QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
|
||
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer |
☐ |
Accelerated filer |
☐ | |||
|
☒ |
Smaller reporting company |
| |||
Emerging growth company |
|
Page | ||||
PART I. FINANCIAL INFORMATION |
||||
Item 1. |
3 | |||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
9 | ||||
10 | ||||
Item 2. |
25 | |||
Item 3. |
43 | |||
Item 4. |
43 | |||
Item 1. |
44 | |||
Item 1A. |
44 | |||
Item 2. |
92 | |||
Item 3. |
92 | |||
Item 4. |
92 | |||
Item 5. |
92 | |||
Item 6. |
93 |
ITEM 1. |
FINANCIAL STATEMENTS (UNAUDITED) |
As of June 30, |
As of December 31, | |||||||
2021 |
2020 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
||||||||
A counts receivablec |
||||||||
Prepaid expenses and other current assets |
||||||||
|
|
|
|
| ||||
Total current assets |
||||||||
Property and equipment, net |
||||||||
|
||||||||
right-of-use assets |
||||||||
|
||||||||
|
|
|
|
|
|
|
|
|
|
$ | |
$ | |
||||
|
||||||||
|
||||||||
Accounts payable |
$ | $ | ||||||
Accrued liabilities |
||||||||
Deferred revenue (1) |
||||||||
Customer deposits |
||||||||
Operating lease liabilities |
||||||||
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
Total current liabilities |
||||||||
Deferred revenue, noncurrent (1) |
||||||||
|
||||||||
|
— | |||||||
|
||||||||
|
||||||||
|
|
|
|
|
| |||
|
||||||||
|
|
|
|
|
| |||
|
||||||||
|
||||||||
Preferred stock, par value $ |
||||||||
Common stock, $ December 31, 2020; and outstanding as of June 30, and shares authorized, issued, and outstanding as of June 30, 2021 and December 31, 2020 |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive income (loss) |
( |
|||||||
Accumulated deficit |
( |
( |
||||||
|
|
|
|
| ||||
|
||||||||
|
|
|
|
| ||||
|
$ | $ | ||||||
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
2021 |
2020 |
2021 |
2020 | |||||||||||||
|
$ |
$ |
$ |
$ |
||||||||||||
Cost of revenue |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Gross profit |
||||||||||||||||
|
||||||||||||||||
Sales and marketing |
||||||||||||||||
Research and development |
||||||||||||||||
General and administrative |
||||||||||||||||
Total operating expenses |
||||||||||||||||
Loss from operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Interest income |
||||||||||||||||
Interest expense |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Change in fair value of warrants |
— |
( |
) |
— |
||||||||||||
Other income (expense), net |
( |
) |
( |
) |
||||||||||||
Loss before provision (benefit) for income taxes |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Provision (benefit) for income taxes |
( |
) |
( |
) |
||||||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
Net loss per share attributable to common stockholders, basic |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
Net loss per share attributable to common stockholders, diluted |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, basic |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, diluted |
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
2021 |
2020 |
2021 |
2020 | |||||||||||||
Net loss |
( |
) | ( |
) |
( |
) |
( |
) | ||||||||
Other comprehensive income: |
||||||||||||||||
Foreign currency translation adjustments |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Comprehensive loss |
$ |
( |
) | $ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
Total Stockholders’ Equity |
||||||||||||||||||||
Shares |
Amount |
|||||||||||||||||||||||
Balance as of March 31, 2021 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
Issuance of common stock from the exercise of stock options |
— | — | ||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units (“RSUs”) |
( |
) | — | — | — | |||||||||||||||||||
Issuance of common stock upon net exercise of common stock warrants and other |
— | — | ||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | ||||||||||||||||||||
Other comprehensive loss |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
|
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Balance as of June 30, 2021 |
$ | $ | |
$ | $ | ( |
) | $ | |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
Total Stockholders’ Equity |
||||||||||||||||||||
Shares |
Amount |
|||||||||||||||||||||||
Balance as of December 31, 2020 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
Issuance of common stock from the exercise of stock options |
— | |||||||||||||||||||||||
Issuance of common stock upon vesting of RSUs |
( |
) | — | — | — | |||||||||||||||||||
Issuance of common stock upon vesting of growth units |
( |
) | — | — | — | |||||||||||||||||||
Issuance of common stock upon net exercise of common stock warrants and other |
— | — | ||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | ||||||||||||||||||||
Other comprehensive income |
— | — | — | — | ||||||||||||||||||||
|
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Balance as of June 30, 2021 |
$ | |
$ | |
$ | $ | ( |
) | $ | |
Redeemable Convertible Preferred Stock |
Convertible Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Treasury Stock |
Accumulated Other Comprehensive Income |
Accumulated Deficit |
Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | $ | ( |
) | |||||||||||||||||||||||||||||
Issuance of Series K convertible preferred stock |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock from the exercise of stock options |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock |
— | — | — | — | — | ( |
) | ( |
) | ( |
) | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 |
$ | $ | $ | $ | — | $ | — | $ | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Redeemable Convertible Preferred Stock |
Convertible Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||||||||||
Conversion of Series H-1 convertible preferred stock to common stock |
— | — | ( |
) | ( |
) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuance of Series K convertible preferred stock |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Repurchase of common stock, held in treasury |
— | — | — | — | ( |
) | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||||||||||||||
Issuance of common stock from the exercise of stock options |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock |
— | — | — | — | — | ( |
) | ( |
) | ( |
) | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 |
$ | $ | $ | $ | — | $ | — | $ | $ | ( |
) | $ | ( |
) |
Six Months Ended June 30, | ||||||||
2021 |
2020 | |||||||
Operating activities |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
||||||||
|
||||||||
Stock-based compensation |
||||||||
Change in fair value of warrants |
( |
) | ||||||
Non-cash operating lease expense |
||||||||
Other operating activities |
||||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
( |
) | ( |
) | ||||
Prepaid expenses and other current assets |
( |
) | ||||||
Other assets |
( |
) | ( |
) | ||||
Accounts payable |
( |
) | ||||||
Accrued liabilities |
( |
) | ||||||
Deferred revenue, current and noncurrent |
( |
) | ||||||
Customer deposits, current and noncurrent |
( |
) | ||||||
Operating lease liabilities, current and noncurrent |
( |
) | ( |
) | ||||
Other noncurrent liabilities |
||||||||
Net cash provided by (used in) operating activities |
( |
) | ||||||
Investing activities |
||||||||
Purchases of property and equipment |
( |
) | ( |
) | ||||
Proceeds from the sale of assets held for sale |
||||||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
Financing activities |
||||||||
Proceeds from the issuance of common stock, net of issuance costs |
||||||||
Proceeds from issuance of debt, net of issuance costs |
||||||||
Principal payments on borrowings |
( |
) | ( |
) | ||||
Proceeds from the exercise of common stock options |
||||||||
Repurchase of common stock |
( |
) | ||||||
Other financing activities |
( |
) | ( |
) | ||||
Net cash provided by financing activities |
||||||||
Effect of foreign exchange on cash, cash equivalents, and restricted cash |
( |
) | ( |
) | ||||
Net increase in cash, cash equivalents, and restricted cash |
||||||||
Cash, cash equivalents, and restricted cash - beginning of period |
||||||||
Cash, cash equivalents, and restricted cash - end of period |
$ | |
$ | |
||||
Supplemental disclosures of cash flow information: |
||||||||
Cash paid for income taxes |
$ | $ | ||||||
Cash paid for interest |
||||||||
Supplemental disclosures of non-cash investing and financing information: |
||||||||
Common stock issuance costs included in accounts payable and accrued liabilities |
$ |
$ |
As of June 30, | ||||||||
2021 |
2020 | |||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
||||||||
Restricted cash, noncurrent |
||||||||
|
|
|
|
|
| |||
Total cash, cash equivalents, and restricted cash |
$ | |
$ | |
||||
|
|
|
|
|
|
As of June 30, 2021 | ||||||||||||||||
Total |
Level 1 |
Level 2 |
Level 3 | |||||||||||||
Assets: |
|
|
|
|
||||||||||||
Money market funds |
$ | |
$ | $ | $ | | ||||||||||
Certificates of deposit |
|
| ||||||||||||||
Total |
$ | |
|
$ | |
$ | |
$ | |
| ||||||
|
|
|
|
|
|
|
|
|
|
As of December 31, 2020 | ||||||||||||||||
Total |
Level 1 |
Level 2 |
Level 3 | |||||||||||||
Assets: |
||||||||||||||||
Money market funds |
$ | $ | $ | $ | ||||||||||||
Certificates of deposit |
||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||
Total |
$ | |
$ | |
$ | |
$ | |
||||||||
|
|
|
|
|
|
|
|
|
|
As of June 30, 2021 |
As of December 31, 2020 | |||||||
Leasehold improvements |
$ | $ | ||||||
Computer equipment, software, and other |
||||||||
Furniture and fixtures |
||||||||
Construction in progress |
||||||||
|
|
|
|
| ||||
Total property and equipment, gross |
|
|
||||||
Less: accumulated depreciation and amortization |
( |
( |
||||||
|
|
|
|
| ||||
Total property and equipment, net |
$ | $ | ||||||
|
|
|
|
|
As of June 30, 2021 |
As of December 31, 2020 | |||||||
Accrued payroll and related expenses |
$ | $ | ||||||
Accrued other liabilities |
||||||||
|
|
|
|
| ||||
Total accrued liabilitie s |
$ | |
$ | |
||||
|
|
|
|
|
Entity |
Investment Agreement Date |
Committed Share Amount |
Committed Investment Amount | |||||||||
Lilium |
|
|
|
$ |
||||||||
|
|
|||||||||||
Sarcos Robotics (1) |
|
|
|
|||||||||
|
|
|||||||||||
Roivant Sciences |
|
|
|
|||||||||
|
|
|||||||||||
Celularity (1)(2) |
|
|
|
|||||||||
|
|
|||||||||||
Mobility company |
|
|
|
|||||||||
|
|
|||||||||||
Wejo |
|
|
|
|||||||||
|
|
|||||||||||
Babylon Health (1) |
|
|
|
|||||||||
|
|
|||||||||||
Boxed (1) |
|
|
|
|||||||||
|
|
|||||||||||
Pear Therapeutics |
|
|
|
|||||||||
|
|
|||||||||||
Autonomous vehicle company (1) |
|
|
|
|||||||||
|
|
|
|
|
| |||||||
Total |
$ |
|||||||||||
|
|
|
|
|
|
(1) |
Commercial contract contains termination for convenience clauses in the event the proposed business combination and/or the Company’s proposed investment is not completed. |
(2) |
The Company’s investment closed during July 2021. |
As of June 30, 2021 |
As of December 31, 2020 | |||||||||||||||
Authorized |
Issued and Outstanding |
Authorized |
Issued and Outstanding | |||||||||||||
Common stock: |
||||||||||||||||
Class A |
||||||||||||||||
Class B |
||||||||||||||||
Class F |
||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||
Total |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
Weighted- Average Exercise Price Per Share |
Weighted- Average Remaining Contractual Life (years) |
Aggregate Intrinsic Value | |||||||||||||
|
|
|||||||||||||||
Balance as of December 31, 2020 |
$ | $ | ||||||||||||||
Options exercised |
( |
) | ||||||||||||||
Options canceled and forfeited |
( |
) | ||||||||||||||
|
|
|||||||||||||||
Balance as of June 30, 2021 |
|
$ | $ | |||||||||||||
|
|
|||||||||||||||
Options vested and exercisable as of June 30, 2021 |
$ | |
$ | |
||||||||||||
|
|
RSUs Outstanding |
Weighted Average Grant Date Fair Value per Share | |||||||
Unvested and outstanding as of December 31, 2020 |
$ |
|||||||
RSUs granted |
|
|||||||
RSUs vested |
( |