Delaware
|
005-91087
|
98-1482650
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
2269 Chestnut Street, #523
San Francisco, California
|
94123
|
|
(Address of principal executive offices)
|
(Zip Code)
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
|
☐ |
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
|
☐ |
Pre-commencement communications
pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
|
Title of each class
|
Trading
symbol
|
Name of each exchange
on which registered
|
||
Class A Common Stock, $0.0001 par value
|
HIMS
|
The New York Stock Exchange
|
Item 8.01
|
Other Events
|
Item 9.01
|
Financial Statements and Exhibits
|
Exhibit No.
|
|
Description
|
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|
|
23.1
|
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|
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99.1
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|
|
|
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104
|
|
Cover Page Interactive Data file (embedded within the Inline XBRL document).
|
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HIMS & HERS HEALTH, INC.
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||
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|
|||
DATE: February 4, 2022
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By:
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/s/ Andrew Dudum
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Andrew Dudum
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Chief Executive Officer
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Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
The Board of Directors
Hims & Hers Health, Inc.
We consent to the incorporation by reference in the registration statement (No. 333-254825) on Form S-8 of our report dated March 22, 2021, except for the effects of the reverse recapitalization described in Note 1 to the consolidated financial statements, as to which the date is February 4, 2022, with respect to the consolidated financial statements of Hims Inc. and subsidiaries.
/s/ KPMG LLP
San Francisco, California
February 4, 2022
Report of Independent Registered Public Accounting Firm
|
1 | |||
Consolidated Financial Statements
|
||||
Consolidated Balance Sheets as of December 31, 2020 and 2019
|
2 | |||
Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2020 and 2019
|
3 | |||
Consolidated Statements of Mezzanine Equity and Stockholders’ Deficit for the Years Ended December 31, 2020 and 2019
|
4 | |||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020 and 2019
|
5 | |||
Notes to Consolidated Financial Statements
|
6 |
December 31,
|
||||||||
2020
|
2019
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 27,344 | $ | 22,647 | ||||
Short-term investments
|
72,864 | 37,721 | ||||||
Inventory
|
3,543 | 4,217 | ||||||
Prepaid expenses and other current assets
|
5,404 | 5,022 | ||||||
Deferred transaction costs
|
3,929 | — | ||||||
|
|
|
|
|
|
|
|
|
Total current assets
|
113,084 | 69,607 | ||||||
Restricted cash, noncurrent
|
1,006 | 150 | ||||||
Other long-term assets
|
4,607 | 2,313 | ||||||
|
|
|
|
|
|
|
|
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Total assets
|
$ | 118,697 | $ | 72,070 | ||||
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|
|||||
Liabilities, mezzanine equity, and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 8,066 | $ | 7,231 | ||||
Accrued liabilities
|
4,984 | 2,026 | ||||||
Deferred revenue
|
1,272 | 753 | ||||||
Term loan, current
|
— | 1,515 | ||||||
Warrant liabilities
|
906 | 9,097 | ||||||
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|
|
|
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|
|
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|
Total current liabilities
|
15,228 | 20,622 | ||||||
Deferred rent, noncurrent
|
381 | — | ||||||
|
|
|
|
|||||
Total liabilities
|
15,609 | 20,622 | ||||||
|
|
|
|
|
|
|
|
|
Commitments and contingencies
(Note 11)
|
||||||||
Mezzanine equity:
|
||||||||
Redeemable convertible preferred stock – par value $0.0001; 95,997,674 and 87,366,518 shares authorized and 93,328,118 and 84,514,191 shares issued and outstanding as of December 31, 2020 and 2019, respectively; liquidation preference of $268,452 and $206,138 as of December 31, 2020 and 2019, respectively
|
249,962 | 186,741 | ||||||
Redeemable Class A common stock – par value $0.0001; nil and 737,058 shares issued and outstanding as of December 31, 2020 and 2019, respectively
|
— | 4,500 | ||||||
|
|
|
|
|||||
Total mezzanine equity
|
249,962 | 191,241 | ||||||
|
|
|
|
|||||
Stockholders’ deficit:
|
||||||||
Common stock – Class A shares, par value $0.0001; 166,696,759 and 150,842,448 shares authorized and 46,025,754 and 44,647,107 shares issued and outstanding as of December 31, 2020 and 2019, respectively; Class F shares, par value $0.0001; 6,941,352 shares authorized, issued, and outstanding as of December 31, 2020 and 2019
|
5 | 5 | ||||||
Additional
paid-in
capital
|
24,424 | 13,378 | ||||||
Accumulated other comprehensive (loss) income
|
(11 | ) | 2 | |||||
Accumulated deficit
|
(171,292 | ) | (153,178 | ) | ||||
|
|
|
|
|||||
Total stockholders’ deficit
|
(146,874 | ) | (139,793 | ) | ||||
|
|
|
|
|||||
Total liabilities, mezzanine equity, and stockholders’ deficit
|
$ | 118,697 | $ | 72,070 | ||||
|
|
|
|
Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Revenue
|
$ | 148,757 | $ | 82,558 | ||||
Cost of revenue
|
39,307 | 37,953 | ||||||
Gross profit
|
109,450 | 44,605 | ||||||
Operating expenses:
|
||||||||
Marketing
|
58,989 | 63,156 | ||||||
Selling, general, and administrative
|
65,605 | 55,863 | ||||||
Total operating expenses
|
124,594 | 119,019 | ||||||
Loss from operations
|
(15,144 | ) | (74,414 | ) | ||||
Other income (expense):
|
||||||||
Interest expense
|
(10 | ) | (369 | ) | ||||
Other (expense) income, net
|
(2,833 | ) | 2,809 | |||||
Loss before provision for income taxes
|
(17,987 | ) | (71,974 | ) | ||||
Provision for income taxes
|
(127 | ) | (90 | ) | ||||
Net loss
|
(18,114 | ) | (72,064 | ) | ||||
Other comprehensive (loss) income
|
(13 | ) | 4 | |||||
Total comprehensive loss
|
$ | (18,127 | ) | $ | (72,060 | ) | ||
|
|
|
|
|||||
Net loss per share attributable to common stockholders:
|
||||||||
Basic and diluted
|
$ | (0.51 | ) | $ | (2.07 | ) | ||
|
|
|
|
|||||
Weighted average shares outstanding:
|
||||||||
Basic and diluted
|
35,353,809 | 34,758,817 | ||||||
|
|
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|
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|
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|
||||||||||
|
|
Redeemable
Convertible Preferred Stock |
|
|
Redeemable
Class A Common Stock |
|
|
Class A and Class F
Common Stock |
|
|
Additional
Paid-In
Capital
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
|
Accumulated
Deficit
|
|
|
Total
Stockholders’
Deficit
|
|
|||||||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
||||||||||||||||||||||
Balance as of December 31, 2018
|
|
|
71,095,463 |
|
|
$
|
94,151 |
|
|
|
—
|
|
|
|
—
|
|
|
|
51,152,211 |
|
|
$
|
5 |
|
|
$
|
9,754 |
|
|
$
|
(2 |
)
|
|
$
|
(81,114 |
)
|
|
$
|
(71,357 |
)
|
Issuance of redeemable convertible preferred stock, net of issuance costs, including warrants, of $10.2 million
|
|
|
13,418,728 |
|
|
|
92,590 |
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Issuance of Class A common stock warrants
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
61 |
|
|
|
—
|
|
|
|
—
|
|
|
|
61 |
|
Exercise of vested stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
175,328 |
|
|
|
—
|
|
|
|
23 |
|
|
|
—
|
|
|
|
—
|
|
|
|
23 |
|
Early exercise of unvested stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,005,116
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Vesting of early exercised stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12 |
|
|
|
—
|
|
|
|
—
|
|
|
|
12 |
|
Forfeiture of unvested shares issued for early exercised stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7,138
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,028 |
|
|
|
—
|
|
|
|
—
|
|
|
|
8,028 |
|
Reclassification associated with Class A common stock subject to redemption
|
|
|
—
|
|
|
|
—
|
|
|
|
737,058
|
|
|
|
4,500 |
|
|
|
(737,058
|
)
|
|
|
—
|
|
|
|
(4,500 |
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,500 |
)
|
Other comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4 |
|
|
|
—
|
|
|
|
4 |
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(72,064 |
)
|
|
|
(72,064 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31,
2019
|
|
|
84,514,191 |
|
|
|
186,741 |
|
|
|
737,058 |
|
|
|
4,500 |
|
|
|
51,588,459 |
|
|
|
5 |
|
|
|
13,378 |
|
|
|
2 |
|
|
|
(153,178 |
)
|
|
|
(139,793 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Series D redeemable convertible preferred stock, net of issuance costs of $0.1 million
|
|
|
7,472,062 |
|
|
|
51,900 |
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Exercise of Series C redeemable convertible preferred stock warrants
|
|
|
1,341,865 |
|
|
|
11,321 |
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Exercise of Class A common stock warrants
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
1,051,206 |
|
|
|
—
|
|
|
|
561 |
|
|
|
—
|
|
|
|
—
|
|
|
|
561 |
|
Exercise of vested stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
167,655 |
|
|
|
—
|
|
|
|
123 |
|
|
|
—
|
|
|
|
—
|
|
|
|
123 |
|
Early exercise of unvested stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
17,924 |
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Vesting of early exercised stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
31 |
|
|
|
—
|
|
|
|
—
|
|
|
|
31 |
|
Forfeiture of unvested early exercised shares
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(595,196 |
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,831 |
|
|
|
—
|
|
|
|
—
|
|
|
|
5,831 |
|
Expiration of the Class A common stock redemption right
|
|
|
—
|
|
|
|
—
|
|
|
|
(737,058 |
)
|
|
|
(4,500 |
)
|
|
|
737,058 |
|
|
|
—
|
|
|
|
4,500 |
|
|
|
—
|
|
|
|
—
|
|
|
|
4,500 |
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(13 |
)
|
|
|
—
|
|
|
|
(13 |
)
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(18,114 |
)
|
|
|
(18,114 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2020
|
|
|
93,328,118 |
|
|
$
|
249,962 |
|
|
|
—
|
|
|
|
—
|
|
|
|
52,967,106 |
|
|
$
|
5 |
|
|
$
|
24,424 |
|
|
$
|
(11 |
)
|
|
$
|
(171,292 |
)
|
|
$
|
(146,874 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Operating activities
|
||||||||
Net loss
|
$ | (18,114 | ) | $ | (72,064 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
1,057 | 260 | ||||||
Stock-based compensation
|
5,831 | 8,028 | ||||||
Change in fair value of warrant liability
|
3,101 | (951 | ) | |||||
Loss on lease termination
|
754 | — | ||||||
Amortization of debt issuance costs
|
322 | 70 | ||||||
Noncash other
|
384 | (358 | ) | |||||
Changes in operating assets and liabilities:
|
||||||||
Inventory
|
674 | (522 | ) | |||||
Prepaid expenses and other current assets
|
(645 | ) | (2,436 | ) | ||||
Other long-term assets
|
8 | (755 | ) | |||||
Accounts payable
|
826 | (6,075 | ) | |||||
Accrued liabilities
|
2,423 | (276 | ) | |||||
Deferred revenue
|
519 | 212 | ||||||
Deferred rent
|
381 | — | ||||||
|
|
|
|
|||||
Net cash used in operating activities
|
(2,479 | ) | (74,867 | ) | ||||
|
|
|
|
|||||
Investing activities
|
||||||||
Purchases of investments
|
(95,008 | ) | (42,012 | ) | ||||
Maturities of investments
|
47,990 | 4,500 | ||||||
Proceeds from sale of investments
|
11,550 | — | ||||||
Investment in website development,
internal-use
software, and intangible assets
|
(2,496 | ) | (1,479 | ) | ||||
Purchases of property, equipment, and intangible assets
|
(1,737 | ) | (308 | ) | ||||
|
|
|
|
|||||
Net cash used in investing activities
|
(39,701 | ) | (39,299 | ) | ||||
|
|
|
|
|||||
Financing activities
|
||||||||
Proceeds from issuance of redeemable convertible preferred stock
|
52,034 | 102,793 | ||||||
Payments for issuance costs of redeemable convertible preferred stock
|
(134 | ) | (227 | ) | ||||
Proceeds from exercise of Series C preferred stock warrants
|
29 | — | ||||||
Proceeds from exercise of Class A common stock warrants
|
561 | — | ||||||
Proceeds from exercise of vested and unvested stock options, net of repurchases of unvested shares
|
123 | 44 | ||||||
Borrowings of principal on term loan
|
— | 2,136 | ||||||
Repayments of principal on term loan
|
(1,515 | ) | (9,051 | ) | ||||
Payments for debt issuance costs
|
— | (377 | ) | |||||
Payments for transaction costs
|
(3,356 | ) | — | |||||
|
|
|
|
|||||
Net cash provided by financing activities
|
47,742 | 95,318 | ||||||
|
|
|
|
|||||
Foreign currency effect on cash and cash equivalents
|
(9 | ) | (5 | ) | ||||
|
|
|
|
|||||
Increase (decrease) in cash, cash equivalents, and restricted cash
|
5,553 | (18,853 | ) | |||||
Cash, cash equivalents, and restricted cash at beginning of year
|
22,797 | 41,650 | ||||||
|
|
|
|
|||||
Cash, cash equivalents, and restricted cash at end of year
|
$ | 28,350 | $ | 22,797 | ||||
|
|
|
|
|||||
Supplemental disclosures of cash flow information
|
||||||||
Cash paid for taxes
|
$ | 221 | $ | 139 | ||||
Cash paid for interest
|
|
10 |
|
361 | ||||
Noncash investing and financing activities
|
||||||||
Exercise of preferred stock warrants
|
$ | 11,292 | $ | — | ||||
Expiration of Class A common stock redemption right
|
|
4,500 |
|
— | ||||
Redeemable Class A common stock reclassification
|
|
— |
|
4,500 | ||||
Deferred transaction costs payable
|
|
573 |
|
— | ||||
Warrants issued for debt issuance costs
|
|
— |
|
133 | ||||
Vesting of early exercised stock options
|
|
31 |
|
12 |
December 31,
|
||||||||
2020
|
2019
|
|||||||
Cash and cash equivalents
|
$ | 27,344 | $ | 22,647 | ||||
Restricted cash
|
1,006 | 150 | ||||||
Total cash, cash equivalents, and restricted cash
|
$ | 28,350 | $ | 22,797 | ||||
|
|
|
|
• |
Level 1: Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
|
• |
Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
|
• |
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.
|
2021
|
$ | 1,157 | ||
2022
|
1,052 | |||
2023
|
586 | |||
2024
|
128 | |||
2025 and thereafter
|
18 | |||
Total
|
$ | 2,941 | ||
|
|
Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Online
|
$ | 140,728 | $ | 82,286 | ||||
Wholesale
|
8,029 | 272 | ||||||
|
|
|
|
|||||
Total revenue
|
$ | 148,757 | $ | 82,558 | ||||
|
|
|
|
Adjusted
Cost |
Unrealized
Gains |
Unrealized
Losses |
Fair
Value |
|||||||||||||
Corporate bonds
|
$
|
55,224
|
|
$
|
5
|
|
$
|
(2
|
)
|
$
|
55,227
|
|
||||
Government bonds
|
|
14,121
|
|
|
2
|
|
|
—
|
|
|
14,123
|
|
||||
Asset-backed bonds
|
|
3,514
|
|
|
—
|
|
|
—
|
|
|
3,514
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Total short-term investments
|
$
|
72,859
|
|
$
|
7
|
|
$
|
(2
|
)
|
$
|
72,864
|
|
||||
|
|
|
|
|
|
|
|
Adjusted
Cost |
Unrealized
Gains |
Unrealized
Losses |
Fair
Value |
|||||||||||||
Corporate bonds
|
$
|
24,386
|
|
$
|
3
|
|
|
—
|
|
$
|
24,389
|
|
||||
Government bonds
|
|
3,515
|
|
|
2
|
|
|
—
|
|
|
3,517
|
|
||||
Asset-backed bonds
|
|
9,811
|
|
|
4
|
|
|
—
|
|
|
9,815
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Total short-term investments
|
$
|
37,712
|
|
$
|
9
|
|
|
—
|
|
$
|
37,721
|
|
||||
|
|
|
|
|
|
|
|
December 31,
|
||||||||
2020
|
2019
|
|||||||
Finished goods
|
$ | 2,856 | $ | 3,936 | ||||
Raw materials
|
687 | 196 | ||||||
Work-in-process
|
— | 85 | ||||||
|
|
|
|
|||||
Total inventory
|
$ | 3,543 | $ | 4,217 | ||||
|
|
|
|
December 31,
|
||||||||
2020
|
2019
|
|||||||
Trade and other receivables, net
|
$ | 1,147 | $ | 859 | ||||
Prepaid expenses
|
2,691 | 1,946 | ||||||
Vendor deposits
|
1,395 | 1,737 | ||||||
Other current assets
|
171 | 480 | ||||||
|
|
|
|
|||||
Total prepaid expenses and other current assets
|
$ | 5,404 | $ | 5,022 | ||||
|
|
|
|
December 31,
|
||||||||
2020
|
2019
|
|||||||
Marketing expenses
|
$ | 1,122 | $ | 600 | ||||
Legal fees
|
968 | 74 | ||||||
Payroll costs
|
919 | 322 | ||||||
Tax payables
|
651 | 597 | ||||||
Warrant exercise deposit liability
|
664 | — | ||||||
Other accrued liabilities
|
660 | 433 | ||||||
|
|
|
|
|||||
Total accrued liabilities
|
$ | 4,984 | $ | 2,026 | ||||
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents:
|
||||||||||||||||
Money market funds
|
$ | 12,163 | $ | — | $ | — | $ | 12,163 | ||||||||
Government bonds
|
— | 12,693 | — | 12,693 | ||||||||||||
Short-term investments:
|
||||||||||||||||
Corporate bonds
|
— | 55,227 | — | 55,227 | ||||||||||||
Government bonds
|
— | 14,123 | — | 14,123 | ||||||||||||
Asset-backed bonds
|
— | 3,514 | — | 3,514 | ||||||||||||
Restricted cash:
|
||||||||||||||||
Money market funds
|
1,006 | — | — | 1,006 | ||||||||||||
Long-term investments:
|
||||||||||||||||
Corporate bonds
|
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets
|
$ | 13,169 | $ | 85,557 | $ | — | $ | 98,726 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities
|
||||||||||||||||
Warrant liability
|
$ | — | $ | — | $ | 906 | $ | 906 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities
|
$ | — | $ | — | $ | 906 | $ | 906 | ||||||||
|
|
|
|
|
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents:
|
||||||||||||||||
Money market funds
|
$ | 20,880 | $ | — | $ | — | $ | 20,880 | ||||||||
Government bonds
|
— | 479 | — | 479 | ||||||||||||
Short-term investments:
|
||||||||||||||||
Corporate bonds
|
— | 24,389 | — | 24,389 | ||||||||||||
Government bonds
|
— | 3,517 | — | 3,517 | ||||||||||||
Asset-backed bonds
|
— | 9,815 | — | 9,815 | ||||||||||||
Restricted cash:
|
||||||||||||||||
Money market funds
|
150 | — | — | 150 | ||||||||||||
Long-term investments:
|
||||||||||||||||
Corporate bonds
|
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets
|
$ | 21,030 | $ | 38,200 | $ | — | $ | 59,230 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities
|
||||||||||||||||
Warrant liability
|
$ | — | $ | — | $ | 9,097 | $ | 9,097 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities
|
$ | — | $ | — | $ | 9,097 | $ | 9,097 | ||||||||
|
|
|
|
|
|
|
|
Measurement Date
|
December 31,
2019 |
|||
Expected term (in years)
|
3.41 | |||
Expected volatility
|
61.00 | % | ||
Risk-free interest rate
|
1.63 | % | ||
Expected dividend yield
|
0.00 | % |
Measurement Date
|
December 31,
2020 |
|||
Expected term (in years)
|
5.91 | |||
Expected volatility
|
57.90 | % | ||
Risk-free interest rate
|
0.49 | % | ||
Expected dividend yield
|
0.00 | % | ||
Exercise price (Series D preferred stock issuance price)
|
$ | 3.15 |
December 31,
|
||||||||
2020
|
2019
|
|||||||
Beginning balance
|
$ | 9,097 | $ | — | ||||
Issuance of Series C preferred stock warrants
|
— | 10,048 | ||||||
Exercised warrants
|
(11,292 | ) | — | |||||
Change in fair value
|
3,101 | (951 | ) | |||||
|
|
|
|
|||||
Ending balance
|
$ | 906 | $ | 9,097 | ||||
|
|
|
|
Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Domestic
|
$ | (16,934 | ) | $ | (71,644 | ) | ||
Foreign
|
(1,053 | ) | (330 | ) | ||||
|
|
|
|
|||||
Loss before provision for income taxes
|
$ | (17,987 | ) | $ | (71,974 | ) | ||
|
|
|
|
Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Current:
|
||||||||
Federal
|
$ | — | $ | — | ||||
State
|
127 | 90 | ||||||
Foreign
|
— | — | ||||||
Total current provision
|
127 | 90 | ||||||
Deferred:
|
||||||||
Federal
|
— | — | ||||||
State
|
— | — | ||||||
Foreign
|
— | — | ||||||
Total deferred provision
|
— | — | ||||||
|
|
|
|
|||||
Total expense
|
$ | 127 | $ | 90 | ||||
|
|
|
|
Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Tax at statutory rate
|
$ | (3,777 | ) | $ | (15,115 | ) | ||
State taxes, net of federal benefits
|
(364 | ) | (2,690 | ) | ||||
Change in valuation allowance
|
3,948 | 16,560 | ||||||
Stock-based compensation
|
698 | 1,471 | ||||||
Warrant compensation
|
(403 | ) | — | |||||
Other, net
|
25 | (136 | ) | |||||
|
|
|
|
|||||
Total
|
$ | 127 | $ | 90 | ||||
|
|
|
|
December 31,
|
||||||||
2020
|
2019
|
|||||||
Deferred tax assets:
|
||||||||
Net operating loss carryforwards
|
$ | 44,342 | $ | 39,990 | ||||
Reserves and accruals
|
68 | 163 | ||||||
Stock-based compensation
|
732 | 283 | ||||||
Inventory
|
211 | 315 | ||||||
Other intangibles
|
52 | — | ||||||
Deferred revenue
|
33 | — | ||||||
Other deferred tax assets
|
378 | 274 | ||||||
|
|
|
|
|||||
Total gross deferred tax assets
|
45,816 | 41,025 | ||||||
Less valuation allowance
|
(44,576 | ) | (40,496 | ) | ||||
|
|
|
|
|||||
Total deferred tax assets
|
1,240 | 529 | ||||||
Deferred tax liabilities:
|
||||||||
Fixed assets
|
(1,206 | ) | (321 | ) | ||||
Other deferred tax liabilities
|
(34 | ) | (208 | ) | ||||
|
|
|
|
|||||
Total deferred tax liabilities
|
(1,240 | ) | (529 | ) | ||||
|
|
|
|
|||||
Net deferred tax assets
|
$ | — | $ | — | ||||
|
|
|
|
2021
|
$ | 1,521 | ||
2022
|
1,559 | |||
2023
|
1,598 | |||
2024
|
1,638 | |||
2025
|
1,114 | |||
|
|
|||
Total
|
$ | 7,430 | ||
|
|
Year Ended December 31
|
||||||||
2020
|
2019
|
|||||||
Expected term (in years)
|
5.94 | 5.98 | ||||||
Expected volatility
|
62.25 | % | 59.68 | % | ||||
Risk-free interest rate
|
0.45 | % | 2.23 | % | ||||
Expected dividend yield
|
0.00 | % | 0.00 | % |
Weighted
|
||||||||||||||||
Average
|
||||||||||||||||
Weighted
|
Contractual
|
|||||||||||||||
Average
|
Period
|
Aggregate
|
||||||||||||||
Shares
|
Exercise Price
|
(in Years)
|
Intrinsic Value
|
|||||||||||||
Outstanding at December 31, 2019
|
11,565 | $ | 0.91 | |||||||||||||
Granted
|
5,117 | 4.66 | ||||||||||||||
Exercised (including early exercised options vested during the period)
|
(3,705 | ) | 0.53 | |||||||||||||
Forfeited and expired
|
(992 | ) | 1.75 | |||||||||||||
Outstanding at December 31, 2020
|
11,985 | 2.57 | 8.50 | $ | 131,770 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Vested as of December 31, 2020
|
4,583 | 1.13 | 7.82 | 56,952 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Exercisable as of December 31, 2020
|
11,393 | 2.57 | 8.52 | 125,347 | ||||||||||||
|
|
|
|
|
|
|
|
Options Outstanding
|
Options Exercisable
|
|||||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||||
Average
|
Average
|
|||||||||||||||||
Remaining
|
Remaining
|
|||||||||||||||||
Exercise Price
|
Shares
|
Contractual
Life (in Years)
|
Shares
|
Contractual
Life (in Years)
|
||||||||||||||
$ | 0.06 | 921 | 6.88 | 693 | 6.89 | |||||||||||||
0.40 | 2,533 | 7.24 | 2,521 | 7.24 | ||||||||||||||
1.55 | 259 | 7.80 | 183 | 7.84 | ||||||||||||||
1.75 | 3,305 | 8.38 | 3,168 | 8.36 | ||||||||||||||
2.43 | 3,324 | 9.35 | 3,320 | 9.35 | ||||||||||||||
8.90 | 117 | 9.80 | 1 | 9.80 | ||||||||||||||
9.37 | 4 | 9.86 | — | — | ||||||||||||||
9.41 | 1,522 | 9.97 | 1,507 | 9.97 | ||||||||||||||
|
|
|
|
|||||||||||||||
11,985 | 11,393 | |||||||||||||||||
|
|
|
|
Weighted Average
|
||||||||
Shares
|
Fair Value
|
|||||||
Outstanding at December 31, 2019
|
— | — | ||||||
Granted
|
1,545 | $ | 11.24 | |||||
Vested
|
— | — | ||||||
Forfeited and expired
|
(14 | ) | 9.21 | |||||
|
|
|||||||
Outstanding at December 31, 2020
|
1,531 | 11.26 | ||||||
|
|
Weighted
|
||||||||||||||||
Weighted
|
Average
|
|||||||||||||||
Average
|
Contractual
|
Aggregate
|
||||||||||||||
Shares
|
Exercise Price
|
Term (in Years)
|
Intrinsic Value
|
|||||||||||||
Outstanding at December 31, 2019
|
1,432,954 | $ | 1.37 | |||||||||||||
Exercised
|
(589,872 | ) | 0.82 | |||||||||||||
Outstanding at December 31, 2020
|
843,082 | 1.75 | 7.01 | $ | 9,957 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Exercisable as of December 31, 2020
|
426,980 | 1.75 | 7.01 | 5,043 | ||||||||||||
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Marketing
|
$ | 1,172 | $ | 571 | ||||
Selling, general, and administrative
|
4,659 | 7,457 | ||||||
|
|
|
|
|||||
Total stock-based compensation expense
|
$ | 5,831 | $ | 8,028 | ||||
|
|
|
|
Series
|
|
Shares
Authorized |
|
|
Shares
Issued and Outstanding |
|
|
Aggregate
Liquidation Value |
|
|
Proceeds,
Net of
Issuance
Costs |
|
|
Issue
Price per Share |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Series Seed
|
4,987,477 | 4,987,477 | $ | — | $ | — | $ | — | ||||||||||||
Series A
|
23,822,492 | 23,822,492 | 6,621 | 5,106 | 0.28 | |||||||||||||||
Series
A-1
|
5,742,012 | 5,742,012 | 753 | 740 | 0.13 | |||||||||||||||
Series B
|
13,270,590 | 13,270,590 | 24,600 | 23,429 | 1.85 | |||||||||||||||
Series
B-1
|
9,807,852 | 9,807,952 | 20,000 | 14,965 | 2.04 | |||||||||||||||
Series
B-2
|
13,464,939 | 13,464,939 | 51,371 | 49,911 | 3.82 | |||||||||||||||
Series C
|
14,850,340 | 14,760,594 | 113,072 | 92,590 | 7.67 | |||||||||||||||
Series D
|
10,051,872 | 7,472,062 | 52,035 | 51,900 | 6.96 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
|
95,997,674 | 93,328,118 | $ | 268,452 | $ | 238,641 | ||||||||||||||
|
|
|
|
|
|
|
|
Series
|
|
Shares
Authorized |
|
|
Shares
Issued and Outstanding |
|
|
Aggregate
Liquidation Value |
|
|
Proceeds,
Net of
Issuance Costs
|
|
|
Issue Price
per Share |
|
|||||
Series Seed
|
4,987,477 | 4,987,477 | $ | — | $ | — | $ | — | ||||||||||||
Series A
|
23,822,492 | 23,822,492 | 6,621 | 5,106 | 0.28 | |||||||||||||||
Series
A-1
|
5,742,012 | 5,742,012 | 753 | 740 | 0.13 | |||||||||||||||
Series B
|
13,270,590 | 13,270,590 | 24,600 | 23,429 | 1.85 | |||||||||||||||
Series
B-1
|
9,807,952 | 9,807,952 | 20,000 | 14,965 | 2.04 | |||||||||||||||
Series
B-2
|
13,464,939 | 13,464,939 | 51,371 | 49,911 | 3.82 | |||||||||||||||
Series C
|
16,271,056 | 13,418,729 | 102,793 | 92,590 | 7.67 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total
|
87,366,518 | 84,514,191 | 206,138 | 186,741 | ||||||||||||||||
|
|
|
|
|
|
|
|
Shares
|
Exercise Price
|
Issued
|
Expiration
|
Fair Value
at Issuance |
||||||||||||
843,082
|
$ | 1.75 | September 23, 2019 | September 23, 2026 | $ | 1,160 |
2020
|
2019
|
|||||||||||||||
Numerator: |
Class A
|
Class F
|
Class A
|
Class F
|
||||||||||||
Net loss attributable to common stockholders
|
$ | (14,558 | ) | $ | (3,556 | ) | $ | (57,720 | ) | $ | (14,344 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Denominator:
|
||||||||||||||||
Weighted average shares outstanding, basic and diluted
|
28,412,457 | 6,941,352 | 27,817,465 | 6,941,352 | ||||||||||||
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Basic and diluted net loss per share
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$ | (0.51 | ) | $ | (0.51 | ) | $ | (2.07 | ) | $ | (2.07 | ) | ||||
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December 31,
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2020
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2019
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Common stock issued for exercise of stock options subject to nonrecourse promissory notes
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16,514,103 | 16,204,428 | ||||||
Common stock issued for early exercise of stock options
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99,548 | 456,307 | ||||||
Redeemable convertible preferred stock
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90,268,364 | 81,871,209 | ||||||
Stock options
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11,509,177 | 6,079,442 | ||||||
RSUs
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114,624 | — | ||||||
Warrants to purchase Class A common stock
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1,767,451 | 1,056,068 | ||||||
Warrants to purchase redeemable convertible preferred stock
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931,668 | 1,133,566 |