Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40326 | |
Entity Registrant Name | TuSimple Holdings Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-2341575 | |
Entity Address, Address Line One | 9191 Towne Centre Drive | |
Entity Address, Address Line Two | Suite 600 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92122 | |
City Area Code | 619 | |
Local Phone Number | 916-3144 | |
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share | |
Trading Symbol | TSP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001823593 | |
Current Fiscal Year End Date | --12-31 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 200,486,658 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 24,000,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,156,418 | $ 1,337,586 |
Accounts receivable, net | 2,700 | 1,599 |
Prepaid expenses and other current assets | 22,110 | 13,995 |
Total current assets | 1,181,228 | 1,353,180 |
Property and equipment, net | 31,405 | 36,053 |
Operating lease right-of-use assets | 41,641 | 0 |
Other assets | 4,478 | 7,090 |
Total assets | 1,258,752 | 1,396,323 |
Current liabilities: | ||
Accounts payable | 3,733 | 4,544 |
Amounts due to joint development partners | 5,129 | 7,394 |
Accrued expenses and other current liabilities | 34,529 | 41,698 |
Short-term debt | 1,583 | 1,524 |
Capital lease liabilities, current | 0 | 766 |
Operating lease liabilities, current | 2,905 | 0 |
Total current liabilities | 47,879 | 55,926 |
Capital lease liabilities, noncurrent | 0 | 2,872 |
Operating lease liabilities, noncurrent | 41,156 | 0 |
Long-term debt | 4,495 | 5,543 |
Other liabilities | 4,127 | 5,004 |
Total liabilities | 97,657 | 69,345 |
Commitments and contingencies (Note 4) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of December 31, 2021 and June 30, 2022; zero shares issued and outstanding as of December 31, 2021 and June 30, 2022 | 0 | 0 |
Common stock, $0.0001 par value; 4,876,000,000 Class A shares authorized as of December 31, 2021 and June 30, 2022; 197,833,195 and — Class A shares issued and outstanding as of December 31, 2021 and June 30, 2022, respectively; 24,000,000 Class B shares authorized as of December 31, 2021 and June 30, 2022; 24,000,000 Class B shares issued and outstanding as of December 31, 2021 and June 30, 2022 | 22 | 22 |
Additional paid-in-capital | 2,520,300 | 2,464,730 |
Accumulated other comprehensive income (loss) | (1,069) | 77 |
Accumulated deficit | (1,358,158) | (1,137,851) |
Total stockholders’ equity | 1,161,095 | 1,326,978 |
Total liabilities and stockholders’ equity | $ 1,258,752 | $ 1,396,323 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Class A | ||
Common stock, shares authorized (in shares) | 4,876,000,000 | 4,876,000,000 |
Common stock, shares issued (in shares) | 200,192,530 | 197,833,195 |
Common stock, shares outstanding (in shares) | 200,192,530 | 197,833,195 |
Common Class B | ||
Common stock, shares authorized (in shares) | 24,000,000 | 24,000,000 |
Common stock, shares issued (in shares) | 24,000,000 | 24,000,000 |
Common stock, shares outstanding (in shares) | 24,000,000 | 24,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 2,594 | $ 1,482 | $ 4,858 | $ 2,426 |
Cost of revenue | 5,767 | 2,982 | 9,856 | 5,228 |
Gross loss | (3,173) | (1,500) | (4,998) | (2,802) |
Operating expenses: | ||||
Research and development | 85,519 | 75,891 | 163,677 | 117,325 |
Selling, general and administrative | 22,017 | 43,466 | 54,232 | 59,368 |
Total operating expenses | 107,536 | 119,357 | 217,909 | 176,693 |
Loss from operations | (110,709) | (120,857) | (222,907) | (179,495) |
Change in fair value of warrants liability | 0 | 0 | 0 | (326,900) |
Gain on loan extinguishment | 0 | 4,183 | 0 | 4,183 |
Other income, net | 2,114 | 145 | 2,409 | 523 |
Loss before provision for income taxes | (108,595) | (116,529) | (220,498) | (501,689) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | (108,595) | (116,529) | (220,498) | (501,689) |
Accretion of redeemable convertible preferred stock | 0 | 0 | 0 | (4,135) |
Net loss attributable to common stockholders | $ (108,595) | $ (116,529) | $ (220,498) | $ (505,824) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.49) | $ (0.64) | $ (0.99) | $ (4.15) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.49) | $ (0.64) | $ (0.99) | $ (4.15) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 223,785,825 | 182,382,800 | 223,159,618 | 121,800,404 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 223,785,825 | 182,382,800 | 223,159,618 | 121,800,404 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (108,595) | $ (116,529) | $ (220,498) | $ (501,689) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (1,345) | (775) | (1,146) | 136 |
Comprehensive loss | $ (109,940) | $ (117,304) | $ (221,644) | $ (501,553) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Initial Public Offering | Private Placement | Series E Redeemable Convertible Preferred Stock | Series E-2 Redeemable Convertible Preferred Stock | Common Stock | Common Stock Initial Public Offering | Common Stock Private Placement | Additional Paid-in Capital | Additional Paid-in Capital Initial Public Offering | Additional Paid-in Capital Private Placement | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment |
Beginning Balance (in shares) at Dec. 31, 2020 | 102,074,703 | ||||||||||||||
Beginning Balance at Dec. 31, 2020 | $ 664,791 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares) | 4,650,999 | ||||||||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 61,631 | ||||||||||||||
Issuance of redeemable convertible preferred stock from the exercise of warrants (in shares) | 9,477,073 | 4,331,644 | |||||||||||||
Issuance of redeemable convertible preferred stock from the exercise of warrants | $ 379,084 | $ 173,275 | |||||||||||||
Accretion of redeemable convertible preferred stock to redemption value | $ 4,135 | ||||||||||||||
Ending Balance (in shares) at Mar. 31, 2021 | 120,534,419 | ||||||||||||||
Ending Balance at Mar. 31, 2021 | $ 1,282,916 | ||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 60,543,337 | ||||||||||||||
Beginning Balance at Dec. 31, 2020 | (405,473) | $ 6 | $ 0 | $ (301) | $ (405,178) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock from exercise of options (in shares) | 60,616 | ||||||||||||||
Issuance of common stock from exercise of options | 1 | 1 | |||||||||||||
Vesting of early exercised stock options | 21 | 21 | |||||||||||||
Accretion of redeemable convertible preferred stock to redemption value | (4,135) | (4,135) | |||||||||||||
Stock-based compensation | 6,289 | 6,289 | |||||||||||||
Foreign currency translation adjustment | 911 | 911 | |||||||||||||
Net loss | (385,160) | (385,160) | |||||||||||||
Ending Balance (in shares) at Mar. 31, 2021 | 60,603,953 | ||||||||||||||
Ending Balance at Mar. 31, 2021 | $ (787,546) | $ 6 | 2,176 | 610 | (790,338) | ||||||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 102,074,703 | ||||||||||||||
Beginning Balance at Dec. 31, 2020 | $ 664,791 | ||||||||||||||
Ending Balance (in shares) at Jun. 30, 2021 | 0 | ||||||||||||||
Ending Balance at Jun. 30, 2021 | $ 0 | ||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 60,543,337 | ||||||||||||||
Beginning Balance at Dec. 31, 2020 | (405,473) | $ 6 | 0 | (301) | (405,178) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Foreign currency translation adjustment | 136 | ||||||||||||||
Net loss | (501,689) | ||||||||||||||
Ending Balance (in shares) at Jun. 30, 2021 | 209,040,398 | ||||||||||||||
Ending Balance at Jun. 30, 2021 | $ 1,492,970 | $ 21 | 2,399,981 | (165) | (906,867) | ||||||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 102,074,703 | ||||||||||||||
Beginning Balance at Dec. 31, 2020 | $ 664,791 | ||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 60,543,337 | ||||||||||||||
Beginning Balance at Dec. 31, 2020 | (405,473) | $ 6 | 0 | (301) | (405,178) | ||||||||||
Ending Balance (in shares) at Dec. 31, 2021 | 221,833,195 | ||||||||||||||
Ending Balance at Dec. 31, 2021 | $ 1,326,978 | $ 191 | $ 22 | 2,464,730 | 77 | (1,137,851) | $ 191 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-02 [Member] | ||||||||||||||
Beginning Balance (in shares) at Mar. 31, 2021 | 120,534,419 | ||||||||||||||
Beginning Balance at Mar. 31, 2021 | $ 1,282,916 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares) | (120,534,419) | ||||||||||||||
Conversion of redeemable convertible preferred stock in connection with initial public offering | $ (1,282,916) | ||||||||||||||
Ending Balance (in shares) at Jun. 30, 2021 | 0 | ||||||||||||||
Ending Balance at Jun. 30, 2021 | $ 0 | ||||||||||||||
Beginning Balance (in shares) at Mar. 31, 2021 | 60,603,953 | ||||||||||||||
Beginning Balance at Mar. 31, 2021 | (787,546) | $ 6 | 2,176 | 610 | (790,338) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Vesting of early exercised stock options | 21 | 21 | |||||||||||||
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) | 120,534,419 | ||||||||||||||
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | 1,282,916 | $ 12 | $ 1,282,904 | ||||||||||||
Issuance of common stock (in shares) | 27,027,027 | 874,999 | |||||||||||||
Issuance of common stock | $ 1,027,374 | $ 35,000 | $ 3 | $ 1,027,371 | $ 35,000 | ||||||||||
Stock-based compensation | 52,509 | 52,509 | |||||||||||||
Foreign currency translation adjustment | (775) | (775) | |||||||||||||
Net loss | (116,529) | (116,529) | |||||||||||||
Ending Balance (in shares) at Jun. 30, 2021 | 209,040,398 | ||||||||||||||
Ending Balance at Jun. 30, 2021 | 1,492,970 | $ 21 | 2,399,981 | (165) | (906,867) | ||||||||||
Beginning Balance (in shares) at Dec. 31, 2021 | 221,833,195 | ||||||||||||||
Beginning Balance at Dec. 31, 2021 | 1,326,978 | 191 | $ 22 | 2,464,730 | 77 | (1,137,851) | 191 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock from exercise of options (in shares) | 534,019 | ||||||||||||||
Issuance of common stock from exercise of options | 871 | 871 | |||||||||||||
Issuance of common stock related to release of RSU and SVAs (in shares) | 537,980 | ||||||||||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 87,215 | ||||||||||||||
Issuance of common stock under the Employee Stock Purchase Plan | 1,292 | 1,292 | |||||||||||||
Vesting of early exercised stock options | 21 | 21 | |||||||||||||
Stock-based compensation | 27,527 | 27,527 | |||||||||||||
Foreign currency translation adjustment | 199 | 199 | |||||||||||||
Net loss | (111,903) | (111,903) | |||||||||||||
Ending Balance (in shares) at Mar. 31, 2022 | 222,992,409 | ||||||||||||||
Ending Balance at Mar. 31, 2022 | 1,245,176 | $ 22 | 2,494,441 | 276 | (1,249,563) | ||||||||||
Beginning Balance (in shares) at Dec. 31, 2021 | 221,833,195 | ||||||||||||||
Beginning Balance at Dec. 31, 2021 | $ 1,326,978 | $ 191 | $ 22 | 2,464,730 | 77 | (1,137,851) | $ 191 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 87,215 | ||||||||||||||
Foreign currency translation adjustment | $ (1,146) | ||||||||||||||
Net loss | (220,498) | ||||||||||||||
Ending Balance (in shares) at Jun. 30, 2022 | 224,192,530 | ||||||||||||||
Ending Balance at Jun. 30, 2022 | 1,161,095 | $ 22 | 2,520,300 | (1,069) | (1,358,158) | ||||||||||
Beginning Balance (in shares) at Mar. 31, 2022 | 222,992,409 | ||||||||||||||
Beginning Balance at Mar. 31, 2022 | 1,245,176 | $ 22 | 2,494,441 | 276 | (1,249,563) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common stock from exercise of options (in shares) | 262,548 | ||||||||||||||
Issuance of common stock from exercise of options | 687 | 687 | |||||||||||||
Issuance of common stock related to release of RSU and SVAs (in shares) | 937,573 | ||||||||||||||
Vesting of early exercised stock options | 21 | 21 | |||||||||||||
Stock-based compensation | 25,151 | 25,151 | |||||||||||||
Foreign currency translation adjustment | (1,345) | (1,345) | |||||||||||||
Net loss | (108,595) | (108,595) | |||||||||||||
Ending Balance (in shares) at Jun. 30, 2022 | 224,192,530 | ||||||||||||||
Ending Balance at Jun. 30, 2022 | $ 1,161,095 | $ 22 | $ 2,520,300 | $ (1,069) | $ (1,358,158) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (220,498) | $ (501,689) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 52,678 | 58,798 |
Depreciation and amortization | 5,461 | 4,409 |
Change in fair value of warrants liability | 0 | 326,900 |
Gain on loan extinguishment | 0 | (4,183) |
Other adjustments | 81 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,203) | (130) |
Prepaid expenses and other current assets | (6,380) | (11,995) |
Operating lease right-of-use assets | 2,608 | 0 |
Other assets | 2,708 | (752) |
Accounts payable | 549 | 532 |
Amounts due to joint development partners | (2,265) | 5,299 |
Accrued expenses and other current liabilities | (8,578) | 5,947 |
Operating lease liabilities | (2,231) | 0 |
Other liabilities | 411 | 1,449 |
Net cash used in operating activities | (176,659) | (115,415) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (5,041) | (5,928) |
Purchases of intangible assets | (132) | (179) |
Proceeds from disposal of property and equipment | 25 | 100 |
Net cash used in investing activities | (5,148) | (6,007) |
Cash flows from financing activities: | ||
Proceeds from issuance of redeemable convertible preferred stock, net of offering costs | 0 | 54,693 |
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | 1,292 | 0 |
Proceeds from exercise of warrants for redeemable convertible preferred stock | 0 | 183,007 |
Proceeds from exercised stock options | 1,558 | 253 |
Proceeds from issuance of common stock upon initial public offering, net of offering costs | 0 | 1,030,965 |
Proceeds from issuance of common stock related to private placement | 0 | 35,000 |
Return of guarantee deposit on related party loan | 0 | 3,715 |
Principal payments on related party loan | 0 | (4,398) |
Payment of third-party costs in connection with initial public offering | 0 | (2,328) |
Principal payments on capital lease obligations | 0 | (382) |
Principal payments on finance lease obligations | (587) | 0 |
Principal payments on loans | (747) | (237) |
Net cash provided by financing activities | 1,516 | 1,300,288 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (877) | 118 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (181,168) | 1,178,984 |
Cash, cash equivalents, and restricted cash - beginning of period | 1,339,092 | 312,351 |
Cash, cash equivalents, and restricted cash - end of period | 1,157,924 | 1,491,335 |
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets: | ||
Cash and cash equivalents | 1,156,418 | 1,489,829 |
Restricted cash included in prepaid expenses and other current assets | 1,506 | 1,506 |
Total cash and cash equivalents, and restricted cash | 1,157,924 | 1,491,335 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 546 | 386 |
Supplemental schedule of non-cash investing and financing activities: | ||
Acquisitions of property and equipment included in current liabilities | 1,103 | 1,807 |
Accretion of redeemable convertible preferred stock | 0 | 4,135 |
Vesting of early exercised stock options | 42 | 42 |
Exercise of liability-classified warrants | 0 | 369,352 |
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | 0 | 1,282,916 |
Issuance costs incurred in connection with initial public offering included in current liabilities | $ 0 | $ 1,263 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Description of Business TuSimple Holdings Inc. (“TuSimple” or the “Company”) is principally engaged in the operation and development of autonomous trucks and an autonomous freight network (“AFN”). The Company is headquartered in San Diego, California. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes as of and for the year ended December 31, 2021 , included in the Company's Annual Report on Form 10-K. The condensed consolidated balance sheet as of December 31, 2021, was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP. In management’s opinion, the accompanying Financial Statements reflect all normal recurring adjustments necessary for their fair presentation. Other than described below, there have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2021 that have had a material impact on the Company’s Financial Statements. Leases The Company accounts for leases in accordance with Accounting Standards Codification ("ASC") 842, Leases ("ASC 842"), which requires lessees to recognize on-balance sheet and disclose key information about leasing arrangements. The Company adopted ASC 842 along with all applicable ASU clarifications and improvements on January 1, 2022 using the modified retrospective transition method and used the effective date as the date of initial application. Consequently, financial information is not updated and disclosures required under ASC 842 are not provided for periods before January 1, 2022. ASC 842 provides a number of optional practical expedients in transition. The Company elected the "package of practical expedients," which permits the Company not to reassess under ASC 842 its prior conclusions about lease identification, lease classification and initial direct costs. The Company determines if a contract contains a lease based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which the Company does not own. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recognized as the lease liability, adjusted for lease incentives received. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate (“IBR”) because the interest rate implicit in most of the Company’s leases is not readily determinable. Lease payments may be fixed or variable, however, only fixed payments or in-substance fixed payments are included in the Company’s lease liability calculation. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. The Company has lease agreements with lease and non-lease components and has elected to utilize the practical expedient to account for lease and non-lease components together as a single combined lease component. Additionally, the Company has determined that certain leases previously identified as build-to-suit leasing arrangements under legacy accounting (ASC 840), were derecognized pursuant to the transition guidance provided for build-to-suit leases in ASC 842. Accordingly, these leases have been reassessed as operating leases as of the adoption date under ASC 842, and are included on the condensed consolidated balance sheet as of June 30, 2022. The Company has leases that include one or more options to extend the lease term for up to five years and some of its leases include options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating leases are included within operating lease ROU assets, operating lease liabilities, current, and operating lease liabilities, noncurrent on the Company's condensed consolidated balance sheet as of June 30, 2022. Finance leases are included in property and equipment, net, accrued expenses and other current liabilities, and other liabilities on the Company's condensed consolidated balance sheets as of June 30, 2022. The Company has elected not to present short-term leases on the consolidated balance sheet as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that the Company is reasonably certain to exercise. Adoption of the new lease standard on January 1, 2022 impacted the interim unaudited condensed consolidated financial statements as follows: (i) recognition of ROU assets of $32.9 million and lease liabilities of $35.1 million for operating leases, (ii) derecognition of build-to-suit lease assets and liabilities of $6.5 million and $4.4 million, respectively, with the net impact of $0.2 million recorded to accumulated deficit as of January 1, 2022, and (iii) reclassification of deferred rent and other liability balances of $2.5 million relating to its existing lease arrangements into the ROU asset balance as of January 1, 2022. The standard did not materially impact the condensed consolidated statement of operations and condensed consolidated statement of cash flows. Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes. Sales and marketing expense and general and administrative expense have been reclassified to selling, general and administrative expense. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases , to require lessees to recognize all leases, with limited exceptions, on the balance sheet, while recognition on the statement of operations will remain similar to legacy lease accounting, ASC 840. Subsequently, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842 , ASU No. 2018-11, Targeted Improvements , ASU No. 2018-20, Narrow-Scope Improvements for Lessors , and ASU 2019-01, Codification Improvements , to clarify and amend the guidance in ASU No. 2016-02. As disclosed above, the Company adopted the ASUs on January 1, 2022 on a modified retrospective basis. Recently Issued Accounting Pronouncements There have been no recent accounting pronouncements since the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, that may have a material impact on the Company's condensed consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation (in thousands): As of December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 1,077,550 $ 1,077,550 $ — $ — Total $ 1,077,550 $ 1,077,550 $ — $ — As of June 30, 2022 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 925,228 $ 925,228 $ — $ — Total $ 925,228 $ 925,228 $ — $ — Warrants Liability In February and March 2021, TRATON Group (“TRATON”) and its subsidiary Navistar, Inc. (“Navistar”) exercised warrants to purchase 4,331,644 and 9,477,073 shares of Series E-2 and Series E redeemable convertible preferred stock at an exercise price of $11.31 and $14.14, resulting in proceeds of $49.0 million and $134.0 million, respectively. Immediately prior to their exercise, the fair value of the then existing warrants liability was remeasured using the Black-Scholes option-pricing model, resulting in a loss upon remeasurement of $326.9 million. The warrants exercised by TRATON represented only a portion of their total and the unexercised warrants expired as of the exercise date. As of June 30, 2022, there were no warrants outstanding. The Company used the following assumptions in the model: As of February 26, 2021 March 19, 2021 Fair value of underlying securities $40.00 $40.00 Expected volatility 62.95% 60.85% Expected term (in years) 1.76 0.79 Risk-free interest rate 0.14% 0.08% |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net Property and equipment, net as of December 31, 2021 and June 30, 2022, was as follows (in thousands): As of December 31, June 30, Electronic equipment $ 12,761 $ 13,529 Office and other equipment 9,423 12,045 Vehicles 21,043 18,870 Leasehold improvements 11,984 10,425 Buildings — 1,841 Construction in progress 5,258 879 Property and equipment, gross 60,469 57,589 Accumulated depreciation and amortization (24,416) (26,184) Property and equipment, net $ 36,053 $ 31,405 Depreciation and amortization expense was $2.3 million and $4.4 million for the three and six months ended June 30, 2021, respectively, and $2.8 million and $5.5 million for the three and six months ended June 30, 2022, respectively. As of December 31, 2021, property and equipment financed under capital leases was $3.3 million, net of accumulated amortization of $2.5 million. As of June 30, 2022, property and equipment under finance leases was $4.4 million, net of accumulated depreciation of $0.7 million. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of December 31, 2021 and June 30, 2022 were as follows (in thousands): As of December 31, June 30, Accrued payroll $ 33,225 $ 21,263 Accrued information technology services 1,625 3,750 Accrued professional fees 1,938 1,133 Finance lease liabilities, current — 971 Other 4,910 7,412 Accrued expenses and other current liabilities $ 41,698 $ 34,529 Leases The balances for the operating and finance leases where the Company is the lessee are presented within the consolidated balance sheets as follows (in thousands): As of June 30, 2022 Operating leases: Operating lease right-of-use assets $ 41,641 Operating lease liabilities, current $ 2,905 Operating lease liabilities, noncurrent 41,156 Total operating lease liabilities $ 44,061 Finance leases: Property and equipment, at cost $ 5,134 Accumulated depreciation (726) Property and equipment, net $ 4,408 Accrued expenses and other current liabilities $ 971 Other liabilities 3,677 Total finance lease obligations $ 4,648 The components of lease expense were as follows (in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Operating lease expense: Operating lease expense (1) $ 2,285 $ 4,290 Finance lease expense: Amortization of leased assets $ 364 $ 727 Interest on lease liabilities 146 299 Total finance lease expense $ 510 $ 1,026 Total lease expense $ 2,795 $ 5,316 (1) Includes short-term leases and variable lease costs, which are immaterial. Other information related to leases where the Company is the lessee is as follows: As of June 30, 2022 Weighted-average remaining lease term: Operating leases 8.9 years Finance leases 3.3 years Weighted-average discount rate: Operating leases 4.4 % Finance leases 12.7 % Supplemental cash flow information related to leases where the Company is the lessee is as follows (in thousands): Six Months Ended June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,998 Operating cash flows from finance leases (interest payments) $ 299 Financing cash flows from finance leases $ 587 Right-of-use assets obtained in exchange for lease obligations: Operating lease liabilities $ 47,419 Finance lease liabilities $ 5,240 As of June 30, 2022, the maturities of the Company's operating and financing lease liabilities (excluding short-term leases) are as follows (in thousands): Operating Leases Finance Leases Remainder of 2022 $ 1,005 $ 791 2023 7,577 1,386 2024 7,111 1,398 2025 6,938 2,200 2026 7,129 103 Thereafter 24,134 — Total minimum lease payments 53,894 5,878 Less: imputed interest (9,833) (1,230) Present value of minimum lease payments 44,061 4,648 Less: current portion (2,905) (971) Lease obligations, noncurrent $ 41,156 $ 3,677 As of June 30, 2022, the Company has additional leases for facilities that have not yet commenced with lease obligations of $1.2 million. These leases will commence between 2022 and 2023 with lease terms of four Supplemental Information for Comparative Periods Prior to the adoption of ASC 842, future minimum lease payments for non-cancelable operating and capital leases as of December 31, 2021 were as follows (in thousands): Operating Leases Capital Leases 2022 $ 7,660 $ 1,253 2023 7,891 978 2024 5,126 963 2025 3,435 1,761 2026 3,049 — Thereafter 22,524 — Total minimum lease payments $ 49,685 4,955 Amount representing interest (1,317) Present value of minimum lease payments $ 3,638 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Legal Proceedings The Company is not currently a party to any pending material litigation or other legal proceeding or claims. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Compensation Plans The Company maintains three equity compensation plans that provide for the issuance of shares of our Class A common stock to our employees, directors, and consultants: the 2017 Share Plan (the “2017 Plan”), the 2021 Equity Incentive Plan (the “2021 Plan”), and the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which have all been approved by the board of directors. Following the Company's initial public offering ("IPO") in 2021, the 2017 Plan was terminated, but continues to govern the terms and conditions of the outstanding awards previously granted under the 2017 Plan. Subsequent to the IPO, the Company has only issued awards under the 2021 Plan and the ESPP. These plans provide for the issuance of incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), restricted shares, restricted stock units (“RSUs”), share value awards (“SVAs”), stock appreciation rights (“SARs”), and other awards. 2021 Employee Stock Purchase Plan During the six months ended June 30, 2022, 87,215 shares were purchased under the 2021 ESPP at a weighted-average price of $14.81 per share resulting in cash proceeds of $1.3 million. Stock Options A summary of the stock option activity, including the CEO Performance Award, for the six months ended June 30, 2022 is as follows (in thousands, except share amounts, per share amounts, and years): Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Life (Years) Aggregate Intrinsic Value Outstanding at December 31, 2021 7,684,778 $ 12.91 9.04 $ 188,722 Exercised (796,567) $ 1.96 Cancelled/Forfeited (1,864,458) $ 18.41 Outstanding at June 30, 2022 5,023,753 $ 12.60 5.88 $ 12,133 Vested and exercisable at June 30, 2022 2,039,977 $ 5.31 6.00 $ 6,968 As of June 30, 2022, there was $17.5 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average service period of 2.66 years. CEO Performance Award In March 2021, included in the stock options discussed above, the Company granted 1,150,000 stock option awards to its now former CEO with an exercise price of $14.14 per share and a contractual life of ten years that vest upon the attainment of both operational milestones (performance conditions) and market conditions, assuming continued employment as CEO through the vesting date (the “CEO Performance Award”). In March 2022, the Company underwent a change in CEO and the CEO Performance Awards were cancelled in connection with the separation of the former CEO. As a result, the Company reversed the historical stock-based compensation expense attributable to the CEO Performance Awards of $7.1 million. In connection with the separation of the former CEO, a total of 1,850,000 stock options were modified, of which 440,000 were vested as of the modification date. The terms of the modification allow for continued vesting of the unvested stock options for the twelve-month period following the separation date ("transition period"), subject to the provision of advisory services throughout the transition period. Upon the completion of such continuous services, all stock options subject to vesting shall become vested and exercisable. Each of the modified stock options, including those vested and outstanding as of the modification date, shall remain outstanding and exercisable until the earlier of: (x) the date on which any of the Company's outstanding stock options are terminated in connection with a corporate transaction, (y) the original expiration date applicable to such stock options, and (z) the second anniversary of the date on which the transition services with the Company are terminated. The Company determined the continuous service provisions were in-substance an acceleration of the unvested awards and the incremental cost related to the modified options was recorded immediately upon the separation date. Additionally, 175,000 outstanding and unvested RSUs had their vesting accelerated in full as of the separation date. As a result of these modifications, the Company recorded incremental stock compensation expense of $13.9 million during the six months ended June 30, 2022. RSUs The following table summarizes the activity related to RSUs for the six months ended June 30, 2022: RSUs Outstanding Weighted-Average Unvested and outstanding at December 31, 2021 5,949,798 $ 46.54 Granted 5,822,841 $ 9.48 Vested (1,349,522) $ 38.52 Cancelled (1,113,273) $ 45.12 Unvested and outstanding at June 30, 2022 9,309,844 $ 24.69 Vested and outstanding at June 30, 2022 3,021 $ 19.36 SVAs The following table summarizes the activity related to SVAs for the six months ended June 30, 2022: SVAs Outstanding Weighted-Average Unvested and outstanding at December 31, 2021 315,559 $ 5.29 Vested (113,449) $ 4.39 Cancelled (24,166) $ 2.97 Unvested and outstanding at June 30, 2022 177,944 $ 6.18 Vested and outstanding at June 30, 2022 — $ — As of June 30, 2022, there was $202.2 million of unrecognized stock-based compensation expense related to RSUs and SVAs, which is expected to be recognized over a weighted-average service period of 2.72 years. Stock-based Compensation Expense Total stock-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Research and development $ 25,469 $ 22,392 $ 27,138 $ 39,856 Selling, general and administrative 27,040 2,759 31,660 12,822 Total stock-based compensation expense $ 52,509 $ 25,151 $ 58,798 $ 52,678 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company’s effective tax rate was 0% for the six months ended June 30, 2022, which is lower than the U.S. federal rate of 21% and was primarily due to valuation allowances recorded on current year losses. As of June 30, 2022, the Company continues to maintain a full valuation allowance against its U.S. and foreign net deferred tax assets due to significant negative evidence, including cumulative losses in the most recent three-year period and the Company’s assessment that it is not more likely than not that the net deferred tax assets will be realized. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common StockholdersBasic net loss per share of common stock attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders for all years presented because the effects of potentially dilutive items were antidilutive given the Company’s net loss in each period presented. The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Numerator: Net loss $ (116,529) $ (108,595) $ (501,689) $ (220,498) Less: Accretion of redeemable convertible preferred stock — — (4,135) — Net loss attributable to common stockholders, basic and diluted $ (116,529) $ (108,595) $ (505,824) $ (220,498) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 182,382,800 223,785,825 121,800,404 223,159,618 Net loss per share: Net loss per share attributable to common stockholders, basic and diluted $ (0.64) $ (0.49) $ (4.15) $ (0.99) The following potentially dilutive outstanding shares were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect, or because issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period: As of June 30, 2021 2022 Options to purchase common stock 15,269,083 5,023,753 RSUs subject to future vesting 2,285,275 9,309,844 SVAs subject to future vesting 514,206 177,944 Early exercised options subject to future vesting 50,000 30,000 Common stock contingently issuable under ESPP — 166,466 Total 18,118,564 14,708,007 |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business TuSimple Holdings Inc. (“TuSimple” or the “Company”) is principally engaged in the operation and development of autonomous trucks and an autonomous freight network (“AFN”). The Company is headquartered in San Diego, California. |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes as of and for the year ended December 31, 2021 , included in the Company's Annual Report on Form 10-K. The condensed consolidated balance sheet as of December 31, 2021, was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP. In management’s opinion, the accompanying Financial Statements reflect all normal recurring adjustments necessary for their fair presentation. Other than described below, there have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2021 that have had a material impact on the Company’s Financial Statements. |
Leases | Leases The Company accounts for leases in accordance with Accounting Standards Codification ("ASC") 842, Leases ("ASC 842"), which requires lessees to recognize on-balance sheet and disclose key information about leasing arrangements. The Company adopted ASC 842 along with all applicable ASU clarifications and improvements on January 1, 2022 using the modified retrospective transition method and used the effective date as the date of initial application. Consequently, financial information is not updated and disclosures required under ASC 842 are not provided for periods before January 1, 2022. ASC 842 provides a number of optional practical expedients in transition. The Company elected the "package of practical expedients," which permits the Company not to reassess under ASC 842 its prior conclusions about lease identification, lease classification and initial direct costs. The Company determines if a contract contains a lease based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which the Company does not own. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are recognized as the lease liability, adjusted for lease incentives received. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate (“IBR”) because the interest rate implicit in most of the Company’s leases is not readily determinable. Lease payments may be fixed or variable, however, only fixed payments or in-substance fixed payments are included in the Company’s lease liability calculation. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. The Company has lease agreements with lease and non-lease components and has elected to utilize the practical expedient to account for lease and non-lease components together as a single combined lease component. Additionally, the Company has determined that certain leases previously identified as build-to-suit leasing arrangements under legacy accounting (ASC 840), were derecognized pursuant to the transition guidance provided for build-to-suit leases in ASC 842. Accordingly, these leases have been reassessed as operating leases as of the adoption date under ASC 842, and are included on the condensed consolidated balance sheet as of June 30, 2022. The Company has leases that include one or more options to extend the lease term for up to five years and some of its leases include options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating leases are included within operating lease ROU assets, operating lease liabilities, current, and operating lease liabilities, noncurrent on the Company's condensed consolidated balance sheet as of June 30, 2022. Finance leases are included in property and equipment, net, accrued expenses and other current liabilities, and other liabilities on the Company's condensed consolidated balance sheets as of June 30, 2022. The Company has elected not to present short-term leases on the consolidated balance sheet as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that the Company is reasonably certain to exercise. Adoption of the new lease standard on January 1, 2022 impacted the interim unaudited condensed consolidated financial statements as follows: (i) recognition of ROU assets of $32.9 million and lease liabilities of $35.1 million for operating leases, (ii) derecognition of build-to-suit lease assets and liabilities of $6.5 million and $4.4 million, respectively, with the net impact of $0.2 million recorded to accumulated deficit as of January 1, 2022, and (iii) reclassification of deferred rent and other liability balances of $2.5 million relating to its existing lease arrangements into the ROU asset balance as of January 1, 2022. The standard did not materially impact the condensed consolidated statement of operations and condensed consolidated statement of cash flows. |
Reclassifications | Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes. Sales and marketing expense and general and administrative expense have been reclassified to selling, general and administrative expense. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases , to require lessees to recognize all leases, with limited exceptions, on the balance sheet, while recognition on the statement of operations will remain similar to legacy lease accounting, ASC 840. Subsequently, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842 , ASU No. 2018-11, Targeted Improvements , ASU No. 2018-20, Narrow-Scope Improvements for Lessors , and ASU 2019-01, Codification Improvements , to clarify and amend the guidance in ASU No. 2016-02. As disclosed above, the Company adopted the ASUs on January 1, 2022 on a modified retrospective basis. Recently Issued Accounting Pronouncements There have been no recent accounting pronouncements since the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, that may have a material impact on the Company's condensed consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation (in thousands): As of December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 1,077,550 $ 1,077,550 $ — $ — Total $ 1,077,550 $ 1,077,550 $ — $ — As of June 30, 2022 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 925,228 $ 925,228 $ — $ — Total $ 925,228 $ 925,228 $ — $ — |
Schedule of Fair Value Assumptions | The Company used the following assumptions in the model: As of February 26, 2021 March 19, 2021 Fair value of underlying securities $40.00 $40.00 Expected volatility 62.95% 60.85% Expected term (in years) 1.76 0.79 Risk-free interest rate 0.14% 0.08% |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net as of December 31, 2021 and June 30, 2022, was as follows (in thousands): As of December 31, June 30, Electronic equipment $ 12,761 $ 13,529 Office and other equipment 9,423 12,045 Vehicles 21,043 18,870 Leasehold improvements 11,984 10,425 Buildings — 1,841 Construction in progress 5,258 879 Property and equipment, gross 60,469 57,589 Accumulated depreciation and amortization (24,416) (26,184) Property and equipment, net $ 36,053 $ 31,405 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities as of December 31, 2021 and June 30, 2022 were as follows (in thousands): As of December 31, June 30, Accrued payroll $ 33,225 $ 21,263 Accrued information technology services 1,625 3,750 Accrued professional fees 1,938 1,133 Finance lease liabilities, current — 971 Other 4,910 7,412 Accrued expenses and other current liabilities $ 41,698 $ 34,529 |
Summary of Balances for Operating and Finance Leases | The balances for the operating and finance leases where the Company is the lessee are presented within the consolidated balance sheets as follows (in thousands): As of June 30, 2022 Operating leases: Operating lease right-of-use assets $ 41,641 Operating lease liabilities, current $ 2,905 Operating lease liabilities, noncurrent 41,156 Total operating lease liabilities $ 44,061 Finance leases: Property and equipment, at cost $ 5,134 Accumulated depreciation (726) Property and equipment, net $ 4,408 Accrued expenses and other current liabilities $ 971 Other liabilities 3,677 Total finance lease obligations $ 4,648 |
Components of Lease Expense and Supplemental Cash Flow Information | The components of lease expense were as follows (in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Operating lease expense: Operating lease expense (1) $ 2,285 $ 4,290 Finance lease expense: Amortization of leased assets $ 364 $ 727 Interest on lease liabilities 146 299 Total finance lease expense $ 510 $ 1,026 Total lease expense $ 2,795 $ 5,316 (1) Includes short-term leases and variable lease costs, which are immaterial. Other information related to leases where the Company is the lessee is as follows: As of June 30, 2022 Weighted-average remaining lease term: Operating leases 8.9 years Finance leases 3.3 years Weighted-average discount rate: Operating leases 4.4 % Finance leases 12.7 % Supplemental cash flow information related to leases where the Company is the lessee is as follows (in thousands): Six Months Ended June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,998 Operating cash flows from finance leases (interest payments) $ 299 Financing cash flows from finance leases $ 587 Right-of-use assets obtained in exchange for lease obligations: Operating lease liabilities $ 47,419 Finance lease liabilities $ 5,240 |
Schedule of Operating Leases | As of June 30, 2022, the maturities of the Company's operating and financing lease liabilities (excluding short-term leases) are as follows (in thousands): Operating Leases Finance Leases Remainder of 2022 $ 1,005 $ 791 2023 7,577 1,386 2024 7,111 1,398 2025 6,938 2,200 2026 7,129 103 Thereafter 24,134 — Total minimum lease payments 53,894 5,878 Less: imputed interest (9,833) (1,230) Present value of minimum lease payments 44,061 4,648 Less: current portion (2,905) (971) Lease obligations, noncurrent $ 41,156 $ 3,677 |
Schedule of Finance Leases | As of June 30, 2022, the maturities of the Company's operating and financing lease liabilities (excluding short-term leases) are as follows (in thousands): Operating Leases Finance Leases Remainder of 2022 $ 1,005 $ 791 2023 7,577 1,386 2024 7,111 1,398 2025 6,938 2,200 2026 7,129 103 Thereafter 24,134 — Total minimum lease payments 53,894 5,878 Less: imputed interest (9,833) (1,230) Present value of minimum lease payments 44,061 4,648 Less: current portion (2,905) (971) Lease obligations, noncurrent $ 41,156 $ 3,677 |
Schedule of Operating Leases Prior to Adoption of ASC 842 | Prior to the adoption of ASC 842, future minimum lease payments for non-cancelable operating and capital leases as of December 31, 2021 were as follows (in thousands): Operating Leases Capital Leases 2022 $ 7,660 $ 1,253 2023 7,891 978 2024 5,126 963 2025 3,435 1,761 2026 3,049 — Thereafter 22,524 — Total minimum lease payments $ 49,685 4,955 Amount representing interest (1,317) Present value of minimum lease payments $ 3,638 |
Schedule of Capital Leases Prior to Adoption of ASC 842 | Prior to the adoption of ASC 842, future minimum lease payments for non-cancelable operating and capital leases as of December 31, 2021 were as follows (in thousands): Operating Leases Capital Leases 2022 $ 7,660 $ 1,253 2023 7,891 978 2024 5,126 963 2025 3,435 1,761 2026 3,049 — Thereafter 22,524 — Total minimum lease payments $ 49,685 4,955 Amount representing interest (1,317) Present value of minimum lease payments $ 3,638 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activities | A summary of the stock option activity, including the CEO Performance Award, for the six months ended June 30, 2022 is as follows (in thousands, except share amounts, per share amounts, and years): Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Life (Years) Aggregate Intrinsic Value Outstanding at December 31, 2021 7,684,778 $ 12.91 9.04 $ 188,722 Exercised (796,567) $ 1.96 Cancelled/Forfeited (1,864,458) $ 18.41 Outstanding at June 30, 2022 5,023,753 $ 12.60 5.88 $ 12,133 Vested and exercisable at June 30, 2022 2,039,977 $ 5.31 6.00 $ 6,968 |
Summary of Nonvested Restricted Stock Unit Awards | The following table summarizes the activity related to RSUs for the six months ended June 30, 2022: RSUs Outstanding Weighted-Average Unvested and outstanding at December 31, 2021 5,949,798 $ 46.54 Granted 5,822,841 $ 9.48 Vested (1,349,522) $ 38.52 Cancelled (1,113,273) $ 45.12 Unvested and outstanding at June 30, 2022 9,309,844 $ 24.69 Vested and outstanding at June 30, 2022 3,021 $ 19.36 |
Summary of Nonvested Shareholder Value Awards Activity | The following table summarizes the activity related to SVAs for the six months ended June 30, 2022: SVAs Outstanding Weighted-Average Unvested and outstanding at December 31, 2021 315,559 $ 5.29 Vested (113,449) $ 4.39 Cancelled (24,166) $ 2.97 Unvested and outstanding at June 30, 2022 177,944 $ 6.18 Vested and outstanding at June 30, 2022 — $ — |
Summary of Total Stock-based Compensation Expense | Total stock-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Research and development $ 25,469 $ 22,392 $ 27,138 $ 39,856 Selling, general and administrative 27,040 2,759 31,660 12,822 Total stock-based compensation expense $ 52,509 $ 25,151 $ 58,798 $ 52,678 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Numerator: Net loss $ (116,529) $ (108,595) $ (501,689) $ (220,498) Less: Accretion of redeemable convertible preferred stock — — (4,135) — Net loss attributable to common stockholders, basic and diluted $ (116,529) $ (108,595) $ (505,824) $ (220,498) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 182,382,800 223,785,825 121,800,404 223,159,618 Net loss per share: Net loss per share attributable to common stockholders, basic and diluted $ (0.64) $ (0.49) $ (4.15) $ (0.99) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive outstanding shares were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect, or because issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period: As of June 30, 2021 2022 Options to purchase common stock 15,269,083 5,023,753 RSUs subject to future vesting 2,285,275 9,309,844 SVAs subject to future vesting 514,206 177,944 Early exercised options subject to future vesting 50,000 30,000 Common stock contingently issuable under ESPP — 166,466 Total 18,118,564 14,708,007 |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 USD ($) option | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Description Of Business And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Number of options to extend the lease term | option | 1 | ||
Option to extend, lease term | 5 years | ||
Option to extend, lease term | 5 years | ||
Operating lease right-of-use assets | $ 41,641 | $ 32,900 | $ 0 |
Present value of minimum lease payments | 44,061 | 35,100 | |
Accumulated deficit | $ (1,358,158) | (1,137,851) | |
Cumulative Effect, Period of Adoption, Adjustment | |||
Description Of Business And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Accumulated deficit | $ 200 | ||
Revision of Prior Period, Accounting Standards Update, Adjustment | |||
Description Of Business And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Operating lease right-of-use assets | 2,500 | ||
Build-to-suit lease assets | 6,500 | ||
Build-to-suit lease liabilities | 4,400 | ||
Deferred rent credit | $ 2,500 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Total | $ 925,228 | $ 1,077,550 |
Level 1 | ||
Assets: | ||
Total | 925,228 | 1,077,550 |
Level 2 | ||
Assets: | ||
Total | 0 | 0 |
Level 3 | ||
Assets: | ||
Total | 0 | 0 |
Money market funds | ||
Assets: | ||
Cash equivalents | 925,228 | 1,077,550 |
Money market funds | Level 1 | ||
Assets: | ||
Cash equivalents | 925,228 | 1,077,550 |
Money market funds | Level 2 | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Money market funds | Level 3 | ||
Assets: | ||
Cash equivalents | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Feb. 28, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value Measurements [Line Items] | |||||||
Proceeds from warrant exercises | $ 0 | $ 183,007 | |||||
Change in fair value of warrants liability | $ 326,900 | $ 0 | $ 0 | $ 0 | $ 326,900 | ||
Warrants outstanding (in shares) | 0 | 0 | |||||
Series E-2 Preferred Shares | Traton | |||||||
Fair Value Measurements [Line Items] | |||||||
Warrants to purchase preferred stock (in shares) | 4,331,644 | ||||||
Exercise price per share (in dollars per share) | $ 11.31 | ||||||
Proceeds from warrant exercises | $ 49,000 | ||||||
Series E Redeemable Convertible Preferred Stock | Navistar, Inc. | |||||||
Fair Value Measurements [Line Items] | |||||||
Warrants to purchase preferred stock (in shares) | 9,477,073 | 9,477,073 | |||||
Exercise price per share (in dollars per share) | $ 14.14 | $ 14.14 | |||||
Proceeds from warrant exercises | $ 134,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Assumptions (Details) | Mar. 19, 2021 $ / shares | Feb. 26, 2021 $ / shares |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of underlying securities (in dollars per share) | $ 40 | $ 40 |
Expected volatility | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 0.6085 | 0.6295 |
Expected term (in years) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Expected term (in years) | 9 months 14 days | 1 year 9 months 3 days |
Risk-free interest rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 0.0008 | 0.0014 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 57,589 | $ 60,469 |
Accumulated depreciation and amortization | (26,184) | (24,416) |
Property and equipment, net | 31,405 | 36,053 |
Electronic equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 13,529 | 12,761 |
Office and other equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 12,045 | 9,423 |
Vehicles | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 18,870 | 21,043 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 10,425 | 11,984 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,841 | 0 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 879 | $ 5,258 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Property Plant And Equipment [Line Items] | |||||
Depreciation | $ 2,800 | $ 2,300 | $ 5,500 | $ 4,400 | |
Property and equipment, net | 31,405 | 31,405 | $ 36,053 | ||
Accumulated amortization | 26,184 | 26,184 | 24,416 | ||
Property and equipment, net | 4,408 | 4,408 | |||
Accumulated depreciation | 726 | 726 | |||
Lease obligations, not yet commenced | $ 1,200 | $ 1,200 | |||
Minimum | |||||
Property Plant And Equipment [Line Items] | |||||
Lease term, not yet commenced | 4 years | 4 years | |||
Maximum | |||||
Property Plant And Equipment [Line Items] | |||||
Lease term, not yet commenced | 5 years | 5 years | |||
Financed Under Capital Leases | |||||
Property Plant And Equipment [Line Items] | |||||
Property and equipment, net | 3,300 | ||||
Accumulated amortization | $ 2,500 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued payroll | $ 21,263 | $ 33,225 |
Accrued information technology services | 3,750 | 1,625 |
Accrued professional fees | 1,133 | 1,938 |
Finance lease liabilities, current | 971 | 0 |
Other | 7,412 | 4,910 |
Accrued expenses and other current liabilities | $ 34,529 | $ 41,698 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Balances for Operating and Finance Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Operating leases: | |||
Operating lease right-of-use assets | $ 41,641 | $ 32,900 | $ 0 |
Operating lease liabilities, current | 2,905 | 0 | |
Operating lease liabilities, noncurrent | 41,156 | 0 | |
Total operating lease liabilities | 44,061 | $ 35,100 | |
Finance leases: | |||
Property and equipment, at cost | 5,134 | ||
Accumulated depreciation | (726) | ||
Property and equipment, net | 4,408 | ||
Capital lease liabilities, current | 971 | $ 0 | |
Capital lease liabilities, noncurrent | 3,677 | ||
Total finance lease obligations | $ 4,648 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating lease expense: | |||
Operating lease expense | $ 2,285 | $ 4,290 | |
Finance lease expense: | |||
Amortization of leased assets | 364 | 727 | |
Interest on lease liabilities | 146 | 299 | |
Total finance lease expense | 510 | 1,026 | |
Total lease expense | $ 2,795 | $ 5,316 | |
Weighted-average remaining lease term: | |||
Operating leases | 8 years 10 months 24 days | 8 years 10 months 24 days | |
Finance leases | 3 years 3 months 18 days | 3 years 3 months 18 days | |
Weighted-average discount rate: | |||
Operating leases | 4.40% | 4.40% | |
Finance leases | 12.70% | 12.70% | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 3,998 | ||
Operating cash flows from finance leases (interest payments) | 299 | ||
Financing cash flows from finance leases | 587 | $ 0 | |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating lease liabilities | 47,419 | ||
Finance lease liabilities | $ 5,240 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Operating and Finance Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Operating Leases | |||
Remainder of 2022 | $ 1,005 | ||
2023 | 7,577 | ||
2024 | 7,111 | ||
2025 | 6,938 | ||
2026 | 7,129 | ||
Thereafter | 24,134 | ||
Total minimum lease payments | 53,894 | ||
Less: imputed interest | (9,833) | ||
Total operating lease liabilities | 44,061 | $ 35,100 | |
Less: current portion | (2,905) | $ 0 | |
Lease obligations, noncurrent | 41,156 | 0 | |
Finance Leases | |||
Remainder of 2022 | 791 | ||
2023 | 1,386 | ||
2024 | 1,398 | ||
2025 | 2,200 | ||
2026 | 103 | ||
Thereafter | 0 | ||
Total minimum lease payments | 5,878 | ||
Less: imputed interest | (1,230) | ||
Total finance lease obligations | 4,648 | ||
Less: current portion | (971) | $ 0 | |
Lease obligations, noncurrent | $ 3,677 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Operating and Capital Leases Prior to Adoption of ASC 842 (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Operating Leases | |
2022 | $ 7,660 |
2023 | 7,891 |
2024 | 5,126 |
2025 | 3,435 |
2026 | 3,049 |
Thereafter | 22,524 |
Total minimum lease payments | 49,685 |
Capital Leases | |
2022 | 1,253 |
2023 | 978 |
2024 | 963 |
2025 | 1,761 |
2026 | 0 |
Thereafter | 0 |
Total minimum lease payments | 4,955 |
Amount representing interest | (1,317) |
Present value of minimum lease payments | $ 3,638 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2021 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) compensation_plan $ / shares shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of equity compensation plans maintained by the company | compensation_plan | 3 | |||
Shares purchased under ESPP (in shares) | shares | 87,215 | |||
ESPP weighted-average price per share (in dollars per share) | $ / shares | $ 14.81 | |||
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | $ | $ 1,292 | $ 0 | ||
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized share-based compensation expense | $ | $ 17,500 | |||
Unrecognized share-based compensation expense, weighted-average service period | 2 years 7 months 28 days | |||
Stock options contractual life | 5 years 10 months 17 days | 9 years 14 days | ||
CEO Performance Award | CEO | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options granted (in shares) | shares | 1,150,000 | |||
Stock options exercise price (in dollars per share) | $ / shares | $ 14.14 | |||
Stock options contractual life | 10 years | |||
CEO Performance Award | Former Chief Executive Officer | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Reversed stock-based compensation expense | $ | $ 7,100 | |||
Modified stock options (in shares) | shares | 1,850,000 | |||
Shares vested as of the modification date (in shares) | shares | 440,000 | |||
Outstanding and unvested RSUs (in shares) | shares | 175,000 | |||
Incremental stock compensation expense | $ | $ 13,900 | |||
RSUs and SVAs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized share-based compensation expense, weighted-average service period | 2 years 8 months 19 days | |||
Unrecognized share-based compensation expense | $ | $ 202,200 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Options Outstanding | ||
Outstanding, beginning of period (in shares) | shares | 7,684,778 | |
Exercised (in shares) | shares | (796,567) | |
Cancelled/Forfeited (in shares) | shares | (1,864,458) | |
Outstanding, end of period (in shares) | shares | 5,023,753 | 7,684,778 |
Vested and exercisable (in shares) | shares | 2,039,977 | |
Weighted- Average Exercise Price | ||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 12.91 | |
Exercised (in shares) | $ / shares | 1.96 | |
Cancelled/Forfeited (in dollars per share) | $ / shares | 18.41 | |
Outstanding, end of period (in dollars per share) | $ / shares | 12.60 | $ 12.91 |
Vested and exercisable (in dollars per share) | $ / shares | $ 5.31 | |
Weighted-Average Remaining Life (Years) | ||
Outstanding | 5 years 10 months 17 days | 9 years 14 days |
Vested and exercisable | 6 years | |
Aggregate Intrinsic Value | ||
Outstanding | $ | $ 12,133 | $ 188,722 |
Vested and exercisable | $ | $ 6,968 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Nonvested Restricted Stock Unit Awards (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
RSUs Outstanding | |
Unvested and Outstanding, Beginning Balance (in shares) | shares | 5,949,798 |
Granted (in shares) | shares | 5,822,841 |
Vested (in shares) | shares | (1,349,522) |
Cancelled (in shares) | shares | (1,113,273) |
Unvested and Outstanding, Ending Balance (in shares) | shares | 9,309,844 |
Vested and Outstanding (in shares) | shares | 3,021 |
Weighted-Average Grant Date Fair Value per Share | |
Unvested and Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 46.54 |
Granted (in dollars per share) | $ / shares | 9.48 |
Vested (in dollars per share) | $ / shares | 38.52 |
Cancelled (in dollars per share) | $ / shares | 45.12 |
Unvested and Outstanding, Ending Balance (in dollars per share) | $ / shares | 24.69 |
Vested and Outstanding (in dollars per share) | $ / shares | $ 19.36 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Nonvested Shareholder Value Awards Activity (Details) - Shareholder Value Awards (SVAs) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
SVAs Outstanding | |
Unvested and Outstanding, Beginning Balance (in shares) | shares | 315,559 |
Vested (in shares) | shares | (113,449) |
Cancelled (in shares) | shares | (24,166) |
Unvested and Outstanding, Ending Balance (in shares) | shares | 177,944 |
Vested and Outstanding (in shares) | shares | 0 |
Weighted-Average Grant Date Fair Value per Share | |
Unvested and Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 5.29 |
Vested (in dollars per share) | $ / shares | 4.39 |
Cancelled (in dollars per share) | $ / shares | 2.97 |
Unvested and Outstanding, Ending Balance (in dollars per share) | $ / shares | 6.18 |
Vested and Outstanding (in dollars per share) | $ / shares | $ 0 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 25,151 | $ 52,509 | $ 52,678 | $ 58,798 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 22,392 | 25,469 | 39,856 | 27,138 |
Selling, general and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 2,759 | $ 27,040 | $ 12,822 | $ 31,660 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Effective tax rate | 0% |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Summary of Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||||
Net loss | $ (108,595) | $ (111,903) | $ (116,529) | $ (385,160) | $ (220,498) | $ (501,689) |
Less: Accretion of redeemable convertible preferred stock | 0 | 0 | 0 | (4,135) | ||
Net loss attributable to common stockholders, basic | (108,595) | (116,529) | (220,498) | (505,824) | ||
Net loss attributable to common stockholders, diluted | $ (108,595) | $ (116,529) | $ (220,498) | $ (505,824) | ||
Denominator: | ||||||
Weighted-average shares used in computing net loss per share, basic (In shares) | 223,785,825 | 182,382,800 | 223,159,618 | 121,800,404 | ||
Weighted-average shares used in computing net loss per share, diluted (in shares) | 223,785,825 | 182,382,800 | 223,159,618 | 121,800,404 | ||
Net loss per share: | ||||||
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.49) | $ (0.64) | $ (0.99) | $ (4.15) | ||
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.49) | $ (0.64) | $ (0.99) | $ (4.15) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 14,708,007 | 18,118,564 |
Options to purchase common stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,023,753 | 15,269,083 |
RSUs subject to future vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 9,309,844 | 2,285,275 |
SVAs subject to future vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 177,944 | 514,206 |
Early exercised options subject to future vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 30,000 | 50,000 |
Common stock contingently issuable under ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 166,466 | 0 |