Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | VERI | |
Entity Registrant Name | Veritone, Inc. | |
Entity Central Index Key | 1,615,165 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 16,275,315 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 21,026 | $ 29,545 |
Marketable securities | 33,492 | 39,598 |
Accounts receivable, net of allowance for doubtful accounts of $27 and $38, respectively | 9,686 | 7,691 |
Expenditures billable to clients | 5,063 | 4,163 |
Prepaid expenses and other current assets | 2,300 | 2,808 |
Total current assets | 71,567 | 83,805 |
Property, equipment and improvements, net | 2,324 | 680 |
Intangible assets, net | 2,918 | 3,154 |
Other assets | 919 | 919 |
Total assets | 77,728 | 88,558 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 11,585 | 13,338 |
Accrued media payments | 6,912 | 5,999 |
Client advances | 5,240 | 3,477 |
Other accrued liabilities | 2,845 | 4,442 |
Total current liabilities | 26,582 | 27,256 |
Commitment and contingencies (Note 6) | ||
Stockholders' equity | ||
Common stock, par value $0.001 per share; 75,000,000 shares authorized; 16,254,054 and 16,158,883 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 16 | 16 |
Additional paid-in capital | 173,817 | 170,728 |
Accumulated deficit | (122,479) | (109,307) |
Accumulated other comprehensive loss | (208) | (135) |
Total stockholders' equity | 51,146 | 61,302 |
Total liabilities and stockholders' equity | $ 77,728 | $ 88,558 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 27 | $ 38 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 16,254,054 | 16,254,054 |
Common stock, shares outstanding | 16,158,883 | 16,158,883 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Net revenues | $ 4,388 | $ 3,108 |
Cost of revenues | 564 | 196 |
Gross Profit | 3,824 | 2,912 |
Operating expenses | ||
Selling and marketing expenses | 5,748 | 2,599 |
Research and development expenses | 4,528 | 3,264 |
General and administrative expenses | 6,778 | 3,680 |
Total operating expenses | 17,054 | 9,543 |
Loss from operations | (13,230) | (6,631) |
Other income, net | 183 | 786 |
Loss before provision for income taxes | (13,047) | (5,845) |
Provision for income taxes | 2 | 2 |
Net loss | (13,049) | (5,847) |
Accretion of redeemable convertible preferred stock | (1,073) | |
Net loss attributable to common stockholders | $ (13,049) | $ (6,920) |
Net loss per share attributable to common stockholders: | ||
Basic and diluted | $ (0.81) | $ (3.09) |
Weighted average shares outstanding attributable to common stockholders: | ||
Basic and diluted | 16,069,549 | 2,239,392 |
Comprehensive loss: | ||
Net loss | $ (13,049) | $ (5,847) |
Unrealized loss on marketable securities, net of income taxes | (63) | |
Foreign currency translation adjustments, net of income taxes | (10) | |
Total comprehensive loss | $ (13,122) | $ (5,847) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (13,049) | $ (5,847) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 355 | 59 |
Provision for doubtful accounts | 28 | 67 |
Amortization of debt discounts and issuance costs | 2,054 | |
Change in fair value of warrant liability | (3,118) | |
Share-based compensation expense | 2,474 | 125 |
Changes in assets and liabilities: | ||
Accounts receivable | (2,023) | (2,915) |
Expenditures billable to clients | (900) | (1,484) |
Prepaid expenses and other current assets | 541 | (2,111) |
Accounts payable | (1,753) | 4,328 |
Accrued media payments | 913 | |
Client advances | 1,763 | 4,012 |
Other accrued liabilities | (1,597) | (282) |
Net cash used in operating activities | (13,248) | (5,112) |
Cash flows from investing activities: | ||
Proceeds from sales of marketable securities | 6,000 | |
Capital expenditures | (1,693) | |
Intangible assets acquired | (70) | (30) |
Net cash provided by (used in) investing activities | 4,237 | (30) |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible notes payable | 2,000 | |
Common stock offering costs | (64) | (83) |
Debt issuance costs | (15) | |
Proceeds from issuances of stock under employee stock plans | 556 | |
Other | (56) | |
Net cash provided by financing activities | 492 | 1,846 |
Net decrease in cash and cash equivalents | (8,519) | (3,296) |
Cash and cash equivalents, beginning of period | 29,545 | 12,078 |
Cash and cash equivalents, end of period | $ 21,026 | 8,782 |
Non-cash financing activities: | ||
Unpaid deferred IPO costs | $ 263 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business | Note 1. DESCRIPTION OF BUSINESS Description of Business Veritone, Inc., a Delaware corporation (“Veritone”) (together with its wholly owned subsidiaries, collectively, the “Company”), is a provider of artificial intelligence (“AI”) computing solutions. The Company has developed aiWARE TM best-of-breed In addition, the Company operates a full-service advertising agency. The Company’s expertise in media buying, planning and creative development, coupled with its proprietary technology platform, enables the Company to analyze the effectiveness of advertising in a way that is simple, scalable and trackable. |
Presentation and Summary of Sig
Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Presentation and Summary of Significant Accounting Policies | NOTE 2. PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Preparation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements. Such unaudited condensed consolidated financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. The information included in this Form 10-Q 10-K The accompanying condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which are normal and recurring, necessary to fairly state its financial position, results of operations and cash flows. All significant intercompany transactions have been eliminated in consolidation. The financial data and the other information disclosed in these notes to the condensed consolidated financial statements reflected in the three-month periods presented are unaudited. The December 31, 2017 balance sheet included herein was derived from the audited financial statements but does not include all disclosures or notes required by GAAP for complete financial statements. Use of Accounting Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the accompanying condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The principal estimates relate to revenue recognition, allowance for doubtful accounts, and the valuation of stock awards and stock warrants. Actual results could differ from those estimates. Concentration of Risk The Company’s ten largest customers by revenue accounted for approximately 58.7% and 76.6% of its net revenues in the three months ended March 31, 2018 and 2017, respectively. Significant Accounting Policies Beginning in the first quarter of 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2016-09, 2016-09)”. There were no other material changes in the Company’s significant accounting policies from those disclosed in its Annual Report on Form 10-K Reclassifications Certain reclassifications have been made to prior year amounts for consistency and to enhance comparability with the current year’s financial statements presentation. There was no impact on total assets, total stockholders’ equity, accumulated deficit, or net loss resulting from these reclassifications. Earnings Per Share The following table presents the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31, 2018 2017 Numerator Net Loss (13,049 ) (5,847 ) Accretion of redeemable convertible preferred stock — (1,073 ) Net loss attributable to common stockholders $ (13,049 ) $ (6,920 ) Denominator Weighted-average common shares outstanding 16,208,692 2,577,919 Less: Weighted-average shares subject to repurchase (139,143 ) (338,527 ) Denominator for basic and diluted net loss per share attributable to common stockholders 16,069,549 2,239,392 Basic and diluted net loss per share attributable to common stockholders $ (0.81 ) $ (3.09 ) Potentially dilutive securities that were not included in the calculation of diluted net loss per share attributable to common stockholders because their effect would be anti-dilutive are as follows (in common equivalent shares): Three Months Ended March 31, 2018 2017 Common stock options and restricted stock units 4,703,801 656,116 Warrants to purchase common stock 1,524,573 2,383,815 Shares issuable upon conversion of the Acacia Note — 1,512,392 Shares issuable upon conversion of Bridge Loan — 147,302 Shares issuable upon conversion of redeemable convertible preferred stock — 5,181,416 6,228,374 9,881,041 Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, 2014-09), 2014-09 2014-09: No. 2016-08, 2016-08); No. 2016-10, 2016-10); No. 2016-12, 2016-12). 2016-08, 2016-10 2016-12 2014-09 In February 2016, the FASB issued ASU No. 2016-02, right-of-use right-of-use In August 2016, the FASB issued ASU 2016-15, |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | NOTE 3. FINANCIAL INSTRUMENTS Cash and Cash Equivalents and Marketable Securities The Company’s money market funds and marketable securities are categorized as Level 1 and 2, respectively, within the fair value hierarchy. The following table shows the cost, gross unrealized losses and fair value, with a breakdown by significant investment category, of the Company’s cash and cash equivalents and marketable securities as of March 31, 2018: Cost Gross Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 4,590 $ — $ 4,590 $ 4,590 $ — Level 1: Money market funds 16,436 — 16,436 16,436 — Level 2: U.S. government securities 4,501 (19 ) 4,482 — 4,482 Commercial paper 2,992 (5 ) 2,987 — 2,987 Corporate debt securities 26,196 (173 ) 26,023 — 26,023 Corporate securities 33,689 (197 ) 33,492 — 33,492 Total $ 54,715 $ (197 ) $ 54,518 $ 21,026 $ 33,492 As of December 31, 2017, the Company’s cash and cash equivalents and marketable securities balances were as follows: Cost Gross Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 8,925 $ — $ 8,925 $ 8,925 $ — Level 1: Money market funds 20,620 — 20,620 20,620 — Level 2: U.S. government securities 4,505 (17 ) 4,488 — 4,488 Commercial paper 4,959 (5 ) 4,954 — 4,954 Corporate debt securities 30,268 (112 ) 30,156 — 30,156 Corporate securities 39,732 (134 ) 39,598 — 39,598 Total $ 69,277 $ (134 ) $ 69,143 $ 29,545 $ 39,598 The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. As of March 31, 2018, the Company considered the declines in market value of its marketable securities to be temporary in nature. The Company typically invests in highly-rated securities, and its investment policy generally limits the amounts that may be invested with any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the securities portfolio. Stock Warrants The Company’s stock warrants are categorized as Level 3 within the fair value hierarchy. Stock warrants have been recorded at their fair value using a probability weighted expected return model. This model incorporates contractual terms, maturity, risk-free rates and volatility. The value of the Company’s stock warrants would increase if a higher risk-free interest rate was used, and the value of the Company’s stock warrants would decrease if a lower risk-free interest rate was used. Similarly, a higher volatility assumption would increase the value of the stock warrants, and a lower volatility assumption would decrease the value of the stock warrants. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management with the assistance of a third-party valuation specialist. In 2016, in connection with the Investment Agreement between the Company and Acacia Research Corporation (“Acacia”) and the convertible secured promissory note issued by the Company to Acacia (the “Acacia Note”), the Company issued three four-year warrants (the “Acacia Note Warrants”) and a five-year warrant (the “Primary Warrant”). In March 2017, each of the Primary Warrant and the Acacia Note Warrants was amended to provide that the exercise prices thereof shall be equal to the lower of $13.6088 or the Company’s IPO price per share. The following table summarizes quantitative information with respect to the significant unobservable inputs that were used to value these stock warrants that were modified in the three months ended March 31, 2017. These inputs are categorized as Level 3 within the fair value hierarchy: March 31, 2017 Volatility 65% Risk-free rate 0.92% - 1.64% Discount for lack of marketability 10% The following table represents a rollforward of the fair value of the Primary Warrant in the three months ended March 31, 2017: Balance, December 31, 2016 $ 7,114 Less: Change in fair value of warrant liability (3,118 ) Balance, March 31, 2017 $ 3,996 In the first quarter of 2017, the total fair value of the Acacia Note Warrants increased by $334 to $841. In March 2017, the Company entered into a Note Purchase Agreement with Acacia and Veritone LOC I, LLC (“VLOC”), (collectively the “Bridge Loan Lenders”), which provided for an $8 million line of credit pursuant to secured convertible notes (the “Bridge Loan”). In connection with the funding of the Bridge Loan in March 2017, the Company issued to the Bridge Loan Lenders warrants to purchase shares of the Company’s common stock. The following table summarizes quantitative information with respect to the significant unobservable inputs used for the valuation of the Company’s warrants which were issued to the Bridge Loan Lenders; these inputs are categorized as Level 3 within the fair value hierarchy: Volatility 70 % Risk-free rate 2.40 % Discount for lack of marketability 10 % The fair value of the Bridge Loan Warrants was $549 as of March 31, 2017. |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | NOTE 4. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following: As of March 31, December 31, Acquired software and technology $ 3,074 $ 3,004 Capitalized software 471 471 Other 30 30 3,575 3,505 Less: accumulated amortization (657 ) (351 ) Intangible assets, net $ 2,918 $ 3,154 These definite-lived assets will be amortized over a period of three years. During the three months ended March 31, 2018 and 2017, the Company recorded amortization expense of $306 and $48, respectively, related to these definite-lived assets. |
Consolidated Financial Statemen
Consolidated Financial Statements Details | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Financial Statements Details | NOTE 5. CONSOLIDATED FINANCIAL STATEMENTS DETAILS Consolidated Balance Sheets Details Property, Equipment and Improvements, Net Property, equipment and improvements, net consisted of the following: As of March 31, December 31, Property and equipment $ 539 $ 378 Leasehold improvements 1,994 27 Construction in progress — 435 2,533 840 Less: accumulated depreciation (209 ) (160 ) Property, equipment and improvements, net $ 2,324 $ 680 The construction in progress balance at December 31, 2017 consisted primarily of expenditures related to the build out of office space at the Company’s headquarters, which was completed in March 2018. Depreciation expense was $49 and $52 for the three months ended March 31, 2018 and 2017, respectively. Other Accrued Liabilities Other accrued liabilities were comprised of the following: As of March 31, December 31, Accrued compensation and benefits $ 1,908 $ 3,117 Other 937 1,325 Total $ 2,845 $ 4,442 Consolidated Statement of Operations and Comprehensive Loss Details Net Revenues Net revenues for the periods presented were comprised of the following: Three Months Ended March 31, 2018 2017 Media agency revenues $ 3,121 $ 2,899 AI platform revenues 1,267 209 Total net revenues $ 4,388 $ 3,108 During the three months ended March 31, 2018 and 2017, the Company made $29,420 and $26,723, respectively, in gross media placements, of which $25,573 and $19,423, respectively, were billed directly to clients. Of the amounts billed directly to clients, $22,510 and $16,524 represented media-related costs netted against billings during the three months ended March 31, 2018 and 2017, respectively. Other Income, Net Other income, net for the periods presented were comprised of the following: Three Months Ended March 31, 2018 2017 Interest expense $ — $ (2,355 ) Interest income 181 1 Gain on fair value change of warrant liability — 3,118 Other 2 22 Other income, net $ 183 $ 786 Interest expense for the three months ended March 31, 2017 included amortization of deferred debt discounts and issuance costs of $2,054 related to the Company’s convertible notes payable. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 6. COMMITMENTS AND CONTINGENCIES Employment Agreements In March 2017, the Company entered into a three-year employment agreement with Chad Steelberg, the Company’s Chief Executive Officer, pursuant to which the Company agreed to issue to Mr. Steelberg as compensation at the end of each calendar quarter during the term of the agreement (following March 31, 2017) a number of shares of common stock calculated by dividing $125 by the fair market value (as defined in the agreement) of the Company’s common stock. In March 2018, the Compensation Committee of the Board of Directors of the Company approved a base salary and target bonus for Mr. Steelberg for 2018, which amended the compensation terms of his employment agreement. As a result, Mr. Steelberg now receives an annual cash base salary of $250, and the Company is no longer required to issue stock to him on a quarterly basis. Other Contingencies From time to time, the Company may be involved in legal proceedings arising from the ordinary course of its business. In the opinion of management, the Company has not incurred a material loss with respect to loss contingencies for asserted legal and other claims. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 7. STOCKHOLDERS’ EQUITY Common Stock Warrants As of March 31, 2018 and December 31, 2017, warrants to purchase the Company’s common stock in the aggregate of 1,524,573 were outstanding, of which 652,122 warrants had not yet vested. |
Stock Plans
Stock Plans | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | NOTE 8. STOCK PLANS Stock-Based Compensation The Company’s stock-based compensation expense recognized for the periods presented was as follows: Three Months Ended March 31, 2018 2017 Stock-based compensation expense by type of award: Restricted stock $ 48 $ 76 Restricted stock units 218 — Stock options 2,036 49 Employee stock purchase plan 172 — Total $ 2,474 $ 125 Stock-based compensation expense by operating expense grouping: Sales and marketing $ 320 $ 39 Research and development 241 12 General and administrative 1,913 74 $ 2,474 $ 125 Restricted Stock The Company’s restricted stock activity for the three months ended March 31, 2018 was as follows: Shares Weighted Unvested at December 31, 2017 147,456 $ 6.30 Granted — $ — Forfeited (1,750 ) $ 7.50 Vested (13,809 ) $ 3.17 Unvested at March 31, 2018 131,897 $ 6.61 At March 31, 2018, total unrecognized compensation cost related to restricted stock was $742, which is expected to be recognized over a period of 2.1 years. Restricted Stock Units The Company’s restricted stock units activity for the three months ended March 31, 2018 was as follows: Shares Average Grant Unvested at December 31, 2017 35,576 $ 14.76 Granted 11,137 $ 14.69 Forfeited — $ — Vested (5,568 ) $ 14.69 Unvested at March 31, 2018 41,145 $ 14.75 As of March 31, 2018, total unrecognized compensation cost related to restricted stock units was $143, which is expected to be recognized over a period of 0.4 year. Stock Options The Company’s stock option activity for the three months ended March 31, 2018 was as follows: Weighted-Average Options Exercise Remaining Aggregate Outstanding at December 31, 2017 4,802,594 $ 13.89 9.17 years $ 44,974 Granted 433,341 $ 15.02 Exercised (55,541 ) $ 1.80 Forfeited (245,238 ) $ 17.46 Expired (1,425 ) $ 12.24 Outstanding at March 31, 2018 4,933,731 $ 13.95 9.03 years $ 6,006 Exercisable at March 31, 2018 1,978,465 $ 12.80 8.71 years $ 3,992 The aggregate intrinsic values in the table above represents the difference between the fair market value of the Company’s common stock and the average option exercise price of in-the-money Employee Stock Purchase Plan On January 31, 2018, a total of 35,812 shares of common stock were purchased under the Company’s Employee Stock Purchase Plan. As of March 31, 2018, accrued employee contributions for future purchases under the Employee Stock Purchase Plan totaled $213. |
Presentation and Summary of S14
Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Preparation | Basis of Presentation and Preparation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements. Such unaudited condensed consolidated financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. The information included in this Form 10-Q 10-K The accompanying condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which are normal and recurring, necessary to fairly state its financial position, results of operations and cash flows. All significant intercompany transactions have been eliminated in consolidation. The financial data and the other information disclosed in these notes to the condensed consolidated financial statements reflected in the three-month periods presented are unaudited. The December 31, 2017 balance sheet included herein was derived from the audited financial statements but does not include all disclosures or notes required by GAAP for complete financial statements. |
Use of Accounting Estimates | Use of Accounting Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the accompanying condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The principal estimates relate to revenue recognition, allowance for doubtful accounts, and the valuation of stock awards and stock warrants. Actual results could differ from those estimates. |
Concentration of Risk | Concentration of Risk The Company’s ten largest customers by revenue accounted for approximately 58.7% and 76.6% of its net revenues in the three months ended March 31, 2018 and 2017, respectively. |
Significant Accounting Policies | Significant Accounting Policies Beginning in the first quarter of 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2016-09, 2016-09)”. There were no other material changes in the Company’s significant accounting policies from those disclosed in its Annual Report on Form 10-K |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year amounts for consistency and to enhance comparability with the current year’s financial statements presentation. There was no impact on total assets, total stockholders’ equity, accumulated deficit, or net loss resulting from these reclassifications. |
Earnings Per Share | Earnings Per Share The following table presents the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31, 2018 2017 Numerator Net Loss (13,049 ) (5,847 ) Accretion of redeemable convertible preferred stock — (1,073 ) Net loss attributable to common stockholders $ (13,049 ) $ (6,920 ) Denominator Weighted-average common shares outstanding 16,208,692 2,577,919 Less: Weighted-average shares subject to repurchase (139,143 ) (338,527 ) Denominator for basic and diluted net loss per share attributable to common stockholders 16,069,549 2,239,392 Basic and diluted net loss per share attributable to common stockholders $ (0.81 ) $ (3.09 ) Potentially dilutive securities that were not included in the calculation of diluted net loss per share attributable to common stockholders because their effect would be anti-dilutive are as follows (in common equivalent shares): Three Months Ended March 31, 2018 2017 Common stock options and restricted stock units 4,703,801 656,116 Warrants to purchase common stock 1,524,573 2,383,815 Shares issuable upon conversion of the Acacia Note — 1,512,392 Shares issuable upon conversion of Bridge Loan — 147,302 Shares issuable upon conversion of redeemable convertible preferred stock — 5,181,416 6,228,374 9,881,041 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, 2014-09), 2014-09 2014-09: No. 2016-08, 2016-08); No. 2016-10, 2016-10); No. 2016-12, 2016-12). 2016-08, 2016-10 2016-12 2014-09 In February 2016, the FASB issued ASU No. 2016-02, right-of-use right-of-use In August 2016, the FASB issued ASU 2016-15, |
Presentation and Summary of S15
Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Computation of Basic and Diluted Net Loss Per Common Share | The following table presents the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31, 2018 2017 Numerator Net Loss (13,049 ) (5,847 ) Accretion of redeemable convertible preferred stock — (1,073 ) Net loss attributable to common stockholders $ (13,049 ) $ (6,920 ) Denominator Weighted-average common shares outstanding 16,208,692 2,577,919 Less: Weighted-average shares subject to repurchase (139,143 ) (338,527 ) Denominator for basic and diluted net loss per share attributable to common stockholders 16,069,549 2,239,392 Basic and diluted net loss per share attributable to common stockholders $ (0.81 ) $ (3.09 ) |
Effect of Anti-dilutive Securities | Potentially dilutive securities that were not included in the calculation of diluted net loss per share attributable to common stockholders because their effect would be anti-dilutive are as follows (in common equivalent shares): Three Months Ended March 31, 2018 2017 Common stock options and restricted stock units 4,703,801 656,116 Warrants to purchase common stock 1,524,573 2,383,815 Shares issuable upon conversion of the Acacia Note — 1,512,392 Shares issuable upon conversion of Bridge Loan — 147,302 Shares issuable upon conversion of redeemable convertible preferred stock — 5,181,416 6,228,374 9,881,041 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Schedule of Cash and Available-For-Sale Securities' Cost, Gross Unrealized Losses and Fair Value by Significant Investment Category | The following table shows the cost, gross unrealized losses and fair value, with a breakdown by significant investment category, of the Company’s cash and cash equivalents and marketable securities as of March 31, 2018: Cost Gross Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 4,590 $ — $ 4,590 $ 4,590 $ — Level 1: Money market funds 16,436 — 16,436 16,436 — Level 2: U.S. government securities 4,501 (19 ) 4,482 — 4,482 Commercial paper 2,992 (5 ) 2,987 — 2,987 Corporate debt securities 26,196 (173 ) 26,023 — 26,023 Corporate securities 33,689 (197 ) 33,492 — 33,492 Total $ 54,715 $ (197 ) $ 54,518 $ 21,026 $ 33,492 As of December 31, 2017, the Company’s cash and cash equivalents and marketable securities balances were as follows: Cost Gross Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 8,925 $ — $ 8,925 $ 8,925 $ — Level 1: Money market funds 20,620 — 20,620 20,620 — Level 2: U.S. government securities 4,505 (17 ) 4,488 — 4,488 Commercial paper 4,959 (5 ) 4,954 — 4,954 Corporate debt securities 30,268 (112 ) 30,156 — 30,156 Corporate securities 39,732 (134 ) 39,598 — 39,598 Total $ 69,277 $ (134 ) $ 69,143 $ 29,545 $ 39,598 |
Summary of Quantitative Information with Respect to Significant Unobservable Inputs | The following table summarizes quantitative information with respect to the significant unobservable inputs that were used to value these stock warrants that were modified in the three months ended March 31, 2017. These inputs are categorized as Level 3 within the fair value hierarchy: March 31, 2017 Volatility 65% Risk-free rate 0.92% - 1.64% Discount for lack of marketability 10% The following table summarizes quantitative information with respect to the significant unobservable inputs used for the valuation of the Company’s warrants which were issued to the Bridge Loan Lenders; these inputs are categorized as Level 3 within the fair value hierarchy: Volatility 70 % Risk-free rate 2.40 % Discount for lack of marketability 10 % |
Reconciliation of Level 3 Measurement of Company's Primary Warrant | The following table represents a rollforward of the fair value of the Primary Warrant in the three months ended March 31, 2017: Balance, December 31, 2016 $ 7,114 Less: Change in fair value of warrant liability (3,118 ) Balance, March 31, 2017 $ 3,996 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets, Net | Intangible assets, net consisted of the following: As of March 31, December 31, Acquired software and technology $ 3,074 $ 3,004 Capitalized software 471 471 Other 30 30 3,575 3,505 Less: accumulated amortization (657 ) (351 ) Intangible assets, net $ 2,918 $ 3,154 |
Consolidated Financial Statem18
Consolidated Financial Statements Details (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Property Equipment and Improvements, Net | Property, equipment and improvements, net consisted of the following: As of March 31, December 31, Property and equipment $ 539 $ 378 Leasehold improvements 1,994 27 Construction in progress — 435 2,533 840 Less: accumulated depreciation (209 ) (160 ) Property, equipment and improvements, net $ 2,324 $ 680 |
Summary of Other Accrued Liabilities | Other accrued liabilities were comprised of the following: As of March 31, December 31, Accrued compensation and benefits $ 1,908 $ 3,117 Other 937 1,325 Total $ 2,845 $ 4,442 |
Summary of Net Revenues | Net revenues for the periods presented were comprised of the following: Three Months Ended March 31, 2018 2017 Media agency revenues $ 3,121 $ 2,899 AI platform revenues 1,267 209 Total net revenues $ 4,388 $ 3,108 |
Schedule of Other Income, Net | Other income, net for the periods presented were comprised of the following: Three Months Ended March 31, 2018 2017 Interest expense $ — $ (2,355 ) Interest income 181 1 Gain on fair value change of warrant liability — 3,118 Other 2 22 Other income, net $ 183 $ 786 |
Stock Plans (Tables)
Stock Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Stock-based Compensation Expense | The Company’s stock-based compensation expense recognized for the periods presented was as follows: Three Months Ended March 31, 2018 2017 Stock-based compensation expense by type of award: Restricted stock $ 48 $ 76 Restricted stock units 218 — Stock options 2,036 49 Employee stock purchase plan 172 — Total $ 2,474 $ 125 Stock-based compensation expense by operating expense grouping: Sales and marketing $ 320 $ 39 Research and development 241 12 General and administrative 1,913 74 $ 2,474 $ 125 |
Schedule of Restricted Stock Activity | The Company’s restricted stock units activity for the three months ended March 31, 2018 was as follows: Shares Average Grant Unvested at December 31, 2017 35,576 $ 14.76 Granted 11,137 $ 14.69 Forfeited — $ — Vested (5,568 ) $ 14.69 Unvested at March 31, 2018 41,145 $ 14.75 |
Schedule of Stock Option Activity | The Company’s stock option activity for the three months ended March 31, 2018 was as follows: Weighted-Average Options Exercise Remaining Aggregate Outstanding at December 31, 2017 4,802,594 $ 13.89 9.17 years $ 44,974 Granted 433,341 $ 15.02 Exercised (55,541 ) $ 1.80 Forfeited (245,238 ) $ 17.46 Expired (1,425 ) $ 12.24 Outstanding at March 31, 2018 4,933,731 $ 13.95 9.03 years $ 6,006 Exercisable at March 31, 2018 1,978,465 $ 12.80 8.71 years $ 3,992 |
Restricted Stock Units [Member] | |
Schedule of Restricted Stock Activity | The Company’s restricted stock activity for the three months ended March 31, 2018 was as follows: Shares Weighted Unvested at December 31, 2017 147,456 $ 6.30 Granted — $ — Forfeited (1,750 ) $ 7.50 Vested (13,809 ) $ 3.17 Unvested at March 31, 2018 131,897 $ 6.61 |
Presentation and Summary of S20
Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)Customers | Mar. 31, 2017 | Dec. 31, 2017USD ($) | |
Organization [Line Items] | |||
Cumulative impact to retained earnings | $ (122,479) | $ (109,307) | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Organization [Line Items] | |||
Number of major customers | Customers | 10 | ||
Concentration risk percentage | 58.70% | 76.60% | |
Accounting Standards Update 2016-09 [Member] | |||
Organization [Line Items] | |||
Cumulative impact to retained earnings | $ 123 |
Presentation and Summary of S21
Presentation and Summary of Significant Accounting Policies - Computation of Basic and Diluted Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator | ||
Net loss | $ (13,049) | $ (5,847) |
Accretion of redeemable convertible preferred stock | (1,073) | |
Net loss attributable to common stockholders | $ (13,049) | $ (6,920) |
Denominator | ||
Weighted-average common shares outstanding | 16,208,692 | 2,577,919 |
Less: Weighted-average shares subject to repurchase | (139,143) | (338,527) |
Denominator for basic and diluted net loss per share attributable to common stockholders | 16,069,549 | 2,239,392 |
Basic and diluted net loss per share attributable to common stockholders | $ (0.81) | $ (3.09) |
Presentation and Summary of S22
Presentation and Summary of Significant Accounting Policies - Effect of Anti-dilutive Securities (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Effect of Anti-dilutive Securities | 6,228,374 | 9,881,041 |
Redeemable Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Effect of Anti-dilutive Securities | 5,181,416 | |
Employee Stock Option and Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Effect of Anti-dilutive Securities | 4,703,801 | 656,116 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Effect of Anti-dilutive Securities | 1,524,573 | 2,383,815 |
Conversion of Convertible Note Payable [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Effect of Anti-dilutive Securities | 1,512,392 | |
Bridge Loan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Effect of Anti-dilutive Securities | 147,302 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Cash and Available-For-Sale Securities' Cost, Gross Unrealized Losses and Fair Value by Significant Investment Category (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | $ 54,715 | $ 69,277 | ||
Gross Unrealized Losses | (197) | (134) | ||
Fair Value | 54,518 | 69,143 | ||
Cash and cash equivalents | 21,026 | 29,545 | $ 8,782 | $ 12,078 |
Marketable securities | 33,492 | 39,598 | ||
Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 4,590 | 8,925 | ||
Fair Value | 4,590 | 8,925 | ||
Cash and cash equivalents | 4,590 | 8,925 | ||
Level 1 [Member] | Money Market Funds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 16,436 | 20,620 | ||
Fair Value | 16,436 | 20,620 | ||
Cash and cash equivalents | 16,436 | 20,620 | ||
U.S. Government Securities [Member] | Level 2 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 4,501 | 4,505 | ||
Gross Unrealized Losses | (19) | (17) | ||
Fair Value | 4,482 | 4,488 | ||
Marketable securities | 4,482 | 4,488 | ||
Commercial Papers [Member] | Level 2 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 2,992 | 4,959 | ||
Gross Unrealized Losses | (5) | (5) | ||
Fair Value | 2,987 | 4,954 | ||
Marketable securities | 2,987 | 4,954 | ||
Corporate Debt Securities [Member] | Level 2 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 26,196 | 30,268 | ||
Gross Unrealized Losses | (173) | (112) | ||
Fair Value | 26,023 | 30,156 | ||
Marketable securities | 26,023 | 30,156 | ||
Corporate Securities [Member] | Level 2 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost | 33,689 | 39,732 | ||
Gross Unrealized Losses | (197) | (134) | ||
Fair Value | 33,492 | 39,598 | ||
Marketable securities | $ 33,492 | $ 39,598 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Mar. 31, 2017 | |
Convertible Notes Payable [Member] | Acacia [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of warrants issued | 3 | |
Warrants maturity period | 4 years | |
Primary Warrant [Member] | Acacia [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Warrants maturity period | 5 years | |
Amended Primary and Acacia Note Warrants [Member] | Initial Public Offering [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Warrant exercise price | $ 13.6088 | |
Minimum [Member] | Acacia Note Warrants [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair market value of warrants | $ 334,000 | |
Maximum [Member] | Acacia Note Warrants [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair market value of warrants | 841,000 | |
Bridge Loan [Member] | Acacia [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Line of credit maximum borrowing capacity | $ 8,000,000 |
Financial Instruments - Summary
Financial Instruments - Summary of Quantitative Information with Respect to Significant Unobservable Inputs (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Stock Warrant [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Volatility | 65.00% |
Discount for lack of marketability | 10.00% |
Minimum [Member] | Stock Warrant [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Risk-free rate | 0.92% |
Maximum [Member] | Stock Warrant [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Risk-free rate | 1.64% |
Bridge Loan [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Volatility | 70.00% |
Risk-free rate | 2.40% |
Discount for lack of marketability | 10.00% |
Financial Instruments - Reconci
Financial Instruments - Reconciliation of Level 3 Measurement of Company's Primary Warrant (Detail) - Warrant [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning, Balance | $ 7,114 |
Change in fair value of warrant liability | (3,118) |
Ending, Balance | $ 3,996 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 3,575 | $ 3,505 |
Less: accumulated amortization | (657) | (351) |
Intangible assets, net | 2,918 | 3,154 |
Acquired Software and Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 3,074 | 3,004 |
Capitalized Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 471 | 471 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 30 | $ 30 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Definite-lived assets amortization period | 3 years | |
Amortization expense of definite-lived assets | $ 306 | $ 48 |
Consolidated Financial Statem29
Consolidated Financial Statements Details - Summary of Property Equipment and Improvements, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Property and equipment | $ 539 | $ 378 |
Leasehold improvements | 1,994 | 27 |
Construction in progress | 435 | |
Property, equipment and improvements, gross | 2,533 | 840 |
Less: accumulated depreciation | (209) | (160) |
Property, equipment and improvements, net | $ 2,324 | $ 680 |
Consolidated Financial Statem30
Consolidated Financial Statements Details - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||
Depreciation Expense | $ 49 | $ 52 |
Gross media placements | 29,420 | 26,723 |
Cost of revenues | 564 | 196 |
Amortization of deferred debt discounts and issuance costs | 2,054 | |
Convertible Notes Payable [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Amortization of deferred debt discounts and issuance costs | 2,054 | |
Billed Revenues [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Gross media placements | 25,573 | 19,423 |
Netted Against Billings [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cost of revenues | $ 22,510 | $ 16,524 |
Consolidated Financial Statem31
Consolidated Financial Statements Details - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued compensation and benefits | $ 1,908 | $ 3,117 |
Other | 937 | 1,325 |
Total | $ 2,845 | $ 4,442 |
Consolidated Financial Statem32
Consolidated Financial Statements Details - Summary of Net Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||
Total net revenues | $ 4,388 | $ 3,108 |
Media Agency Revenues [Member] | ||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||
Total net revenues | 3,121 | 2,899 |
AI Platform Revenues [Member] | ||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||
Total net revenues | $ 1,267 | $ 209 |
Consolidated Financial Statem33
Consolidated Financial Statements Details - Schedule of Other Income, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | ||
Interest expense | $ (2,355) | |
Interest income | $ 181 | 1 |
Gain on fair value change of warrant liability | 3,118 | |
Other | 2 | 22 |
Other income, net | $ 183 | $ 786 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Chad Steelberg [Member] - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Mar. 31, 2017 | Mar. 31, 2018 | |
Other Commitments [Line Items] | ||
Estimated common stock calculated value | $ 125 | |
Annual salary under agreement | $ 250 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | Mar. 31, 2018 | Dec. 31, 2017 |
Stockholders' Equity Note [Abstract] | ||
Warrants outstanding | 1,524,573 | 1,524,573 |
Warrants unvested | 652,122 | 652,122 |
Stock Plans - Schedule of Stock
Stock Plans - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 2,474 | $ 125 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 320 | 39 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 241 | 12 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 1,913 | 74 |
Employee Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 172 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 48 | 76 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 218 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 2,036 | $ 49 |
Stock Plans - Schedule of Restr
Stock Plans - Schedule of Restricted Stock Activity (Detail) - 2014 Plan Stock Options/Stock Issuance Plan and 2017 Stock Incentive Plan [Member] - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Unvested, Beginning Balance | shares | 147,456 |
Shares, Granted | shares | 0 |
Shares, Forfeited | shares | (1,750) |
Shares, Vested | shares | (13,809) |
Shares, Unvested, Ending Balance | shares | 131,897 |
Weighted Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares | $ 6.30 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 7.50 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 3.17 |
Weighted Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 6.61 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Accrued employee contributions | $ 1,908 | $ 3,117 | |
2014 Plan Stock Options/Stock Issuance Plan and 2017 Stock Incentive Plan [Member] | |||
Class of Stock [Line Items] | |||
Unrecognized compensation expense related to stock options | 23,339 | ||
Employee Stock Purchase Plan [Member] | |||
Class of Stock [Line Items] | |||
Common stock granted | 35,812 | ||
Accrued employee contributions | 213 | ||
Restricted Stock [Member] | 2014 Plan Stock Options/Stock Issuance Plan and 2017 Stock Incentive Plan [Member] | |||
Class of Stock [Line Items] | |||
Unrecognized cost of share-based compensation awards | $ 742 | ||
Cost of share-based compensation awards, recognition period | 2 years 1 month 6 days | ||
Restricted Stock Units [Member] | 2014 Plan Stock Options/Stock Issuance Plan and 2017 Stock Incentive Plan [Member] | |||
Class of Stock [Line Items] | |||
Unrecognized cost of share-based compensation awards | $ 143 | ||
Cost of share-based compensation awards, recognition period | 4 months 24 days | ||
Stock Options [Member] | |||
Class of Stock [Line Items] | |||
Weighted Average Grant Date Fair Value, Granted | $ 7.91 | ||
Aggregate intrinsic value of the options exercised | $ 692 | ||
Total grant date fair value of stock options vested | $ 1,761 | ||
Stock Options [Member] | 2014 Plan Stock Options/Stock Issuance Plan and 2017 Stock Incentive Plan [Member] | |||
Class of Stock [Line Items] | |||
Cost of share-based compensation awards, recognition period | 2 years 8 months 12 days |
Stock Plans - Schedule of Res39
Stock Plans - Schedule of Restricted Stock Units (Detail) - 2014 Plan Stock Options/Stock Issuance Plan and 2017 Stock Incentive Plan [Member] - Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Unvested, Beginning Balance | shares | 35,576 |
Shares, Granted | shares | 11,137 |
Shares, Forfeited | shares | 0 |
Shares, Vested | shares | (5,568) |
Shares, Unvested, Ending Balance | shares | 41,145 |
Weighted Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares | $ 14.76 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 14.69 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 14.69 |
Weighted Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 14.75 |
Stock Plans - Schedule of Sto40
Stock Plans - Schedule of Stock Option Activity (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-Average Aggregate Intrinsic Value | $ 6,006 | $ 44,974 |
Weighted-Average Aggregate Intrinsic Value, Exercisable | $ 3,992 | |
2014 Plan Stock Options/Stock Issuance Plan and 2017 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options, Outstanding, Beginning Balance | 4,802,594 | |
Options Granted | 433,341 | |
Options Exercised | (55,541) | |
Options Forfeited | (245,238) | |
Options Expired | (1,425) | |
Options, Outstanding, Ending Balance | 4,933,731 | 4,802,594 |
Options,Exercisable at December 31, 2017 | 1,978,465 | |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 13.89 | |
Weighted-Average Exercise Price, Options Granted | 15.02 | |
Weighted-Average Exercise Price, Options Exercised | 1.80 | |
Weighted-Average Exercise Price, Options Forfeited | 17.46 | |
Weighted-Average Exercise Price, Options Expired | 12.24 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance | 13.95 | $ 13.89 |
Weighted-Average Exercise Price, Exercisable | $ 12.80 | |
Weighted-Average Remaining Contractual Term, Outstanding | 9 years 11 days | 9 years 2 months 1 day |
Weighted-Average Remaining Exercisable | 8 years 8 months 16 days |