| | | | | ii | | | |
| | | | | iii | | | |
| | | | | vi | | | |
| | | | | 1 | | | |
| | | | | 7 | | | |
| | | | | 36 | | | |
| | | | | 41 | | | |
| | | | | 42 | | | |
| | | | | 43 | | | |
| | | | | 44 | | | |
| | | | | 67 | | | |
| | | | | 81 | | | |
| | | | | 87 | | | |
| | | | | 92 | | | |
| | | | | 94 | | | |
| | | | | 96 | | | |
| | | | | 98 | | | |
| | | | | 99 | | | |
| | | | | 106 | | | |
| | | | | 107 | | | |
| | | | | 110 | | | |
| | | | | 111 | | | |
| | | | | 112 | | | |
| | | | | F-1 | | |
Assumed Trading
Price of Class A common stock |
| |
Purchase Price
for Class A common stock Sold Under the Facility(1) |
|
$1.50(2) | | |
$43.7 million
|
|
$2.50
|
| |
$72.8 million
|
|
$5.00
|
| |
$145.5 million
|
|
$7.50
|
| |
$218.3 million
|
|
$10.00
|
| |
$291.0 million
|
|
| | |
Three Months Ended
|
| |
$
|
| |
%
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
Change
|
| |
Change
|
| ||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 18,695 | | | | | $ | 6,231 | | | | | $ | 12,464 | | | | | | 200.0% | | |
General and administrative
|
| | | | 21,926 | | | | | | 2,290 | | | | | | 19,636 | | | | | | 857.5% | | |
Total operating expenses
|
| | | | 40,621 | | | | | | 8,521 | | | | | | 32,100 | | | | | | 376.7% | | |
Loss from operations
|
| | | | (40,621) | | | | | | (8,521) | | | | | | (32,100) | | | | | | 376.7% | | |
Other income, net
|
| | | | 22,174 | | | | | | 39 | | | | | | 22,135 | | | | | | N.M. | | |
Loss before provision for income taxes
|
| | | | (18,447) | | | | | | (8,482) | | | | | | (9,965) | | | | | | 117.5% | | |
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | N.M. | | |
Net loss
|
| | | $ | (18,447) | | | | | $ | (8,482) | | | | | $ | (9,965) | | | | | | 117.5% | | |
| | |
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) | | | | | | N.M. | | |
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% | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Net cash (used in) provided by: | | | | | | | | | | | | | |
Operating activities
|
| | | $ | (18,225) | | | | | $ | (6,791) | | |
Investing activities
|
| | | $ | (1,717) | | | | | $ | 17,270 | | |
Financing activities
|
| | | $ | 287 | | | | | $ | 28 | | |
| | |
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 | | |
38
|
| | Chief Financial Officer | |
Siddhartha Venkatesan | | |
44
|
| | Chief Legal Officer | |
Stephen Houghton | | |
42
|
| | Chief Operating Officer | |
Elaine Chao | | |
69
|
| | 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
Chief Executive Officer |
| | | | 6/28/21 | | | | | | — | | | | | | — | | | | | | 4,844,239(2) | | | | | $ | 42,047,994 | | |
Brandon Moak
Chief Technology Officer |
| | | | 6/28/21 | | | | | | — | | | | | | — | | | | | | 2,608,386(2) | | | | | $ | 22,640,797 | | |
Richard Hawwa
Chief Financial Officer |
| | | | 5/1/21 | | | | | | 4,474,510(3) | | | | | $ | 38,838,747 | | | | | | — | | | | | | — | | |
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 | | | | | | 14.4% | | | | | | — | | | | | | — | | |
Data Collective IV, L.P.(3)
|
| | | | 63,720,154 | | | | | | 17.3% | | | | | | — | | | | | | — | | |
Affiliates of Maven Ventures(4)
|
| | | | 21,684,426 | | | | | | 5.9% | | | | | | — | | | | | | — | | |
Directors and Executive Officers
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Alex Rodrigues(5)
|
| | | | — | | | | | | — | | | | | | 50,034,332 | | | | | | 57.5% | | |
Brandon Moak(6)
|
| | | | — | | | | | | — | | | | | | 37,044,649 | | | | | | 42.5% | | |
Richard Hawwa
|
| | | | 1,305,065 | | | | | | * | | | | | | — | | | | | | — | | |
Siddhartha Venkatesan
|
| | | | 419,485 | | | | | | * | | | | | | — | | | | | | — | | |
Stephen Houghton
|
| | | | 201,974 | | | | | | * | | | | | | — | | | | | | — | | |
Elaine Chao
|
| | | | 447,451 | | | | | | * | | | | | | — | | | | | | — | | |
Pat Grady(7)
|
| | | | 53,886,635 | | | | | | 14.6% | | | | | | — | | | | | | — | | |
Patricia Chiodo
|
| | | | 3,651 | | | | | | * | | | | | | — | | | | | | — | | |
Ian Robertson(8)
|
| | | | 304,357 | | | | | | * | | | | | | — | | | | | | — | | |
All directors and officers as a group (nine individuals)
|
| | | | 56,568,618 | | | | | | 15.4% | | | | | | 87,078,981 | | | | | | 100.0% | | |
| | |
Number of shares of Class A
common stock Owned Prior to Offering |
| |
Maximum
Number of shares of Class A common stock which may be Offered Pursuant to this Prospectus |
| |
Number of shares of
Common Stock Owned After Offering |
| |||||||||||||||||||||
Name of Selling Shareholder
|
| |
Number(1)
|
| |
Percent(2)
|
| |
Number(2)
|
| |
Percent(3)
|
| ||||||||||||||||||
CF Principal Investments LLC(4)
|
| | | | 450,000 | | | | | | * | | | | | | 30,450,000 | | | | | | — | | | | | | — | | |
| | |
PAGE
|
| |||
Unaudited Condensed Consolidated Financial Statements of Embark Technology, Inc. | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-7 | | | |
| | | | F-8 | | | |
Audited Consolidated Financial Statements of Embark Technology, Inc. | | | | | | | |
| | | | F-28 | | | |
| | | | F-29 | | | |
| | | | F-30 | | | |
| | | | F-31 | | | |
| | | | F-32 | | | |
| | | | F-35 | | | |
| | | | F-36 | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 244,488 | | | | | $ | 264,615 | | |
Restricted cash, short-term
|
| | | | 65 | | | | | | 130 | | |
Prepaid expenses and other current assets
|
| | | | 12,005 | | | | | | 12,746 | | |
Total current assets
|
| | | | 256,558 | | | | | | 277,491 | | |
Restricted cash, long-term
|
| | | | 812 | | | | | | 275 | | |
Property, equipment and software, net
|
| | | | 11,086 | | | | | | 9,637 | | |
Operating lease right-of-use assets
|
| | | | 6,099 | | | | | | — | | |
Other assets
|
| | | | 3,722 | | | | | | 3,596 | | |
Total assets
|
| | | $ | 278,277 | | | | | $ | 290,999 | | |
Liabilities and stockholders’ equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 4,099 | | | | | $ | 2,497 | | |
Accrued expenses and other current liabilities
|
| | | | 6,151 | | | | | | 3,142 | | |
Current portion of operating lease liabilities
|
| | | | 1,948 | | | | | | — | | |
Short-term notes payable
|
| | | | 357 | | | | | | 358 | | |
Total current liabilities
|
| | | | 12,555 | | | | | | 5,997 | | |
Long-term notes payable
|
| | | | 641 | | | | | | 722 | | |
Warrant liability
|
| | | | 27,264 | | | | | | 49,419 | | |
Long-term portion of operating lease liabilities
|
| | | | 4,438 | | | | | | — | | |
Other long-term liability
|
| | | | 111 | | | | | | 50 | | |
Long-term deferred rent
|
| | | | — | | | | | | 177 | | |
Total liabilities
|
| | | | 45,009 | | | | | | 56,365 | | |
Commitments and contingencies (Note 10) | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, none issued and
none outstanding as of March 31, 2022 and December 31, 2021 |
| | | | — | | | | | | — | | |
Class A common stock, $0.0001 par value; 4,000,000,000 shares authorized, 362,832,986 shares issued as of March 31, 2022; 4,000,000,000 shares authorized, 362,832,986 shares issued as of December 31, 2021
|
| | | | 36 | | | | | | 36 | | |
Class B common stock, $0.0001 par value; 100,000,000 shares authorized, 87,078,981 shares issued as of March 31, 2022 and December 31, 2021
|
| | | | 9 | | | | | | 9 | | |
Additional paid-in capital
|
| | | | 434,573 | | | | | | 417,492 | | |
Accumulated deficit
|
| | | | (201,350) | | | | | | (182,903) | | |
Total stockholders’ equity
|
| | | | 233,268 | | | | | | 234,634 | | |
Total liabilities and stockholders’equity
|
| | | $ | 278,277 | | | | | $ | 290,999 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development
|
| | | $ | 18,695 | | | | | $ | 6,231 | | |
General and administrative
|
| | | | 21,926 | | | | | | 2,290 | | |
Total operating expenses
|
| | | | 40,621 | | | | | | 8,521 | | |
Loss from operations
|
| | | | (40,621) | | | | | | (8,521) | | |
Other income (expense): | | | | | | | | | | | | | |
Change in fair value of warrant liability
|
| | | | 22,156 | | | | | | — | | |
Other income
|
| | | | 26 | | | | | | 9 | | |
Interest income
|
| | | | 13 | | | | | | 30 | | |
Interest expense
|
| | | | (21) | | | | | | — | | |
Loss before provision for income taxes
|
| | | | (18,447) | | | | | | (8,482) | | |
Net loss
|
| | | $ | (18,447) | | | | | $ | (8,482) | | |
Net loss attributable to common stockholders, basic and diluted
|
| | | $ | (18,447) | | | | | $ | (8,482) | | |
Net loss per share attributable to common stockholders: | | | | | | | | | | | | | |
Basic and diluted, Class A and Class B
|
| | | $ | (0.04) | | | | | $ | (0.18) | | |
Weighted-average shares used in computing net loss per share attributable to
common stockholders: |
| | | | | | | | | | | | |
Basic and diluted
|
| | | | 452,623,022 | | | | | | 47,538,331 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Net loss
|
| | | $ | (18,447) | | | | | $ | (8,482) | | |
Other comprehensive loss (net of tax):
|
| | | | | | | | | | | | |
Unrealized losses on available-for-sale securities, net
|
| | | | — | | | | | | (19) | | |
Comprehensive loss
|
| | | $ | (18,447) | | | | | $ | (8,501) | | |
| | |
Preferred Stock
|
| |
Founders Preferred Stock
|
| |
Common Stock
|
| |
Class A
|
| |
Class B
|
| |
Warrants
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at
January 1, 2022 |
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 362,832,986 | | | | | $ | 36 | | | | | | 87,078,781 | | | | | $ | 9 | | | | | | 23,153,266 | | | | | $ | 417,492 | | | | | $ | (182,903) | | | | | $ | — | | | | | $ | 234,634 | | |
Shares issued upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | 372 | | | | | | — | | | | | | — | | | | |
|
372
|
| |
Vesting of early exercised
options |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | 11 | | | | | | — | | | | | | — | | | | |
|
11
|
| |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | 16,698 | | | | | | — | | | | | | — | | | | |
|
16,698
|
| |
Repurchase of early exercised options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | 0 | | | | | | — | | | | | | — | | | | |
|
0
|
| |
Net loss
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,447) | | | | | | — | | | | |
|
(18,447)
|
| |
Balance at March 31, 2022
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 362,832,986 | | | | | $ | 36 | | | | | | 87,078,781 | | | | | $ | 9 | | | | | | 23,153,266 | | | | | $ | 434,573 | | | | | $ | (201,350) | | | | | $ | — | | | | | $ | 233,268 | | |
| | |
Preferred Stock
|
| |
Founders Preferred Stock
|
| |
Common Stock
|
| |
Class A
|
| |
Class B
|
| |
Warrants
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at
January 1, 2021 |
| | | | 260,582,311 | | | | | $ | 1 | | | | | | 484,912 | | | | | $ | — | | | | | | 141,216,455 | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | 129,449 | | | | | $ | (58,690) | | | | | $ | 45 | | | | | $ | 70,805 | | |
Shares issued upon exercise of stock options
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | 1,244,349 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 94 | | | | | | — | | | | | | — | | | | |
|
94
|
| |
Vesting of early exercised
options |
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5 | | | | | | — | | | | | | — | | | | |
|
5
|
| |
Stock-based compensation
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 598 | | | | | | — | | | | | | — | | | | |
|
598
|
| |
Issuance of common stock warrants
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 83 | | | | | | — | | | | | | — | | | | |
|
83
|
| |
Other comprehensive loss
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19) | | | | |
|
(19)
|
| |
Net loss
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,482) | | | | | | — | | | | |
|
(8,482)
|
| |
Balance at March 31, 2021
|
| | | | 260,582,311 | | | | | $ | 1 | | | | | | 484,912 | | | | | $ | — | | | | | | 142,460,804 | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | 130,229 | | | | | $ | (67,172) | | | | | $ | 26 | | | | | $ | 63,084 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (18,447) | | | | | $ | (8,482) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 383 | | | | | | 222 | | |
Amortization expense – right-of-use assets – operating leases
|
| | | | 488 | | | | | | — | | |
Stock-based compensation, net of amounts capitalized
|
| | | | 16,602 | | | | | | 562 | | |
Issuance of warrants for services
|
| | | | — | | | | | | 83 | | |
Change in fair value of warrants
|
| | | | (22,156) | | | | | | — | | |
Net amortization of premiums and accretion of discounts on investments
|
| | | | — | | | | | | 120 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | 682 | | | | | | 29 | | |
Other assets
|
| | | | (126) | | | | | | (65) | | |
Accounts payable
|
| | | | 1,644 | | | | | | 264 | | |
Other long-term liabilities
|
| | | | 60 | | | | | | — | | |
Accrued expenses and other current liabilities
|
| | | | 2,645 | | | | | | 476 | | |
Net cash used in operating activities
|
| | | | (18,225) | | | | | | (6,791) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Maturities of investments
|
| | | | — | | | | | | 18,243 | | |
Purchase of property, equipment and software
|
| | | | (1,717) | | | | | | (973) | | |
Net cash provided by (used in) investing activities
|
| | | | (1,717) | | | | | | 17,270 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Payment towards notes payable
|
| | | | (81) | | | | | | (66) | | |
Proceeds from exercise of stock options
|
| | | | 372 | | | | | | 94 | | |
Repurchase of early exercised stock options
|
| | | | (4) | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | 287 | | | | | | 28 | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | (19,655) | | | | | | 10,507 | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 265,020 | | | | | | 11,460 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 245,365 | | | | | $ | 21,967 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | |
Cash paid during the year for interest
|
| | | $ | 18 | | | | | $ | 16 | | |
Supplemental schedule of noncash investing and financing activities | | | | | | | | | | | | | |
Acquisition of property, equipment and software in accounts payable
|
| | | $ | 284 | | | | | $ | 176 | | |
Acquisition of trucks by assuming notes payable
|
| | | $ | — | | | | | $ | 278 | | |
Right-of-use assets obtained in exchange for lease obligations
|
| | | $ | 6,587 | | | | | $ | — | | |
Stock-based compensation capitalized into internally developed software
|
| | | $ | 156 | | | | | $ | 36 | | |
Vesting of early exercised stock options
|
| | | $ | 15 | | | | | $ | 5 | | |
| | |
As of
March 31, |
| |
As of
December 31, 2021 |
| ||||||||||||
| | |
2022
|
| |
2021
|
| ||||||||||||
Cash and cash equivalents
|
| | | | 244,488 | | | | | | 21,562 | | | | | | 264,615 | | |
Restricted cash, short-term
|
| | | | 65 | | | | | | 65 | | | | | | 130 | | |
Restricted cash, long-term
|
| | | | 812 | | | | | | 340 | | | | | | 275 | | |
Total cash, cash equivalents and restricted cash
|
| | |
|
245,365
|
| | | |
|
21,967
|
| | | |
|
265,020
|
| |
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
|
|
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Prepaid insurance
|
| | | $ | 6,890 | | | | | $ | 7,459 | | |
Prepaid software
|
| | | | 2,224 | | | | | | 2,564 | | |
Income tax receivable
|
| | | | 494 | | | | | | 494 | | |
Short-term deposits
|
| | | | 570 | | | | | | 448 | | |
Prepaid salary
|
| | | | 476 | | | | | | 279 | | |
Prepaid warrant
|
| | | | 876 | | | | | | 936 | | |
Other
|
| | | | 475 | | | | | | 566 | | |
Total prepaid expenses and other current assets
|
| | | $ | 12,005 | | | | | $ | 12,746 | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Machinery and equipment
|
| | | $ | 406 | | | | | $ | 344 | | |
Electronic equipment
|
| | | | 578 | | | | | | 413 | | |
Vehicles and vehicle hardware
|
| | | | 6,929 | | | | | | 6,268 | | |
Leasehold improvements
|
| | | | 278 | | | | | | 258 | | |
Developed software
|
| | | | 6,108 | | | | | | 5,184 | | |
Other
|
| | | | 27 | | | | | | 26 | | |
Property, equipment and software, gross
|
| | | | 14,326 | | | | | | 12,493 | | |
Less: accumulated depreciation and amortization
|
| | | | (3,240) | | | | | | (2,856) | | |
Total property, equipment and software, net
|
| | | $ | 11,086 | | | | | $ | 9,637 | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Intangible assets
|
| | | $ | 3 | | | | | $ | 4 | | |
Long-term deposits
|
| | | | 3,719 | | | | | | 3,592 | | |
Total Other Assets
|
| | | $ | 3,722 | | | | | $ | 3,596 | | |
| | |
March 31,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Accrued payroll expenses*
|
| | | $ | 3,189 | | | | | $ | 823 | | |
Accrued legal expenses
|
| | | | 696 | | | | | | 124 | | |
Accrued transaction costs
|
| | | | 1,092 | | | | | | 1,092 | | |
Other
|
| | | | 1,174 | | | | | | 1,103 | | |
Total accrued expenses and other current liabilities
|
| | | $ | 6,151 | | | | | $ | 3,142 | | |
| | |
As of March 31, 2022
(in thousands) |
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
| | |
(unaudited)
|
| |||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | |
United States money market funds
|
| | | $ | 13,349 | | | | | $ | — | | | | | $ | — | | | | | $ | 13,349 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liabilities – FPA warrants
|
| | | $ | 760 | | | | | $ | — | | | | | $ | — | | | | | $ | 760 | | |
Warrant liabilities – public warrants
|
| | | $ | 15,732 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,732 | | |
Warrant liabilities – working capital warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,480 | | | | | $ | 2,480 | | |
Warrant liabilities – private warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 8,292 | | | | | $ | 8,292 | | |
| | |
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 | | |
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 | | | | | $ | 1.14 | | | | | $ | 11.50 | | | | | | November 10,2026 | | |
Public warrants
|
| | Liability | | | | | November 10,2021 | | | | | | 13,799,936 | | | | | $ | 1.14 | | | | | $ | 11.50 | | | | | | November 10,2026 | | |
Private warrants
|
| | Liability | | | | | November 10,2021 | | | | | | 6,686,667 | | | | | $ | 1.24 | | | | | $ | 11.50 | | | | | | November 10,2026 | | |
Working capital warrants
|
| | Liability | | | | | November 10,2021 | | | | | | 2,000,000 | | | | | $ | 1.24 | | | | | $ | 11.50 | | | | | | November 10,2026 | | |
|
Risk-free interest rate
|
| | | | 2.43% | | |
|
Expected term (in years)
|
| | | | 4.61 | | |
|
Expected dividend yield
|
| | | | 0% | | |
|
Expected volatility
|
| | | | 45.0% | | |
| | |
Three Months Ended March 31,
|
| ||||||
| | |
2022
|
| |
2021
|
| |||
Risk-free interest rate
|
| | | | n/a | | | |
0.55 – 1.10%
|
|
Expected term (in years)
|
| | | | n/a | | | |
5.47 – 6.07
|
|
Expected dividend yield
|
| | | | n/a | | | |
0%
|
|
Expected volatility
|
| | | | n/a | | | |
36.88 – 51.52%
|
|
| | |
Number of
Outstanding Options |
| |
Weighted
Average Exercise Price Per Share |
| |
Weighted
Average Remaining Contractual Term (years) |
| |
Aggregate
Intrinsic (in thousands) |
| ||||||||||||
Outstanding at December 31, 2021
|
| | | | 25,358,455 | | | | | $ | 0.20 | | | | | | 6.9 | | | | | $ | 215,093 | | |
Exercised
|
| | | | (3,615,572) | | | | | | 0.11 | | | | | | | | | | | $ | 20,770 | | |
Repurchased
|
| | | | 13,984 | | | | | | 0.29 | | | | | | | | | | | | | | |
Cancelled
|
| | | | (277,235) | | | | | | 0.59 | | | | | | | | | | | | | | |
Outstanding at March 31, 2022
|
| | | | 21,479,632 | | | | | $ | 0.21 | | | | | | 6.7 | | | | | $ | 121,910 | | |
Vested and exercisable as of March 31, 2022
|
| | | | 15,271,274 | | | | | $ | 0.13 | | | | | | 6.0 | | | | | $ | 88,014 | | |
| | |
Number of Shares
|
| |
Weighted Average
Grant date Fair Value Per Share |
| ||||||
Balance as of December 31, 2021
|
| | | | 9,616,774 | | | | | $ | 8.44 | | |
Forfeited
|
| | | | (111,572) | | | | | | 8.96 | | |
Vested
|
| | | | (187,977) | | | | | | 8.36 | | |
Balance as of March 31, 2022
|
| | | | 9,317,225 | | | | | $ | 8.43 | | |
| | |
Number of Shares
|
| |
Weighted Average
Grant date Fair Value Per Share |
| ||||||
Balance as of December 31, 2021
|
| | | | 44,715,756 | | | | | $ | 1.97 | | |
Granted
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | | — | | |
Vested
|
| | | | — | | | | | | — | | |
Balance as of March 31, 2022
|
| | | | 44,715,756 | | | | | $ | 1.97 | | |
| | |
Number of Shares
|
| |
Weighted Average
Grant date Fair Value Per Share |
| ||||||
Balance as of December 31, 2021
|
| | | | 1,481,065 | | | | | $ | 2.48 | | |
Granted
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | $ | — | | |
Vested
|
| | | | (133,217) | | | | | | 2.48 | | |
Balance as of March 31, 2022
|
| | | | 1,347,848 | | | | | $ | 2.48 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Research and development
|
| | | $ | 3,765 | | | | | $ | 311 | | |
General, and administrative
|
| | | | 12,837 | | | | | | 251 | | |
Total stock-based compensation expense
|
| | | $ | 16,602 | | | | | $ | 562 | | |
Years Ended December 31,
|
| |
Amounts
|
| |||
2022 (remaining nine months)
|
| | | $ | 273 | | |
2023
|
| | | | 313 | | |
2024
|
| | | | 176 | | |
2025
|
| | | | 111 | | |
2026 and thereafter
|
| | | | 125 | | |
Total future payments
|
| | | $ | 998 | | |
| | |
Three Months Ended
March 31, 2022 |
| |||
Lease cost | | | | | | | |
Operating lease cost
|
| | | $ | 600 | | |
Short-term lease cost(1)
|
| | | | 102 | | |
Total lease cost
|
| | | $ | 702 | | |
| | |
Three Months Ended
March 31, 2022 |
| |||
Other Information | | | | | | | |
Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | |
Operating cash flows in operating leases
|
| | | $ | 477 | | |
Right-of-use assets obtained in exchange for lease obligations | | | | | | | |
Operating lease liabilities
|
| | | $ | 6,587 | | |
| | |
March 31,
2022 |
| |||
Assets | | | | | | | |
Operating lease right-of-use assets
|
| | | $ | 6,099 | | |
Liabilities | | | | | | | |
Operating lease liability, current
|
| | | $ | 1,948 | | |
Operating lease liability, non-current
|
| | | $ | 4,438 | | |
Total operating lease liability
|
| | | $ | 6,386 | | |
| | |
March 31,
2022 |
| |||
Weighted Average Lease Term (in years) | | | | | | | |
Operating Leases
|
| | | | 3.38 | | |
Weighted Average Discount Rate
|
| | | | | | |
Operating Leases
|
| | | | 5.69% | | |
Years Ended December 31,
|
| |
Operating leases
|
| |||
2022 (remaining nine months)
|
| | | | 1,723 | | |
2023
|
| | | | 2,108 | | |
2024
|
| | | | 1,976 | | |
2025
|
| | | | 548 | | |
2026
|
| | | | 563 | | |
2027 and thereafter
|
| | | | 142 | | |
Total undiscounted lease payments
|
| | | $ | 7,060 | | |
Less: imputed interest
|
| | | | (674) | | |
Total lease liabilities
|
| | |
$
|
6,386
|
| |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (18,447) | | | | | $ | (8,482) | | |
Net loss attributable to common stockholders
|
| | | $ | (18,447) | | | | | $ | (8,482) | | |
Denominator: | | | | | | | | | | | | | |
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted
|
| | | $ | (0.04) | | | | | $ | (0.18) | | |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
|
| | | | 452,623,022 | | | | | | 47,538,331 | | |
Class A
|
| | | | 365,544,041 | | | | | | n/a* | | |
Class B
|
| | | | 87,078,981 | | | | | | n/a* | | |
| | |
March 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Founders Preferred shares
|
| | | | — | | | | | | 162,558 | | |
Series A-1 convertible preferred shares
|
| | | | — | | | | | | 3,654,873 | | |
Series A-2 convertible preferred shares
|
| | | | — | | | | | | 5,372,703 | | |
Series A-3 convertible preferred shares
|
| | | | — | | | | | | 2,485,296 | | |
Series A-4 convertible preferred shares
|
| | | | — | | | | | | 590,688 | | |
Series A-5 convertible preferred shares
|
| | | | — | | | | | | 2,680,236 | | |
Series A-6 convertible preferred shares
|
| | | | — | | | | | | 3,647,817 | | |
Series A-7 convertible preferred shares
|
| | | | — | | | | | | 15,139,917 | | |
Series B convertible preferred shares
|
| | | | — | | | | | | 32,834,601 | | |
Series C convertible preferred shares
|
| | | | — | | | | | | 20,949,454 | | |
Outstanding options
|
| | | | 21,479,632 | | | | | | 8,975,275 | | |
Warrants issued and outstanding
|
| | | | 23,153,266 | | | | | | 857,142 | | |
Restricted stock units
|
| | | | 9,317,225 | | | | | | — | | |
Common stock units
|
| | | | 1,347,848 | | | | | | — | | |
Performance stock units
|
| | | | 44,715,756 | | | | | | — | | |
Total
|
| | | | 100,013,727 | | | | | | 97,350,560 | | |
| | |
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 | | |
| | |
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 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 | | |
| | |
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 – PIPE financing/
private |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,686,667 | | | | | | (11,902) | | | | | | — | | | | | | — | | | | | | (11,902) | | |
Issuance of warrants – FPA warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 666,663 | | | | | | (1,187) | | | | | | — | | | | | | — | | | | | | (1,187) | | |
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 | | |