | | | | | — | | |
PSAM WorldArb Master Fund Ltd.(19)
|
| | | | — | | | | | | 83,333 | | | | | | — | | | | | | 83,333 | | | | | | — | | | | | | — | | | | | | — | | |
NBIMC Quantitative Equity Strategic Beta (2017) Fund(20)
|
| | | | 235,548 | | | | | | 39,258 | | | | | | 235,548 | | | | | | 39,258 | | | | | | — | | | | | | — | | | | | | — | | |
NBIMC Quantitative Equity Strategic Beta Fund – Class N(21)
|
| | | | 14,452 | | | | | | 2,408 | | | | | | 14,452 | | | | | | 2,408 | | | | | | — | | | | | | — | | | | | | — | | |
NBIMC Quantitative Strategies (2017) Fund(22)
|
| | | | 235,132 | | | | | | 39,188 | | | | | | 235,132 | | | | | | 39,188 | | | | | | — | | | | | | — | | | | | | — | | |
NBIMC Quantitative Strategies Fund – Class N(23)
|
| | | | 14,868 | | | | | | 2,478 | | | | | | 14,868 | | | | | | 2,478 | | | | | | — | | | | | | — | | | | | | — | | |
Alex Rodrigues(24)
|
| | | | 50,034,332 | | | | | | — | | | | | | 50,034,332 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brandon Moak(25)
|
| | | | 37,044,649 | | | | | | — | | | | | | 37,044,649 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pat Grady(26)
|
| | | | 742,497 | | | | | | — | | | | | | 742,497 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Techno Whiz Kid Inc.(27)
|
| | | | 164,523 | | | | | | 139,834 | | | | | | 164,523 | | | | | | 139,834 | | | | | | — | | | | | | — | | | | | | — | | |
Michael Reid
|
| | | | 9,020,612 | | | | | | — | | | | | | 9,020,612 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alberta Investment Management Corporation(28)
|
| | | | 500,000 | | | | | | 83,333 | | | | | | 500,000 | | | | | | 83,333 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
PAGE
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-7 | | | |
| | | | F-8 | | | |
| | | | F-9 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| |||
Assets | | | | | | | | | | |
Current assets:
|
| | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 264,615 | | | |
$11,055
|
|
Restricted cash, short-term
|
| | | | 130 | | | |
65
|
|
Short-term investments
|
| | | | — | | | |
53,553
|
|
Prepaid expenses and other current assets
|
| | | | 12,746 | | | |
1,367
|
|
Total current assets
|
| | | | 277,491 | | | |
66,040
|
|
Restricted cash, long-term
|
| | | | 275 | | | |
340
|
|
Property, equipment and software, net
|
| | | | 9,637 | | | |
6,526
|
|
Other assets
|
| | | | 3,596 | | | |
78
|
|
Total assets
|
| | | $ | 290,999 | | | |
$72,984
|
|
Liabilities and stockholders’ equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable
|
| | | $ | 2,497 | | | |
$399
|
|
Accrued expenses and other current liabilities
|
| | | | 3,142 | | | |
892
|
|
Short-term notes payable
|
| | | | 358 | | | |
246
|
|
Total current liabilities
|
| | | | 5,997 | | | |
1,537
|
|
Long-term notes payable
|
| | | | 722 | | | |
512
|
|
Warrant liabilities
|
| | | | 49,419 | | | |
—
|
|
Other long-term liability
|
| | | | 50 | | | |
—
|
|
Long-term deferred rent
|
| | | | 177 | | | |
130
|
|
Total liabilities
|
| | | | 56,365 | | | |
2,179
|
|
Commitments and contingencies (Note 11) | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | |
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, none issued and outstanding as of December 31, 2021; 260,582,311 shares authorized, issued and outstanding as of December 31, 2020
|
| | | | — | | | |
1
|
|
Founders preferred stock, $0.00001 par value; None authorized, issued and outstanding as of December 31, 2021; 3,355,453 shares authorized 484,912 shares issued and outstanding as of December 31, 2020
|
| | | | — | | | |
— *
|
|
Class A common stock, $0.0001 par value; 4,000,000,000 shares authorized, 362,832,986 shares issued and outstanding as of December 31, 2021; 150,000,000 shares authorized, 141,216,455 shares issued and outstanding as of December 31, 2020
|
| | | | 36 | | | |
— *
|
|
Class B common stock, $0.0001 par value; 100,000,000 shares authorized, 87,078,781 shares issued and outstanding as of December 31, 2021; None authorized, issued and outstanding as of December 31, 2020
|
| | | | 9 | | | |
—
|
|
Additional paid-in capital
|
| | | | 417,492 | | | |
129,449
|
|
Accumulated other comprehensive income
|
| | | | — | | | |
45
|
|
Accumulated deficit
|
| | | | (182,903) | | | |
(58,690)
|
|
Total stockholders’ equity
|
| | | | 234,634 | | | |
70,805
|
|
Total liabilities and stockholders’ equity
|
| | | $ | 290,999 | | | |
$72,984
|
|
| | |
Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development
|
| | | | 55,276 | | | | | | 18,831 | | |
General and administrative
|
| | | | 48,387 | | | | | | 3,595 | | |
Total operating expenses
|
| | | | 103,663 | | | | | | 22,426 | | |
Loss from operations
|
| | | | (103,663) | | | | | | (22,426) | | |
Other income (expense): | | | | | | | | | | | | | |
Other income (expense)
|
| | | | (12,485) | | | | | | 107 | | |
Interest income
|
| | | | 98 | | | | | | 788 | | |
Interest expense
|
| | | | (8,163) | | | | | | — | | |
Loss before provision for income taxes
|
| | | | (124,213) | | | | | | (21,531) | | |
Provision for income taxes
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (124,213) | | | | | $ | (21,531) | | |
Net loss attributable to common stockholders, basic and diluted
|
| | | $ | (124,213) | | | | | $ | (21,531) | | |
Net loss per share attributable to common stockholders: | | | | | | | | | | | | | |
Basic and diluted, Class A
|
| | | $ | (0.67) | | | | | $ | (0.16) | | |
Basic and diluted, Class B
|
| | | $ | (0.67) | | | | | $ | — | | |
Weighted-average shares used in computing net loss per share attributable to common stockholders:
|
| | | | | | | | | | | | |
Basic and diluted, Class A
|
| | | | 173,157,272 | | | | | | 138,886,157 | | |
Basic and diluted, Class B
|
| | | | 12,167,200 | | | | | | — | | |
| | |
Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net loss
|
| | | $ | (124,213) | | | | | $ | (21,531) | | |
Other comprehensive loss (net of tax):
|
| | | | | | | | | | | | |
Unrealized gains (losses) on short-term investments
|
| | | | (45) | | | | | | (24) | | |
Comprehensive loss
|
| | | $ | (124,258) | | | | | $ | (21,555) | | |
| | |
Preferred Stock –
Series A, B, C |
| |
Founders
Preferred Stock |
| |
Common Stock
|
| |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Warrants
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income Loss |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount(1)
|
| |
Shares
|
| |
Amount(1)
|
| |
Shares
|
| |
Amount(1)
|
| |
Shares
|
| |
Amount(1)
|
| |
Shares
|
| |
Amount(1)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
| | | | 260,582,311 | | | | | $ | 1 | | | | | | 484,912 | | | | | $ | — | | | | | | 140,201,723 | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | 128,297 | | | | | $ | (37,159) | | | | | $ | 69 | | | | | $ | 91,208 | | |
Issuance of Series C Preferred Stock, net of issuance costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Secondary sale of Founders Preferred Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shares issued upon exercise of stock options(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,014,732 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 121 | | | | | | — | | | | | | — | | | | | | 121 | | |
Vesting of early exercised stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 61 | | | | | | — | | | | | | — | | | | | | 61 | | |
Stock – based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 970 | | | | | | — | | | | | | — | | | | | | 970 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24) | | | | | | (24) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21,531) | | | | | | — | | | | | | (21,531) | | |
Balance at December 31, 2020
|
| | | | 260,582,311 | | | | | $ | 1 | | | | | | 484,912 | | | | | $ | — | | | | | | 141,216,455 | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | 129,449 | | | | | $ | (58,690) | | | | | $ | 45 | | | | | $ | 70,805 | | |
Shares issued upon exercise of stock options(1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,758,750 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 189 | | | | | | — | | | | | | — | | | | | | 189 | | |
Vesting of early exercised stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 66 | | | | | | — | | | | | | — | | | | | | 66 | | |
Stock – based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 47,767 | | | | | | — | | | | | | — | | | | | | 47,767 | | |
Issuance of Common Stock for services
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 642,578 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 819 | | | | | | — | | | | | | — | | | | | | 819 | | |
Issuance of Common Stock – Convertible Notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,774,951 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37,445 | | | | | | — | | | | | | — | | | | | | 37,445 | | |
Merger Recapitalization – Class A (Embark Trucks Inc.)
|
| | | | (260,582,311) | | | | | | (1) | | | | | | (484,912) | | | | | | — | | | | | | (55,896,424) | | | | | | — | | | | | | 316,963,649 | | | | | | 32 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 31 | | |
Merger Recapitalization – Class B (Embark Trucks Inc.)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (87,078,781) | | | | | | — | | | | | | — | | | | | | — | | | | | | 87,078,781 | | | | | | 9 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | |
Issuance costs for Embark Trucks Inc.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (41,082) | | | | | | — | | | | | | — | | | | | | (41,082) | | |
Issuance of common stock – PIPE financing
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,000,000 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | — | | | | | | 159,998 | | | | | | — | | | | | | — | | | | | | 160,000 | | |
Issuance of common stock – FPA
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40,000 | | | | | | — | | | | | | — | | | | | | 40,000 | | |
Issuance of common stock – NGA public stock holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,413,711 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
Issuance of common stock – NGA sponsors, net of issuance costs of $29,107
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,038,097 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 85,037 | | | | | | — | | | | | | — | | | | | | 85,038 | | |
Issuance of warrants – PIPE financing/
private |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,686,667 | | | | | | (11,902) | | | | | | — | | | | | | — | | | | | | (11,902) | | |
Issuance of warrants – FPA warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 666,663 | | | | | | (1,187) | | | | | | — | | | | | | — | | | | | | (1,187) | | |
| | |
Preferred Stock –
Series A, B, C |
| |
Founders
Preferred Stock |
| |
Common Stock
|
| |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Warrants
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income Loss |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount(1)
|
| |
Shares
|
| |
Amount(1)
|
| |
Shares
|
| |
Amount(1)
|
| |
Shares
|
| |
Amount(1)
|
| |
Shares
|
| |
Amount(1)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants to NGA warrant holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,799,936 | | | | | | (24,564) | | | | | | — | | | | | | — | | | | | | (24,564) | | |
Issuance of warrants to NGA working
capital loan |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,000,000 | | | | | | (3,560) | | | | | | — | | | | | | — | | | | | | (3,560) | | |
Assumption of SPAC assets and liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (983) | | | | | | — | | | | | | — | | | | | | (983) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (45) | | | | | | (45) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (124,213) | | | | | | — | | | | | | (124,213) | | |
Balance at December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 362,832,986 | | | | | $ | 36 | | | | | | 87,078,781 | | | | | $ | 9 | | | | | | 23,153,266 | | | | | $ | 417,492 | | | | | $ | (182,903) | | | | | $ | — | | | | | $ | 234,634 | | |
|
| | |
Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (124,213) | | | | | $ | (21,531) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 1,074 | | | | | | 822 | | |
Stock-based compensation, net of amounts capitalized
|
| | | | 47,607 | | | | | | 842 | | |
Change in fair value of warrants
|
| | | | 8,206 | | | | | | — | | |
Net amortization of premiums and accretion of discounts on investments
|
| | | | 270 | | | | | | 226 | | |
Amortization of debt discount
|
| | | | 8,163 | | | | | | — | | |
Change in fair value of derivative liability
|
| | | | 4,323 | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | (10,090) | | | | | | (150) | | |
Other assets
|
| | | | (3,518) | | | | | | (3) | | |
Accounts payable
|
| | | | 1,957 | | | | | | 151 | | |
Other long-term liabilities
|
| | | | 50 | | | | | | — | | |
Accrued expenses and other current liabilities
|
| | | | 1,262 | | | | | | 513 | | |
Net cash used in operating activities
|
| | | | (64,909) | | | | | | (19,130) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchase of investments
|
| | | | — | | | | | | (52,421) | | |
Maturities of investments
|
| | | | 53,239 | | | | | | 74,250 | | |
Purchase of property, equipment and software
|
| | | | (3,353) | | | | | | (2,181) | | |
Deposit for purchase of trucks
|
| | | | (440) | | | | | | (10) | | |
Refund of deposit for trucks
|
| | | | 87 | | | | | | 778 | | |
Net cash provided by investing activities
|
| | | | 49,533 | | | | | | 20,416 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Cash proceeds received from convertible note payable
|
| | | | 25,000 | | | | | | — | | |
Proceeds from NGA recapitalization
|
| | | | 314,146 | | | | | | — | | |
Transaction costs related to merger with NGA
|
| | | | (70,189) | | | | | | — | | |
Payment towards notes payable
|
| | | | (210) | | | | | | (275) | | |
Proceeds from exercise of stock options
|
| | | | 189 | | | | | | 121 | | |
Net cash provided by (used in) financing activities
|
| | | | 268,936 | | | | | | (154) | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | 253,560 | | | | | | 1,132 | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 11,460 | | | | | | 10,328 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 265,020 | | | | | $ | 11,460 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | |
Cash paid during the year for interest
|
| | | $ | 71 | | | | | $ | 62 | | |
Supplemental schedule of noncash investing and financing activities | | | | | | | | | | | | | |
Convertible notes converted into shares of Class A common stock upon consummation of Business Combination
|
| | | $ | 25,000 | | | | | $ | — | | |
Derivative liability converted into shares of Class A common stock upon consummation of Business Combination
|
| | | $ | 12,485 | | | | | $ | — | | |
Warrants converted into shares of Class A common stock upon consummation of Business Combination
|
| | | $ | 854 | | | | | $ | — | | |
Acquisition of property, equipment and software in accounts payable
|
| | | $ | 244 | | | | | $ | 64 | | |
Acquisition of trucks by assuming notes payable
|
| | | $ | 597 | | | | | $ | — | | |
Stock-based compensation capitalized into internally developed software
|
| | | $ | 160 | | | | | $ | 128 | | |
Vesting of early exercised stock options
|
| | | $ | 66 | | | | | $ | 61 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash and cash equivalents
|
| | | $ | 264,615 | | | | | $ | 11,055 | | |
Restricted cash, short-term
|
| | | | 130 | | | | | | 65 | | |
Restricted cash, long-term
|
| | | | 275 | | | | | | 340 | | |
Cash, cash equivalents and restricted cash
|
| | | $ | 265,020 | | | | | $ | 11,460 | | |
| | |
As of December 31, 2021
(in thousands) |
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | |
United States money market funds
|
| | | $ | 22,349 | | | | | | — | | | | | | — | | | | | $ | 22,349 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liabilities – FPA warrants
|
| | | $ | 1,337 | | | | | | — | | | | | | — | | | | | $ | 1,337 | | |
Warrant liabilities – public warrants
|
| | | $ | 27,669 | | | | | | — | | | | | | — | | | | | $ | 27,669 | | |
Warrant liabilities – working capital warrants
|
| | | | — | | | | | | — | | | | | $ | 4,700 | | | | | $ | 4,700 | | |
Warrant liabilities – private warrants
|
| | | | — | | | | | | — | | | | | $ | 15,714 | | | | | $ | 15,714 | | |
| | |
As of December 31, 2020
(in thousands) |
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | |
United States money market funds
|
| | | $ | 7,586 | | | | | | — | | | | | | — | | | | | $ | 7,586 | | |
Short-term investments | | | | | | | | | | | | | | | | | | | | | | | | | |
United States treasury securities
|
| | | | — | | | | | $ | 53,553 | | | | | | — | | | | | $ | 53,553 | | |
Property, Equipment and Software
|
| |
Useful life (years)
|
|
Machinery and equipment | | |
5 years
|
|
Electronic equipment | | |
3 years
|
|
Vehicles and vehicle hardware | | |
3 – 7 years
|
|
Leasehold improvements | | |
Shorter of useful life or lease term
|
|
Furniture and fixtures | | |
7 years
|
|
Developed software | | |
2 – 4 years
|
|
As of December 31, 2020
|
| |
Cost or
Amortized Cost |
| |
Unrealized
Gains |
| |
Fair Value
|
| |||||||||
U.S government securities
|
| | | $ | 53,508 | | | | | $ | 45 | | | | | $ | 53,553 | | |
| | | | $ | 53,508 | | | | | $ | 45 | | | | | $ | 53,553 | | |
| | |
As of
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Prepaid insurance
|
| | | $ | 7,459 | | | | | $ | 138 | | |
Accrued interest and dividends
|
| | | | — | | | | | | 201 | | |
Prepaid software
|
| | | | 2,564 | | | | | | 279 | | |
Prepaid hardware
|
| | | | 30 | | | | | | — | | |
Income tax receivable
|
| | | | 494 | | | | | | 494 | | |
Short-term deposits
|
| | | | 448 | | | | | | 55 | | |
Other prepaid expenses
|
| | | | 1,647 | | | | | | 176 | | |
Other current assets
|
| | | | 104 | | | | | | 24 | | |
Total prepaid expenses and other current assets
|
| | | $ | 12,746 | | | | | $ | 1,367 | | |
| | |
As of
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Machinery and equipment
|
| | | $ | 344 | | | | | $ | 207 | | |
Electronic equipment
|
| | | | 413 | | | | | | 130 | | |
Vehicles and vehicle hardware
|
| | | | 6,268 | | | | | | 4,144 | | |
Leasehold improvements
|
| | | | 258 | | | | | | 119 | | |
Developed software
|
| | | | 5,184 | | | | | | 3,709 | | |
Other
|
| | | | 26 | | | | | | — | | |
Property, equipment and software, gross
|
| | | | 12,493 | | | | | | 8,309 | | |
Less: accumulated depreciation and amortization
|
| | | | (2,856) | | | | | | (1,783) | | |
Total property, equipment and software, net
|
| | | $ | 9,637 | | | | | $ | 6,526 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Intangibles assets
|
| | | $ | 4 | | | | | $ | 3 | | |
Long-term deposits
|
| | | | 3,592 | | | | | | 75 | | |
Total Other Assets
|
| | | $ | 3,596 | | | | | $ | 78 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Accrued payroll expenses
|
| | | | 823 | | | | | | 259 | | |
Accrued general expenses
|
| | | | 1,745 | | | | | | 524 | | |
Accrued legal expenses
|
| | | | 124 | | | | | | — | | |
Accrued software expenses
|
| | | | — | | | | | | — | | |
Accrued consultant expenses
|
| | | | 380 | | | | | | — | | |
Short-term deferred rent
|
| | | | (15) | | | | | | 51 | | |
Early Exercise liability
|
| | | | 26 | | | | | | 11 | | |
Income tax payable
|
| | | | 47 | | | | | | 47 | | |
Other
|
| | | | 12 | | | | | | — | | |
Total accrued expenses and other current liabilities
|
| | | $ | 3,142 | | | | | $ | 892 | | |
| | |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Cash Raised
|
| |
Issue Price
per Share |
| |
Per Share
Liquidation Preference |
| |||||||||||||||
Founders Preferred Stock(1)
|
| | | | 3,355,453 | | | | | | 484,912 | | | | | $ | — | | | | | $ | 0.00 | | | | | $ | 0.00 | | |
Series A-1 Preferred Stock
|
| | | | 10,902,512 | | | | | | 10,902,512 | | | | | | 375 | | | | | | 0.10 | | | | | | 0.10 | | |
Series A-2 Preferred Stock
|
| | | | 16,026,811 | | | | | | 16,026,811 | | | | | | 735 | | | | | | 0.14 | | | | | | 0.14 | | |
Series A-3 Preferred Stock
|
| | | | 7,413,655 | | | | | | 7,413,655 | | | | | | 425 | | | | | | 0.17 | | | | | | 0.17 | | |
Series A-4 Preferred Stock
|
| | | | 1,762,026 | | | | | | 1,762,026 | | | | | | 100 | | | | | | 0.17 | | | | | | 0.17 | | |
Series A-5 Preferred Stock
|
| | | | 7,995,163 | | | | | | 7,995,163 | | | | | | 550 | | | | | | 0.21 | | | | | | 0.21 | | |
Series A-6 Preferred Stock
|
| | | | 10,881,464 | | | | | | 10,881,464 | | | | | | 2,390 | | | | | | 0.66 | | | | | | 0.66 | | |
Series A-7 Preferred Stock
|
| | | | 45,162,478 | | | | | | 45,162,478 | | | | | | 12,399 | | | | | | 0.82 | | | | | | 0.82 | | |
Series B Preferred Stock
|
| | | | 97,945,845 | | | | | | 97,945,845 | | | | | | 30,000 | | | | | | 0.91(1) | | | | | | 0.93 | | |
Series C Preferred Stock
|
| | | | 62,492,368 | | | | | | 62,492,367 | | | | | | 70,001 | | | | | | 3.34(1) | | | | | | 3.50 | | |
Total
|
| | | | 263,937,775 | | | | | | 261,067,233 | | | | | $ | 116,975 | | | | | | | | | | | | | | |
Description
|
| |
Classification
|
| |
Issue Date
|
| |
Warrants
Outstanding |
| |
Fair Value
Price Per Share |
| |
Exercise
Price per Share |
| |
Expiration
|
|
FPA Warrants(1)
|
| |
Liability
|
| |
November 10, 2021
|
| |
666,663
|
| |
$2.01
|
| |
$11.50
|
| |
November 10, 2026
|
|
Public warrants
|
| |
Liability
|
| |
November 10, 2021
|
| |
13,799,936
|
| |
$2.01
|
| |
$11.50
|
| |
November 10, 2026
|
|
Private warrants
|
| |
Liability
|
| |
November 10, 2021
|
| |
6,686,667
|
| |
$2.35
|
| |
$11.50
|
| |
November 10, 2026
|
|
Working Capital warrants
|
| |
Liability
|
| |
November 10, 2021
|
| |
2,000,000
|
| |
$2.35
|
| |
$11.50
|
| |
November 10, 2026
|
|
|
Risk – free interest rate
|
| | | | 1.24% | | |
|
Expected term (in years)
|
| | | | 4.86 | | |
|
Expected dividend yield
|
| | | | 0% | | |
|
Expected volatility
|
| | | | 40.0% | | |
| | |
Years Ended December 31,
|
| |||
| | |
2021
|
| |
2020
|
|
Risk-free interest rate
|
| |
0.55 – 1.09%
|
| |
0.29 – 1.63%
|
|
Expected term (in years)
|
| |
5.47 – 6.07
|
| |
5.66 – 6.28
|
|
Expected dividend yield .
|
| |
0%
|
| |
0%
|
|
Expected volatility
|
| |
36.88 – 46.74%
|
| |
31.29 – 36.85%
|
|
| | |
Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Research and development
|
| | | $ | 16,594 | | | | | $ | 743 | | |
General, and administrative
|
| | | | 30,961 | | | | | | 99 | | |
Sales and Marketing
|
| | | $ | 52 | | | | | $ | — | | |
Total stock-based compensation expense
|
| | | $ | 47,607 | | | | | $ | 842 | | |
| | |
Number
of Options Outstanding |
| |
Weighted
Average Exercise Price Per Share |
| |
Weighted
Average Remaining Contractual Term (years) |
| |
Aggregate
Intrinsic Value (in thousands) |
| ||||||||||||
Outstanding at December 31, 2019
|
| | | | 23,191,158 | | | | | $ | 0.07 | | | | | | 8.29 | | | | | $ | 9,469 | | |
Granted
|
| | | | 6,787,303 | | | | | | 0.28 | | | | | | | | | | | | | | |
Exercised
|
| | | | (1,934,106) | | | | | | 0.07 | | | | | | | | | | | | 1,226 | | |
Cancelled
|
| | | | (2,627,039) | | | | | | 0.10 | | | | | | | | | | | | | | |
Outstanding at December 31, 2020
|
| | | | 25,417,316 | | | | | $ | 0.12 | | | | | | 7.68 | | | | | $ | 15,194 | | |
Granted
|
| | | | 3,152,285 | | | | | | 0.78 | | | | | | | | | | | | | | |
Exercised
|
| | | | (1,781,794) | | | | | | 0.15 | | | | | | | | | | | | 6,123 | | |
Cancelled
|
| | | | (1,429,352) | | | | | | 0.21 | | | | | | | | | | | | | | |
Outstanding at December 31, 2021
|
| | | | 25,358,455 | | | | | $ | 0.20 | | | | | | 6.89 | | | | | $ | 215,093 | | |
Vested and exercisable as of December 31, 2021
|
| | | | 17,675,057 | | | | | $ | 0.10 | | | | | | 6.17 | | | | | $ | 151,634 | | |
| | |
Number of Shares
|
| |
Weighted Average
Grant Date Fair Value per Share |
| ||||||
Outstanding at December 31, 2020
|
| | | | — | | | | | $ | — | | |
Granted
|
| | | | 9,630,307 | | | | | | 8.44 | | |
Forfeited
|
| | | | (9,194) | | | | | | 8.48 | | |
Vested
|
| | | | (4,339) | | | | | | 9.01 | | |
Outstanding at December 31, 2021
|
| | | | 9,616,774 | | | | | $ | 8.44 | | |
| | |
Number of Shares
|
| |
Weighted Average
Grant Date Fair Value per Share |
| ||||||
Outstanding at December 31, 2020
|
| | | | — | | | | | $ | — | | |
Granted
|
| | | | 44,715,756 | | | | | | 1.97 | | |
Forfeited
|
| | | | — | | | | | | — | | |
Vested
|
| | | | — | | | | | | — | | |
Outstanding at December 31, 2021
|
| | | | 44,715,756 | | | | | $ | 1.97 | | |
| | |
Number of Shares
|
| |
Weighted Average
Grant Date Fair Value per Share |
| ||||||
Outstanding at December 31, 2020
|
| | | | — | | | | | $ | — | | |
Granted
|
| | | | 2,256,861 | | | | | | 2.48 | | |
Forfeited
|
| | | | — | | | | | | — | | |
Vested
|
| | | | (775,796) | | | | | | 2.48 | | |
Outstanding at December 31, 2021
|
| | | | 1,481,065 | | | | | $ | 2.48 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
U.S. federal tax benefit at statutory rate
|
| | | | 21.00% | | | | | | 21.00% | | |
State income taxes, net of federal benefit
|
| | | | 5.41% | | | | | | 7.84% | | |
Non-deductible expenses and other
|
| | | | (0.21)% | | | | | | (0.16)% | | |
Share-based compensation
|
| | | | (0.33)% | | | | | | (0.95)% | | |
Compensation Disallowance under 162(m)
|
| | | | (4.43)% | | | | | | —% | | |
Research and development credits
|
| | | | 0.87% | | | | | | 0.79% | | |
Initial public offering costs
|
| | | | (0.12)% | | | | | | —% | | |
Interest on convertible note
|
| | | | (1.38)% | | | | | | —% | | |
Warrant expense
|
| | | | (1.19)% | | | | | | —% | | |
Derivative liability
|
| | | | (1.22)% | | | | | | —% | | |
Change in valuation allowance, net
|
| | | | (18.40)% | | | | | | (28.52)% | | |
Effective tax rate
|
| | | | —% | | | | | | —% | | |
(in thousands)
Valuation Allowance |
| |
Balance at
beginning of period |
| |
Charges to
expenses |
| |
Deductions
|
| |
Balance at
end of period |
| ||||||||||||
Year ended December 31, 2021
|
| | | $ | (13,425) | | | | | $ | (25,934) | | | | | $ | — | | | | | $ | (39,359) | | |
Year ended December 31, 2020
|
| | | | (7,278) | | | | | | (6,147) | | | | | | — | | | | | | (13,425) | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss
|
| | | $ | 27,241 | | | | | $ | 12,798 | | |
Stock based compensation
|
| | | | 5,730 | | | | | | — | | |
Other accruals
|
| | | | 84 | | | | | | 77 | | |
Fixed Assets and Intangibles
|
| | | | 27 | | | | | | 163 | | |
Capitalized Start-up Expenses
|
| | | | 3,939 | | | | | | — | | |
Credit carryforwards
|
| | | | 3,781 | | | | | | 1,426 | | |
Total deferred tax assets
|
| | | | 40,802 | | | | | | 14,464 | | |
Valuation Allowance
|
| | | | (39,359) | | | | | | (13,425) | | |
Total deferred tax assets after valuation allowance
|
| | | $ | 1,443 | | | | | $ | 1,039 | | |
Deferred tax liability | | | | | | | | | | | | | |
Capitalized Software
|
| | | | (1,443) | | | | | | (1,039) | | |
Net deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Unrecognized tax benefits, beginning of year
|
| | | $ | 1,028 | | | | | $ | 614 | | |
Increases related to prior year tax provisions
|
| | | | — | | | | | | — | | |
Increase related to current year tax provisions
|
| | | | 1,099 | | | | | | 414 | | |
Unrecognized tax benefits, end of year
|
| | | $ | 2,127 | | | | | $ | 1,028 | | |
| Fiscal year | | | | | | | |
|
2022
|
| | | | 358 | | |
|
2023
|
| | | | 313 | | |
|
2024
|
| | | | 182 | | |
|
2025 and thereafter
|
| | | | 227 | | |
|
Total future payments
|
| | | $ | 1,080 | | |
Years Ended December 31,
|
| |
Lease
Payments |
| |||
2022
|
| | | $ | 3,669 | | |
2023
|
| | | | 5,194 | | |
2024
|
| | | | 5,165 | | |
2025
|
| | | | 3,970 | | |
2026
|
| | | | 4,666 | | |
2027
|
| | |
$
|
4,367
|
| |
Total | | | | $ | 27,031 | | |
| | |
Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (124,213) | | | | | $ | (21,531) | | |
Net loss attributable to ordinary shareholders
|
| | | $ | (124,213) | | | | | $ | (21,531) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average ordinary shares outstanding, Class A
|
| | | | 173,157,272 | | | | | | 138,886,157 | | |
Net loss per share attributable to common stockholders, basic and diluted, Class A
|
| | | $ | (0.67) | | | | | $ | (0.16) | | |
Weighted-average ordinary shares outstanding, Class B
|
| | | | 12,167,200 | | | | | $ | — | | |
Net loss per share attributable to common stockholders, basic and diluted, Class B
|
| | | $ | (0.67) | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Founders Preferred shares
|
| | | | — | | | | | | 484,912 | | |
Series A-1 convertible preferred shares
|
| | | | — | | | | | | 10,902,511 | | |
Series A-2 convertible preferred shares
|
| | | | — | | | | | | 16,026,810 | | |
Series A-3 convertible preferred shares
|
| | | | — | | | | | | 7,413,655 | | |
Series A-4 convertible preferred shares
|
| | | | — | | | | | | 1,762,026 | | |
Series A-5 convertible preferred shares
|
| | | | — | | | | | | 7,995,163 | | |
Series A-6 convertible preferred shares
|
| | | | — | | | | | | 10,881,463 | | |
Series A-7 convertible preferred shares
|
| | | | — | | | | | | 45,162,477 | | |
Series B convertible preferred shares
|
| | | | — | | | | | | 97,945,841 | | |
Series C convertible preferred shares
|
| | | | — | | | | | | 62,492,365 | | |
Options issued and outstanding
|
| | | | 17,675,097 | | | | | | 25,417,375 | | |
Warrants issued and outstanding
|
| | | | 23,153,267 | | | | | | — | | |
Restricted stock units
|
| | | | 9,621,113 | | | | | | — | | |
Common stock units
|
| | | | 1,481,065 | | | | | | — | | |
Performance stock units
|
| | | | 44,715,756 | | | | | | — | | |
Total
|
| | | | 96,646,298 | | | | | | 286,484,598 | | |