Weave Communications (WEAV) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 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	001-40998
Entity Registrant Name	Weave Communications, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-3302902
Entity Address, Address Line One	1331 West Powell Way
Entity Address, City or Town	Lehi
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84043
City Area Code	866
Local Phone Number	439-2826
Title of 12(b) Security	Common stock, par value $0.00001 per share
Trading Symbol	WEAV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,813,071
Entity Central Index Key	0001609151
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	$ 51,659	$ 50,756
Short-term investments	47,383	58,088
Accounts receivable, net	5,528	3,511
Deferred contract costs, net	11,143	10,547
Prepaid expenses and other current assets	5,390	6,876
Total current assets	121,103	129,778
Non-current assets:
Property and equipment, net	9,752	9,922
Operating lease right-of-use assets	39,509	41,318
Finance lease right-of-use assets	10,377	10,351
Deferred contract costs, net, less current portion	9,417	8,622
Other non-current assets	1,041	1,021
TOTAL ASSETS	191,199	201,012
Current liabilities:
Accounts payable	7,568	5,171
Accrued liabilities	15,488	18,491
Deferred revenue	40,562	38,850
Current portion of operating lease liabilities	4,042	3,821
Current portion of finance lease liabilities	6,393	6,520
Total current liabilities	74,053	72,853
Non-current liabilities:
Operating lease liabilities, less current portion	41,040	43,080
Finance lease liabilities, less current portion	6,283	6,122
Total liabilities	121,376	122,055
COMMITMENTS AND CONTINGENCIES (Note 12)
Stockholders' equity:
Preferred stock, $0.00001 par value per share; 10,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Common stock, $0.00001 par value per share; 500,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 71,682,267 and 70,116,357 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	348,532	341,514
Accumulated deficit	(278,423)	(262,667)
Accumulated other comprehensive income (loss)	(286)	110
Total stockholders' equity	69,823	78,957
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 191,199	$ 201,012

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.00001	$ 0.00001
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 dollars per share)	$ 0.00001	$ 0.00001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	71,682,267	70,116,357
Common stock outstanding (in shares)	71,682,267	70,116,357

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 50,586,000	$ 41,667,000	$ 97,759,000	$ 81,232,000
Cost of revenue	14,462,000	13,626,000	28,648,000	26,657,000
Gross profit	36,124,000	28,041,000	69,111,000	54,575,000
Operating expenses:
Sales and marketing	21,889,000	17,455,000	41,519,000	34,673,000
Research and development	9,958,000	8,585,000	19,603,000	16,279,000
General and administrative	13,532,000	11,834,000	25,399,000	21,974,000
Total operating expenses	45,379,000	37,874,000	86,521,000	72,926,000
Loss from operations	(9,255,000)	(9,833,000)	(17,410,000)	(18,351,000)
Other income (expense):
Interest income	432,000	527,000	852,000	963,000
Interest expense	(399,000)	(501,000)	(718,000)	(973,000)
Other income (expense), net	721,000	868,000	1,586,000	1,583,000
Loss before income taxes	(8,501,000)	(8,939,000)	(15,690,000)	(16,778,000)
Provision for income taxes	(52,000)	(49,400)	(66,100)	(69,300)
Net loss	$ (8,553,000)	$ (8,988,000)	$ (15,756,000)	$ (16,847,000)
Net loss per share, basic (in dollars per share)	$ (0.12)	$ (0.13)	$ (0.22)	$ (0.25)
Net loss per share, diluted (in dollars per share)	$ (0.12)	$ (0.13)	$ (0.22)	$ (0.25)
Weighted-average common shares outstanding - basic (in shares)	71,291,801	66,849,788	70,872,372	66,404,628
Weighted-average common shares outstanding - diluted (in shares)	71,291,801	66,849,788	70,872,372	66,404,628

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	$ (8,553)	$ (8,988)	$ (15,756)	$ (16,847)
Other comprehensive loss
Change in foreign currency translation, net of tax	(71)	146	(309)	112
Net unrealized loss on investments, net of tax	(25)	(70)	(87)	(52)
Total comprehensive loss	$ (8,649)	$ (8,912)	$ (16,152)	$ (16,787)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2022		65,739,053
Beginning balance at Dec. 31, 2022	$ 83,219	$ 0	$ 314,884	$ (231,636)	$ (29)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares from stock option exercises (in shares)		350,141
Issuance of common shares from stock option exercises	621		621
Issuance of common shares from the employee stock purchase plan (in shares)		134,336
Issuance of common shares from the employee stock purchase plan	$ 622		622
Vesting of restricted stock units (in shares)		1,633,066
Common stock withheld related to net settlement of equity awards (in shares)	(533,513)	(533,513)
Common stock withheld related to net settlement of equity awards	$ (2,672)		(2,672)
Stock-based compensation	10,389		10,389
Foreign currency translation adjustments, net of tax	112				112
Net unrealized loss on investments	(52)				(52)
Net loss	(16,847)			(16,847)
Ending balance (in shares) at Jun. 30, 2023		67,323,083
Ending balance at Jun. 30, 2023	75,392	$ 0	323,844	(248,483)	31
Beginning balance (in shares) at Mar. 31, 2023		66,337,452
Beginning balance at Mar. 31, 2023	79,799	$ 0	319,339	(239,495)	(45)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares from stock option exercises (in shares)		308,966
Issuance of common shares from stock option exercises	$ 548		548
Vesting of restricted stock units (in shares)		1,046,426
Common stock withheld related to net settlement of equity awards (in shares)	(369,761)	(369,761)
Common stock withheld related to net settlement of equity awards	$ (1,919)		(1,919)
Stock-based compensation	5,876		5,876
Foreign currency translation adjustments, net of tax	146				146
Net unrealized loss on investments	(70)				(70)
Net loss	(8,988)			(8,988)
Ending balance (in shares) at Jun. 30, 2023		67,323,083
Ending balance at Jun. 30, 2023	$ 75,392	$ 0	323,844	(248,483)	31
Beginning balance (in shares) at Dec. 31, 2023	70,116,357	70,116,357
Beginning balance at Dec. 31, 2023	$ 78,957	$ 0	341,514	(262,667)	110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares from stock option exercises (in shares)	60,548
Ending balance (in shares) at Mar. 31, 2024		70,980,371
Ending balance at Mar. 31, 2024	$ 73,436	$ 0	343,496	(269,870)	(190)
Beginning balance (in shares) at Dec. 31, 2023	70,116,357	70,116,357
Beginning balance at Dec. 31, 2023	$ 78,957	$ 0	341,514	(262,667)	110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares from stock option exercises (in shares)		92,893
Issuance of common shares from stock option exercises	357		357
Issuance of common shares from the employee stock purchase plan (in shares)		113,959
Issuance of common shares from the employee stock purchase plan	$ 1,020		1,020
Vesting of restricted stock units (in shares)		2,220,075
Common stock withheld related to net settlement of equity awards (in shares)	(861,017)	(861,017)
Common stock withheld related to net settlement of equity awards	$ (9,422)		(9,422)
Stock-based compensation	15,063		15,063
Foreign currency translation adjustments, net of tax	(309)				(309)
Net unrealized loss on investments	(87)				(87)
Net loss	$ (15,756)			(15,756)
Ending balance (in shares) at Jun. 30, 2024	71,682,267	71,682,267
Ending balance at Jun. 30, 2024	$ 69,823	$ 0	348,532	(278,423)	(286)
Beginning balance (in shares) at Mar. 31, 2024		70,980,371
Beginning balance at Mar. 31, 2024	$ 73,436	$ 0	343,496	(269,870)	(190)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares from stock option exercises (in shares)	32,345	32,345
Issuance of common shares from stock option exercises	$ 66		66
Vesting of restricted stock units (in shares)		1,014,237
Common stock withheld related to net settlement of equity awards (in shares)	(344,686)	(344,686)
Common stock withheld related to net settlement of equity awards	$ (3,321)		(3,321)
Stock-based compensation	8,291		8,291
Foreign currency translation adjustments, net of tax	(71)				(71)
Net unrealized loss on investments	(25)				(25)
Net loss	$ (8,553)			(8,553)
Ending balance (in shares) at Jun. 30, 2024	71,682,267	71,682,267
Ending balance at Jun. 30, 2024	$ 69,823	$ 0	$ 348,532	$ (278,423)	$ (286)

CONDENSED CONSOLIDATED STATEM_4

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	$ (15,756)	$ (16,847)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	5,957	5,998
Amortization of operating right-of-use assets	1,958	1,905
Provision for losses on accounts receivable	843	654
Amortization of deferred contract costs	6,652	6,023
Loss on disposal of assets	1	11
Stock-based compensation	15,063	10,389
Net accretion of discounts on short-term investments	(1,174)	(1,344)
Changes in operating assets and liabilities:
Accounts receivable	(2,860)	(641)
Deferred contract costs	(8,043)	(6,740)
Prepaid expenses and other assets	1,466	1,443
Accounts payable	2,436	471
Accrued liabilities	(3,003)	845
Operating lease liabilities	(1,968)	(1,841)
Deferred revenue	1,403	2,819
Net cash provided by operating activities	2,975	3,145
CASH FLOWS FROM INVESTING ACTIVITIES
Maturities of short-term investments	32,274	29,000
Purchases of short-term investments	(20,482)	(35,152)
Purchases of property and equipment	(1,254)	(838)
Capitalized internal-use software costs	(1,023)	(791)
Net cash provided by (used in) investing activities	9,515	(7,781)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on finance leases	(3,542)	(3,807)
Proceeds from stock option exercises	357	621
Payments for taxes related to net share settlement of equity awards	(9,422)	(2,672)
Proceeds from the employee stock purchase plan	1,020	622
Net cash used in financing activities	(11,587)	(5,236)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	903	(9,872)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	50,756	61,997
CASH AND CASH EQUIVALENTS, END OF PERIOD	51,659	52,125
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	718	973
Cash paid during the period for income taxes	66	69
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Equipment purchases financed with accounts payable	45	3
Finance lease liabilities arising from obtaining finance lease right-of-use assets	3,576	3,639
Operating lease liabilities arising from obtaining operating lease right-of-use assets	149	154
Unrealized loss on short-term investments	$ (87)	$ (52)

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business Weave Communications, Inc. and its wholly owned subsidiaries Weave Communications Canada, Inc. and Weave Communications India Private Limited (collectively, “Weave” or the “Company”) sells subscriptions to Weave, its vertically tailored customer experience and payments software platform for small- and medium-sized healthcare businesses. The Weave platform combines customer engagement, payments, and other operational software tools with voice over internet protocol (“VoIP”) phone services. The Company was incorporated in the state of Delaware in October 2015 and its corporate headquarters are located in Lehi, UT.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Weave Communications, Inc. and its wholly owned subsidiaries Weave Communications Canada, Inc. and Weave Communications India Private Limited. Intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 13, 2024. The accompanying interim condensed consolidated balance sheets, statements of operations, comprehensive loss, statements of stockholders' equity, statements of cash flows and accompanying notes are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial condition, its operations and cash flows for the periods presented. The historical results are not necessarily indicative of future results, and the results of operations are not necessarily indicative of the results to be expected for the full year or any other period. Segments The Company operates as one operating and reportable segment. The Company’s chief operating decision maker (“CODM”) evaluates reporting operations and financial information on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amount of sales and expenses during the reporting period. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Significant estimates included in the Company’s financial statements include the valuation allowance against deferred tax assets, allowance for credit losses, recoverability of long-lived assets, fair value of stock-based compensation, amortization period of deferred contract costs, the incremental borrowing rate used in determining the value of right-of-use assets and lease liabilities, and useful lives for depreciable assets. Concentration of Risks The functionality of the Company’s software and cloud-based phone system relies heavily on the ability to integrate with customers’ systems of record, including practice or client management systems. Less than five providers make up the majority of practice management systems maintained by dentists, optometrists, and veterinarians in the United States. At this time, the Company does not anticipate loss of integration rights with any of these major providers. To mitigate the risk, the Company has developed a system-agnostic platform that, if needed, does not rely on an integration for functionality. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, the Company’s cash balances held at financial institutions may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on its deposits of cash. No customers accounted for more than 10% of accounts receivable or total revenues as of and for the three and six months ended June 30, 2024 and 2023 and as of December 31, 2023. To date, the Company has not experienced material losses related to non-payment by customers. Revenue Recognition The Company derives substantially all revenue from subscription services by providing customers access to its platform. The Company recognizes revenue when control of these services is transferred to customers in an amount that reflects consideration to which the Company expects to be entitled in exchange for those services, net of tax. Revenue recognition is determined from the following steps: • Identification of a contract with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations within the contract; and • Recognition of revenue when, or as, performance obligations are satisfied. The Company recognizes revenue as follows: Subscriptions revenue (software and phone service) is generated from fees that provide customers access to one or more of the Company’s software applications and related services. These arrangements generally have contractual terms of month-to-month. Arrangements with customers do not provide the customer with the right to take possession of the Company’s software at any time. Instead, customers are granted continuous access to the services over the contractual period. The Company transfers control of services evenly over the contractual period. Accordingly, the consideration related to subscriptions is recognized over time on a straight-line basis over the contract term beginning on the date the Company’s service is made available to the customer. The Company also provides payment processing/collection services and receives a revenue share from a third-party payment facilitator on transactions between Weave customers that utilize the Weave payments platform and their end consumers. These payment transactions are generally for services rendered at customers’ business location via credit card terminals, mobile devices using 'tap-to-pay", or through several card-not-present modalities, including “text-to-pay” functionality. As the Company acts as an agent in these arrangements, revenue from payments services is recorded net of transaction processing fees and revenue is recognized as the performance obligation is performed each time transactions are processed. The Company offers remote installation services as part of the onboarding process, wherein the Company can install pre-configured applications on customer hardware, which allow remote access to Weave’s cloud solution. Customers may also choose to engage directly with one of several preferred third-party providers to perform on-site installation services. The Company considers onboarding/installation a separate performance obligation, and recognizes revenue at the time the installation services are complete. With the exception of payments services and installation revenue, customers are billed in advance and they may elect to be billed on a monthly or annual basis. The Company records contract liabilities to deferred revenue when cash payments are received, or billings are due in advance of revenue recognition from services. Deferred revenue is recognized as revenue when, or as, the performance obligations are satisfied. Software and phone service revenue is recognized net of discounts in the condensed consolidated statements of operations. The Company does not consider discounts variable consideration as they are stated on each agreement and not subject to contingencies or variability. The Company collects sales and communications taxes from its customers. In the statement of operations, amounts collected from taxes are excluded from the reported revenue amounts. The Company elected to apply the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with a contract term of one year or less. In addition to providing software and VoIP phone services, the Company provides phone hardware to its customers as part of its subscription offering. The Company allows customers to include up to 5 phones without adjustment to the subscription base price. In such arrangements, the Company is deemed the lessor and the arrangement is an operating lease per guidance provided in the Accounting Standards Codification (“ASC”) 842. Title of the phones does not transfer to the customer at any point. If a customer were to cancel at any time, the phones are returned to the Company. For customers subscribed prior to August 2021, the Company allowed customers to include up to 10 phones without adjustment to the subscription base price and title of the phones transfers to the customer after 36 months of subscription have occurred. If a customer were to cancel at any time prior to completion of the 36-month period, the phones are returned to the Company. For each of the three months ended June 30, 2024 and 2023 the Company recorded $1.1 million in lease revenues associated with phone hardware. For the six months ended June 30, 2024 and 2023, the Company recorded $2.3 million and $2.2 million, respectively, in lease revenues associated with the phone hardware. As a lessor, future minimum lease payments may vary due to customer agreements being month-to-month and the fact that subscription payments are allocated based on the fair value of all services provided to the customer. With phones being deployed to customers for their useful life, residual value does not accrue to the benefit of the Company. Phones that are returned are refurbished and placed into service. Cash and Cash Equivalents Cash consists of deposits in financial institutions. Cash equivalents consist of highly liquid investments in money market securities with an original maturity of 90 days or less. The fair value of cash equivalents approximated their carrying value as of June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023 the Company did not have any restricted cash. Liquidity and Capital Resources The Company has incurred losses and, prior to 2023, generated negative cash flows from operations since inception. As of June 30, 2024, the Company had an accumulated deficit of $278.4 million. The Company has partially funded its operations through cash flows generated by the sales of its product offerings and, as of June 30, 2024, the Company had completed several rounds of equity financing as a private company with total net proceeds approximating $159.0 million. In November 2021, the Company completed its initial public offering, which generated additional net proceeds of $107.5 million. As of June 30, 2024, the Company had no outstanding borrowings under its revolving line of credit and $50.0 million in available borrowings. The Company believes its existing cash, cash equivalents, short-term investments, borrowing capacity under its revolving line of credit, and cash flows provided by sales of product offerings will be sufficient to meet operating cash flow requirements for at least twelve months from the date of issuance of the June 30, 2024, unaudited condensed consolidated financial statements. As a result of the Company’s growth plans, the Company may experience losses and negative cash flows from operations in the future. Short-Term Investments The Company determines the appropriate classification of its investments at the time of purchase. As the Company views these securities as available to support current operations, it accounts for these debt securities as available-for-sale and classifies them as current assets on its consolidated balance sheets. These securities are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income (loss). The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other-than-temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is more likely than not that the Company will sell the securities before the recovery of their cost basis. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in other income (expense), net, and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss). Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations. Realized gains for the three months ended June 30, 2024 and 2023, were $0.5 million and $0.7 million, respectively. Realized gains for the six months ended June 30, 2024 and 2023 were $1.2 million and $1.3 million, respectively. Advertising Expense Advertising costs are expensed as incurred. For the three months ended June 30, 2024 and 2023, the Company recorded advertising expense of $3.1 million and $2.0 million, respectively, and $5.5 million and $3.9 million for the six months ended June 30, 2024 and 2023, respectively. Advertising costs are included in sales and marketing expenses in the condensed consolidated statements of operations. Deferred Contract Costs In accordance with ASC 340, the Company capitalizes incremental costs of obtaining and fulfilling a contract, provided the Company expects to recover those costs. The capitalized amounts mainly consist of sales commissions paid to the Company’s direct sales force. Capitalized costs also include: • Commissions to sales management for achieving incremental sales quota; • The associated payroll taxes and fringe benefit costs associated with the payments to the Company’s employees; • One-time commissions paid to partners; and • One-time registration fees assessed by mobile carriers. These costs are recorded as deferred contract costs, net on the consolidated balance sheet. Amortization of deferred contract costs related to commissions and the associated taxes and fringe benefit costs are included in sales and marketing expense. Deferred contract costs related to one-time registration fees paid to mobile carriers are included in cost of revenue. These expenses are amortized on a straight-line basis over the average period of consumer benefit, three years. In arriving at this average period of benefit, the Company evaluated both qualitative and quantitative factors which included the anticipated customer life, historical customer life, and the useful life of the Company’s product offerings. Monthly commensurate revenue share fees paid to partners are expensed as incurred as their estimated period of benefit does not extend beyond twelve months and, therefore, fall under the practical expedient which allows these costs to be expensed as incurred. Accounting Pronouncements Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, and includes the Company's accounts receivable, certain financial instruments and contract assets. ASU 2016-13 results in more timely recognition of credit losses. The Company adopted Topic 326 as of January 1, 2023, which did not materially impact the unaudited condensed consolidated financial statements. Accounting Pronouncements Pending Adoption In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 will be effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 and should be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-07 on its related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires the disclosure of specific categories in the rate reconciliation and greater disaggregation for income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 and should be adopted prospectively with the option to be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-09 on its related disclosures. As an “emerging growth company,” the Jumpstart Our Business Startups Act (the “JOBS Act”), allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts With Customers for all periods presented. See Note 2 for a description of the Company’s revenue recognition accounting policy. Contract Balances The Company recognized revenue that was included in the corresponding deferred revenue balance at the beginning of the period of $20.0 million and $17.3 million for the three months ended June 30, 2024 and 2023, respectively, and $30.0 million and $26.3 million for the six months ended June 30, 2024 and 2023, respectively. Deferred Contract Costs As discussed in Note 2, the Company capitalizes incremental costs of obtaining and fulfilling a contract. Amortization expense related to these costs was $3.4 million and $3.0 million for the three months ended June 30, 2024 and 2023, respectively, and $6.7 million and $6.0 million for the six months ended June 30, 2024 and 2023, respectively. Disaggregation of Revenues Revenue has been disaggregated into recurring and non-recurring categories to identify revenue and costs of revenue that are one-time in nature from those that are term-based and renewable. The table below outlines revenue for our recurring subscription (software and phone services) and payment processing services, as well as for our onboarding services, and phone hardware (in thousands) for the three and six months ended June 30, 2024 and 2023 : Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Subscription and payment processing $ 48,513 $ 39,696 $ 93,605 $ 77,388 Onboarding 943 867 1,903 1,651 Hardware (embedded lease) 1,130 1,104 2,251 2,193 Total revenue $ 50,586 $ 41,667 $ 97,759 $ 81,232

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial instruments recorded at fair value in the financial statements are categorized as follows: • Level 1: Observable inputs that reflect quoted prices for identical assets or liabilities in active markets. • Level 2: Observable inputs, other than Level 1 prices, 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 reflecting management's assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2024 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 40,253 $ — $ — $ 40,253 Short-term investments US government and agency securities 33,461 — 33,461 Commercial paper — 13,922 — 13,922 Total $ 73,714 $ 13,922 $ — $ 87,636 The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 35,375 $ — $ — $ 35,375 Commercial paper — — — — Short-term investments US government and agency securities 25,083 11,526 — 36,609 Commercial paper — 21,479 — 21,479 Total $ 60,458 $ 33,005 $ — $ 93,463 The following tables summarize the Company's short-term investments on the consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments US government and agency securities $ 33,492 $ 1 $ (32) $ 33,461 Commercial paper 13,936 — (14) 13,922 Total $ 47,428 $ 1 $ (46) $ 47,383 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments US government and agency securities $ 36,568 $ 48 $ (7) $ 36,609 Commercial paper 21,477 11 (9) 21,479 Total $ 58,045 $ 59 $ (16) $ 58,088 The following tables summarize the Company’s cash and cash equivalents on the consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash $ 11,406 $ — $ — $ 11,406 Cash equivalents Money market funds 40,253 — — 40,253 Total $ 51,659 $ — $ — $ 51,659 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash $ 15,381 $ — $ — $ 15,381 Cash equivalents Money market funds 35,375 — — 35,375 Total $ 50,756 $ — $ — $ 50,756 As of June 30, 2024, the weighted-average remaining contractual maturities of available-for-sale securities was approximately four months. No available-for-sale securities held as of June 30, 2024 have been in a continuous unrealized loss position for more than twelve months. As of June 30, 2024, unrealized losses on available-for-sale securities are not attributed to credit risk and are considered temporary. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or the cost basis of the investment will be recovered. The Company believes it has no other-than-temporary impairments on its securities as it does not intend to sell these securities and does not believe it is more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on securities related to other-than-temporary declines in fair value. The Company’s short-term investments are due within one year from the balance sheet date. For the three and six months ended June 30, 2024 and 2023, both unrealized holding gains and losses were immaterial and the resulting net unrealized holding gain/loss was included in accumulated other comprehensive income.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following for the periods presented (in thousands): June 30, 2024 December 31, 2023 Office equipment $ 6,277 $ 5,830 Office furniture 6,482 6,416 Leasehold improvements 2,759 2,731 Fixed assets not placed in service — 25 Capitalized internal-use software 7,851 6,827 Payment terminals 2,809 2,354 Property and equipment, gross 26,178 24,183 Less accumulated depreciation and amortization (16,426) (14,261) Property and equipment, net $ 9,752 $ 9,922 Depreciation and amortization expense on property and equipment (excluding amortization on operating ROU assets) was $2.9 million and $3.0 million for the three months ended June 30, 2024 and 2023, respectively, and $6.0 million and $6.0 million for the six months ended June 30, 2024 and 2023, respectively. Of this expense, $1.7 million and $1.8 million for the three months ended June 30, 2024 and 2023, respectively, and $3.5 million and $3.7 million for the six months ended June 30, 2024 and 2023, respectively, was related to phone hardware finance ROU assets (see also Note 7) and data center equipment and has been included in cost of revenue in the condensed consolidated statements of operations. Of the remaining depreciation and amortization expense, $0.5 million was included in cost of revenue in the statements of operations for each of the three months ended June 30, 2024 and 2023, and $1.1 million and $1.0 million was included in cost of revenue on the statements of operations for the six months ended June 30, 2024 and 2023, respectively. $0.6 million was recorded in operating expenses on the statements of operations for each of the three months ended June 30, 2024 and 2023, and $1.3 million was recorded in operating expenses on the statements of operations for each of the six months ended June 30, 2024 and 2023, respectively.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following for the periods presented (in thousands): June 30, 2024 December 31, 2023 Payroll-related accruals $ 9,284 $ 12,567 Sales and telecom taxes 2,069 2,953 Employee stock purchase plan liability 1,023 862 Third-party commissions 384 398 Other 2,728 1,711 Total $ 15,488 $ 18,491

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company has lease arrangements, both as a lessor and a lessee, and makes assumptions and judgments when assessing contracts for lease components, determining lease classifications, and calculating right-of-use asset and lease liability values. These assumptions and judgements may include the useful lives and fair values of the leased assets, the implicit rate underlying the Company’s leases, the Company’s incremental borrowing rate, or the Company’s intent to exercise or not exercise options available in lease contracts. Components of lease expense and other information for the periods presented are summarized as follows (in thousands, except terms and rates): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Lease expense Finance lease expense: Amortization of right-of-use assets $ 1,730 $ 1,809 $ 3,550 $ 3,748 Interest on lease liabilities 330 288 648 561 Operating lease expense 1,423 1,423 2,845 2,845 Short-term lease expense 11 5 20 11 Total lease expense $ 3,494 $ 3,525 $ 7,063 $ 7,165 Supplemental cash flow information Finance leases: Operating cash outflow from finance leases $ 330 $ 288 $ 648 $ 561 Financing cash outflow from finance leases $ 1,755 $ 1,847 $ 3,542 $ 3,807 Finance lease liabilities arising from obtaining finance lease right-of-use assets $ 1,705 $ 1,711 $ 3,576 $ 3,639 Operating leases: Operating cash outflow from operating leases $ 1,430 $ 1,396 $ 2,861 $ 2,781 Operating lease liabilities arising from obtaining operating lease right-of-use assets $ — $ — $ 149 $ 154 Other information as of June 30, 2024 Finance leases: Weighted-average remaining lease term (years) 1.9 Weighted-average discount rate 11.0 % Operating leases: Weighted-average remaining lease term (years) 8.6 Weighted-average discount rate 3.9 % Operating leases The Company as the Lessee The Company leases office space for its headquarters and advertising space under non-cancelable operating lease agreements. These leases have expirations ranging from December 2024 to January 2033. Though the Company is considering renewal options on its leases nearing expiration, the Company has not recognized any renewal options as part of the current lease term as it is not reasonably certain that it will exercise its option as of June 30, 2024. The rates implicit in the Company’s operating leases are not readily determinable. Thus, the Company uses its incremental borrowing rate to discount lease payments to present value. The incremental borrowing rate is the rate incurred to borrow on a collateralized basis, and is based on the Company’s secured line of credit, which may be adjusted for the specific terms and collateral of the lease. The operating lease agreements do not contain any residual value guarantees or other restrictions or covenants that would cause the Company to incur additional significant financial obligations. These office space lease agreements contain non-lease components, which represent charges for common area maintenance, taxes and utilities. The Company has elected the practical expedient on not separating lease components from non-lease components. The Company has other leases for office space with terms less than twelve months from contract inception and no options to purchase the underlying asset. These agreements are accounted for as short-term leases in accordance with ASC 842-20-25-2. Total rent expense for office space leases was $1.4 million for each of the three months ended June 30, 2024 and 2023, and $2.8 million for each of the six months ended June 30, 2024 and 2023, and is reported gross of sublease income received. Future maturities of remaining lease payments included in the measurement of operating lease liabilities as of June 30, 2024 are as follows (in thousands): Years ending December 31, Remaining 2024 $ 2,860 2025 5,701 2026 5,843 2027 5,989 2028 6,139 Thereafter 26,695 Total 53,227 Less: imputed interest (8,145) Present value of operating lease obligations $ 45,082 The Company as the Lessor As discussed in the Revenue Recognition accounting policy, the Company provides varying quantities of phone hardware to customers without adjustments to the base subscription price. The Company is deemed a lessor in these arrangements. For each of the three months ended June 30, 2024 and 2023, the Company recorded lease revenues associated with phone hardware of $1.1 million. For the six months ended June 30, 2024 and 2023, the Company recorded lease revenues associated with phone hardware of $2.3 million and $2.2 million, respectively. In April 2023, the Company entered into a Sublease Agreement for the fourth floor of the office space currently occupied by the Company in Lehi, Utah. During each of the three months ended June 30, 2024 and 2023, the Company recorded sublease revenues associated with this agreement of $0.2 million. During each of the six months ended June 30, 2024 and 2023, the Company recorded sublease revenues of $0.4 million. These revenues are included in other income (expense) on the condensed consolidated statement of operations. Finance leases The Company is the lessee in all of its finance lease arrangements. The Company finances its purchases of phone hardware through lease agreements classified as finance leases. As of June 30, 2024 the Company had 96 executed and active lease agreements, respectively, for phone hardware. These agreements require monthly payments ranging from approximately $55 to $34,647 and have maturity dates ranging from July 2024 to June 2027. As of June 30, 2024, the gross value of phone hardware acquired under these finance leases approximated $20.7 million. Amortization expense on finance-leased phone hardware was $1.7 million and $1.8 million for the three months ended June 30, 2024 and 2023, respectively, and $3.5 million and $3.7 million, respectively, for the six months ended June 30, 2024 and 2023, which is included in the depreciation expense referenced in Note 5. Future minimum lease payments for the Company’s finance leases as of June 30, 2024 were as follows (in thousands): Years ending December 31, Remaining 2024 $ 4,160 2025 5,902 2026 3,385 2027 828 2028 — Thereafter — Total 14,275 Less: amounts representing interest (1,599) Present value of finance lease obligations $ 12,676
Leases	Leases The Company has lease arrangements, both as a lessor and a lessee, and makes assumptions and judgments when assessing contracts for lease components, determining lease classifications, and calculating right-of-use asset and lease liability values. These assumptions and judgements may include the useful lives and fair values of the leased assets, the implicit rate underlying the Company’s leases, the Company’s incremental borrowing rate, or the Company’s intent to exercise or not exercise options available in lease contracts. Components of lease expense and other information for the periods presented are summarized as follows (in thousands, except terms and rates): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Lease expense Finance lease expense: Amortization of right-of-use assets $ 1,730 $ 1,809 $ 3,550 $ 3,748 Interest on lease liabilities 330 288 648 561 Operating lease expense 1,423 1,423 2,845 2,845 Short-term lease expense 11 5 20 11 Total lease expense $ 3,494 $ 3,525 $ 7,063 $ 7,165 Supplemental cash flow information Finance leases: Operating cash outflow from finance leases $ 330 $ 288 $ 648 $ 561 Financing cash outflow from finance leases $ 1,755 $ 1,847 $ 3,542 $ 3,807 Finance lease liabilities arising from obtaining finance lease right-of-use assets $ 1,705 $ 1,711 $ 3,576 $ 3,639 Operating leases: Operating cash outflow from operating leases $ 1,430 $ 1,396 $ 2,861 $ 2,781 Operating lease liabilities arising from obtaining operating lease right-of-use assets $ — $ — $ 149 $ 154 Other information as of June 30, 2024 Finance leases: Weighted-average remaining lease term (years) 1.9 Weighted-average discount rate 11.0 % Operating leases: Weighted-average remaining lease term (years) 8.6 Weighted-average discount rate 3.9 % Operating leases The Company as the Lessee The Company leases office space for its headquarters and advertising space under non-cancelable operating lease agreements. These leases have expirations ranging from December 2024 to January 2033. Though the Company is considering renewal options on its leases nearing expiration, the Company has not recognized any renewal options as part of the current lease term as it is not reasonably certain that it will exercise its option as of June 30, 2024. The rates implicit in the Company’s operating leases are not readily determinable. Thus, the Company uses its incremental borrowing rate to discount lease payments to present value. The incremental borrowing rate is the rate incurred to borrow on a collateralized basis, and is based on the Company’s secured line of credit, which may be adjusted for the specific terms and collateral of the lease. The operating lease agreements do not contain any residual value guarantees or other restrictions or covenants that would cause the Company to incur additional significant financial obligations. These office space lease agreements contain non-lease components, which represent charges for common area maintenance, taxes and utilities. The Company has elected the practical expedient on not separating lease components from non-lease components. The Company has other leases for office space with terms less than twelve months from contract inception and no options to purchase the underlying asset. These agreements are accounted for as short-term leases in accordance with ASC 842-20-25-2. Total rent expense for office space leases was $1.4 million for each of the three months ended June 30, 2024 and 2023, and $2.8 million for each of the six months ended June 30, 2024 and 2023, and is reported gross of sublease income received. Future maturities of remaining lease payments included in the measurement of operating lease liabilities as of June 30, 2024 are as follows (in thousands): Years ending December 31, Remaining 2024 $ 2,860 2025 5,701 2026 5,843 2027 5,989 2028 6,139 Thereafter 26,695 Total 53,227 Less: imputed interest (8,145) Present value of operating lease obligations $ 45,082 The Company as the Lessor As discussed in the Revenue Recognition accounting policy, the Company provides varying quantities of phone hardware to customers without adjustments to the base subscription price. The Company is deemed a lessor in these arrangements. For each of the three months ended June 30, 2024 and 2023, the Company recorded lease revenues associated with phone hardware of $1.1 million. For the six months ended June 30, 2024 and 2023, the Company recorded lease revenues associated with phone hardware of $2.3 million and $2.2 million, respectively. In April 2023, the Company entered into a Sublease Agreement for the fourth floor of the office space currently occupied by the Company in Lehi, Utah. During each of the three months ended June 30, 2024 and 2023, the Company recorded sublease revenues associated with this agreement of $0.2 million. During each of the six months ended June 30, 2024 and 2023, the Company recorded sublease revenues of $0.4 million. These revenues are included in other income (expense) on the condensed consolidated statement of operations. Finance leases The Company is the lessee in all of its finance lease arrangements. The Company finances its purchases of phone hardware through lease agreements classified as finance leases. As of June 30, 2024 the Company had 96 executed and active lease agreements, respectively, for phone hardware. These agreements require monthly payments ranging from approximately $55 to $34,647 and have maturity dates ranging from July 2024 to June 2027. As of June 30, 2024, the gross value of phone hardware acquired under these finance leases approximated $20.7 million. Amortization expense on finance-leased phone hardware was $1.7 million and $1.8 million for the three months ended June 30, 2024 and 2023, respectively, and $3.5 million and $3.7 million, respectively, for the six months ended June 30, 2024 and 2023, which is included in the depreciation expense referenced in Note 5. Future minimum lease payments for the Company’s finance leases as of June 30, 2024 were as follows (in thousands): Years ending December 31, Remaining 2024 $ 4,160 2025 5,902 2026 3,385 2027 828 2028 — Thereafter — Total 14,275 Less: amounts representing interest (1,599) Present value of finance lease obligations $ 12,676

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company computes its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for discrete tax items recorded in the period. The Company reported provision for income taxes of $52.0 thousand and $49.4 thousand for the three months ended June 30, 2024 and 2023, respectively, which resulted in an effective tax rate of (0.6)% for each of the three months ended June 30, 2024 and 2023. The Company reported provision for income taxes of $66.1 thousand and $69.3 thousand for the six months ended June 30, 2024 and 2023, respectively, which resulted in an effective tax rate of (0.4)% for each of the six months ended June 30, 2024 and 2023. The provision for income taxes varied from the tax computed at the U.S. federal statutory income tax rate of 21% for the periods presented primarily due to changes in the Company’s valuation allowance, state and foreign taxes, and the tax effects of stock-based compensation. The Company is subject to income tax in the U.S. as well as other tax jurisdictions in which the Company operates. The Company’s U.S. operations have resulted in losses, and as such, the Company maintains a valuation allowance against all U.S. deferred tax assets. While the Company believes its current valuation allowance is appropriate, the Company assesses the need for an adjustment to the valuation allowance on a quarterly basis. The assessment is based on all available positive and negative evidence including past results of operations, forecasted earnings, tax planning strategies, and all sources of future taxable income. In the event the Company determines that it will be able to realize all or part of its net deferred tax assets in the future, all or part of the valuation allowance will be released in the period in which the Company makes such determination. The release of all or part of the valuation allowance against deferred tax assets may cause greater volatility in the effective tax rate in the periods in which it is released.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt In August 2021, the Company established a revolving line of credit with Silicon Valley Bank allowing for total borrowing capacity up to $50.0 million, subject to reduction should the Company fail to meet

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Stock-Based Compensation Expense Stock-based compensation expense, consisting of service-based expense related to the equity incentive plan, including expense from stock options and restricted stock units, and the employee stock purchase plan, was classified as follows in the accompanying condensed consolidated statements of operations for each of the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 244 $ 251 $ 483 $ 464 Sales and marketing 1,696 1,219 2,847 2,183 Research and development 2,178 1,323 4,076 2,253 General and administrative 4,173 3,083 7,657 5,489 Total $ 8,291 $ 5,876 $ 15,063 $ 10,389 Equity Incentive Plan In November 2021, in connection with the initial public offering (“IPO”), the Company adopted the 2021 Equity Incentive Plan (the “2021 EIP” or “EIP”) under which the Company could issue stock options or restricted stock units (“RSUs”) as awards. In addition to shares remaining available for issuance under a prior plan and shares subject to awards under the prior plan that may return to EIP , the Company reserved 9.0 million shares of common stock for future issuance under the 2021 EIP, with scheduled annual increases to the reserve for amounts to be determined by the board of directors of the Company (the “Board”), subject to a maximum amoun t. In the first quarter of 2024 and 2023, the Board reserved an additional 3.5 million and 3.3 million common shares, respectively, for future issuance under the 2021 EIP. In March 2023, the Company adopted the 2022 Inducement Equity Incentive Plan and reserved an additional 7.0 million shares of common stock for future issuance. Stock-based compensation expense related to the EIP was $8.1 million and $5.7 million for the three months ended June 30, 2024 and 2023, respectively, and $14.6 million and $10.1 million for the six months ended June 30, 2024 and 2023, respectively. Stock Options Most options have a four-year vesting schedule with a one-year cliff and are classified as incentive stock options (“ISOs”). Some options have been granted in lieu of bonuses and have expedited two Options with accelerated vesting clauses, should there be a change in Company control, were 333,998 and 1,666,097 as of June 30, 2024 and 2023, respectively. Unrecognized stock-based compensation expense related to outstanding stock options as of June 30, 2024 and 2023 was $1.6 million and $6.4 million, respectively. Stock-based compensation expense is recognized on a straight-line basis over the remaining weighted-average vesting periods. As of June 30, 2024 and 2023 the weighted-average vesting periods approximated 0.84 years and 1.62 years, respectively. Stock option activity was as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding as of December 31, 2023 1,840,735 $ 4.32 5.96 $ 13,165 Exercisable as of December 31, 2023 1,480,536 $ 3.82 5.62 $ 11,320 Granted — $ — Exercised (60,548) $ 4.80 Forfeited and expired (2,075) $ 5.81 Outstanding as of March 31, 2024 1,778,112 $ 4.30 5.71 $ 12,768 Exercisable as of March 31, 2024 1,495,817 $ 3.89 5.44 $ 11,348 Granted — $ — Exercised (32,345) $ 2.05 Forfeited and expired (1,472) $ 5.01 Outstanding as of June 30, 2024 1,744,295 $ 4.34 5.48 $ 8,162 Exercisable as of June 30, 2024 1,537,446 $ 4.04 5.28 $ 7,664 The aggregate intrinsic value of options exercised was $0.3 million and $1.6 million f or the three months ended June 30, 2024 and 2023, respectively, and $0.7 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively. The intrinsic value represents the excess of the estimated fair value of the Company's common stock on the date of exercise over the exercise price of each option. Stock-based compensation expense is measured at the grant date based on the estimated fair value of the award. The fair value of the awards is fixed at grant date and amortized over the remaining service period. The Company uses the Black-Scholes model to estimate the value of its stock options issued under the EIP. Prior to the IPO, the common stock fair values used in the models were based on the most recent 409(a) valuation as of the option grant date. Management reviews option grants and determines whether further valuation adjustments are appropriate based on recent company performance and/or changes in market conditions. The volatility assumed in the estimate was based on publicly traded companies in the same industry and considers the expected term calculated by the Company. The expected term of the options was derived from a simplified method which estimates the term based on an averaging of the vesting period and contractual term of the option grant. The risk-free rate utilized was the average of the five- and seven-year U.S. Treasury yields as the estimated expected term for options approximates 6 years. The Company has no plans to declare dividends in the foreseeable future. Restricted Stock Units RSUs granted under the Plan vest and settle upon the satisfaction of a service-based condition. The service based condition for these awards is generally satisfied over three RSUs have a four-year vesting schedule with 25% clif f vesting one year from grant date and the remaining 75% vesting monthly over the remaining three years. A total of 19,788 RSUs issued to non-employee directors have a three-year vesting schedule, with 33% vesting one year from the grant date and the remaining 67% vesting annually over the remaining two years. A total of 116,298 RSUs issued to non-employee directors have a one-year vesting schedule, with 100% vesting on the earlier of one year from the grant date or the annual meeting of stockholders. The remaining RSUs that have been issued have a three-year vesting schedule with 33% vesting one year from grant date and the remaining 67% vesting quarterly over the remaining two years. As of June 30, 2024, there was $50.5 million of unrecognized stock-based compensation expense related to outstanding RSUs which is expected to be recognized over a weighted-average period of 2.1 years. RSU activity was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2023 7,504,848 $ 5.98 Granted 2,068,200 $ 11.64 Vested (1,205,838) $ 5.28 Canceled (81,064) $ 6.78 Outstanding as of March 31, 2024 8,286,146 $ 7.48 Granted 247,798 $ 8.84 Vested (1,014,237) $ 5.82 Canceled (51,041) $ 6.95 Outstanding as of June 30, 2024 7,468,666 $ 7.76 The total fair value of RSUs that vested during the three months ended June 30, 2024 and 2023 was $5.9 million and $5.9 million , respectively . The total fair value of RSUs that vested during the six months ended June 30, 2024 and 2023 was $12.3 million and $9.7 million , respectively. A portion of these RSUs were net-settled such that the Company withheld shares with a value equivalent to the employees’ obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. During the three months ended June 30, 2024 and 2023, the Company withheld 344,686 and 369,761 shares, which was based on the value of the RSUs on their respective vesting dates as determined by the Company’s closing stock price. During the six months ended June 30, 2024 and 2023 the Company withheld 861,017 and 533,513 shares, respectively. Total payments for the employees’ tax obligations to taxing authorities was $3.3 million and $1.9 million for the three months ended June 30, 2024 and 2023, respectively, and $9.4 million and $2.7 million for the six months ended June 30, 2024 and 2023, respectively. Employee Stock Purchase Plan In October 2021, the Company adopted the Employee Stock Purchase Plan (“ESPP”) in which eligible employees may contribute up to 50% of their base compensation to purchase shares of common stock at a price equal to 85% of the lower of (1) the fair market value of a share of the Company’s common stock at the beginning of the offering period and (2) the fair market value of a share of the Company’s common stock on the purchase date. No participant may purchase more than 2,500 shares during any offering period. As of June 30, 2024 and December 31, 2023, 3,301,800 and 2,600,637 shares were reserved for issuance, and 571,552 and 457,593 shares, respectively, of common stock had been issued under the ESPP. The number of shares available for issuance under the ESPP may be increased on the first day of each fiscal year by an amount to be determined by the Board. In the first quarter of 2024, the Board reserved an additional 0.7 million common shares for issuance under the ESPP. The 2021 ESPP provides for six-month offering periods beginning February 16 and August 16 of each year, and the last day of each offering period is the purchase date for that period. During three months ended June 30, 2024 and 2023, respectively, the Company recognized $0.2 million and $0.1 million of stock-based compensation expense related to the ESPP. During the six months ended June 30, 2024 and 2023, respectively, the Company recognized $0.4 million and $0.3 million of stock-based compensation expense related to the ESPP. As of June 30, 2024 and December 31, 2023, $1.0 million and $0.9 million in accrued ESPP employee payroll contributions are included within accrued liabilities on the consolidated balance sheets, respectively. As of June 30, 2024, total unrecognized compensation costs related to the ESPP was $0.1 million, which will be amortized over the remaining offering period through August 15, 2024.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters As of June 30, 2024, and through the issuance date of these condensed consolidated financial statements, the Company is not involved in any legal proceedings the outcomes of which are anticipated to significantly impact the Company’s financial condition, results of operations, or liquidity. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claims brought by any third-party against such indemnified party with respect to licensed technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. No liability associated with such indemnifications has been recorded 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 tables present the calculation of basic and diluted net loss per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net loss $ (8,553) $ (8,988) $ (15,756) $ (16,847) Denominator: Weighted-average common shares outstanding - basic and diluted 71,291,801 66,849,788 70,872,372 66,404,628 Net loss per share Net loss per share, basic and diluted $ (0.12) $ (0.13) $ (0.22) $ (0.25) The following outstanding potential common shares were excluded from the computation of diluted net loss per share as of the end of the periods presented because their inclusion would have been antidilutive: June 30, 2024 June 30, 2023 Options to purchase common stock 1,744,295 3,383,654 Number of shares issuable from ESPP 171,605 190,263 Restricted stock units 7,468,666 8,814,078 Total 9,384,566 12,387,995

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	$ (8,553)	$ (8,988)	$ (15,756)	$ (16,847)

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
Erin Goodsell [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 16, 2024, Erin Goodsell, our Chief Legal Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mrs. Goodsell’s trading plan provides for the sale of up to 160,000 shares. Mrs. Goodsell’s trading plan is scheduled to terminate on the earlier of August 22, 2025 or when all shares are sold under the plan, subject to early termination for certain specified events set forth therein. The trading plan complied with the then-applicable requirements of Rule 10b5-1(c) when adopted in May 2024.
Name	Erin Goodsell
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 16, 2024
Expiration Date	August 22, 2025
Arrangement Duration	463 days
Aggregate Available	160,000	160,000
Alan Taylor [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 7, 2024, Alan Taylor, our Chief Financial Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Taylor’s trading plan provides for the sale of up to 326,962 shares. Mr. Taylor’s trading plan is scheduled to terminate on the earlier of June 6, 2025 or when all shares are sold under the plan, subject to early termination for certain specified events set forth therein. The trading plan complied with the then-applicable requirements of Rule 10b5-1(c) when adopted in June 2024.
Name	Alan Taylor
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 7, 2024
Expiration Date	June 6, 2025
Arrangement Duration	364 days
Aggregate Available	326,962	326,962

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	The unaudited condensed consolidated financial statements include the accounts of Weave Communications, Inc. and its wholly owned subsidiaries Weave Communications Canada, Inc. and Weave Communications India Private Limited. Intercompany accounts and transactions have been eliminated in consolidation.
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 13, 2024. The accompanying interim condensed consolidated balance sheets, statements of operations, comprehensive loss, statements of stockholders' equity, statements of cash flows and accompanying notes are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial condition, its operations and cash flows for the periods presented. The historical results are not necessarily indicative of future results, and the results of operations are not necessarily indicative of the results to be expected for the full year or any other period.
Segments	Segments
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amount of sales and expenses during the reporting period. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Significant estimates included in the Company’s financial statements include the valuation allowance against deferred tax
Concentration of Risks	Concentration of Risks The functionality of the Company’s software and cloud-based phone system relies heavily on the ability to integrate with customers’ systems of record, including practice or client management systems. Less than five providers make up the majority of practice management systems maintained by dentists, optometrists, and veterinarians in the United States. At this time, the Company does not anticipate loss of integration rights with any of these major providers. To mitigate the risk, the Company has developed a system-agnostic platform that, if needed, does not rely on an integration for functionality. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, the Company’s cash balances held at financial institutions may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on its deposits of cash.
Revenue Recognition	Revenue Recognition The Company derives substantially all revenue from subscription services by providing customers access to its platform. The Company recognizes revenue when control of these services is transferred to customers in an amount that reflects consideration to which the Company expects to be entitled in exchange for those services, net of tax. Revenue recognition is determined from the following steps: • Identification of a contract with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations within the contract; and • Recognition of revenue when, or as, performance obligations are satisfied. The Company recognizes revenue as follows: Subscriptions revenue (software and phone service) is generated from fees that provide customers access to one or more of the Company’s software applications and related services. These arrangements generally have contractual terms of month-to-month. Arrangements with customers do not provide the customer with the right to take possession of the Company’s software at any time. Instead, customers are granted continuous access to the services over the contractual period. The Company transfers control of services evenly over the contractual period. Accordingly, the consideration related to subscriptions is recognized over time on a straight-line basis over the contract term beginning on the date the Company’s service is made available to the customer. The Company also provides payment processing/collection services and receives a revenue share from a third-party payment facilitator on transactions between Weave customers that utilize the Weave payments platform and their end consumers. These payment transactions are generally for services rendered at customers’ business location via credit card terminals, mobile devices using 'tap-to-pay", or through several card-not-present modalities, including “text-to-pay” functionality. As the Company acts as an agent in these arrangements, revenue from payments services is recorded net of transaction processing fees and revenue is recognized as the performance obligation is performed each time transactions are processed. The Company offers remote installation services as part of the onboarding process, wherein the Company can install pre-configured applications on customer hardware, which allow remote access to Weave’s cloud solution. Customers may also choose to engage directly with one of several preferred third-party providers to perform on-site installation services. The Company considers onboarding/installation a separate performance obligation, and recognizes revenue at the time the installation services are complete. With the exception of payments services and installation revenue, customers are billed in advance and they may elect to be billed on a monthly or annual basis. The Company records contract liabilities to deferred revenue when cash payments are received, or billings are due in advance of revenue recognition from services. Deferred revenue is recognized as revenue when, or as, the performance obligations are satisfied. Software and phone service revenue is recognized net of discounts in the condensed consolidated statements of operations. The Company does not consider discounts variable consideration as they are stated on each agreement and not subject to contingencies or variability. The Company collects sales and communications taxes from its customers. In the statement of operations, amounts collected from taxes are excluded from the reported revenue amounts. The Company elected to apply the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with a contract term of one year or less. In addition to providing software and VoIP phone services, the Company provides phone hardware to its customers as part of its subscription offering. The Company allows customers to include up to 5 phones without adjustment to the subscription base price. In such arrangements, the Company is deemed the lessor and the arrangement is an operating lease per guidance provided in the Accounting Standards Codification (“ASC”) 842. Title of the phones does not transfer to the customer at any point. If a customer were to cancel at any time, the phones are returned to the Company. For customers subscribed prior to August 2021, the Company allowed customers to include up to 10 phones without adjustment to the subscription base price and title of the phones transfers to the customer after 36 months of subscription have occurred. If a customer were to cancel at any time prior to completion of the 36-month period, the phones are returned to the Company. For each of the three months ended June 30, 2024 and 2023 the Company recorded $1.1 million in lease revenues associated with phone hardware. For the six months ended June 30, 2024 and 2023, the Company recorded $2.3 million and $2.2 million, respectively, in lease revenues associated with the phone hardware. As a lessor, future minimum lease payments may vary due to customer agreements being month-to-month and the fact that subscription payments are allocated based on the fair value of all services provided to the customer. With phones being deployed to customers for their useful life, residual value does not accrue to the benefit of the Company. Phones that are returned are refurbished and placed into service. Deferred Contract Costs In accordance with ASC 340, the Company capitalizes incremental costs of obtaining and fulfilling a contract, provided the Company expects to recover those costs. The capitalized amounts mainly consist of sales commissions paid to the Company’s direct sales force. Capitalized costs also include: • Commissions to sales management for achieving incremental sales quota; • The associated payroll taxes and fringe benefit costs associated with the payments to the Company’s employees; • One-time commissions paid to partners; and • One-time registration fees assessed by mobile carriers. These costs are recorded as deferred contract costs, net on the consolidated balance sheet. Amortization of deferred contract costs related to commissions and the associated taxes and fringe benefit costs are included in sales and marketing expense. Deferred contract costs related to one-time registration fees paid to mobile carriers are included in cost of revenue. These expenses are amortized on a straight-line basis over the average period of consumer benefit, three years. In arriving at this average period of benefit, the Company evaluated both qualitative and quantitative factors which included the anticipated customer life, historical customer life, and the useful life of the Company’s product offerings.
Cash and Cash Equivalents	Cash and Cash Equivalents
Short-Term Investments	Short-Term Investments The Company determines the appropriate classification of its investments at the time of purchase. As the Company views these securities as available to support current operations, it accounts for these debt securities as available-for-sale and classifies them as current assets on its consolidated balance sheets. These securities are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income (loss). The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other-than-temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is more likely than not that the Company will sell the securities before the recovery of their cost basis. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in other income (expense), net, and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss).
Advertising Expense	Advertising Expense
Accounting Pronouncements Adopted and Accounting Pronouncements Pending Adoption	Accounting Pronouncements Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, and includes the Company's accounts receivable, certain financial instruments and contract assets. ASU 2016-13 results in more timely recognition of credit losses. The Company adopted Topic 326 as of January 1, 2023, which did not materially impact the unaudited condensed consolidated financial statements. Accounting Pronouncements Pending Adoption In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 will be effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 and should be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-07 on its related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires the disclosure of specific categories in the rate reconciliation and greater disaggregation for income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 and should be adopted prospectively with the option to be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-09 on its related disclosures. As an “emerging growth company,” the Jumpstart Our Business Startups Act (the “JOBS Act”), allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The table below outlines revenue for our recurring subscription (software and phone services) and payment processing services, as well as for our onboarding services, and phone hardware (in thousands) for the three and six months ended June 30, 2024 and 2023 : Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Subscription and payment processing $ 48,513 $ 39,696 $ 93,605 $ 77,388 Onboarding 943 867 1,903 1,651 Hardware (embedded lease) 1,130 1,104 2,251 2,193 Total revenue $ 50,586 $ 41,667 $ 97,759 $ 81,232

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured on Recurring Basis	The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2024 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 40,253 $ — $ — $ 40,253 Short-term investments US government and agency securities 33,461 — 33,461 Commercial paper — 13,922 — 13,922 Total $ 73,714 $ 13,922 $ — $ 87,636 The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 35,375 $ — $ — $ 35,375 Commercial paper — — — — Short-term investments US government and agency securities 25,083 11,526 — 36,609 Commercial paper — 21,479 — 21,479 Total $ 60,458 $ 33,005 $ — $ 93,463
Schedule of Debt Securities, Available-for-Sale	The following tables summarize the Company's short-term investments on the consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments US government and agency securities $ 33,492 $ 1 $ (32) $ 33,461 Commercial paper 13,936 — (14) 13,922 Total $ 47,428 $ 1 $ (46) $ 47,383 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments US government and agency securities $ 36,568 $ 48 $ (7) $ 36,609 Commercial paper 21,477 11 (9) 21,479 Total $ 58,045 $ 59 $ (16) $ 58,088
Schedule of Cash and Cash Equivalents	The following tables summarize the Company’s cash and cash equivalents on the consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash $ 11,406 $ — $ — $ 11,406 Cash equivalents Money market funds 40,253 — — 40,253 Total $ 51,659 $ — $ — $ 51,659 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash $ 15,381 $ — $ — $ 15,381 Cash equivalents Money market funds 35,375 — — 35,375 Total $ 50,756 $ — $ — $ 50,756

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property and equipment consisted of the following for the periods presented (in thousands): June 30, 2024 December 31, 2023 Office equipment $ 6,277 $ 5,830 Office furniture 6,482 6,416 Leasehold improvements 2,759 2,731 Fixed assets not placed in service — 25 Capitalized internal-use software 7,851 6,827 Payment terminals 2,809 2,354 Property and equipment, gross 26,178 24,183 Less accumulated depreciation and amortization (16,426) (14,261) Property and equipment, net $ 9,752 $ 9,922

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following for the periods presented (in thousands): June 30, 2024 December 31, 2023 Payroll-related accruals $ 9,284 $ 12,567 Sales and telecom taxes 2,069 2,953 Employee stock purchase plan liability 1,023 862 Third-party commissions 384 398 Other 2,728 1,711 Total $ 15,488 $ 18,491

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Lease Expense and Other Information	Components of lease expense and other information for the periods presented are summarized as follows (in thousands, except terms and rates): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Lease expense Finance lease expense: Amortization of right-of-use assets $ 1,730 $ 1,809 $ 3,550 $ 3,748 Interest on lease liabilities 330 288 648 561 Operating lease expense 1,423 1,423 2,845 2,845 Short-term lease expense 11 5 20 11 Total lease expense $ 3,494 $ 3,525 $ 7,063 $ 7,165 Supplemental cash flow information Finance leases: Operating cash outflow from finance leases $ 330 $ 288 $ 648 $ 561 Financing cash outflow from finance leases $ 1,755 $ 1,847 $ 3,542 $ 3,807 Finance lease liabilities arising from obtaining finance lease right-of-use assets $ 1,705 $ 1,711 $ 3,576 $ 3,639 Operating leases: Operating cash outflow from operating leases $ 1,430 $ 1,396 $ 2,861 $ 2,781 Operating lease liabilities arising from obtaining operating lease right-of-use assets $ — $ — $ 149 $ 154 Other information as of June 30, 2024 Finance leases: Weighted-average remaining lease term (years) 1.9 Weighted-average discount rate 11.0 % Operating leases: Weighted-average remaining lease term (years) 8.6 Weighted-average discount rate 3.9 %
Schedule of Operating Lease Liability Maturity	Future maturities of remaining lease payments included in the measurement of operating lease liabilities as of June 30, 2024 are as follows (in thousands): Years ending December 31, Remaining 2024 $ 2,860 2025 5,701 2026 5,843 2027 5,989 2028 6,139 Thereafter 26,695 Total 53,227 Less: imputed interest (8,145) Present value of operating lease obligations $ 45,082
Schedule of Finance Lease Liability Maturity	Future minimum lease payments for the Company’s finance leases as of June 30, 2024 were as follows (in thousands): Years ending December 31, Remaining 2024 $ 4,160 2025 5,902 2026 3,385 2027 828 2028 — Thereafter — Total 14,275 Less: amounts representing interest (1,599) Present value of finance lease obligations $ 12,676

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Equity Based Compensation Expense	Stock-based compensation expense, consisting of service-based expense related to the equity incentive plan, including expense from stock options and restricted stock units, and the employee stock purchase plan, was classified as follows in the accompanying condensed consolidated statements of operations for each of the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 244 $ 251 $ 483 $ 464 Sales and marketing 1,696 1,219 2,847 2,183 Research and development 2,178 1,323 4,076 2,253 General and administrative 4,173 3,083 7,657 5,489 Total $ 8,291 $ 5,876 $ 15,063 $ 10,389
Schedule of Stock Option Activity	Stock option activity was as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding as of December 31, 2023 1,840,735 $ 4.32 5.96 $ 13,165 Exercisable as of December 31, 2023 1,480,536 $ 3.82 5.62 $ 11,320 Granted — $ — Exercised (60,548) $ 4.80 Forfeited and expired (2,075) $ 5.81 Outstanding as of March 31, 2024 1,778,112 $ 4.30 5.71 $ 12,768 Exercisable as of March 31, 2024 1,495,817 $ 3.89 5.44 $ 11,348 Granted — $ — Exercised (32,345) $ 2.05 Forfeited and expired (1,472) $ 5.01 Outstanding as of June 30, 2024 1,744,295 $ 4.34 5.48 $ 8,162 Exercisable as of June 30, 2024 1,537,446 $ 4.04 5.28 $ 7,664
Schedule of Restricted Stock Unit Activity	RSU activity was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2023 7,504,848 $ 5.98 Granted 2,068,200 $ 11.64 Vested (1,205,838) $ 5.28 Canceled (81,064) $ 6.78 Outstanding as of March 31, 2024 8,286,146 $ 7.48 Granted 247,798 $ 8.84 Vested (1,014,237) $ 5.82 Canceled (51,041) $ 6.95 Outstanding as of June 30, 2024 7,468,666 $ 7.76

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Loss Per Share	The following tables present the calculation of basic and diluted net loss per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net loss $ (8,553) $ (8,988) $ (15,756) $ (16,847) Denominator: Weighted-average common shares outstanding - basic and diluted 71,291,801 66,849,788 70,872,372 66,404,628 Net loss per share Net loss per share, basic and diluted $ (0.12) $ (0.13) $ (0.22) $ (0.25)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following outstanding potential common shares were excluded from the computation of diluted net loss per share as of the end of the periods presented because their inclusion would have been antidilutive: June 30, 2024 June 30, 2023 Options to purchase common stock 1,744,295 3,383,654 Number of shares issuable from ESPP 171,605 190,263 Restricted stock units 7,468,666 8,814,078 Total 9,384,566 12,387,995

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details)	1 Months Ended	3 Months Ended		6 Months Ended		8 Months Ended
	Nov. 30, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment phone	Jun. 30, 2023 USD ($)	Aug. 30, 2021 phone	Dec. 31, 2023 USD ($)
Capital Leased Assets [Line Items]
Number of operating segments | segment				1
Number of reportable segments | segment				1
Number of phones that can be included without adjustment to subscription price | phone				5		10
Title transfer period				36 months
Lease income		$ 1,130,000	$ 1,104,000	$ 2,251,000	$ 2,193,000
Restricted cash		0		0			$ 0
Accumulated deficit		278,423,000		278,423,000			$ 262,667,000
Proceeds from issuance of equity				159,000,000
Proceeds from initial public offering, net of underwriting discounts	$ 107,500,000
Realized investment gains		500,000	700,000	1,200,000	1,300,000
Advertising expense		$ 3,100,000	$ 2,000,000	$ 5,500,000	$ 3,900,000
Capitalized contract cost, amortization period		3 years		3 years
Revolving credit facility | Line of Credit
Capital Leased Assets [Line Items]
Long-term debt		$ 0		$ 0
Remaining borrowing capacity		$ 50,000,000		$ 50,000,000

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 20,000	$ 17,300	$ 30,000	$ 26,300
Amortization of deferred contract costs	$ 3,400	$ 3,000	$ 6,652	$ 6,023

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (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]
Hardware (embedded lease)	$ 1,130	$ 1,104	$ 2,251	$ 2,193
Total revenue	50,586	41,667	97,759	81,232
Subscription and payment processing
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	48,513	39,696	93,605	77,388
Onboarding
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 943	$ 867	$ 1,903	$ 1,651

Fair Value Measurements - Asset

Fair Value Measurements - Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 47,383	$ 58,088
US government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	33,461	36,609
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	13,922	21,479
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	87,636	93,463
Fair Value, Recurring | US government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	33,461	36,609
Fair Value, Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	13,922	21,479
Fair Value, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	40,253	35,375
Fair Value, Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	73,714	60,458
Fair Value, Recurring | Level 1 | US government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	33,461	25,083
Fair Value, Recurring | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Fair Value, Recurring | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	40,253	35,375
Fair Value, Recurring | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	13,922	33,005
Fair Value, Recurring | Level 2 | US government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	11,526
Fair Value, Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	13,922	21,479
Fair Value, Recurring | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair Value, Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Fair Value, Recurring | Level 3 | US government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
Fair Value, Recurring | Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Fair Value, Recurring | Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	0
Fair Value, Recurring | Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		$ 0

Fair Value Measurements - Cash

Fair Value Measurements - Cash , Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Short-term investments
Amortized Cost	$ 47,428	$ 58,045
Gross Unrealized Gains	1	59
Gross Unrealized Losses	(46)	(16)
Fair Value	47,383	58,088
Cash and Cash Equivalents
Cash	11,406	15,381
Money market funds	40,253	35,375
Total	51,659	50,756
US government and agency securities
Short-term investments
Amortized Cost	33,492	36,568
Gross Unrealized Gains	1	48
Gross Unrealized Losses	(32)	(7)
Fair Value	33,461	36,609
Commercial paper
Short-term investments
Amortized Cost	13,936	21,477
Gross Unrealized Gains	0	11
Gross Unrealized Losses	(14)	(9)
Fair Value	$ 13,922	$ 21,479

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Continuous unrealized loss position, 12 months or longer, number of positions | security	0
Fair value of debt | $	$ 0	$ 0
Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, term	4 months

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 26,178	$ 24,183
Less accumulated depreciation and amortization	(16,426)	(14,261)
Property and equipment, net	9,752	9,922
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,277	5,830
Office furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,482	6,416
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,759	2,731
Fixed assets not placed in service
Property, Plant and Equipment [Line Items]
Property and equipment, gross	0	25
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,851	6,827
Payment terminals
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,809	$ 2,354

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 2,900	$ 3,000	$ 6,000	$ 6,000
Amortization of right-of-use assets	1,730	1,809	3,550	3,748
Cost Of Revenue
Property, Plant and Equipment [Line Items]
Depreciation	500	500	1,100	1,000
Operating Expense
Property, Plant and Equipment [Line Items]
Depreciation	600	600	1,300	1,300
Phone hardware
Property, Plant and Equipment [Line Items]
Amortization of right-of-use assets	$ 1,700	$ 1,800	$ 3,500	$ 3,700

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Payroll-related accruals	$ 9,284	$ 12,567
Sales and telecom taxes	2,069	2,953
Employee stock purchase plan liability	1,023	862
Third-party commissions	384	398
Other	2,728	1,711
Total	$ 15,488	$ 18,491

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease expense
Amortization of right-of-use assets	$ 1,730	$ 1,809	$ 3,550	$ 3,748
Interest on lease liabilities	330	288	648	561
Operating lease expense	1,423	1,423	2,845	2,845
Short-term lease expense	11	5	20	11
Total lease expense	3,494	3,525	7,063	7,165
Finance leases:
Operating cash outflow from finance leases	330	288	648	561
Financing cash outflow from finance leases	1,755	1,847	3,542	3,807
Finance lease liabilities arising from obtaining finance lease right-of-use assets	1,705	1,711	3,576	3,639
Operating leases:
Operating cash outflow from operating leases	1,430	1,396	2,861	2,781
Operating lease liabilities arising from obtaining operating lease right-of-use assets	$ 0	$ 0	$ 149	$ 154
Finance leases:
Weighted-average remaining lease term (years)	1 year 10 months 24 days		1 year 10 months 24 days
Weighted-average discount rate	11%		11%
Operating leases:
Weighted-average remaining lease term (years)	8 years 7 months 6 days		8 years 7 months 6 days
Weighted-average discount rate	3.90%		3.90%

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) lease	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) lease	Jun. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lease income	$ 1,130,000	$ 1,104,000	$ 2,251,000	$ 2,193,000
Sublease income	$ 200,000	200,000	$ 400,000	400,000
Number of leases | lease	96		96
Phone hardware finance lease	$ 20,700,000		$ 20,700,000
Amortization of right-of-use assets	1,730,000	1,809,000	3,550,000	3,748,000
Office Space
Lessee, Lease, Description [Line Items]
Operating lease expense	1,400,000	1,400,000	2,800,000	2,800,000
Hardware (embedded lease)
Lessee, Lease, Description [Line Items]
Amortization of right-of-use assets	$ 1,700,000	$ 1,800,000	3,500,000	$ 3,700,000
Minimum
Lessee, Lease, Description [Line Items]
Monthly rental payments			55
Maximum
Lessee, Lease, Description [Line Items]
Monthly rental payments			$ 34,647

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
Remaining 2024	$ 2,860
2025	5,701
2026	5,843
2027	5,989
2028	6,139
Thereafter	26,695
Total	53,227
Less: imputed interest	(8,145)
Present value of operating lease obligations	$ 45,082

Leases - Schedule of Maturiti_2

Leases - Schedule of Maturities of Finance Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
Remaining 2024	$ 4,160
2025	5,902
2026	3,385
2027	828
2028	0
Thereafter	0
Total	14,275
Less: amounts representing interest	(1,599)
Present value of finance lease obligations	$ 12,676

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 52,000	$ 49,400	$ 66,100	$ 69,300
Effective tax rate	(0.60%)	(0.60%)	(0.40%)	(0.40%)

Long-Term Debt (Details)

Long-Term Debt (Details) - Line of Credit - USD ($)	1 Months Ended
	Aug. 31, 2021	Jun. 30, 2024
Debt Instrument [Line Items]
Outstanding balance		$ 0
Revolving credit facility
Debt Instrument [Line Items]
Borrowing capacity	$ 50,000,000
Basis spread on variable rate (percent)	0.25%
Debt agreement fee	$ 100,000
Unused line fee (percent)	0.15%
Debt covenant, outstanding principal balance threshold	$ 10,000,000
Debt covenant, minimum unrestricted cash and cash equivalents	100,000,000
Debt covenant, minimum consolidated liquidity	$ 20,000,000
Revolving credit facility | Minimum
Debt Instrument [Line Items]
Interest rate, minimum (percent)	3.50%

Stockholders_ Equity - Equity B

Stockholders’ Equity - Equity Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 8,291	$ 5,876	$ 15,063	$ 10,389
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	244	251	483	464
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	1,696	1,219	2,847	2,183
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	2,178	1,323	4,076	2,253
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 4,173	$ 3,083	$ 7,657	$ 5,489

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Oct. 31, 2021	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 8,291		$ 5,876		$ 15,063	$ 10,389
Options outstanding (in shares)		1,744,295	1,778,112			1,744,295		1,840,735
Unrecognized equity-based compensation expense		$ 1,600		6,400		$ 1,600	6,400
Intrinsic value of options exercised		$ 300		$ 1,600		$ 700	$ 1,800
Common stock withheld related to net settlement of equity awards (in shares)		(344,686)		(369,761)		(861,017)	(533,513)
Payments for taxes related to net share settlement of equity awards		$ (3,300)		$ (1,900)		$ (9,422)	$ (2,672)
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 8,100		$ 5,700		$ 14,600	$ 10,100
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)									9,000,000
Share-based compensation arrangement by share-based payment award, authorized (in shares)			3,500,000		3,300,000
2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					7,000,000
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						4 years
Expected term						6 years
Employee Stock Options | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						1 year
Options With Accelerated Vesting Clauses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		333,998		1,666,097		333,998	1,666,097
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						3 years
Options granted (in shares)		247,798	2,068,200
Share-based cost not yet recognized		$ 50,500				$ 50,500
Share-based payment award, equity instruments other than options, vested in period, fair value		$ 5,900		$ 5,900		$ 12,300	$ 9,700
Restricted stock units | Non-Employee Directors With Four-Year Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						4 years
Options granted (in shares)						25,440
Restricted stock units | Non-Employee Directors With Three-Year Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						3 years
Options granted (in shares)						19,788
Restricted stock units | Non-Employee Directors With One-Year Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						1 year
Options granted (in shares)						116,298
Vesting percentage						100%
Restricted stock units | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						1 year
Vesting percentage						33%
Restricted stock units | Share-based Payment Arrangement, Tranche One | Non-Employee Directors With Four-Year Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						1 year
Vesting percentage						25%
Restricted stock units | Share-based Payment Arrangement, Tranche One | Non-Employee Directors With Three-Year Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						1 year
Vesting percentage						33%
Restricted stock units | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						2 years
Vesting percentage						67%
Restricted stock units | Share-based Payment Arrangement, Tranche Two | Non-Employee Directors With Four-Year Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						3 years
Vesting percentage						75%
Restricted stock units | Share-based Payment Arrangement, Tranche Two | Non-Employee Directors With Three-Year Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						2 years
Vesting percentage						67%
Restricted stock units | Share-based Payment Arrangement, Tranche Two | Non-Employee Directors With One-Year Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						1 year
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		3,301,800				3,301,800		2,600,637
Share-based compensation arrangement by share-based payment award, authorized (in shares)			700,000
Share-based payment arrangement, expense		$ 200		$ 100		$ 400	$ 300
Contribution limit as a percent of base compensation (in percent)	50%
Purchase price of stock (in percent)	85%
Maximum number of shares per employee (in shares)	2,500
Shares issued during period (in shares)						571,552		457,593
Share-Based compensation arrangement by share-based payment award, purchase period						6 months
Share-based payment arrangement, employee contributions withheld						$ 1,000		$ 900
Share-based payment arrangement, amount capitalized						$ 100
Minimum | Options Granted in Lieu of Bonuses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						2 years
Minimum | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						3 years
Maximum | Options Granted in Lieu of Bonuses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						3 years
Maximum | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						4 years
Weighted Average | Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term						10 months 2 days	1 year 7 months 13 days
Weighted Average | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for share-based expense recognition (in years)						2 years 1 month 6 days

Stockholders_ Equity - Stock Op

Stockholders’ Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Number of Options
Outstanding as of beginning of the period (in shares)	1,778,112	1,840,735	1,840,735
Exercisable as of beginning of the period (in shares)	1,495,817	1,480,536	1,480,536
Granted (in shares)	0	0
Exercised (in shares)	(32,345)	(60,548)
Forfeited and expired (in shares)	(1,472)	(2,075)
Outstanding as of end of the period (in shares)	1,744,295	1,778,112	1,744,295	1,840,735
Exercisable as of end of the period (in shares)	1,537,446	1,495,817	1,537,446	1,480,536
Weighted Average Exercise Price
Outstanding as of beginning of the period (in dollars per share)	$ 4.30	$ 4.32	$ 4.32
Exercisable as of beginning of the period (in dollars per share)	3.89	3.82	3.82
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	2.05	4.80
Canceled (in dollars per share)	5.01	5.81
Outstanding as of end of the period (in dollars per share)	4.34	4.30	4.34	$ 4.32
Exercisable as of end of the period (in dollars per share)	$ 4.04	$ 3.89	$ 4.04	$ 3.82
Weighted Average Remaining Contractual Life (years)
Outstanding	5 years 5 months 23 days	5 years 8 months 15 days		5 years 11 months 15 days
Exercisable	5 years 3 months 10 days	5 years 5 months 8 days		5 years 7 months 13 days
Aggregate Intrinsic Value (in thousands)
Outstanding	$ 8,162	$ 12,768	$ 8,162	$ 13,165
Exercisable	$ 7,664	$ 11,348	$ 7,664	$ 11,320

Stockholders_ Equity - Restrict

Stockholders’ Equity - Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted Average Grant Date Fair Value
Total	$ 8,291		$ 5,876	$ 15,063	$ 10,389
Restricted stock units
Number of Shares
Beginning balance outstanding (in shares)	8,286,146	7,504,848		7,504,848
Granted (in shares)	247,798	2,068,200
Vested (in shares)	(1,014,237)	(1,205,838)
Canceled (in shares)	(51,041)	(81,064)
Ending balance outstanding (in shares)	7,468,666	8,286,146		7,468,666
Weighted Average Grant Date Fair Value
Beginning balance outstanding (in dollars per share)	$ 7.48	$ 5.98		$ 5.98
Granted (in dollars per share)	8.84	11.64
Vested (in dollars per share)	5.82	5.28
Canceled (in dollars per share)	6.95	6.78
Ending balance outstanding (in dollars per share)	$ 7.76	$ 7.48		$ 7.76

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transactions [Abstract]
Related party transactions	$ 0	$ 0	$ 0	$ 0

Net Loss Per Share - Calculatio

Net Loss Per Share - Calculation 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	$ (8,553)	$ (8,988)	$ (15,756)	$ (16,847)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	71,291,801	66,849,788	70,872,372	66,404,628
Weighted-average common shares outstanding - diluted (in shares)	71,291,801	66,849,788	70,872,372	66,404,628
Net loss per share
Net loss per share, basic (in dollars per share)	$ (0.12)	$ (0.13)	$ (0.22)	$ (0.25)
Net loss per share, diluted (in dollars per share)	$ (0.12)	$ (0.13)	$ (0.22)	$ (0.25)

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 (in shares)	9,384,566	12,387,995
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,744,295	3,383,654
Number of shares issuable from ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	171,605	190,263
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,468,666	8,814,078