10/31/2024 | Press release | Distributed by Public on 10/31/2024 04:01
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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98-1562265
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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1654 Smallman St., Pittsburgh, Pennsylvania
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15222
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Class A common stock, par value $0.00001 per share | AUR | The Nasdaq Stock Market LLC |
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 | AUROW | The Nasdaq Stock Market LLC |
Large accelerated filer
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x
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Accelerated filer
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Non-accelerated filer
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o |
Smaller reporting company
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o
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Emerging growth company
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o
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Page | ||
Part I - Financial Information
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Item 1.
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Financial Statements
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3
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Item 2.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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16
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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22
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Item 4.
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Controls and Procedures
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23
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Part II - Other Information
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Item 1.
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Legal Proceedings
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24
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Item 1A.
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Risk Factors
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24
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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24
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Item 3.
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Defaults Upon Senior Securities
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24
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Item 4.
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Mine Safety Disclosures
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24
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Item 5.
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Other Information
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24
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Item 6.
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Exhibits
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25
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Signatures
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26
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September 30, 2024 |
December 31, 2023 |
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 263 | $ | 501 |
Short-term investments | 985 | 699 | ||
Other current assets
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27 | 17 | ||
Total current assets
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1,275 | 1,217 | ||
Property and equipment, net
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102 | 94 | ||
Operating lease right-of-use assets
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124 | 122 | ||
Acquisition related intangible assets
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617 | 617 | ||
Long-term investments
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104 | 148 | ||
Other assets | 43 | 37 | ||
Total assets
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$ | 2,265 | $ | 2,235 |
Liabilities and Stockholders' Equity
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||||
Current liabilities:
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||||
Operating lease liabilities, current
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$ | 15 | $ | 15 |
Other current liabilities
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78 | 96 | ||
Total current liabilities
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93 | 111 | ||
Operating lease liabilities, long-term
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109 | 107 | ||
Derivative liabilities
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39 | 24 | ||
Other liabilities
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6 | 8 | ||
Total liabilities
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247 | 250 | ||
Commitments and contingencies | ||||
Stockholders' equity:
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||||
Common stock - $0.00001 par value, 51,000 shares authorized,
1,713 and 1,529 shares issued and outstanding, respectively
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- | - | ||
Additional paid-in capital
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6,181 | 5,594 | ||
Accumulated other comprehensive income
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2 | 1 | ||
Accumulated deficit
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(4,165) | (3,610) | ||
Total stockholders' equity
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2,018 | 1,985 | ||
Total liabilities and stockholders' equity
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$ | 2,265 | $ | 2,235 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2024 | 2023 | 2024 | 2023 | |||||
Operating expenses:
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Research and development
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$ | 169 | $ | 182 | $ | 505 | $ | 546 |
Selling, general and administrative
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27 | 30 | 82 | 91 | ||||
Total operating expenses
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196 | 212 | 587 | 637 | ||||
Loss from operations
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(196) | (212) | (587) | (637) | ||||
Other income (expense):
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Change in fair value of derivative liabilities | (28) | 5 | (15) | (7) | ||||
Other income, net
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16 | 17 | 47 | 40 | ||||
Loss before income taxes
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(208) | (190) | (555) | (604) | ||||
Income tax expense
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- | - | - | - | ||||
Net loss
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$ | (208) | $ | (190) | $ | (555) | $ | (604) |
Basic and diluted net loss per share
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$ | (0.13) | $ | (0.13) | $ | (0.35) | $ | (0.48) |
Basic and diluted weighted-average shares outstanding
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1,657 | 1,432 | 1,582 | 1,261 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2024 | 2023 | 2024 | 2023 | |||||
Net loss
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$ | (208) | $ | (190) | $ | (555) | $ | (604) |
Other comprehensive income:
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Unrealized gain on investments
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3 | 1 | 1 | 2 | ||||
Other comprehensive income
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3 | 1 | 1 | 2 | ||||
Comprehensive loss
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$ | (205) | $ | (189) | $ | (554) | $ | (602) |
Common stock |
Additional
paid-in capital
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Accumulated
other comprehensive (loss) income |
Accumulated deficit |
Total stockholders' equity |
|||||||
Shares | Amount | ||||||||||
Balance as of June 30, 2023
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1,184 | $ | - | $ | 4,679 | $ | (1) | $ | (3,228) | $ | 1,450 |
Equity issued under incentive compensation plans | 24 | - | 4 | - | - | 4 | |||||
Issuance of common stock in private placement, net of issuance costs
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222 | - | 584 | - | - | 584 | |||||
Issuance of common stock in public offering, net of issuance costs
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84 | - | 244 | - | - | 244 | |||||
Stock-based compensation
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- | - | 41 | - | - | 41 | |||||
Comprehensive income (loss)
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- | - | - | 1 | (190) | (189) | |||||
Balance as of September 30, 2023
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1,514 | $ | - | $ | 5,552 | $ | - | $ | (3,418) | $ | 2,134 |
Balance as of June 30, 2024
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1,563 | $ | - | $ | 5,675 | $ | (1) | $ | (3,957) | $ | 1,717 |
Equity issued under incentive compensation plans | 16 | - | 5 | - | - | 5 | |||||
Issuance of common stock in public offering, net of issuance costs
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134 | - | 466 | - | - | 466 | |||||
Stock-based compensation | - | - | 35 | - | - | 35 | |||||
Comprehensive income (loss)
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- | - | - | 3 | (208) | (205) | |||||
Balance as of September 30, 2024
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1,713 | $ | - | $ | 6,181 | $ | 2 | $ | (4,165) | $ | 2,018 |
Common stock |
Additional
paid-in capital
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Accumulated
other comprehensive (loss) income |
Accumulated deficit |
Total stockholders' equity |
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Shares | Amount | ||||||||||
Balance as of December 31, 2022
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1,166 | $ | - | $ | 4,600 | $ | (2) | $ | (2,814) | $ | 1,784 |
Equity issued under incentive compensation plans | 42 | - | 1 | - | - | 1 | |||||
Issuance of common stock in private placement, net of issuance costs
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222 | - | 584 | - | - | 584 | |||||
Issuance of common stock in public offering, net of issuance costs
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84 | - | 244 | - | - | 244 | |||||
Stock-based compensation
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- | - | 123 | - | - | 123 | |||||
Comprehensive income (loss)
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- | - | - | 2 | (604) | (602) | |||||
Balance as of September 30, 2023
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1,514 | $ | - | $ | 5,552 | $ | - | $ | (3,418) | $ | 2,134 |
Balance as of December 31, 2023
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1,529 | $ | - | $ | 5,594 | $ | 1 | $ | (3,610) | $ | 1,985 |
Equity issued under incentive compensation plans | 50 | - | 12 | - | - | 12 | |||||
Issuance of common stock in public offering, net of issuance costs
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134 | - | 466 | - | - | 466 | |||||
Stock-based compensation | - | - | 109 | - | - | 109 | |||||
Comprehensive income (loss)
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- | - | - | 1 | (555) | (554) | |||||
Balance as of September 30, 2024
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1,713 | $ | - | $ | 6,181 | $ | 2 | $ | (4,165) | $ | 2,018 |
Nine Months Ended September 30, |
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2024 | 2023 | |||
Cash flows from operating activities
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Net loss
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$ | (555) | $ | (604) |
Adjustments to reconcile net loss to net cash used in operating activities:
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Depreciation and amortization
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15 | 15 | ||
Reduction in the carrying amount of right-of-use assets
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21 | 21 | ||
Stock-based compensation
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109 | 123 | ||
Change in fair value of derivative liabilities | 15 | 7 | ||
Accretion of discount on investments
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(21) | (20) | ||
Other operating activities | (1) | (1) | ||
Changes in operating assets and liabilities:
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Other current and non-current assets
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(18) | 8 | ||
Operating lease liabilities
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(20) | (20) | ||
Other current and non-current liabilities
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(14) | 6 | ||
Net cash used in operating activities
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(469) | (465) | ||
Cash flows from investing activities
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Purchases of property and equipment
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(26) | (11) | ||
Purchases of investments
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(830) | (692) | ||
Maturities of investments
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611 | 1,035 | ||
Net cash (used in) provided by investing activities
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(245) | 332 | ||
Cash flows from financing activities
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Proceeds from issuance of common stock
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478 | 835 | ||
Other financing activities
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(3) | (8) | ||
Net cash provided by financing activities
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475 | 827 | ||
Net (decrease) increase in cash, cash equivalents, and restricted cash
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(239) | 694 | ||
Cash, cash equivalents, and restricted cash at beginning of the period
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518 | 277 | ||
Cash, cash equivalents, and restricted cash at end of the period
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$ | 279 | $ | 971 |
As of | ||||
September 30, 2024 |
December 31, 2023 |
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Cash and cash equivalents | $ | 263 | $ | 501 |
Restricted cash, current (a)
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1 | 1 | ||
Restricted cash, long-term (b)
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15 | 16 | ||
Total cash, cash equivalents and restricted cash
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$ | 279 | $ | 518 |
As of | |||||
Fair value level |
September 30, 2024 |
December 31, 2023 |
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Cash and cash equivalents: | |||||
Bank deposits | Level 1 | $ | 1 | $ | - |
Money market funds
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Level 1 | 227 | 220 | ||
U.S. Treasury securities
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Level 2 | 20 | 251 | ||
Commercial paper
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Level 2 | 15 | 30 | ||
Total cash and cash equivalents
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$ | 263 | $ | 501 | |
Short-term and long-term investments: | |||||
U.S. Treasury securities
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Level 2 | $ | 808 | $ | 769 |
Commercial paper
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Level 2
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124 | 54 | ||
Corporate bonds and notes
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Level 2 | 157 | 24 | ||
Total short-term and long-term investments
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$ | 1,089 | $ | 847 |
As of September 30, 2024
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Amortized cost |
Unrealized gains
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Fair value | ||||
U.S. Treasury securities | $ | 806 | $ | 2 | $ | 808 |
Commercial paper
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124 | - | 124 | |||
Corporate bonds and notes
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157 | - | 157 | |||
Total short-term and long-term investments
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$ | 1,087 | $ | 2 | $ | 1,089 |
As of December 31, 2023
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Amortized cost |
Unrealized gains
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Fair value | ||||
U.S. Treasury securities | $ | 768 | $ | 1 | $ | 769 |
Commercial paper
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54 | - | 54 | |||
Corporate bonds and notes
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24 | - | 24 | |||
Total short-term and long-term investments
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$ | 846 | $ | 1 | $ | 847 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2024 | 2023 | 2024 | 2023 | |||||
Research and development
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$ | 30 | $ | 36 | $ | 93 | $ | 107 |
Selling, general, and administrative
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5 | 5 | 16 | 16 | ||||
Total
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$ | 35 | $ | 41 | $ | 109 | $ | 123 |
Number of shares |
Weighted- average grant date fair value |
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Unvested at December 31, 2023
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100 | $ | 2.76 |
Granted
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38 | 2.37 | |
Vested | (39) | 2.68 | |
Forfeited
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(13) | 3.04 | |
Unvested at September 30, 2024
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86 | $ | 2.58 |
Nine Months Ended September 30, 2024 |
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Stock options granted (in millions) | 38 | |
Weighted average grant date fair value | $ | 1.30 |
Weighted average grant date fair value assumptions: | ||
Expected term
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6.0 years | |
Risk-free interest rates
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4.1 | % |
Expected volatility | 53.2 | % |
Number of shares |
Weighted average exercise price |
Weighted average remaining contractual term (in years) | Aggregate intrinsic value | |||
Outstanding at December 31, 2023
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104 | $ | 1.78 | |||
Granted | 38 | 2.37 | ||||
Exercised
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(9) | 1.32 | ||||
Forfeited
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(6) | 2.04 | ||||
Expired
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(1) | 3.37 | ||||
Outstanding at September 30, 2024
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126 | $ | 1.98 | 7.7 | $ | 500 |
Exercisable at September 30, 2024
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67 | $ | 1.80 | 6.6 | $ | 280 |
As of | |||||
Fair value level |
September 30, 2024 |
December 31, 2023 |
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Public warrants
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Level 1 | $ | 10 | $ | 6 |
Private placement warrants
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Level 2 | 7 | 4 | ||
Common stock warrants | 17 | 10 | |||
Earnout share liabilities | Level 3 | 22 | 14 | ||
Total derivative liabilities
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$ | 39 | $ | 24 |
As of | ||||
September 30, 2024 |
December 31, 2023 |
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Risk-free interest rates
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3.7 | % | 3.9 | % |
Expected term (in years)
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7.1 | 7.8 | ||
Expected volatility | 53.0 | % | 53.0 | % |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2024 | 2023 | 2024 | 2023 | |||||
Common stock warrants
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$ | (13) | $ | 3 | $ | (7) | $ | (4) |
Earnout share liabilities
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(15) | 2 | (8) | (3) | ||||
Change in fair value of derivative liabilities
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$ | (28) | $ | 5 | $ | (15) | $ | (7) |
As of | ||||
September 30, 2024 |
December 31, 2023 |
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Land
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$ | 14 | $ | 14 |
Buildings and leasehold improvements
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93 | 82 | ||
Equipment
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25 | 25 | ||
Vehicles
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26 | 16 | ||
Other
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16 | 15 | ||
174 | 152 | |||
Less accumulated depreciation and amortization
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(72) | (58) | ||
Total property and equipment, net
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$ | 102 | $ | 94 |
As of | ||||
September 30, 2024 |
December 31, 2023 |
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Accrued compensation
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$ | 48 | $ | 65 |
Other accrued expenses
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30 | 31 | ||
Total other current liabilities
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$ | 78 | $ | 96 |
As of | ||
September 30, 2024 |
September 30, 2023 |
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RSUs
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86 | 110 |
Stock options
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126 | 105 |
Public warrants | 12 | 12 |
Private placement warrants | 9 | 9 |
Earnout shares liability | 5 | 5 |
Total
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238 | 241 |
Three Months Ended September 30, |
$ Change | % Change | ||||||
(in millions, except for percentages) | 2024 | 2023 | ||||||
Operating expenses: | ||||||||
Research and development | $ | 169 | $ | 182 | $ | (13) | (7) | % |
Selling, general and administrative | 27 | 30 | (3) | (10) | % | |||
Total operating expenses | 196 | 212 | (16) | (8) | % | |||
Loss from operations | (196) | (212) | 16 | (8) | % | |||
Other income (expense): | ||||||||
Change in fair value of derivative liabilities | (28) | 5 | (33) |
n/m(1)
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Other income, net | 16 | 17 | (1) | (6) | % | |||
Loss before income taxes | (208) | (190) | (18) | 9 | % | |||
Income tax expense
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- | - | - |
n/m(1)
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Net loss | $ | (208) | $ | (190) | $ | (18) | 9 | % |
Nine Months Ended September 30, |
$ Change | % Change | ||||||
(in millions, except for percentages) | 2024 | 2023 | ||||||
Operating expenses: | ||||||||
Research and development | $ | 505 | $ | 546 | $ | (41) | (8) | % |
Selling, general and administrative | 82 | 91 | (9) | (10) | % | |||
Total operating expenses | 587 | 637 | (50) | (8) | % | |||
Loss from operations | (587) | (637) | 50 | (8) | % | |||
Other income (expense): | ||||||||
Change in fair value of derivative liabilities | (15) | (7) | (8) | 114 | % | |||
Other income, net
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47 | 40 | 7 | 18% | ||||
Loss before income taxes | (555) | (604) | 49 | (8) | % | |||
Income tax expense
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- | - | - |
n/m(1)
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||||
Net loss | $ | (555) | $ | (604) | $ | 49 | (8) | % |
Nine Months Ended September 30, |
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2024 | 2023 | |||
Net cash used in operating activities
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$ | (469) | $ | (465) |
Net cash (used in) provided by investing activities
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(245) | 332 | ||
Net cash provided by financing activities
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475 | 827 | ||
Net (decrease) increase
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(239) | 694 | ||
Cash, cash equivalents, and restricted cash at beginning of the period
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518 | 277 | ||
Cash, cash equivalents, and restricted cash at end of the period
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$ | 279 | $ | 971 |
Exhibit Number |
Description |
31.1* |
Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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31.2* |
Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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32.1** |
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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32.2** |
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101.INS* | XBRL Instance Document |
101.SCH* | XBRL Taxonomy Extension Schema Document |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Aurora Innovation, Inc. | |||
Date: | October 30, 2024 | By: | /s/ Chris Urmson |
Name: | Chris Urmson | ||
Title: | Chairman and Chief Executive Officer | ||
(Principal Executive Officer) | |||
Date: | October 30, 2024 | By: | /s/ David Maday |
Name: | David Maday | ||
Title: | Chief Financial Officer | ||
(Principal Financial Officer) |