Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 07, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SSTI | |
Entity Registrant Name | ShotSpotter, Inc. | |
Entity Central Index Key | 0001351636 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 11,320,983 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 29,524 | $ 10,218 |
Accounts receivable and unbilled revenue | 7,375 | 15,267 |
Prepaid expenses and other current assets | 1,332 | 1,527 |
Restricted cash | 60 | 60 |
Total current assets | 38,291 | 27,072 |
Property and equipment, net | 16,688 | 16,504 |
Operating lease right-of-use asset | 765 | |
Goodwill | 1,379 | 1,379 |
Intangible assets, net | 255 | 242 |
Other assets | 1,638 | 1,922 |
Total assets | 59,016 | 47,119 |
Current liabilities | ||
Accounts payable | 1,698 | 1,307 |
Deferred revenue, short-term | 23,415 | 23,102 |
Accrued expenses and other current liabilities | 3,960 | 4,427 |
Total current liabilities | 29,073 | 28,836 |
Deferred revenue, long-term | 1,095 | 1,060 |
Other liabilities | 549 | 76 |
Total liabilities | 30,717 | 29,972 |
Stockholders' equity: | ||
Common stock | 57 | 55 |
Additional paid-in capital | 126,143 | 114,618 |
Accumulated deficit | (97,739) | (97,377) |
Accumulated other comprehensive loss | (162) | (149) |
Total stockholders' equity | 28,299 | 17,147 |
Total liabilities and stockholders' equity | $ 59,016 | $ 47,119 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Revenues | $ 9,593 | $ 6,907 |
Cost of revenues | 4,004 | 3,308 |
Gross profit | 5,589 | 3,599 |
Operating expenses | ||
Sales and marketing | 2,629 | 1,554 |
Research and development | 1,294 | 1,236 |
General and administrative | 1,986 | 2,028 |
Total operating expenses | 5,909 | 4,818 |
Operating loss | (320) | (1,219) |
Other income (expense), net | ||
Interest income, net | 33 | 27 |
Other income (expense), net | (57) | 1 |
Total other income (expense), net | (24) | 28 |
Loss before income taxes | (344) | (1,191) |
Provision for income taxes | 18 | 26 |
Net loss | $ (362) | $ (1,217) |
Net loss per share, basic and diluted | $ (0.03) | $ (0.12) |
Weighted average shares used in computing net loss per share, basic and diluted | 11,005,781 | 10,067,830 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (362) | $ (1,217) |
Other comprehensive income (loss): | ||
Change in foreign currency translation adjustment, net | (13) | 29 |
Comprehensive loss | $ (375) | $ (1,188) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2017 | $ 12,162 | $ 48 | $ 109,708 | $ (97,595) | $ 1 |
Beginning balance, Shares at Dec. 31, 2017 | 9,827,129 | ||||
Exercise of stock options | 343 | $ 3 | 340 | ||
Exercise of stock options, Shares | 486,588 | ||||
Issuance of common stock in connection with exercise of warrants, shares | 16,129 | ||||
Stock-based compensation | 427 | 427 | |||
Other comprehensive income (loss) | 29 | 29 | |||
Cumulative effect of change in accounting principle | 3,025 | 3,025 | |||
Net loss | (1,217) | (1,217) | |||
Ending balance at Mar. 31, 2018 | 14,769 | $ 51 | 110,475 | (95,787) | 30 |
Ending balance, Shares at Mar. 31, 2018 | 10,329,846 | ||||
Beginning balance at Dec. 31, 2018 | 17,147 | $ 55 | 114,618 | (97,377) | (149) |
Beginning balance, Shares at Dec. 31, 2018 | 10,864,722 | ||||
Exercise of stock options | 219 | $ 1 | 218 | ||
Exercise of stock options, Shares | 177,408 | ||||
Issuance of common stock upon secondary offering, net of costs | 10,554 | $ 1 | 10,553 | ||
Issuance of common stock upon secondary offering net of costs, Shares | 250,000 | ||||
Issuance of common stock from RSUs vested, shares | 28,790 | ||||
Stock-based compensation | 754 | 754 | |||
Other comprehensive income (loss) | (13) | (13) | |||
Net loss | (362) | (362) | |||
Ending balance at Mar. 31, 2019 | $ 28,299 | $ 57 | $ 126,143 | $ (97,739) | $ (162) |
Ending balance, Shares at Mar. 31, 2019 | 11,320,920 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (362) | $ (1,217) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,238 | 817 |
Stock-based compensation | 754 | 427 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 7,892 | (2,439) |
Prepaid expenses and other assets | 195 | 11 |
Accounts payable | (346) | 305 |
Accrued expenses and other current liabilities | (810) | (834) |
Deferred revenue | 344 | 706 |
Net cash provided by (used in) operating activities | 8,905 | (2,224) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (896) | (2,985) |
Investment in intangible and other assets | (34) | (10) |
Net cash used in investing activities | (930) | (2,995) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock upon secondary offering | 11,247 | |
Payments of offering costs | (127) | |
Proceeds from exercise of stock options | 219 | 342 |
Net cash provided by financing activities | 11,339 | 342 |
Increase (decrease) in cash, cash equivalents and restricted cash | 19,314 | (4,877) |
Effect of exchange rate on cash and cash equivalents | (8) | 42 |
Cash, cash equivalents and restricted cash at beginning of year | 10,278 | 19,597 |
Cash, cash equivalents and restricted cash at end of period | 29,584 | $ 14,762 |
Supplemental cash flow disclosures: | ||
Offering costs included in accounts payable | $ 317 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1. Organization and Description of Business ShotSpotter, Inc. (the “Company”) provides precision-policing solutions for law enforcement to help deter gun violence and make cities, campuses and facilities safer. The company’s flagship product, ShotSpotter Flex, is the leading outdoor gunshot detection, location and forensic system trusted by approximately 100 cities. ShotSpotter Missions uses artificial intelligence-driven analysis to help strategically plan patrol missions and tactics for maximum crime deterrence. The Company offers its solutions on a SaaS-based subscription model to its customers. The Company’s principal executive offices are located in Newark, California. The Company has two wholly-owned subsidiaries, ShotSpotter (Pty) Ltd. formed in South Africa and ShotSpotter Colombia S.A.S. which was formed in Colombia in March 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements include the results of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated during consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholder’s equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2019 or any future period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its significant estimates including the valuation of accounts receivable, the lives of tangible and intangible assets, stock-based compensation expense, and accounting for revenue recognition and income taxes. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the Company’s financial position and results of operations. Concentrations of Risk Credit Risk – Financial instruments that potentially subject the Company to concentration of credit risk consisted primarily of restricted cash, cash and cash equivalents and accounts receivable from trade customers. The Company maintains its cash deposits at three domestic and one international financial institutions. The Company is exposed to credit risk in the event of default by a financial institution to the extent that cash and cash equivalents are in excess of the amount insured by the Federal Deposit Insurance Corporation. The Company generally places its cash and cash equivalents with high-credit quality financial institutions. To date, the Company has not experienced any losses on its cash and cash equivalents. Concentration of Accounts Receivable –As of March 31, 2019, two customers accounted for 27% and 11% of the Company’s accounts receivable. Fluctuations in accounts receivable result from timing of the Company’s execution of contracts and collection of related payments. As of December 31, 2018, one customer accounted for 77% of the Company’s accounts receivable Concentration of Revenues –For the three months ended March 31, 2019, two customers accounted for 21% and 14% of the Company’s total revenues. For the three months ended March 31, 2018, two customers each accounted for 18% of the Company’s total revenues. Concentration of Suppliers The Company relies on a limited number of suppliers and contract manufacturers. In particular, a single supplier is currently the sole manufacturer of the Company’s proprietary sensors. Accounting Pronouncements Recently Adopted In February 2016, the FASB issued ASU 2016-02, Leases At transition, lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company has elected to apply the package of practical expedients upon adoption. The Company’s operating lease for its corporate headquarters office is impacted by the new standard and upon adoption, the Company recognized a right-of-use asset of $0.9 million and related lease liabilities totaling $0.9 million. See Note 10, Leases. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) |
Revenue Related Disclosures
Revenue Related Disclosures | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Related Disclosures | Note 3. Revenue Related Disclosures As of December 31, 2018, the Company had total short-term and long-term deferred revenue of $24.2 million. During the three months ended March 31, 2019, the Company recognized $8.4 million in revenue from the beginning deferred revenue balance and $1.1 million from new billings, and added $9.8 million to total short-term and long-term deferred revenue from new billings. As of January 1, 2018, upon the adoption of Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers As of March 31, 2019, the Company has estimated remaining performance obligations for contractually committed revenues of $24.0 million, $12.0 million, $7.1 million, and $0.7 million that will be recognized during the remainder of the year ending December 31, 2019, and years ended December 31, 2020, 2021, and 2022 through 2024, respectively. The timing of revenue recognition includes estimates of go live dates for contracts not yet live. Contractually committed revenue includes deferred revenue as of March 31, 2019 and amounts under contract that will be invoiced after March 31, 2019. During the three months ended March 31, 2019, the Company recognized revenues of $9.4 million from customers in the United States and $0.2 million from a customer in South Africa. During the three months ended March 31, 2018, the Company recognized revenues of $6.7 million from customers in the United States and $0.2 million from a customer in South Africa. Accounts Receivable, net and Unbilled Revenue Accounts receivable, net consist of trade accounts receivables from the Company’s customers, net of allowance for doubtful accounts if deemed necessary. Accounts receivable are recorded as the invoiced amount. The Company does not require collateral or other security for accounts receivable. Unbilled revenue consists of revenue recognized in advance of invoicing the customer. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements In October 2018, upon the acquisition of certain technology, referred to as HunchLab, from Azavea, Inc., the Company recognized a contingent consideration liability classified within Level III of the fair value hierarchy because some of the inputs used in its measurement were neither directly or indirectly observable. The Company estimates the fair value of the contingent consideration based on management’s estimates of (i) the probability of achieving the relevant revenue targets and (ii) the timing of achieving such targets. There were no changes in fair value of contingent consideration for the three months ended March 31, 2019. Level III balances (in thousands): As of March 31, As of December 31, 2019 2018 Fair value of contingent consideration $ 750 $ 750 |
Details of Certain Condensed Co
Details of Certain Condensed Consolidated Balance Sheet Accounts | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Certain Condensed Consolidated Balance Sheet Accounts | Note 5. Details of Certain Condensed Consolidated Balance Sheet Accounts Prepaid expenses and other current assets (in thousands): March 31, December 31, 2019 2018 Prepaid expenses $ 595 $ 832 Deferred commissions 655 629 Other 82 66 $ 1,332 $ 1,527 Other assets (in thousands): March 31, December 31, 2019 2018 Deferred commissions $ 1,541 $ 1,560 Other 97 362 $ 1,638 $ 1,922 Accrued expenses and other current liabilities (in thousands): March 31, December 31, 2019 2018 Personnel-related accruals $ 1,967 $ 2,603 Royalties payable 114 130 Professional fees 122 396 Sales/ use tax payable 249 273 Contingent consideration 750 750 Operating lease liability 282 — Deferred rent — 24 Other 476 251 $ 3,960 $ 4,427 Other liabilities (in thousands): March 31, December 31, 2019 2018 Operating lease liability $ 545 $ — Deferred rent — 71 Other 4 5 $ 549 $ 76 |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | Note 6. Capital Stock Common Stock The Company is authorized to issue 500,000,000 shares of common stock, with a par value of $0.005 and each outstanding share of common stock is entitled to one vote. At March 31, 2019, there were 11,320,920 shares of common stock issued and outstanding. At December 31, 2018, there were 10,864,722 shares of common stock issued and outstanding. Preferred Stock The Company is authorized to issue 20,000,000 shares of preferred stock, with a par value of $0.005. As of March 31, 2019, there were no shares of preferred stock issued and outstanding. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 7. Net Loss per Share The following table summarizes the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2019 2018 Numerator: Net loss $ (362 ) $ (1,217 ) Denominator: Weighted-average shares outstanding, basic and diluted 11,005,781 10,067,830 Net loss per share $ (0.03 ) $ (0.12 ) The following potentially dilutive shares outstanding at the end of the periods presented were excluded in the calculation of diluted net loss per share as the effect would have been anti-dilutive: As of March 31, 2019 2018 Options to purchase common stock 706,472 801,397 Unvested restricted stock units 121,571 129,575 Warrants to purchase common stock 163,713 445,611 Total 991,756 1,376,583 |
Common Stock Warrants
Common Stock Warrants | 3 Months Ended |
Mar. 31, 2019 | |
Warrants And Rights Note Disclosure [Abstract] | |
Common Stock Warrants | Note 8. Common Stock Warrants As of March 31, 2019, the Company had the following common stock warrants issued and outstanding (in thousands, except share and per share data): Warrant Class Shares Issuance Date Price per Share Expiration Date Common stock warrant 3,766 July 2012 $ 5.8667 July 2019 Common stock warrant 25,231 August 2012 $ 5.8667 August 2019 Common stock warrant 50,716 February 2014 $ 0.1700 February 2021 Common stock warrant (1) 84,000 June 2017 $ 13.2000 June 2020 163,713 (1 ) This warrant was issued to the Company’s lead underwriter in connection with the Company’s initial public offering. |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | Note 9. Equity Incentive Plans 2017 Equity Incentive Plan In May 2017, the Board and the Company’s stockholders approved the 2017 Equity Incentive Plan (the “2017 Plan”), which became effective in connection with the IPO. The 2017 Plan provides for the issuance of stock options, restricted stock units and other awards to employees, directors and consultants of the Company. A total of 2,413,659 shares of the Company’s common stock were initially reserved for issuance under the 2017 Plan, which is the sum of (1) 900,000 shares, (2) the number of shares reserved for issuance under the 2005 Plan at the time the 2017 Plan became effective and (3) shares subject to stock options or other stock awards under the 2005 Plan that would have otherwise been returned to the 2005 Plan (up to a maximum of 1,314,752 shares). Under an “evergreen” provision, the number of shares of common stock reserved for issuance under the 2017 Plan will automatically increase on January 1 of each year, beginning on January 1, 2018 and ending on and including January 1, 2027, by of 5% of the total number of shares of our capital stock outstanding on December 31 of the preceding calendar year or a lesser number of shares determined by our Board of Directors. In accordance with the evergreen provision, the number of shares of common stock reserved for issuance under our 2017 Plan was automatically increased on January 1, 2019 by 543,236 shares, which was equal to 5% of the total number of shares of capital stock outstanding on December 31, 2018. 2005 Stock Plan In February 2005, the Company adopted the 2005 Stock Plan, as amended in January 2010 and November 2012 (the “2005 Plan”). Under the 2005 Plan provisions, the Company was authorized to grant incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, and shares of restricted stock. Following the effectiveness of the 2017 Plan in connection with the IPO, no further grants were made under the 2005 Plan. A summary of option activities under the 2005 Plan and 2017 Plan during the three months ended March 31, 2019 is as follows: Number of Options Outstanding Weighted Average Exercise Price Outstanding as of December 31, 2018 820,186 $ 8.44 Granted 73,280 $ 44.95 Exercised (177,408 ) $ 1.23 Canceled (9,586 ) $ 4.91 Outstanding as of March 31, 2019 706,472 $ 14.09 During the three months ended March 31, 2019, the company granted executive management restricted stock unit (“RSU”) awards totaling 39,597 shares of common stock, with quarterly vesting over the next four years. The weighted average fair value of $44.95 per unit was calculated using the closing stock price on the grant date. The number of shares available for grant under the 2017 Plan was 1,688,369 as of March 31, 2019. 2017 Employee Stock Purchase Plan In May 2017, the Board and the Company’s stockholders adopted the 2017 Employee Stock Purchase Plan (“2017 ESPP”), which became effective in connection with the Company’s IPO. The 2017 ESPP allows eligible employees to purchase shares of the Company’s common stock in an offering at a discount of the then-current trading price, up to the lesser of (1) 85% of the fair market value of the common stock on the first day of the IPO or (2) 85% of the fair market value of the common stock on the purchase date. The 2017 ESPP permits the maximum discounted purchase price permitted under U.S. tax rules, including a “lookback.” The 2017 ESPP initial offering period runs for approximately 24 months in length, and contains four 6-month purchase periods. An employee’s purchase rights terminate immediately upon termination of employment or other withdrawal from the 2017 ESPP. No participant will have the right to purchase shares of common stock in an amount that has a fair market value of more than $25,000 determined as of the first day of the applicable purchase period, for each calendar year. There are 200,000 shares of common stock reserved for issuance under the 2017 ESPP. In addition, the 2017 ESPP contains an “evergreen” provision which provides for an automatic annual share increase on January 1 of each year, in an amount equal to the lesser of (1) 2% of the total number of shares of common stock outstanding on December 31 st The Company accounts for employee stock purchases made under its 2017 ESPP using the estimate grant date fair value of accounting in accordance with ASC 718, Stock Compensation There were no shares issued under the 2017 ESPP during the three months ended March 31, 2019. Total stock-based compensation expense associated with the 2005 Plan, 2017 Plan and 2017 ESPP is recorded in the condensed consolidated statements of operations and was allocated as follows (in thousands): Three Months Ended March 31, 2019 2018 Cost of revenues $ 133 $ 57 Sales and marketing 266 66 Research and development 87 40 General and administrative 268 264 Total $ 754 $ 427 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Leases | Note 10. Leases Operating Lease The Company leases its principal executive offices in Newark, California, under a non-cancelable operating lease which expires in October 2021. This lease does not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the lease does not contain contingent rent provisions or renewal options. Our lease includes both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Upon adoption of ASC 842 on January 1, 2019, the Company recognized an operating lease right-of-use asset of $0.9 million and a corresponding lease lability of $0.9 million, using a discount rate of 6% which reflects the Company’s incremental borrowing rate for a similar asset and similar term as of the date of adoption. The operating lease cost recognized for the three months ended March 31, 2019 was $0.1 million. Rent expense recognized for the three months ended March 31, 2018 was $0.1 million. Supplemental information related to the operating lease as follows (in thousands): As of March 31, 2019 Assets Operating lease right-of-use asset $ 765 Liabilities Lease liability (short-term) (presented within Accrued expenses and other current liabilities) $ 282 Lease liability (long-term) (presented within Other liabilities) 545 Total operating lease liability $ 827 Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (presented within Operating cash flows) $ 86 Maturities of the lease liability at March 31, 2019 are as follows (in thousands): 2019 (remainder of year) $ 232 2020 357 2021 304 Total lease payments, undiscounted 893 Less: imputed interest (66 ) Total $ 827 The Company does not have any finance leases. The following table is shown for comparative purposes only. The future minimum lease payments under the non-cancelable lease at December 31, 2018 are as follows (in thousands): 2019 $ 352 2020 357 2021 304 Total $ 1,013 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies The Company has data center non-cancelable contracts that exceed one year. The following is a schedule of future minimum data center arrangements under the non-cancelable operating commitments at March 31, 2019 (in thousands): Data Center Arrangements 2019 (remainder of year) $ 160 2020 71 Total $ 231 Contingencies On August 28, 2018, Silvon S. Simmons (the "Plaintiff") amended a complaint against the City of Rochester, New York and various city employees, filed in the United States District Court, Western District of New York, to add the Company and employees as a defendant. The amended complaint alleges conspiracy to violate plaintiff's civil rights, denial of the right to a fair trial, and malicious prosecution. The Plaintiff claims that ShotSpotter colluded with the City of Rochester to fabricate and create gunshot alert evidence to secure Plaintiff's conviction. On the basis of the allegations, the Plaintiff has petitioned for compensatory and punitive damages and other costs and expenses, including attorney's fees. The Company believes that the Plaintiff's claims are without merit and are disputing them vigorously. The Company may become subject to legal proceedings, as well as demands and claims that arise in the normal course of business. Such claims, even if not meritorious, could result in the expenditure of significant financial and management resources. The Company makes a provision for a liability relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed and adjusted to include the impacts of negotiations, estimated settlements, legal rulings, advice of legal counsel, and other information and events pertaining to a particular matter. An unfavorable outcome on any litigation matters could require payment of substantial damages, or, in connection with any intellectual property infringement claims, could require the Company to pay ongoing royalty payments or could prevent the Company from selling certain of our products. As a result, a settlement of, or an unfavorable outcome on, any of the matters referenced above or other litigation matters could have a material adverse effect on the Company’s business, operating results, financial condition and cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements include the results of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated during consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholder’s equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2019 or any future period. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its significant estimates including the valuation of accounts receivable, the lives of tangible and intangible assets, stock-based compensation expense, and accounting for revenue recognition and income taxes. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could be material to the Company’s financial position and results of operations. |
Concentrations of Risk | Concentrations of Risk Credit Risk – Financial instruments that potentially subject the Company to concentration of credit risk consisted primarily of restricted cash, cash and cash equivalents and accounts receivable from trade customers. The Company maintains its cash deposits at three domestic and one international financial institutions. The Company is exposed to credit risk in the event of default by a financial institution to the extent that cash and cash equivalents are in excess of the amount insured by the Federal Deposit Insurance Corporation. The Company generally places its cash and cash equivalents with high-credit quality financial institutions. To date, the Company has not experienced any losses on its cash and cash equivalents. Concentration of Accounts Receivable –As of March 31, 2019, two customers accounted for 27% and 11% of the Company’s accounts receivable. Fluctuations in accounts receivable result from timing of the Company’s execution of contracts and collection of related payments. As of December 31, 2018, one customer accounted for 77% of the Company’s accounts receivable Concentration of Revenues –For the three months ended March 31, 2019, two customers accounted for 21% and 14% of the Company’s total revenues. For the three months ended March 31, 2018, two customers each accounted for 18% of the Company’s total revenues. Concentration of Suppliers The Company relies on a limited number of suppliers and contract manufacturers. In particular, a single supplier is currently the sole manufacturer of the Company’s proprietary sensors. |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted In February 2016, the FASB issued ASU 2016-02, Leases At transition, lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company has elected to apply the package of practical expedients upon adoption. The Company’s operating lease for its corporate headquarters office is impacted by the new standard and upon adoption, the Company recognized a right-of-use asset of $0.9 million and related lease liabilities totaling $0.9 million. See Note 10, Leases. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) |
Employee Stock Purchase Plan | The Company accounts for employee stock purchases made under its 2017 ESPP using the estimate grant date fair value of accounting in accordance with ASC 718, Stock Compensation |
Revenue Recognition | As of December 31, 2018, the Company had total short-term and long-term deferred revenue of $24.2 million. During the three months ended March 31, 2019, the Company recognized $8.4 million in revenue from the beginning deferred revenue balance and $1.1 million from new billings, and added $9.8 million to total short-term and long-term deferred revenue from new billings. As of January 1, 2018, upon the adoption of Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers As of March 31, 2019, the Company has estimated remaining performance obligations for contractually committed revenues of $24.0 million, $12.0 million, $7.1 million, and $0.7 million that will be recognized during the remainder of the year ending December 31, 2019, and years ended December 31, 2020, 2021, and 2022 through 2024, respectively. The timing of revenue recognition includes estimates of go live dates for contracts not yet live. Contractually committed revenue includes deferred revenue as of March 31, 2019 and amounts under contract that will be invoiced after March 31, 2019. During the three months ended March 31, 2019, the Company recognized revenues of $9.4 million from customers in the United States and $0.2 million from a customer in South Africa. During the three months ended March 31, 2018, the Company recognized revenues of $6.7 million from customers in the United States and $0.2 million from a customer in South Africa. |
Accounts Receivable, net and Unbilled Revenue | Accounts Receivable, net and Unbilled Revenue Accounts receivable, net consist of trade accounts receivables from the Company’s customers, net of allowance for doubtful accounts if deemed necessary. Accounts receivable are recorded as the invoiced amount. The Company does not require collateral or other security for accounts receivable. Unbilled revenue consists of revenue recognized in advance of invoicing the customer. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements - Summary of Level III Balances | Level III balances (in thousands): As of March 31, As of December 31, 2019 2018 Fair value of contingent consideration $ 750 $ 750 |
Details of Certain Condensed _2
Details of Certain Condensed Consolidated Balance Sheet Accounts (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets (in thousands): March 31, December 31, 2019 2018 Prepaid expenses $ 595 $ 832 Deferred commissions 655 629 Other 82 66 $ 1,332 $ 1,527 |
Schedule of Other Assets | Other assets (in thousands): March 31, December 31, 2019 2018 Deferred commissions $ 1,541 $ 1,560 Other 97 362 $ 1,638 $ 1,922 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities (in thousands): March 31, December 31, 2019 2018 Personnel-related accruals $ 1,967 $ 2,603 Royalties payable 114 130 Professional fees 122 396 Sales/ use tax payable 249 273 Contingent consideration 750 750 Operating lease liability 282 — Deferred rent — 24 Other 476 251 $ 3,960 $ 4,427 |
Schedule of Other Liabilities | Other liabilities (in thousands): March 31, December 31, 2019 2018 Operating lease liability $ 545 $ — Deferred rent — 71 Other 4 5 $ 549 $ 76 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Schedule of Stock by Class | Error extracting Word content |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss per Share | The following table summarizes the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2019 2018 Numerator: Net loss $ (362 ) $ (1,217 ) Denominator: Weighted-average shares outstanding, basic and diluted 11,005,781 10,067,830 Net loss per share $ (0.03 ) $ (0.12 ) |
Schedule of Anti-dilutive Shares Outstanding Excluded in Calculation of Diluted Net Loss per Share | The following potentially dilutive shares outstanding at the end of the periods presented were excluded in the calculation of diluted net loss per share as the effect would have been anti-dilutive: As of March 31, 2019 2018 Options to purchase common stock 706,472 801,397 Unvested restricted stock units 121,571 129,575 Warrants to purchase common stock 163,713 445,611 Total 991,756 1,376,583 |
Common Stock Warrants (Tables)
Common Stock Warrants (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Warrants And Rights Note Disclosure [Abstract] | |
Schedule of Common Stock Warrants Issued and Outstanding | As of March 31, 2019, the Company had the following common stock warrants issued and outstanding (in thousands, except share and per share data): Warrant Class Shares Issuance Date Price per Share Expiration Date Common stock warrant 3,766 July 2012 $ 5.8667 July 2019 Common stock warrant 25,231 August 2012 $ 5.8667 August 2019 Common stock warrant 50,716 February 2014 $ 0.1700 February 2021 Common stock warrant (1) 84,000 June 2017 $ 13.2000 June 2020 163,713 (1 ) This warrant was issued to the Company’s lead underwriter in connection with the Company’s initial public offering. |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock Option Activity | A summary of option activities under the 2005 Plan and 2017 Plan during the three months ended March 31, 2019 is as follows: Number of Options Outstanding Weighted Average Exercise Price Outstanding as of December 31, 2018 820,186 $ 8.44 Granted 73,280 $ 44.95 Exercised (177,408 ) $ 1.23 Canceled (9,586 ) $ 4.91 Outstanding as of March 31, 2019 706,472 $ 14.09 |
Schedule of Stock-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations | Total stock-based compensation expense associated with the 2005 Plan, 2017 Plan and 2017 ESPP is recorded in the condensed consolidated statements of operations and was allocated as follows (in thousands): Three Months Ended March 31, 2019 2018 Cost of revenues $ 133 $ 57 Sales and marketing 266 66 Research and development 87 40 General and administrative 268 264 Total $ 754 $ 427 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Summary of Supplemental Information Related to Operating Lease | Supplemental information related to the operating lease as follows (in thousands): As of March 31, 2019 Assets Operating lease right-of-use asset $ 765 Liabilities Lease liability (short-term) (presented within Accrued expenses and other current liabilities) $ 282 Lease liability (long-term) (presented within Other liabilities) 545 Total operating lease liability $ 827 Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (presented within Operating cash flows) $ 86 |
Summary of Maturity of Operating Lease Liabilities | Maturities of the lease liability at March 31, 2019 are as follows (in thousands): 2019 (remainder of year) $ 232 2020 357 2021 304 Total lease payments, undiscounted 893 Less: imputed interest (66 ) Total $ 827 |
Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease | The following table is shown for comparative purposes only. The future minimum lease payments under the non-cancelable lease at December 31, 2018 are as follows (in thousands): 2019 $ 352 2020 357 2021 304 Total $ 1,013 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Data Center Arrangements and Lease Payments Under Non-cancelable Commitments | The following is a schedule of future minimum data center arrangements under the non-cancelable operating commitments at March 31, 2019 (in thousands): Data Center Arrangements 2019 (remainder of year) $ 160 2020 71 Total $ 231 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2019SubsidiaryCity | |
ShotSpotter (Pty) Ltd | South Africa and Columbia | |
Business And Nature Of Operations [Line Items] | |
Number of subsidiary | Subsidiary | 2 |
Minimum | |
Business And Nature Of Operations [Line Items] | |
Number of cities in which entity operates | City | 100 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($)Customer | Mar. 31, 2018Customer | Dec. 31, 2018Customer | Jan. 01, 2019USD ($) | |
Accounting Policies [Line Items] | ||||
Operating lease right-of-use asset | $ | $ 765 | $ 900 | ||
Operating lease liability | $ | $ 827 | $ 900 | ||
Customer Concentration Risk | Accounts Receivable | ||||
Accounting Policies [Line Items] | ||||
Number of customers | Customer | 2 | 1 | ||
Customer Concentration Risk | Revenues | ||||
Accounting Policies [Line Items] | ||||
Number of customers | Customer | 2 | 2 | ||
Customer One | Customer Concentration Risk | Accounts Receivable | ||||
Accounting Policies [Line Items] | ||||
Concentration risk percentage | 27.00% | 77.00% | ||
Customer One | Customer Concentration Risk | Revenues | ||||
Accounting Policies [Line Items] | ||||
Concentration risk percentage | 21.00% | 18.00% | ||
Customer Two | Customer Concentration Risk | Accounts Receivable | ||||
Accounting Policies [Line Items] | ||||
Concentration risk percentage | 11.00% | |||
Customer Two | Customer Concentration Risk | Revenues | ||||
Accounting Policies [Line Items] | ||||
Concentration risk percentage | 14.00% | 18.00% |
Revenue Related Disclosures - A
Revenue Related Disclosures - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Deferred revenue added from new billings | $ 9,800 | $ 7,700 | ||
Revenues | 9,593 | 6,907 | ||
United States | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 9,400 | 6,700 | ||
South Africa | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 200 | 200 | ||
Adoption of Topic 606 | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred revenue | $ 24,200 | $ 17,300 | ||
Recognition from Beginning Deferred Revenue Balance | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred revenue recognized | 8,400 | 5,700 | ||
Recognition from New Billings of Deferred Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Deferred revenue recognized | $ 1,100 | $ 1,200 |
Revenue Related Disclosures - E
Revenue Related Disclosures - Estimated Remaining Performance Obligations - Additional Information (Details) $ in Millions | Mar. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 24 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 12 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 7.1 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Estimated remaining performance obligations for contractually committed revenues | $ 0.7 |
Estimated remaining performance obligations for contractually committed revenues recognition period | 3 years |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - HunchLab - USD ($) | 1 Months Ended | 3 Months Ended |
Oct. 03, 2018 | Mar. 31, 2019 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Business acquisition date | Oct. 31, 2018 | |
Change in fair value of contingent consideration | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Level III Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Level 3 | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of contingent consideration | $ 750 | $ 750 |
Details of Certain Condensed _3
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid expenses | $ 595 | $ 832 |
Deferred commissions | 655 | 629 |
Other | 82 | 66 |
Total | $ 1,332 | $ 1,527 |
Details of Certain Condensed _4
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Other Assets Noncurrent Disclosure [Abstract] | ||
Deferred commissions | $ 1,541 | $ 1,560 |
Other | 97 | 362 |
Total other assets | $ 1,638 | $ 1,922 |
Details of Certain Condensed _5
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Personnel-related accruals | $ 1,967 | $ 2,603 |
Royalties payable | 114 | 130 |
Professional fees | 122 | 396 |
Sales/ use tax payable | 249 | 273 |
Contingent consideration | 750 | 750 |
Operating lease liability | 282 | |
Deferred rent | 24 | |
Other | 476 | 251 |
Accrued expenses and other current liabilities | $ 3,960 | $ 4,427 |
Details of Certain Condensed _6
Details of Certain Condensed Consolidated Balance Sheet Accounts - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Noncurrent [Abstract] | ||
Operating lease liability | $ 545 | |
Deferred rent | $ 71 | |
Other | 4 | 5 |
Other liabilities, noncurrent | $ 549 | $ 76 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Features Of Convertible Preferred Stock [Abstract] | ||
Common stock, shares authorized | 500,000,000 | |
Common stock, par value | $ 0.005 | |
Common stock, voting rights | each outstanding share of common stock is entitled to one vote | |
Common stock, shares issued | 11,320,920 | 10,864,722 |
Common stock, shares outstanding | 11,320,920 | 10,864,722 |
Preferred stock, shares authorized | 20,000,000 | |
Preferred stock, par value | $ 0.005 | |
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net loss | $ (362) | $ (1,217) |
Denominator: | ||
Weighted-average shares outstanding, basic and diluted | 11,005,781 | 10,067,830 |
Net loss per share | $ (0.03) | $ (0.12) |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Anti-dilutive Shares Outstanding Excluded in Calculation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 991,756 | 1,376,583 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 706,472 | 801,397 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 121,571 | 129,575 |
Warrants to Purchase Preferred and Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 163,713 | 445,611 |
Common Stock Warrants - Schedul
Common Stock Warrants - Schedule of Common Stock Warrants Issued and Outstanding (Details) | 3 Months Ended | |
Mar. 31, 2019$ / sharesshares | ||
Class Of Warrant Or Right [Line Items] | ||
Shares of warrants issued and outstanding | 163,713 | |
The July 2012 Common stock warrant | ||
Class Of Warrant Or Right [Line Items] | ||
Shares of warrants issued and outstanding | 3,766 | |
Issuance Date | 2012-07 | |
Price per Share | $ / shares | $ 5.8667 | |
Expiration Date | 2019-07 | |
The August 2012 Common stock warrant | ||
Class Of Warrant Or Right [Line Items] | ||
Shares of warrants issued and outstanding | 25,231 | |
Issuance Date | 2012-08 | |
Price per Share | $ / shares | $ 5.8667 | |
Expiration Date | 2019-08 | |
The February 2014 Common stock warrant | ||
Class Of Warrant Or Right [Line Items] | ||
Shares of warrants issued and outstanding | 50,716 | |
Issuance Date | 2014-02 | |
Price per Share | $ / shares | $ 0.1700 | |
Expiration Date | 2021-02 | |
The June 2017 Common stock warrant | ||
Class Of Warrant Or Right [Line Items] | ||
Shares of warrants issued and outstanding | 84,000 | [1] |
Issuance Date | 2017-06 | [1] |
Price per Share | $ / shares | $ 13.2000 | [1] |
Expiration Date | 2020-06 | [1] |
[1] | This warrant was issued to the Company’s lead underwriter in connection with the Company’s initial public offering. |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) | Jan. 01, 2019shares | May 31, 2017shares | Mar. 31, 2019USD ($)Participant$ / sharesshares | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Stock Unit | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Units, Granted | 39,597 | ||||
Grant Date Fair Value, Granted | $ / shares | $ 44.95 | ||||
2017 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance | 2,413,659 | ||||
Number of shares available for future grant | 900,000 | 1,688,369 | |||
Shares of common stock reserved for issuance, automatic annual increase initiation date | Jan. 1, 2018 | ||||
Shares of common stock reserved for issuance, automatic annual increase end date | Jan. 1, 2027 | ||||
Percentage of number of shares of common stock outstanding | 5.00% | 5.00% | |||
Increase in common stock reserved for issuance | 543,236 | ||||
2017 Equity Incentive Plan | Shares under 2005 Plan that would have otherwise been returned to 2005 Plan | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance | 1,314,752 | ||||
2017 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance | 200,000 | ||||
Percentage of number of shares of common stock outstanding | 2.00% | ||||
Increase in common stock reserved for issuance | 150,000 | ||||
Percentage of fair market value of common stock on purchase date | 85.00% | ||||
Percentage of fair market value of common stock on purchase date of the first day of IPO | 85.00% | ||||
Purchase of common stock under ESPP, Description | The 2017 ESPP allows eligible employees to purchase shares of the Company’s common stock in an offering at a discount of the then-current trading price, up to the lesser of (1) 85% of the fair market value of the common stock on the first day of the IPO or (2) 85% of the fair market value of the common stock on the purchase date. The 2017 ESPP permits the maximum discounted purchase price permitted under U.S. tax rules, including a “lookback.” | ||||
Initial offering period in length | 24 months | ||||
Number of participant have the right to purchase shares of common stock | Participant | 0 | ||||
Fair Market Value Of Common Stock | $ | $ 25,000 | ||||
Periodic increment of common stock reserved for future issuance | 150,000 | ||||
Shares issued under ESPP | 0 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Stock Option Activity (Details) - 2005 Plan and 2017 Plan | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options Outstanding, Beginning Balance | shares | 820,186 |
Number of Options Outstanding, Granted | shares | 73,280 |
Number of Options Outstanding, Exercised | shares | (177,408) |
Number of Options Outstanding, Canceled | shares | (9,586) |
Number of Options Outstanding, Ending Balance | shares | 706,472 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 8.44 |
Weighted Average Exercise Price, Granted | $ / shares | 44.95 |
Weighted Average Exercise Price, Exercised | $ / shares | 1.23 |
Weighted Average Exercise Price, Canceled | $ / shares | 4.91 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 14.09 |
Equity Incentive Plans - Sche_2
Equity Incentive Plans - Schedule of Stock-Based Compensation Expense Recorded in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 754 | $ 427 |
Cost of Revenues | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 133 | 57 |
Sale and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 266 | 66 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 87 | 40 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 268 | $ 264 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | |
Lessee Disclosure [Abstract] | |||
Operating lease, description | The Company leases its principal executive offices in Newark, California, under a non-cancelable operating lease which expires in October 2021. | ||
Operating lease, expiraton period | 2021-10 | ||
Operating lease right-of-use asset | $ 765 | $ 900 | |
Operating lease liability | $ 827 | $ 900 | |
Operating lease, discount rate | 6.00% | ||
Operating lease cost recognized | $ 100 | ||
Rent expense | $ 100 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Information Related to Operating Lease (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Jan. 01, 2019 | |
Assets And Liabilities Lessee [Abstract] | ||
Operating lease right-of-use asset | $ 765 | $ 900 |
Lease liability (short-term) (presented within Accrued expenses and other current liabilities) | $ 282 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesAndOtherLiabilities | |
Lease liability (long-term) (presented within Other liabilities) | $ 545 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | |
Total operating lease liability | $ 827 | $ 900 |
Cash paid for amounts included in the measurement of lease liabilities (presented within Operating cash flows) | $ 86 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Operating Lease Liabilities Payments Due [Abstract] | ||
2019 (remainder of year) | $ 232 | |
2020 | 357 | |
2021 | 304 | |
Total lease payments, undiscounted | 893 | |
Less: imputed interest | (66) | |
Operating lease liability | $ 827 | $ 900 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2019 | $ 352 |
2020 | 357 |
2021 | 304 |
Total | $ 1,013 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Lease (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2019 (remainder of year) | $ 160 |
2020 | 71 |
Total | $ 231 |