CS Disco (LAW) 10-Q 3 Sep 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-40624
Entity Registrant Name	CS Disco, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4254444
Entity Address, Address Line One	3700 N. Capital of Texas Hwy.
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78746
City Area Code	833
Local Phone Number	653-4726
Title of 12(b) Security	Common stock, par value $0.005
Trading Symbol	LAW
Security Exchange Name	NYSE
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,431,412
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Central Index Key	0001625641

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 47,026	$ 58,569
Accounts receivable, net	21,195	12,912
Other current assets	4,329	1,364
Total current assets	72,550	72,845
Property and equipment, net	4,494	3,873
Operating lease right-of-use assets	1,364	1,850
Other assets	501	539
Total assets	78,909	79,107
Current liabilities:
Accounts payable	6,144	3,588
Accrued expenses	2,800	641
Accrued salary and benefits	4,858	5,240
Deferred revenue	1,489	1,642
Operating leases	1,045	1,018
Finance lease	116	112
Total current liabilities	16,452	12,241
Operating lease, non-current	361	890
Finance lease, non-current	40	99
Total liabilities	16,853	13,230
Commitments and contingencies (Note 8)
Redeemable convertible preferred stock $0.005 par value, issuable in Series A-F 178,967 shares authorized as of June 30, 2021 and December 31, 2020; 35,793 shares issued and outstanding as of June 30, 2021 and December 31, 2020; aggregate liquidation preference of $161,134 as of June 30, 2021 and December 31, 2020	160,851	160,800
Stockholders’ deficit
Common stock $0.005 par value, 277,406 shares authorized as of June 30, 2021 and December 31, 2020; 14,045 and 13,533 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	71	68
Additional paid-in capital	10,265	8,129
Accumulated deficit	(109,131)	(103,120)
Total stockholders’ deficit	(98,795)	(94,923)
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit	$ 78,909	$ 79,107

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.005	$ 0.005
Redeemable convertible preferred stock, authorized (in shares)	178,967	178,967
Redeemable convertible preferred stock, issued (in shares)	35,793	35,793
Redeemable convertible preferred stock, outstanding (in shares)	35,793	35,793
Redeemable convertible preferred stock, liquidation preference value	$ 161,134	$ 161,134
Common stock, par value (in usd per share)	$ 0.005	$ 0.005
Common stock, authorized (in shares)	277,406	277,406
Common stock, issued (in shares)	14,045	13,533
Common stock, outstanding (in shares)	14,045	13,533

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 29,547	$ 15,727	$ 50,678	$ 31,395
Cost of revenue	8,695	4,509	14,483	9,580
Gross profit	20,852	11,218	36,195	21,815
Operating expenses:
Research and development	7,861	6,215	14,123	14,418
Sales and marketing	10,832	7,170	18,708	16,492
General and administrative	5,128	3,143	9,182	7,403
Total operating expenses	23,821	16,528	42,013	38,313
Loss from operations	(2,969)	(5,310)	(5,818)	(16,498)
Other income (expense)
Interest and other income	21	15	34	79
Interest and other expense	(92)	(161)	(148)	(249)
Loss from operations before income taxes	(3,040)	(5,456)	(5,932)	(16,668)
Income tax provision	(43)	(20)	(79)	(45)
Net loss	(3,083)	(5,476)	(6,011)	(16,713)
Less accretion of redeemable convertible preferred stock	(25)	(22)	(51)	(45)
Net loss attributable to common stockholders	$ (3,108)	$ (5,498)	$ (6,062)	$ (16,758)
Net loss attributable to common shareholders, basic (in USD per share)	$ (0.23)	$ (0.42)	$ (0.45)	$ (1.28)
Net loss attributable to common shareholders, diluted (in USD per share)	$ (0.23)	$ (0.42)	$ (0.45)	$ (1.28)
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic (in shares)	13,636	13,121	13,513	13,110
Weighted-average shares used in computing net loss per share attributable to common shareholders, diluted (in shares)	13,636	13,121	13,513	13,110

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Deficit - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit
Redeemable convertible preferred stock at beginning of period (in shares) at Dec. 31, 2019	31,755
Redeemable convertible preferred stock balance at beginning of period at Dec. 31, 2019	$ 100,774
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of preferred stock to redemption value	$ 23
Redeemable convertible preferred stock at end of period (in shares) at Mar. 31, 2020	31,755
Redeemable convertible preferred stock balance at end of period at Mar. 31, 2020	$ 100,797
Common stock at beginning of period (in shares) at Dec. 31, 2019		13,332
Stockholder's equity at beginning of period at Dec. 31, 2019	(74,353)	$ 67	$ 5,827	$ (80,247)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion to redemption value	(23)		(23)
Exercise of stock options (in shares)		9
Exercise of stock options	8		8
Repurchase of common stock related to net share settlement (in shares)		(4)
Repurchase of common stock related to net share settlement	(31)		(31)
Stock compensation expense	489		489
Net loss	(11,236)			(11,236)
Common stock at end of period (in shares) at Mar. 31, 2020		13,337
Stockholder's equity at end of period at Mar. 31, 2020	$ (85,146)	$ 67	6,270	(91,483)
Redeemable convertible preferred stock at beginning of period (in shares) at Dec. 31, 2019	31,755
Redeemable convertible preferred stock balance at beginning of period at Dec. 31, 2019	$ 100,774
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of preferred stock to redemption value	$ 45
Redeemable convertible preferred stock at end of period (in shares) at Jun. 30, 2020	31,755
Redeemable convertible preferred stock balance at end of period at Jun. 30, 2020	$ 100,819
Common stock at beginning of period (in shares) at Dec. 31, 2019		13,332
Stockholder's equity at beginning of period at Dec. 31, 2019	(74,353)	$ 67	5,827	(80,247)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,713)
Common stock at end of period (in shares) at Jun. 30, 2020		13,338
Stockholder's equity at end of period at Jun. 30, 2020	$ (90,158)	$ 67	6,734	(96,959)
Redeemable convertible preferred stock at beginning of period (in shares) at Mar. 31, 2020	31,755
Redeemable convertible preferred stock balance at beginning of period at Mar. 31, 2020	$ 100,797
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of preferred stock to redemption value	$ 22
Redeemable convertible preferred stock at end of period (in shares) at Jun. 30, 2020	31,755
Redeemable convertible preferred stock balance at end of period at Jun. 30, 2020	$ 100,819
Common stock at beginning of period (in shares) at Mar. 31, 2020		13,337
Stockholder's equity at beginning of period at Mar. 31, 2020	(85,146)	$ 67	6,270	(91,483)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion to redemption value	(22)		(22)
Exercise of stock options (in shares)		4
Exercise of stock options	9		9
Repurchase of common stock related to net share settlement (in shares)		(3)
Repurchase of common stock related to net share settlement	(27)		(27)
Stock compensation expense	504		504
Net loss	(5,476)			(5,476)
Common stock at end of period (in shares) at Jun. 30, 2020		13,338
Stockholder's equity at end of period at Jun. 30, 2020	$ (90,158)	$ 67	6,734	(96,959)
Redeemable convertible preferred stock at beginning of period (in shares) at Dec. 31, 2020	35,793
Redeemable convertible preferred stock balance at beginning of period at Dec. 31, 2020	$ 160,800
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of preferred stock to redemption value	$ 26
Redeemable convertible preferred stock at end of period (in shares) at Mar. 31, 2021	35,793
Redeemable convertible preferred stock balance at end of period at Mar. 31, 2021	$ 160,826
Common stock at beginning of period (in shares) at Dec. 31, 2020	13,533	13,533
Stockholder's equity at beginning of period at Dec. 31, 2020	$ (94,923)	$ 68	8,129	(103,120)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion to redemption value	(26)		(26)
Exercise of stock options (in shares)		56
Exercise of stock options	222		222
Repurchase of common stock related to net share settlement (in shares)		(4)
Repurchase of common stock related to net share settlement	(50)		(50)
Stock compensation expense	490		490
Net loss	(2,928)			(2,928)
Common stock at end of period (in shares) at Mar. 31, 2021		13,585
Stockholder's equity at end of period at Mar. 31, 2021	$ (97,215)	$ 68	8,765	(106,048)
Redeemable convertible preferred stock at beginning of period (in shares) at Dec. 31, 2020	35,793
Redeemable convertible preferred stock balance at beginning of period at Dec. 31, 2020	$ 160,800
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of preferred stock to redemption value	$ 51
Redeemable convertible preferred stock at end of period (in shares) at Jun. 30, 2021	35,793
Redeemable convertible preferred stock balance at end of period at Jun. 30, 2021	$ 160,851
Common stock at beginning of period (in shares) at Dec. 31, 2020	13,533	13,533
Stockholder's equity at beginning of period at Dec. 31, 2020	$ (94,923)	$ 68	8,129	(103,120)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	419
Net loss	$ (6,011)
Common stock at end of period (in shares) at Jun. 30, 2021	14,045	14,045
Stockholder's equity at end of period at Jun. 30, 2021	$ (98,795)	$ 71	10,265	(109,131)
Redeemable convertible preferred stock at beginning of period (in shares) at Mar. 31, 2021	35,793
Redeemable convertible preferred stock balance at beginning of period at Mar. 31, 2021	$ 160,826
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of preferred stock to redemption value	$ 25
Redeemable convertible preferred stock at end of period (in shares) at Jun. 30, 2021	35,793
Redeemable convertible preferred stock balance at end of period at Jun. 30, 2021	$ 160,851
Common stock at beginning of period (in shares) at Mar. 31, 2021		13,585
Stockholder's equity at beginning of period at Mar. 31, 2021	(97,215)	$ 68	8,765	(106,048)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion to redemption value	(25)		(25)
Exercise of stock options (in shares)		262
Exercise of stock options	613	$ 2	611
Repurchase of common stock related to net share settlement (in shares)		(3)
Repurchase of common stock related to net share settlement	(57)		(57)
Issuance of RSA's (in shares)		201
Issuance of RSAs	0	$ 1	(1)
Stock compensation expense	972		972
Net loss	$ (3,083)			(3,083)
Common stock at end of period (in shares) at Jun. 30, 2021	14,045	14,045
Stockholder's equity at end of period at Jun. 30, 2021	$ (98,795)	$ 71	$ 10,265	$ (109,131)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flow from operating activities:
Net loss	$ (6,011)	$ (16,713)
Adjustments to reconcile net loss to cash used in operations:
Depreciation and amortization	830	799
Stock-based compensation	1,454	992
Charge to allowance for credit losses	251	250
Non-cash operating lease costs	487	719
Non-cash interest	41	18
Changes in operating assets and liabilities:
Accounts receivable	(8,534)	(1,521)
Other current assets	(819)	342
Other long-term assets	0	(5)
Accounts payable	1,513	893
Accrued expenses and other	1,268	(49)
Deferred revenue	(153)	(79)
Operating lease liabilities	(502)	(760)
Net cash used in operating activities	(10,175)	(15,114)
Cash flow from investing activities:
Purchases of property, equipment and capitalized internal-use software development costs	(1,447)	(994)
Net cash used in investing activities	(1,447)	(994)
Cash flow from financing activities:
Proceeds from debt	0	23,302
Repayment of debt	0	(6,302)
Payments for public offering costs	(594)	0
Proceeds from exercise of stock options	835	16
Repurchase of common stock related to net share settlement	(107)	(58)
Principal payments on finance lease obligations	(55)	(52)
Net cash provided by financing activities	79	16,906
Net increase (decrease) in cash:	(11,543)	798
Cash & cash equivalents at beginning of period	58,569	23,224
Cash & cash equivalents at end of period	47,026	24,022
Supplemental disclosure:
Cash paid for interest	39	148
Cash paid for taxes	57	34
Non-cash investing and financing activities:
Accretion of preferred stock to redemption value	51	45
Costs related to initial public offering included in accounts payable and accrued liabilities	$ 1,550	$ 0

Organization and Nature of Oper

Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of OperationsCS Disco, Inc. (the “Company” or “DISCO”), and wholly owned subsidiary CS Disco Ltd., has built a cloud-native, AI-powered software platform that enterprises, law firms, legal services providers, and governments use for ediscovery, legal document review, and case management in a wide variety of legal matters, ranging from litigation to investigations to compliance to diligence. The Company incorporated as a Delaware corporation on December 2, 2013, and registered CS Disco, Ltd. in the United Kingdom on October 24, 2018. The Company’s headquarters are located in Austin, Texas.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of some accounting standards until those standards would otherwise apply to private companies. The Company has elected to use the extended transition period under the JOBS Act until the earlier of the date it (1) is no longer an emerging growth company or (2) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Company’s financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles (“GAAP”) for interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2020, and related disclosures, have been derived from the audited consolidated financial statements at that date but do not include all of the information required by GAAP for complete consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company. All significant intercompany balances and transactions have been eliminated. There are no differences between the net loss and comprehensive loss. Unaudited Interim Condensed Consolidated Financial Statements The accompanying interim condensed consolidated balance sheet as of June 30, 2021, the interim condensed consolidated statements of operations and comprehensive loss, of cash flows, and of changes in redeemable convertible preferred stock and stockholders’ deficit for the three and six months ended June 30, 2021 and 2020, and the related notes to such interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2021 and its results of operations and cash flows for the three and six months ended June 30, 2021 and 2020. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2020 contained in the Company’s final prospectus for its initial public offering (“IPO”) filed with the SEC on July 22, 2021 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. Risks and Uncertainties The ongoing global COVID-19 pandemic has impacted many operational aspects of the Company’s business and may continue to do so in the future. The Company assessed the impact that COVID-19 had on its results of operations, including, but not limited to an assessment of its allowance for credit losses, the carrying value of other long-lived assets, and the impact to revenue recognition and cost of revenue. In addition, in March 2020 the Company executed a reduction in workforce in response to the COVID-19 pandemic. This reduction in force resulted in a total impact of $0.7 million of charges related to severance. While the COVID-19 pandemic has not had a material adverse impact on the Company’s financial operations to date, the future impacts of the pandemic and any resulting economic impact are largely unknown and rapidly evolving. The Company will continue to actively monitor the impact that COVID-19 has on the results of the Company’s business operations, and may make decisions required by federal, state or local authorities, or that are determined to be in the best interests of the Company’s employees, customers, partners, and suppliers. As a result, the Company’s estimates and judgments may change materially as new events occur or additional information becomes available to them. Use of Estimates The preparation of these consolidated financial statements in conformity with GAAP requires the Company to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses during the reporting period. There is complexity and judgment required in the Company’s process in determining the nature and timing of the satisfaction of performance obligations which affect the amounts of revenue, unbilled receivables, and deferred revenue. Estimates are also used for, but not limited to, current expected credit losses, capitalization and useful life of the Company’s capitalized internal-use software development costs, useful lives of assets, income taxes and deferred tax asset valuation, and valuation of the Company’s stock and stock options. Numerous internal and external factors can affect estimates. Actual results could differ from those estimates and such differences could be material to the Company’s consolidated financial position and results of operations. Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. All series of the Company’s redeemable convertible preferred stock are considered to be participating securities because all holders are entitled to receive a non-cumulative dividend on a pari passu basis in the event that a dividend is paid on the common stock. The holders of the redeemable convertible preferred stock do not have a contractual obligation to share in the Company’s losses. As such, the Company’s net losses for the three and six months ended June 30, 2021 and 2020 were not allocated to these participating securities. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options, restricted stock awards, stock warrants and redeemable convertible preferred stock. As the Company has reported losses for all periods presented, all potentially dilutive securities are anti-dilutive, and accordingly, basic net loss per share equaled diluted net loss per share. Cash and Cash Equivalents The Company considers all highly liquid investments acquired with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents, which include the Company’s money market account, are measured at fair value on a recurring basis. Accounts Receivable Accounts receivable are recorded and carried at the original invoiced amount less an allowance for credit losses. The Company determines its trade accounts receivable allowances in line with (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”), based upon the assessment of various factors, such as: historical experience, credit quality of its customers, geographic related risks, economic conditions, and other factors that may affect a customer’s ability to pay. Increases and decreases in the allowance for credit losses are included as a component of general and administrative expense in the consolidated statements of operations and comprehensive loss. The Company does not have any off-balance sheet credit exposure related to its customers. Activity related to the Company’s allowance for credit losses was as follows (in thousands): Beginning balance at December 31, 2020 $ 1,245 Additions to the allowance 505 Write-offs/adjustments (10) Recoveries (117) Balance at March 31, 2021 $ 1,623 Additions to the allowance 499 Write-offs/adjustments (435) Recoveries (236) Balance at June 30, 2021 $ 1,451 Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and trade accounts receivable. The Company maintains its cash and cash equivalent balances in highly rated financial institutions, which at times may exceed federally insured limits or be held in foreign jurisdictions. The Company has not experienced any loss relating to cash and cash equivalents in these accounts. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. Fair Value of Financial Instruments The Company groups its assets and liabilities measured at fair value in a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets, with valuations obtained from readily available pricing sources for market transactions involving identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, 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; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level of the fair value hierarchy in which the fair value measurement falls is determined by the lowest level input that is significant to the fair value measurement. The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses are considered to approximate their respective fair values due to the short-term nature of such financial instruments. Cash equivalents, primarily consisting of investments in money market funds, are measured at fair value on a recurring basis, and are categorized as Level 1 based on quoted prices in active markets. The carrying value approximates the fair value for these assets and liabilities at June 30, 2021 and December 31, 2020. The Company recognizes transfers between levels at the end of the reporting period as if the transfers occurred on the last day of the reporting period. There were no transfers during the six months ended June 30, 2021 and the year ended December 31, 2020. Property and Equipment, Net Property and equipment are recorded at cost, less accumulated depreciation. Maintenance, repairs and minor replacements are charged to expense as incurred. Significant renewals and betterments are capitalized. Depreciation on property and equipment, with the exception of leasehold improvements, is recorded using the straight-line method over the estimated useful lives of the assets. Depreciation on leasehold improvements is recorded using the shorter of the lease term or useful life. The estimated useful life of each asset category is as follows: Furniture and fixtures 5 years Leasehold improvements Shorter of lease term or 5 years Computer equipment 2 years The Company periodically reviews the estimated useful lives of property and equipment and any changes to the estimated useful lives are recorded prospectively from the date of the change. When property is retired or disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in the consolidated statements of operations and comprehensive loss in the period of disposal. Capitalized Internal-Use Software Development Costs Costs related to software acquired, developed, or modified solely to meet our internal requirements, with no plans to market such software at the time of development, are capitalized. Costs incurred during the preliminary planning and evaluation stage of the project and during post implementation operational stage are expensed as incurred. The Company capitalizes qualifying internal-use software development costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed and (ii) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Costs incurred for maintenance, minor upgrades and enhancements are expensed. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. Capitalized costs are included in property and equipment on the consolidated balance sheets. These costs are amortized over the estimated useful life of the software, generally four years, on a straight-line basis. Management evaluates the useful life of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. The amortization of costs related to the platform applications is included in cost of revenue. Debt Issuance Costs The Company records underwriting, legal, and other direct costs incurred related to the issuance of revolving line of credit within other current assets and amortizes these costs to interest expense over the term of the related debt on a straight-line basis, which approximates the effective interest rate method. Amortization of debt issuance costs was nominal for the six months ended June 30, 2021 and 2020. Upon the extinguishment of the related debt, any unamortized capitalized deferred financing costs are recorded to interest expense. Leases The Company determines if an arrangement is or contains a lease at contract inception. The Company presents the operating leases in long-term assets and current and long-term liabilities. Finance lease assets are included in property and equipment, net, and finance lease liabilities are presented in current and long-term liabilities in the accompanying consolidated balance sheets. Right of use assets represent the Company’s right to use an underlying asset over the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company includes any anticipated lease incentives in the determination of lease liability. The Company uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. The Company gives consideration to its recent debt issuances as well as publicly available data for instruments with similar characteristics when determining its incremental borrowing rates. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever an event or change in circumstances indicates that the carrying amount of an asset or group of assets may not be recoverable. The impairment review includes comparison of future cash flows expected to be generated by the asset or group of assets with the associated assets’ carrying value. If the carrying value of the asset or group of assets exceeds its expected future cash flows (undiscounted and without interest charges), an impairment loss is recognized to the extent that the carrying amount of the asset exceeds its fair value. The Company did not identify any impairment indicators and recorded no impairment charges in the six months ended June 30, 2021 and the year ended December 31, 2020. Segment Information The Company’s Chief Executive Officer is the chief operating decision maker, who reviews the Company’s financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company’s financial performance. Accordingly, the Company has determined that it operates in a single reporting segment. Revenue Recognition Refer to Note 3, “Revenue” in the Notes to Consolidated Financial Statements for our Revenue Recognition policy. Advertising The Company expenses advertising costs as incurred. Advertising expenses were $0.1 million and $0.2 million for the three and six months ended June 30, 2021, respectively. Advertising expenses were $0.1 million and $0.1 million for the three and six months ended June 30, 2020, respectively. These costs are included in sales and marketing expenses in the accompanying condensed consolidated statements of operations and comprehensive loss. Cost of Revenue Cost of revenue consists primarily of third-party cloud infrastructure expenses incurred in connection with our customers’ use of our solutions. Cost of revenue also includes outsourced staffing costs, amortization of internal-use software and personnel costs from employees involved in the delivery of our solutions. Personnel costs include salaries, benefits, bonuses, stock-based compensation, and allocated overhead costs. Research and Development Research and development expenses consist primarily of personnel-related costs for our development team, including salaries, benefits, bonuses, stock-based compensation expenses, and allocated overhead costs. Research and development expenses also include contractor or professional services fees, third-party cloud infrastructure expenses incurred in developing our solution, and software services dedicated for use by our research and development organization. Sales and Marketing Sales and marketing expenses consist primarily of personnel-related costs directly associated with our sales and marketing staff, including salaries, benefits, bonuses, commissions, stock-based compensation, and allocated overhead costs. Sales and marketing expenses also include advertising costs and other expenses associated with our marketing and business development programs. In addition, sales and marketing expenses are comprised of travel-related expenses, software services dedicated for use by our sales and marketing organizations, and outside services contracted for sales and marketing purposes. General and Administrative General and administrative expenses consist of personnel-related costs associated with our finance, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, stock-based compensation, and allocated overhead costs. General and administrative expenses also include external legal, accounting, professional services fees, software services dedicated for use by our general and administrative functions, insurance, allowance for credit losses, and other corporate expenses. Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards (collectively referred to as stock-based compensation expense), including stock options and restricted stock awards granted to employees, directors, and non-employees, based on the estimated fair value of the awards on the date of grant in accordance with ASC Topic 718 Compensation - Stock Compensation (“Topic 718”). The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model. The Black-Scholes pricing model requires the Company to make assumptions and judgments about the inputs used in the calculation, including the expected term, the volatility of the Company’s common stock, risk-free interest rate, and expected dividend yield. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. Stock-based compensation is recognized on a straight-line basis over the requisite service period. The fair value of the restricted stock units is determined using the fair value of the Company’s common stock on the date of grant and is recognized as expense following straight-line attribution method over the requisite service period. Forfeitures are accounted for in the period in which they occur. Income Taxes The Company accounts for income taxes in accordance with the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates that are expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Valuation allowances are established when necessary, to reduce deferred tax assets to the amounts expected to be realized. All deferred tax assets and liabilities are classified as non-current within the accompanying consolidated balance sheets. The Company recognizes the tax benefit from an uncertain tax position only if it meets the “more likely than not” threshold that the position will be sustained upon examination by the taxing authority, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company includes interest and penalties related to its uncertain tax positions, if any, as part of income tax expense within the accompanying consolidated statements of operations and comprehensive loss. The Company’s policy is to recognize interest and penalties related to uncertain tax positions outside of income tax expense within general and administrative expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties as of June 30, 2021 and December 31, 2020. Deferred Offering Costs The Company capitalizes certain legal, accounting, and other third-party fees that are directly associated with in-process equity financings as deferred issuance costs until such financings are consummated. After consummation of the equity financing, these costs will be recorded as a reduction of additional paid-in capital generated as a result of the offering. Should the equity financing no longer be considered probable of being consummated, all deferred issuance costs would be charged to operating expenses in the statement of operations and comprehensive loss. Deferred offering costs were $2.1 million as of June 30, 2021 and are classified within other current assets on the balance sheet. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, “ Simplifying the Accounting for Income Taxes

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue is recognized, in an amount that reflects the consideration the Company expects to be entitled to over the term of the agreement, when control of the Company’s solutions are transferred to customers. The Company recognizes revenue through the following five-step framework in accordance with ASC Topic 606, Revenue from Contracts with Customers : (1) Identification of the contract, or contracts with the customer; (2) Identification of performance obligations in the contract; (3) Determination of the transaction price; (4) Allocation of the transaction price to the performance obligations in the contract; (5) Recognition of revenue when, or as, the Company satisfies a performance obligation. A performance obligation is a promise in a contract to transfer a distinct solution to the customer. The Company identifies performance obligations in its contracts with customers, which primarily include usage-based and subscription solutions. Usage-based solutions include fees based on usage of the Company’s platform or professional services, incurred on a time and materials basis, while subscription solutions represent the purchase of a committed data volume on the Company’s platform over a period of time. The transaction price is determined based on the amount which the Company expects to be entitled to in exchange for providing the promised services to the customer. For contracts that include multiple performance obligations, the transaction price in the contract is allocated to each distinct performance obligation on a relative standalone selling price basis. Revenue is recognized over time as performance obligations are satisfied. Variable consideration is evaluated on a contract-by-contract basis, and a constraint is applied using the facts and circumstances of the contract when applicable. On a limited basis, the Company enters into contracts whereby the consideration payable is contingent upon the conclusion of the legal matter. The Company does not recognize the revenue related to these contracts until the legal matter is resolved. Such amounts recognized have been immaterial to date. The Company’s software contracts do not allow the customer to take possession of the software supporting the cloud-based solution. Customers are not entitled to any refunds. The Company generally invoices its customers monthly, quarterly, or annually in advance and recognizes revenue ratably over the life of the contract. The Company’s arrangements do not contain general rights of return. However, credits may be issued on a case-by-case basis. Amounts that have been invoiced are recorded in accounts receivable and in revenue or deferred revenue depending on whether the revenue recognition criteria have been met. Nature of Solutions The Company’s revenue-generating activities directly relate to the sale and support of its legal solution within a single operating segment. The Company disaggregates revenue from contracts with customers based on how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Company has two primary types of contractual arrangements: usage-based and subscription solutions. Usage-based revenue is generated from solutions that are billed on a monthly basis and can be canceled with one month’s notice or are incurred on a time and materials basis. Subscription revenue is derived from contracts where customers are contractually committed to a fixed data volume over a period of time. Usage amounts above the fixed data volume are considered usage-based revenue. Subscription arrangements are billed in advance, typically on a monthly, quarterly or annual basis. In the three months ended June 30, 2021 and 2020, usage-based revenue represented 89% and 86% of total revenue, respectively. In the six months ended June 30, 2021 and 2020, usage-based revenue represented 88% and 87% of our total revenue, respectively. In the three months ended June 30, 2021 and 2020, subscription revenue fees represented 11% and 14% of the total revenue, respectively. In the six months ended June 30, 2021 and 2020, subscription revenue fees represented 12% and 13% of total revenue, respectively. No significant judgments are required in determining whether services are considered distinct performance obligations and should be accounted for separately versus together, or to determine the stand-alone selling price (“SSP”). Deferred Revenue Deferred revenue is recorded when a non-cancellable contractual right to bill exists or when cash payments are received in advance of future usage on non-cancelable contracts. Of the $1.6 million and $1.4 million of deferred revenue balance as of December 31, 2020 and 2019 respectively, the Company recognized $1.4 million and $1.1 million as revenue during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021 and December 31, 2020 the Company recorded $1.5 million and $1.6 million of current deferred revenue. The Company has no non-current deferred revenue as of June 30, 2021 and December 31, 2020. Contract Assets Contract assets represent revenue recognized for contracts that have not yet been invoiced to customers, but are billed in arrears and for which the Company has an unconditional right to payment. Total contract assets were $5.1 million and $1.5 million as of June 30, 2021 and December 31, 2020, respectively, and were included within accounts receivable on the consolidated balance sheets. Remaining Performance Obligations Remaining performance obligations (“RPO”) represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. RPO exclude performance obligations from certain time and materials contracts that are billed in arrears. RPO are not necessarily indicative of future product revenue growth because they do not account for consumption in excess of contracted capacity. As of June 30, 2021, the Company expects to recognize approximately $15.9 million of revenue from remaining performance obligations. The Company expects to recognize revenue of approximately $8.6 million as of June 30, 2021 from remaining performance obligations over the next 12 months, with the remaining balance recognized thereafter. Incremental Contract Costs Incremental costs to obtain or fulfill a contract are recognized as an asset if the expected benefit is expected to be longer than one year. These assets are amortized over the expected period of benefit. For the three and six months ended June 30, 2021 and 2020, the Company identified no material incremental costs to obtain or fulfill a contract, primarily based on the nature and terms of the Company’s contracts, as well as the expected period of benefit.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consist of the following (in thousands): June 30, December 31, Computer equipment $ 2,796 $ 2,261 Capitalized internal-use software 4,162 3,259 Leasehold improvements 111 111 Furniture 648 648 Total property and equipment 7,717 6,279 Less: accumulated depreciation and amortization (3,223) (2,406) Property and equipment, net $ 4,494 $ 3,873 As discussed in Note 2, “Summary of Significant Accounting Policies - Capitalized Internal-Use Software Development Costs”, the Company capitalizes costs related to the development of computer software for internal use and is included in capitalized software development costs within property and equipment, net.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases As of June 30, 2021, the Company had one leased property used as office facilities with a remaining lease term of 1.3 years, and one leased property that was classified as a “short-term” lease. In accordance with Topic 842, leases with a term of 12 months or less are not recorded on the Company’s consolidated balance sheet. For the office facilities, the Company recognizes a right-of-use-asset and lease liability in accordance with Topic 842. The liability and asset are then amortized as payments are made. Adoption of Topic 842 resulted in the recording of a right-of-use asset and lease liability of approximately $3.2 million and $3.3 million, respectively, as of January 1, 2020. Future minimum payments required under operating leases, by year and in aggregate, that have initial or remaining non-cancellable lease terms in excess of one year, are as follows (in thousands): As of June 30, 2021 Operating Finance 2021 $ 547 $ 61 2022 911 101 Thereafter — — $ 1,458 $ 162
Leases	Leases As of June 30, 2021, the Company had one leased property used as office facilities with a remaining lease term of 1.3 years, and one leased property that was classified as a “short-term” lease. In accordance with Topic 842, leases with a term of 12 months or less are not recorded on the Company’s consolidated balance sheet. For the office facilities, the Company recognizes a right-of-use-asset and lease liability in accordance with Topic 842. The liability and asset are then amortized as payments are made. Adoption of Topic 842 resulted in the recording of a right-of-use asset and lease liability of approximately $3.2 million and $3.3 million, respectively, as of January 1, 2020. Future minimum payments required under operating leases, by year and in aggregate, that have initial or remaining non-cancellable lease terms in excess of one year, are as follows (in thousands): As of June 30, 2021 Operating Finance 2021 $ 547 $ 61 2022 911 101 Thereafter — — $ 1,458 $ 162

Operating Segment and Geographi

Operating Segment and Geographic Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Operating Segment and Geographic Information	Operating Segment and Geographic Information The Company’s Chief Executive Officer is the chief operating decision maker, who reviews the Company’s financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company’s financial performance. Accordingly, the Company has determined that it operates in a single reporting segment. The Company determines the location of revenue using the billing address of each customer. The following table sets forth revenue by geographic area (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 United States $ 25,934 $ 15,376 $ 46,209 $ 30,727 All other countries 3,613 351 4,469 668 Total revenue $ 29,547 $ 15,727 $ 50,678 $ 31,395 Long-lived assets outside of the United States are not significant.

Debt and Related Warrants

Debt and Related Warrants	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt and Related Warrants	Debt and Related Warrants In July 2015, the Company entered into a revolving debt facility (“Loan and Security Agreement”). The Loan and Security Agreement was subsequently amended and restated, the First Amended and Restated Loan and Security Agreement, in November 2018 to increase the available borrowings to $18.0 million and extend the maturity date to April 2021. In December 2020, the Company entered into the Second Amended and Restated Loan and Security Agreement, which provided a $40.0 million revolving credit facility with a maturity date of November 30, 2023. The Company’s obligations under the agreement contain certain customary covenants, including, but not limited to, those relating to additional indebtedness, liens, asset divestitures, and affiliate transactions. The agreement also contains a liquidity covenant equal to the greater of (i) $5.0 million or (ii) total 6-month adjusted EBITDA burn when the sum of the outstanding principal amounts are equal or in excess of $18.0 million. The revolving credit facility bears interest on outstanding borrowings as the sum of the Daily Adjusting LIBOR Rate for such day plus 2.50% plus an applicable margin of 0.25% per annum. The Company did not have an outstanding balance under the Loan and Security Agreement as of June 30, 2021. Additionally, the revolving debt facility includes an unused facility fee equal to 0.25% per annum of the difference between the total revolving credit facility and the average outstanding principal balance of the obligations under the revolving credit facility during each quarter. In connection with its amended and restated loan and security agreements, at various times, the Company granted warrants to purchase 49,869 shares of the Company’s common stock at exercise prices ranging from $0.525 per share to $10.80 per share. The warrants are exercisable for 10 years. At the time of issuance, the Company determined the estimated fair value of the warrants. As the warrants represent a freestanding equity instrument, the Company recorded the fair value of the warrants in additional paid in capital. All warrants remain outstanding at June 30, 2021. Substantially all the Company’s assets are pledged as collateral for these loans. The Company is required to meet certain nonfinancial covenants. In March 2020, the Company borrowed $17.0 million on its revolving debt facility. The Company repaid the $17.0 million outstanding balance on the revolving debt facility in October 2020. Additionally, the Company applied for and received a loan under the Paycheck Protection Program in April 2020 totaling $6.3 million. The Company subsequently repaid the outstanding balance of $6.3 million in April 2020. The Company incurred nominal aggregate debt issuance costs in connection with its loan and security agreements. These costs are being amortized to non-cash interest expense over the terms of the related indebtedness using the straight-line method which approximates the effective interest method.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases and Other Commitments The Company leases office facilities under a non-cancellable operating lease with a remaining term of 1.3 years as well as furniture under a non-cancellable finance lease. See Note 5, “Leases,” to these consolidated financial statements for additional detail on the Company’s operating and finance lease commitments. During the six months ended June 30, 2021 there were no material changes outside the ordinary course of business to the Company’s contractual obligations and commitments. Litigation

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock The balances of redeemable convertible preferred stock are as follows (in thousands, except for shares): As of June 30, 2021 Shares Shares Liquidation Carrying Value Series A redeemable convertible preferred stock 20,000,000 4,000,000 $ 2,000 $ 1,988 Series B redeemable convertible preferred stock 31,666,660 6,333,332 10,450 10,424 Series C redeemable convertible preferred stock 48,914,230 9,782,845 18,575 18,547 Series D redeemable convertible preferred stock 33,281,620 6,656,323 20,109 20,069 Series E redeemable convertible preferred stock 24,911,563 4,982,311 50,000 49,879 Series F redeemable convertible preferred stock 20,193,371 4,038,672 60,000 59,944 A general summary of the rights with respect to the Series A-F redeemable convertible preferred stock is provided below. Dividends The holders of the outstanding shares of the preferred stock shall be entitled to receive dividends from time to time out of any assets legally available for payment of dividends, when, as, and if declared by the Board of Directors, on a pro rata, pari passu basis. Dividends on preferred stock are in preference to and prior to any payment of any dividend on common stock. No dividends have been declared by the Board of Directors. Liquidation Preference The preferred stock has liquidation preferences that entitle these stockholders to receive, prior and in preference to both holders of the Company’s Common Stock or any other capital stock of the Company, an amount equal to (i) in the case of Series A Preferred Stock, $0.50 per share plus an additional amount equal to all dividends accrued or declared but unpaid on each such share, (ii) in the case of Series B Preferred Stock, $1.65 per share plus an additional amount equal to all dividends accrued or declared but unpaid on each such share, (iii) in the case of Series C Preferred Stock, $1.8985 per share plus an additional amount equal to all dividends accrued or declared but unpaid on each such share, (iv) in the case of Series D Preferred Stock, $3.0210 per share plus an additional amount equal to all dividends accrued or declared but unpaid on each such share, (v) in the case of Series E Preferred Stock, $10.0355 per share plus an additional amount equal to all dividends accrued or declared but unpaid on each such share, and (vi) in the case of Series F Preferred Stock, $14.8565 per share plus an additional amount equal to all dividends accrued or declared but unpaid on each such share. If upon liquidation, the assets and funds distributed are insufficient to permit the payment to each holder of Preferred Stock the full preferential amount, the entire assets and funds legally available for distribution shall be distributed ratably among the holders of the preferred stock based upon the aggregate liquidation preferences of the shares of the preferred stock held by each such holder. Conversion Each share of each series of Preferred Stock is convertible, at the option of the holder, into such number of fully paid and non-assessable shares of Common Stock as is determined by dividing the applicable original issue price by the applicable conversion price for such series of Preferred Stock. The initial conversion price for each share of Preferred Stock shall be its original issue price. The conversion price will be subject to adjustment as provided in the anti-dilution protection, meaning that if equity securities are subsequently issued at a price per share less than the conversion price then in effect, the conversion price of each series of Preferred Stock will be adjusted using a broad based, weighted average adjustment formula. All outstanding shares of Preferred Stock shall automatically convert into fully paid and non-assessable shares of Common Stock on the earlier of (a) the closing of a qualified public offering, (b) the conversion of a majority of the shares of preferred stock, or (c) the date and time, or the occurrence of an event, specified by the vote or written consent of the holders of a majority of the then outstanding shares of the preferred stock, voting together as a single class on an as-converted basis. Voting Holders of the preferred stock have the right to one vote for each whole share of Common Stock into which such holder’s share of preferred stock could then be converted. The holders of Common Stock shall have one vote for each share held on all matters except for a vote on any amendment to the Certificate of Incorporation that relates solely to the terms of one or more outstanding series of preferred stock if the holders of such affected series are entitled to vote pursuant to the Certificate of Incorporation. Redemption At any time on or after September 28, 2025, the holders of a majority of the then outstanding shares of Preferred Stock may require the Company to redeem the preferred stock in three equal annual installments at a price equal to the greater of (i) the liquidation preference or (ii) the fair market value of a single share of such series of Preferred Stock as of the date of the redemption request. On each Redemption Date the Company shall redeem, on a pro rata basis, the aggregate number of shares of Preferred stock outstanding immediately prior to the Redemption Date divided by the number of remaining Redemption Dates (including the Redemption Date to which such calculation applies).

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options On December 17, 2013, the Company adopted the Long-Term Incentive Plan (“Incentive Plan”). The Incentive Plan provides for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, bonus stock, dividend equivalents, other stock-based awards, performance awards, annual incentive awards or any combination of the foregoing to employees, officers, directors, and consultants of the Company. The Board of Directors governs the maximum number of shares of common stock that may be issued over the term of the Incentive Plan at the time of grant. Options under the plan are granted at the estimated fair value of the shares on the date of grant. The maximum term of options granted under the plan is ten years from the date of grant. Options normally vest according to a four-year vesting schedule, with 25% of the shares vesting on the one-year anniversary and equal monthly vesting installments thereafter. As of June 30, 2021, 6.0 million shares of common stock were allocated for issuance under the plan, of which 0.7 million shares remained available for future issuance. The following table summarizes the stock option activity under the Incentive Plan (in thousands except for per share amounts and years): Number of Weighted- Weighted- Aggregate Options outstanding as of December 31, 2020 3,305 $ 3.86 7.21 22,952 Granted 537 18.70 Exercised (419) 2.00 Forfeited and cancelled (155) 4.73 Options outstanding as of June 30, 2021 3,268 $ 6.49 7.22 83,369 Options vested and exercisable at June 30, 2021 1,969 $ 2.99 6.22 57,141 Aggregate intrinsic value represents the difference between the Company’s estimated fair value of its common stock and the exercise price of outstanding options. The aggregate intrinsic value of stock options exercised was $8.1 million and $0.1 million during the six months ended June 30, 2021 and 2020, respectively. The Company recognized total stock-based compensation cost related to equity incentive awards of $1.5 million and $1.0 million for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $7.5 million, which is expected to be recognized over a weighted-average period of 2.66 years. Restricted Stock Awards The fair value of restricted stock awards (“RSAs”) are determined using the fair value of the Company’s common stock on the date of grant. During the six months ended June 30, 2021, the Company granted 0.2 million RSAs. No RSAs were granted for the six months ended June 30, 2020. During the six months ended June 30, 2021 and 2020, 26,336 and 25,000 RSAs vested and were released from the Company’s right to repurchase, respectively, and no RSAs were cancelled. The weighted average estimated fair value of RSAs granted for the six months ended June 30, 2021 was $18.70 per share. As of June 30, 2021, the Company had $4.3 million of unrecognized stock-based compensation related to RSAs with a weighted average remaining requisite service period of 3.07 years. Valuation Assumptions The Company grants stock options with an exercise price equal to the stock’s fair value at the date of grant. The fair value of a stock option is estimated on the grant date using the Black-Scholes option-pricing model. Stock-based compensation expense is recognized, net of forfeitures, over the requisite service periods of the awards. Stock option awards generally have 10-year terms and vest and become exercisable at a rate of 25% on the first anniversary of the vesting commencement date and 1/48th each month thereafter. The Black-Scholes assumptions used to value the employee options during the six months ended June 30, 2021 are as follows: Stock options: Risk-free interest rate 0.8% Weighted-average expected term of the options 6.25 years Expected dividend rate — % Expected volatility 53.8% Fair value of common stock $18.70 These assumptions and estimates were determined as follows: • Fair Value of Common Stoc k. The Company’s board of directors determined the fair value of its common stock using various valuation methodologies, including external valuation analyses. • Risk-Free Interest Rate. The risk-free interest rate for the expected term of the options was based on the U.S. Treasury yield curve in effect at the time of the grant. • Weighted-Average Expected Term . The expected term was estimated using the simplified approach, in which the expected term of an award is presumed to be the mid-point between the vesting date and the expiration date of the award, as the Company does not have sufficient historical data relating to stock-option exercises. • Expected Dividend Yield . The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. As a result, an expected dividend yield of zero was used. • Expected Volatility

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax expense was nominal for the three and six months ended June 30, 2021 and 2020, respectively. Income tax expense consists primarily of income taxes in the United Kingdom. Due to the Company’s history of losses in the United States, a full valuation allowance on substantially all of the Company’s deferred tax assets, including net operating loss carryforwards, deferred expenses, stock compensation and other book versus tax differences was maintained. The Company’s effective tax rate was (1.41)% and (0.37)% of the loss before income taxes for the three months ended June 30, 2021 and 2020, respectively. The Company’s effective tax rate was (1.33)% and (0.27)% of the loss before income taxes for the six months ended June 30, 2021 and 2020, respectively. The Company’s effective tax rate is mainly affected by tax rates and relative income earned in the United Kingdom, state taxes, and changes in the valuation allowance. On March 27, 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act did not have a material impact on the Company’s second-quarter income tax provision, deferred tax assets and liabilities, and related taxes payable. The Company assessed the future implications of these provisions within the CARES Act on these condensed consolidated financial statements and the impact is immaterial.

Defined Contribution Plan

Defined Contribution Plan	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company sponsors a defined contribution retirement plan qualifying under Section 401(k) of the Internal Revenue Code of 1986. The Company did not make any employer contributions to the plan during the quarters ended June 30, 2021 and 2020. The Company has a deferred compensation plan for employees located in the United Kingdom that qualifies under the Pensions Act 2008, in which the Company contributes 3% of eligible U.K. employees’ salaries. As of June 30, 2021 and December 31, 2020, the liability under this plan was immaterial.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders The following tables present calculations for basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net loss $ (3,083) $ (5,476) $ (6,011) $ (16,713) Less accretion of redeemable convertible preferred stock (25) (22) (51) (45) Loss applicable to common stockholders basic and diluted (3,108) (5,498) $ (6,062) $ (16,758) Weighted-average shares used in computing net loss per share attributable to common shareholders, basic and diluted 13,636 13,121 13,513 13,110 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.23) $ (0.42) $ (0.45) $ (1.28) The following outstanding shares of common stock equivalents (in thousands) as of the periods presented were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive (in thousands): As of June 30, 2021 2020 Convertible preferred stock 35,793 31,755 Stock options 3,305 3,609 Unvested restricted stock awards 288 138 Common stock warrants 50 42 Total 39,436 35,544

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party TransactionsIn October 2018, the Company loaned an officer of the Company $0.2 million, bearing interest at 2.83% per annum for the purpose of exercising stock options. The outstanding amount due under the note was repaid in June 2021.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated through September 3, 2021, which represents the date the financial statements were available to be issued. In July 2021, the Board of Directors and the stockholders of the Company approved a five-for-one reverse stock split of the Company’s outstanding common stock and preferred stock. The stock split was effective as of July 9, 2021. All common stock, preferred stock, and per share information has been retroactively adjusted to give effect to this stock split and the adjusted conversion ratios for all periods presented. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately decreased and the respective par value, and exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. On July 21, 2021, the Company completed the IPO of its common stock pursuant to a Registration Statement on Form S-1. In the IPO, the Company sold an aggregate of 7,500,000 shares of common stock, including 500,000 shares issued pursuant to the underwriters’ option to purchase additional shares at a public offering price of $32.00 per share. The IPO resulted in net proceeds of approximately $223.2 million, after deducting underwriting discounts and commissions of $16.8 million. An existing stockholder sold an additional 200,000 shares of common stock pursuant the underwriters’ option to purchase additional shares of common stock at $32.00 per share. The Company did not receive any proceeds from the sale of shares by the selling stockholder in the IPO. Offering expenses incurred by the Company for the IPO were approximately $3.6 million and will be recorded against stockholders’ equity. Upon the completion of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock were converted into 35,793,483 shares of common stock.securities.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles (“GAAP”) for interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2020, and related disclosures, have been derived from the audited consolidated financial statements at that date but do not include all of the information required by GAAP for complete consolidated financial statements.
Consolidation	The unaudited condensed consolidated financial statements include the accounts of the Company. All significant intercompany balances and transactions have been eliminated. There are no differences between the net loss and comprehensive loss.
Use of Estimates	Use of EstimatesThe preparation of these consolidated financial statements in conformity with GAAP requires the Company to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses during the reporting period. There is complexity and judgment required in the Company’s process in determining the nature and timing of the satisfaction of performance obligations which affect the amounts of revenue, unbilled receivables, and deferred revenue. Estimates are also used for, but not limited to, current expected credit losses, capitalization and useful life of the Company’s capitalized internal-use software development costs, useful lives of assets, income taxes and deferred tax asset valuation, and valuation of the Company’s stock and stock options. Numerous internal and external factors can affect estimates. Actual results could differ from those estimates and such differences could be material to the Company’s consolidated financial position and results of operations.
Net Loss Per Share Attributable to Common Shareholders	Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. All series of the Company’s redeemable convertible preferred stock are considered to be participating securities because all holders are entitled to receive a non-cumulative dividend on a pari passu basis in the event that a dividend is paid on the common stock. The holders of the redeemable convertible preferred stock do not have a contractual obligation to share in the Company’s losses. As such, the Company’s net losses for the three and six months ended June 30, 2021 and 2020 were not allocated to these participating securities. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid investments acquired with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents, which include the Company’s money market account, are measured at fair value on a recurring basis.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded and carried at the original invoiced amount less an allowance for credit losses. The Company determines its trade accounts receivable allowances in line with (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”), based upon the assessment of various factors, such as: historical experience, credit quality of its customers, geographic related risks, economic conditions, and other factors that may affect a customer’s ability to pay. Increases and decreases in the allowance for credit losses are included as a component of general and administrative expense in the consolidated statements of operations and comprehensive loss. The Company does not have any off-balance sheet credit exposure related to its customers.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and trade accounts receivable. The Company maintains its cash and cash equivalent balances in highly rated financial institutions, which at times may exceed federally insured limits or be held in foreign jurisdictions. The Company has not experienced any loss relating to cash and cash equivalents in these accounts. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company groups its assets and liabilities measured at fair value in a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets, with valuations obtained from readily available pricing sources for market transactions involving identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, 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; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level of the fair value hierarchy in which the fair value measurement falls is determined by the lowest level input that is significant to the fair value measurement. The Company’s financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and debt. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses are considered to approximate their respective fair values due to the short-term nature of such financial instruments. Cash equivalents, primarily consisting of investments in money market funds, are measured at fair value on a recurring basis, and are categorized as Level 1 based on quoted prices in active markets. The carrying value approximates the fair value for these assets and liabilities at June 30, 2021 and December 31, 2020.
Property and Equipment, Net	Property and Equipment, NetProperty and equipment are recorded at cost, less accumulated depreciation. Maintenance, repairs and minor replacements are charged to expense as incurred. Significant renewals and betterments are capitalized. Depreciation on property and equipment, with the exception of leasehold improvements, is recorded using the straight-line method over the estimated useful lives of the assets. Depreciation on leasehold improvements is recorded using the shorter of the lease term or useful lifeThe Company periodically reviews the estimated useful lives of property and equipment and any changes to the estimated useful lives are recorded prospectively from the date of the change. When property is retired or disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected in the consolidated statements of operations and comprehensive loss in the period of disposal.
Capitalized Internal-Use Software Development Costs	Capitalized Internal-Use Software Development Costs Costs related to software acquired, developed, or modified solely to meet our internal requirements, with no plans to market such software at the time of development, are capitalized. Costs incurred during the preliminary planning and evaluation stage of the project and during post implementation operational stage are expensed as incurred. The Company capitalizes qualifying internal-use software development costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed and (ii) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Costs incurred for maintenance, minor upgrades and enhancements are expensed. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred. Capitalized costs are included in property and equipment on the consolidated balance sheets. These costs are amortized over the estimated useful life of the software, generally four years, on a straight-line basis. Management evaluates the useful life of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. The amortization of costs related to the platform applications is included in cost of revenue.
Debt Issuance Costs and Deferred Offering Costs	Debt Issuance Costs The Company records underwriting, legal, and other direct costs incurred related to the issuance of revolving line of credit within other current assets and amortizes these costs to interest expense over the term of the related debt on a straight-line basis, which approximates the effective interest rate method. Amortization of debt issuance costs was nominal for the six months ended June 30, 2021 and 2020. Upon the extinguishment of the related debt, any unamortized capitalized deferred financing costs are recorded to interest expense.
Leases	Leases The Company determines if an arrangement is or contains a lease at contract inception. The Company presents the operating leases in long-term assets and current and long-term liabilities. Finance lease assets are included in property and equipment, net, and finance lease liabilities are presented in current and long-term liabilities in the accompanying consolidated balance sheets. Right of use assets represent the Company’s right to use an underlying asset over the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company includes any anticipated lease incentives in the determination of lease liability.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever an event or change in circumstances indicates that the carrying amount of an asset or group of assets may not be recoverable. The impairment review includes comparison of future cash flows expected to be generated by the asset or group of assets with the associated assets’ carrying value. If the carrying value of the asset or group of assets exceeds its expected future cash flows (undiscounted and without interest charges), an impairment loss is recognized to the extent that the carrying amount of the asset exceeds its fair value.
Segment Information	Segment Information The Company’s Chief Executive Officer is the chief operating decision maker, who reviews the Company’s financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company’s financial performance. Accordingly, the Company has determined that it operates in a single reporting segment.
Advertising	AdvertisingThe Company expenses advertising costs as incurred. Advertising expenses were $0.1 million and $0.2 million for the three and six months ended June 30, 2021, respectively. Advertising expenses were $0.1 million and $0.1 million for the three and six months ended June 30, 2020, respectively. These costs are included in sales and marketing expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.
Cost of Revenue	Cost of Revenue Cost of revenue consists primarily of third-party cloud infrastructure expenses incurred in connection with our customers’ use of our solutions. Cost of revenue also includes outsourced staffing costs, amortization of internal-use software and personnel costs from employees involved in the delivery of our solutions. Personnel costs include salaries, benefits, bonuses, stock-based compensation, and allocated overhead costs.
Research and Development	Research and DevelopmentResearch and development expenses consist primarily of personnel-related costs for our development team, including salaries, benefits, bonuses, stock-based compensation expenses, and allocated overhead costs. Research and development expenses also include contractor or professional services fees, third-party cloud infrastructure expenses incurred in developing our solution, and software services dedicated for use by our research and development organization.
Sales And Marketing	Sales and MarketingSales and marketing expenses consist primarily of personnel-related costs directly associated with our sales and marketing staff, including salaries, benefits, bonuses, commissions, stock-based compensation, and allocated overhead costs. Sales and marketing expenses also include advertising costs and other expenses associated with our marketing and business development programs. In addition, sales and marketing expenses are comprised of travel-related expenses, software services dedicated for use by our sales and marketing organizations, and outside services contracted for sales and marketing purposes.
General and Administrative	General and AdministrativeGeneral and administrative expenses consist of personnel-related costs associated with our finance, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, stock-based compensation, and allocated overhead costs. General and administrative expenses also include external legal, accounting, professional services fees, software services dedicated for use by our general and administrative functions, insurance, allowance for credit losses, and other corporate expenses.
Stock-based Compensation	Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards (collectively referred to as stock-based compensation expense), including stock options and restricted stock awards granted to employees, directors, and non-employees, based on the estimated fair value of the awards on the date of grant in accordance with ASC Topic 718 Compensation - Stock Compensation
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates that are expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Valuation allowances are established when necessary, to reduce deferred tax assets to the amounts expected to be realized. All deferred tax assets and liabilities are classified as non-current within the accompanying consolidated balance sheets. The Company recognizes the tax benefit from an uncertain tax position only if it meets the “more likely than not” threshold that the position will be sustained upon examination by the taxing authority, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company includes interest and penalties related to its uncertain tax positions, if any, as part of income tax expense within the accompanying consolidated statements of operations and comprehensive loss.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, “ Simplifying the Accounting for Income Taxes
Revenue Recognition	Revenue is recognized, in an amount that reflects the consideration the Company expects to be entitled to over the term of the agreement, when control of the Company’s solutions are transferred to customers. The Company recognizes revenue through the following five-step framework in accordance with ASC Topic 606, Revenue from Contracts with Customers : (1) Identification of the contract, or contracts with the customer; (2) Identification of performance obligations in the contract; (3) Determination of the transaction price; (4) Allocation of the transaction price to the performance obligations in the contract; (5) Recognition of revenue when, or as, the Company satisfies a performance obligation. A performance obligation is a promise in a contract to transfer a distinct solution to the customer. The Company identifies performance obligations in its contracts with customers, which primarily include usage-based and subscription solutions. Usage-based solutions include fees based on usage of the Company’s platform or professional services, incurred on a time and materials basis, while subscription solutions represent the purchase of a committed data volume on the Company’s platform over a period of time. The transaction price is determined based on the amount which the Company expects to be entitled to in exchange for providing the promised services to the customer. For contracts that include multiple performance obligations, the transaction price in the contract is allocated to each distinct performance obligation on a relative standalone selling price basis. Revenue is recognized over time as performance obligations are satisfied. Variable consideration is evaluated on a contract-by-contract basis, and a constraint is applied using the facts and circumstances of the contract when applicable. On a limited basis, the Company enters into contracts whereby the consideration payable is contingent upon the conclusion of the legal matter. The Company does not recognize the revenue related to these contracts until the legal matter is resolved. Such amounts recognized have been immaterial to date. The Company’s software contracts do not allow the customer to take possession of the software supporting the cloud-based solution. Customers are not entitled to any refunds. The Company generally invoices its customers monthly, quarterly, or annually in advance and recognizes revenue ratably over the life of the contract. The Company’s arrangements do not contain general rights of return. However, credits may be issued on a case-by-case basis. Amounts that have been invoiced are recorded in accounts receivable and in revenue or deferred revenue depending on whether the revenue recognition criteria have been met.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Accounts Receivable, Allowance for Credit Loss	Activity related to the Company’s allowance for credit losses was as follows (in thousands): Beginning balance at December 31, 2020 $ 1,245 Additions to the allowance 505 Write-offs/adjustments (10) Recoveries (117) Balance at March 31, 2021 $ 1,623 Additions to the allowance 499 Write-offs/adjustments (435) Recoveries (236) Balance at June 30, 2021 $ 1,451
Schedule of Property and Equipment Useful Life	The estimated useful life of each asset category is as follows: Furniture and fixtures 5 years Leasehold improvements Shorter of lease term or 5 years Computer equipment 2 years

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following (in thousands): June 30, December 31, Computer equipment $ 2,796 $ 2,261 Capitalized internal-use software 4,162 3,259 Leasehold improvements 111 111 Furniture 648 648 Total property and equipment 7,717 6,279 Less: accumulated depreciation and amortization (3,223) (2,406) Property and equipment, net $ 4,494 $ 3,873

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	Future minimum payments required under operating leases, by year and in aggregate, that have initial or remaining non-cancellable lease terms in excess of one year, are as follows (in thousands): As of June 30, 2021 Operating Finance 2021 $ 547 $ 61 2022 911 101 Thereafter — — $ 1,458 $ 162
Finance Lease, Liability, Fiscal Year Maturity	Future minimum payments required under operating leases, by year and in aggregate, that have initial or remaining non-cancellable lease terms in excess of one year, are as follows (in thousands): As of June 30, 2021 Operating Finance 2021 $ 547 $ 61 2022 911 101 Thereafter — — $ 1,458 $ 162

Operating Segment and Geograp_2

Operating Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Disaggregation of Revenue	The Company determines the location of revenue using the billing address of each customer. The following table sets forth revenue by geographic area (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 United States $ 25,934 $ 15,376 $ 46,209 $ 30,727 All other countries 3,613 351 4,469 668 Total revenue $ 29,547 $ 15,727 $ 50,678 $ 31,395

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Redeemable Convertible Preferred Stock	The balances of redeemable convertible preferred stock are as follows (in thousands, except for shares): As of June 30, 2021 Shares Shares Liquidation Carrying Value Series A redeemable convertible preferred stock 20,000,000 4,000,000 $ 2,000 $ 1,988 Series B redeemable convertible preferred stock 31,666,660 6,333,332 10,450 10,424 Series C redeemable convertible preferred stock 48,914,230 9,782,845 18,575 18,547 Series D redeemable convertible preferred stock 33,281,620 6,656,323 20,109 20,069 Series E redeemable convertible preferred stock 24,911,563 4,982,311 50,000 49,879 Series F redeemable convertible preferred stock 20,193,371 4,038,672 60,000 59,944

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes the stock option activity under the Incentive Plan (in thousands except for per share amounts and years): Number of Weighted- Weighted- Aggregate Options outstanding as of December 31, 2020 3,305 $ 3.86 7.21 22,952 Granted 537 18.70 Exercised (419) 2.00 Forfeited and cancelled (155) 4.73 Options outstanding as of June 30, 2021 3,268 $ 6.49 7.22 83,369 Options vested and exercisable at June 30, 2021 1,969 $ 2.99 6.22 57,141
Schedule of Black-Scholes Assumptions	The Black-Scholes assumptions used to value the employee options during the six months ended June 30, 2021 are as follows: Stock options: Risk-free interest rate 0.8% Weighted-average expected term of the options 6.25 years Expected dividend rate — % Expected volatility 53.8% Fair value of common stock $18.70

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share, Basic and Diluted	The following tables present calculations for basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net loss $ (3,083) $ (5,476) $ (6,011) $ (16,713) Less accretion of redeemable convertible preferred stock (25) (22) (51) (45) Loss applicable to common stockholders basic and diluted (3,108) (5,498) $ (6,062) $ (16,758) Weighted-average shares used in computing net loss per share attributable to common shareholders, basic and diluted 13,636 13,121 13,513 13,110 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.23) $ (0.42) $ (0.45) $ (1.28)
Schedule of Securities Excluded from Computation of Net Loss Per Share	The following outstanding shares of common stock equivalents (in thousands) as of the periods presented were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive (in thousands): As of June 30, 2021 2020 Convertible preferred stock 35,793 31,755 Stock options 3,305 3,609 Unvested restricted stock awards 288 138 Common stock warrants 50 42 Total 39,436 35,544

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Severance costs	$ 0.7
Advertising expense		$ 0.1	$ 0.1	$ 0.2	$ 0.1
Deferred offering costs		$ 2.1		$ 2.1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 1,623	$ 1,245
Charge to allowance for credit losses	499	505
Write-offs/adjustments	(435)	(10)
Recoveries	(236)	(117)
Ending balance	$ 1,451	$ 1,623

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Property and Equipment Useful Life (Details)	6 Months Ended
	Jun. 30, 2021
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Estimated useful life	4 years

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Deferred revenue					$ 1,600,000	$ 1,400,000
Deferred revenue recognized			$ 1,400,000	$ 1,100,000
Current deferred revenue	$ 1,489,000		1,489,000		1,642,000
Noncurrent deferred revenue	0		0		0
Contract assets	5,100,000		5,100,000		$ 1,500,000
Remaining performance obligation	15,900,000		15,900,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 8,600,000		$ 8,600,000
Remaining performance obligation, expected timing of satisfaction	12 months		12 months
Revenue Benchmark | Product Concentration Risk | Usage Based Revenue
Disaggregation of Revenue [Line Items]
Concentration risk percentage	89.00%	86.00%	88.00%	87.00%
Revenue Benchmark | Product Concentration Risk | Subscription Revenue
Disaggregation of Revenue [Line Items]
Concentration risk percentage	11.00%	14.00%	12.00%	13.00%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 7,717	$ 6,279
Less: accumulated depreciation and amortization	(3,223)	(2,406)
Property and equipment, net	4,494	3,873
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	2,796	2,261
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment	4,162	3,259
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	111	111
Furniture
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 648	$ 648

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 400	$ 400	$ 830	$ 799

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jan. 01, 2020
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year 3 months 18 days
Operating lease right-of-use assets	$ 1,364	$ 1,850
Lease liability			$ 3,300
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets			$ 3,200

Leases - Operating and Finance

Leases - Operating and Finance Lease Maturity (Details) $ in Thousands	Jun. 30, 2021USD ($)
Operating leases
2021	$ 547
2022	911
Thereafter	0
Total	1,458
Finance leases
2021	61
2022	101
Thereafter	0
Total	$ 162

Operating Segment and Geograp_3

Operating Segment and Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 29,547	$ 15,727	$ 50,678	$ 31,395
United States
Disaggregation of Revenue [Line Items]
Total revenue	25,934	15,376	46,209	30,727
All other countries
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,613	$ 351	$ 4,469	$ 668

Debt and Related Warrants (Deta

Debt and Related Warrants (Details) - USD ($)	1 Months Ended				3 Months Ended	6 Months Ended
	Dec. 31, 2020	Oct. 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Nov. 30, 2018
Line of Credit Facility [Line Items]
Proceeds from debt						$ 0	$ 23,302,000
Repayments of debt						$ 0	$ 6,302,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Proceeds from debt				$ 17,000,000
Repayments of debt		$ 17,000,000
Loan and Security Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity								$ 18,000,000
Second Amended and Restated Loan and Security Agreement
Line of Credit Facility [Line Items]
Warrants granted to purchase (in shares)	49,869
Warrants outstanding, term	10 years
Second Amended and Restated Loan and Security Agreement | Minimum
Line of Credit Facility [Line Items]
Exercise price of warrants or rights (in dollars per share)	$ 0.525
Second Amended and Restated Loan and Security Agreement | Maximum
Line of Credit Facility [Line Items]
Exercise price of warrants or rights (in dollars per share)	$ 10.80
Second Amended and Restated Loan and Security Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 40,000,000
Debt instrument, covenant, liquidity amount	$ 5,000,000
Debt instrument, covenant, adjusted EBITDA burn, term	6 months
Debt instrument, covenant, adjusted EBITDA burn, amount outstanding	$ 18,000,000
Debt instrument, basis spread on variable rate	0.25%
Outstanding line of credit	$ 0
Unused commitment fee percentage					0.25%
Second Amended and Restated Loan and Security Agreement | Revolving Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Paycheck Protection Program ("PPP")
Line of Credit Facility [Line Items]
Repayments of debt			$ 6,300,000
Debt instrument, face amount			$ 6,300,000

Commitment and Contingencies (D

Commitment and Contingencies (Details)	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Remaining lease term	1 year 3 months 18 days

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock - Narrative (Details)	Jun. 30, 2021vote$ / shares
Series A redeemable convertible preferred stock
Temporary Equity [Line Items]
Liquidation preference price per share (in USD per share)	$ 0.50
Series B redeemable convertible preferred stock
Temporary Equity [Line Items]
Liquidation preference price per share (in USD per share)	1.65
Series C redeemable convertible preferred stock
Temporary Equity [Line Items]
Liquidation preference price per share (in USD per share)	1.8985
Series D redeemable convertible preferred stock
Temporary Equity [Line Items]
Liquidation preference price per share (in USD per share)	3.0210
Series E redeemable convertible preferred stock
Temporary Equity [Line Items]
Liquidation preference price per share (in USD per share)	10.0355
Series F redeemable convertible preferred stock
Temporary Equity [Line Items]
Liquidation preference price per share (in USD per share)	$ 14.8565
Preferred Stock
Temporary Equity [Line Items]
Number of votes per share | vote	1
Common stock
Temporary Equity [Line Items]
Number of votes per share | vote	1

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Shares authorized (in shares)	178,967,000		178,967,000
Shares outstanding (in shares)	35,793,000	35,793,000	35,793,000	31,755,000	31,755,000	31,755,000
Liquidation Amount	$ 161,134		$ 161,134
Carrying Value	$ 160,851	$ 160,826	$ 160,800	$ 100,819	$ 100,797	$ 100,774
Series A redeemable convertible preferred stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Shares authorized (in shares)	20,000,000
Shares outstanding (in shares)	4,000,000
Liquidation Amount	$ 2,000
Carrying Value	$ 1,988
Series B redeemable convertible preferred stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Shares authorized (in shares)	31,666,660
Shares outstanding (in shares)	6,333,332
Liquidation Amount	$ 10,450
Carrying Value	$ 10,424
Series C redeemable convertible preferred stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Shares authorized (in shares)	48,914,230
Shares outstanding (in shares)	9,782,845
Liquidation Amount	$ 18,575
Carrying Value	$ 18,547
Series D redeemable convertible preferred stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Shares authorized (in shares)	33,281,620
Shares outstanding (in shares)	6,656,323
Liquidation Amount	$ 20,109
Carrying Value	$ 20,069
Series E redeemable convertible preferred stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Shares authorized (in shares)	24,911,563
Shares outstanding (in shares)	4,982,311
Liquidation Amount	$ 50,000
Carrying Value	$ 49,879
Series F redeemable convertible preferred stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Shares authorized (in shares)	20,193,371
Shares outstanding (in shares)	4,038,672
Liquidation Amount	$ 60,000
Carrying Value	$ 59,944

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options exercised	$ 0.1	$ 8.1
Unrecognized compensation costs	$ 7.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of options granted	10 years
Vesting period	4 years
Percentage of awards vesting each year	25.00%
Shares allocated for issuance (in shares)	6,000,000
Shares available for future issuance (in shares)	700,000
Stock-based compensation costs	$ 1.5	$ 1
Weighted-average expected recognition period	2 years 7 months 28 days
Expected dividend rate	0.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average expected recognition period	3 years 25 days
Awards granted (in shares)	200,000	0
Awards vested and released from right to repurchase (in shares)	26,336	25,000
Awards cancelled (in shares)	0	0
Weighted average estimated fair value of awards granted (in shares)	$ 18.70
Unrecognized stock-based compensation	$ 4.3

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Number of shares
Options outstanding at beginning of period (in shares) | shares	3,305
Options granted (in shares) | shares	537
Options exercised (in shares) | shares	(419)
Options forfeited and cancelled (in shares) | shares	(155)
Options outstanding at end of period (in shares) | shares	3,268	3,305
Options vested and exercisable (in shares) | shares	1,969
Weighted-average exercise price per share
Weighted-average exercise price of options outstanding at beginning of period (in USD per share) | $ / shares	$ 3.86
Weighted-average exercise price of options granted (in USD per share) | $ / shares	18.70
Weighted-average exercise price of options exercised (in USD per share) | $ / shares	2
Weighted-average exercise price of options forfeited and cancelled (in USD per share) | $ / shares	4.73
Weighted-average exercise price of options outstanding at end of period (in USD per share) | $ / shares	6.49	$ 3.86
Weighted-average exercise price of options vested and exercisable (in USD per share) | $ / shares	$ 2.99
Weighted-average remaining contractual life of options outstanding (in years)	7 years 2 months 19 days	7 years 2 months 15 days
Weighted-average remaining contractual life of options vested and exercisable (in years)	6 years 2 months 19 days
Aggregate intrinsic value of options outstanding | $	$ 83,369	$ 22,952
Aggregate intrinsic value of options vested and exercisable | $	$ 57,141

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Black-Scholes Assumptions (Details) - Stock options	6 Months Ended
	Jun. 30, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.80%
Weighted-average expected term of the options	6 years 3 months
Expected dividend rate	0.00%
Expected volatility	53.80%
Fair value of common stock (in USD per share)	$ 18.70

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	(1.41%)	(0.37%)	(1.33%)	(0.27%)

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021
United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	$ 0	$ 0
United Kingdom
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percent contribution by employee salary			3.00%

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Computation Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (3,083)	$ (2,928)	$ (5,476)	$ (11,236)	$ (6,011)	$ (16,713)
Less accretion of redeemable convertible preferred stock	(25)		(22)		(51)	(45)
Loss applicable to common stockholders, basic	(3,108)		(5,498)		(6,062)	(16,758)
Loss applicable to common stockholders, diluted	$ (3,108)		$ (5,498)		$ (6,062)	$ (16,758)
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic (in shares)	13,636		13,121		13,513	13,110
Weighted-average shares used in computing net loss per share attributable to common shareholders, diluted (in shares)	13,636		13,121		13,513	13,110
Net loss per share attributable to ordinary shareholders, basic (in USD per share)	$ (0.23)		$ (0.42)		$ (0.45)	$ (1.28)
Net loss per share attributable to ordinary shareholders, diluted (in USD per share)	$ (0.23)		$ (0.42)		$ (0.45)	$ (1.28)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	39,436	35,544
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	35,793	31,755
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,305	3,609
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	288	138
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	50	42

Related-Party Transactions (Det

Related-Party Transactions (Details) - Officer $ in Millions	1 Months Ended
	Oct. 31, 2018USD ($)
Related Party Transaction [Line Items]
Loan to related party	$ 0.2
Interest rate on loan to related party	2.83%

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Jul. 21, 2021USD ($)$ / sharesshares	Jul. 31, 2021shares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Subsequent Event [Line Items]
Stock offering expenses | $			$ 594	$ 0
Subsequent Event
Subsequent Event [Line Items]
Reverse stock split		0.2
Subsequent Event | Stock options
Subsequent Event [Line Items]
Additional shares authorized (in shares)		4,700,000
Subsequent Event | IPO
Subsequent Event [Line Items]
Underwriting discounts and commissions | $	$ 16,800
Stock offering expenses | $	$ 3,600
Subsequent Event | Over-Allotment Option
Subsequent Event [Line Items]
Shares issued and sold (in shares)	200,000
Subsequent Event | Common stock
Subsequent Event [Line Items]
Shares converted (in shares)	35,793,483
Subsequent Event | Common stock | IPO
Subsequent Event [Line Items]
Shares issued and sold (in shares)	7,500,000
Public offering price per share (in USD per share) | $ / shares	$ 32
Proceeds from public offering | $	$ 223,200
Subsequent Event | Common stock | Over-Allotment Option
Subsequent Event [Line Items]
Shares issued and sold (in shares)	500,000