Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | VERI | |
Entity Registrant Name | Veritone, Inc. | |
Entity Central Index Key | 0001615165 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38093 | |
Entity Tax Identification Number | 47-1161641 | |
Entity Address, Address Line One | 1515 Arapahoe St. | |
Entity Address, Address Line Two | Tower 3, Suite 400 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80202 | |
City Area Code | 888 | |
Local Phone Number | 507-1737 | |
Entity Common Stock, Shares Outstanding | 32,874,492 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 120,627 | $ 114,817 |
Accounts receivable, net | 19,518 | 16,666 |
Expenditures billable to clients | 20,783 | 18,365 |
Prepaid expenses and other current assets | 8,944 | 6,719 |
Total current assets | 169,872 | 156,567 |
Property, equipment and improvements, net | 479 | 2,354 |
Intangible assets, net | 8,587 | 10,744 |
Goodwill | 6,904 | 6,904 |
Long-term restricted cash | 855 | 855 |
Other assets | 230 | 230 |
Total assets | 186,927 | 177,654 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 16,174 | 15,632 |
Accrued media payments | 68,266 | 55,874 |
Client advances | 7,638 | 6,496 |
Other accrued liabilities | 12,633 | 10,246 |
Total current liabilities | 104,711 | 88,248 |
Other non-current liabilities | 1,989 | 1,196 |
Total liabilities | 106,700 | 89,444 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity | ||
Common stock, par value $0.001 per share; 75,000,000 shares authorized; 32,870,767 and 31,799,354 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 33 | 32 |
Additional paid-in capital | 403,768 | 368,477 |
Accumulated deficit | (323,647) | (280,365) |
Accumulated other comprehensive income | 73 | 66 |
Total stockholders' equity | 80,227 | 88,210 |
Total liabilities and stockholders' equity | $ 186,927 | $ 177,654 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 32,870,767 | 31,799,354 |
Common stock, shares outstanding | 32,870,767 | 31,799,354 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 19,206 | $ 13,268 | $ 37,501 | $ 25,172 |
Operating expenses: | ||||
Cost of revenue | 5,231 | 3,763 | 10,054 | 7,013 |
Sales and marketing | 5,253 | 4,932 | 11,680 | 9,861 |
Research and development | 4,646 | 3,440 | 9,606 | 7,086 |
General and administrative | 15,644 | 11,343 | 47,187 | 22,886 |
Amortization | 1,079 | 1,346 | 2,157 | 2,694 |
Total operating expenses | 31,853 | 24,824 | 80,684 | 49,540 |
Loss from operations | (12,647) | (11,556) | (43,183) | (24,368) |
Other expense, net | (13) | (235) | (22) | (104) |
Loss before provision for income taxes | (12,660) | (11,791) | (43,205) | (24,472) |
Provision for income taxes | 55 | 2 | 77 | 5 |
Net loss | $ (12,715) | $ (11,793) | $ (43,282) | $ (24,477) |
Net loss per share: | ||||
Basic and diluted | $ (0.39) | $ (0.43) | $ (1.33) | $ (0.91) |
Weighted average shares outstanding: | ||||
Basic and diluted | 32,741,356 | 27,117,432 | 32,458,269 | 26,945,297 |
Comprehensive loss: | ||||
Net loss | $ (12,715) | $ (11,793) | $ (43,282) | $ (24,477) |
Foreign currency translation gain, net of income taxes | 1 | 7 | 5 | |
Total comprehensive loss | $ (12,715) | $ (11,792) | $ (43,275) | $ (24,472) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2019 | $ 47,411 | $ 26 | $ 279,828 | $ (232,489) | $ 46 |
Beginning balance, shares at Dec. 31, 2019 | 25,670,737 | ||||
Common stock offerings, net | 6,006 | $ 2 | 6,004 | ||
Common stock offerings, net, shares | 1,491,317 | ||||
Common stock issued under employee stock plans, net | 140 | 140 | |||
Common stock issued under employee stock plans, net, shares | 199,942 | ||||
Stock-based compensation expense | 8,587 | 8,587 | |||
Exercise of warrants | 2,100 | $ 2,100 | 2,100 | ||
Exercise of warrants, shares | 154,311 | ||||
Issuance of warrants | 308 | 308 | |||
Net loss | (24,477) | (24,477) | |||
Other comprehensive gain | 5 | 5 | |||
Ending balance at Jun. 30, 2020 | 40,080 | $ 28 | 296,967 | (256,966) | 51 |
Ending balance, shares at Jun. 30, 2020 | 27,516,307 | ||||
Beginning balance at Dec. 31, 2019 | 47,411 | $ 26 | 279,828 | (232,489) | 46 |
Beginning balance, shares at Dec. 31, 2019 | 25,670,737 | ||||
Net loss | (47,876) | ||||
Ending balance at Dec. 31, 2020 | 88,210 | $ 32 | 368,477 | (280,365) | 66 |
Ending balance, shares at Dec. 31, 2020 | 31,799,354 | ||||
Beginning balance at Mar. 31, 2020 | 42,272 | $ 27 | 287,368 | (245,173) | 50 |
Beginning balance, shares at Mar. 31, 2020 | 27,074,372 | ||||
Common stock offerings, net | 3,022 | $ 1 | 3,021 | ||
Common stock offerings, net, shares | 199,109 | ||||
Common stock issued under employee stock plans, net | 39 | 39 | |||
Common stock issued under employee stock plans, net, shares | 88,515 | ||||
Stock-based compensation expense | 4,131 | 4,131 | |||
Exercise of warrants | 2,100 | 2,100 | |||
Exercise of warrants, shares | 154,311 | ||||
Issuance of warrants | 308 | 308 | |||
Net loss | (11,793) | (11,793) | |||
Other comprehensive gain | 1 | 1 | |||
Ending balance at Jun. 30, 2020 | 40,080 | $ 28 | 296,967 | (256,966) | 51 |
Ending balance, shares at Jun. 30, 2020 | 27,516,307 | ||||
Beginning balance at Dec. 31, 2020 | 88,210 | $ 32 | 368,477 | (280,365) | 66 |
Beginning balance, shares at Dec. 31, 2020 | 31,799,354 | ||||
Common stock issued under employee stock plans, net | 4,794 | $ 1 | 4,793 | ||
Common stock issued under employee stock plans, net, shares | 803,367 | ||||
Common stock issued for services | 250 | 250 | |||
Common stock issued for services, shares | 15,828 | ||||
Stock-based compensation expense | 27,969 | 27,969 | |||
Exercise of warrants | 2,279 | $ 2,279 | 2,279 | ||
Exercise of warrants, shares | 252,218 | ||||
Net loss | (43,282) | (43,282) | |||
Other comprehensive gain | 7 | 7 | |||
Ending balance at Jun. 30, 2021 | 80,227 | $ 33 | 403,768 | (323,647) | 73 |
Ending balance, shares at Jun. 30, 2021 | 32,870,767 | ||||
Beginning balance at Mar. 31, 2021 | 85,793 | $ 33 | 396,619 | (310,932) | 73 |
Beginning balance, shares at Mar. 31, 2021 | 32,676,286 | ||||
Common stock issued under employee stock plans, net | 540 | 540 | |||
Common stock issued under employee stock plans, net, shares | 194,481 | ||||
Common stock issued for services | 131 | 131 | |||
Stock-based compensation expense | 6,478 | 6,478 | |||
Net loss | (12,715) | (12,715) | |||
Ending balance at Jun. 30, 2021 | $ 80,227 | $ 33 | $ 403,768 | $ (323,647) | $ 73 |
Ending balance, shares at Jun. 30, 2021 | 32,870,767 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||||||
Net loss | $ (43,282) | $ (24,477) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Depreciation and amortization | 2,410 | 3,206 | ||||
Issuance of warrants | 102 | |||||
Loss on disposal of fixed assets | 1,894 | |||||
Loss on sublease | 1,211 | |||||
Change in fair value of warrant liability | $ 202 | 200 | ||||
Provision for doubtful accounts | 5 | 213 | ||||
Stock-based compensation expense | $ 6,609 | 4,131 | 28,219 | 8,587 | ||
Changes in assets and liabilities: | ||||||
Accounts receivable | (2,857) | (3,453) | ||||
Expenditures billable to clients | (2,418) | 7,109 | ||||
Prepaid expenses and other assets | (2,218) | (363) | ||||
Accounts payable | 542 | 3,484 | ||||
Accrued media payments | 12,392 | 5,133 | ||||
Client advances | 1,142 | (4,619) | ||||
Other accrued liabilities | 2,387 | 2,193 | ||||
Other liabilities | (418) | (92) | ||||
Net cash used in operating activities | (991) | (2,777) | $ 1,433 | $ (30,432) | ||
Cash flows from investing activities: | ||||||
Proceeds from the sale of equipment | 56 | |||||
Capital expenditures | (272) | (30) | ||||
Net cash (used in) provided by investing activities | (272) | 26 | ||||
Cash flows from financing activities: | ||||||
Proceeds from common stock offerings, net | 6,527 | |||||
Proceeds from loan | 6,491 | |||||
Repayment of loan | (6,491) | |||||
Proceeds from the exercise of warrants | 2,279 | 2,100 | ||||
Proceeds from issuances of stock under employee stock plans, net | 4,794 | 140 | ||||
Net cash provided by financing activities | 7,073 | 8,767 | ||||
Net increase in cash and cash equivalents and restricted cash | 5,810 | 6,016 | ||||
Cash and cash equivalents and restricted cash, beginning of period | 115,672 | 44,920 | 44,920 | |||
Cash and cash equivalents and restricted cash, end of period | $ 121,482 | $ 50,936 | $ 121,482 | $ 50,936 | $ 115,672 | $ 44,920 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
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’s proprietary AI operating system, aiWARE TM The Company also offers cloud-native digital content management solutions and content licensing services, primarily to customers in the media and entertainment market. These offerings leverage the Company’s aiWARE technologies, providing customers with unique capabilities to enrich and drive expanded revenue opportunities from their content. In addition, the Company operates a full-service advertising agency that leverages the Company’s aiWARE technologies to provide differentiated services to its clients. The Company’s advertising services include media planning and strategy, advertisement buying and placement, campaign messaging, clearance verification and attribution, and custom analytics, specializing in host-endorsed and influencer advertising across primarily radio, podcasting, streaming audio, social media and other digital media channels. The Company’s advertising services also include its VeriAds TM In July 2021, the Company announced its entry into a definitive agreement to acquire PandoLogic Ltd., a company incorporated under the laws of the state of Israel (“Pandologic”), pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Melisandra Ltd., a company incorporated under the laws of the State of Israel and a wholly-owned subsidiary of the Company (“Merger Sub”), and Shareholder Representative Services, LLC, a Colorado limited liability company, solely in its capacity as the representative of the Securityholders and COP Participants. See Note 10 for further details on the Merger Agreement. |
Presentation and Summary of Sig
Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 based on the representations of the Company’s management, who is responsible for their integrity and objectivity. The information included in this Form 10-Q should be read in conjunction with the information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 5, 2021. Interim results for the three and six months ended June 30, 2021 are not necessarily indicative of the results the Company will have for the full year ending December 31, 2021. 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, recurring and necessary to fairly state the Company’s 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 and six month periods presented are unaudited. The December 31, 2020 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. Reclassifications Amortization expense, which was presented in prior year periods within cost of revenue, sales and marketing, research and development, and general and administrative operating expenses, has been reclassified and is presented as a single separate line item in operating expenses. Gross profit, which was previously reflected in the statement of operations and comprehensive loss, is no longer presented. Additionally, cost of revenue, which was presented in prior periods within gross profit, is now presented as an operating expense. The Company believes that this presentation more accurately reflects the Company’s cost of revenue and operating expenses. These reclassifications had no effect on reported net loss. Liquidity and Capital Resources During the years ended December 31, 2020 and 2019, the Company generated cash flows from operations of $1,433 and negative cash flows from operations of $30,432, respectively, and incurred net losses of $47,876 and $62,078, respectively. In the six months ended June 30, 2021, the Company generated negative cash flows from operations of $991 and incurred a net loss of $43,282. The Company expects to continue to generate net losses for the foreseeable future as it makes significant investments in developing and selling its aiWARE SaaS solutions. Management believes that the Company’s existing balances of cash and cash equivalents, which totaled $120,627 as of June 30, 2021, will be sufficient to meet its anticipated cash requirements for at least twelve months from the date that these financial statements are issued. However, should the Company’s current cash and cash equivalents not be sufficient to support the development of its business to the point at which it has positive cash flows from operations, the Company plans to meet its future needs for additional capital through equity and/or debt financings. Such financing may not be available on terms favorable to the Company or at all. If the Company is unable to obtain adequate financing or financing on terms satisfactory to it when required, the Company’s ability to continue to support its business growth, scale its infrastructure, develop product enhancements and to respond to business challenges could be significantly impaired. 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, purchase accounting, impairment of long-lived assets, the valuation of stock awards and stock warrants and income taxes, where applicable. There has been uncertainty and disruption in the global economy and financial markets due to the COVID-19 pandemic. The Company is not aware of any specific event or circumstance that would require an update to its estimates or assumptions or a revision of the carrying value of its assets or liabilities as of the date of filing of this Quarterly Report on Form 10-Q. These estimates and assumptions may change as new events occur and additional information is obtained. As a result, actual results could differ materially from these estimates and assumptions. Significant Customers One individual customer accounted for 10% of the Company’s net revenues for the three months ended June 30, 2021. six months ended June 30, 2020 or the six months ended June 30, 2021. Remaining Performance Obligations As of June 30, 2021, the aggregate amount of the transaction prices under the Company’s contracts allocated to the Company’s remaining performance obligations was $4,668, approximately 71% of which the Company expects to recognize as revenue over the next twelve months, and the remainder thereafter. This aggregate amount excludes amounts allocated to remaining performance obligations under contracts that have an original duration of one year or less and variable consideration that is allocated to remaining performance obligations. Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) which requires measurement and recognition of expected credit losses for financial assets held. This standard will be effective for the Company beginning in the first quarter of fiscal year The Company is currently evaluating the impact that this standard will have on its consolidated financial statements and related disclosures as well as the timing of adoption. In December 2019, the FASB issued ASU No. 2019-12 to simplify the accounting in ASC 740, Income Taxes and early adoption is permitted |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | NOTE 3. NET LOSS PER SHARE The following table presents the computation of basic and diluted net loss per share: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator Net loss $ (12,715 ) $ (11,793 ) $ (43,282 ) $ (24,477 ) Denominator Weighted-average common shares outstanding 32,756,357 27,135,107 32,475,448 26,964,717 Less: Weighted-average shares subject to repurchase (15,001 ) (17,675 ) (17,179 ) (19,420 ) Denominator for basic and diluted net loss per share attributable to common stockholders 32,741,356 27,117,432 32,458,269 26,945,297 Basic and diluted net loss per share $ (0.39 ) $ (0.43 ) $ (1.33 ) $ (0.91 ) The Company reported net losses for all periods presented and, as such, all potentially dilutive shares of common stock would have been antidilutive for such periods. The table below presents the weighted-average securities (in common equivalent shares) outstanding during the periods presented that have been excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Common stock options and restricted stock units 9,948,564 10,171,737 10,110,820 9,976,772 Warrants to purchase common stock 520,112 1,674,387 579,311 1,485,769 10,468,676 11,846,124 10,690,131 11,462,541 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Investments All Other Investments [Abstract] | |
Financial Instruments | NOTE 4. FINANCIAL INSTRUMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value. Level 1 and Level 2 are considered observable and Level 3 is considered unobservable, as follows: • Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2—inputs other than Level 1 that are observable, either directly or indirectly, 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; or • Level 3—unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and Cash Equivalents The Company’s money market funds are categorized as Level 1 within the fair value hierarchy. As of June 30, 2021, the Company’s cash and cash equivalents balances were as follows: Gross Cash and Unrealized Fair Cash Cost Losses Value Equivalents Cash $ 52,602 $ — $ 52,602 $ 52,602 Level 1: Money market funds 68,025 — 68,025 68,025 Total $ 120,627 $ — $ 120,627 $ 120,627 As of December 31, 2020, the Company’s cash and cash equivalents balances were as follows: Gross Cash and Unrealized Fair Cash Cost Losses Value Equivalents Cash $ 44,795 $ — $ 44,795 $ 44,795 Level 1: Money market funds 70,022 — 70,022 70,022 Total $ 114,817 $ — $ 114,817 $ 114,817 Stock Warrants All of the Company’s outstanding stock warrants are categorized as Level 3 within the fair value hierarchy. Stock warrants have been recorded at their fair value using either a probability weighted expected return model, the Monte Carlo simulation model or the Black-Scholes option-pricing model. These models incorporate contractual terms, maturity, risk-free interest rates and volatility. The value of the Company’s stock warrants would increase if a higher risk-free interest rate was used, and 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. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | NOTE 5. GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The carrying amount of goodwill was $6,904 as of June 30, 2021 and December 31, 2020. Intangible Assets The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases, which continue to be amortized: June 30, 2021 December 31, 2020 Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Software and technology 0.9 $ 3,582 $ (3,437 ) $ 145 $ 3,582 $ (3,357 ) $ 225 Licensed technology 0.3 500 (458 ) 42 500 (375 ) 125 Developed technology 2.2 9,600 (5,440 ) 4,160 9,600 (4,480 ) 5,120 Customer relationships 2.2 9,300 (5,270 ) 4,030 9,300 (4,340 ) 4,960 Noncompete agreements 1.1 800 (590 ) 210 800 (486 ) 314 Total 2.1 $ 23,782 $ (15,195 ) $ 8,587 $ 23,782 $ (13,038 ) $ 10,744 The following table presents future amortization of the Company’s finite-lived intangible assets at June 30, 2021: 2021 (6 months) $ 2,104 2022 3,963 2023 2,520 Total $ 8,587 |
Consolidated Financial Statemen
Consolidated Financial Statements Details | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidated Financial Statements Details | NOTE 6. CONSOLIDATED FINANCIAL STATEMENTS DETAILS Consolidated Balance Sheets Details Cash and cash equivalents As of June 30, 2021 and December 31, 2020, the Company had cash and cash equivalents of $120,627 and $114,817, respectively, including $48,226 and $40,052, respectively, of cash received from advertising clients for future payments to vendors. Accounts Receivable, Net Accounts receivable consisted of the following: As of June 30, December 31, 2021 2020 Accounts receivable — $ 15,380 $ 12,641 Accounts receivable — 4,221 4,143 19,601 16,784 Less: allowance for doubtful accounts (83 ) (118 ) Accounts receivable, net $ 19,518 $ 16,666 The amount that the Company invoices and collects from advertising clients includes the cost of the advertisements placed for them with media vendors and the amount of the commission earned by the Company. The average commission earned by the Company is less than 15% of the total amount invoiced and collected from the advertising clients. Property, Equipment and Improvements, Net Property, equipment and improvements, net consisted of the following: As of June 30, December 31, 2021 2020 Property and equipment $ 1,899 $ 2,365 Leasehold improvements 78 2,899 1,977 5,264 Less: accumulated depreciation (1,498 ) (2,910 ) Property, equipment and improvements, net $ 479 $ 2,354 During the six months ended June 30, 2021, in connection with the sublease of its former corporate office space located in Costa Mesa, California, the Company wrote-off approximately $3,559 in property and equipment and leasehold improvements and recorded a net loss on disposal of $1,894. Depreciation expense was $78 and $253 for the three and six months ended June 30, 2021, respectively. Depreciation expense was $256 and $512 for the three and six months ended June 30, 2020, respectively. Accounts Payable Accounts payable consisted of the following: As of June 30, December 31, 2021 2020 Accounts payable — $ 14,031 $ 14,667 Accounts payable — 2,143 965 Total $ 16,174 $ 15,632 Accounts payable – Advertising reflects the amounts due to media vendors for advertisements placed on behalf of the Company’s advertising clients. Consolidated Statement of Operations and Comprehensive Loss Details Revenue Revenue for the periods presented were comprised of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Advertising $ 9,969 $ 7,038 $ 20,296 $ 13,039 aiWARE SaaS Solutions 5,580 3,002 10,265 6,110 aiWARE Content Licensing and Media Services 3,657 3,228 6,940 6,023 Total revenue $ 19,206 $ 13,268 $ 37,501 $ 25,172 Other Expense, Net Other expense, net for the periods presented was comprised of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest income, net $ 2 $ 5 $ 4 $ 82 Change in fair value of warrant liability — (202 ) — (200 ) Other (15 ) (38 ) (26 ) 14 Other expense, net $ (13 ) $ (235 ) $ (22 ) $ (104 ) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7. COMMITMENTS AND CONTINGENCIES Leases The Company leases facilities under operating lease arrangements expiring on various dates through fiscal year 2024. Certain of the Company’s leases contain standard rent escalation and renewal clauses. Under certain leases, the Company is required to pay operating expenses in addition to base rent. Rent expense for lease payments is recognized on a straight-line basis over the lease term. In February 2021, the Company entered into an office sublease (the “Sublease”) with a third party (the “Subtenant”), pursuant to which the Company has subleased its former office space located in Costa Mesa, California, consisting of approximately 37,875 square feet, which the Company leases pursuant to an existing lease agreement expiring in 2024 (the “Lease”). The term of the Sublease commenced in March 2021 and will continue through December 31, 2024, coterminous with the Lease. Pursuant to the Sublease, the Subtenant will pay to the Company monthly base rent, which is subject to annual rent escalations, as well as a portion of the operating expenses and taxes payable by the Company under the Lease. The Company recognized contract termination costs as a liability when it ceased using the rights conveyed under the Lease. During the six months ended June 30, 2021, the Company recorded approximately $3,367 in charges resulting from the Sublease, consisting of $1,894 loss on disposal of property and equipment and leasehold improvements, As of June 30, 2021, future minimum lease payments were as follows: 2021 (six months) $ 1,087 2022 1,884 2023 1,685 2024 1,730 Total minimum payments $ 6,386 As of June 30, 2021, minimum sublease rental income to be received in the future under noncancelable subleases was approximately $3,970. The total rent expense for all operating leases, excluding the charges related to the Sublease discussed above, was $306 and $877 for the three and six months ended June 30, 2021, and $751 and $1,517 for the three and six months ended June 30, 2020, respectively. Sales Taxes The Company collects and remits sales tax in jurisdictions in which it has a physical presence or it believes nexus exists, which therefore obligates the Company to collect and remit sales tax. During the three and six months ended June 30, 2021, the Company recorded a liability of $ and $284, respectively, for potential exposure in several states where there is uncertainty about the point in time at which the Company established a sufficient business connection to create nexus. As of June 30, 2021, the total accrued liability for potential sales tax exposure was $845. Other Contingencies From time to time, the Company may be involved in litigation relating to claims arising out of its operations in the normal course of business. The Company currently is not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on the Company’s results of operations, financial position or cash flows. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | NOTE 8. STOCKHOLDERS’ EQUITY (DEFICIT) Common Stock Issuances During the six months ended June 30, 2021 and 2020, the Company issued an aggregate of 803,367 shares of its common stock and 199,942 During the six months ended June 30, 2021, the Company issued a total of 167,495 shares of its common stock upon the exercise of warrants for an aggregate exercise price of $2,279 and issued an aggregate of 84,723 shares of its common stock upon exercises of warrants to purchase an aggregate of 91,833 shares of its common stock, which were effected on a net exercise basis without cash payment of the exercise price. During the six months ended June 30, 2020, the Company issued a total of 154,311 shares of its common stock upon the exercise of warrants for an aggregate exercise price of $2,100. During the six months ended June 30, 2021, the Company issued an aggregate of 15,828 shares of its common stock for services provided to the Company. During the six months ended June 30, 2020, the Company issued and sold an aggregate of 1,491,317 shares of its common stock pursuant to the Equity Distribution Agreement with JMH Securities (as sales agent) and received net proceeds from such sales of $6,006 after deducting expenses of $270. The Company voluntarily terminated the Equity Distribution Agreement in January 2021. |
Stock Plans
Stock Plans | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Plans | NOTE 9. STOCK PLANS Stock-Based Compensation During the six months ended June 30, 2021, the Company granted options to purchase an aggregate of 200,955 shares of its common stock that are subject to time-based vesting conditions. The Company valued these stock options using the Black-Scholes Merton option pricing model. The following assumptions were used to compute the grant date fair values of the stock options granted during the six months ended June 30, 2021: Expected term (in years) 5.5 - 6.1 Expected volatility 82% - 83% Risk-free interest rate 0.6% - 1.0% Expected dividend yield — The assumptions used in calculating the fair values of purchase rights granted under the ESPP during the six months ended June 30, 2021 are set forth in the table below: Expected term (in years) 0.5 - 2.0 Expected volatility 101% - 119% Risk-free interest rate 0.1 % Expected dividend yield — The Company’s stock-based compensation expense by type of award and by operating expense grouping are presented below: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Stock-based compensation expense by type of award: Restricted stock units $ 5,579 $ 753 $ 9,750 $ 895 Stock awards — 47 19 109 Performance-based stock options — 1,953 16,314 3,921 Stock options 798 1,306 1,635 3,455 Employee stock purchase plan 101 72 251 207 Common stock issued for services 131 — 250 - Total $ 6,609 $ 4,131 $ 28,219 $ 8,587 Stock-based compensation expense by operating expense grouping: Sales and marketing $ 234 $ 198 $ 1,132 $ 376 Research and development 566 184 1,585 421 General and administrative 5,809 3,749 25,502 7,790 $ 6,609 $ 4,131 $ 28,219 $ 8,587 Equity Award Activity Under Stock Plans Stock Awards The Company’s stock award activity for the six months ended June 30, 2021 was as follows: Weighted Average Grant Shares Date Fair Value Unvested at December 31, 2020 - $ - Granted 581 $ 32.33 Vested (581 ) $ 32.33 Unvested at June 30, 2021 - All stock awards granted during the six months ended June 30, 2021 were fully vested upon grant. As of June 30, 2021, there was no unrecognized compensation cost related to stock awards granted under the Company’s stock plans. Restricted Stock Units The Company’s restricted stock unit activity for the six months ended June 30, 2021 was as follows: Weighted Average Grant Shares Date Fair Value Unvested at December 31, 2020 829,124 $ 11.53 Granted 394,020 $ 44.25 Forfeited (14,439 ) $ 39.60 Vested (749,374 ) $ 10.77 Unvested at June 30, 2021 459,331 $ 39.95 As of June 30, 2021, total unrecognized compensation cost related to restricted stock units was $11,705, which is expected to be recognized over a weighted average period of 0.8 year. Performance-Based Stock Options The activity during the six months ended June 30, 2021 related to stock options that are subject to performance-based vesting conditions tied to the achievement of stock price goals by the Company was as follows: Weighted-Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2020 4,234,020 $ 10.55 Exercised (273,159 ) $ 5.79 Forfeited (12,552 ) $ 5.92 Expired (3,588 ) $ 5.00 Outstanding at June 30, 2021 3,944,721 $ 10.90 7.02 years $ 34,750 Exercisable at June 30, 2021 3,944,721 $ 10.90 7.02 years $ 34,750 During the first six months of 2021, the Company achieved all of the stock price milestones applicable to substantially all of the performance-based stock options and, as a result, such performance-based stock options vested and all associated unrecognized compensation was accelerated and recognized in full as a one-time expense of $16,268 during the six months ended June 30, 2021. The aggregate intrinsic value of the options exercised during the six months ended June 30, 2021 was $6,517. No performance-based stock options were granted during six months ended June 30, 2021 and 2020, and no performance-based stock options vested during the six months ended June 30, 2020. Stock Options The activity during the six months ended June 30, 2021 related to all other stock options was as follows: Weighted-Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2020 5,400,070 $ 12.60 Granted 200,955 $ 33.11 Exercised (348,608 ) $ 8.78 Forfeited (104,774 ) $ 9.79 Expired (2,174 ) $ 5.33 Outstanding at June 30, 2021 5,145,469 $ 13.72 6.55 years $ 34,108 Exercisable at June 30, 2021 4,158,680 $ 13.81 6.05 years $ 24,674 The weighted average grant date fair value of stock options granted during the six months ended June 30, 2021 and 2020 was $23.09 and $2.06 per share, respectively. The aggregate intrinsic value of the stock options exercised during the six months ended June 30, 2021 and 2020 was $8,198 and $177 The aggregate intrinsic values in the tables above represent the difference between the fair market value of the Company’s common stock and the average option exercise price of in-the-money options, multiplied by the number of such stock options. Employee Stock Purchase Plan During the six months ended June 30, 2021, a total of 67,068 shares of common stock were purchased under the Company’s ESPP. As of June 30, 2021, accrued employee contributions for future purchases under the ESPP totaled $223. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10. SUBSEQUENT EVENTS On July 21, 2021, the Company entered into a definitive agreement to acquire Pandologic Ltd., a company incorporated under the laws of the state of Israel (“Pandologic”), pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) for total consideration of $150 million (the “Merger Consideration”). The Merger Consideration consists of upfront payments of $50 million in cash and $35 million in common stock (approximately 1.7 million shares) and $65 million payable based on earnouts tied to financial performance of Pandologic in fiscal 2021 and 2022, which amount will be paid in a combination of cash and common stock. |
Presentation and Summary of S_2
Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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 based on the representations of the Company’s management, who is responsible for their integrity and objectivity. The information included in this Form 10-Q should be read in conjunction with the information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 5, 2021. Interim results for the three and six months ended June 30, 2021 are not necessarily indicative of the results the Company will have for the full year ending December 31, 2021. 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, recurring and necessary to fairly state the Company’s 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 and six month periods presented are unaudited. The December 31, 2020 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. |
Reclassifications | Reclassifications Amortization expense, which was presented in prior year periods within cost of revenue, sales and marketing, research and development, and general and administrative operating expenses, has been reclassified and is presented as a single separate line item in operating expenses. Gross profit, which was previously reflected in the statement of operations and comprehensive loss, is no longer presented. Additionally, cost of revenue, which was presented in prior periods within gross profit, is now presented as an operating expense. The Company believes that this presentation more accurately reflects the Company’s cost of revenue and operating expenses. These reclassifications had no effect on reported net loss. |
Liquidity and Capital Resources | Liquidity and Capital Resources During the years ended December 31, 2020 and 2019, the Company generated cash flows from operations of $1,433 and negative cash flows from operations of $30,432, respectively, and incurred net losses of $47,876 and $62,078, respectively. In the six months ended June 30, 2021, the Company generated negative cash flows from operations of $991 and incurred a net loss of $43,282. The Company expects to continue to generate net losses for the foreseeable future as it makes significant investments in developing and selling its aiWARE SaaS solutions. Management believes that the Company’s existing balances of cash and cash equivalents, which totaled $120,627 as of June 30, 2021, will be sufficient to meet its anticipated cash requirements for at least twelve months from the date that these financial statements are issued. However, should the Company’s current cash and cash equivalents not be sufficient to support the development of its business to the point at which it has positive cash flows from operations, the Company plans to meet its future needs for additional capital through equity and/or debt financings. Such financing may not be available on terms favorable to the Company or at all. If the Company is unable to obtain adequate financing or financing on terms satisfactory to it when required, the Company’s ability to continue to support its business growth, scale its infrastructure, develop product enhancements and to respond to business challenges could be significantly impaired. |
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, purchase accounting, impairment of long-lived assets, the valuation of stock awards and stock warrants and income taxes, where applicable. There has been uncertainty and disruption in the global economy and financial markets due to the COVID-19 pandemic. The Company is not aware of any specific event or circumstance that would require an update to its estimates or assumptions or a revision of the carrying value of its assets or liabilities as of the date of filing of this Quarterly Report on Form 10-Q. These estimates and assumptions may change as new events occur and additional information is obtained. As a result, actual results could differ materially from these estimates and assumptions. |
Significant Customers | Significant Customers One individual customer accounted for 10% of the Company’s net revenues for the three months ended June 30, 2021. six months ended June 30, 2020 or the six months ended June 30, 2021. |
Remaining Performance Obligations | Remaining Performance Obligations As of June 30, 2021, the aggregate amount of the transaction prices under the Company’s contracts allocated to the Company’s remaining performance obligations was $4,668, approximately 71% of which the Company expects to recognize as revenue over the next twelve months, and the remainder thereafter. This aggregate amount excludes amounts allocated to remaining performance obligations under contracts that have an original duration of one year or less and variable consideration that is allocated to remaining performance obligations. |
Significant Accounting Policies | Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) which requires measurement and recognition of expected credit losses for financial assets held. This standard will be effective for the Company beginning in the first quarter of fiscal year The Company is currently evaluating the impact that this standard will have on its consolidated financial statements and related disclosures as well as the timing of adoption. In December 2019, the FASB issued ASU No. 2019-12 to simplify the accounting in ASC 740, Income Taxes and early adoption is permitted |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [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: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator Net loss $ (12,715 ) $ (11,793 ) $ (43,282 ) $ (24,477 ) Denominator Weighted-average common shares outstanding 32,756,357 27,135,107 32,475,448 26,964,717 Less: Weighted-average shares subject to repurchase (15,001 ) (17,675 ) (17,179 ) (19,420 ) Denominator for basic and diluted net loss per share attributable to common stockholders 32,741,356 27,117,432 32,458,269 26,945,297 Basic and diluted net loss per share $ (0.39 ) $ (0.43 ) $ (1.33 ) $ (0.91 ) |
Effect of Anti-dilutive Securities | The table below presents the weighted-average securities (in common equivalent shares) outstanding during the periods presented that have been excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Common stock options and restricted stock units 9,948,564 10,171,737 10,110,820 9,976,772 Warrants to purchase common stock 520,112 1,674,387 579,311 1,485,769 10,468,676 11,846,124 10,690,131 11,462,541 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments All Other Investments [Abstract] | |
Schedule of Cash and Cash Equivalents | As of June 30, 2021, the Company’s cash and cash equivalents balances were as follows: Gross Cash and Unrealized Fair Cash Cost Losses Value Equivalents Cash $ 52,602 $ — $ 52,602 $ 52,602 Level 1: Money market funds 68,025 — 68,025 68,025 Total $ 120,627 $ — $ 120,627 $ 120,627 As of December 31, 2020, the Company’s cash and cash equivalents balances were as follows: Gross Cash and Unrealized Fair Cash Cost Losses Value Equivalents Cash $ 44,795 $ — $ 44,795 $ 44,795 Level 1: Money market funds 70,022 — 70,022 70,022 Total $ 114,817 $ — $ 114,817 $ 114,817 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Finite-Lived Intangible Assets Resulting from Business Acquisitions and Other Purchases | The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases, which continue to be amortized: June 30, 2021 December 31, 2020 Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Software and technology 0.9 $ 3,582 $ (3,437 ) $ 145 $ 3,582 $ (3,357 ) $ 225 Licensed technology 0.3 500 (458 ) 42 500 (375 ) 125 Developed technology 2.2 9,600 (5,440 ) 4,160 9,600 (4,480 ) 5,120 Customer relationships 2.2 9,300 (5,270 ) 4,030 9,300 (4,340 ) 4,960 Noncompete agreements 1.1 800 (590 ) 210 800 (486 ) 314 Total 2.1 $ 23,782 $ (15,195 ) $ 8,587 $ 23,782 $ (13,038 ) $ 10,744 |
Summary of Future Amortization of Finite-Lived Intangible Assets | The following table presents future amortization of the Company’s finite-lived intangible assets at June 30, 2021: 2021 (6 months) $ 2,104 2022 3,963 2023 2,520 Total $ 8,587 |
Consolidated Financial Statem_2
Consolidated Financial Statements Details (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Accounts Receivable, Net | Accounts receivable consisted of the following: As of June 30, December 31, 2021 2020 Accounts receivable — $ 15,380 $ 12,641 Accounts receivable — 4,221 4,143 19,601 16,784 Less: allowance for doubtful accounts (83 ) (118 ) Accounts receivable, net $ 19,518 $ 16,666 |
Summary of Property Equipment and Improvements, Net | Property, equipment and improvements, net consisted of the following: As of June 30, December 31, 2021 2020 Property and equipment $ 1,899 $ 2,365 Leasehold improvements 78 2,899 1,977 5,264 Less: accumulated depreciation (1,498 ) (2,910 ) Property, equipment and improvements, net $ 479 $ 2,354 |
Summary of Accounts Payable | Accounts payable consisted of the following: As of June 30, December 31, 2021 2020 Accounts payable — $ 14,031 $ 14,667 Accounts payable — 2,143 965 Total $ 16,174 $ 15,632 |
Summary of Revenue | Revenue for the periods presented were comprised of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Advertising $ 9,969 $ 7,038 $ 20,296 $ 13,039 aiWARE SaaS Solutions 5,580 3,002 10,265 6,110 aiWARE Content Licensing and Media Services 3,657 3,228 6,940 6,023 Total revenue $ 19,206 $ 13,268 $ 37,501 $ 25,172 |
Schedule of Other Expense, Net | Other expense, net for the periods presented was comprised of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest income, net $ 2 $ 5 $ 4 $ 82 Change in fair value of warrant liability — (202 ) — (200 ) Other (15 ) (38 ) (26 ) 14 Other expense, net $ (13 ) $ (235 ) $ (22 ) $ (104 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments | As of June 30, 2021, future minimum lease payments were as follows: 2021 (six months) $ 1,087 2022 1,884 2023 1,685 2024 1,730 Total minimum payments $ 6,386 |
Stock Plans (Tables)
Stock Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Schedule of Stock-based Compensation Expense | The Company’s stock-based compensation expense by type of award and by operating expense grouping are presented below: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Stock-based compensation expense by type of award: Restricted stock units $ 5,579 $ 753 $ 9,750 $ 895 Stock awards — 47 19 109 Performance-based stock options — 1,953 16,314 3,921 Stock options 798 1,306 1,635 3,455 Employee stock purchase plan 101 72 251 207 Common stock issued for services 131 — 250 - Total $ 6,609 $ 4,131 $ 28,219 $ 8,587 Stock-based compensation expense by operating expense grouping: Sales and marketing $ 234 $ 198 $ 1,132 $ 376 Research and development 566 184 1,585 421 General and administrative 5,809 3,749 25,502 7,790 $ 6,609 $ 4,131 $ 28,219 $ 8,587 |
Schedule of Stock Award Activity | The Company’s stock award activity for the six months ended June 30, 2021 was as follows: Weighted Average Grant Shares Date Fair Value Unvested at December 31, 2020 - $ - Granted 581 $ 32.33 Vested (581 ) $ 32.33 Unvested at June 30, 2021 - |
Schedule of Restricted Stock Unit Activity | The Company’s restricted stock unit activity for the six months ended June 30, 2021 was as follows: Weighted Average Grant Shares Date Fair Value Unvested at December 31, 2020 829,124 $ 11.53 Granted 394,020 $ 44.25 Forfeited (14,439 ) $ 39.60 Vested (749,374 ) $ 10.77 Unvested at June 30, 2021 459,331 $ 39.95 |
Schedule of Stock Option Activity | The activity during the six months ended June 30, 2021 related to all other stock options was as follows: Weighted-Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2020 5,400,070 $ 12.60 Granted 200,955 $ 33.11 Exercised (348,608 ) $ 8.78 Forfeited (104,774 ) $ 9.79 Expired (2,174 ) $ 5.33 Outstanding at June 30, 2021 5,145,469 $ 13.72 6.55 years $ 34,108 Exercisable at June 30, 2021 4,158,680 $ 13.81 6.05 years $ 24,674 |
Employee Stock Purchase Plan [Member] | |
Summary of Fair Value Assumptions of Stock Purchase Plan | The assumptions used in calculating the fair values of purchase rights granted under the ESPP during the six months ended June 30, 2021 are set forth in the table below: Expected term (in years) 0.5 - 2.0 Expected volatility 101% - 119% Risk-free interest rate 0.1 % Expected dividend yield — |
Stock Options [Member] | |
Schedule of Fair Value Assumptions | The following assumptions were used to compute the grant date fair values of the stock options granted during the six months ended June 30, 2021: Expected term (in years) 5.5 - 6.1 Expected volatility 82% - 83% Risk-free interest rate 0.6% - 1.0% Expected dividend yield — |
Performance-based Stock Options [Member] | |
Schedule of Stock Option Activity | The activity during the six months ended June 30, 2021 related to stock options that are subject to performance-based vesting conditions tied to the achievement of stock price goals by the Company was as follows: Weighted-Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2020 4,234,020 $ 10.55 Exercised (273,159 ) $ 5.79 Forfeited (12,552 ) $ 5.92 Expired (3,588 ) $ 5.00 Outstanding at June 30, 2021 3,944,721 $ 10.90 7.02 years $ 34,750 Exercisable at June 30, 2021 3,944,721 $ 10.90 7.02 years $ 34,750 |
Presentation and Summary of S_3
Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($)Customer | Jun. 30, 2020USD ($)Customer | Jun. 30, 2021USD ($)Customer | Jun. 30, 2020USD ($)Customer | Dec. 31, 2020USD ($)Customer | Dec. 31, 2019USD ($) | |
Significant Accounting Policies [Line Items] | ||||||
Positive (negative) cash flows from operations | $ (991) | $ (2,777) | $ 1,433 | $ (30,432) | ||
Net loss | $ 12,715 | $ 11,793 | 43,282 | 24,477 | 47,876 | $ 62,078 |
Accumulated deficit | 323,647 | 323,647 | 280,365 | |||
Net proceeds from sales of common stock from the period | 59,771 | |||||
Proceeds from issuances of stock under employee stock plans, net | 4,794 | 140 | ||||
Net proceeds from sales of common stock | 6,527 | |||||
Proceeds from the exercise of warrants | 2,279 | $ 2,100 | ||||
Cash and cash equivalents | 120,627 | 120,627 | $ 114,817 | |||
Transaction price remaining performance obligations | $ 4,668 | $ 4,668 | ||||
Transaction price remaining performance obligations percentage | 71.00% | 71.00% | ||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of major customers | Customer | 1 | 1 | 0 | 0 | ||
Concentration risk percentage | 10.00% | 11.00% | 10.00% | 10.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of major customers | Customer | 2 | 2 | ||||
Concentration risk percentage | 10.00% | 10.00% | ||||
Equity Distribution Agreement [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Net proceeds from sales of common stock | $ 5,986 |
Presentation and Summary of S_4
Presentation and Summary of Significant Accounting Policies - Additional Information (Details 1) | Jun. 30, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Significant Accounting Policies [Line Items] | |
Expected Recognition of revenue over remaining contract terms | 12 months |
Net Income Loss Per Share - Com
Net Income Loss Per Share - Computation of Basic and Diluted Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator | ||||||
Net loss | $ (12,715) | $ (11,793) | $ (43,282) | $ (24,477) | $ (47,876) | $ (62,078) |
Denominator | ||||||
Weighted-average common shares outstanding | 32,756,357 | 27,135,107 | 32,475,448 | 26,964,717 | ||
Less: Weighted-average shares subject to repurchase | (15,001) | (17,675) | (17,179) | (19,420) | ||
Denominator for basic and diluted net loss per share attributable to common stockholders | 32,741,356 | 27,117,432 | 32,458,269 | 26,945,297 | ||
Basic and diluted net loss per share | $ (0.39) | $ (0.43) | $ (1.33) | $ (0.91) |
Net Income Loss Per Share - Eff
Net Income Loss Per Share - Effect of Anti-dilutive Securities (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Effect of Anti-dilutive Securities | 10,468,676 | 11,846,124 | 10,690,131 | 11,462,541 |
Employee Stock Option and Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Effect of Anti-dilutive Securities | 9,948,564 | 10,171,737 | 10,110,820 | 9,976,772 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Effect of Anti-dilutive Securities | 520,112 | 1,674,387 | 579,311 | 1,485,769 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Total Cash and Debt Securities | $ 120,627 | $ 114,817 |
Total Fair Value, Cash and Debt Securities | 120,627 | 114,817 |
Cash and cash equivalents | 120,627 | 114,817 |
Cash [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 52,602 | 44,795 |
Fair Value, Cash | 52,602 | 44,795 |
Level 1 [Member] | Money Market Funds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | 68,025 | 70,022 |
Cash and cash equivalents gross before unrealized losses | 68,025 | 70,022 |
Fair Value, Cash | $ 68,025 | $ 70,022 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Carrying amount of goodwill | $ 6,904 | $ 6,904 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Summary of Finite-Lived Intangible Assets Resulting from Business Acquisitions and Other Purchases (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 2 years 1 month 6 days | |
Gross Carrying Amount | $ 23,782 | $ 23,782 |
Accumulated Amortization | (15,195) | (13,038) |
Net Carrying Amount | $ 8,587 | 10,744 |
Software and Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 10 months 24 days | |
Gross Carrying Amount | $ 3,582 | 3,582 |
Accumulated Amortization | (3,437) | (3,357) |
Net Carrying Amount | $ 145 | 225 |
Licensed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 3 months 18 days | |
Gross Carrying Amount | $ 500 | 500 |
Accumulated Amortization | (458) | (375) |
Net Carrying Amount | $ 42 | 125 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 2 years 2 months 12 days | |
Gross Carrying Amount | $ 9,600 | 9,600 |
Accumulated Amortization | (5,440) | (4,480) |
Net Carrying Amount | $ 4,160 | 5,120 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 2 years 2 months 12 days | |
Gross Carrying Amount | $ 9,300 | 9,300 |
Accumulated Amortization | (5,270) | (4,340) |
Net Carrying Amount | $ 4,030 | 4,960 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (in years) | 1 year 1 month 6 days | |
Gross Carrying Amount | $ 800 | 800 |
Accumulated Amortization | (590) | (486) |
Net Carrying Amount | $ 210 | $ 314 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Summary of Future Amortization of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2021 (6 months) | $ 2,104 | |
2022 | 3,963 | |
2023 | 2,520 | |
Net Carrying Amount | $ 8,587 | $ 10,744 |
Consolidated Financial Statem_3
Consolidated Financial Statements Details - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 120,627 | $ 120,627 | $ 114,817 | ||
Write-off of property and equipment and leasehold improvements | 3,559 | ||||
Loss on disposal | 1,894 | ||||
Depreciation Expense | 78 | $ 256 | 253 | $ 512 | |
Advertising Clients and Content Licensees [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash received | $ 48,226 | $ 48,226 | $ 40,052 | ||
Advertising [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Percentage of average commission earned on amount invoiced and collected | 15.00% |
Consolidated Financial Statem_4
Consolidated Financial Statements Details - Summary of Accounts Receivable,Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts receivable, gross | $ 19,601 | $ 16,784 |
Less: allowance for doubtful accounts | (83) | (118) |
Accounts receivable, net | 19,518 | 16,666 |
Advertising [Member] | ||
Accounts receivable, gross | 15,380 | 12,641 |
Other [Member] | ||
Accounts receivable, gross | $ 4,221 | $ 4,143 |
Consolidated Financial Statem_5
Consolidated Financial Statements Details - Summary of Property Equipment and Improvements, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Abstract] | ||
Property and equipment | $ 1,899 | $ 2,365 |
Leasehold improvements | 78 | 2,899 |
Property, equipment and improvements, gross | 1,977 | 5,264 |
Less: accumulated depreciation | (1,498) | (2,910) |
Property, equipment and improvements, net | $ 479 | $ 2,354 |
Consolidated Financial Statem_6
Consolidated Financial Statements Details - Accounts Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Accounts payable — Advertising | $ 14,031 | $ 14,667 |
Accounts payable — Other | 2,143 | 965 |
Total | $ 16,174 | $ 15,632 |
Consolidated Financial Statem_7
Consolidated Financial Statements Details - Summary of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Revenue Reconciling Item [Line Items] | ||||
Total revenue | $ 19,206 | $ 13,268 | $ 37,501 | $ 25,172 |
Advertising [Member] | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||
Total revenue | 9,969 | 7,038 | 20,296 | 13,039 |
aiWARE SaaS Solutions [Member] | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||
Total revenue | 5,580 | 3,002 | 10,265 | 6,110 |
aiWARE Content Licensing and Media Services [Member] | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||
Total revenue | $ 3,657 | $ 3,228 | $ 6,940 | $ 6,023 |
Consolidated Financial Statem_8
Consolidated Financial Statements Details - Schedule of Other Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Income And Expenses [Abstract] | ||||
Interest income, net | $ 2 | $ 5 | $ 4 | $ 82 |
Change in fair value of warrant liability | (202) | (200) | ||
Other | (15) | (38) | (26) | 14 |
Other expense, net | $ (13) | $ (235) | $ (22) | $ (104) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2021ft² | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Other Commitments [Line Items] | |||||
Loss on disposal of property and equipment and leasehold improvements | $ (1,894) | ||||
Loss on sublease | 1,211 | ||||
Minimum sublease rental income to be received in the future under noncancelable subleases | $ 3,970 | 3,970 | |||
Rent expense | 306 | $ 751 | 877 | $ 1,517 | |
Liability for potential exposure | 146 | 284 | |||
Total accrued liability for potential sales tax | $ 845 | 845 | |||
Office Sublease [Member] | |||||
Other Commitments [Line Items] | |||||
Area of Office Space Subleased | ft² | 37,875 | ||||
Lease Expiration Date | Dec. 31, 2024 | ||||
Sublease charges | 3,367 | ||||
Loss on disposal of property and equipment and leasehold improvements | (1,894) | ||||
Loss on sublease | 1,211 | ||||
Initial direct costs | $ 262 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments (Detail) - Building Lease Agreement [Member] $ in Thousands | Jun. 30, 2021USD ($) |
Other Commitments [Line Items] | |
2021 (six months) | $ 1,087 |
2022 | 1,884 |
2023 | 1,685 |
2024 | 1,730 |
Total minimum payments | $ 6,386 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Class Of Stock [Line Items] | |||
Net proceeds from stock issuance | $ 6,527 | ||
Exercise of warrants | $ 2,100 | $ 2,279 | 2,100 |
JMP Securities [Member] | |||
Class Of Stock [Line Items] | |||
Net proceeds from stock issuance | $ 6,006 | ||
Common Stock | |||
Class Of Stock [Line Items] | |||
Shares issued to outside service provider, shares | 15,828 | ||
Common stock shares issued | 199,109 | 1,491,317 | |
Exercise of warrants | $ 2,279 | $ 2,100 | |
Exercise of warrants issued, shares for cash consideration | 167,495 | 154,311 | |
Aggregate exercise of warrants issued, shares | 84,723 | ||
Issued warrants to purchase shares upon exercises | 91,833 | ||
Common Stock | JMP Securities [Member] | |||
Class Of Stock [Line Items] | |||
Common stock shares issued | 1,491,317 | ||
Stock issuance costs | $ 270 | ||
Common Stock and Employee Stock Purchase Plan [Member] | |||
Class Of Stock [Line Items] | |||
Shares issued in connection with stock option exercise | 803,367 | 199,942 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Stock Purchase Plan [Member] | ||
Class Of Stock [Line Items] | ||
Common stock were purchased under ESPP | 67,068 | |
Accrued employee contributions | $ 223,000 | |
Timebased Stock Option [Member] | ||
Class Of Stock [Line Items] | ||
Options granted | 200,955 | |
Stock Awards [Member] | ||
Class Of Stock [Line Items] | ||
Unrecognized cost of share-based compensation awards | $ 0 | |
Restricted Stock Units [Member] | ||
Class Of Stock [Line Items] | ||
Unrecognized cost of share-based compensation awards | $ 11,705,000 | |
Cost of share-based compensation awards, recognition period | 9 months 18 days | |
Performance-based Stock Options [Member] | ||
Class Of Stock [Line Items] | ||
Total grant date fair value of stock options granted | $ 0 | $ 0 |
Total grant date fair value of stock options vested | 0 | |
Unrecognized compensation expense related to stock options | 16,268,000 | |
Aggregate intrinsic value of the options exercised | $ 6,517,000 | 0 |
Stock Options [Member] | ||
Class Of Stock [Line Items] | ||
Options granted | 200,955 | |
Cost of share-based compensation awards, recognition period | 3 years | |
Total grant date fair value of stock options vested | $ 1,313,000 | 4,067,000 |
Unrecognized compensation expense related to stock options | 8,137,000 | |
Aggregate intrinsic value of the options exercised | $ 8,198,000 | $ 177,000 |
Weighted Average Grant Date Fair Value, Granted | $ 23.09 | $ 2.06 |
Stock Plans - Schedule of Fair
Stock Plans - Schedule of Fair Value Assumptions (Detail) - Stock Options [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility, minimum | 82.00% |
Expected volatility, maximum | 83.00% |
Risk-free interest rate, minimum | 0.60% |
Risk-free interest rate, maximum | 1.00% |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 5 years 6 months |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 6 years 1 month 6 days |
Stock Plans - Summary of Fair V
Stock Plans - Summary of Fair Value Assumptions of Stock Purchase Plan (Detail) - Employee Stock Purchase Plan [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility, minimum | 101.00% |
Expected volatility, maximum | 119.00% |
Risk-free interest rate | 0.10% |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 6 months |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 2 years |
Stock Plans - Schedule of Stock
Stock Plans - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 6,609 | $ 4,131 | $ 28,219 | $ 8,587 |
Sales and Marketing [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 234 | 198 | 1,132 | 376 |
Research and Development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 566 | 184 | 1,585 | 421 |
General and Administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 5,809 | 3,749 | 25,502 | 7,790 |
Restricted Stock Units [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 5,579 | 753 | 9,750 | 895 |
Stock Awards [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 47 | 19 | 109 | |
Performance-based Stock Options [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 1,953 | 16,314 | 3,921 | |
Stock Options [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 798 | 1,306 | 1,635 | 3,455 |
Common Stock Issued for Services [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 131 | 250 | ||
Employee Stock Purchase Plan [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 101 | $ 72 | $ 251 | $ 207 |
Stock Plans - Schedule of Sto_2
Stock Plans - Schedule of Stock Award Activity (Detail) - Stock Awards [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Granted | shares | 581 |
Shares, Vested | shares | (581) |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 32.33 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 32.33 |
Stock Plans - Schedule of Restr
Stock Plans - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Unvested, Beginning Balance | shares | 829,124 |
Shares, Granted | shares | 394,020 |
Shares, Forfeited | shares | (14,439) |
Shares, Vested | shares | (749,374) |
Shares, Unvested, Ending Balance | shares | 459,331 |
Weighted Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares | $ 11.53 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 44.25 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 39.60 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 10.77 |
Weighted Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 39.95 |
Stock Plans - Schedule of Perfo
Stock Plans - Schedule of Performance-Based Stock Options Activity (Detail) - Performance-based Stock Options [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options, Outstanding, Beginning Balance | shares | 4,234,020 |
Options Exercised | shares | (273,159) |
Options Forfeited | shares | (12,552) |
Options Expired | shares | (3,588) |
Options, Outstanding, Ending Balance | shares | 3,944,721 |
Options Exercisable at March 31, 2021 | shares | 3,944,721 |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 10.55 |
Weighted-Average Exercise Price, Options Exercised | $ / shares | 5.79 |
Weighted-Average Exercise Price, Options Forfeited | $ / shares | 5.92 |
Weighted-Average Exercise Price, Options Expired | $ / shares | 5 |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ / shares | 10.90 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 10.90 |
Weighted-Average Remaining Contractual Term, Outstanding | 7 years 7 days |
Weighted-Average Remaining Exercisable | 7 years 7 days |
Weighted-Average Aggregate Intrinsic Value | $ | $ 34,750 |
Weighted-Average Aggregate Intrinsic Value, Exercisable | $ | $ 34,750 |
Stock Plans - Schedule of Sto_3
Stock Plans - Schedule of Stock Option Activity (Detail) - Stock Options [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options, Outstanding, Beginning Balance | shares | 5,400,070 |
Options Granted | shares | 200,955 |
Options Exercised | shares | (348,608) |
Options Forfeited | shares | (104,774) |
Options Expired | shares | (2,174) |
Options, Outstanding, Ending Balance | shares | 5,145,469 |
Options Exercisable at March 31, 2021 | shares | 4,158,680 |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 12.60 |
Weighted-Average Exercise Price, Options Granted | $ / shares | 33.11 |
Weighted-Average Exercise Price, Options Exercised | $ / shares | 8.78 |
Weighted-Average Exercise Price, Options Forfeited | $ / shares | 9.79 |
Weighted-Average Exercise Price, Options Expired | $ / shares | 5.33 |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ / shares | 13.72 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 13.81 |
Weighted-Average Remaining Contractual Term, Outstanding | 6 years 6 months 18 days |
Weighted-Average Remaining Exercisable | 6 years 18 days |
Weighted-Average Aggregate Intrinsic Value | $ | $ 34,108 |
Weighted-Average Aggregate Intrinsic Value, Exercisable | $ | $ 24,674 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event - Merger Agreement [Member] - Pandologic Ltd [Member] shares in Millions, $ in Millions | Jul. 21, 2021USD ($)shares |
Subsequent Event [Line Items] | |
Total consideration | $ 150 |
Merger consideration upfront payment in cash | 50 |
Merger, earnout consideration payable | 65 |
Common Stock | |
Subsequent Event [Line Items] | |
Merger consideration transferred equity interests issued | $ 35 |
Merger consideration equity interest issued number of shares | shares | 1.7 |