Annual report [Section 13 and 15(d), not S-K Item 405]

Related Party Transactions

v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company’s Chief Executive Officer and founder has ownership interests in certain vendors providing services to the Company. The services purchased from these vendors include rent of office space and certain utilities and maintenance services related to the property on which the rented premises are located. Expenses and related payments to these vendors totaled $0.6 million, $0.6 million and $0.7 million during the years ended December 31, 2024, 2023 and 2022,
respectively. The Company owed these vendors $0.0 and $0.0 as of December 31, 2024 and 2023, respectively. In addition, the Company entered into certain transactions with SummerBio in the year ended December 2022. These transactions included purchases of COVID-19 testing services for the Company’s employees and certain assets for a total amount of $0.0, 0.0 and $1.3 million during the years ended December 31, 2024, 2023 and 2022, respectively.
Toyota Motor Corporation (“Toyota”) is a beneficial owner of more than 10% of the voting interests of the Company and has the right to designate a director for election to the Company’s Board of Directors. Toyota is developing prototypes and supplying parts and materials for some of the Company’s manufactured subassembly components. The Company made payments to Toyota for these parts and materials totaling $0.7 million, $1.3 million and $0.0 during the years ended December 31, 2024, 2023 and 2022, respectively. Additionally, the Company identified an embedded finance lease within the Company’s purchase and sale agreement with Toyota for subassembly components in the amount of $4.1 million and $3.8 million as of December 31, 2024 and 2023, respectively. The Company owed Toyota $0.0 and $0.0 as of December 31, 2024 and 2023, respectively.