10-Q Filing

SES AI CORP CIK: 1819142 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-008783`
Period End Date	20220331
Filing Date	20220513
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	ses-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 32 Cash Flow Statement 46 Stockholders Equity 22

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$160.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$426.08M	USD	Point-in-time
Receivable from related party	`DueFromRelatedPartiesCurrent`	$7.91M	USD	Point-in-time
Receivable from related party	`DueFromRelatedPartiesCurrent`	$7.54M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$441.03M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$169.97M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.99M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.49M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.63M	USD	Point-in-time
Redeemable convertible preferred stock, par value (in dollars per share)	`TemporaryEquityParOrStatedValuePerShare`	-	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.71M	USD	Point-in-time
Redeemable convertible preferred stock, par value (in dollars per share)	`TemporaryEquityParOrStatedValuePerShare`	-	USD	Point-in-time
Redeemable convertible preferred stock, shares authorized (in shares)	`TemporaryEquitySharesAuthorized`	0.00	shares	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$11.47M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$11.90M	USD	Point-in-time
Redeemable convertible preferred stock, shares authorized (in shares)	`TemporaryEquitySharesAuthorized`	213.96M	shares	Point-in-time
Redeemable convertible preferred stock, shares issued (in shares)	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$475.00K	USD	Point-in-time
Redeemable convertible preferred stock, shares issued (in shares)	`TemporaryEquitySharesIssued`	213.96M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$475.00K	USD	Point-in-time
Redeemable convertible preferred stock, shares issued (in shares)	`TemporaryEquitySharesIssued`	174.99M	shares	Point-in-time
Redeemable convertible preferred stock, shares issued (in shares)	`TemporaryEquitySharesIssued`	174.99M	shares	Point-in-time
Redeemable convertible preferred stock, shares outstanding (in shares)	`TemporaryEquitySharesOutstanding`	0.00	shares	Point-in-time
Deferred offering costs	`DeferredCosts`	$5.71M	USD	Point-in-time
Redeemable convertible preferred stock, shares outstanding (in shares)	`TemporaryEquitySharesOutstanding`	213.96M	shares	Point-in-time
Redeemable convertible preferred stock, liquidation amount	`TemporaryEquityLiquidationPreference`	$271.15M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.08M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.74M	USD	Point-in-time
Total assets	`Assets`	$474.41M	USD	Point-in-time
Total assets	`Assets`	$193.35M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.76M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.71M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.12M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.77M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Operating leases, current	`OperatingLeaseLiabilityCurrent`	$1.69M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$6.46M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$4.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.68M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.98M	USD	Point-in-time
Sponsor Earn-Out liability	`DerivativeLiabilitiesNoncurrent`	$44.08M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	347.89M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	347.89M	shares	Point-in-time
Operating leases, non-current	`OperatingLeaseLiabilityNoncurrent`	$10.11M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$137.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$749.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$11.73M	USD	Point-in-time
Total liabilities	`Liabilities`	$82.01M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Redeemable Convertible Preferred Stock, $0.000001 par value - none authorized, issued and outstanding as of March 31, 2022; 213,960,286 shares authorized, issued and outstanding as of December 31, 2021 (aggregate liquidation preference of $271,148 as of December 31, 2021	`TemporaryEquityCarryingAmountAttributableToParent`	$269.94M	USD	Point-in-time
Redeemable Convertible Preferred Stock, $0.000001 par value - none authorized, issued and outstanding as of March 31, 2022; 213,960,286 shares authorized, issued and outstanding as of December 31, 2021 (aggregate liquidation preference of $271,148 as of December 31, 2021	`TemporaryEquityCarryingAmountAttributableToParent`	$82.04M	USD	Point-in-time
Redeemable Convertible Preferred Stock, $0.000001 par value - none authorized, issued and outstanding as of March 31, 2022; 213,960,286 shares authorized, issued and outstanding as of December 31, 2021 (aggregate liquidation preference of $271,148 as of December 31, 2021	`TemporaryEquityCarryingAmountAttributableToParent`	$82.04M	USD	Point-in-time
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued and outstanding as of March 31, 2022; none authorized, issued and outstanding as of December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued and outstanding as of March 31, 2022; none authorized, issued and outstanding as of December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value; 2,100,000,000 Class A shares and 200,000,000 of Class B shares authorized as of March 31, 2022, and 266,976,000 shares authorized as of December 31, 2021; 304,011,931 share of Class A and 43,881,251 shares of Class B shares issued and outstanding as of March 31, 2022 and 22,261,480 of Class A shares and 39,881,455 of Class B shares issued and outstanding as of December 31, 2021	`CommonStockValue`	$34.00K	USD	Point-in-time
Common stock, $0.0001 par value; 2,100,000,000 Class A shares and 200,000,000 of Class B shares authorized as of March 31, 2022, and 266,976,000 shares authorized as of December 31, 2021; 304,011,931 share of Class A and 43,881,251 shares of Class B shares issued and outstanding as of March 31, 2022 and 22,261,480 of Class A shares and 39,881,455 of Class B shares issued and outstanding as of December 31, 2021	`CommonStockValue`	$6.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.60M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$513.22M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$476.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$367.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-121.33M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-94.29M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-88.32M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-65.61M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-62.07M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$392.41M	USD	Point-in-time
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$474.41M	USD	Point-in-time
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$193.35M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$2.98M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.07M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.46M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$15.13M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.44M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$19.20M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-19.20M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.44M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$2.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$23.00K	USD	1 Quarter
Loss on change of fair value of Sponsor Earn-Out liability	`DerivativeLossOnDerivative`	$7.69M	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$842.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-160.00K	USD	1 Quarter
Total other (expense) income, net	`NonoperatingIncomeExpense`	$-7.83M	USD	1 Quarter
Total other (expense) income, net	`NonoperatingIncomeExpense`	$844.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-27.02M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.60M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$11.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-27.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.60M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-14.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$109.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.61M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-26.92M	USD	1 Quarter
Net loss per share attributable to common stockholders, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.12	USD	1 Quarter
Net loss per share attributable to common stockholders, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Net loss per share attributable to common stockholders, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Net loss per share attributable to common stockholders, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.12	USD	1 Quarter
Weighted-average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	60.78M	shares	1 Quarter
Weighted-average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	219.18M	shares	1 Quarter
Weighted-average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	60.78M	shares	1 Quarter
Weighted-average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	219.18M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-27.03M	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.60M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$410.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$440.00K	USD	1 Quarter
Loss on change of fair value of Sponsor Earn-Out liability	`DerivativeLossOnDerivative`	$7.69M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$72.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.19M	USD	1 Quarter
PPP note forgiveness	`GainLossOnDebtForgivenessPaycheckProtectionProgramNotePayable`	$840.00K	USD	1 Quarter
Receivable from related party	`IncreaseDecreaseInDueFromRelatedPartiesCurrent`	$-373.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.45M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$405.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.45M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-518.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$994.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$649.00K	USD	1 Quarter
Operating leases liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-315.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$1.23M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$713.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.14M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.81M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$265.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.54M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$810.00K	USD	1 Quarter
Maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$13.10M	USD	1 Quarter
Purchases of intangible assets	`PaymentsToAcquireIntangibleAssets`	$117.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$12.03M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.66M	USD	1 Quarter
Proceeds from Business Combination and PIPE Financing	`ProceedsFromBusinessCombinationAndPrivateInvestmentInPublicEquityFinancing`	$282.94M	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$4.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$282.94M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$109.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-190.00K	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.70M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$265.58M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$426.62M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$161.04M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.43M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$426.62M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$161.04M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.43M	USD	Point-in-time
Accounts payable and accrued expenses related to purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$1.98M	USD	1 Quarter
Conversion of Redeemable Convertible Preferred Stock to shares of Class A Common Stock	`ConversionOfStockAmountConverted1`	$269.94M	USD	1 Quarter
AP and accrued expenses related to professional fees	`AccountsPayableAndAccruedExpensesRelatedToProfessionalFees`	$12.95M	USD	1 Quarter
Liabilities of Ivanhoe acquired in the Business Combination	`LiabilitiesAssumed1`	$387.00K	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	347.89M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$-88.32M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-65.61M	USD	Point-in-time
Exchange ratio	`RecapitalizationExchangeRatio`	5.93	pure	Point-in-time
Exchange ratio	`RecapitalizationExchangeRatio`	5.93	pure	Point-in-time
Beginning balance	`StockholdersEquity`	$-62.07M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$392.41M	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesIssued`	347.89M	shares	Point-in-time
Conversion of redeemable convertible preferred stock to common stock in connection with reverse recapitalization upon Business Combination	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$269.94M	USD	1 Quarter
Business Combination and PIPE Financing, net of redemptions and transaction costs	`BusinessCombinationAndPrivateInvestmentInPublicEquityFinancingNetOfRedemptionsAndTransactionCostsValue`	$234.52M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.19M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$72.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-14.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$109.00K	USD	1 Quarter
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$4.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-27.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.60M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-88.32M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-65.61M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-62.07M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$392.41M	USD	Point-in-time
Ending balance (in shares)	`CommonStockSharesIssued`	347.89M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.