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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40817

 

AMPLITUDE, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

45-3937349

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

201 Third Street, Suite 200

San Francisco, California

94103

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (415) 231-2353

N/A

(Former name, former address and former fiscal year, if changed since last report)
 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, $0.00001 par value per share

 

AMPL

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of November 3, 2023, there were 83,668,476 shares of the registrant's Class A common stock and 35,381,622 shares of the registrant's Class B common stock, each with a $0.00001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

Page

PART I.

FINANCIAL INFORMATION

6

Item 1.

Financial Statements (Unaudited)

6

Condensed Consolidated Balance Sheets

6

Condensed Consolidated Statements of Operations and Comprehensive Loss

7

 

Condensed Consolidated Statements of Stockholders’ Equity

8

Condensed Consolidated Statements of Cash Flows

10

Notes to Condensed Consolidated Financial Statements

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

36

Item 4.

Controls and Procedures

36

PART II.

OTHER INFORMATION

38

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

67

Item 3.

Defaults Upon Senior Securities

67

Item 4.

Mine Safety Disclosures

67

Item 5.

Other Information

67

Item 6.

Exhibits

68

Signatures

69

 

2


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential,” or “continue,” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to statements about:

our expectations regarding our revenue, expenses, and other operating results;
our ability to acquire new customers;
our ability to increase usage of our Digital Analytics Platform and upsell and cross-sell additional products;
our ability to achieve or sustain profitability;
future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements;
the costs and success of our sales and marketing efforts, including our ability to grow and maintain our channel partners, and our ability to promote our brand;
the effects of public health crises and other global events, such as the ongoing war in Ukraine, on our business and the global economy generally;
our reliance on key personnel and our ability to identify, recruit, and retain skilled personnel;
anticipated savings or operational efficiencies and charges in connection with our restructuring plan;
our ability to effectively manage our growth, including any international expansion;
our ability to protect our intellectual property rights and any costs associated therewith;
our ability to compete effectively with existing competitors and new market entrants; and
the expenses associated with being a public company.

We caution you that the foregoing list does not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations, estimates, forecasts, and projections about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we cannot guarantee that the future results, levels of activity, performance, events, and circumstances reflected in the forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors discussed in Part I, Item 2, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

 

3


 

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made available. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to our most recent Annual Report on Form 10-K and this Quarterly Report on Form 10-Q, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this Quarterly Report on Form 10-Q by these cautionary statements.

4


 

SUMMARY OF RISK FACTORS

Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q. The following is a summary of principal risks and uncertainties that could materially adversely affect our business, financial condition, and results of operations. This summary should be read in conjunction with the “Risk Factors” section and should not be relied upon as an exhaustive summary of the material risks and uncertainties facing our business.

We have a limited operating history and have been growing rapidly over the last several years, which makes it difficult to forecast our future results of operations and increases the risk of your investment.
We have a history of losses. As our costs increase, we may not be able to generate sufficient revenue to achieve and sustain profitability.
Our business depends on our existing customers renewing their subscriptions and purchasing additional subscriptions from us as well as attracting new customers. Any decline in our customer retention or expansion of our commercial relationships with existing customers or an inability to attract new customers would materially adversely affect our business, financial condition, and results of operations.
We expect fluctuations in our financial results and key metrics, making it difficult to project future results. If we fail to meet the expectations of securities analysts or investors with respect to our results of operations, the trading price of our Class A common stock could decline.
We expect to continue to focus on sales to larger organizations and may become more dependent on those relationships, which may increase the variability of our sales cycle and our results of operations.
We recognize revenue over the term of our customer contracts. Consequently, downturns or upturns in new sales may not be immediately reflected in our results of operations and may be difficult to discern.
Unfavorable conditions in our industry or the global economy, or reductions in software spending, could limit our ability to grow our business and materially adversely affect our business, financial condition, and results of operations.
Our recent restructuring plan may not result in anticipated savings or operational efficiencies and could result in total costs and expenses that are greater than expected, which could materially adversely affect our business, financial condition and results of operations.
If the market for SaaS applications develops more slowly than we expect or declines, our business would be materially adversely affected.
Our intellectual property rights may not protect our business or provide us with a competitive advantage, which could have a material adverse effect on our business, financial condition, and results of operations.
We are subject to government regulation, including import, export control, economic sanctions, and trade sanctions, and anti-corruption laws and regulations, which may expose us to liability and increase our costs.
Complying with evolving privacy and other data-related laws, as well as contractual and other requirements, may be expensive and force us to make adverse changes to our business, and the failure or perceived failure to comply with such laws, contracts, and other requirements could result in adverse reputational and brand damage and significant fines and liability or otherwise materially adversely affect our business and growth prospects.
The trading price of our Class A common stock has been, and in the future, may be, volatile, and could decline significantly and rapidly.
Our principal stockholders have the ability to influence the outcome of director elections and other matters requiring stockholder approval.
The dual class structure of our common stock has the effect of concentrating voting control with our existing stockholders, executive officers, and directors and their affiliates, which limits your ability to influence the outcome of important transactions and to influence corporate governance matters, such as electing directors, and to approve material mergers, acquisitions, or other business combination transactions that may not be aligned with your interests.

 

5


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

AMPLITUDE, INC.

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(unaudited)

 

 

As of
September 30,
2023

 

 

As of
December 31,
2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

238,525

 

 

$

218,494

 

Marketable securities, current

 

 

82,952

 

 

 

11,971

 

Accounts receivable, net of allowance for doubtful accounts of $643
   and $
690 as of September 30, 2023 and December 31, 2022, respectively

 

 

32,810

 

 

 

22,716

 

Prepaid expenses and other current assets

 

 

19,593

 

 

 

20,335

 

Deferred commissions, current

 

 

12,294

 

 

 

10,918

 

Total current assets

 

 

386,174

 

 

 

284,434

 

Marketable securities, noncurrent

 

 

2,379

 

 

 

71,217

 

Property and equipment, net

 

 

9,807

 

 

 

9,408

 

Intangible assets, net

 

 

926

 

 

 

2,022

 

Goodwill

 

 

4,073

 

 

 

4,073

 

Restricted cash, noncurrent

 

 

865

 

 

 

855

 

Deferred commissions, noncurrent

 

 

25,117

 

 

 

25,799

 

Operating lease right-of-use assets

 

 

7,371

 

 

 

9,593

 

Other noncurrent assets

 

 

4,566

 

 

 

6,354

 

Total assets

 

$

441,278

 

 

$

413,755

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

6,234

 

 

$

490

 

Accrued expenses

 

 

27,233

 

 

 

18,699

 

Deferred revenue

 

 

109,019

 

 

 

89,993

 

Total current liabilities

 

 

142,486

 

 

 

109,182

 

Operating lease liabilities, noncurrent

 

 

4,516

 

 

 

7,093

 

Noncurrent liabilities

 

 

2,702

 

 

 

2,511

 

Total liabilities

 

 

149,704

 

 

 

118,786

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.00001 par value per share; 20,000 shares authorized
   as of September 30, 2023 and December 31, 2022;
zero shares issued and
   outstanding as of September 30, 2023 and December 31, 2022

 

 

 

 

 

 

Class A common stock, $0.00001 par value per share; 600,000 shares
   authorized as of September 30, 2023 and December 31, 2022,
83,378 and
   
76,351 shares issued and outstanding as of September 30, 2023 and
   December 31, 2022, respectively

 

 

1

 

 

 

1

 

Class B common stock, $0.00001 par value per share; 600,000
   shares authorized as of September 30, 2023 and December 31, 2022;
35,418
   and
37,848 shares issued and outstanding as of September 30, 2023 and
   December 31, 2022, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

637,157

 

 

 

568,889

 

Accumulated other comprehensive loss

 

 

(597

)

 

 

(754

)

Accumulated deficit

 

 

(344,987

)

 

 

(273,167

)

Total stockholders’ equity

 

 

291,574

 

 

 

294,969

 

Total liabilities and stockholders’ equity

 

$

441,278

 

 

$

413,755

 

 

See accompanying notes to condensed consolidated financial statements.

6


 

AMPLITUDE, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

70,637

 

 

$

61,614

 

 

$

204,881

 

 

$

172,809

 

Cost of revenue

 

 

17,291

 

 

 

18,076

 

 

 

53,658

 

 

 

51,199

 

Gross profit

 

 

53,346

 

 

 

43,538

 

 

 

151,223

 

 

 

121,610

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

21,797

 

 

 

21,590

 

 

 

67,940

 

 

 

58,397

 

Sales and marketing

 

 

38,475

 

 

 

32,528

 

 

 

115,934

 

 

 

94,793

 

General and administrative

 

 

13,997

 

 

 

13,610

 

 

 

40,138

 

 

 

39,184

 

Restructuring and other related charges

 

 

 

 

 

 

 

 

8,194

 

 

 

 

Total operating expenses

 

 

74,269

 

 

 

67,728

 

 

 

232,206

 

 

 

192,374

 

Other income (expense), net

 

 

3,444

 

 

 

1,442

 

 

 

9,889

 

 

 

1,821

 

Loss before provision for (benefit from) income taxes

 

 

(17,479

)

 

 

(22,748

)

 

 

(71,094

)

 

 

(68,943

)

Provision for (benefit from) income taxes

 

 

268

 

 

 

(204

)

 

 

726

 

 

 

389

 

Net loss

 

$

(17,747

)

 

$

(22,544

)

 

$

(71,820

)

 

$

(69,332

)

Net loss per share attributable to Class A and Class B common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.15

)

 

$

(0.20

)

 

$

(0.62

)

 

$

(0.63

)

Weighted-average shares used in computing net loss per share attributable to
   Class A and Class B common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

117,902

 

 

 

112,016

 

 

 

116,160

 

 

 

110,876

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses) on marketable securities

 

$

267

 

 

$

(580

)

 

$

158

 

 

$

(580

)

Comprehensive loss

 

$

(17,480

)

 

$

(23,124

)

 

$

(71,662

)

 

$

(69,912

)

 

See accompanying notes to condensed consolidated financial statements.

7


 

AMPLITUDE, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands)

(unaudited)

 

 

 

Class A and Class B common stock

 

 

 

Additional
paid-in

 

 

 

Accumulated other comprehensive

 

 

 

Accumulated

 

 

 

Total
stockholders’

 

 

 

Shares

 

 

 

Amount

 

 

 

capital

 

 

 

loss

 

 

 

deficit

 

 

 

equity

 

Balance at December 31, 2022

 

 

114,199

 

 

$

 

1

 

 

$

 

568,889

 

 

$

 

(754

)

 

$

 

(273,167

)

 

$

 

294,969

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

20,409

 

 

 

 

 

 

 

 

 

 

 

 

20,409

 

Exercise of stock options

 

 

554

 

 

 

 

 

 

 

 

1,687

 

 

 

 

 

 

 

 

 

 

 

 

1,687

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

198

 

 

 

 

 

 

 

 

 

 

 

 

198

 

Vesting of restricted stock units

 

 

875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of unvested stock options

 

 

(46

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,315

)

 

 

 

(26,315

)

Other comprehensive income (loss), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

272

 

 

 

 

 

 

 

 

272

 

Balance at March 31, 2023

 

 

115,582

 

 

 $

 

1

 

 

 $

 

591,183

 

 

$

 

(482

)

 

 $

 

(299,482

)

 

 $

 

291,220

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

22,300

 

 

 

 

 

 

 

 

 

 

 

 

22,300

 

Exercise of stock options

 

 

228

 

 

 

 

 

 

 

 

699

 

 

 

 

 

 

 

 

 

 

 

 

699

 

Issuance of common stock under employee stock purchase plan

 

 

302

 

 

 

 

 

 

 

 

2,564

 

 

 

 

 

 

 

 

 

 

 

 

2,564

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

207

 

 

 

 

 

 

 

 

 

 

 

 

207

 

Vesting of restricted stock units

 

 

1,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,758

)

 

 

 

(27,758

)

Other comprehensive income (loss), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(382

)

 

 

 

 

 

 

 

(382

)

Balance at June 30, 2023

 

 

117,490

 

 

 $

 

1

 

 

 $

 

616,953

 

 

$

 

(864

)

 

 $

 

(327,240

)

 

 $

 

288,850

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

23,593

 

 

 

 

 

 

 

 

 

 

 

 

23,593

 

Exercise of stock options

 

 

528

 

 

 

 

 

 

 

 

1,183

 

 

 

 

 

 

 

 

 

 

 

 

1,183

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

155

 

Vesting of restricted stock units

 

 

1,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding on net share settlement of restricted stock units

 

 

(415

)

 

 

 

 

 

 

 

(4,727

)

 

 

 

 

 

 

 

 

 

 

 

(4,727

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,747

)

 

 

 

(17,747

)

Other comprehensive income (loss), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

267

 

 

 

 

 

 

 

 

267

 

Balance at September 30, 2023

 

 

118,796

 

 

 $

 

1

 

 

 $

 

637,157

 

 

$

 

(597

)

 

 $

 

(344,987

)

 

 $

 

291,574

 

 

8


 

AMPLITUDE, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands)

(unaudited)

 

 

 

Class A and Class B common stock

 

 

 

Additional
paid-in

 

 

 

Accumulated other comprehensive

 

 

 

Accumulated

 

 

 

Total
stockholders’

 

 

 

Shares

 

 

 

Amount

 

 

 

capital

 

 

 

loss

 

 

 

deficit

 

 

 

equity

 

Balance at December 31, 2021

 

 

109,876

 

 

$

 

1

 

 

$

 

486,354

 

 

$

 

 

 

$

 

(179,807

)

 

$

 

306,548

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

13,785

 

 

 

 

 

 

 

 

 

 

 

 

13,785

 

Exercise of stock options

 

 

1,603

 

 

 

 

 

 

 

 

3,977

 

 

 

 

 

 

 

 

 

 

 

 

3,977

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

743

 

 

 

 

 

 

 

 

 

 

 

 

743

 

Vesting of restricted stock units

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of unvested stock options

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative impact of Topic 842 adoption

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 

 

17

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,220

)

 

 

 

(22,220

)

Balance at March 31, 2022

 

 

111,507

 

 

 $

 

1

 

 

 $

 

504,859

 

 

$

 

 

 

 $

 

(202,011

)

 

 $

 

302,849

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

15,155

 

 

 

 

 

 

 

 

 

 

 

 

15,155

 

Exercise of stock options

 

 

329

 

 

 

 

 

 

 

 

1,176

 

 

 

 

 

 

 

 

 

 

 

 

1,176

 

Issuance of common stock under employee stock purchase plan

 

 

176

 

 

 

 

 

 

 

 

2,553

 

 

 

 

 

 

 

 

 

 

 

 

2,553

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

 

 

889

 

 

 

 

 

 

 

 

 

 

 

 

889

 

Vesting of restricted stock units

 

 

286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of unvested stock options

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss