Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 39

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 of June 30, 2025, 343,553 RSUs vested and 6,495,638 RSUs remained outstanding and will vest over approximately 3.05 years.During the three months ended June 30, 2025 and 2024, the Company recorded stock-based compensation pertaining to vesting of restricted common stock and RSUs of $4.02 million and $0.95 million, respectively. During the six months ended June 30, 2025 and 2024, the Company recorded stock-based compensation pertaining to vesting of restricted common stock and RSUs of $7.86 million and $1.00 million, respectively.The following table summarizes restricted common stock and RSU activity for the six months ended June 30, 2025: 

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Restricted Common StockRestricted Stock UnitsNumber of SharesWeighted Average Grant Date Fair Value Per ShareNumber of SharesWeighted Average Grant Date Fair Value Per ShareNonvested as of December 31, 2024996,799$0.38 5,362,326$7.49 Granted-- 1,512,4359.76 Vested(414,343)- *(343,553)2.45 Forfeited(31)- (35,570)10.06 Nonvested as of June 30, 2025582,425$0.09 6,495,638$7.84 *The weighted average fair value for the vested restricted common stock at June 30, 2025 is less than $0.01.WarrantsThe following is a summary of warrants for the six months ended June 30, 2025: Warrants Weighted Average Exercise PriceOutstanding as of December 31, 20243,340,011$6.56 Granted—— Exercised(2,243,530)5.13 Forfeited—— Outstanding as of June 30, 20251,096,481$9.40    Exercisable as of June 30, 20251,096,481$9.40 The weighted-average remaining term of the warrants outstanding was 8.76 years as of June 30, 2025.Magna WarrantOn February 1, 2024, Serve entered into a Master Services Agreement (the “MSA”) with Magna, retroactively effective as of January 15, 2024.In connection with the strategic partnership with Magn