Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | Marin Software Incorporated | |
Entity Central Index Key | 0001389002 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 3,106,361 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity File Number | 001-35838 | |
Entity Tax Identification Number | 20-4647180 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 149 New Montgomery Street | |
Entity Address, Address Line Two | 4th Floor | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | 415 | |
Local Phone Number | 399-2580 | |
Title of 12(b) Security | Common Stock, $0.001 Par Value Per Share | |
Trading Symbol | MRIN | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Current assets: | |||
Cash and cash equivalents | $ 9,563 | $ 11,363 | |
Accounts receivable, net | 3,422 | 3,864 | |
Prepaid expenses and other current assets | 1,386 | 1,548 | |
Total current assets | 14,371 | 16,775 | |
Property and equipment, net | 118 | 120 | |
Right-of-use assets, operating leases | 1,613 | 1,912 | |
Other non-current assets | 504 | 508 | |
Total assets | 16,606 | 19,315 | |
Current liabilities: | |||
Accounts payable | 609 | 664 | |
Accrued expenses and other current liabilities | 1,820 | 2,099 | |
Operating lease liabilities | 1,613 | 1,518 | |
Total current liabilities | 4,042 | 4,281 | |
Operating lease liabilities, non-current | 0 | 394 | |
Other long-term liabilities | 980 | 1,001 | |
Total liabilities | 5,022 | 5,676 | |
Commitments and contingencies (Note 9) | |||
Stockholders’ equity: | |||
Convertible preferred stock, $0.001 par value - 10,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | [1] | 0 | 0 |
Common stock, $0.001 par value - 42,619 shares authorized, 3,061 and 3,011 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | [1] | 3 | 3 |
Additional paid-in capital | 359,234 | 358,884 | |
Accumulated deficit | (346,662) | (344,251) | |
Accumulated other comprehensive loss | (991) | (997) | |
Total stockholders’ equity | 11,584 | 13,639 | |
Total liabilities and stockholders’ equity | $ 16,606 | $ 19,315 | |
[1] The shares of common stock, par value of common stock issued and outstanding, and additional paid-in capital amounts for all periods presented have been retroactively adjusted to reflect the one-for-six reverse stock split of the Company's issued and outstanding common stock and the reduction in the Company's authorized common stock which took effect on April 12, 2024 (Note 1). |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Stockholders’ equity: | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, authorized (in shares) | 47,619,000 | 47,619,000 |
Common stock, issued (in shares) | 3,061,000 | 3,011,000 |
Common stock, outstanding (in shares) | 3,061,000 | 3,011,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues, net | $ 4,031 | $ 4,583 |
Cost of revenues | 1,743 | 3,240 |
Gross profit | 2,288 | 1,343 |
Operating expenses | ||
Sales and marketing | 1,250 | 2,025 |
Research and development | 1,881 | 2,942 |
General and administrative | 1,684 | 2,336 |
Total operating expenses | 4,815 | 7,303 |
Loss from operations | (2,527) | (5,960) |
Other income, net | 104 | 225 |
Loss before income taxes | (2,423) | (5,735) |
Provision for (benefit from) income taxes | (12) | 48 |
Net loss | (2,411) | (5,783) |
Foreign currency translation adjustments | 6 | (5) |
Comprehensive loss | $ (2,405) | $ (5,788) |
Net loss per share available to common stockholders, basic (1) (Note 7) | $ (0.8) | $ (2.01) |
Net loss per share available to common stockholders, diluted (1) (Note 7) | $ (0.8) | $ (2.01) |
Weighted-average shares used to compute net loss per share available to common stockholders, basic (1) | 3,024 | 2,873 |
Weighted-average shares used to compute net loss per share available to common stockholders, diluted (1) | 3,024 | 2,873 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | [1] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | ||
Balances at beginning of period at Dec. 31, 2022 | $ 32,714 | $ 3 | [1] | $ 356,010 | $ (322,334) | $ (965) | ||
Balances at beginning of period (in shares) at Dec. 31, 2022 | [1] | 2,871,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock from vesting of restricted stock units,shares (Note 7) | [1] | 2,000 | ||||||
Tax withholding related to vesting of restricted stock units | (10) | (10) | ||||||
Stock-based compensation expense | 1,069 | 1,069 | ||||||
Net loss | (5,783) | (5,783) | ||||||
Foreign currency translation adjustments | (5) | (5) | ||||||
Balances at end of period at Mar. 31, 2023 | 27,985 | $ 3 | [1] | 357,069 | (328,117) | (970) | ||
Balances at end of period (in shares) at Mar. 31, 2023 | [1] | 2,873,000 | ||||||
Balances at beginning of period at Dec. 31, 2022 | 32,714 | $ 3 | [1] | 356,010 | (322,334) | (965) | ||
Balances at beginning of period (in shares) at Dec. 31, 2022 | [1] | 2,871,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | 21,917 | |||||||
Balances at end of period at Dec. 31, 2023 | 13,639 | $ 3 | [1] | 358,884 | (344,251) | (997) | ||
Balances at end of period (in shares) at Dec. 31, 2023 | [1] | 3,011,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock from vesting of restricted stock units,shares (Note 7) | [1] | 50,000 | ||||||
Issuance of common stock from vesting of restricted stock units (Note 7) | [1] | $ 0 | ||||||
Tax withholding related to vesting of restricted stock units | (63) | (63) | ||||||
Stock-based compensation expense | 413 | 413 | ||||||
Net loss | (2,411) | (2,411) | ||||||
Foreign currency translation adjustments | 6 | 6 | ||||||
Balances at end of period at Mar. 31, 2024 | $ 11,584 | $ 3 | [1] | $ 359,234 | $ (346,662) | $ (991) | ||
Balances at end of period (in shares) at Mar. 31, 2024 | [1] | 3,061,000 | ||||||
[1] The shares of common stock, par value of common stock issued and outstanding, and additional paid-in capital amounts for all periods presented have been retroactively adjusted to reflect the one-for-six reverse stock split of the Company's issued and outstanding common stock which took effect on April 12, 2024 (Note 1) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Net loss | $ (2,411) | $ (5,783) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 2 | 11 |
Amortization of internally developed software | 0 | 419 |
Amortization of right-of-use assets | 371 | 399 |
Amortization of deferred costs to obtain and fulfill contracts | 87 | 94 |
Unrealized foreign currency losses | (1) | 4 |
Stock-based compensation related to equity awards | 413 | 1,032 |
Provision for credit losses | (10) | (279) |
Deferred income tax benefits | 3 | 0 |
Changes in operating assets and liabilities | ||
Accounts receivable | 459 | 734 |
Prepaid expenses and other assets | 81 | 232 |
Accounts payable | (55) | 194 |
Accrued expenses and other liabilities | (297) | (350) |
Operating lease liabilities | (371) | (399) |
Net cash used in operating activities | (1,729) | (3,692) |
Investing activities: | ||
Capitalization of internally developed software | 0 | (579) |
Net cash used in investing activities | 0 | (579) |
Financing activities: | ||
Employee taxes paid for withheld shares upon equity award settlement | (60) | (10) |
Proceeds from employee stock purchase plan, net | 0 | 18 |
Net cash used in financing activities | (60) | 8 |
Effect of foreign exchange rate changes on cash and cash equivalents | (11) | 22 |
Net decrease in cash and cash equivalents | (1,800) | (4,241) |
Cash and cash equivalents and restricted cash: | ||
Beginning of period | 11,363 | 27,957 |
End of the period | $ 9,563 | $ 23,716 |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Business and Significant Accounting Policies | 1. Summary of Business and Significant Accounting Policies Marin Software Incorporated (the “Company”) was incorporated in Delaware in March 2006. The Company provides enterprise marketing software for advertisers and agencies to integrate, align and amplify their digital advertising spend across the web and mobile devices. Offered as a unified software-as-a-service (“SaaS”) advertising management solution for search, social and eCommerce advertising, the Company’s platform helps digital marketers convert precise audiences, improve financial performance and make better decisions. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements and condensed footnotes have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of only normal recurring items, considered necessary for fair statement have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for other interim periods or future years. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2023 is derived from audited financial statements as of that date but does not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 , filed with the Securities and Exchange Commission ("SEC") on February 23, 2024. Reverse Stock Split and Reduction in Authorized Shares On April 12, 2024, the Company effected a reverse stock split of its outstanding common stock and a reduction in the Company's authorized shares of common stock. As a result of the reverse stock split, each six outstanding shares of the Company’s common stock were combined into one outstanding share of common stock, without any change in par value. The common stock began trading on the Nasdaq Capital Market on a split-adjusted basis on April 15, 2024. No fractional shares were issued in connection with the reverse stock split and the Company will pay the fair value of such fractional shares in cash. As a result of the reduction in the Company's authorized shares of common stock, the Company's authorized shares went from 142,857 shares to 47,619 shares. All share and per share amounts of the Company’s common stock, as well as stock options and restricted stock units (“RSUs”), included in the accompanying condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented, unless indicated otherwise. In addition, as a result of the reverse stock split, the Company reclassified an amount equal to the reduction in the par value of common stock to additional paid-in capital on its condensed consolidated balance sheets. Liquidity and Going Concern The Company has incurred significant losses in each fiscal year since its incorporation in 2006. The Company incurred a net loss of $ 2,411 for the three months ended March 31, 2024 and a net loss of $ 21,917 for the year ended December 31, 2023. As of March 31, 2024, the Company had cash and cash equivalents of $ 9,563 and an accumulated deficit of $ 346,662 . Historically, the Company has relied primarily on the sale of its capital stock to fund operating activities. Management expects to incur additional losses and experience negative operating cash flows into the foreseeable future. In July 2023, the Company commenced a restructuring plan that included a global reduction-in-force and other cost saving actions to reduce its expenses (the "2023 Restructuring Plan"). The 2023 Restructuring Plan resulted in the reduction of the Company's global employees by 64 full-time employees during the second half of 2023, reducing its total headcount by approximately 37%. The 2023 Restructuring Plan was substantially complete in 2023 . The Company’s ability to achieve its business objectives, and to continue to meet its obligations, is dependent upon maintaining a certain level of liquidity, which is impacted by several factors, such as its ability to manage its cash flows, including the effectiveness of the 2023 Restructuring Plan, its ability to maintain its strategic partnerships, its ability to increase new bookings, the extent of customer acceptance, retention and use of its MarinOne platform, and general macroeconomic conditions such as inflation or the extent and duration of any recession. Although the Company has pursued, and may continue to pursue, additional sources of liquidity, including additional equity and debt financing, there is no assurance that any additional financing will be available on acceptable terms, or at all. Failure to manage its cash flows, improve customer retention rates, or raise additional capital would have a material adverse effect on the Company’s ability to achieve its intended business objectives. Based on the funds the Company has available as of the date of the filing of this Quarterly Report on Form 10-Q and its history of recurring losses and negative operating cash flows, there is substantial doubt raised about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is substantially dependent upon its ability to achieve its intended business objectives. If the Company is unable to achieve its intended business objectives, it is probable that the Company may be required to initiate further cost savings activities, extend payment terms with suppliers, liquidate assets where possible, or wind-up operations. These actions could materially impact the Company’s business, results of operations and future prospects. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for one year after the filing date of the accompanying condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the Company’s uncertainty related to its ability to continue as a going concern. These adjustments could materially impact the Company’s accompanying condensed consolidated financial statements. The Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments or revise the carrying value of its assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. Fair Value of Financial Instruments The Company’s financial instruments, including accounts receivable, accounts payable and accrued expenses are carried at cost, which approximates fair value because of the short-term nature of those instruments. Cash equivalents are comprised of money market funds recorded at fair value and are classified as Level 1 within the fair value hierarchy. Allowances for Credit Losses and Revenue Credits The Company performs a regular review of its customers’ payment histories and associated credit risks and it generally does not require collateral from its customers. Certain contracts with advertising agencies contain sequential liability provisions, whereby the agency does not have an obligation to pay the Company until payment is received from the agency’s customers. In these circumstances, the Company evaluates the credit worthiness of the agency’s customers, in addition to the agency itself. The Company maintains an allowance for credit losses which reflects its best estimate of potentially uncollectible trade receivables and is based on both specific and general reserves. General reserves are maintained on a collective basis by considering factors such as historical experience, the age of the receivable balances, current economic conditions and a reasonable and supportable forecast of future economic conditions. The activity in the Company’s allowance for credit losses for the three months ended March 31, 2024 is summarized as follows (in thousands): Total Balance at December 31, 2023 $ 501 Current period provision for expected losses ( 10 ) Write-offs charged against allowance ( 70 ) Balance at March 31, 2024 $ 421 From time to time, the Company provides credits to customers that typically relate to customer disputes or billing adjustments and are recorded as a reduction of revenue. Reserves for these revenue credits are accounted for as variable consideration under authoritative revenue recognition guidance (see Note 2) and are estimated based on historical credit activity. As of March 31, 2024, and December 31, 2023, the Company recorded an allowance for potential customer credits in the amount of $ 13 and $ 12 , respectively. Revenue Recognition The Company generates revenues principally from subscriptions either directly with advertisers or with advertising agencies to its platform for the management of search, social and eCommerce. The Company also generates revenues from strategic agreements with certain leading publishers. Under the subscription agreements, the Company receives consideration based on the advertising spend that customers manage on its platform. Revenues are recognized when control of these services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. See Note 2 for further discussion of the Company’s revenues. Internally Developed Software Costs incurred in the development phase are capitalized and amortized over the product’s estimated useful life, when the development costs are considered recoverable. The Company expenses all costs incurred that relate to planning and post implementation phases of development. Development phase costs generally include salaries and personnel costs and third-party contractor expenses associated with software development, configuration and coding. Capitalized costs related to internally developed software under development are treated as construction in progress until the program, feature or functionality is ready for its intended use, at which time amortization commences. During the three months ended March 31, 2024, the Company analyzed whether its internally developed software still met the definition of an asset. As of March 31, 2024, the Company concluded that due to the fact the internally developed software does not have a future economic benefit to the Company based on its negative cash flows, it no longer meets the definition of an asset. Additionally, as the internally developed software no longer meets the definition of an asset, the development costs related to internally developed software will no longer be capitalized as these development costs are considered to be unrecoverable. Instead, all development costs related to the internally developed software will be expensed as incurred. As of March 31, 2024 and December 31, 2023, there was no unamortized internally developed software costs, including construction in progress. During the three months ended March 31, 2024, no amounts were capitalized relating to internally developed software as the development costs in the period related to internally developed software were considered unrecoverable. During the three months ended March 31, 2023, the Company capitalized $ 579 of development costs related to internally developed software. During the three months ended March 31, 2024, the Company had no amortization of capitalized costs related to internally developed software, while during the three months ended March, 31, 2023 the Company amortized $ 419 . Amortization of internally developed software is reflected in cost of revenues. Costs associated with minor enhancements and maintenance are expensed as incurred. Research and Development Research and development costs are expensed as incurred, except for certain internal software development costs, which may be capitalized when recoverable, as noted above. Research and development costs consist of personnel costs, including salaries, stock-based compensation expense, benefits and bonuses, as well as no n-personnel costs such as professional fees payable to third-party development resources, amortization of intangible assets and allocated overhead costs . Recent Accounting Pronouncements Not Yet Effective In November 2023, the Financial Standards Accounting Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280) ("ASU 2023-07"). ASU 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes – Improvements to Income Tax Disclosures (Topic 740) ("ASU 2023-09"). ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 2. Revenues Revenue Recognition The Company generates its revenues principally from subscriptions, either directly with advertisers or with advertising agencies, to its platform for the management of search, social, eCommerce and display advertising. It also generates a portion of its revenues from long-term strategic agreements with certain leading publishers. Revenues are recognized when control of these services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies its performance obligations. Subscription The Company’s subscription contracts provide advertisers with access to the Company’s advertising management platform. Advertisers do not have the right to take possession of the software supporting the services at any time. These contracts are generally one year or less in length, though certain contracts extend up to two years . The subscription fee under most contracts consists of the greater of a minimum monthly platform fee or variable consideration based on the volume of advertising spend managed through the Company’s platform at the contractual percentage of spend. The variable portion generally includes tiered pricing, whereby the percentage of spend charged decreases as the value of advertising spend increases. The tiered pricing generally resets monthly and is consistent throughout the contract term. The Company has concluded that this volume-based pricing approach does not constitute a future material right as the pricing tiers are consistent throughout the term of the contract and similar pricing is typically offered to similar classes of customers within the same geographical areas and markets. Certain subscription contracts consist of only a flat monthly platform fee. Subscription fees are generally invoiced on a monthly basis in arrears based on the actual amount of advertising spend managed on the platform. In certain limited circumstances, the Company will invoice an advertiser in advance for the contractual minimum monthly platform fee for a defined future period, which is typically three to 12 months . The Company’s subscription services comprise a single stand-ready performance obligation satisfied over time as the advertiser simultaneously receives and consumes the benefit from the Company’s performance. This performance obligation constitutes a series of services that are substantially the same in nature and are provided over time using the same measure of progress. Revenues derived from these arrangements are recognized over time using an output method based upon the passage of time as this provides a faithful depiction of the pattern of transfer of control. Fixed minimum monthly platform fees are recognized ratably over the contract term as the single performance obligation is satisfied. Variable fees are allocated to the distinct month of the series in which they are earned because the terms of the variable payments relate specifically to the outcome from transferring the distinct time increment (month) of service and because such amounts reflect the fees to which the Company expects to be entitled for providing access to the advertising management platform for that period, consistent with the allocation objective of authoritative revenue guidance under Accounting Standards Codification 606 (“ASC 606”). Expected future revenues for subscription services related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2024 were as follows: Subscription Services 2024 (remaining nine months) $ 493 2025 280 Total $ 773 The Company applies the optional exemption under ASC 606 and does not disclose the value of unsatisfied performance obligations on subscription contracts with an original term of one year or less. The amounts disclosed above as remaining performance obligations consist primarily of fixed or monthly minimum fees under contracts with an original expected duration of greater than one year . The amounts exclude estimates of variable consideration such as volume-based contracts, as well as anticipated renewals of contracts. Strategic Agreements The Company has entered into long-term strategic agreements with certain leading search publishers which are generally billed on a quarterly basis. In September 2021, the Company entered into a revenue share agreement with Google, which has a scheduled three-year term that commenced on October 1, 2021 (the "Google Revenue Share Agreement") and continues through September 30, 2024. Through this agreement, the Company is eligible to receive fixed and variable revenue share payments based on a percentage of the search advertising spend that is managed through the Company’s platform and in that the Company is required to reinvest a specified percentage of these revenue share payments in its search technology platform to drive innovation. The Company is in preliminary discussions with Google to renew or extend the term of the Google Revenue Share Agreement, but no assurances can be provided as to whether the agreement will be renewed or the term extended or as to terms of any renewal or extension of the agreement. The Company evaluates the total amount of variable revenue share payments expected to be earned from the Google Revenue Share Agreement using the most likely method, as it believes this method represents the most appropriate estimate for this consideration, based on historical service trends, the individual contract considerations and the Company’s best judgment. The Company includes estimates of variable consideration in revenues only to the extent that it believes it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company recognized revenues from the Google Revenue Share Agreement of $ 1,788 for the three months ended March 31, 2024 and 2023. Disaggregation of Revenues Revenues by geographic area, based on the billing location of the customer, were as follows for the periods presented: Three Months Ended March 31, 2024 2023 United States of America $ 3,236 $ 3,655 United Kingdom 485 546 Other (1) 310 382 Total revenues, net $ 4,031 $ 4,583 (1) No individual country within the “Other” category accounted for 10% or more of revenues for any period presented. Revenues by nature of services performed were as follows for the periods presented: Three Months Ended March 31, 2024 2023 Subscriptions $ 2,243 $ 2,801 Strategic agreements 1,788 1,782 Total revenues, net $ 4,031 $ 4,583 Advertisers from outside of the United States represented 20 % of total revenues for the three months ended March 31, 2024 and 2023 . The Google Revenue Share Agreement accounted for approximately 44 % and 39 % of the Company's total revenues for the three months ended March 31, 2024 and 2023 , respectively. Additionally, one customer accounted for approximately 14 % of total revenues for the three months ended March 31, 2024 and two customers accounted for approximately 12 % and 11 % of total revenues for the three months ended March 31, 2023 . Contract Balances Accounts Receivable, Net The timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable are recorded at the invoice amount, net of any allowances for credit losses and revenue credits. A receivable is recognized in the period the Company provides the underlying services or when the right to consideration is unconditional. Included in accounts receivable, net, as of March 31, 2024 and December 31, 2023 were receivables of $ 1,788 related to the Google Revenue Share Agreement, which represented 52 % a nd 46 % of the balances, respectively. Additionally, one customer accounted for approximately 16 % of accounts receivable, net, as of March 31, 2024. No additional customers accounted for more than 10 % of accounts receivable, net, as of March 31, 2024 and December 31, 2023. Customer Advances In certain situations, the Company receives cash payments from customers in advance of its performance of the underlying services. These advances from customers are included within accrued expenses and other current liabilities on the accompanying condensed consolidated balance sheets. Costs to Obtain and Fulfill Contracts The Company capitalizes certain contract acquisition costs, consisting primarily of commissions and related payroll taxes, when customer contracts are signed. The Company also capitalizes certain contract fulfillment costs, consisting primarily of the portion of the payroll and fringe benefits of the Company’s professional services team that relates directly to performing on-boarding and integration services for new and existing customers (collectively, “deferred costs to obtain and fulfill contracts”). The deferred costs to obtain and fulfill contracts are amortized over the expected period of benefit, which the Company has determined to be approximately 30 months. This expected period of benefit takes into consideration the duration of the Company’s customer contracts, historical contract renewal rates, the underlying technology and other factors. Amortization expense for deferred costs to obtain and fulfill contracts is included in sales and marketing expense and cost of sales, respectively, on the accompanying condensed consolidated statements of comprehensive loss. There were no impairment losses related to c osts capitalized in the three months ended March 31, 2024 and 2023. The Company classifies deferred costs to obtain and fulfill contracts as current or non-current based on the timing of when the related amortization expense is expected to be recognized. The current portion of these deferred costs is included in prepaid expenses and other current assets, while the non-current portion is included in other non-current assets on the accompanying condensed consoli dated balance sheets. Changes in the balances of deferred costs to obtain and fulfill contracts during the three months ended March 31, 2024 were as follows: Deferred Costs Deferred Costs Balances at December 31, 2023 $ 288 $ 98 Costs deferred 64 10 Amortization ( 66 ) ( 21 ) Balances at March 31, 2024 $ 286 $ 87 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | 3. Balance Sheet Components The following table shows the components of property and equipment as of the dates presented: March 31, December 31, Estimated Useful Life 2024 2023 Software, including internally developed software 3 years $ 34,972 $ 34,972 Computer equipment 3 to 4 years 18,078 18,080 Leasehold improvements Shorter of useful life or lease term 512 512 Office equipment, furniture and fixtures 3 to 5 years 94 94 Total property and equipment 53,656 53,658 Less: Accumulated depreciation and amortization ( 50,262 ) ( 50,262 ) Less: Accumulated impairment losses ( 3,276 ) ( 3,276 ) Property and equipment, net $ 118 $ 120 D epreciation of property and equipment for the three months ended March 31, 2024 was immaterial, while amortization of internally developed software and depreciation of property and equipment for the for the three months ended March 31, 2023 was $ 430 . The following table shows the components of accrued expenses and other current liabilities as of th e dates presented: March 31, December 31, 2024 2023 Accrued salary and payroll-related expenses $ 863 $ 872 Accrued liabilities 236 376 Income taxes payable 99 192 Advanced billings and customer credits (1) 603 636 Other 19 23 Total accrued expenses and other current liabilities $ 1,820 $ 2,099 (1) During the year ended December 31, 2023, the Company wrote off customer credit balances of $ 443 as credits to credit loss expense, of which approximately $ 300 were written off during the three months ended March 31, 2023. No customer credit balances were written off during the three months ended March 31, 2024. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 4. Stock-based Compensation The Company's stock-based compensation expense is associated with stock options, RSUs and its employee stock purchase plan (“ESPP”) awarded under its equity incentive plans. Stock-based compensation expense was allocated as follows: Three Months Ended March 31, 2024 2023 Cost of revenues $ 39 $ 124 Sales and marketing 64 165 Research and development 127 270 General and administrative 183 473 Total $ 413 $ 1,032 For stock-based awards granted by the Company, stock-based compensation cost is measured at grant date based on the fair value of the award and is expensed over the requisite service period. No stock-based compensation was capitalized as internally developed software during the three months ended March 31, 2024, while $ 37 of stock-based compensation was capitalized as internally developed software during the three months ended March 31, 2023. Stock Options A summary of the Company's stock option activity is as follows: Options Outstanding Number of Weighted Average Weighted Average Aggregate Balances at December 31, 2023 54 $ 100.69 3.63 $ — Options forfeited and cancelled ( 1 ) 420.96 — — Balances at March 31, 2024 53 98.82 3.41 — Options exercisable 53 $ 98.82 3.41 — Options vested 53 $ 98.82 3.41 — Options vested and expected to vest 53 $ 98.82 3.41 — There were no grants or exercises of stock options during the three months ended March 31, 2024. Compensation expense, net of forfeitures, is recognized ratably over the requisite service period. As of March 31, 2024 , there was no unrecognized compensation expense related to stock options. RSUs A summary of the Company's RSU activity is as follows: RSUs Outstanding Number of Weighted Average Granted and unvested at December 31, 2023 288 $ 8.88 RSUs vested ( 50 ) 7.50 RSUs cancelled and withheld to cover taxes ( 35 ) 7.57 Granted and unvested at March 31, 2024 203 $ 9.48 As of March 31, 2024 , there was $ 1,002 of unrecognized compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 1.0 years. The Company uses the fair market value of the underlying common stock on the dates of grant to determine the fair value of RSUs. Employee Stock Purchase Plan There was no activity during the three months ended March 31, 2024 under the Company's ESPP and there was no unrecognized compensation expense related to the Company's ESPP as of March 31, 2024. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | 5. Leases The Company's primary operating lease is for space at a data center which was renewed in April 2022 and expires in 2025. In April 2023, the Company finalized exercising an option to decrease the space at the data center under the operating lease. As of March 31, 2024, the weighted-average rate used in discounting the lease liabilities for right-of-use (“ROU”) operating leases was 6.0 % and the weighted-average remaining lease term for ROU operating leases wa s 1.0 years. As of March 31, 2024 and December 31, 2023 the Company had operating lease ROU assets of $ 1,613 and $ 1,912 , respectively. Operating lease costs, consisting primarily of rental expense, were approximately $ 424 and $ 503 for the three months ended March 31, 2024 and 2023, respectively. Variable rent expense was not significant for the three and three months ended March 31, 2024 and 2023. The maturities of operating lease liabilities as of March 31, 2024 are as follows: 2024 (remaining) 1,243 2025 414 Total lease payments 1,657 Less: Amount representing imputed interest ( 44 ) Present value of lease liabilities 1,613 Less: Current portion of lease liabilities ( 1,613 ) Non-current portion of lease liabilities $ — Supplemental cash flow information related to operating leases was as follows: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 424 $ 504 ROU assets obtained in exchange for lease liabilities: 72 161 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The Company’s quarterly provision for income taxes is based on an estimated effective annual income tax rate, and it also includes the tax impact of certain unusual or infrequently occurring items, if any. These may include changes in judgment about valuation allowances and effects of changes in tax laws or rates in the interim period in which they occur. The Company's income tax benefit for the three months ended March 31, 2024 was $ 12 on pre-tax losses of $ 2,423 and the Company's income tax provision for the three months ended March 31, 2023 was $ 48 on pre-tax losses of $ 5,735 . For the three months ended March 31, 2024, the Company's effective tax rate varies from the federal income tax rate primarily due to valuation allowances in the United States and taxable income generated by certain of the Company's foreign wholly owned subsidiaries. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and, therefore, the need for valuation allowances on a quarterly basis. There is no income tax benefit recognized with respect to losses incurred and no income tax expense recognized with respect to earnings generated in jurisdictions with a valuation allowance. This causes variability in the Company’s effective tax rate. The Company will maintain the valuation allowances until it is more likely than not that the net deferred tax assets will be realized. Tax positions taken by the Company are subject to audits by multiple tax jurisdictions. The Company believes that it has provided adequate reserves for its uncertain tax positions for all tax years still open for assessment. It is reasonably possible that uncertain tax positions existing as of March 31, 2024 could decrease by approximately $ 368 within the next twelve months. For the three months ended March 31, 2024 and 2023 , the Company did no t recognize a ny material interest, penalties or other changes related to uncertain tax positions. |
Net Loss Per Share Available to
Net Loss Per Share Available to Common Stockholders | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Available to Common Stockholders | . Net Loss Per Share Available to Common Stockholders Basic net loss per share of common stock is calculated by dividing the net loss available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share of common stock is computed by dividing the net loss using the weighted-average number of shares of common stock, excluding common stock subject to repurchase, and, if dilutive, potential shares of common stock outstanding during the period. Basic and diluted net loss per share is the same for all periods presented, as the impact of all potentially outstanding dilutive securities was anti-dilutive. The following table presents the calculation of basic and diluted net los s per share: Three Months Ended March 31, 2024 2023 Numerator: Net loss available to common stockholders $ ( 2,411 ) $ ( 5,783 ) Denominator: Weighted average number of shares, basic and diluted 3,024 2,873 Net loss per share available to common stockholders Basic and diluted net loss per common share available to common stockholders $ ( 0.80 ) $ ( 2.01 ) The following table presents the potential shares of common stock outstanding that were excluded from the computation of diluted net loss per share available to common stockholders for the periods presented because including them would hav e been anti-dilutive: Three Months Ended March 31, 2024 2023 Options to purchase common stock 53 55 Unvested RSUs 203 539 Total 256 594 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | 8. Segment Reporting The Company defines the term “chief operating decision maker” to be the Chief Executive Officer. The Chief Executive Officer reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has determined that it operates as a single reporting and operating segment. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Legal Matters From time to time, the Company may be involved in lawsuits, claims, investigations and proceedings, consisting of intellectual property, commercial, employment and other matters, which arise in the ordinary course of business. In accordance with GAAP, the Company records a liability 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 at least quarterly and adjusted to reflect the impact of negotiations, settlements, ruling, advice of legal counsel and other information and events pertaining to a particular case. Litigation is inherently unpredictable. If any unfavorable ruling was to occur in any specific period or if a loss becomes probable and estimable, there exists the possibility of a material adverse impact on the Company’s results of operations, financial position or cash flows. As of March 31, 2024, no material amounts were recorded related to legal proceedings on the unaudited condensed consolidated balance sheet. Indemnification The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to the agreements, each party may indemnify, defend and hold the other party harmless with respect to such claim, suit or proceeding brought against it by a third party alleging that the indemnifying party’s intellectual property infringes upon the intellectual property of the third party, or results from a breach of the indemnifying party’s representations and warranties or covenants, or that results from any acts of negligence or willful misconduct. The term of these indemnification agreements is generally perpetual any time after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. Historically, the Company has not been obligated to make significant payments for these obligations and no liabilities have been recorded on the unaudited condensed consolidated balance sheet as of March 31, 2024 and the audited consolidated balance sheet as of December 31, 2023. The Company also indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company has a directors and officers insurance policy that enables the Company to recover a portion of any future amounts paid. Historically, the Company has not been obligated to make any payments for these obligations and no liabilities have been recorded as of March 31, 2024 or December 31, 2023. Other Contingencies The Company is subject to claims and assessments from time to time in the ordinary course of business. The Company’s management does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements and condensed footnotes have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of only normal recurring items, considered necessary for fair statement have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for other interim periods or future years. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2023 is derived from audited financial statements as of that date but does not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 , filed with the Securities and Exchange Commission ("SEC") on February 23, 2024. |
Reverse Stock Split and Reduction in Authorized Shares | Reverse Stock Split and Reduction in Authorized Shares On April 12, 2024, the Company effected a reverse stock split of its outstanding common stock and a reduction in the Company's authorized shares of common stock. As a result of the reverse stock split, each six outstanding shares of the Company’s common stock were combined into one outstanding share of common stock, without any change in par value. The common stock began trading on the Nasdaq Capital Market on a split-adjusted basis on April 15, 2024. No fractional shares were issued in connection with the reverse stock split and the Company will pay the fair value of such fractional shares in cash. As a result of the reduction in the Company's authorized shares of common stock, the Company's authorized shares went from 142,857 shares to 47,619 shares. All share and per share amounts of the Company’s common stock, as well as stock options and restricted stock units (“RSUs”), included in the accompanying condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented, unless indicated otherwise. In addition, as a result of the reverse stock split, the Company reclassified an amount equal to the reduction in the par value of common stock to additional paid-in capital on its condensed consolidated balance sheets. |
Liquidity and Going Concern | Liquidity and Going Concern The Company has incurred significant losses in each fiscal year since its incorporation in 2006. The Company incurred a net loss of $ 2,411 for the three months ended March 31, 2024 and a net loss of $ 21,917 for the year ended December 31, 2023. As of March 31, 2024, the Company had cash and cash equivalents of $ 9,563 and an accumulated deficit of $ 346,662 . Historically, the Company has relied primarily on the sale of its capital stock to fund operating activities. Management expects to incur additional losses and experience negative operating cash flows into the foreseeable future. In July 2023, the Company commenced a restructuring plan that included a global reduction-in-force and other cost saving actions to reduce its expenses (the "2023 Restructuring Plan"). The 2023 Restructuring Plan resulted in the reduction of the Company's global employees by 64 full-time employees during the second half of 2023, reducing its total headcount by approximately 37%. The 2023 Restructuring Plan was substantially complete in 2023 . The Company’s ability to achieve its business objectives, and to continue to meet its obligations, is dependent upon maintaining a certain level of liquidity, which is impacted by several factors, such as its ability to manage its cash flows, including the effectiveness of the 2023 Restructuring Plan, its ability to maintain its strategic partnerships, its ability to increase new bookings, the extent of customer acceptance, retention and use of its MarinOne platform, and general macroeconomic conditions such as inflation or the extent and duration of any recession. Although the Company has pursued, and may continue to pursue, additional sources of liquidity, including additional equity and debt financing, there is no assurance that any additional financing will be available on acceptable terms, or at all. Failure to manage its cash flows, improve customer retention rates, or raise additional capital would have a material adverse effect on the Company’s ability to achieve its intended business objectives. Based on the funds the Company has available as of the date of the filing of this Quarterly Report on Form 10-Q and its history of recurring losses and negative operating cash flows, there is substantial doubt raised about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is substantially dependent upon its ability to achieve its intended business objectives. If the Company is unable to achieve its intended business objectives, it is probable that the Company may be required to initiate further cost savings activities, extend payment terms with suppliers, liquidate assets where possible, or wind-up operations. These actions could materially impact the Company’s business, results of operations and future prospects. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for one year after the filing date of the accompanying condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the Company’s uncertainty related to its ability to continue as a going concern. These adjustments could materially impact the Company’s accompanying condensed consolidated financial statements. The Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments or revise the carrying value of its assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments, including accounts receivable, accounts payable and accrued expenses are carried at cost, which approximates fair value because of the short-term nature of those instruments. Cash equivalents are comprised of money market funds recorded at fair value and are classified as Level 1 within the fair value hierarchy. |
Allowances for Credit Losses and Revenue Credits | Allowances for Credit Losses and Revenue Credits The Company performs a regular review of its customers’ payment histories and associated credit risks and it generally does not require collateral from its customers. Certain contracts with advertising agencies contain sequential liability provisions, whereby the agency does not have an obligation to pay the Company until payment is received from the agency’s customers. In these circumstances, the Company evaluates the credit worthiness of the agency’s customers, in addition to the agency itself. The Company maintains an allowance for credit losses which reflects its best estimate of potentially uncollectible trade receivables and is based on both specific and general reserves. General reserves are maintained on a collective basis by considering factors such as historical experience, the age of the receivable balances, current economic conditions and a reasonable and supportable forecast of future economic conditions. The activity in the Company’s allowance for credit losses for the three months ended March 31, 2024 is summarized as follows (in thousands): Total Balance at December 31, 2023 $ 501 Current period provision for expected losses ( 10 ) Write-offs charged against allowance ( 70 ) Balance at March 31, 2024 $ 421 From time to time, the Company provides credits to customers that typically relate to customer disputes or billing adjustments and are recorded as a reduction of revenue. Reserves for these revenue credits are accounted for as variable consideration under authoritative revenue recognition guidance (see Note 2) and are estimated based on historical credit activity. As of March 31, 2024, and December 31, 2023, the Company recorded an allowance for potential customer credits in the amount of $ 13 and $ 12 , respectively. |
Revenue Recognition | Revenue Recognition The Company generates revenues principally from subscriptions either directly with advertisers or with advertising agencies to its platform for the management of search, social and eCommerce. The Company also generates revenues from strategic agreements with certain leading publishers. Under the subscription agreements, the Company receives consideration based on the advertising spend that customers manage on its platform. Revenues are recognized when control of these services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. See Note 2 for further discussion of the Company’s revenues. |
Internally Developed Software | Internally Developed Software Costs incurred in the development phase are capitalized and amortized over the product’s estimated useful life, when the development costs are considered recoverable. The Company expenses all costs incurred that relate to planning and post implementation phases of development. Development phase costs generally include salaries and personnel costs and third-party contractor expenses associated with software development, configuration and coding. Capitalized costs related to internally developed software under development are treated as construction in progress until the program, feature or functionality is ready for its intended use, at which time amortization commences. During the three months ended March 31, 2024, the Company analyzed whether its internally developed software still met the definition of an asset. As of March 31, 2024, the Company concluded that due to the fact the internally developed software does not have a future economic benefit to the Company based on its negative cash flows, it no longer meets the definition of an asset. Additionally, as the internally developed software no longer meets the definition of an asset, the development costs related to internally developed software will no longer be capitalized as these development costs are considered to be unrecoverable. Instead, all development costs related to the internally developed software will be expensed as incurred. As of March 31, 2024 and December 31, 2023, there was no unamortized internally developed software costs, including construction in progress. During the three months ended March 31, 2024, no amounts were capitalized relating to internally developed software as the development costs in the period related to internally developed software were considered unrecoverable. During the three months ended March 31, 2023, the Company capitalized $ 579 of development costs related to internally developed software. During the three months ended March 31, 2024, the Company had no amortization of capitalized costs related to internally developed software, while during the three months ended March, 31, 2023 the Company amortized $ 419 . Amortization of internally developed software is reflected in cost of revenues. Costs associated with minor enhancements and maintenance are expensed as incurred. |
Research and Development | Research and Development Research and development costs are expensed as incurred, except for certain internal software development costs, which may be capitalized when recoverable, as noted above. Research and development costs consist of personnel costs, including salaries, stock-based compensation expense, benefits and bonuses, as well as no n-personnel costs such as professional fees payable to third-party development resources, amortization of intangible assets and allocated overhead costs |
Recent Accounting Pronouncement Not Yet Effective | Recent Accounting Pronouncements Not Yet Effective In November 2023, the Financial Standards Accounting Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280) ("ASU 2023-07"). ASU 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes – Improvements to Income Tax Disclosures (Topic 740) ("ASU 2023-09"). ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures. |
Summary of Business and Signi_3
Summary of Business and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Changes in Allowance for Doubtful Accounts | The activity in the Company’s allowance for credit losses for the three months ended March 31, 2024 is summarized as follows (in thousands): Total Balance at December 31, 2023 $ 501 Current period provision for expected losses ( 10 ) Write-offs charged against allowance ( 70 ) Balance at March 31, 2024 $ 421 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Expected Future Revenue for Subscription Services Related to Performance Obligations Unsatisfied or Partially Unsatisfied | Expected future revenues for subscription services related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2024 were as follows: Subscription Services 2024 (remaining nine months) $ 493 2025 280 Total $ 773 |
Disaggregation of Revenues | Revenues by geographic area, based on the billing location of the customer, were as follows for the periods presented: Three Months Ended March 31, 2024 2023 United States of America $ 3,236 $ 3,655 United Kingdom 485 546 Other (1) 310 382 Total revenues, net $ 4,031 $ 4,583 (1) No individual country within the “Other” category accounted for 10% or more of revenues for any period presented. Revenues by nature of services performed were as follows for the periods presented: Three Months Ended March 31, 2024 2023 Subscriptions $ 2,243 $ 2,801 Strategic agreements 1,788 1,782 Total revenues, net $ 4,031 $ 4,583 Advertisers from outside of the United States represented 20 % of total revenues for the three months ended March 31, 2024 and 2023 . The Google Revenue Share Agreement accounted for approximately 44 % and 39 % of the Company's total revenues for the three months ended March 31, 2024 and 2023 , respectively. Additionally, one customer accounted for approximately 14 % of total revenues for the three months ended March 31, 2024 and two customers accounted for approximately 12 % and 11 % of total revenues for the three months ended March 31, 2023 . |
Changes in Balances of Deferred Costs to Obtain and Fulfill Contracts | The Company classifies deferred costs to obtain and fulfill contracts as current or non-current based on the timing of when the related amortization expense is expected to be recognized. The current portion of these deferred costs is included in prepaid expenses and other current assets, while the non-current portion is included in other non-current assets on the accompanying condensed consoli dated balance sheets. Changes in the balances of deferred costs to obtain and fulfill contracts during the three months ended March 31, 2024 were as follows: Deferred Costs Deferred Costs Balances at December 31, 2023 $ 288 $ 98 Costs deferred 64 10 Amortization ( 66 ) ( 21 ) Balances at March 31, 2024 $ 286 $ 87 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Components [Abstract] | |
Components of Property and Equipment | The following table shows the components of property and equipment as of the dates presented: March 31, December 31, Estimated Useful Life 2024 2023 Software, including internally developed software 3 years $ 34,972 $ 34,972 Computer equipment 3 to 4 years 18,078 18,080 Leasehold improvements Shorter of useful life or lease term 512 512 Office equipment, furniture and fixtures 3 to 5 years 94 94 Total property and equipment 53,656 53,658 Less: Accumulated depreciation and amortization ( 50,262 ) ( 50,262 ) Less: Accumulated impairment losses ( 3,276 ) ( 3,276 ) Property and equipment, net $ 118 $ 120 D |
Components of Accrued Expenses and Other Current Liabilities | The following table shows the components of accrued expenses and other current liabilities as of th e dates presented: March 31, December 31, 2024 2023 Accrued salary and payroll-related expenses $ 863 $ 872 Accrued liabilities 236 376 Income taxes payable 99 192 Advanced billings and customer credits (1) 603 636 Other 19 23 Total accrued expenses and other current liabilities $ 1,820 $ 2,099 (1) During the year ended December 31, 2023, the Company wrote off customer credit balances of $ 443 as credits to credit loss expense, of which approximately $ 300 were written off during the three months ended March 31, 2023. No customer credit balances were written off during the three months ended March 31, 2024. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense was allocated as follows: Three Months Ended March 31, 2024 2023 Cost of revenues $ 39 $ 124 Sales and marketing 64 165 Research and development 127 270 General and administrative 183 473 Total $ 413 $ 1,032 |
Summary of Stock Option Activity | A summary of the Company's stock option activity is as follows: Options Outstanding Number of Weighted Average Weighted Average Aggregate Balances at December 31, 2023 54 $ 100.69 3.63 $ — Options forfeited and cancelled ( 1 ) 420.96 — — Balances at March 31, 2024 53 98.82 3.41 — Options exercisable 53 $ 98.82 3.41 — Options vested 53 $ 98.82 3.41 — Options vested and expected to vest 53 $ 98.82 3.41 — |
Summary of RSU Activity | A summary of the Company's RSU activity is as follows: RSUs Outstanding Number of Weighted Average Granted and unvested at December 31, 2023 288 $ 8.88 RSUs vested ( 50 ) 7.50 RSUs cancelled and withheld to cover taxes ( 35 ) 7.57 Granted and unvested at March 31, 2024 203 $ 9.48 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Maturities of Lease Liabilities | The maturities of operating lease liabilities as of March 31, 2024 are as follows: 2024 (remaining) 1,243 2025 414 Total lease payments 1,657 Less: Amount representing imputed interest ( 44 ) Present value of lease liabilities 1,613 Less: Current portion of lease liabilities ( 1,613 ) Non-current portion of lease liabilities $ — |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to operating leases was as follows: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 424 $ 504 ROU assets obtained in exchange for lease liabilities: 72 161 |
Net Loss Per Share Available _2
Net Loss Per Share Available to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net los s per share: Three Months Ended March 31, 2024 2023 Numerator: Net loss available to common stockholders $ ( 2,411 ) $ ( 5,783 ) Denominator: Weighted average number of shares, basic and diluted 3,024 2,873 Net loss per share available to common stockholders Basic and diluted net loss per common share available to common stockholders $ ( 0.80 ) $ ( 2.01 ) |
Schedule of Potential Shares Common Stock Outstanding Excluded from Computation of Diluted Net Loss Per Share | The following table presents the potential shares of common stock outstanding that were excluded from the computation of diluted net loss per share available to common stockholders for the periods presented because including them would hav e been anti-dilutive: Three Months Ended March 31, 2024 2023 Options to purchase common stock 53 55 Unvested RSUs 203 539 Total 256 594 |
Summary of Business and Signi_4
Summary of Business and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Net loss | $ (2,411) | $ (5,783) | $ 21,917 | |
Common stock, authorized (in shares) | 47,619,000 | 47,619,000 | ||
Accumulated deficit | $ (346,662) | $ (344,251) | ||
Cash, cash equivalents and restricted cash | 9,563 | |||
Allowance for potential customer revenue credits | 13 | 12 | ||
Unamortized internally developed software costs, including construction in progress | 0 | $ 0 | ||
Amortization of internally developed software | 0 | $ 419 | ||
Company Capitalized | $ 579 | |||
Restructuring reducation plan description | The 2023 Restructuring Plan resulted in the reduction of the Company's global employees by 64 full-time employees during the second half of 2023, reducing its total headcount by approximately 37%. The 2023 Restructuring Plan was substantially complete in 2023 | |||
Accounting Standards Update 2019-12 [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Accounting standards update, adopted [true false] | true | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Common stock, authorized (in shares) | 47,619,000 | |||
Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Common stock, authorized (in shares) | 142,857,000 |
Summary of Business and Signi_5
Summary of Business and Significant Accounting Policies - Changes in Allowance for Doubtful Accounts (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Accounting Policies [Abstract] | |
Balance at December 31, 2023 | $ 501 |
Current period provision for expected losses | (10) |
Write-offs charged against allowance | (70) |
Balance at March 31, 2024 | $ 421 |
Revenues - Additional Informati
Revenues - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2021 | Dec. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | ||||
Subscription contracts term | 1 year | |||
Revenues | $ 4,031 | $ 4,583 | ||
Accounts receivable, net | $ 3,422 | $ 3,864 | ||
Deferred costs expected period of benefit | 30 months | |||
Unsatisfied performance obligation on subscription contract term | 1 year | |||
Impairment losses related to costs capitalized | $ 0 | $ 0 | ||
Sales net revenue Member | Outside United States [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of concentration risk | 20% | 20% | ||
Google [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Strategic agreement term, optional renewal term | 1 year | |||
Revenues | $ 1,788 | $ 1,788 | ||
Accounts receivable | $ 1,788 | $ 1,788 | ||
Google [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of concentration risk | 52% | 46% | ||
Google [Member] | Sales net revenue Member | Customer Concentration Risk [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of concentration risk | 44% | 39% | ||
One Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of concentration risk | 16% | |||
One Customer [Member] | Sales net revenue Member | Customer Concentration Risk [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of concentration risk | 14% | 10% | ||
Two Customer [Member] | Sales net revenue Member | Customer Concentration Risk [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of concentration risk | 12% | 11% | ||
Maximum [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Subscription contracts term | 2 years | |||
Advance advertiser invoicing period | 12 months | |||
Minimum [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Advance advertiser invoicing period | 3 months | |||
Subscription remaining performance obligations expected duration | 1 year |
Revenues - Expected Future Reve
Revenues - Expected Future Revenue for Subscription Services Related to Performance Obligations Unsatisfied or Partially Unsatisfied (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Disaggregation Of Revenue [Line Items] | |
Subscription Services Revenues | $ 773 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 | |
Disaggregation Of Revenue [Line Items] | |
Subscription Services Revenues | $ 493 |
Remaining performance obligation, satisfaction period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Subscription Services Revenues | $ 280 |
Remaining performance obligation, satisfaction period | 1 year |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Disaggregation Of Revenue [Line Items] | |||
Revenues | $ 4,031 | $ 4,583 | |
Subscriptions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 2,243 | 2,801 | |
Strategic Agreements [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 1,788 | 1,782 | |
United States of America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 3,236 | 3,655 | |
United Kingdom [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 485 | 546 | |
Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | [1] | $ 310 | $ 382 |
[1] No individual country within the “Other” category accounted for 10% or more of revenues for any period presented. |
Revenues - Changes in Balances
Revenues - Changes in Balances of Deferred Costs to Obtain and Fulfill Contracts (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Deferred Costs to Obtain Contracts [Member] | |
Capitalized Contract Cost [Line Items] | |
Balance at beginning of period | $ 288 |
Costs deferred | 64 |
Amortization | (66) |
Balance at end of period | 286 |
Deferred Costs to Fulfill Contracts [Member] | |
Capitalized Contract Cost [Line Items] | |
Balance at beginning of period | 98 |
Costs deferred | 10 |
Amortization | (21) |
Balance at end of period | $ 87 |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 53,656 | $ 53,658 |
Less: Accumulated depreciation and amortization | (50,262) | (50,262) |
Less: Accumulated impairment losses | (3,276) | (3,276) |
Property and equipment, net | 118 | 120 |
Software, Including Internally Developed Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 34,972 | 34,972 |
Estimated useful life | 3 years | |
Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 18,078 | 18,080 |
Computer Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Computer Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 512 | 512 |
Office Equipment, Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 94 | $ 94 |
Office Equipment, Furniture and Fixtures [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Office Equipment, Furniture and Fixtures [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Estimated useful life | 5 years |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Balance Sheet Components [Abstract] | |
Depreciation and amortization | $ 430 |
Balance Sheet Components - Co_2
Balance Sheet Components - Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Balance Sheet Components [Abstract] | |||
Accrued salary and payroll-related expenses | $ 863 | $ 872 | |
Accrued liabilities | 236 | 376 | |
Income taxes payable | 99 | 192 | |
Advanced billings and customer credits | [1] | 603 | 636 |
Other | 19 | 23 | |
Total accrued expenses and other current liabilities | $ 1,820 | $ 2,099 | |
[1] During the year ended December 31, 2023, the Company wrote off customer credit balances of $ 443 as credits to credit loss expense, of which approximately $ 300 were written off during the three months ended March 31, 2023. No customer credit balances were written off during the three months ended March 31, 2024. |
Balance Sheet Components - Co_3
Balance Sheet Components - Components of Accrued Expenses and Other Current Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Balance Sheet Components [Abstract] | |||
Wrote Off Credit Balance | $ 0 | $ 300 | $ 443 |
Restructuring Activities - Addi
Restructuring Activities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost And Reserve [Line Items] | ||
Research and development | $ 1,881 | $ 2,942 |
Cost of revenues | 1,743 | 3,240 |
General and Administrative Expense | 1,684 | 2,336 |
Sales and marketing | $ 1,250 | $ 2,025 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Options Activity (Details) - 2006 and 2013 Plan [Member] - Stock Options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Number of Shares | ||
Balance at beginning of period | 54 | |
Options forfeited and cancelled | (1) | |
Balance at end of period | 53 | 54 |
Options exercisable | 53 | |
Options vested | 53 | |
Options vested and expected to vest | 53 | |
Weighted Average Exercise Price Per Share | ||
Balance at beginning of period | $ 100.69 | |
Options forfeited and cancelled | 420.96 | |
Balance at end of period | 98.82 | $ 100.69 |
Options exercisable | 98.82 | |
Options vested | 98.82 | |
Options vested and expected to vest | $ 98.82 | |
Weighted Average Remaining Contractual Term (in Years) | ||
Options outstanding | 3 years 4 months 28 days | 3 years 7 months 17 days |
Options exercisable | 3 years 4 months 28 days | |
Options vested | 3 years 4 months 28 days | |
Options vested and expected to vest | 3 years 4 months 28 days | |
Aggregate Intrinsic Value | ||
Options outstanding | $ 0 | $ 0 |
Options exercisable | 0 | |
Options vested | 0 | |
Options vested and expected to vest | $ 0 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of RSU Activity (Details) - 2013 Plan [Member] - RSUs [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of Shares | |
Granted and unvested at beginning of period | shares | 288 |
RSUs vested | shares | (50) |
RSUs cancelled and withheld to cover taxes | shares | (35) |
Granted and unvested at end of period | shares | 203 |
Weighted Average Grant Date Fair Value Per Unit | |
Granted and unvested at beginning of period | $ / shares | $ 8.88 |
RSUs vested | $ / shares | 7.5 |
RSUs cancelled and withheld to cover taxes | $ / shares | 7.57 |
Granted and unvested at end of period | $ / shares | $ 9.48 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 413 | $ 1,032 |
Cost of Revenues [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 39 | 124 |
Sales and Marketing [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 64 | 165 |
Research and Development [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 127 | 270 |
General and Administrative [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 183 | $ 473 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost related to options | $ 0 | |
RSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost related to RSUs | 1,002 | |
Employee Stock Purchase Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost related to RSUs | 0 | |
Software, Including Internally Developed Software [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based payment arrangement, amount capitalized | $ 0 | $ 37 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Leases [Abstract] | |||
Weighted average discount rate, operating lease | 6% | ||
Weighted average remaining lease term, operating lease | 1 year | ||
Right-of-use assets, operating leases | $ 1,613 | $ 1,912 | |
Operating lease rental expense | $ 424 | $ 503 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Maturities of Operating Lease Liabilities [Abstract] | ||
2024 (remaining ) | $ 1,243 | |
2025 | 414 | |
Total lease payments | 1,657 | |
Less: Amount representing imputed interest | (44) | |
Present value of lease liabilities | 1,613 | |
Less: Current portion of lease liabilities | (1,613) | $ (1,518) |
Non-current portion of lease liabilities | $ 0 | $ 394 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 424 | $ 504 |
ROU assets obtained in exchange for lease liabilities: | ||
ROU assets obtained in exchange for lease liabilities | $ 72 | $ 161 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision (benefit) | $ (12) | $ 48 |
Pre-tax loss | (2,423) | (5,735) |
Uncertain tax positions, interest or penalties | 0 | $ 0 |
Tax position decrease | $ 368 |
Net Loss Per Share Available _3
Net Loss Per Share Available to Common Stockholders - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Numerator: | |||
Net loss available to common stockholders | $ (2,411) | $ (5,783) | $ 21,917 |
Denominator: | |||
Weighted average number of shares, basic | 3,024 | 2,873 | |
Weighted average number of shares, diluted | 3,024 | 2,873 | |
Net loss per share available to common stockholders | |||
Basic net loss per common share available to common stockholders | $ (0.8) | $ (2.01) | |
Diluted net loss per common share available to common stockholders | $ (0.8) | $ (2.01) |
Net Loss Per Share Available _4
Net Loss Per Share Available to Common Stockholders - Schedule of Potential Shares of Common Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from computation of diluted net loss per share (in shares) | 256 | 594 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from computation of diluted net loss per share (in shares) | 53 | 55 |
Unvested RSUs [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from computation of diluted net loss per share (in shares) | 203 | 539 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 Segment | |
Segment Reporting [Abstract] | |
Number of reporting segment | 1 |
Subsequent Event (Additional In
Subsequent Event (Additional Information) (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Event [Line Items] | |
Restructuring reducation plan description | The 2023 Restructuring Plan resulted in the reduction of the Company's global employees by 64 full-time employees during the second half of 2023, reducing its total headcount by approximately 37%. The 2023 Restructuring Plan was substantially complete in 2023 |