Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity

Stockholders' Equity

11.  Stockholders’ Equity

Common Stock and Warrants

On August 24, 2022, a warrant to purchase up to 16,000,000 shares of common stock was issued in connection with a transaction agreement with Amazon, as discussed in Note 12, “Warrant Transaction Agreements.”  This warrant is measured at fair value at the time of grant or modification and is classified as an equity instrument on the unaudited interim condensed consolidated balance sheets.

Accumulated Other Comprehensive Income/(loss)

Accumulated other comprehensive income/(loss) is comprised of unrealized gains and losses on available-for-sale securities and foreign currency translation gains and losses. Amounts reclassified from accumulated other comprehensive income/(loss) was $10.8 million and $0 for the three months ended September 30, 2023 and September 30, 2022, respectively. Amounts reclassified from accumulated other comprehensive income/(loss) was $10.8 million and $0 for the nine months ended September 30, 2023 and September 30, 2022, respectively, due to unrealized gains and losses on available-for-sale securities.

Net current-period other comprehensive income for the three months ended September 30, 2023 increased due to unrealized gains on available-for-sale securities of $4.3 million, partially offset by foreign currency translation losses of $3.0 million. Net current-period other comprehensive loss for the three months ended September 30, 2022 increased due to unrealized losses on available-for-sale securities of $5.0 million and foreign currency translation losses of $1.0 million.

Net current period other comprehensive income for the nine months ended September 30, 2023 increased due to unrealized gains on available-for-securities of $11.8 million and foreign currency translation gains of $1.7 million. Net current period other comprehensive loss for the nine months ended September 30, 2022 increased due to unrealized losses on available-for-sale securities of $23.4 million and foreign currency translation losses of $10.1 million.