COVER
COVER - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 333-256188 | |
Entity Registrant Name | 1stdibs.com, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3389618 | |
Entity Address, Address Line One | 300 Park Avenue South, 10th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10010 | |
City Area Code | 212 | |
Local Phone Number | 627-3929 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | DIBS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,693,138 | |
Entity Central Index Key | 0001600641 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 23,807 | $ 37,395 |
Short-term investments | 86,825 | 101,926 |
Accounts receivable, net of allowance for doubtful accounts of $154 and $188 at June 30, 2024 and December 31, 2023, respectively | 681 | 643 |
Prepaid expenses | 3,766 | 3,032 |
Receivables from payment processors | 3,303 | 2,670 |
Other current assets | 2,661 | 2,214 |
Total current assets | 121,043 | 147,880 |
Restricted cash, non-current | 3,620 | 3,580 |
Property and equipment, net | 3,987 | 3,384 |
Operating lease right-of-use assets | 21,481 | 19,655 |
Goodwill | 4,242 | 4,116 |
Other assets | 3,209 | 2,200 |
Total assets | 157,582 | 180,815 |
Current liabilities: | ||
Accounts payable | 2,255 | 3,580 |
Payables due to sellers | 8,134 | 6,521 |
Accrued expenses | 9,439 | 10,883 |
Operating lease liabilities, current | 3,932 | 3,107 |
Other current liabilities | 3,332 | 3,618 |
Total current liabilities | 27,092 | 27,709 |
Operating lease liabilities, non-current | 20,079 | 18,812 |
Other liabilities | 25 | 6 |
Total liabilities | 47,196 | 46,527 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value; 10,000 shares authorized as of June 30, 2024 and December 31, 2023; zero shares issued and outstanding as of June 30, 2024 and December 31, 2023 | 0 | 0 |
Common stock, $0.01 par value; 400,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 41,619,773 and 40,738,619 shares issued as of June 30, 2024 and December 31, 2023, respectively; and 36,693,138 and 39,915,136 outstanding as of June 30, 2024 and December 31, 2023, respectively | 416 | 407 |
Treasury stock, at cost; 4,926,635 and 823,483 shares as of June 30, 2024 and December 31, 2023, respectively | (25,373) | (3,496) |
Additional paid-in capital | 457,274 | 451,282 |
Accumulated deficit | (321,459) | (313,719) |
Accumulated other comprehensive loss | (472) | (186) |
Total stockholders’ equity | 110,386 | 134,288 |
Total liabilities and stockholders’ equity | $ 157,582 | $ 180,815 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 154 | $ 188 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, issued (in shares) | 41,619,773 | 40,738,619 |
Common stock, outstanding (in shares) | 36,693,138 | 39,915,136 |
Treasury stock, common (in shares) | 4,926,635 | 823,483 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net revenue | $ 22,235 | $ 20,921 | $ 44,297 | $ 43,099 |
Cost of revenue | 6,290 | 6,327 | 12,366 | 13,634 |
Gross profit | 15,945 | 14,594 | 31,931 | 29,465 |
Operating expenses: | ||||
Sales and marketing | 9,265 | 9,791 | 18,434 | 19,596 |
Technology development | 5,470 | 6,889 | 10,215 | 12,684 |
General and administrative | 6,882 | 7,463 | 13,892 | 15,551 |
Provision for transaction losses | 822 | 888 | 1,236 | 2,252 |
Total operating expenses | 22,439 | 25,031 | 43,777 | 50,083 |
Loss from operations | (6,494) | (10,437) | (11,846) | (20,618) |
Other income, net: | ||||
Interest income | 1,646 | 1,645 | 3,338 | 3,176 |
Other, net | 415 | 472 | 772 | 989 |
Total other income, net | 2,061 | 2,117 | 4,110 | 4,165 |
Net loss before income taxes | (4,433) | (8,320) | (7,736) | (16,453) |
Provision for income taxes | (4) | 0 | (4) | 0 |
Net loss | $ (4,437) | $ (8,320) | $ (7,740) | $ (16,453) |
Net loss per share—basic (in usd per share) | $ (0.12) | $ (0.21) | $ (0.20) | $ (0.42) |
Net loss per share—diluted (in usd per share) | $ (0.12) | $ (0.21) | $ (0.20) | $ (0.42) |
Weighted average common shares outstanding—basic (in shares) | 38,517,785 | 39,642,725 | 39,131,456 | 39,487,496 |
Weighted average common shares outstanding—diluted (in shares) | 38,517,785 | 39,642,725 | 39,131,456 | 39,487,496 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (4,437) | $ (8,320) | $ (7,740) | $ (16,453) |
Other comprehensive loss: | ||||
Foreign currency translation adjustment, net of tax of $0 for each of the three and six months ended June 30, 2024 and 2023 | (7) | 24 | (23) | 43 |
Unrealized losses on short-term investments, net of tax of $0 for each of the three and six months ended June 30, 2024 and 2023 | (71) | (85) | (263) | (120) |
Comprehensive loss | $ (4,515) | $ (8,381) | $ (8,026) | $ (16,530) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Unrealized losses on short-term investments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid - In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2022 | 39,260,193 | |||||
Beginning balance at Dec. 31, 2022 | $ 148,022 | $ 393 | $ 439,005 | $ (291,020) | $ (356) | |
Beginning balance at Dec. 31, 2022 | $ 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock for exercise of stock options (in shares) | 8,978 | |||||
Issuance of common stock for exercise of stock options | 35 | $ 0 | 35 | |||
Vested restricted stock units converted to common stock (in shares) | 767,847 | |||||
Vested restricted stock units converted to common shares | 0 | $ 7 | (7) | |||
Stock-based compensation | 6,447 | 6,447 | ||||
Other comprehensive loss | (77) | (77) | ||||
Net loss | (16,453) | (16,453) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 40,037,018 | |||||
Ending balance at Jun. 30, 2023 | 137,974 | $ 400 | 445,480 | (307,473) | (433) | |
Ending balance at Jun. 30, 2023 | 0 | |||||
Beginning balance (in shares) at Mar. 31, 2023 | 39,509,346 | |||||
Beginning balance at Mar. 31, 2023 | 143,040 | $ 395 | 442,170 | (299,153) | (372) | |
Beginning balance at Mar. 31, 2023 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock for exercise of stock options (in shares) | 1,000 | |||||
Issuance of common stock for exercise of stock options | 4 | $ 0 | 4 | |||
Vested restricted stock units converted to common stock (in shares) | 526,672 | |||||
Vested restricted stock units converted to common shares | 0 | $ 5 | (5) | |||
Stock-based compensation | 3,311 | 3,311 | ||||
Other comprehensive loss | (61) | (61) | ||||
Net loss | (8,320) | (8,320) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 40,037,018 | |||||
Ending balance at Jun. 30, 2023 | $ 137,974 | $ 400 | 445,480 | (307,473) | (433) | |
Ending balance at Jun. 30, 2023 | 0 | |||||
Beginning balance (in shares) at Dec. 31, 2023 | 39,915,136 | 39,915,136 | ||||
Beginning balance at Dec. 31, 2023 | $ 134,288 | $ 407 | 451,282 | (313,719) | (186) | |
Beginning balance at Dec. 31, 2023 | $ (3,496) | (3,496) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock for exercise of stock options (in shares) | 193,862 | 193,862 | ||||
Issuance of common stock for exercise of stock options | $ 786 | $ 2 | 784 | |||
Vested restricted stock units converted to common stock (in shares) | 687,292 | |||||
Vested restricted stock units converted to common shares | (1,973) | $ 7 | (1,980) | |||
Stock-based compensation | 7,188 | 7,188 | ||||
Repurchase of common stock (shares) | (4,103,152) | |||||
Repurchase of common stock | (21,877) | (21,877) | ||||
Other comprehensive loss | (286) | (286) | ||||
Net loss | $ (7,740) | (7,740) | ||||
Ending balance (in shares) at Jun. 30, 2024 | 36,693,138 | 36,693,138 | ||||
Ending balance at Jun. 30, 2024 | $ 110,386 | $ 416 | 457,274 | (321,459) | (472) | |
Ending balance at Jun. 30, 2024 | (25,373) | (25,373) | ||||
Beginning balance (in shares) at Mar. 31, 2024 | 39,732,251 | |||||
Beginning balance at Mar. 31, 2024 | 131,016 | $ 411 | 454,432 | (317,022) | (394) | |
Beginning balance at Mar. 31, 2024 | (6,411) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock for exercise of stock options (in shares) | 21,588 | |||||
Issuance of common stock for exercise of stock options | 83 | $ 0 | 83 | |||
Vested restricted stock units converted to common stock (in shares) | 489,566 | |||||
Vested restricted stock units converted to common shares | (1,302) | $ 5 | (1,307) | |||
Stock-based compensation | 4,066 | 4,066 | ||||
Repurchase of common stock (shares) | (3,550,267) | |||||
Repurchase of common stock | (18,962) | (18,962) | ||||
Other comprehensive loss | (78) | (78) | ||||
Net loss | $ (4,437) | (4,437) | ||||
Ending balance (in shares) at Jun. 30, 2024 | 36,693,138 | 36,693,138 | ||||
Ending balance at Jun. 30, 2024 | $ 110,386 | $ 416 | $ 457,274 | $ (321,459) | $ (472) | |
Ending balance at Jun. 30, 2024 | $ (25,373) | $ (25,373) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (7,740) | $ (16,453) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 932 | 1,366 |
Stock-based compensation expense | 7,106 | 6,358 |
Provision for transaction losses, returns and refunds | 625 | 549 |
Amortization of costs to obtain revenue contracts | 160 | 162 |
Amortization of operating lease right-of-use assets | 1,661 | 1,268 |
Accretion of discounts and amortization of premiums on short-term investments, net | (1,499) | (1,241) |
Other, net | 2 | (219) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (193) | 46 |
Prepaid expenses and other current assets | (1,271) | (449) |
Receivables from payment processors | (633) | 155 |
Other assets | (1,181) | (172) |
Accounts payable and accrued expenses | (3,601) | 1,297 |
Payables due to sellers | 1,611 | (838) |
Operating lease liabilities | (1,394) | (1,366) |
Other current liabilities and other liabilities | (290) | 269 |
Net cash used in operating activities | (5,705) | (9,268) |
Cash flows from investing activities: | ||
Maturities of short-term investments | 49,177 | 11,000 |
Sales of short-term investments | 18,667 | 0 |
Purchases of short-term investments | (51,507) | (110,411) |
Development of internal-use software | (797) | (856) |
Purchases of property and equipment | (554) | (25) |
Other, net | 297 | 0 |
Net cash provided by (used in) investing activities | 15,283 | (100,292) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 786 | 35 |
Payments for repurchase of common stock | (21,877) | 0 |
Payments for taxes related to net share settlement of stock-based compensation awards | (1,973) | 0 |
Net cash (used in) provided by financing activities | (23,064) | 35 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (62) | 227 |
Net decrease in cash, cash equivalents, and restricted cash | (13,548) | (109,298) |
Cash, cash equivalents, and restricted cash at beginning of the period | 40,975 | 158,043 |
Cash, cash equivalents, and restricted cash at end of the period | 27,427 | 48,745 |
Supplemental disclosure of non-cash activities: | ||
Recording of right of use asset | 3,483 | 0 |
Recording of lease liability | $ (3,483) | $ 0 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Description of Business 1stdibs.com, Inc. (“1stDibs” or the “Company”) is one of the world’s leading online marketplaces for connecting design lovers with many of the best sellers and makers of vintage & antique furniture, contemporary furniture, home décor, jewelry, watches, art, and fashion. The Company’s thoroughly vetted seller base, in-depth marketing content, and custom-built technology platform create trust in the Company’s brand and facilitate high-consideration purchases of luxury design products online. By disrupting the way these items are bought and sold, 1stDibs is both expanding access to, and growing the market for, luxury design products. The Company was incorporated in the state of Delaware on March 10, 2000 and is headquartered in New York, NY. Basis of Presentation The accompanying condensed consolidated financial statements are prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K (the “Form 10-K”) for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of its financial position and its results of operations, changes in stockholders’ equity, and cash flows for the interim periods. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2024. There have been no material changes to the Company's significant accounting policies as described in the Form 10-K. Restructuring Charges In June 2023, the Company announced a workforce reduction designed to reduce operating costs and realign investment priorities involving the reduction of approximately 20% of the Company’s global workforce. As a result of the reduction, the Company incurred approximately $2.0 million in non-recurring restructuring charges in the three months ended June 30, 2023, consisting primarily of employee severance and benefits costs. As of June 30, 2024, all $2.0 million has been paid. During the three months ended June 30, 2024, the Company incurred $0.4 million of additional employee severance and benefits costs which is anticipated to be paid over the next 12 months. The following table displays a rollforward of the charges and payments to the accrued balance as of June 30, 2024: (in thousands) Restructuring Charges Balance, December 31, 2023 $ 396 Restructuring charges 372 Cash payments (396) Balance, June 30, 2024 $ 372 The expense is included within the respective financial statement line items on the condensed consolidated statements of operations as shown in the table below: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cost of revenue $ — $ 135 $ — $ 135 Sales and marketing — 789 — 789 Technology development — 1,044 — 1,044 General and administrative 372 36 372 36 Total $ 372 $ 2,004 $ 372 $ 2,004 Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, provision for transaction losses, impairment assessment of goodwill, capitalization of internal-use software and determination of useful lives, income taxes, and the valuation of stock-based compensation and leases. The Company evaluates its estimates and assumptions on an ongoing basis. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. Cash, Cash Equivalents, and Restricted Cash The following represents the Company’s cash, cash equivalents, and restricted cash as of the periods presented: (in thousands) June 30, 2024 June 30, 2023 Cash and cash equivalents $ 23,807 $ 45,410 Restricted cash, non-current 3,620 3,335 Total cash, cash equivalents, and restricted cash $ 27,427 $ 48,745 The Company considers all short-term, highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Certain cash equivalents consist of investments in debt securities that are classified as available-for-sale. As of June 30, 2024, the Company’s restricted cash relates to $3.6 million in Letters of Credit for its office leases in New York, New York. During the three and six months ended June 30, 2024, the Company purchased $8.9 million and $25.6 million of available-for-sale securities classified as cash equivalents, respectively. During the three and six months ended June 30, 2023, the Company purchased $19.9 million and $31.8 million of available-for-sale securities classified as cash equivalents, respectively. The carrying value of the restricted cash approximates fair value. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard will require all public entities, including those with a single reportable segment, to disclose significant segment expenses and other segment items on an annual and interim basis. The guidance requires a public entity to disclose the significant expense categories and amounts that are regularly provided to the chief operating decision-maker. This standard is effective for the Company’s annual report ending December 31, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance and while it only has one reportable segment, it does expect to enhance its current disclosures in the notes to the financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures. The standard will require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The new standard is effective for the Company’s annual report ending December 31, 2025. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value in accordance with GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value require the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques. Short-term investments and certain cash equivalents consist of investments in debt securities that are available-for-sale. The table below segregates all assets that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date: June 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 1,863 $ — $ — $ 1,863 Commercial paper — 1,979 — 1,979 U.S. Treasury securities — 2,196 — 2,196 Total cash equivalents $ 1,863 $ 4,175 $ — $ 6,038 Short-term investments: Commercial paper $ — $ 6,151 $ — $ 6,151 Corporate notes — 16,542 — 16,542 U.S. Treasury securities — 10,705 — 10,705 U.S. Government agency securities — 53,427 — 53,427 Total short-term investments $ — $ 86,825 $ — $ 86,825 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 5,797 $ — $ — $ 5,797 U.S. Treasury securities — 4,991 — 4,991 Total cash equivalents $ 5,797 $ 4,991 $ — $ 10,788 Short-term investments: Commercial paper $ — $ 18,112 — 18,112 Corporate notes — 7,641 — 7,641 U.S. Treasury securities — 11,971 — 11,971 U.S. Government agency securities — 64,202 — 64,202 Total short-term investments $ — $ 101,926 $ — $ 101,926 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The following table summarizes the Company’s net revenue by type of service for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Seller marketplace services $ 21,962 $ 20,761 $ 43,800 $ 42,772 Other services 273 160 497 327 Total net revenue $ 22,235 $ 20,921 $ 44,297 $ 43,099 The Company generates net revenue from seller marketplace services and other services. Seller marketplace services primarily consist of marketplace transactions, subscriptions, and listing fees. Other services primarily consist of advertising revenues generated from displaying ads on the Company’s online marketplace. As of June 30, 2024, the Company recorded $0.4 million of costs to obtain revenue contracts, of which $0.2 million was included in other current assets, and $0.2 million was included in other assets. As of December 31, 2023, the Company recorded $0.5 million of costs to obtain revenue contracts, of which $0.3 million was included in other current assets, and $0.2 million was included in other assets. Amortization of costs to obtain revenue contracts totaled $0.1 million and $0.2 million for the three and six months ended June 30, 2024 and 2023, respectively. The Company periodically reviews the costs to obtain revenue contracts to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these costs to obtain revenue contracts. |
Short-Term Investments
Short-Term Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-Term Investments | Short-Term Investments The following table summarizes the estimated value of the Company’s short-term investments as of the periods presented: June 30, 2024 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Fair Value Commercial paper $ 6,156 $ — $ (5) $ 6,151 Corporate notes 16,595 1 (54) 16,542 U.S. Treasury securities 10,733 — (28) 10,705 U.S. Government agency securities 53,507 1 (81) 53,427 Total short-term investments $ 86,991 $ 2 $ (168) $ 86,825 December 31, 2023 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Fair Value Commercial paper $ 18,101 $ 14 $ (3) $ 18,112 Corporate notes 7,621 20 — 7,641 U.S. Treasury securities 11,975 2 (6) 11,971 U.S. Government agency securities 64,134 89 (21) 64,202 Total short-term investments $ 101,831 $ 125 $ (30) $ 101,926 The Company recognized less than $0.1 million of realized losses related to sales of $18.7 million available-for-sale debt securities during the three and six months ended June 30, 2024. The Company evaluates securities for expected credit losses on a quarterly basis with consideration given to the financial condition and near-term prospects of the issuer, whether the Company intends to sell the securities, and whether it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. The Company did not recognize any credit losses related to available-for-sale debt securities during the three and six months ended June 30, 2024 and 2023. As of June 30, 2024, the Company does not intend to sell the investments and it is more likely than not that the Company will not be required to sell these before recovery. There were no securities in a continuous unrealized loss position for 12 months or longer. As of June 30, 2024, the fair value of short-term investments by remaining contractual maturity consisted of the following: (in thousands) Fair Value Remaining maturity date one year or less $ 66,352 Remaining maturity date greater than one year 20,473 Total short-term investments $ 86,825 |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net As of June 30, 2024 and December 31, 2023, property and equipment, net consisted of the following: (in thousands) June 30, 2024 December 31, 2023 Internal-use software $ 20,130 $ 19,541 Leasehold improvements 4,029 3,605 Furniture and fixtures 68 1,131 Computer equipment and software 550 919 Software in progress 853 569 Total property and equipment, gross 25,630 25,765 Less: Accumulated depreciation and amortization (21,643) (22,381) Total property and equipment, net $ 3,987 $ 3,384 As of June 30, 2024 and December 31, 2023, the net book value of internal-use software was $2.4 million and $2.7 million, respectively. Depreciation and amortization expense related to the Company’s property and equipment totaled $0.5 million and $0.9 million for the three and six months ended June 30, 2024 , respectively, which included amortization expense for internal-use software of $0.4 million and $0.8 million, respectively. Depreciation and amortization expense related to the Company’s property and equipment totaled $0.4 million and $1.4 million for the three and six ended June 30, 2023, respectively, which included amortization expense for internal-use software of $0.4 million and $1.3 million, respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses As of June 30, 2024 and December 31, 2023, accrued expenses consisted of the following: (in thousands) June 30, 2024 December 31, 2023 Shipping $ 2,792 $ 2,934 Compensation & benefits 1,779 3,164 Sales & use taxes payable 1,298 1,534 Allowance for transaction losses 914 1,172 Payment processor fees 342 557 Allowance for e-commerce returns 404 401 Other 1,910 1,121 Total accrued expenses $ 9,439 $ 10,883 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company’s operating lease arrangements are principally for office spaces in New York City. As of June 30, 2024, the Company had $21.5 million of operating lease right-of-use assets, $3.9 million and $20.1 million of current and non-current operating lease liabilities, respectively, and no finance leases on its condensed consolidated balance sheet. These operating lease arrangements, included in the measurement of lease liabilities, had a weighted-average remaining lease term of 5.3 years, a weighted-average discount rate of 6.1%, and do not reflect options to extend or terminate its leases, as management does not consider the exercise of these options to be reasonably certain. As of December 31, 2023, the Company had $19.7 million of operating lease right-of-use assets, $3.1 million and $18.8 million of current and non-current operating lease liabilities, respectively, and no finance leases on its condensed consolidated balance sheet. In August 2023, the Company entered into a sublease agreement as the sublessor for its office space in its former New York City headquarters (the “Sublease”). The Sublease commenced on October 1, 2023 for approximately 78% of the rentable square feet and expanded to 100% of the rentable square feet on January 15, 2024. The sublease ends on December 31, 2029, the expiration date of the Company’s former New York City headquarter’s lease, and contains an option for the lessee to terminate on the third anniversary of the commencement date. The Sublease contains a five month rent abatement provision, with an additional abatement against fixed rent for the sixth calendar month. In addition, the subtenant will be responsible for its proportionate share of certain defined expenses, including increases in taxes after the base year, as well as certain electric, heating, ventilation, and air conditioning charges. Sublease income is recognized as an offset to lease expense on a straight-line basis over the lease term and is included in general and administrative expenses on the Company’s condensed consolidated statement of operations. In November 2023, the Company entered into a lease agreement, as the lessee, for approximately 13,000 square feet for the Company’s new corporate headquarters in New York City (the “Lease Agreement”) which commenced in January 2024 with a five year term and an initial seven month rent abatement period. The Lease Agreement includes an option for the Company to extend the lease for an additional five years. During the three and six months ended June 30, 2024, the Company paid $1.1 million and $2.1 million for amounts included in the measurement of lease liabilities, and $1.0 million and $2.0 million during the three and six months ended June 30, 2023, respectively. The Company did not enter into any new lease arrangements as a lessee during the three and six months ended June 30, 2024 and 2023. The following table summarizes total lease expense, net for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease expense $ 1,224 $ 966 $ 2,305 $ 1,988 Short-term lease expense 12 33 12 54 Variable lease expense 328 321 608 576 Total lease expense 1,564 1,320 2,925 2,618 Sublease income (1,054) — (1,753) — Total lease expense, net $ 510 $ 1,320 $ 1,172 $ 2,618 Operating lease expense is recognized on a straight-line basis over the term of the arrangement beginning on the lease commencement date for lease arrangements that have an initial term greater than 12 months and therefore are recorded on the balance sheet. Short-term lease expense is recognized on a straight-line basis over the lease term for lease arrangements that have an initial term of 12 months or less and therefore are not recorded on the balance sheet. Variable lease expense is recognized as incurred and consists primarily of real estate taxes, utilities, and other office space related expenses. As of June 30, 2024, the total remaining operating lease payments included in the measurement of lease liabilities, and undiscounted remaining cash receipts from the Company’s Sublease was as follows (in thousands): Fiscal Year Ending December 31, Operating Lease Payments Sublease Cash Receipts 2024 (remaining) $ (2,538) $ 1,689 2025 (5,380) 3,435 2026 (5,263) 3,504 2027 (5,263) 3,574 2028 (5,263) 3,645 Thereafter (4,292) 3,718 Total (payments) cash receipts $ (27,999) $ 19,565 Less: imputed interest 3,988 Total lease liabilities $ (24,011) |
Leases | Leases The Company’s operating lease arrangements are principally for office spaces in New York City. As of June 30, 2024, the Company had $21.5 million of operating lease right-of-use assets, $3.9 million and $20.1 million of current and non-current operating lease liabilities, respectively, and no finance leases on its condensed consolidated balance sheet. These operating lease arrangements, included in the measurement of lease liabilities, had a weighted-average remaining lease term of 5.3 years, a weighted-average discount rate of 6.1%, and do not reflect options to extend or terminate its leases, as management does not consider the exercise of these options to be reasonably certain. As of December 31, 2023, the Company had $19.7 million of operating lease right-of-use assets, $3.1 million and $18.8 million of current and non-current operating lease liabilities, respectively, and no finance leases on its condensed consolidated balance sheet. In August 2023, the Company entered into a sublease agreement as the sublessor for its office space in its former New York City headquarters (the “Sublease”). The Sublease commenced on October 1, 2023 for approximately 78% of the rentable square feet and expanded to 100% of the rentable square feet on January 15, 2024. The sublease ends on December 31, 2029, the expiration date of the Company’s former New York City headquarter’s lease, and contains an option for the lessee to terminate on the third anniversary of the commencement date. The Sublease contains a five month rent abatement provision, with an additional abatement against fixed rent for the sixth calendar month. In addition, the subtenant will be responsible for its proportionate share of certain defined expenses, including increases in taxes after the base year, as well as certain electric, heating, ventilation, and air conditioning charges. Sublease income is recognized as an offset to lease expense on a straight-line basis over the lease term and is included in general and administrative expenses on the Company’s condensed consolidated statement of operations. In November 2023, the Company entered into a lease agreement, as the lessee, for approximately 13,000 square feet for the Company’s new corporate headquarters in New York City (the “Lease Agreement”) which commenced in January 2024 with a five year term and an initial seven month rent abatement period. The Lease Agreement includes an option for the Company to extend the lease for an additional five years. During the three and six months ended June 30, 2024, the Company paid $1.1 million and $2.1 million for amounts included in the measurement of lease liabilities, and $1.0 million and $2.0 million during the three and six months ended June 30, 2023, respectively. The Company did not enter into any new lease arrangements as a lessee during the three and six months ended June 30, 2024 and 2023. The following table summarizes total lease expense, net for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease expense $ 1,224 $ 966 $ 2,305 $ 1,988 Short-term lease expense 12 33 12 54 Variable lease expense 328 321 608 576 Total lease expense 1,564 1,320 2,925 2,618 Sublease income (1,054) — (1,753) — Total lease expense, net $ 510 $ 1,320 $ 1,172 $ 2,618 Operating lease expense is recognized on a straight-line basis over the term of the arrangement beginning on the lease commencement date for lease arrangements that have an initial term greater than 12 months and therefore are recorded on the balance sheet. Short-term lease expense is recognized on a straight-line basis over the lease term for lease arrangements that have an initial term of 12 months or less and therefore are not recorded on the balance sheet. Variable lease expense is recognized as incurred and consists primarily of real estate taxes, utilities, and other office space related expenses. As of June 30, 2024, the total remaining operating lease payments included in the measurement of lease liabilities, and undiscounted remaining cash receipts from the Company’s Sublease was as follows (in thousands): Fiscal Year Ending December 31, Operating Lease Payments Sublease Cash Receipts 2024 (remaining) $ (2,538) $ 1,689 2025 (5,380) 3,435 2026 (5,263) 3,504 2027 (5,263) 3,574 2028 (5,263) 3,645 Thereafter (4,292) 3,718 Total (payments) cash receipts $ (27,999) $ 19,565 Less: imputed interest 3,988 Total lease liabilities $ (24,011) |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Other Current Liabilities As of June 30, 2024 and December 31, 2023, other current liabilities consisted of the following: (in thousands) June 30, 2024 December 31, 2023 Sales and other non-income tax contingencies $ 2,656 $ 2,462 Buyer deposits 283 377 Other 393 779 Total other current liabilities $ 3,332 $ 3,618 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Equity | Equity Preferred Stock Effective June 14, 2021, in connection with the closing of the Company’s Initial Public Offering (“IPO”), the Company’s board of directors (“Board”) is authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value per share, in one or more series. The Company's Board has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. As of June 30, 2024 and December 31, 2023, no shares of preferred stock were issued or outstanding. Common Stock As of June 30, 2024 and December 31, 2023, the Company had authorized 400,000,000 shares of voting common stock, $0.01 par value per share. Each holder of the Company's common stock is entitled to one vote for each share on all matters to be voted upon by the stockholders and there are no cumulative rights. Subject to any preferential rights of any outstanding preferred stock, holders of the Company's common stock are entitled to receive ratably the dividends, if any, as may be declared from time to time by the Board out of legally available funds. If there is a liquidation, dissolution, or winding up of the Company, holders of the Company's common stock would be entitled to share in the Company's assets remaining after the payment of liabilities and any preferential rights of any outstanding preferred stock. The rights, preferences, and privileges of the holders of the Company's common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock which the Company may designate and issue in the future. As of June 30, 2024 and December 31, 2023, the Company had reserved shares of common stock for issuance in connection with the following: June 30, 2024 December 31, 2023 Options to purchase common stock 3,577,716 3,831,710 Restricted stock units outstanding 5,336,839 3,400,489 Shares available for future grant under the 2021 Plan 2,186,896 3,119,122 Shares available for future grant under the ESPP 1,971,655 1,572,504 Total 13,073,106 11,923,825 Treasury Stock |
Stock-based compensation
Stock-based compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-based compensation 2011 Option Plan The Company adopted the 2011 Stock Option and Grant Plan (the “2011 Plan”) on September 2, 2011 and amended and restated the plan on December 14, 2011. The 2011 Plan provided for the Company to grant incentive stock options or non-qualified stock options, restricted stock awards, and other stock-based awards to its employees, directors, officers, outside advisors, and non-employee consultants. At the time of grant, the options issued to new employees pursuant to the 2011 Plan expire ten years from the date of grant and generally vest over four years, with 25% vesting on the first anniversary and the balance vesting ratably over the remaining 36 months. Options issued pursuant to the 2011 Plan expire ten years from the date of grant and generally vest ratably over 48 months. The 2011 Plan was administered by the Compensation Committee of the Board. The exercise prices, vesting, and other restrictions were determined at the discretion of Compensation Committee of the Board. Following the completion of the Company’s IPO in June 2021, no additional awards and no shares of the Company’s common stock remain available for future issuance under the 2011 Plan. However, the 2011 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder. 2021 Stock Incentive Plan In May 2021, the Company's Board adopted, and its stockholders approved, the 2021 Stock Incentive Plan (the “2021 Plan”), which became effective upon the SEC declaring the Company’s IPO registration statement effective. The 2021 Plan provides for the grant of incentive stock options (“ISOs”), non-statutory stock options, restricted share awards, stock unit awards (“RSUs”), stock appreciation rights, cash-based awards, and performance-based stock awards, or collectively, stock awards. ISOs may be granted only to the Company’s employees, including officers, and the employees of its parent or subsidiaries. All other stock awards may be granted to the Company’s employees, officers, non-employee directors, consultants, and the employees and consultants of its parent, subsidiaries, and affiliates. Depending on the nature of the award granted, the vesting terms may differ. Generally for new hire awards, the requisite service period for RSUs to vest is over four years from the grant date, with 25% vesting on the first anniversary and the balance vesting ratably on a quarterly basis over the remaining vesting period. Generally, all additional RSUs vest ratably on a quarterly basis over three The aggregate number of shares of the Company’s common stock that may be issued pursuant to stock awards under the 2021 Plan will not exceed the sum of (x) 4,333,333 shares (as adjusted for stock splits, stock dividends, combinations, and the like), plus (y) the sum of (1) the number of reserved shares not issued or subject to outstanding awards under the 2011 Plan on the effective date of the 2021 Plan and (2) the number of shares subject to outstanding stock awards granted under the 2011 Plan and that, following the effective date of the 2021 Plan, (A) are subsequently forfeited or terminated for any reason before being exercised or settled, (B) are not issued because such stock award is settled in cash, (C) are subject to vesting restrictions and are subsequently forfeited, (D) are withheld or reacquired to satisfy the applicable exercise, strike, or purchase price, or (E) are withheld or reacquired to satisfy a tax withholding obligation, plus (z) an annual increase on the first day of each fiscal year, for a period of not more than 10 years, beginning on January 1, 2022 and ending on, and including, January 1, 2031, in an amount equal to the lesser of (i) 5% of the outstanding shares on the last day of the immediately preceding fiscal year or (ii) such lesser amount that the Compensation Committee of the Board determines for purposes of the annual increase for that fiscal year. On January 1, 2024, the number of shares of common stock available for issuance under the 2021 Plan was automatically increased according to its terms by 1,995,756 shares. As of June 30, 2024, 2,186,896 shares were available for future grants of the Company’s common stock. Stock Options The following table summarizes the Company’s stock option activity since December 31, 2023: Number of Weighted-Average Weighted-Average Aggregate Outstanding as of December 31, 2023 3,831,710 $ 6.97 5.8 $ 826 Granted — $ — Exercised (193,862) $ 4.05 Cancelled/Forfeited (60,132) $ 9.05 Outstanding as of June 30, 2024 3,577,716 $ 7.09 5.6 $ 477 Options exercisable as of June 30, 2024 2,910,287 $ 6.86 5.2 $ 477 Options vested and expected to vest as of June 30, 2024 3,577,716 $ 7.09 5.6 $ 477 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for all stock options that had exercise prices lower than the fair value of the Company’s common stock. There were no stock options granted during the three and six months ended June 30, 2024 and 2023. The aggregate intrinsic value of stock options exercised was less than $0.1 million and $0.3 million during the three and six months ended June 30, 2024, and less than $0.1 million during each of the three and six months ended June 30, 2023, respectively. The total fair value of stock options vested was $1.0 million and $1.7 million during the three and six months ended June 30, 2024, and $1.2 million and $2.0 million during the three and six months ended June 30, 2023, respectively. The stock options granted during the fiscal year ended December 31, 2021 included 615,997 stock options granted to executive officers that include a performance condition related to a sale event or initial public offering occurring before December 31, 2021 in addition to the standard service condition. These options will vest over four years, with approximately 21% vested on January 1, 2022, and the balance vesting ratably over the remaining 38 months. Stock-based compensation expense of $0.2 million and $0.3 million was recognized for options having a performance condition during the three and six months ended June 30, 2024 and 2023, respectively. Restricted Stock Units The following table summarizes the activity related to the Company's restricted stock units: Outstanding Restricted Stock Units Weighted-Average Outstanding as of December 31, 2023 3,400,489 $ 5.40 Granted 3,045,082 5.86 Vested (1,051,764) 5.50 Cancelled (56,968) 5.89 Outstanding as of June 30, 2024 5,336,839 $ 5.64 The estimated weighted-average grant date fair value of restricted stock units granted was $5.55 and $5.86 per share for the three and six months ended June 30, 2024, and $3.65 and $3.95 per share for the three and six months ended June 30, 2023, respectively. The total grant date fair value of restricted stock units vested was $3.9 million and $5.8 million for the three and six months ended June 30, 2024, and $3.1 million and $5.2 million for the three and six months ended June 30, 2023, respectively. Employee Stock Purchase Plan In May 2021, the Company's Board adopted, and its stockholders approved, the Company's 2021 Employee Stock Purchase Plan (the "ESPP"). A total of 1,971,655 shares of the Company's authorized but unissued or reacquired shares of its common stock (as adjusted for stock splits, stock dividends, combinations, and the like) are available for issuance under the ESPP. The number of shares of the Company's common stock that will be available for issuance under the ESPP also includes an annual increase on the first day of each fiscal year, for a period of not more than 10 years, beginning on January 1, 2022, equal to the least of: (i) 1% of the outstanding shares of the Company’s common stock on such date, (ii) 400,000 shares (as adjusted for stock splits, stock dividends, combinations, and the like) or (iii) a lesser amount determined by the Compensation Committee or the Company’s Board of Directors. On January 1, 2024, the number of shares of common stock available for issuance under the ESPP was automatically increased according to its terms by 399,151 shares. During regularly scheduled “offerings” under the ESPP, participants may purchase the Company’s common stock through payroll deductions, up to a maximum of 15% of their eligible compensation, or such lower limit as may be determined by the Compensation Committee from time to time. Participants will be able to withdraw their accumulated payroll deductions prior to the end of the offering period in accordance with the terms of the offering. Participation in the ESPP will end automatically on termination of employment. The purchase price will be specified pursuant to the offering, but cannot, under the terms of the ESPP, be less than 85% of the fair market value per share of the Company’s common stock on either the offering date or on the purchase date, whichever is less. The fair market value of the Company’s common stock for this purpose will generally be the closing price on Nasdaq (or such other exchange as the Company’s common stock may be traded at the relevant time) for the date in question, or if such date is not a trading day, for the last trading day before the date in question. As of June 30, 2024, an initial offering period has not commenced, and for the three and six months ended June 30, 2024 and 2023, no shares of common stock were purchased under the ESPP. Stock-Based Compensation Expense The following table summarizes the classification of the Company’s stock-based compensation expense in the condensed consolidated statements of operations: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 87 $ 88 $ 167 $ 237 Sales and marketing 980 742 1,711 1,449 Technology development 1,037 959 1,774 2,010 General and administrative 1,912 1,463 3,454 2,662 Total stock-based compensation expense $ 4,016 $ 3,252 $ 7,106 $ 6,358 Stock-based compensation capitalized in connection with the Company’s internal-use software was less than $0.1 million for each of the three and six months ended June 30, 2024 and 2023. As of June 30, 2024, total unrecognized compensation expense related to unvested stock-based awards was $32.2 million, which is expected to be recognized over a weighted-average period of 2.5 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision was immaterial for the three and six months ended June 30, 2024 and 2023 due to the net loss before income taxes incurred for the year ended December 31, 2023 and expected to be incurred for the year ending December 31, 2024, as well as the Company’s continued maintenance of a full valuation allowance against its net deferred tax assets. There were no material liabilities for interest and penalties accrued as of June 30, 2024. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table summarizes the computation of basic and diluted net loss per share for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2024 2023 2024 2023 Numerator: Net loss $ (4,437) $ (8,320) $ (7,740) $ (16,453) Denominator: Weighted average common shares outstanding—basic and diluted 38,517,785 39,642,725 39,131,456 39,487,496 Net loss per share—basic and diluted $ (0.12) $ (0.21) $ (0.20) $ (0.42) The Company’s potentially dilutive securities, which include outstanding stock options and restricted stock units have been excluded from the computation of diluted net loss per share from each period as including them would have had an anti-dilutive effect. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potentially dilutive securities for each period presented: June 30, 2024 2023 Options to purchase common stock 3,577,716 4,003,501 Restricted stock units 5,336,839 4,529,829 Total 8,914,555 8,533,330 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contractual Obligations The Company has $31.8 million of non-cancelable contractual commitments as of June 30, 2024, primarily related to its operating lease agreements for both its current and former corporate headquarters in New York, NY, not including any offset for sublease income, as well as other software and support services. For those agreements with variable terms, the Company does not estimate what the total obligation may be beyond any minimum obligations. The following table represents the Company’s commitments under its purchase obligations as of June 30, 2024 (in thousands): Fiscal Year Ending December 31, Lease Obligations Other Obligations Total Obligations 2024 (remaining) $ 2,538 $ 1,203 $ 3,741 2025 5,380 1,479 6,859 2026 5,263 861 6,124 2027 5,263 273 5,536 2028 5,263 19 5,282 Thereafter 4,292 — 4,292 Total $ 27,999 $ 3,835 $ 31,834 Legal Proceedings The Company is subject to various claims and contingencies, which are in the scope of ordinary and routine litigation incidental to its business, including those related to regulation, litigation, business transactions, employee-related matters, and taxes, among others. When the Company becomes aware of a claim or potential claim, the likelihood of any loss or exposure is assessed. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, the Company records a liability for the loss. The liability recorded includes probable and estimable legal costs incurred to date and future legal costs to the point in the legal matter where the Company believes a conclusion to the matter will be reached. If the loss is not probable or the amount of the loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably possible. The Company does not believe that it is party to any pending legal proceedings that are likely to have a material effect on its business, financial condition, or results of operations. Indemnification In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board and officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net loss | $ (4,437) | $ (8,320) | $ (7,740) | $ (16,453) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 shares | Jun. 30, 2024 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Thomas Etergino [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On May 13, 2024, Thomas Etergino, our Chief Financial Officer, entered into a 10b5-1 trading plan during an open insider trading window, intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and the Company’s policies regarding insider transactions for trades over a period of time from October 8, 2024 until July 31, 2025 or such earlier time as when 22,000 shares of the Company’s common stock are sold. | |
Name | Thomas Etergino | |
Title | Chief Financial Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | May 13, 2024 | |
Expiration Date | July 31, 2025 | |
Arrangement Duration | 296 days | |
Matthew Rubinger [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Matthew Rubinger, our Chief Commercial Officer, entered into a 10b5-1 trading plan during an open insider trading window, intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and the Company’s policies regarding insider transactions for trades over a period of time from December 18, 2024 until December 17, 2025 or such earlier time as when 84,784 shares of the Company’s common stock are sold. | |
Name | Matthew Rubinger | |
Title | Chief Commercial Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 13, 2024 | |
Expiration Date | December 17, 2025 | |
Arrangement Duration | 364 days | |
Trading Arrangement, Common Stock [Member] | Thomas Etergino [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 22,000 | 22,000 |
Trading Arrangement, Common Stock [Member] | Matthew Rubinger [Member] | ||
Trading Arrangements, by Individual | ||
Aggregate Available | 84,784 | 84,784 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K (the “Form 10-K”) for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, provision for transaction losses, impairment assessment of goodwill, capitalization of internal-use software and determination of useful lives, income taxes, and the valuation of stock-based compensation and leases. The Company evaluates its estimates and assumptions on an ongoing basis. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. |
Cash, Cash Equivalents, and Restricted Cash | The Company considers all short-term, highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Certain cash equivalents consist of investments in debt securities that are classified as available-for-sale. As of June 30, 2024, the Company’s restricted cash relates to $3.6 million in Letters of Credit for its office leases in New York, New York. During the three and six months ended June 30, 2024, the Company purchased $8.9 million and $25.6 million of available-for-sale securities classified as cash equivalents, respectively. During the three and six months ended June 30, 2023, the Company purchased $19.9 million and $31.8 million of available-for-sale securities classified as cash equivalents, respectively. The carrying value of the restricted cash approximates fair value. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard will require all public entities, including those with a single reportable segment, to disclose significant segment expenses and other segment items on an annual and interim basis. The guidance requires a public entity to disclose the significant expense categories and amounts that are regularly provided to the chief operating decision-maker. This standard is effective for the Company’s annual report ending December 31, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this new guidance and while it only has one reportable segment, it does expect to enhance its current disclosures in the notes to the financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures. The standard will require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The new standard is effective for the Company’s annual report ending December 31, 2025. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restructuring Rollforward of Charges, Payments and Accrued Balances | The following table displays a rollforward of the charges and payments to the accrued balance as of June 30, 2024: (in thousands) Restructuring Charges Balance, December 31, 2023 $ 396 Restructuring charges 372 Cash payments (396) Balance, June 30, 2024 $ 372 |
Restructuring Charges | The expense is included within the respective financial statement line items on the condensed consolidated statements of operations as shown in the table below: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Cost of revenue $ — $ 135 $ — $ 135 Sales and marketing — 789 — 789 Technology development — 1,044 — 1,044 General and administrative 372 36 372 36 Total $ 372 $ 2,004 $ 372 $ 2,004 |
Cash and Cash Equivalents | The following represents the Company’s cash, cash equivalents, and restricted cash as of the periods presented: (in thousands) June 30, 2024 June 30, 2023 Cash and cash equivalents $ 23,807 $ 45,410 Restricted cash, non-current 3,620 3,335 Total cash, cash equivalents, and restricted cash $ 27,427 $ 48,745 |
Restricted Cash | The following represents the Company’s cash, cash equivalents, and restricted cash as of the periods presented: (in thousands) June 30, 2024 June 30, 2023 Cash and cash equivalents $ 23,807 $ 45,410 Restricted cash, non-current 3,620 3,335 Total cash, cash equivalents, and restricted cash $ 27,427 $ 48,745 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The table below segregates all assets that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date: June 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 1,863 $ — $ — $ 1,863 Commercial paper — 1,979 — 1,979 U.S. Treasury securities — 2,196 — 2,196 Total cash equivalents $ 1,863 $ 4,175 $ — $ 6,038 Short-term investments: Commercial paper $ — $ 6,151 $ — $ 6,151 Corporate notes — 16,542 — 16,542 U.S. Treasury securities — 10,705 — 10,705 U.S. Government agency securities — 53,427 — 53,427 Total short-term investments $ — $ 86,825 $ — $ 86,825 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 5,797 $ — $ — $ 5,797 U.S. Treasury securities — 4,991 — 4,991 Total cash equivalents $ 5,797 $ 4,991 $ — $ 10,788 Short-term investments: Commercial paper $ — $ 18,112 — 18,112 Corporate notes — 7,641 — 7,641 U.S. Treasury securities — 11,971 — 11,971 U.S. Government agency securities — 64,202 — 64,202 Total short-term investments $ — $ 101,926 $ — $ 101,926 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Net Revenue by Type of Service | The following table summarizes the Company’s net revenue by type of service for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Seller marketplace services $ 21,962 $ 20,761 $ 43,800 $ 42,772 Other services 273 160 497 327 Total net revenue $ 22,235 $ 20,921 $ 44,297 $ 43,099 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Short-term Investments | The following table summarizes the estimated value of the Company’s short-term investments as of the periods presented: June 30, 2024 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Fair Value Commercial paper $ 6,156 $ — $ (5) $ 6,151 Corporate notes 16,595 1 (54) 16,542 U.S. Treasury securities 10,733 — (28) 10,705 U.S. Government agency securities 53,507 1 (81) 53,427 Total short-term investments $ 86,991 $ 2 $ (168) $ 86,825 December 31, 2023 (in thousands) Amortized Cost Unrealized Gain Unrealized Loss Fair Value Commercial paper $ 18,101 $ 14 $ (3) $ 18,112 Corporate notes 7,621 20 — 7,641 U.S. Treasury securities 11,975 2 (6) 11,971 U.S. Government agency securities 64,134 89 (21) 64,202 Total short-term investments $ 101,831 $ 125 $ (30) $ 101,926 |
Short-term Investments By Contractual Maturity | As of June 30, 2024, the fair value of short-term investments by remaining contractual maturity consisted of the following: (in thousands) Fair Value Remaining maturity date one year or less $ 66,352 Remaining maturity date greater than one year 20,473 Total short-term investments $ 86,825 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | As of June 30, 2024 and December 31, 2023, property and equipment, net consisted of the following: (in thousands) June 30, 2024 December 31, 2023 Internal-use software $ 20,130 $ 19,541 Leasehold improvements 4,029 3,605 Furniture and fixtures 68 1,131 Computer equipment and software 550 919 Software in progress 853 569 Total property and equipment, gross 25,630 25,765 Less: Accumulated depreciation and amortization (21,643) (22,381) Total property and equipment, net $ 3,987 $ 3,384 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | As of June 30, 2024 and December 31, 2023, accrued expenses consisted of the following: (in thousands) June 30, 2024 December 31, 2023 Shipping $ 2,792 $ 2,934 Compensation & benefits 1,779 3,164 Sales & use taxes payable 1,298 1,534 Allowance for transaction losses 914 1,172 Payment processor fees 342 557 Allowance for e-commerce returns 404 401 Other 1,910 1,121 Total accrued expenses $ 9,439 $ 10,883 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Lease Expense | The following table summarizes total lease expense, net for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease expense $ 1,224 $ 966 $ 2,305 $ 1,988 Short-term lease expense 12 33 12 54 Variable lease expense 328 321 608 576 Total lease expense 1,564 1,320 2,925 2,618 Sublease income (1,054) — (1,753) — Total lease expense, net $ 510 $ 1,320 $ 1,172 $ 2,618 |
Remaining Operating Lease Payments | As of June 30, 2024, the total remaining operating lease payments included in the measurement of lease liabilities, and undiscounted remaining cash receipts from the Company’s Sublease was as follows (in thousands): Fiscal Year Ending December 31, Operating Lease Payments Sublease Cash Receipts 2024 (remaining) $ (2,538) $ 1,689 2025 (5,380) 3,435 2026 (5,263) 3,504 2027 (5,263) 3,574 2028 (5,263) 3,645 Thereafter (4,292) 3,718 Total (payments) cash receipts $ (27,999) $ 19,565 Less: imputed interest 3,988 Total lease liabilities $ (24,011) |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | As of June 30, 2024 and December 31, 2023, other current liabilities consisted of the following: (in thousands) June 30, 2024 December 31, 2023 Sales and other non-income tax contingencies $ 2,656 $ 2,462 Buyer deposits 283 377 Other 393 779 Total other current liabilities $ 3,332 $ 3,618 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Reserved Shares of Common Stock | As of June 30, 2024 and December 31, 2023, the Company had reserved shares of common stock for issuance in connection with the following: June 30, 2024 December 31, 2023 Options to purchase common stock 3,577,716 3,831,710 Restricted stock units outstanding 5,336,839 3,400,489 Shares available for future grant under the 2021 Plan 2,186,896 3,119,122 Shares available for future grant under the ESPP 1,971,655 1,572,504 Total 13,073,106 11,923,825 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Activity | The following table summarizes the Company’s stock option activity since December 31, 2023: Number of Weighted-Average Weighted-Average Aggregate Outstanding as of December 31, 2023 3,831,710 $ 6.97 5.8 $ 826 Granted — $ — Exercised (193,862) $ 4.05 Cancelled/Forfeited (60,132) $ 9.05 Outstanding as of June 30, 2024 3,577,716 $ 7.09 5.6 $ 477 Options exercisable as of June 30, 2024 2,910,287 $ 6.86 5.2 $ 477 Options vested and expected to vest as of June 30, 2024 3,577,716 $ 7.09 5.6 $ 477 |
Restricted Stock Units Activity | The following table summarizes the activity related to the Company's restricted stock units: Outstanding Restricted Stock Units Weighted-Average Outstanding as of December 31, 2023 3,400,489 $ 5.40 Granted 3,045,082 5.86 Vested (1,051,764) 5.50 Cancelled (56,968) 5.89 Outstanding as of June 30, 2024 5,336,839 $ 5.64 |
Classification of Stock-based Compensation | The following table summarizes the classification of the Company’s stock-based compensation expense in the condensed consolidated statements of operations: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 87 $ 88 $ 167 $ 237 Sales and marketing 980 742 1,711 1,449 Technology development 1,037 959 1,774 2,010 General and administrative 1,912 1,463 3,454 2,662 Total stock-based compensation expense $ 4,016 $ 3,252 $ 7,106 $ 6,358 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following table summarizes the computation of basic and diluted net loss per share for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2024 2023 2024 2023 Numerator: Net loss $ (4,437) $ (8,320) $ (7,740) $ (16,453) Denominator: Weighted average common shares outstanding—basic and diluted 38,517,785 39,642,725 39,131,456 39,487,496 Net loss per share—basic and diluted $ (0.12) $ (0.21) $ (0.20) $ (0.42) |
Antidilutive Securities | The Company excluded the following potentially dilutive securities for each period presented: June 30, 2024 2023 Options to purchase common stock 3,577,716 4,003,501 Restricted stock units 5,336,839 4,529,829 Total 8,914,555 8,533,330 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Commitments Under Purchase Obligations | The following table represents the Company’s commitments under its purchase obligations as of June 30, 2024 (in thousands): Fiscal Year Ending December 31, Lease Obligations Other Obligations Total Obligations 2024 (remaining) $ 2,538 $ 1,203 $ 3,741 2025 5,380 1,479 6,859 2026 5,263 861 6,124 2027 5,263 273 5,536 2028 5,263 19 5,282 Thereafter 4,292 — 4,292 Total $ 27,999 $ 3,835 $ 31,834 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) segment | Jun. 30, 2023 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs | $ 372 | $ 2,004 | $ 372 | $ 2,004 | |
Number of reportable segments | segment | 1 | ||||
General and administrative | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs | $ 372 | 36 | $ 372 | $ 36 | |
Workforce Reduction Plan, June 2023 | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Workforce reduction, percentage | 20% | ||||
Restructuring costs | $ 2,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Restructuring Reserve (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance, December 31, 2023 | $ 396 |
Restructuring charges | 372 |
Cash payments | (396) |
Balance, June 30, 2024 | $ 372 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 372 | $ 2,004 | $ 372 | $ 2,004 |
Cost of revenue | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 0 | 135 | 0 | 135 |
Sales and marketing | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 0 | 789 | 0 | 789 |
Technology development | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 0 | 1,044 | 0 | 1,044 |
General and administrative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 372 | $ 36 | $ 372 | $ 36 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Cash and cash equivalents | $ 23,807 | $ 45,410 | $ 23,807 | $ 45,410 | $ 37,395 | |
Restricted cash, non-current | 3,620 | 3,335 | 3,620 | 3,335 | 3,580 | |
Total cash, cash equivalents, and restricted cash | 27,427 | 48,745 | 27,427 | 48,745 | $ 40,975 | $ 158,043 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Purchases of short-term investments | 51,507 | 110,411 | ||||
Letter of Credit | NEW YORK | ||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Restricted cash, current | 3,600 | 3,600 | ||||
Cash Equivalents | ||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Purchases of short-term investments | $ 8,900 | $ 19,900 | $ 25,600 | $ 31,800 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | $ 6,038 | $ 10,788 |
Total short-term investments | 86,825 | 101,926 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 6,151 | 18,112 |
Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 16,542 | 7,641 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 10,705 | 11,971 |
U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 53,427 | 64,202 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 1,863 | 5,797 |
Total short-term investments | 0 | 0 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Level 1 | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Level 1 | U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 4,175 | 4,991 |
Total short-term investments | 86,825 | 101,926 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 6,151 | 18,112 |
Level 2 | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 16,542 | 7,641 |
Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 10,705 | 11,971 |
Level 2 | U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 53,427 | 64,202 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 0 | 0 |
Total short-term investments | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Level 3 | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Level 3 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Level 3 | U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Money market fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 1,863 | 5,797 |
Money market fund | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 1,863 | 5,797 |
Money market fund | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 0 | 0 |
Money market fund | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 1,979 | |
Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 0 | |
Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 1,979 | |
Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 0 | |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 2,196 | 4,991 |
U.S. Treasury securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 0 | 0 |
U.S. Treasury securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 2,196 | 4,991 |
U.S. Treasury securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents | $ 0 | $ 0 |
Revenue Recognition - Net Reven
Revenue Recognition - Net Revenue by Type of Service (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenue | $ 22,235 | $ 20,921 | $ 44,297 | $ 43,099 |
Seller marketplace services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenue | 21,962 | 20,761 | 43,800 | 42,772 |
Other services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenue | $ 273 | $ 160 | $ 497 | $ 327 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |||||
Costs to obtain revenue contracts | $ 400 | $ 400 | $ 500 | ||
Capitalized contract cost, current | 200 | 200 | 300 | ||
Capitalized contract cost, noncurrent | 200 | 200 | $ 200 | ||
Amortization of costs to obtain revenue contracts | $ 100 | $ 100 | $ 160 | $ 162 |
Short-Term Investments - Summar
Short-Term Investments - Summary of Short-term Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 86,991 | $ 101,831 |
Unrealized Gain | 2 | 125 |
Unrealized Loss | (168) | (30) |
Fair Value | 86,825 | 101,926 |
Commercial paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 6,156 | 18,101 |
Unrealized Gain | 0 | 14 |
Unrealized Loss | (5) | (3) |
Fair Value | 6,151 | 18,112 |
Corporate notes | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 16,595 | 7,621 |
Unrealized Gain | 1 | 20 |
Unrealized Loss | (54) | 0 |
Fair Value | 16,542 | 7,641 |
U.S. Treasury securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 10,733 | 11,975 |
Unrealized Gain | 0 | 2 |
Unrealized Loss | (28) | (6) |
Fair Value | 10,705 | 11,971 |
U.S. Government agency securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 53,507 | 64,134 |
Unrealized Gain | 1 | 89 |
Unrealized Loss | (81) | (21) |
Fair Value | $ 53,427 | $ 64,202 |
Short-Term Investments - Narrat
Short-Term Investments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Debt securities, available-for-sale, realized loss | $ 100,000 | $ 100,000 | ||
Debt securities, available-for-Sale, amount of securities sold | 18,700,000 | 18,700,000 | ||
Available-for-sale, debt securities credit losses | 0 | $ 0 | 0 | $ 0 |
Securities in a continuous unrealized loss position for 12 months or longer | $ 0 | $ 0 |
Short-Term Investments - Short-
Short-Term Investments - Short-term Investments By Contractual Maturity (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Remaining maturity date one year or less | $ 66,352 |
Remaining maturity date greater than one year | 20,473 |
Total short-term investments | $ 86,825 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 25,630 | $ 25,765 |
Less: Accumulated depreciation and amortization | (21,643) | (22,381) |
Total property and equipment, net | 3,987 | 3,384 |
Internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 20,130 | 19,541 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 4,029 | 3,605 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 68 | 1,131 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 550 | 919 |
Software in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 853 | $ 569 |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |||||
Net book value of internal-use software | $ 2.4 | $ 2.4 | $ 2.7 | ||
Depreciation | 0.5 | $ 0.4 | 0.9 | $ 1.4 | |
Internal-use software amortization expense | $ 0.4 | $ 0.4 | $ 0.8 | $ 1.3 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Shipping | $ 2,792 | $ 2,934 |
Compensation & benefits | 1,779 | 3,164 |
Sales & use taxes payable | 1,298 | 1,534 |
Allowance for transaction losses | 914 | 1,172 |
Payment processor fees | 342 | 557 |
Allowance for e-commerce returns | 404 | 401 |
Other | 1,910 | 1,121 |
Total accrued expenses | $ 9,439 | $ 10,883 |
Leases - Narrative (Details)
Leases - Narrative (Details) ft² in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jan. 15, 2024 | Dec. 31, 2023 USD ($) | Nov. 01, 2023 ft² | Oct. 01, 2023 | |
Leases [Abstract] | ||||||||
Operating lease right-of-use assets | $ 21,481 | $ 21,481 | $ 19,655 | |||||
Operating lease liabilities, current | 3,932 | 3,932 | 3,107 | |||||
Operating lease liabilities, non-current | $ 20,079 | $ 20,079 | $ 18,812 | |||||
Operating lease liabilities, weighted-average remaining lease term | 5 years 3 months 18 days | 5 years 3 months 18 days | ||||||
Operating lease liabilities, weighted-average discount rate | 6.10% | 6.10% | ||||||
Sublease rentable space, percentage | 1 | 0.78 | ||||||
Sublease abatement provision term | 5 months | |||||||
Lessee, lease not yet commenced, net rentable area | ft² | 13 | |||||||
Lessee, Operating Lease, Term of Contract | 5 years | |||||||
Lessee, lease not yet commenced, initial abatement term | 7 months | |||||||
Lessee, lease not yet commenced, renewal term | 5 years | |||||||
Lease payments | $ 1,100 | $ 1,000 | $ 2,100 | $ 2,000 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease expense | $ 1,224 | $ 966 | $ 2,305 | $ 1,988 |
Short-term lease expense | 12 | 33 | 12 | 54 |
Variable lease expense | 328 | 321 | 608 | 576 |
Total lease expense | 1,564 | 1,320 | 2,925 | 2,618 |
Sublease income | (1,054) | 0 | (1,753) | 0 |
Total lease expense, net | $ 510 | $ 1,320 | $ 1,172 | $ 2,618 |
Leases - Remaining Operating Le
Leases - Remaining Operating Lease Payments (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Operating Lease Payments | |
2024 (remaining) | $ (2,538) |
2025 | (5,380) |
2026 | (5,263) |
2027 | (5,263) |
2028 | (5,263) |
Thereafter | (4,292) |
Total (payments) cash receipts | (27,999) |
Less: imputed interest | 3,988 |
Total lease liabilities | (24,011) |
Sublease Cash Receipts | |
2024 (remaining) | 1,689 |
2025 | 3,435 |
2026 | 3,504 |
2027 | 3,574 |
2028 | 3,645 |
Thereafter | 3,718 |
Total (payments) cash receipts | $ 19,565 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Sales and other non-income tax contingencies | $ 2,656 | $ 2,462 |
Buyer deposits | 283 | 377 |
Other | 393 | 779 |
Total other current liabilities | $ 3,332 | $ 3,618 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 14, 2021 | |
Equity [Abstract] | |||
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, issued (in shares) | 0 | 0 | |
Preferred stock, outstanding (in shares) | 0 | 0 | |
Common stock, authorized (in shares) | 400,000,000 | 400,000,000 | |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | |
Treasury stock, common (in shares) | 4,926,635 | 823,483 | |
Treasury stock, value, acquired, cost method | $ 25.4 | $ 3.5 | |
Stock repurchase program, authorized amount | $ 25.5 |
Equity - Reserved Shares of Com
Equity - Reserved Shares of Common Stock (Details) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | ||
Common stock reserved for issuance (in shares) | 13,073,106 | 11,923,825 |
Options to purchase common stock | ||
Class of Stock [Line Items] | ||
Common stock reserved for issuance (in shares) | 3,577,716 | 3,831,710 |
Restricted stock units outstanding | ||
Class of Stock [Line Items] | ||
Common stock reserved for issuance (in shares) | 5,336,839 | 3,400,489 |
Shares available for future grant under the ESPP | ||
Class of Stock [Line Items] | ||
Common stock reserved for issuance (in shares) | 1,971,655 | 1,572,504 |
Shares available for future grant under the 2021 Plan | ||
Class of Stock [Line Items] | ||
Common stock reserved for issuance (in shares) | 2,186,896 | 3,119,122 |
Stock-based compensation - Narr
Stock-based compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jan. 01, 2024 | Jan. 01, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted (in shares) | 0 | 0 | 0 | 0 | |||
Aggregate intrinsic value of stock options exercised | $ 100 | $ 100 | $ 300 | $ 100 | |||
Fair value of stock options vested | 1,000 | 1,200 | 1,700 | 2,000 | |||
Total stock-based compensation expense | 4,016 | $ 3,252 | $ 7,106 | 6,358 | |||
Weighted-average grant date fair value of restricted stock units granted (in usd per share) | $ 3.65 | $ 5.86 | |||||
Grant date fair value of restricted stock units vested | $ 3,100 | ||||||
Share-based compensation capitalized | 100 | 100 | $ 100 | 100 | |||
Unrecognized compensation expense | 32,200 | 32,200 | |||||
Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total stock-based compensation expense | $ 200 | $ 300 | $ 200 | $ 300 | |||
Unrecognized compensation expense, weighted-average period for recognition | 2 years 6 months | ||||||
Stock Options with Performance Condition | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Stock options granted (in shares) | 615,997 | ||||||
Stock Options with Performance Condition | Vesting Tranche One | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 21% | ||||||
Stock Options with Performance Condition | Vesting Tranche Two | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 38 months | ||||||
ESPP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum shares that may be issued (in shares) | 1,971,655 | 1,971,655 | |||||
Maximum number of shares that may be issued, annual increase percentage | 1% | ||||||
Increase in common stock available for future issuance (in shares) | 399,151 | ||||||
Annual increase in number of shares that may be issued, term | 10 years | ||||||
Maximum number of shares that may be issued, annual increase (in shares) | 400,000 | ||||||
Maximum percentage of eligible compensation | 15% | 15% | |||||
Purchase price percentage | 85% | ||||||
Common stock shares purchased for issuance under award plan (in shares) | 0 | 0 | 0 | 0 | |||
Restricted stock units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant date fair value of restricted stock units granted (in usd per share) | $ 5.55 | $ 5.86 | $ 3.95 | ||||
Grant date fair value of restricted stock units vested | $ 3,900 | $ 5,800 | $ 5,200 | ||||
Restricted stock units | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Restricted stock units | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
2011 Plan | Stock Options - New Employees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expiration period | 10 years | ||||||
Vesting period | 4 years | ||||||
2011 Plan | Stock Options - New Employees | Vesting Tranche One | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year | ||||||
Vesting percentage | 25% | ||||||
2011 Plan | Stock Options - New Employees | Vesting Tranche Two | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 36 months | ||||||
2011 Plan | Share-Based Payment Arrangement, Option, Others | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expiration period | 10 years | ||||||
Vesting period | 48 months | ||||||
2021 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum shares that may be issued (in shares) | 4,333,333 | 4,333,333 | |||||
Maximum shares that may be issued, annual increase, period | 10 years | ||||||
Maximum number of shares that may be issued, annual increase percentage | 5% | ||||||
Increase in common stock available for future issuance (in shares) | 1,995,756 | ||||||
Shares available for future grants (in shares) | 2,186,896 | 2,186,896 | |||||
2021 Plan | Restricted stock units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Vesting percentage | 25% | ||||||
2021 Plan | RSU, Initial Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
2021 Plan | RSU, Annual Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year |
Stock-based compensation - Stoc
Stock-based compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Number of Options | |||||
Outstanding (in shares) | 3,831,710 | ||||
Granted (in shares) | 0 | 0 | 0 | 0 | |
Exercised (in shares) | (193,862) | ||||
Cancelled/Forfeited (in shares) | (60,132) | ||||
Outstanding (in shares) | 3,577,716 | 3,577,716 | 3,831,710 | ||
Options exercisable (in shares) | 2,910,287 | 2,910,287 | |||
Options vested and expected to vest (in shares) | 3,577,716 | 3,577,716 | |||
Weighted-Average Exercise Price | |||||
Outstanding (in usd per share) | $ 6.97 | ||||
Granted (in usd per share) | 0 | ||||
Exercised (in usd per share) | 4.05 | ||||
Cancelled/Forfeited (in usd per share) | 9.05 | ||||
Outstanding (in usd per share) | $ 7.09 | 7.09 | $ 6.97 | ||
Options exercisable (in usd per share) | 6.86 | 6.86 | |||
Options vested and expected to vest (in usd per share) | $ 7.09 | $ 7.09 | |||
Weighted Average Remaining Contractual Term | |||||
Outstanding | 5 years 7 months 6 days | 5 years 9 months 18 days | |||
Exercisable | 5 years 2 months 12 days | ||||
Vested and expected to vest | 5 years 7 months 6 days | ||||
Aggregate Intrinsic Value | |||||
Outstanding | $ 477 | $ 477 | $ 826 | ||
Exercisable | 477 | 477 | |||
Vested and expected to vest | $ 477 | $ 477 |
Stock-based compensation - Rest
Stock-based compensation - Restricted Stock Units Activity (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2024 | |
Outstanding Restricted Stock Units | ||
Outstanding (in shares) | 3,400,489 | |
Granted (in shares) | 3,045,082 | |
Vested (in shares) | (1,051,764) | |
Cancelled (in shares) | (56,968) | |
Outstanding (in shares) | 5,336,839 | |
Weighted-Average Grant Date Fair Value | ||
Outstanding (in usd per share) | $ 5.40 | |
Granted (in usd per share) | $ 3.65 | 5.86 |
Vested (in usd per share) | 5.50 | |
Cancelled (in usd per share) | 5.89 | |
Outstanding (in usd per share) | $ 5.64 |
Stock-based compensation - Clas
Stock-based compensation - Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 4,016 | $ 3,252 | $ 7,106 | $ 6,358 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 87 | 88 | 167 | 237 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 980 | 742 | 1,711 | 1,449 |
Technology development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 1,037 | 959 | 1,774 | 2,010 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 1,912 | $ 1,463 | $ 3,454 | $ 2,662 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net loss | $ (4,437) | $ (8,320) | $ (7,740) | $ (16,453) |
Denominator: | ||||
Weighted average common shares outstanding—basic (in shares) | 38,517,785 | 39,642,725 | 39,131,456 | 39,487,496 |
Weighted average common shares outstanding—diluted (in shares) | 38,517,785 | 39,642,725 | 39,131,456 | 39,487,496 |
Net loss per share—basic (in usd per share) | $ (0.12) | $ (0.21) | $ (0.20) | $ (0.42) |
Net loss per share—diluted (in usd per share) | $ (0.12) | $ (0.21) | $ (0.20) | $ (0.42) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Securities (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss (in shares) | 8,914,555 | 8,533,330 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss (in shares) | 3,577,716 | 4,003,501 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss (in shares) | 5,336,839 | 4,529,829 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual obligation | $ 31,834 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Commitments Under Purchase Obligations (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Lease Obligations | |
2024 (remaining) | $ 2,538 |
2025 | 5,380 |
2026 | 5,263 |
2027 | 5,263 |
2028 | 5,263 |
Thereafter | 4,292 |
Total (payments) cash receipts | 27,999 |
Other Obligations | |
2024 (remaining) | 1,203 |
2025 | 1,479 |
2026 | 861 |
2027 | 273 |
2028 | 19 |
Thereafter | 0 |
Total | 3,835 |
Total Obligations | |
2024 (remaining) | 3,741 |
2025 | 6,859 |
2026 | 6,124 |
2027 | 5,536 |
2028 | 5,282 |
Thereafter | 4,292 |
Total | $ 31,834 |