Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2020 | Apr. 05, 2021 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Innoviz Technologies Ltd. | |
Entity File Number | 001-40310 | |
Entity Central Index Key | 0001835654 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Entity Address, Country | IL | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity Interactive Data Current | Yes | |
Entity Voluntary Filers | No | |
Trading Symbol | INVZ | |
Title of 12(b) Security | Ordinary shares | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 129,820,963 | |
Entity Incorporation, State or Country Code | L3 | |
ICFR Auditor Attestation Flag | false | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | INVZW | |
Title of 12(b) Security | Warrants to purchase ordinary shares | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 49,950 | $ 72,792 | |
Short term deposits | 0 | 34,720 | |
Restricted deposits | 8 | 8 | |
Trade receivables | 2,506 | 1,021 | |
Inventories | 2,164 | 1,341 | |
Prepaid expenses and other current assets | 3,287 | 1,918 | |
Total current assets | 57,915 | 111,800 | |
LONG-TERM ASSETS: | |||
Restricted deposits | 864 | 627 | |
Other long-term assets | 537 | 98 | |
Property and equipment, net | 13,245 | 11,339 | |
Total long-term assets | 14,646 | 12,064 | |
Total assets | 72,561 | 123,864 | |
CURRENT LIABILITIES: | |||
Trade payables | 7,751 | 7,145 | |
Advances from customers and deferred revenues | 1,661 | 463 | |
Employees and payroll accruals | 5,528 | 3,417 | |
Accrued expenses and other current liabilities | 2,854 | 3,674 | |
Total current liabilities | 17,794 | 14,699 | |
LONG-TERM LIABILITIES: | |||
Loan, net of current maturities | 2,224 | 2,325 | |
Long-term advances from customers and deferred revenues | 3,473 | 3,473 | |
Total long-term liabilities | 5,697 | 5,798 | |
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 272,815 | 249,081 | |
SHAREHOLDERS' DEFICIT: | |||
Ordinary Shares of no-par value: Authorized: 179,872,754 and 107,265,966 shares as of December 31, 2020 and 2019, respectively; Issued and outstanding: 16,948,226 and 15,855,287 shares as of December 31, 2020 and 2019, respectively. | [1] | ||
Additional paid-in capital | 7,658 | 4,178 | |
Accumulated deficit | (231,403) | (149,892) | |
Total shareholders' deficit | (223,745) | (145,714) | |
Total liabilities, convertible preferred shares and shareholders' deficit | 72,561 | 123,864 | |
Series A Convertible Preferred Shares [Member] | |||
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 9,000 | 9,000 | |
Series B Convertible Preferred Shares [Member] | |||
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 66,348 | 66,348 | |
Series B-1 Convertible Preferred Shares [Member] | |||
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 12,500 | 12,500 | |
Series C Convertible Preferred Shares [Member] | |||
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 161,233 | 161,233 | |
Series C-1 Convertible Preferred Shares [Member] | |||
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | $ 23,734 | $ 0 | |
[1] | Represents amounts lower than $1. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Common stock shares no par value | $ 0 | $ 0 | |
Common stock shares authorized | 179,872,754 | 107,265,966 | |
Common stock shares issued | 16,948,226 | 15,855,287 | |
Common stock shares outstanding | 16,948,226 | 15,855,287 | |
Common stock value | [1] | ||
Maximum [Member] | |||
Common stock value | $ 1 | $ 1 | |
Series A Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 20,418,209 | 20,418,209 | |
Temporary equity shares issued | 20,418,209 | 20,418,209 | |
Temporary equity shares outstanding | 20,418,209 | 20,418,209 | |
Series B Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 15,906,053 | 15,906,053 | |
Temporary equity shares issued | 15,906,053 | 15,906,053 | |
Temporary equity shares outstanding | 15,906,053 | 15,906,053 | |
Series B-1 Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 3,032,940 | 3,032,940 | |
Temporary equity shares issued | 3,032,940 | 3,032,940 | |
Temporary equity shares outstanding | 3,032,940 | 3,032,940 | |
Series C Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 28,973,439 | 28,973,439 | |
Temporary equity shares issued | 28,216,005 | 28,216,005 | |
Temporary equity shares outstanding | 28,216,005 | 28,216,005 | |
Series C-1 Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 15,191,550 | 0 | |
Temporary equity shares issued | 2,699,114 | 0 | |
Temporary equity shares outstanding | 2,699,114 | 0 | |
[1] | Represents amounts lower than $1. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues (2020 revenues net of issuance of Preferred C-1 Shares in the amount of $14,800, see note 2h) | $ (9,364) | $ 1,575 | $ 62 |
Cost of revenues | (6,407) | (1,986) | (53) |
Gross profit (loss) | (15,771) | (411) | 9 |
Operating expenses: | |||
Research and development | 57,029 | 59,376 | 48,319 |
Selling and marketing | 5,430 | 6,481 | 5,511 |
General and administrative | 3,753 | 3,190 | 2,440 |
Total operating expenses | 66,212 | 69,047 | 56,270 |
Operating loss | (81,983) | (69,458) | (56,261) |
Financial income (expenses), net | 655 | 2,167 | (107) |
Loss before taxes on income | (81,328) | (67,291) | (56,368) |
Taxes on income | (183) | (10) | (32) |
Net loss | $ (81,511) | $ (67,301) | $ (56,400) |
Basic and diluted net loss per ordinary share | $ (5.99) | $ (5.22) | $ (4.14) |
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share | 16,514,910 | 15,524,845 | 15,039,814 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Income Statement [Abstract] | |
Reduction in revenue | $ 14,800 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Convertible Preferred Shares And Shareholders' Deficit - USD ($) $ in Thousands | Total | Series A Convertible Preferred Shares [Member] | Series B Convertible Preferred Shares [Member] | Series B-1 Convertible Preferred Shares [Member] | Series C Convertible Preferred Shares [Member] | Series C-1 Convertible Preferred Shares [Member] | Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | ||
Beginning balance convertible preferred shares at Dec. 31, 2017 | $ 87,848 | $ 9,000 | $ 66,348 | $ 12,500 | |||||||
Beginning balance convertible preferred shares (Shares) at Dec. 31, 2017 | 20,418,209 | 15,906,053 | 3,032,940 | ||||||||
Beginning balance at Dec. 31, 2017 | (25,644) | [1] | $ 547 | $ (26,191) | |||||||
Beginning balance (Shares) at Dec. 31, 2017 | 15,004,740 | ||||||||||
Exercise of shares options | 10 | 10 | |||||||||
Exercise of shares options (Shares) | [1] | 74,040 | |||||||||
Share-based Compensation | 1,377 | 1,377 | |||||||||
Net Loss | (56,400) | (56,400) | |||||||||
Ending balance convertible preferred shares at Dec. 31, 2018 | 87,848 | $ 9,000 | $ 66,348 | $ 12,500 | |||||||
Ending balance convertible preferred shares (Shares) at Dec. 31, 2018 | 20,418,209 | 15,906,053 | 3,032,940 | ||||||||
Ending balance at Dec. 31, 2018 | (80,657) | [1] | 1,934 | (82,591) | |||||||
Ending balance (Shares) at Dec. 31, 2018 | 15,078,780 | ||||||||||
Issuance of convertible preferred shares, net of issuance cost | 161,233 | $ 161,233 | |||||||||
Issuance of convertible preferred shares, net of issuance cost (Shares) | 28,216,005 | ||||||||||
Exercise of shares options | 73 | 73 | |||||||||
Exercise of shares options (Shares) | [1] | 776,508 | |||||||||
Share-based Compensation | 2,171 | 2,171 | |||||||||
Net Loss | (67,301) | (67,301) | |||||||||
Ending balance convertible preferred shares at Dec. 31, 2019 | 249,081 | $ 9,000 | $ 66,348 | $ 12,500 | $ 161,233 | ||||||
Ending balance convertible preferred shares (Shares) at Dec. 31, 2019 | 20,418,209 | 15,906,053 | 3,032,940 | 28,216,005 | 0 | ||||||
Ending balance at Dec. 31, 2019 | (145,714) | [1] | 4,178 | (149,892) | |||||||
Ending balance (Shares) at Dec. 31, 2019 | 15,855,288 | ||||||||||
Issuance of convertible preferred shares, net of issuance cost | 23,734 | $ 23,734 | |||||||||
Issuance of convertible preferred shares, net of issuance cost (Shares) | 2,699,114 | ||||||||||
Exercise of shares options | $ 284 | [1] | 284 | ||||||||
Exercise of shares options (Shares) | 1,092,938 | 1,092,938 | |||||||||
Share-based Compensation | $ 3,196 | 3,196 | |||||||||
Net Loss | (81,511) | (81,511) | |||||||||
Ending balance convertible preferred shares at Dec. 31, 2020 | 272,815 | $ 9,000 | $ 66,348 | $ 12,500 | $ 161,233 | $ 23,734 | |||||
Ending balance convertible preferred shares (Shares) at Dec. 31, 2020 | 20,418,209 | 15,906,053 | 3,032,940 | 28,216,005 | 2,699,114 | ||||||
Ending balance at Dec. 31, 2020 | $ (223,745) | [1] | $ 7,658 | $ (231,403) | |||||||
Ending balance (Shares) at Dec. 31, 2020 | 16,948,226 | ||||||||||
[1] | Represents amounts lower than $1. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Convertible Preferred Shares And Shareholders' Deficit (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Common stock value | [1] | ||
Maximum [Member] | |||
Common stock value | $ 1 | $ 1 | |
[1] | Represents amounts lower than $1. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (81,511) | $ (67,301) | $ (56,400) |
Adjustments required to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 2,661 | 1,674 | 660 |
Share-based compensation | 3,196 | 2,171 | 1,377 |
Capital loss (gain) | (6) | 0 | 325 |
Issuance of Preferred C-1 Shares to a customer | 14,800 | 0 | 0 |
Foreign exchange (gain) loss | (572) | (729) | 612 |
Decrease (increase) in prepaid expenses and other assets | (1,296) | 1,231 | (2,557) |
Increase in trade receivable | (1,485) | (1,060) | (59) |
Increase in inventories | (823) | (200) | (1,141) |
Increase (decrease) in trade payables | 606 | (2,255) | 7,412 |
Increase (decrease) in accrued expenses and other liabilities | (820) | (5,566) | 7,426 |
Increase in employees and payroll accruals | 2,111 | 223 | 1,618 |
Increase in advances from customers and deferred revenues | 1,198 | 2,587 | 1,348 |
Net cash used in operating activities | (61,941) | (69,225) | (39,379) |
Cash flows from investing activities: | |||
Purchase of property and equipment | (5,120) | (5,850) | (6,853) |
Proceeds from sales of property and equipment | 47 | 0 | 7 |
Proceeds from (investment in) bank deposits, net | 34,720 | (34,720) | 47,002 |
Increase in restricted deposits | (56) | 0 | 0 |
Net cash provided by (used in) investing activities | 29,591 | (40,570) | 40,156 |
Cash flows from financing activities: | |||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | 8,934 | 161,233 | 0 |
Proceeds from exercise of options | 284 | 73 | 10 |
Proceeds from loan | 0 | 2,020 | 584 |
Repayment of loan | (277) | (204) | 0 |
Net cash provided by financing activities | 8,941 | 163,122 | 594 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 748 | 900 | (612) |
Increase (decrease) in cash, cash equivalents and restricted cash | (22,661) | 54,227 | 759 |
Cash, cash equivalents and restricted cash at beginning of the year | 73,427 | 19,200 | 18,441 |
Cash, cash equivalents and restricted cash at end of the year | 50,766 | 73,427 | 19,200 |
Cash received during the year for: | |||
Interest | 553 | 1,279 | 493 |
Cash paid during the year for: | |||
Interest | 89 | 94 | 29 |
Income taxes | 85 | 10 | 28 |
Non-cash transactions: | |||
Investment in non-marketable equity securities in consideration for property and equipment | 64 | 98 | 0 |
Reclassification from property and equipment. net to inventories | 512 | 0 | 0 |
Cash, cash equivalents and restricted cash at end of the year | |||
Cash and cash equivalents | 49,950 | 72,792 | 18,555 |
Short-term restricted deposits | 8 | 8 | 8 |
Restricted deposits | $ 808 | $ 627 | $ 637 |
General
General | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | NOTE 1:- GENERAL a. Innoviz Technologies Ltd. and its subsidiaries (the “Company” or “Innoviz”) is a leading provider of high-performance, solid-state LiDAR and perception solutions that bring enhanced vision and superior performance to enable safe autonomous driving at a mass scale. The Company provides a complete and comprehensive solution for OEMs and Tier-1 b. The Company was incorporated on January 18, 2016, under the laws of the state of Israel. c. On December 10, 2020, the Company entered into a definitive agreement for a business combination (the “Merger) with Collective Growth Corporation (“Collective Growth”), a special purpose acquisition company, that would result in Collective Growth as wholly owned subsidiary of the Company. The Merger was completed on April 5, 2021 (for further information see Note 16c). |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). a. Use of estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include inventory reserves, warranty provision, valuation allowance for deferred tax assets, share-based compensation including the fair value of the Company’s ordinary shares, useful lives of property, plant, and equipment. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. The novel coronavirus (“COVID-19”) COVID-19 b. Financial statements in U.S. dollars: A substantial portion of the Company’s financing activities, including equity transactions and cash investments, are incurred in U.S. dollars. The Company’s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the U.S. dollar. A subsidiary’s functional currency is the currency of the primary economic environment in which the subsidiary operates; normally, that is the currency of the environment in which a subsidiary primarily generates and expends cash. In making the determination of the appropriate functional currency for a subsidiary, the Company considers cash flow indicators, local market indicators, financing indicators and the subsidiary’s relationship with both the parent company and other subsidiaries. For subsidiaries that are primarily a direct and integral component or extension of the parent entity’s operations, the U.S. dollar is the functional currency. The Company has determined the functional currency of its foreign subsidiaries is the U.S. Dollar. The foreign operation is considered a direct and integral part or extension of the Company’s operations. The day-to-day Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are remeasured into U.S. dollars in accordance with Statement of the Accounting Standard Codification (“ASC”) No. 830 “Foreign Currency Matters” (“ASC No. 830”). All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the statements of operations as financial income or expenses as appropriate. c. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. d. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term deposits with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in short term deposits. Restricted cash consists of long-term deposits that serves as collateral for a credit card agreement and lease agreements at one of the Company’s financial institutions. e. Inventories: Inventories are stated at the lower of cost or estimated net realizable value. Costs are computed under the standard cost method, which approximates actual costs determined on the first-in, first-out f. Property and equipment, net Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets, at the following annual rates: % Computers and software 33 Office furniture and equipment 7-15 Electronic equipment 15 Leasehold improvements Over the shorter of the related lease period or the useful life of the assets g. Impairment of long-lived assets: Long-lived assets are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” a (“ASC 360”), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment exists when the carrying value of the asset exceeds the aggregate undiscounted cash flows expected to be generated by the asset. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. During the years ended December 31, 2020 and December 31, 2019, the Company recorded impairment losses in the amount of $496 and $0, respectively. h. Revenue recognition: Effective as of January 1, 2018, the Company has followed the provisions of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which applies to all contracts with customers. Under Topic 606, revenues are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine the appropriate revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: • identify the contract(s) with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company evaluates each performance obligation to determine if it is satisfied at a point in time or over time. Nature of Products and Services The Company derives its revenues mainly from sales of LiDAR sensors. Revenue from LiDAR sensors is recognized at a point in time when the control of the goods is transferred to the customer, generally upon delivery. The company also provides application engineering services for its customers that are not part of a long-term production arrangement. Application engineering services revenue are recognized at a point in time or over time depending, among other considerations, on whether the Company has an enforceable right to payment, for performance completed to date. Services to certain customers may require substantive customer acceptance due to performance acceptance criteria that is considered more than a formality. For these services, revenue is recognized upon customer acceptance. The Company did not recognize revenue related to application engineering services during the years ended December 31, 2020, 2019 and 2018 as such acceptance criteria has not been met. The Company applies the practical expedient and does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company’s contracts with customer prepayment terms do not include a significant financing component because the primary purpose is not to receive financing from the customers. The Company’s general terms and conditions for its contracts do not contain a right of return that allows the customer to return products and receive a credit. Therefore, the Company does not estimate returns and generally recognizes revenue at contract price upon product shipment or delivery. Deferred Revenue Deferred revenues, which represent a contract liability, include amounts paid by customers not yet recognized as revenues. On December 7, 2017, the Company entered into an agreement with a tier-1 Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and is recognized as revenue when the Company performs under the contract. The long-term portion of deferred revenue, mostly related to obligations under development agreement with OEMs, is classified as non-current Contract liabilities consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 2019 (in thousands) Contract Liabilities, Current Deferred Revenue, Current $ 996 $ 291 Customer Advance Payment 665 172 Total $ 1,661 $ 463 Contract Liabilities, Long-Term Deferred Revenue, Long-Term 3,473 3,473 Total Contract Liabilities $ 5,134 $ 3,936 During the year ended December 31, 2020, the Company recognized $283 that was included in deferred revenues balance at December 31, 2019. Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product and engineering services revenue not yet delivered. As of December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $11 million, which the Company expects to recognize as revenue . For additional information regarding disaggregated revenues, please refer to Note 14 below. Reduction of revenues On October 12, 2020, the Company signed a Memorandum of Understanding (the “MOU”) with Magna International Inc. (“Magna”) one of its shareholders and a tier-1 In connection with the MOU, on December 10, 2020, the Company issued to Magna 1,755,966 Preferred C-1 of no-par Furthermore, on December 10, 2020, the Company signed a performance-based warrant agreement (the “Warrant”) with Magna, pursuant to which, upon the completion of certain milestones by Magna, the Company will issue to Magna warrants to receive up to: (i) 7,023,865 Ordinary Shares , in the event the Company will be registered as a public company before the issuance of the warrants, or (ii) 4,939,922 Preferred C-1 Share-based payment awards granted to a customer are measured and classified in accordance with 606-10-32-25A 606-10-32-25 C-1 Additionally, as there are no minimum commitments under the MOU, and the uncertainty of ultimate success of the SOP, there is no assurance that future benefits will be realized through sufficient purchases. Therefore, as of December 31, 2020, the Company believes that such awards granted to Magna do not meet the definition of an asset. In the year ended December 31, 2020, the Company recorded reduction of revenues in the amount of $ 14,800, representing the fair value of the Preferred C-1 i. Warranty costs: The Company provides standard product warranties, for its pre-SOP Changes in the warranty provision, presented in other accrued expenses, was as follow: Year ended December 31, 2020 2019 Balance at beginning of the year $ 61 $ * ) Warranty Provision 198 118 Warranty Claims Settled (232 ) (57 ) Balance at end of the year $ 27 $ 61 *) Represents amount lower than $1. j. Research and development expenses: Research and development costs include personnel-related expenses associated with the Company’s engineering personnel responsible for the design, development and testing of its products. Such costs related to software development are included in research and development expense until the technological feasibility is reached, which for the Company’s software products, is generally shortly before the products are released to production. Research and development costs are charged to the consolidated statements of operations as incurred. k. Patent costs: Legal and related patent costs are charged to general and administrative expenses in the consolidated statements of operations as incurred, since their realization is uncertain. l. Share-based compensation: The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation—Stock Compensation” (“ASC No. 718”). ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the award is recognized as an expense over the requisite service period. The Company measures its share-based payment awards made to employees, directors, and non-employee service m. Accrued post-employment benefit: Severance pay: The Israeli Severance Pay Law, 1963 (“Severance Pay Law”), specifies that employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one-month The Company’s liability for all of its Israeli employees is covered by the provisions of Section 14 of the Severance Pay Law (“Section 14”). Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, continued on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company’s balance sheet. Severance pay expenses for the years ended December 31, 2020, 2019 and 2018, amounted to approximately $ 2,000, $ 1,700 and $ 1,100, respectively. 401(k) profit sharing plans: The Company has a 401(k) retirement savings plan for its employees in the U.S. Each eligible employee may elect to contribute a portion of the employee’s compensation to the plan. The U.S. Subsidiary matches 4% of employee contributions up to the plan with no limitation. During the years ended December 31, 2020, 2019 and 2018, the Company recorded expenses for matching contributions in the amount of $ 14, $ 31 and $ 9, respectively. n. Income taxes: The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes” (ASC 740”). ASC 740 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value, if it is more likely than not that a portion or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. o. Concentration of risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term and restricted deposits. Trade receivable of the Company are mainly derived from customers located globally. The Company mitigates its credit risks by performing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral. p. Trade receivables Trade receivables are recorded at the invoiced amount and do not bear interest. Trade receivable are periodically assed for allowance for doubtful accounts, which is the Company’s best estimate of the amount of credit losses inherent in its existing accounts receivable. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The allowance of doubtful accounts was not material for the periods presented. q. Fair value of Financial Instruments: The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. The following methods and assumptions were used by the Company in estimating the fair value of their financial instruments: 1. The carrying values of cash and cash equivalents, short-term and restricted deposits, trade receivables, prepaid expenses and other current assets, trade payables, employees and payroll accruals and accrued expenses and other current liabilities approximate fair values due to the short-term maturities of these instruments. 2. The Company applies ASC No. 820, “Fair Value Measurements and Disclosures” (“ASC No. 820”), with respect to fair value measurements of all financial assets and liabilities. 3. In accordance with ASC No. 820, the Company measures its short-term deposits at fair value. Short-term deposits are classified within Level 1. This is because these assets are valued using quoted market prices. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. r. Loss per share: The Company computes basic loss per share in accordance with ASC Topic 260, “Earnings per Share” by dividing the net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share is computed by considering the potential dilution that could occur upon the exercise of options granted under stock-based compensation plans using the treasury stock method. Basic and diluted net loss per share was adjusted to reflect accumulative dividend rights attributed to Innoviz preferred shares. s. Deferred Transaction Costs Deferred transactions costs consist primarily of accounting, legal, and other fees related to the Company’s t. Other Comprehensive Income (Loss) The Company has no components of comprehensive loss other than net loss. Thus, comprehensive loss is the same as net loss for the period presented. u. Recently adopted accounting pronouncements: 1. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 2020-05, 2. In November 2019, the FASB issued ASU No. 2019-08, v. Recently issued accounting pronouncements not yet adopted: As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election. 1. In February 2016, the FASB issued ASU 2016-02 corresponding right-of-use asset No. 2020-05, 2016-02 non-public 2. In June 2016, the FASB issued ASU No. 2016-13 3. In August 2020, the FASB issued ASU No. 2020-06, 2020-06), 2020-06 815-40, 2020-06 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 3:- INVENTORIES a. Inventories are comprised of the following: December 31, 2020 2019 Raw materials $ 1,657 $ 919 Finished goods including machinery 507 422 $ 2,164 $ 1,341 b. During the years ended December 31, 2020, the Company recorded inventory write-offs as a result of product end of life in the amount of $ 2,088. |
Prepaid Expenses And Other Curr
Prepaid Expenses And Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses And Other Current Assets | NOTE 4:- PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: December 31, 2020 2019 Government authorities $ 1,618 $ 946 Prepaid expenses 461 426 Short-term deposits 118 337 Other 1,090 209 $ 3,287 $ 1,918 |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment, Net | NOTE 5:- PROPERTY AND EQUIPMENT, NET a. Property and equipment, net consist of the following: December 31, 2020 2019 Cost: Computers and software $ 3,680 $ 2,527 Office furniture and equipment 557 511 Electronic equipment 8,931 6,467 Leasehold improvements 4,594 4,324 17,762 13,829 Accumulated depreciation 4,517 2,490 $ 13,245 $ 11,339 b. Depreciation expenses for the years ended December 31, 2020, 2019 and 2018, amounted to $2,661, $1,674 and $660, respectively. |
Advances From Customers And Def
Advances From Customers And Deferred Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Advances From Customers And Deferred Revenues [Abstract] | |
Advances From Customers And Deferred Revenues | NOTE 6:- ADVANCES FROM CUSTOMERS AND DEFERRED REVENUES Advances from customers and deferred revenues consist of the following: December 31, 2020 2019 Current liabilities: Deferred revenues $ 996 $ 291 Advances from customers 665 172 1,661 463 Long-term liabilities: Deferred revenues 3,473 3,473 $ 5,134 $ 3,936 |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses And Other Current Liabilities | NOTE 7:- ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: December 31, 2020 2019 Current maturities of loan $ 275 $ 246 Warranty provision 27 61 Accrued expenses 2,536 3,367 Other 16 — $ 2,854 $ 3,674 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8:- COMMITMENTS AND CONTINGENCIES a. Operating lease commitments: The Company leases facility for its office, which includes exit points on November 2021 and 20204. The lease agreement will expire on November 30, 2028. The minimum future lease payments under the operating leases agreement subsequent to December 31, 2020, are as follows: Total Year ended December 31, Unaudited 2021 $ 1,031 2022 994 2023 985 2024 992 2025 and thereafter 3,890 $ 7,892 Total rent expenses for the years ended December 31, 2020, 2019 and 2018, were approximately $956, $777 and $580, respectively. As part of the lease agreement, the Company received a loan from the owner of the Company office in Israel in the amount of NIS 9,700 thousand (approximately $2,700) to be used for constructing lease hold improvements. The loan bears an annual interest of 3.58% and is to be repaid in 120 fixed monthly installments of NIS 98,500 (approximately $28). Financial expenses with respect to loan for the years ended December 31, 2020, 2019 and 2018, amounted to $89, $94 and $29, respectively. b. Legal proceedings: The Company is currently not part, as plaintiff or defendant, to any legal proceedings that, individually or in the aggregate, are expected by the Company to have a material effect on the Company’s business, financial position, results of operations or cash flows. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least yearly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a matter. |
Convertible Preferred Shares
Convertible Preferred Shares | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Shares | NOTE 9:- CONVERTIBLE PREFERRED SHARES a. Convertible Shares at December 31, 2020 and 2019, are comprised of the following: December 31, Authorized Issued and outstanding Carrying Liquidation 2020 2019 2020 2019 2020 Number of shares Preferred A Shares of no- 20,418,209 20,418,209 20,418,209 20,418,209 $ 9,000 $ 11,682 Preferred B Shares of no- 15,906,053 15,906,053 15,906,053 15,906,053 $ 66,348 $ 89,659 Preferred B-1 no- 3,032,940 3,032,940 3,032,940 3,032,940 $ 12,500 $ 13,693 Preferred C Shares of no- 28,973,439 28,973,439 28,216,005 28,216,005 $ 161,233 $ 186,954 Preferred C-1 no- 15,191,550 — 2,699,114 — $ 23,734 $ 26,218 (1) Preferred shares A, B, B-1, C-1 Conversion rights - B-1, C-1 C-1 Dividend - a) First, the holders of the Preferred C and C-1 b) Second, the holders of the Preferred B and B-1 c) Third, the holders of the Preferred A Shares shall be entitled to receive, in preference to each inferior class, an amount calculated in the same manner as described above with respect to the Preferred C Shares. d) Following the full payment of the entire preferred preference to the holders of Preferred Shares, the holders of the Ordinary Shares will be entitled to receive the remaining distribution proceeds (if any), pro rata based on the number of Ordinary Shares held by each such holder. No dividends have been declared to date as of December 31, 2020. Liquidation preference - Redemption - C-1 6-year B-1 b. On February 24, 2019, the Company closed its initial Series C Preferred Share financing round. Pursuant to the Series C Preferred Share purchase agreement, the Company issued 17,186,944 series Preferred C Shares at a price of $5.9842 per share, for total consideration of $ 102,850, net of issuance costs in the amount of $4,730. Following the initial closing of its Series C financing round, the Company entered into multiple deferred closings until June 1, 2019, pursuant to which the Company issued 11,029,055 Preferred C Shares at a price of $5.9842 per share, for a total consideration of $66,000, net of issuance costs in the amount of $2,887. c. On October 1, 2020, the Company signed an agreement (the “Agreement”) with new and existing investors, according to which the Company issued 943,148 series C-1 The transaction documents also confer upon certain of Preferred C-1 1. In the event that: (i) definitive agreement in connection with transaction between the Company and a SPAC, shall not be signed prior to December 31, 2020, or (ii) the closing of the transactions contemplated under such aforementioned definitive agreements shall not have taken place prior to April 30, 2021, the Company will issue additional Preferred C-1 C-1 C-1 2. In the event the closing of the transactions contemplated under such aforementioned definitive agreements shall have taken place prior to April 30, 2021, with pre-money valuation of the Company lower than $1,300,000 thousands, the Company will issue additional Preferred C-1 Share for no additional consideration, such that after the issuance of the additional Preferred C-1 Shares, the aggregate number of Preferred C-1 Shares held by the investor shall be equal to the aggregate investment made by the investor divided 70% of the Original PPS. On December 10 , 2020, the Company issued to Magna 1,755,966 Preferred C-1 d. Classification: Since a deemed liquidation event is not solely within the control of the Company, the Preferred Shares were classified outside of permanent equity as temporary equity pursuant to ASC 480-10-S99. As of December 31, 2020, and 2019, the Company did not adjust the carrying values of the Preferred Shares to the deemed liquidation values of such shares since a liquidation event was not probable. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 10:- SHAREHOLDERS’ EQUITY a. Composition of share capital: December 31, 2020 2019 Authorized Issued and Authorized Issued and Number of Shares Number of Shares Ordinary Shares of no-par 179,872,754 16,948,226 107,265,966 15,855,287 (1) Ordinary Shares confer upon the holders the right to vote in annual and special meetings of the Company, and to participate in the distribution of the surplus assets of the Company upon liquidation of the Company, after the distribution of the Company’s Preferred Shares liquidation preference (for further information see Note 9). b. On January 18, 2016, upon inception, the Company issued to certain shareholders 17,559,663 Ordinary Shares of no-par c. On February 17, 2021, the Company effected a one-for-1.138974 reverse share split of ordinary shares and preferred shares (for further information see Note 16a). |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | NOTE 11:- SHARE-BASED COMPENSATION a. Share option plans: In 2016, the Company’s board of directors adopted the 2016 Share Incentive Plan (“the Plan”). According to the Plan, share awards or options to purchase shares may be granted to employees, directors, consultants and other service providers of the Company or any affiliate of the Company. Under the Plan, as of December 31, 2020, and 2019, a total of 12,513,999 ordinary shares were authorized for issuance, of which 2,066,574 and 3,795,989 ordinary shares were then available for future awards, respectively. Each option granted under the Plan expires no later than ten years from the date of grant. The options vest primarily over four years of employment. b. Options granted to employees: The fair value of the Company’s share options granted to employees for the years ended December 31, 2020, 2019 and 2018, was estimated using the following weighted average assumptions: Year ended December 31, 2020 2019 2018 Expected term, in years 6.25 6.25 6.25 Expected volatility 65% 65% - 70% 70% - 75% Risk-Free interest rate 0.46% - 1.74% 1.77% - 2.65% 2.68% - 3.13% Expected dividend yield 0% 0% 0% A summary of employee option balances under the 2016 Plan as of December 31, 2020, and changes during the year then ended are as follows: Number of Weighted- Weighted- Aggregate (in thousands) Outstanding at January 1, 2020 7,834,282 $ 0.48 8.26 $ 18,153 Granted 2,581,589 $ 1.14 Exercised (1,092,938 ) $ 0.26 $ 6,734 Forfeited (833,425 ) $ 0.68 Expired (18,750 ) $ 0.79 Outstanding at December 31, 2020 8,470,758 $ 0.68 7.92 $ 48,594 Exercisable at December 31, 2020 4,161,444 $ 0.44 7.07 $ 24,873 Exercise price - Expected volatility - Expected term (years) - Risk-free interest rate - Expected dividend yield - The share-based compensation expense recognized in the Company’s consolidated statements of operations are as follow: Year ended December 31, 2020 2019 2018 Research and development $ 2,649 $ 1,695 $ 1002 Sales and marketing 338 374 285 General and administrative 209 102 90 $ 3,196 $ 2,171 $ 1,377 The Company recognizes forfeitures as they occur. As of December 31, 2020, 2019 and 2018, unrecognized compensation cost related to share options was $9,220, $5,660 and $5,110, respectively, which was expected to be recognized over a weighted average period of 2.92 years, 2.79 years and 3.05 years, respectively. The weighted-average grant date fair value of options granted during the years ended December 31, 2020 and 2019, was $3.01 and $1.58, respectively. |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Taxes on Income | NOTE 12:- TAXES ON INCOME a. Corporate tax rates in Israel: The corporate tax rate in Israel in 2018 and thereafter is 23%. b. Income taxes on US subsidiary: On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “U.S. Tax Reform”); a comprehensive tax legislation that includes significant changes to the taxation of business entities. These changes, most of which are effective for tax years beginning after December 31, 2017, include several key tax provisions that might impact the Company, including, among others: (i) a permanent reduction to the statutory federal corporate income tax rate from 35% (top rate) to 21% (flat rate) effective for tax years beginning after December 31, 2017; (ii) a new tax deduction in the amount of 37.5% of “foreign derived intangible income” that effectively reduces the federal corporate tax on certain qualified foreign derived sales/licenses/leases and service income in excess of a base amount to 13.125% (as compared to the regular corporate income tax rate of 21%); (iii) stricter limitations on the tax deductibility of business interest expense; (iv) a participation exemption for certain repatriations of earnings to the United States (along with certain rules designed to prevent erosion of the U.S. income tax base); (v) a one-time low-taxed c. Carryforward tax losses and credits: As of December 31, 2020, the Company had operating loss carry forwards for Israeli income tax purposes of approximately $161,000 which may be offset indefinitely against future taxable income. d. Deferred income taxes: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets are as follows: December 31, 2020 2019 Deferred tax assets: Net operating loss carryforward $ 37,636 $ 20,453 Research and development costs carryforward 15,997 13,835 Accrued Expenses 446 198 Share-based compensation 23 23 Other 27 11 Gross deferred tax assets 54,129 34,520 Valuation allowance (54,117 ) (34,520 ) Deferred tax liabilities: Property and equipment (12 ) (11 ) Net deferred tax $ — $ — Based on the available evidence, management believes that it is more likely than not that certain of its deferred tax assets relating to net operating loss carryforwards and other temporary differences in Israel will not be realized and accordingly, a valuation allowance has been provided. As of December 31, 2020, and 2019, the Company has not provided a deferred tax liability in respect of cumulative undistributed earnings relating to the Company’s foreign subsidiaries, as the Company intends to keep these earnings permanently invested. e. Loss before taxes on income is comprised as follows: Year ended December 31, 2020 2019 2018 Domestic $ (81,462 ) $ (67,316 ) $ (56,376 ) Foreign 134 15 76 Loss before taxes on income $ (81,328 ) $ (67,301 ) $ (56,300 ) f. Income taxes are comprised as follows: Year ended 2020 2019 2018 Current $ 183 $ 10 $ 32 Domestic 128 — 15 Foreign 55 10 17 $ 183 $ 10 $ 32 g. The reconciliation of the tax benefit at the Israeli statutory tax rate to the Company’s income taxes is as follows: Year ended December 31, 2020 2019 2018 Israel tax provision at statutory rate 23.00 % 23.00 % 23.00 % Non-deductible (0.61 %) (0.63 %) (0.60 %) Effect of other permanent differences (3.92 %) (0.06 %) (0.08 %) Change in valuation allowance (18.95 %) (22.32 %) (21.94 %) Other adjustments 0.25 % — 0.44 % Effective tax rate (0.23 %) (0.01 %) (0.06 %) h. Tax assessments: The Company is currently in the process of income tax audits in Israel, for the tax years 2016 through 2018. The Company’s tax assessments through 2015 are considered final. As of December 31, 2020, the tax returns of the Company and its main subsidiaries are still subject to audits by the tax authorities for the tax years 2016 through 2020. i. Uncertain tax positions: The Company has reviewed the tax positions taken, or to be taken, in its tax returns for all tax years currently open to examination by a taxing authority. As of December 31, 2020, and 2019, the Company has not recorded any uncertain tax position liability. |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Share | NOTE 13:- BASIC AND DILUTED NET LOSS PER SHARE The following table sets forth the computation of the net loss per share for the period presented: Year ended December 31, 2020 2019 2018 Numerator: Net loss $ (81,511 ) $ (67,301 ) $ (56,400 ) Preferred share accrued cumulative dividend rights (17,473 ) (13,664 ) (5,795 ) Total loss attributable to ordinary shares $ (98,984 ) $ (80,965 ) $ (62,195 ) Denominator: 16,514,910 15,524,845 15,039,814 The following potentially dilutive ordinary share equivalents have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: a. 20,418,209 Preferred A Shares, 15,906,053 Preferred B Shares, 3,032,940 Preferred B-1 C-1 b. 20,418,209 Preferred A Shares, 15,906,053 Preferred B Shares, 3,032,940 Preferred B-1 c. 20,418,209 Preferred A Shares, 15,906,053 Preferred B Shares, 3,032,940 Preferred B-1 |
Geographic and Customer Informa
Geographic and Customer Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Geographic and Customer Information | NOTE 14:- GEOGRAPHIC AND CUSTOMER INFORMATION a. Geographic information: Following is a summary of revenues by geographic areas. Revenues attributed to geographic areas, based on the location where the customers accept delivery of the products and services: Year ended December 31, 2020 2019 2018 Europe, Middle East and Africa (*) $ 3,803 $ 1,105 $ 51 Asia Pacific 1,078 182 11 North America (**) (14,245 ) 288 — $ (9,364 ) $ 1,575 $ 62 (*) Includes revenue from Germany in the amount of $3,635, $983 and $51 in the years ended December 31, 2020, 2019 and 2018, respectively. (**) Include reduction of revenue from United States in the amount of $14,800 during the year ended December 31, 2020. b. The Company’s long-lived assets (property and equipment, net) are located as follows: Year ended 2020 2019 Israel $ 13,053 $ 11,216 United States 74 114 Germany 34 5 Belarus 84 4 $ 13,245 $ 11,339 c. Customers accounted for over 10% of revenue: As of December 31, 2020, the Company had three customers that accounted for 51%, 22% and 10% of revenues (exclude of reduction of revenues of issuance of Preferred C-1 As of December 31, 2019, the company had one customer that accounted for 64% of revenues. As of December 31, 2018, the company had two customers that accounted for 18% and 82%, respectively, of revenues . |
Related Party Balances And Tran
Related Party Balances And Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Balances And Transactions | NOTE 15:- RELATED PARTY BALANCES AND TRANSACTIONS a. Balances with the related parties: December 31, 2020 2019 Trade Receivable $ 1,146 $ 1,043 Long term deferred revenues $ 3,500 $ 3,500 b. Transactions with the related parties: Year ended December 31, 2020 2019 2018 Revenues (net revenues) $ (12,014 ) $ 1,002 $ 51 During the years ended December 31, 2018, 2019 and 2020 the Company earned $51, $1,002 and $(12,014) respectively, in revenues (net revenues) from the sale of services and goods to a shareholder (also refer to Note 2h). As of December 31, 2018, December 31, 2019 and December 31, 2020, the Company recorded receivables of $35, $1,043 and $1,146, respectively from the same shareholder mentioned above in connection with the revenues earned, included as Trade Receivable on the accompanying consolidated balance sheets. The receivables were collected in the ordinary course of business. As of December 31, 2018, December 31, 2019 and December 31, 2020, the Company recorded deferred revenue of $1.3 million, $3.5 million and $3.5 million, respectively, from the same shareholder mentioned above in connection with the revenues earned, included as Long Term Deferred Revenue on the accompanying consolidated balance sheets. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16:- SUBSEQUENT EVENTS a. On February 17, 2021, the Innoviz effected a 1-for-1.138974 b. Immediately prior to the closing of the Merger as described below, and in accordance with the Preferred C-1 C-1 C-1 no-par c. Business Combination Pursuant to the merger agreement described in Note 1c, on April 5, 2021 (the “Closing Date”), Hatzata Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company was merged with and into Collective Growth, with Collective Growth surviving as a wholly-owned subsidiary of Innoviz (the “Business Combination”). The merger with a subsidiary is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with ASC 805 “ Business combinations Upon closing of the Business Combination, 20,418,209, 15,906,053, 3,032,940, 28,216,005 and 3,045,792 of the Company’s Preferred A, B, B-1, C-1 no-par On the Closing Date, the following securities issuances were made by the Company to Collective Growth’s securityholders: (i) each outstanding share of Class B common shares of Collective Growth, after taking into account the forfeiture of 1,875,000 shares by the holders of Class B common shares, was exchanged for one ordinary share of the Company (“Company Ordinary Share”), (ii) each outstanding share of Class A common stock of Collective Growth was exchanged for one Company Ordinary Share, and (iii) each outstanding warrant of Collective Growth, after taking into account the forfeiture of 187,500 warrants by certain holders of warrants of Collective Growth and including an aggregate of 100,000 warrants issued upon the conversion of outstanding convertible notes made by the Sponsor for working capital purposes, was assumed by the Company and became a warrant of the Company (“Company Warrant”). In addition, on the Closing Date, in connection with the consummation of the Business Combination and after giving effect, to the redemption of an aggregate of 891,046 shares of Collective Growth’s Class A common stock in accordance with the terms of Collective Growth’s amended and restated certificate of incorporation and in accordance with the Put Option Agreement between the Company and Antara: (i) each outstanding preferred share of the Company was converted into one Company Ordinary Share, (ii) the Company issued Perception an aggregate of 3,027,747 Company Warrants, and (iii) the Company issued Antara an aggregate of 3,002,674 Company Ordinary Shares and 3,784,753 Company Warrants and (iii) the Company agreed to issue to Company’s Management 2,500,000 Ordinary Shares and 3,500,000 warrants, taking into account, in each case, any applicable withholding taxes. In addition, in the event that the earnout Target is reached during the Earnout Period (both “Target” and “Earnout Period” as defined in the Business Combination Agreement), then: (A) Perception shall also be entitled to receive up to 2,175,000 of additional Company Ordinary Shares, (B) Antara shall also be entitled to receive up to 312,297 of additional Company Ordinary Shares and (C) certain members of the Company’s management shall also be entitled to receive up to 1,250,000 of additional Company Ordinary Shares. Additionally, on the Closing Date, the Company completed the sale of Ordinary Shares to certain accredited investors (“Investors”), at a price per share of $10, for gross proceeds to the Company of approximately $230,000 thousand, pursuant to a series of subscription agreements (“Subscription Agreements”) entered into by the Company and the Investors concurrently with the execution of the Business Combination Agreement. Upon closing of the Business Combination, the Company has adopted amended and restated articles of association to align such organizational documents with consistent with those of a publicly held company and has become a publicly traded company. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of estimates | a. Use of estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include inventory reserves, warranty provision, valuation allowance for deferred tax assets, share-based compensation including the fair value of the Company’s ordinary shares, useful lives of property, plant, and equipment. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. The novel coronavirus (“COVID-19”) COVID-19 |
Financial statements in U.S. dollars | b. Financial statements in U.S. dollars: A substantial portion of the Company’s financing activities, including equity transactions and cash investments, are incurred in U.S. dollars. The Company’s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the U.S. dollar. A subsidiary’s functional currency is the currency of the primary economic environment in which the subsidiary operates; normally, that is the currency of the environment in which a subsidiary primarily generates and expends cash. In making the determination of the appropriate functional currency for a subsidiary, the Company considers cash flow indicators, local market indicators, financing indicators and the subsidiary’s relationship with both the parent company and other subsidiaries. For subsidiaries that are primarily a direct and integral component or extension of the parent entity’s operations, the U.S. dollar is the functional currency. The Company has determined the functional currency of its foreign subsidiaries is the U.S. Dollar. The foreign operation is considered a direct and integral part or extension of the Company’s operations. The day-to-day Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are remeasured into U.S. dollars in accordance with Statement of the Accounting Standard Codification (“ASC”) No. 830 “Foreign Currency Matters” (“ASC No. 830”). All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the statements of operations as financial income or expenses as appropriate. |
Principles of consolidation | c. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. |
Cash and Cash Equivalents and Restricted Cash | d. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term deposits with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in short term deposits. Restricted cash consists of long-term deposits that serves as collateral for a credit card agreement and lease agreements at one of the Company’s financial institutions. |
Inventories | e. Inventories: Inventories are stated at the lower of cost or estimated net realizable value. Costs are computed under the standard cost method, which approximates actual costs determined on the first-in, first-out |
Property and equipment, net | f. Property and equipment, net Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets, at the following annual rates: % Computers and software 33 Office furniture and equipment 7-15 Electronic equipment 15 Leasehold improvements Over the shorter of the related lease period or the useful life of the assets |
Impairment of long-lived assets | g. Impairment of long-lived assets: Long-lived assets are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” a (“ASC 360”), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment exists when the carrying value of the asset exceeds the aggregate undiscounted cash flows expected to be generated by the asset. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. During the years ended December 31, 2020 and December 31, 2019, the Company recorded impairment losses in the amount of $496 and $0, respectively. |
Revenue recognition | h. Revenue recognition: Effective as of January 1, 2018, the Company has followed the provisions of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which applies to all contracts with customers. Under Topic 606, revenues are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine the appropriate revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: • identify the contract(s) with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company evaluates each performance obligation to determine if it is satisfied at a point in time or over time. Nature of Products and Services The Company derives its revenues mainly from sales of LiDAR sensors. Revenue from LiDAR sensors is recognized at a point in time when the control of the goods is transferred to the customer, generally upon delivery. The company also provides application engineering services for its customers that are not part of a long-term production arrangement. Application engineering services revenue are recognized at a point in time or over time depending, among other considerations, on whether the Company has an enforceable right to payment, for performance completed to date. Services to certain customers may require substantive customer acceptance due to performance acceptance criteria that is considered more than a formality. For these services, revenue is recognized upon customer acceptance. The Company did not recognize revenue related to application engineering services during the years ended December 31, 2020, 2019 and 2018 as such acceptance criteria has not been met. The Company applies the practical expedient and does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company’s contracts with customer prepayment terms do not include a significant financing component because the primary purpose is not to receive financing from the customers. The Company’s general terms and conditions for its contracts do not contain a right of return that allows the customer to return products and receive a credit. Therefore, the Company does not estimate returns and generally recognizes revenue at contract price upon product shipment or delivery. Deferred Revenue Deferred revenues, which represent a contract liability, include amounts paid by customers not yet recognized as revenues. On December 7, 2017, the Company entered into an agreement with a tier-1 Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and is recognized as revenue when the Company performs under the contract. The long-term portion of deferred revenue, mostly related to obligations under development agreement with OEMs, is classified as non-current Contract liabilities consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 2019 (in thousands) Contract Liabilities, Current Deferred Revenue, Current $ 996 $ 291 Customer Advance Payment 665 172 Total $ 1,661 $ 463 Contract Liabilities, Long-Term Deferred Revenue, Long-Term 3,473 3,473 Total Contract Liabilities $ 5,134 $ 3,936 During the year ended December 31, 2020, the Company recognized $283 that was included in deferred revenues balance at December 31, 2019. Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product and engineering services revenue not yet delivered. As of December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $11 million, which the Company expects to recognize as revenue . For additional information regarding disaggregated revenues, please refer to Note 14 below. Reduction of revenues On October 12, 2020, the Company signed a Memorandum of Understanding (the “MOU”) with Magna International Inc. (“Magna”) one of its shareholders and a tier-1 In connection with the MOU, on December 10, 2020, the Company issued to Magna 1,755,966 Preferred C-1 of no-par Furthermore, on December 10, 2020, the Company signed a performance-based warrant agreement (the “Warrant”) with Magna, pursuant to which, upon the completion of certain milestones by Magna, the Company will issue to Magna warrants to receive up to: (i) 7,023,865 Ordinary Shares , in the event the Company will be registered as a public company before the issuance of the warrants, or (ii) 4,939,922 Preferred C-1 Share-based payment awards granted to a customer are measured and classified in accordance with 606-10-32-25A 606-10-32-25 C-1 Additionally, as there are no minimum commitments under the MOU, and the uncertainty of ultimate success of the SOP, there is no assurance that future benefits will be realized through sufficient purchases. Therefore, as of December 31, 2020, the Company believes that such awards granted to Magna do not meet the definition of an asset. In the year ended December 31, 2020, the Company recorded reduction of revenues in the amount of $ 14,800, representing the fair value of the Preferred C-1 |
Warranty costs | i. Warranty costs: The Company provides standard product warranties, for its pre-SOP Changes in the warranty provision, presented in other accrued expenses, was as follow: Year ended December 31, 2020 2019 Balance at beginning of the year $ 61 $ * ) Warranty Provision 198 118 Warranty Claims Settled (232 ) (57 ) Balance at end of the year $ 27 $ 61 *) Represents amount lower than $1. |
Research and development expenses | j. Research and development expenses: Research and development costs include personnel-related expenses associated with the Company’s engineering personnel responsible for the design, development and testing of its products. Such costs related to software development are included in research and development expense until the technological feasibility is reached, which for the Company’s software products, is generally shortly before the products are released to production. Research and development costs are charged to the consolidated statements of operations as incurred. |
Patent costs | k. Patent costs: Legal and related patent costs are charged to general and administrative expenses in the consolidated statements of operations as incurred, since their realization is uncertain. |
Share-based compensation | l. Share-based compensation: The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation—Stock Compensation” (“ASC No. 718”). ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the award is recognized as an expense over the requisite service period. The Company measures its share-based payment awards made to employees, directors, and non-employee service |
Accrued post-employment benefit | m. Accrued post-employment benefit: Severance pay: The Israeli Severance Pay Law, 1963 (“Severance Pay Law”), specifies that employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one-month The Company’s liability for all of its Israeli employees is covered by the provisions of Section 14 of the Severance Pay Law (“Section 14”). Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, continued on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company’s balance sheet. Severance pay expenses for the years ended December 31, 2020, 2019 and 2018, amounted to approximately $ 2,000, $ 1,700 and $ 1,100, respectively. 401(k) profit sharing plans: The Company has a 401(k) retirement savings plan for its employees in the U.S. Each eligible employee may elect to contribute a portion of the employee’s compensation to the plan. The U.S. Subsidiary matches 4% of employee contributions up to the plan with no limitation. During the years ended December 31, 2020, 2019 and 2018, the Company recorded expenses for matching contributions in the amount of $ 14, $ 31 and $ 9, respectively. |
Income taxes | n. Income taxes: The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes” (ASC 740”). ASC 740 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value, if it is more likely than not that a portion or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. |
Concentration of risk | o. Concentration of risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term and restricted deposits. Trade receivable of the Company are mainly derived from customers located globally. The Company mitigates its credit risks by performing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral. |
Trade receivables | p. Trade receivables Trade receivables are recorded at the invoiced amount and do not bear interest. Trade receivable are periodically assed for allowance for doubtful accounts, which is the Company’s best estimate of the amount of credit losses inherent in its existing accounts receivable. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The allowance of doubtful accounts was not material for the periods presented. |
Fair value of Financial Instruments | q. Fair value of Financial Instruments: The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. The following methods and assumptions were used by the Company in estimating the fair value of their financial instruments: 1. The carrying values of cash and cash equivalents, short-term and restricted deposits, trade receivables, prepaid expenses and other current assets, trade payables, employees and payroll accruals and accrued expenses and other current liabilities approximate fair values due to the short-term maturities of these instruments. 2. The Company applies ASC No. 820, “Fair Value Measurements and Disclosures” (“ASC No. 820”), with respect to fair value measurements of all financial assets and liabilities. 3. In accordance with ASC No. 820, the Company measures its short-term deposits at fair value. Short-term deposits are classified within Level 1. This is because these assets are valued using quoted market prices. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Loss per share | r. Loss per share: The Company computes basic loss per share in accordance with ASC Topic 260, “Earnings per Share” by dividing the net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share is computed by considering the potential dilution that could occur upon the exercise of options granted under stock-based compensation plans using the treasury stock method. Basic and diluted net loss per share was adjusted to reflect accumulative dividend rights attributed to Innoviz preferred shares. |
Deferred Transaction Costs | s. Deferred Transaction Costs Deferred transactions costs consist primarily of accounting, legal, and other fees related to the Company’s |
Other Comprehensive Income (Loss) | t. Other Comprehensive Income (Loss) The Company has no components of comprehensive loss other than net loss. Thus, comprehensive loss is the same as net loss for the period presented. |
Recently adopted accounting pronouncements | u. Recently adopted accounting pronouncements: 1. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 2020-05, 2. In November 2019, the FASB issued ASU No. 2019-08, |
Recently issued accounting pronouncements not yet adopted | v. Recently issued accounting pronouncements not yet adopted: As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election. 1. In February 2016, the FASB issued ASU 2016-02 corresponding right-of-use asset No. 2020-05, 2016-02 non-public 2. In June 2016, the FASB issued ASU No. 2016-13 3. In August 2020, the FASB issued ASU No. 2020-06, 2020-06), 2020-06 815-40, 2020-06 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Related Assets | Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets, at the following annual rates: % Computers and software 33 Office furniture and equipment 7-15 Electronic equipment 15 Leasehold improvements Over the shorter of the related lease period or the useful life of the assets |
Summary of Contract Liabilities | Contract liabilities consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 2019 (in thousands) Contract Liabilities, Current Deferred Revenue, Current $ 996 $ 291 Customer Advance Payment 665 172 Total $ 1,661 $ 463 Contract Liabilities, Long-Term Deferred Revenue, Long-Term 3,473 3,473 Total Contract Liabilities $ 5,134 $ 3,936 |
Summary of Changes in Warranty Provision | Changes in the warranty provision, presented in other accrued expenses, was as follow: Year ended December 31, 2020 2019 Balance at beginning of the year $ 61 $ * ) Warranty Provision 198 118 Warranty Claims Settled (232 ) (57 ) Balance at end of the year $ 27 $ 61 *) Represents amount lower than $1. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory, Net [Abstract] | |
Summary of Inventories | a. Inventories are comprised of the following: December 31, 2020 2019 Raw materials $ 1,657 $ 919 Finished goods including machinery 507 422 $ 2,164 $ 1,341 |
Prepaid Expenses And Other Cu_2
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Summary of Prepayment And Other Current Assets | Prepaid expenses and other current assets consist of the following: December 31, 2020 2019 Government authorities $ 1,618 $ 946 Prepaid expenses 461 426 Short-term deposits 118 337 Other 1,090 209 $ 3,287 $ 1,918 |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property And Equipment, Net | a. Property and equipment, net consist of the following: December 31, 2020 2019 Cost: Computers and software $ 3,680 $ 2,527 Office furniture and equipment 557 511 Electronic equipment 8,931 6,467 Leasehold improvements 4,594 4,324 17,762 13,829 Accumulated depreciation 4,517 2,490 $ 13,245 $ 11,339 |
Advances From Customers And D_2
Advances From Customers And Deferred Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedules of Advances From Customers And Deferred Revenues [Abstract] | |
Schedules of Advances From Customers And Deferred Revenues | Advances from customers and deferred revenues consist of the following: December 31, 2020 2019 Current liabilities: Deferred revenues $ 996 $ 291 Advances from customers 665 172 1,661 463 Long-term liabilities: Deferred revenues 3,473 3,473 $ 5,134 $ 3,936 |
Accrued Expenses And Other Cu_2
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Summary of Accrued Liabilities And Other Payable | Accrued expenses and other current liabilities consisted of the following: December 31, 2020 2019 Current maturities of loan $ 275 $ 246 Warranty provision 27 61 Accrued expenses 2,536 3,367 Other 16 — $ 2,854 $ 3,674 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Minimum Future Lease Payments | The minimum future lease payments under the operating leases agreement subsequent to December 31, 2020, are as follows: Total Year ended December 31, Unaudited 2021 $ 1,031 2022 994 2023 985 2024 992 2025 and thereafter 3,890 $ 7,892 |
Convertible Preferred Shares (T
Convertible Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Convertible Preferred Shares | a. Convertible Shares at December 31, 2020 and 2019, are comprised of the following: December 31, Authorized Issued and outstanding Carrying Liquidation 2020 2019 2020 2019 2020 Number of shares Preferred A Shares of no- 20,418,209 20,418,209 20,418,209 20,418,209 $ 9,000 $ 11,682 Preferred B Shares of no- 15,906,053 15,906,053 15,906,053 15,906,053 $ 66,348 $ 89,659 Preferred B-1 no- 3,032,940 3,032,940 3,032,940 3,032,940 $ 12,500 $ 13,693 Preferred C Shares of no- 28,973,439 28,973,439 28,216,005 28,216,005 $ 161,233 $ 186,954 Preferred C-1 no- 15,191,550 — 2,699,114 — $ 23,734 $ 26,218 (1) Preferred shares A, B, B-1, C-1 Conversion rights - B-1, C-1 C-1 Dividend - a) First, the holders of the Preferred C and C-1 b) Second, the holders of the Preferred B and B-1 c) Third, the holders of the Preferred A Shares shall be entitled to receive, in preference to each inferior class, an amount calculated in the same manner as described above with respect to the Preferred C Shares. d) Following the full payment of the entire preferred preference to the holders of Preferred Shares, the holders of the Ordinary Shares will be entitled to receive the remaining distribution proceeds (if any), pro rata based on the number of Ordinary Shares held by each such holder. No dividends have been declared to date as of December 31, 2020. Liquidation preference - Redemption - C-1 6-year B-1 b. On February 24, 2019, the Company closed its initial Series C Preferred Share financing round. Pursuant to the Series C Preferred Share purchase agreement, the Company issued 17,186,944 series Preferred C Shares at a price of $5.9842 per share, for total consideration of $ 102,850, net of issuance costs in the amount of $4,730. Following the initial closing of its Series C financing round, the Company entered into multiple deferred closings until June 1, 2019, pursuant to which the Company issued 11,029,055 Preferred C Shares at a price of $5.9842 per share, for a total consideration of $66,000, net of issuance costs in the amount of $2,887. c. On October 1, 2020, the Company signed an agreement (the “Agreement”) with new and existing investors, according to which the Company issued 943,148 series C-1 The transaction documents also confer upon certain of Preferred C-1 1. In the event that: (i) definitive agreement in connection with transaction between the Company and a SPAC, shall not be signed prior to December 31, 2020, or (ii) the closing of the transactions contemplated under such aforementioned definitive agreements shall not have taken place prior to April 30, 2021, the Company will issue additional Preferred C-1 C-1 C-1 2. In the event the closing of the transactions contemplated under such aforementioned definitive agreements shall have taken place prior to April 30, 2021, with pre-money valuation of the Company lower than $1,300,000 thousands, the Company will issue additional Preferred C-1 Share for no additional consideration, such that after the issuance of the additional Preferred C-1 Shares, the aggregate number of Preferred C-1 Shares held by the investor shall be equal to the aggregate investment made by the investor divided 70% of the Original PPS. On December 10 , 2020, the Company issued to Magna 1,755,966 Preferred C-1 d. Classification: Since a deemed liquidation event is not solely within the control of the Company, the Preferred Shares were classified outside of permanent equity as temporary equity pursuant to ASC 480-10-S99. As of December 31, 2020, and 2019, the Company did not adjust the carrying values of the Preferred Shares to the deemed liquidation values of such shares since a liquidation event was not probable. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Summary of Composition of Share Capital | a. Composition of share capital: December 31, 2020 2019 Authorized Issued and Authorized Issued and Number of Shares Number of Shares Ordinary Shares of no-par 179,872,754 16,948,226 107,265,966 15,855,287 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The fair value of the Company’s share options granted to employees for the years ended December 31, 2020, 2019 and 2018, was estimated using the following weighted average assumptions: Year ended December 31, 2020 2019 2018 Expected term, in years 6.25 6.25 6.25 Expected volatility 65% 65% - 70% 70% - 75% Risk-Free interest rate 0.46% - 1.74% 1.77% - 2.65% 2.68% - 3.13% Expected dividend yield 0% 0% 0% |
Summary of Share-Based Compensation Arrangements by Share-based Payment Award | Number of Weighted- Weighted- Aggregate (in thousands) Outstanding at January 1, 2020 7,834,282 $ 0.48 8.26 $ 18,153 Granted 2,581,589 $ 1.14 Exercised (1,092,938 ) $ 0.26 $ 6,734 Forfeited (833,425 ) $ 0.68 Expired (18,750 ) $ 0.79 Outstanding at December 31, 2020 8,470,758 $ 0.68 7.92 $ 48,594 Exercisable at December 31, 2020 4,161,444 $ 0.44 7.07 $ 24,873 |
Summary of Share-Based Payment Arrangement, Expensed and Capitalized, Amount | The share-based compensation expense recognized in the Company’s consolidated statements of operations are as follow: Year ended December 31, 2020 2019 2018 Research and development $ 2,649 $ 1,695 $ 1002 Sales and marketing 338 374 285 General and administrative 209 102 90 $ 3,196 $ 2,171 $ 1,377 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of the Company's Deferred Tax Assets | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets are as follows: December 31, 2020 2019 Deferred tax assets: Net operating loss carryforward $ 37,636 $ 20,453 Research and development costs carryforward 15,997 13,835 Accrued Expenses 446 198 Share-based compensation 23 23 Other 27 11 Gross deferred tax assets 54,129 34,520 Valuation allowance (54,117 ) (34,520 ) Deferred tax liabilities: Property and equipment (12 ) (11 ) Net deferred tax $ — $ — |
Summary of Loss Before Taxes on Income | e. Loss before taxes on income is comprised as follows: Year ended December 31, 2020 2019 2018 Domestic $ (81,462 ) $ (67,316 ) $ (56,376 ) Foreign 134 15 76 Loss before taxes on income $ (81,328 ) $ (67,301 ) $ (56,300 ) |
Summary of Income Taxes | f. Income taxes are comprised as follows: Year ended 2020 2019 2018 Current $ 183 $ 10 $ 32 Domestic 128 — 15 Foreign 55 10 17 $ 183 $ 10 $ 32 |
Summary of Reconciliation of Effective Income Tax Rate | g. The reconciliation of the tax benefit at the Israeli statutory tax rate to the Company’s income taxes is as follows: Year ended December 31, 2020 2019 2018 Israel tax provision at statutory rate 23.00 % 23.00 % 23.00 % Non-deductible (0.61 %) (0.63 %) (0.60 %) Effect of other permanent differences (3.92 %) (0.06 %) (0.08 %) Change in valuation allowance (18.95 %) (22.32 %) (21.94 %) Other adjustments 0.25 % — 0.44 % Effective tax rate (0.23 %) (0.01 %) (0.06 %) |
Basic and Diluted Net Loss Pe_2
Basic and Diluted Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Computation of the Net Loss Per Share | The following table sets forth the computation of the net loss per share for the period presented: Year ended December 31, 2020 2019 2018 Numerator: Net loss $ (81,511 ) $ (67,301 ) $ (56,400 ) Preferred share accrued cumulative dividend rights (17,473 ) (13,664 ) (5,795 ) Total loss attributable to ordinary shares $ (98,984 ) $ (80,965 ) $ (62,195 ) Denominator: 16,514,910 15,524,845 15,039,814 |
Geographic and Customer Infor_2
Geographic and Customer Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Reportable Segments | a. Geographic information: Following is a summary of revenues by geographic areas. Revenues attributed to geographic areas, based on the location where the customers accept delivery of the products and services: Year ended December 31, 2020 2019 2018 Europe, Middle East and Africa (*) $ 3,803 $ 1,105 $ 51 Asia Pacific 1,078 182 11 North America (**) (14,245 ) 288 — $ (9,364 ) $ 1,575 $ 62 (*) Includes revenue from Germany in the amount of $3,635, $983 and $51 in the years ended December 31, 2020, 2019 and 2018, respectively. (**) Include reduction of revenue from United States in the amount of $14,800 during the year ended December 31, 2020. |
Summary of Long-Lived Assets Based on Location | b. The Company’s long-lived assets (property and equipment, net) are located as follows: Year ended 2020 2019 Israel $ 13,053 $ 11,216 United States 74 114 Germany 34 5 Belarus 84 4 $ 13,245 $ 11,339 c. Customers accounted for over 10% of revenue: As of December 31, 2020, the Company had three customers that accounted for 51%, 22% and 10% of revenues (exclude of reduction of revenues of issuance of Preferred C-1 As of December 31, 2019, the company had one customer that accounted for 64% of revenues. As of December 31, 2018, the company had two customers that accounted for 18% and 82%, respectively, of revenues . |
Related Party Balances And Tr_2
Related Party Balances And Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Balances | a. Balances with the related parties: December 31, 2020 2019 Trade Receivable $ 1,146 $ 1,043 Long term deferred revenues $ 3,500 $ 3,500 |
Schedule of Related Party Transactions | b. Transactions with the related parties: Year ended December 31, 2020 2019 2018 Revenues (net revenues) $ (12,014 ) $ 1,002 $ 51 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Estimated Useful Lives of Related Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Computers and software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 33.00% |
Office furniture and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 15.00% |
Office furniture and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 15.00% |
Office furniture and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 7.00% |
Electronic equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 15.00% |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment description of depreciation rate | Over the shorter of the related lease period or the useful life of the assets |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 10, 2020 | Oct. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Line Items] | |||||
Impairment of long lived assets held for use | $ 496 | $ 0 | |||
Proceeds from redeemable convertible preferred stock | 8,934 | 161,233 | $ 0 | ||
Reduction in revenue | 14,800 | ||||
Performance obligations transaction price | 11,000 | ||||
Severance pay expense | 2,000 | 1,700 | $ 1,100 | ||
Deferred offering costs non current | 374 | 0 | |||
Contract with customers liability recognized | 283 | ||||
Deferred Revenue | $ 3,500 | $ 3,500 | |||
Section Four Hundred And One K Plan [Member] | |||||
Accounting Policies [Line Items] | |||||
Employer matching contribution percentage | 4.00% | 4.00% | 4.00% | ||
Employer matching contribution to retirement plan amount | $ 14 | $ 31 | $ 9 | ||
Memorandum Of Understanding With Magna International [Member] | |||||
Accounting Policies [Line Items] | |||||
Advances from customers and deferred revenues | $ 736 | ||||
Israel [Member] | |||||
Accounting Policies [Line Items] | |||||
Severance pay percentage of monthly salary contribution to the fund | 8.33% | ||||
In Case Registered As Public Company [Member] | Performance Based Milestone [Member] | Performance Based Agreement With Magna [Member] | |||||
Accounting Policies [Line Items] | |||||
Class of warrants or rights or rights excercisable into shares issuable in the future | 7,023,865 | ||||
Series C One Redeemable Convertible Preferred Shares [Member] | |||||
Accounting Policies [Line Items] | |||||
Temporary equity shares issued during the period new issues | 943,148 | 2,699,114 | |||
Proceeds from redeemable convertible preferred stock | $ 8,934 | ||||
Series C One Redeemable Convertible Preferred Shares [Member] | Memorandum Of Understanding With Magna International [Member] | |||||
Accounting Policies [Line Items] | |||||
Temporary equity shares issued during the period new issues | 1,755,966 | ||||
Proceeds from redeemable convertible preferred stock | $ 0 | ||||
Series C One Redeemable Convertible Preferred Shares [Member] | In Case Not Registered As A Public Company [Member] | Performance Based Milestone [Member] | Performance Based Agreement With Magna [Member] | |||||
Accounting Policies [Line Items] | |||||
Class of warrants or rights or rights excercisable into shares issuable in the future | 4,939,922 |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract Liabilities, Current | ||
Deferred Revenue, Current | $ 996 | $ 291 |
Customer Advance Payment | 665 | 172 |
Total | 1,661 | 463 |
Contract Liabilities, Long-Term | ||
Deferred Revenue, Long-Term | 3,473 | 3,473 |
Total Contract Liabilities | $ 5,134 | $ 3,936 |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Changes in Warranty Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Balance at beginning of the year | $ 61 | |
Warranty Provision | 198 | $ 118 |
Warranty Claims Settled | (232) | (57) |
Balance at end of the year | $ 27 | $ 61 |
Significant Accounting Polici_8
Significant Accounting Policies - Summary of Changes in Warranty Provision (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Product Warranty Liability [Line Items] | ||
Standard product warranty provision | $ 27 | $ 61 |
Maximum [Member] | ||
Product Warranty Liability [Line Items] | ||
Standard product warranty provision | $ 1 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory, Net [Abstract] | ||
Raw materials | $ 1,657 | $ 919 |
Finished goods including machinery | 507 | 422 |
Total | $ 2,164 | $ 1,341 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Inventory, Net [Abstract] | |
Inventory write-offs | $ 2,088 |
Prepaid Expenses And Other Cu_3
Prepaid Expenses And Other Current Assets - Summary of Prepayment And Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Government authorities | $ 1,618 | $ 946 |
Prepaid expenses | 461 | 426 |
Short-term deposits | 118 | 337 |
Other | 1,090 | 209 |
Total | $ 3,287 | $ 1,918 |
Property And Equipment, Net - S
Property And Equipment, Net - Schedule of Property And Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cost: | ||
Property, Plant and Equipment, Gross | $ 17,762 | $ 13,829 |
Accumulated depreciation | 4,517 | 2,490 |
Total | 13,245 | 11,339 |
Computers and software [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | 3,680 | 2,527 |
Office furniture and equipment [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | 557 | 511 |
Electronic equipment [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | 8,931 | 6,467 |
Leasehold improvements [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | $ 4,594 | $ 4,324 |
Property And Equipment, Net - A
Property And Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | $ 2,661 | $ 1,674 | $ 660 |
Advances From Customers And D_3
Advances From Customers And Deferred Revenues - Schedules of Advances From Customers And Deferred Revenues (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current liabilities: | ||
Deferred revenues | $ 996 | $ 291 |
Advances from customers | 665 | 172 |
Total | 1,661 | 463 |
Long-term liabilities: | ||
Deferred revenues | 3,473 | 3,473 |
Total | $ 5,134 | $ 3,936 |
Accrued Expenses And Other Cu_3
Accrued Expenses And Other Current Liabilities - Summary of Accrued Liabilities And Other Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Current maturities of loan | $ 275 | $ 246 |
Warranty provision | 27 | 61 |
Accrued expenses | 2,536 | 3,367 |
Other | 16 | |
Total | $ 2,854 | $ 3,674 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Minimum Future Lease Payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 1,031 |
2022 | 994 |
2023 | 985 |
2024 | 992 |
2025 and thereafter | 3,890 |
Total | $ 7,892 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020ILS (₪) | |
Total rent expenses | $ 956 | $ 777 | $ 580 | |
Debt frequency of payments | 120 fixed monthly installments | |||
Financial expenses relating to loan | $ 89 | $ 94 | $ 29 | |
Israel [Member] | ||||
Debt instruments face amount | $ 2,700 | ₪ 9,700 | ||
Debt Interest rate | 3.58% | 3.58% | ||
Debt payments installments amount | $ 98,500 |
Convertible Preferred Shares -
Convertible Preferred Shares - Summary of Convertible Preferred Shares (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Temporary Equity [Line Items] | ||
Carrying Value | $ 272,815 | $ 249,081 |
Series A Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 20,418,209 | 20,418,209 |
Number of shares Issued and outstanding | 20,418,209 | 20,418,209 |
Carrying Value | $ 9,000 | |
Liquidation preference | $ 11,682 | |
Series B Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 15,906,053 | 15,906,053 |
Number of shares Issued and outstanding | 15,906,053 | 15,906,053 |
Carrying Value | $ 66,348 | $ 66,348 |
Liquidation preference | $ 89,659 | |
Series B-1 Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 3,032,940 | 3,032,940 |
Number of shares Issued and outstanding | 3,032,940 | 3,032,940 |
Carrying Value | $ 12,500 | $ 12,500 |
Liquidation preference | $ 13,693 | |
Series C Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 28,973,439 | 28,973,439 |
Number of shares Issued and outstanding | 28,216,005 | 28,216,005 |
Carrying Value | $ 161,233 | $ 161,233 |
Liquidation preference | $ 186,954 | |
Series C-1 Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 15,191,550 | 0 |
Number of shares Issued and outstanding | 2,699,114 | 0 |
Carrying Value | $ 23,734 | $ 0 |
Liquidation preference | $ 26,218 |
Convertible Preferred Shares _2
Convertible Preferred Shares - Additional Information (Detail) - USD ($) | Dec. 10, 2020 | Oct. 01, 2020 | Feb. 24, 2019 | Feb. 01, 2019 | Jul. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 01, 2019 | Jan. 01, 2019 |
Temporary Equity [Line Items] | ||||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 8,934,000 | $ 161,233,000 | $ 0 | |||||||
Series A Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ 0.4408 | |||||||||
Temporary equity rate of interest on dividend declared but unpaid | 6.00% | |||||||||
Series B Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | 4.6366 | |||||||||
Temporary equity rate of interest on dividend declared but unpaid | 6.00% | |||||||||
Series B-1 Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | 3.7093 | |||||||||
Temporary equity rate of interest on dividend declared but unpaid | 6.00% | |||||||||
Series C Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ 5.9842 | |||||||||
Temporary equity redemption period | 6 years | |||||||||
Temporary equity shares issued durng the period new issues | 28,216,005 | |||||||||
Temporary equity issuance costs | $ 4,730,000 | |||||||||
Series C Convertible Preferred Shares [Member] | Inital Series C Redeemable Preferred Shares Financing Round [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 102,850,000 | |||||||||
Temporary equity shares issued durng the period new issues | 17,186,944 | |||||||||
Temporary equity issuance costs | $ 5,984.2 | |||||||||
Series C Convertible Preferred Shares [Member] | Muliple Deferred Closings [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ 5.9842 | |||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 66,000,000 | |||||||||
Temporary equity shares issued durng the period new issues | 11,029,055 | |||||||||
Temporary equity issuance costs | $ 2,887,000 | |||||||||
Series C Convertible Preferred Shares [Member] | Minimum [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Sale of stock minimum issue price as a percentage of issue price of redeemable convertible preferred stock | 200.00% | |||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 100,000,000 | |||||||||
Series C-1 Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ 9.573 | $ 9.573 | ||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 8,934,000 | |||||||||
Temporary equity rate of interest on dividend declared but unpaid | 6.00% | |||||||||
Temporary equity redemption period | 6 years | |||||||||
Temporary equity shares issued durng the period new issues | 943,148 | 2,699,114 | ||||||||
Temporary equity issuance costs | $ 95,000 | |||||||||
Temporary equity price per share of issue predetermined | $ 6.583 | |||||||||
Premoney evaluation | $ 1,300,000,000 | |||||||||
Temporary equity predetermined issue price as a percentage of original issue price | 70.00% | |||||||||
Series C-1 Convertible Preferred Shares [Member] | Magna [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 0 | |||||||||
Temporary equity shares issued durng the period new issues | 1,755,966 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Composition of Share Capital (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity Note [Abstract] | ||
Number of Shares Authorized | 179,872,754 | 107,265,966 |
Number of Shares Issued and outstanding | 16,948,226 | 15,855,287 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 17, 2021 | Jan. 18, 2016USD ($)$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares |
Stock issued during period, value, issued for services | $ | $ 17,559,663 | |||
Common stock, no par value | $ / shares | $ 0 | $ 0 | $ 0 | |
Reverse stock split ratio | 1.138974 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Expected term, in years | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 65.00% | ||
Risk-Free interest rate,minimum | 0.46% | 1.77% | 2.68% |
Risk-Free interest rate,maximum | 1.74% | 2.65% | 3.13% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility,minimum | 65.00% | 70.00% | |
Expected volatility,maximum | 70.00% | 75.00% |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 3,196 | $ 2,171 | $ 1,377 |
Research and Development [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based Payment Arrangement, Expense | 2,649 | 1,695 | 1,002 |
Selling and Marketing [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based Payment Arrangement, Expense | 338 | 374 | 285 |
General and Administrative [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 209 | $ 102 | $ 90 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Share-Based Compensation Arrangements by Share-based Payment Award (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 |
Share-based Payment Arrangement [Abstract] | ||
Number of options Outstanding | 7,834,282 | 7,834,282 |
Number of options Granted | 2,581,589 | |
Number of options Exercised | (1,092,938) | |
Number of options Forfeited | (833,425) | |
Number of options Expired | (18,750) | |
Number of options Outstanding at End | 8,470,758 | |
Number of options Exercisable | 4,161,444 | |
Weighted- average exercise price,Outstanding | $ 0.48 | $ 0.48 |
Weighted- average exercise price Granted | 1.14 | |
Weighted- average exercise price Exercised | 0.26 | |
Weighted- average exercise price Forfeited | 0.68 | |
Weighted- average exercise price Expired | 0.79 | |
Weighted- average exercise price Outstanding at End | 0.68 | |
Weighted- average exercise price Exercisable | $ 0.44 | |
Weighted- average remaining contractual term Outstanding | 8 years 3 months 3 days | 7 years 11 months 1 day |
Weighted- average remaining contractual term Outstanding at End | 8 years 3 months 3 days | 7 years 11 months 1 day |
Weighted- average remaining contractual term Exercisable | 7 years 25 days | |
Aggregate intrinsic value, Outstanding | $ 18,153 | $ 18,153 |
Aggregate intrinsic value, Exercised | 6,734 | |
Aggregate intrinsic value, Outstanding at End | 48,594 | |
Aggregate intrinsic value Exercisable | $ 24,873 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - Two Thousand And Sixteen Share Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement number of shares authorized for issuance | 12,513,999 | 12,513,999 | |
Common stock shares reserved for future issuance | 2,066,574 | 3,795,989 | |
Share based compensation by share based payment arrangement contractual term | 10 years | 10 years | |
Share based compensation by share based payment arrangement service based vesting term | 4 years | 4 years | |
Share based compensation by share based payment arrangement options unrecognized compensation | $ 9,220 | $ 5,660 | $ 5,110 |
Share based compensation by share based payment arrangement weighted average period of recognition | 2 years 11 months 1 day | 2 years 9 months 14 days | 3 years 18 days |
Share based compensation by share based payment arrangement weighted average grant date fair value per share | $ 3.01 | $ 1.58 |
Taxes on Income - Summary of Co
Taxes on Income - Summary of Components of the Company's Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 37,636 | $ 20,453 |
Research and development costs carryforward | 15,997 | 13,835 |
Accrued Expenses | 446 | 198 |
Share-based compensation | 23 | 23 |
Other | 27 | 11 |
Gross deferred tax assets | 54,129 | 34,520 |
Valuation allowance | (54,117) | (34,520) |
Deferred tax liabilities: | ||
Property and equipment | (12) | (11) |
Net deferred tax | $ 0 | $ 0 |
Taxes on Income - Summary of Lo
Taxes on Income - Summary of Loss Before Taxes on Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
Domestic | $ (81,462) | $ (67,316) | $ (56,376) |
Foreign | 134 | 15 | 76 |
Loss before taxes on income | $ (81,328) | $ (67,301) | $ (56,300) |
Taxes on Income - Summary of In
Taxes on Income - Summary of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Domestic | $ 128 | $ 15 | |
Foreign | 55 | $ 10 | 17 |
Total | $ 183 | $ 10 | $ 32 |
Taxes on Income - Summary of Re
Taxes on Income - Summary of Reconciliation of Effective Income Tax Rate (Detail) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Israel tax provision at statutory rate | 23.00% | 23.00% | 23.00% | 21.00% |
Non-deductible share-based compensation | (0.61%) | (0.63%) | (0.60%) | |
Effect of other permanent differences | (3.92%) | (0.06%) | (0.08%) | |
Change in valuation allowance | (18.95%) | (22.32%) | (21.94%) | |
Other adjustments | 0.25% | 8212.00% | 0.44% | |
Effective tax rate | (0.23%) | (0.01%) | (0.06%) |
Taxes on Income - Additional In
Taxes on Income - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 23.00% | 23.00% | 23.00% | 21.00% |
Foreign Income Tax Rate Differential | 37.50% | |||
Tax Deduction Percent | 13.125% | |||
Operating Loss Carryforwards | $ 161,000 | |||
Unrecognized Tax Benefits | $ 0 | $ 0 | ||
Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Tax Year 2016 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year under Income Tax Examination | 2016 | |||
Tax Year 2018 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year under Income Tax Examination | 2018 | |||
Israel Tax Authority [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 23.00% |
Basic and Diluted Net Loss Pe_3
Basic and Diluted Net Loss Per Share - Summary of Computation of the Net Loss Per Share (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net loss | $ (81,511) | $ (67,301) | $ (56,400) |
Preferred share accrued cumulative dividend rights | (17,473) | (13,664) | (5,795) |
Total loss attributable to ordinary shares | $ (98,984) | $ (80,965) | $ (62,195) |
Denominator: | |||
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share | 16,514,910 | 15,524,845 | 15,039,814 |
Basic and Diluted Net Loss Pe_4
Basic and Diluted Net Loss Per Share - Additional Information (Detail) - Options For Purchase Of Ordinary Shares [Member] - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 8,470,758 | 7,834,282 | 6,998,647 |
Series A Convertible Preferred Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 20,418,209 | 20,418,209 | 20,418,209 |
Series B Convertible Preferred Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 15,906,053 | 15,906,053 | 15,906,053 |
Series B-1 Convertible Preferred Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 3,032,940 | 3,032,940 | 3,032,940 |
Series C Convertible Preferred Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 28,216,005 | 28,216,005 | |
Series C-1 Convertible Preferred Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 2,699,114 |
Geographic and Customer Infor_3
Geographic and Customer Information - Summary of Reportable Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (9,364) | $ 1,575 | $ 62 |
Europe Middle East and Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,803 | 1,105 | 51 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,078 | 182 | 11 |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (14,245) | $ 288 | $ 0 |
Geographic and Customer Infor_4
Geographic and Customer Information - Summary of Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 3,635 | $ 983 | $ 51 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Increase decrease in revenues from contract with customer | $ 14,800 |
Geographic and Customer Infor_5
Geographic and Customer Information - Summary of long-Lived Assets Based on Location (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of longlived assets based on location [Line Items] | ||
Property and equipment, net | $ 13,245 | $ 11,339 |
Israel [Member] | ||
Schedule of longlived assets based on location [Line Items] | ||
Property and equipment, net | 13,053 | 11,216 |
United States [Member] | ||
Schedule of longlived assets based on location [Line Items] | ||
Property and equipment, net | 74 | 114 |
Germany [Member] | ||
Schedule of longlived assets based on location [Line Items] | ||
Property and equipment, net | 34 | 5 |
Belarus [Member] | ||
Schedule of longlived assets based on location [Line Items] | ||
Property and equipment, net | $ 84 | $ 4 |
Geographic and Customer Infor_6
Geographic and Customer Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Number of customers | three | one | two |
Customer One [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 51.00% | 64.00% | 18.00% |
Customer Two [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 22.00% | 82.00% | |
Customer Three [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 10.00% |
Related Party Balances And Tr_3
Related Party Balances And Transactions - Schedule of Related Party Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Related Party Balance [Abstract] | ||
Trade Receivable | $ 1,146 | $ 1,043 |
Long term deferred revenues | $ 3,500 | $ 3,500 |
Related Party Balances And Tr_4
Related Party Balances And Transactions - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |||
Revenues (net revenues) | $ (12,014) | $ 1,002 | $ 51 |
Related Party Balances And Tr_5
Related Party Balances And Transactions - Additional Information (Detail) - Shareholder [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Revenue from related party | $ (12,014) | $ 1,002 | $ 51 |
Revenue to be recognized in the future non current related party | 3,500 | 3,500 | 1,300 |
Trade Accounts Receivable [Member] | |||
Related Party Transaction [Line Items] | |||
Trade receivables from related party current | $ 1,146 | $ 1,043 | $ 35 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Apr. 05, 2021USD ($)$ / sharesshares | Feb. 17, 2021USD ($)$ / sharesshares | Oct. 01, 2020USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares |
Subsequent Event [Line Items] | |||||||
Reverse stock split ratio | 1.138974 | ||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ | $ 8,934,000 | $ 161,233,000 | $ 0 | ||||
Series A Convertible Preferred Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Temporary equity shares outstanding | 20,418,209 | 20,418,209 | |||||
Series B Convertible Preferred Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Temporary equity shares outstanding | 15,906,053 | 15,906,053 | 15,906,053 | 15,906,053 | |||
Series B-1 Convertible Preferred Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Temporary equity shares outstanding | 3,032,940 | 3,032,940 | 3,032,940 | 3,032,940 | |||
Series C Convertible Preferred Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Temporary equity shares issued durng the period new issues | 28,216,005 | ||||||
Temporary equity shares outstanding | 28,216,005 | 28,216,005 | |||||
Series C-1 Convertible Preferred Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Temporary equity shares issued durng the period new issues | 943,148 | 2,699,114 | |||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ | $ 8,934,000 | ||||||
Temporary equity shares outstanding | 2,699,114 | 0 | |||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Reverse stock split ratio | 1.138974 | ||||||
Share price | $ / shares | $ 10 | ||||||
Conversion of temporary equity into permanent equity shares | 70,618,999 | ||||||
Common stock share exchange ratio | 1 | ||||||
Class of warrants or rights forfeited during the period shares | 187,500 | ||||||
Conversion of temporary equity into permanent equity exchange ratio | 1 | ||||||
Redemption of aggregate consummation of business combination | 891,046 | ||||||
Subsequent Event [Member] | Perception [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of warrants or issued during the period shares | 3,027,747 | ||||||
Subsequent Event [Member] | Perception [Member] | Upon Achievement Of Earnout Milestone [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock shares subscribed but not issued | 2,175,000 | ||||||
Subsequent Event [Member] | Antara [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of warrants or issued during the period shares | 3,784,753 | ||||||
Stock shares issued during the period shares | 3,002,674 | ||||||
Subsequent Event [Member] | Antara [Member] | Upon Achievement Of Earnout Milestone [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock shares subscribed but not issued | 312,297 | ||||||
Subsequent Event [Member] | Companies Management [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of warrants or rights issued but not subscribed | 3,500,000 | ||||||
Common stock shares subscribed but not issued | 2,500,000 | ||||||
Subsequent Event [Member] | Certain Members Of The Management [Member] | Upon Achievement Of Earnout Milestone [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock shares subscribed but not issued | 1,250,000 | ||||||
Subsequent Event [Member] | Accredited Investors [Member] | Subscription Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from issuance of common stock | $ | $ 230,000,000 | ||||||
Sale of stock issue price per share | $ / shares | $ 10 | ||||||
Subsequent Event [Member] | Sponsor [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of warrants or rights issued upon conversion of convertible notes | 100,000 | ||||||
Subsequent Event [Member] | Series A Convertible Preferred Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Temporary equity shares outstanding | 20,418,209 | ||||||
Subsequent Event [Member] | Series B Convertible Preferred Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Temporary equity shares outstanding | 15,906,053 | ||||||
Subsequent Event [Member] | Series B-1 Convertible Preferred Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Temporary equity shares outstanding | 3,032,940 | ||||||
Subsequent Event [Member] | Series C Convertible Preferred Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Temporary equity shares outstanding | 28,216,005 | ||||||
Subsequent Event [Member] | Series C-1 Convertible Preferred Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Temporary equity shares issued durng the period new issues | 375,107 | ||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ | $ 0 | ||||||
Temporary equity shares outstanding | 3,045,792 | ||||||
Subsequent Event [Member] | Common Class B [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Share forfeited during the period shares | 1,875,000 |