Convertible Preferred Stock and Stockholders' Deficit (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Equity [Abstract] |
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| Schedule of Authorized, Issued and Outstanding Shares of Non-redeemable Convertible Preferred Stock |
The authorized, issued, and outstanding shares of non-redeemable convertible preferred stock as of June 30, 2025 consist of the following:
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Shares |
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Shares |
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Issued and |
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Liquidation |
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Carrying |
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Authorized |
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Outstanding |
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Preference |
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Value |
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(in thousands) |
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Series B |
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5,000,000 |
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250,000 |
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$ |
509 |
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$ |
— |
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Series G |
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5,000,000 |
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5,000,000 |
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5,000 |
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5 |
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Series I-2 |
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4,310 |
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4,310 |
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4,310 |
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— |
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Total |
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10,004,310 |
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5,254,310 |
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$ |
9,819 |
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$ |
5 |
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The authorized, issued and outstanding shares of non-redeemable convertible preferred stock as of December 31, 2024 consisted of the following:
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Shares |
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Shares |
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Issued and |
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Liquidation |
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Carrying |
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Authorized |
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Outstanding |
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Preference |
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Value |
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(in thousands) |
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Series B |
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5,000,000 |
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250,000 |
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$ |
501 |
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$ |
— |
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Series G |
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5,000,000 |
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5,000,000 |
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5,000 |
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5 |
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Series I-2 |
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4,310 |
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4,310 |
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4,310 |
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— |
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Total |
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10,004,310 |
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5,254,310 |
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$ |
9,811 |
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$ |
5 |
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| Summary of Conversion Ratio of Shares of Common Stock into Each Share of Preferred Stock Converted |
The following table summarizes the conversion ratio of shares of common stock into which each share of convertible preferred stock can be converted as of June 30, 2025:
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Conversion |
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Initial |
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Current |
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Ratio to |
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Conversion |
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Conversion |
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Common |
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Price |
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Price |
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Stock |
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Series B |
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$ |
75.00 |
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$ |
0.12 |
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8.33 |
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Series D |
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$ |
37.50 |
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$ |
1.75 |
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57,142.86 |
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Series G |
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$ |
60.00 |
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$ |
9.69 |
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0.10 |
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Series I-2 |
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$ |
1.75 |
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$ |
1.75 |
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571.43 |
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| Summary of Stock Option Activity |
The Company's stock option activity, involving stock options issued to employees, directors and consultants under the 2006 Plan and the 2010 Plan, for the six months ended June 30, 2025 is summarized below:
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Average |
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Weighted- |
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Remaining |
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Aggregate |
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Number of |
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Average |
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Contractual |
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Intrinsic |
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Outstanding |
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Exercise |
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Term |
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Value |
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Options |
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Price |
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(in years) |
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(in thousands) |
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Outstanding at December 31, 2024 |
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12,522,943 |
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$ |
0.58 |
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Granted |
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1,125,572 |
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$ |
0.13 |
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Expired |
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(734 |
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$ |
9.30 |
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Outstanding at June 30, 2025 |
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13,647,781 |
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$ |
0.54 |
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6.73 |
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$ |
193 |
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Vested and expected to vest at June 30, 2025 |
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13,492,670 |
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$ |
0.54 |
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6.71 |
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$ |
188 |
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Exercisable at June 30, 2025 |
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10,841,653 |
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$ |
0.65 |
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6.16 |
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$ |
111 |
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| Summary of Fair Value of Stock Options Grants, Weighted Average Assumptions |
The weighted-average assumptions used in the Black-Scholes option valuation model to determine the fair value of stock options granted for the three and six months ended June 30, 2025 and 2024 were as follows:
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Three and Six Months Ended June 30, |
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2025 |
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2024 |
Risk-free interest rate |
3.98% |
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4.36% |
Expected stock price volatility |
126.78% |
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108.75% |
Expected dividend yield |
0% |
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0% |
Expected life of options (in years) |
5.32 |
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5.33 |
Weighted-average grant date fair value |
$0.11 |
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$0.06 |
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| Schedule of Total Stock-Based Compensation Expense |
Total stock-based compensation expense recorded in the condensed consolidated statements of operations is as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Cost of sales |
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$ |
— |
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$ |
1 |
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$ |
— |
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$ |
2 |
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General and administrative |
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46 |
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95 |
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120 |
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197 |
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Selling and marketing |
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— |
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1 |
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— |
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2 |
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Research and development |
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15 |
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32 |
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41 |
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65 |
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Total |
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$ |
61 |
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$ |
129 |
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$ |
161 |
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$ |
266 |
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| Summary of Shares of Common Stock Reserved for Future Issuance |
As of June 30, 2025, the Company had shares of common stock reserved for future issuance as follows:
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Options outstanding |
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13,647,781 |
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Common stock available for issuance under the 2010 Plan |
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16,184,543 |
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Redeemable convertible preferred stock |
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2,457,143 |
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Non-redeemable convertible preferred stock |
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5,061,687 |
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Total |
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37,351,154 |
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