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Convertible Preferred Stock and Stockholders’ Equity (Tables)
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Summary of Performance Award And Market Capitalization Milestones

 

Tranche #  

No. of Shares

Subject to PSU

  

Market Capitalization

Milestones

 
 1    1,000,000   $1,000,000,000 
 2    1,500,000   $1,500,000,000 
 3    1,500,000   $2,000,000,000 
 4    2,000,000   $2,500,000,000 
 5    1,000,000   $3,000,000,000 
 6    1,000,000   $3,500,000,000 
 7    1,000,000   $4,000,000,000 
 8    2,000,000   $4,500,000,000 
 9    1,000,000   $5,000,000,000 
 10    1,000,000   $5,500,000,000 
 Total:    13,000,000      
Summary of Option and Stock Appreciation Rights Activity

 

    Number of Options/SARs   Range of Exercise Price  

Weighted Average

Exercise Price per

Share

 
 Outstanding, December 31, 2022    3,208,065    $0.74 - $9.87   $4.21 
 Granted    724,000    $1.51 - $2.57   $2.53 
 Exercised    (33,929)   $0.74 - $2.03   $1.09 
 Forfeited    (248,021)   $0.74 - $9.20   $3.96 
 Outstanding, December 31, 2023    3,650,115    $0.74 - $9.87   $3.93 
Summary of Option and Stock Appreciation Rights Outstanding by Range of Exercise Price

A summary of the options and stock appreciation rights outstanding by range of exercise price is as follows:

 

    Year Ended December 31, 2023 
                Number of   Weighted 
        Weighted   Weighted   Options   Average Exercise 
    Options   Average   Average   Currently   Price Per Vested 
Range of Exercise Prices   Outstanding   Remaining Life   Exercise Price   Exercisable   Share 
$0.00 - $1.00    314,887    4.16   $0.74    314,887   $0.74 
$1.01 - $2.00    80,516    8.52   $1.57    22,771   $1.47 
$2.01 - $4.00    1,241,853    7.12   $2.33    600,481   $2.07 
$4.01 - $10.00    2,012,859    7.08   $5.50    1,426,027   $5.45 
     3,650,115    6.88   $3.93    2,364,166   $3.93 
Summary of Restricted Stock Unit Activity

A summary of the restricted stock unit activity for the year ended December 31, 2023, is as follows:

 

   

Number of Restricted Stock

Units

  

Weighted Average Grant

Date Fair Value per Unit

 
 Outstanding, December 31, 2022    1,208,739   $4.21 
 Granted    610,038   $1.97 
 Vested    (316,646)  $1.17 
 Outstanding, December 31, 2023    1,502,131   $3.94 
Summary of Reserved Shares of Common Stock for Conversion

The Company has reserved shares of common stock for conversion of convertible preferred stock, and the issuance of options granted under the Company’s stock option plan and its stock purchase plan as follows:

 

   December 31,   December 31, 
   2023   2022 
Series A Convertible Preferred Stock   54,704,831    45,023,612 
Series B Convertible Preferred Stock   -     5,610,121 
Performance Share Unit Plan   13,000,000    13,000,000 
Stock award plans   2,690,393    3,930,952 
Employee Stock Purchase Plan   107,688    164,654 
 Reserved shares of common stock   70,502,912    67,729,339