0001653909-22-000016 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 288,576	$ 126,551
Accounts receivable	10,978	1,955
Inventory	106,876	59,222
Prepaid expenses and other current assets	37,938	27,112
Total current assets	444,368	214,840
PROPERTY AND EQUIPMENT—Net	37,955	23,301
OTHER ASSETS	6,106	5,902
TOTAL ASSETS	488,429	244,043
CURRENT LIABILITIES:
Accounts payable	30,726	20,236
Accrued expenses and other current liabilities	46,243	31,491
Deferred revenue	4,187	2,925
Total current liabilities	81,156	54,652
NONCURRENT LIABILITIES:
Other long-term liabilities	10,269	5,004
Preferred stock warrant liability	0	5,845
Total noncurrent liabilities	10,269	10,849
Total liabilities	91,425	65,501
COMMITMENTS AND CONTINGENCIES (Note 15)
Convertible Preferred Stock, $0.0001 par value; zero and 75,812,755 shares authorized as of December 31, 2021 and 2020, respectively; zero and 70,990,919 shares issued and outstanding as of December 31, 2021 and 2020, respectively	0	204,049
STOCKHOLDERS’ EQUITY (DEFICIT):
Preferred Stock, $0.0001 par value; 20,000,000 and zero shares authorized as of December 31, 2021 and 2020, respectively; zero shares issued and outstanding as of December 31, 2021 and 2020, respectively	0	0
Additional paid-in capital	533,709	64,548
Accumulated other comprehensive income	666	1,956
Accumulated deficit	(137,386)	(92,016)
Total stockholders’ equity (deficit)	397,004	(25,507)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)	488,429	244,043
Class A Common Stock
STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock	5	0
Class B Common Stock
STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock	$ 10	$ 5

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized (in shares)	0	75,812,755
Convertible preferred stock, shares issued (in shares)	0	70,990,919
Convertible preferred stock, shares outstanding (in shares)	0	70,990,919
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	20,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)		$ 0.0001
Common stock, authorized (in shares)		154,379,258
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	2,000,000,000	0
Common stock, shares issued (in shares)	49,016,511	0
Common stock, shares outstanding (in shares)	49,016,511	0
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	154,379,258
Common stock, shares issued (in shares)	98,036,009	53,683,269
Common stock, shares outstanding (in shares)	98,036,009	53,683,269

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net Revenue	$ 277,472	$ 219,296	$ 193,673
Cost of Revenue	130,810	106,555	94,839
Gross Profit	146,662	112,741	98,834
OPERATING EXPENSE:
Selling, General, and Administrative Expense	122,200	86,694	63,485
Marketing Expense	57,338	55,271	44,362
TOTAL OPERATING EXPENSE	179,538	141,965	107,847
LOSS FROM OPERATIONS	(32,876)	(29,224)	(9,013)
Interest Expense	(178)	(297)	(96)
Other Expense	(11,506)	(452)	(1,743)
Loss Before Provision For Income Taxes	(44,560)	(29,973)	(10,852)
INCOME TAX (PROVISION) BENEFIT	(810)	4,113	(3,675)
NET LOSS	(45,370)	(25,860)	(14,527)
OTHER COMPREHENSIVE LOSS:
Foreign currency translation (loss) gain	(1,290)	2,245	(37)
TOTAL COMPREHENSIVE LOSS	$ (46,660)	$ (23,615)	$ (14,564)
PER SHARE DATA
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.65)	$ (0.49)	$ (0.28)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.65)	$ (0.49)	$ (0.28)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	69,308,930	53,005,424	51,469,007
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	69,308,930	53,005,424	51,469,007

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Series D	Series E	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2018					0	48,918,160
Stockholders' equity, beginning balance at Dec. 31, 2018	$ (334)	$ 755			$ 0	$ 5	$ 52,297	$ (252)	$ (52,384)	$ 755
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)						1,021,985
Exercise of stock options	588						588
Issuance of common stock (in shares)						3,750,000
Issuance of common stock	113						113
Vesting of common stock warrants	191						191
Stock-based compensation	4,133						4,133
Comprehensive income (loss)	(37)							(37)
Net loss	(14,527)								(14,527)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2019					0	53,690,145
Stockholders' equity, ending balance at Dec. 31, 2019	$ (9,118)				$ 0	$ 5	57,322	(289)	(66,156)
Temporary equity, beginning balance (in shares) at Dec. 31, 2018	60,239,135
Temporary equity, beginning balance at Dec. 31, 2018	$ 77,331
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Preferred Stock (net of issuance costs) (in shares)			1,947,880
Issuance of Preferred Stock (net of issuance costs)			$ 24,971
Temporary equity, ending balance (in shares) at Dec. 31, 2019	62,187,015
Temporary equity, ending balance at Dec. 31, 2019	$ 102,302
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)						492,604
Exercise of stock options	440						440
Repurchase of unvested common stock shares (in shares)						(499,480)
Vesting of common stock warrants	192						192
Stock-based compensation	6,594						6,594
Comprehensive income (loss)	2,245							2,245
Net loss	(25,860)								(25,860)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2020					0	53,683,269
Stockholders' equity, ending balance at Dec. 31, 2020	$ (25,507)				$ 0	$ 5	64,548	1,956	(92,016)
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Preferred Stock (net of issuance costs) (in shares)			155,209	8,648,695
Issuance of Preferred Stock (net of issuance costs)			$ 1,922	$ 99,825
Temporary equity, ending balance (in shares) at Dec. 31, 2020	70,990,919		2,103,089	8,648,695
Temporary equity, ending balance at Dec. 31, 2020	$ 204,049		$ 26,893	$ 99,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible preferred stock to Class B common stock upon IPO (in shares)						70,990,919
Conversion of convertible preferred stock to Class B common stock upon IPO	204,049					$ 7	204,042
Reclassification of preferred stock warrant liability to additional paid-in capital due to conversion to Class B common stock upon IPO (in shares)						1,104,560
Reclassification of preferred stock warrant liability to additional paid-in capital due to conversion to Class B common stock upon IPO	$ 16,469						16,469
Exercise of stock options (in shares)	3,274,745					3,274,745
Exercise of stock options	$ 5,484						5,484
Issuance of common stock (in shares)					16,850,799
Issuance of common stock	231,553				$ 2		231,551
Exercise of common stock warrants (in shares)						1,150,956
Exercise of common stock warrants	395						395
Vesting of common stock warrants	1,476						1,476
Vesting of restricted stock units (in shares)					204
Conversion of certain Class B shares into Class A common stock (in shares)					32,165,508	(32,165,508)
Conversion of certain Class B shares into Class A common stock					$ 3	$ (3)
Stock-based compensation	9,744						9,744
Comprehensive income (loss)	(1,290)							(1,290)
Net loss	(45,370)								(45,370)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2021					49,016,511	98,038,941
Stockholders' equity, ending balance at Dec. 31, 2021	$ 397,004				$ 5	$ 10	$ 533,709	$ 666	$ (137,386)
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible preferred stock to Class B common stock upon IPO (in shares)	(70,990,919)
Conversion of convertible preferred stock to Class B common stock upon IPO	$ (204,049)
Temporary equity, ending balance (in shares) at Dec. 31, 2021	0
Temporary equity, ending balance at Dec. 31, 2021	$ 0

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Series D
Underwriting discounts and commissions from IPO	$ 78	$ 129
Series E
Underwriting discounts and commissions from IPO	$ 174

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (45,370)	$ (25,860)	$ (14,527)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,653	7,088	3,378
Amortization of debt issuance costs	49	49	41
Stock-based compensation	11,245	6,784	4,246
Warrant expense	0	0	(202)
Deferred taxes	252	(39)	3,038
Change in fair value of preferred stock warrant liability	10,624	(749)	1,329
Changes in assets and liabilities:
Accounts receivable	(9,110)	(740)	(57)
Inventory	(48,476)	(13,867)	(10,827)
Prepaid expenses and other current assets	(11,505)	(11,249)	(4,746)
Accounts payable and accrued expenses	25,240	1,249	16,162
Other long-term liabilities	5,289	1,944	1,470
Deferred revenue	1,259	812	737
Net cash (used in) provided by operating activities	(50,850)	(34,578)	42
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(24,181)	(14,350)	(13,122)
Investment in equity securities	(250)	(2,000)	0
Changes in security deposits	(1,205)	69	(2,056)
Net cash used in investing activities	(25,636)	(16,281)	(15,178)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering, net of underwriting discounts and commissions	236,964	0	0
Proceeds from the issuance of preferred stock, net of issuance costs	0	101,749	24,971
Payment of debt issuance costs	0	0	(248)
Proceeds from bank loans	0	18,294	0
Principal payments on bank loans	0	(18,294)	0
Payments of deferred offering costs	(4,691)	0	0
Proceeds from the exercise of common stock warrants	395	0	0
Proceeds from the exercise of stock options	5,484	440	588
Other	0	0	393
Net cash provided by financing activities	238,152	102,189	25,704
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(341)	909	(37)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	161,325	52,239	10,531
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of year	127,251	75,012	64,481
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of year	288,576	127,251	75,012
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	118	235	55
Cash paid for taxes	438	110	179
NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchase of property and equipment included in accrued liabilities	979	138	677
Repurchase of stock options	0	640	0
Non-cash exercise of common stock warrants	39	0	0
Deferred offering costs included in accrued liabilities	$ 744	$ 0	$ 0

DESCRIPTION OF BUSINESS	12 Months Ended
DESCRIPTION OF BUSINESS	Dec. 31, 2021
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Allbirds, Inc. (“Allbirds” and, together with its wholly owned subsidiaries, the “Company,” “we,” or “our”) was incorporated in the state of Delaware on May 6, 2015. Allbirds is a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, while treading lighter on our planet. The majority of our revenue is from sales directly to consumers via our digital and retail channels. Amended and Restated Certificate of Incorporation In September 2021, we filed our Eighth Amended and Restated Certificate of Incorporation, which established a dual class common stock structure and authorized a total of 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 75,812,755 shares of convertible preferred stock. Upon the filing of the Eighth Amended and Restated Certificate of Incorporation, 127,735,199 shares of our then-outstanding common stock were reclassified into an equivalent number of shares of Class B common stock, which includes our convertible preferred stock on an as-converted basis and warrants being exercised or exchanged in connection with our initial public offering (“IPO”), described below, on an as-exercised or as-exchanged basis, as applicable. Initial Public Offering On November 2, 2021, we priced our IPO and our Class A common stock began trading on The Nasdaq Global Select Market on November 3, 2021 under the symbol “BIRD.” In connection with the closing of the IPO on November 5, 2021, 23,221,152 shares of our Class A common stock were issued and sold at a public offering price of $15.00 per share, which consisted of 16,850,799 shares we offered and 6,370,353 shares offered by certain existing stockholders. We received aggregate proceeds of $237.0 million from the IPO, net of the underwriting discounts and commissions of $15.8 million and before offering costs of $5.4 million. We did not receive any proceeds from the sale of shares of our Class A common stock by the selling stockholders. In November 2021, immediately prior to the closing of the IPO, all 70,990,919 shares of our convertible preferred stock then outstanding were converted into an equivalent number of shares of Class B common stock and we reclassified $204.0 million of convertible preferred stock to additional paid-in-capital. 1,104,560 shares of Class B common stock were automatically issued pursuant to the terms of outstanding convertible preferred stock warrants, and 714,965 shares of Class B common stock were issued upon the exercise by the holder of an outstanding Class B common stock warrant. In connection with the closing of the IPO, we also filed our Ninth Amended and Restated Certificate of Incorporation, which authorized a total of 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 20,000,000 shares of preferred stock.

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation—The consolidated financial statements have been presented in U.S. dollars and prepared in accordance with United States generally accepted accounting principles (“GAAP”).

Principles of Consolidation—The consolidated financial statements include the accounts of Allbirds, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Impacts of the Coronavirus (“COVID-19”) Pandemic

In December 2019, a novel strain of coronavirus (“COVID-19”) was reported, and during 2020 and 2021 expanded into a worldwide pandemic, leading to significant business and supply chain disruptions. The outbreak was declared a global pandemic by the World Health Organization in March 2020 and has caused governments and public health officials to impose restrictions and to recommend precautions to mitigate the spread of the virus.

In March 2020, we temporarily closed our retail stores. The stores began reopening in accordance with local government and public health authority guidelines, during the second quarter of 2020 for most locations. Most retail stores have remained open, while certain locations have temporarily closed based on government and health authority guidance in those markets. No retail stores have been permanently closed. Throughout the rest of 2020 and continuing in 2021, our distribution centers and retail stores operated with restrictive and precautionary measures in place such as reduced operating hours, physical distancing, enhanced cleaning and sanitation, and limited occupancy levels.

In response to the COVID‐19 pandemic, various government programs have been announced which provide financial relief for affected businesses. The most significant relief measures which we qualified for are the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in the United States. During fiscal 2020 we recognized payroll subsidies totaling $0.2 million under the wage subsidy programs and similar plans in other jurisdictions. These subsidies were recorded as a reduction in the associated wage costs which we incurred, and were recognized in selling, general, and administrative expense. In addition, in April 2020, we received notification of approval, through JPMorgan Chase Bank, N.A., from the U.S. Small Business Administration (“SBA”) to fund our request for a loan under the SBA’s Paycheck Protection Program (“PPP Loan”) created as part of the CARES Act. We received proceeds of $4.3 million from the PPP Loan in April 2020 and repaid the amount in full in May 2020.

Given the uncertainty regarding the length, severity, and ability to combat the COVID-19 pandemic, we cannot reasonably estimate the future impact on our results of operations, cash flows, or financial condition. These estimates may change as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known. We have been and will continue to actively monitor the impact of COVID-19 on the Company.

Cash and Cash Equivalents—We consider all highly liquid investments with an original maturity date of three months or less as cash equivalents. As of December 31, 2021 and 2020, cash and cash equivalents consist of cash deposited with banks. We place our cash and cash equivalents with several high credit quality financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. We have not experienced any losses in such accounts and periodically evaluate the credit worthiness of the financial institutions. Our foreign bank accounts are not subject to FDIC insurance.

During the fourth quarter of 2021, we made an accounting policy change to present customer accounts receivable, that are not credit card receivables, within the accounts receivable line on the consolidated balance sheet to align with management’s reporting. These types of receivables were historically immaterial and are included in prepaid and other current assets within the consolidated financial statements and accompanying footnotes for periods presented prior to 2021.

Inventory—Inventory consists of finished goods, stated at the lower of cost or net realizable value. We value our inventory using the weighted-average cost method and include product costs from our suppliers, freight, import duties and other landing costs.

We periodically review inventory and make provisions as necessary to appropriately value slow-moving, damaged, and excess inventory. To determine if the value of inventory requires a write-down, we estimate the market value of inventory by considering current and anticipated demand, customer preferences and buying trends, and the age of the merchandise. As of December 31, 2021 and 2020, we recorded an inventory provision of $1.7 million and $1.2 million, respectively.

Actual shrinkage is recorded throughout the year based on the results of physical inventory counts. We recorded write-downs of $0.4 million, $2.3 million, and $1.9 million in cost of revenue in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2021, 2020, and 2019, respectively.

Property and Equipment—Property and equipment are stated at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, which are generally three to five years. Leasehold improvements are amortized over the shorter of estimated useful lives of the assets or the term of the associated property lease. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposal, the

cost and related accumulated depreciation are removed from the accounts, and the resulting gain or loss is reflected in the consolidated statements of operations and comprehensive loss as other expense.

Useful lives by major asset classes are below:


			Estimate Useful Lives
Computers and equipment			3 years
Furniture and fixtures			3 years
Machinery and equipment			5 years
Internal-use software			3 years
Leasehold improvements			5 years

Capitalized Internal-Use Software—Costs of software developed for internal-use is accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 350-40, Internal-Use Software. Capitalization of costs begins when the preliminary project stage is completed, management authorizes and commits to funding the computer software project, it is probable that the project will be completed, and the software will be used to perform the function intended. Such costs are capitalized in the period incurred. Capitalization ceases at the point when the project is substantially complete and ready for its intended use. The capitalized costs are amortized using the straight-line method over the estimated useful lives of the software, which is generally three years. For the years ended December 31, 2021, 2020, and 2019, we capitalized $5.4 million, $5.7 million, and $1.4 million, respectively, in internal-use software recorded in property and equipment in the consolidated balance sheets.

Long-Lived Assets—We evaluate the recoverability of property and equipment and other long-lived assets, including identifiable intangible assets with definite lives, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparing the carrying amount of an asset or an asset group to the estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds these estimated future cash flows, an impairment charge is recognized as the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group, based on discounted cash flows. Assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell. There were no impairment losses recorded for the years ended December 31, 2021, 2020, and 2019.

As a result of the COVID‐19 pandemic, temporary closures of all stores and associated reduction in operating income during fiscal 2020 was considered to be a qualitative indicator of impairment and we performed an assessment of recoverability by asset group for long-lived assets. While we periodically closed stores based on local conditions during 2021, as of December 31, 2021, all stores had reopened and no triggering events related to the pandemic were identified. No impairment charges as a result of COVID-19 were recorded in the years ended December 31, 2021 or 2020.

Deferred Offering Costs—Deferred offering costs, which consist of direct incremental legal, accounting and other third-party fees relating to the IPO, were capitalized until our IPO. Upon closing our IPO in November 2021, all $5.4 million of deferred offering costs were reclassified from prepaid expenses and other current assets and recorded against the IPO proceeds reducing additional paid-in capital. As of December 31, 2021 and 2020, $0.0 million of deferred offering costs were recorded in prepaid expenses and other current assets on the consolidated balance sheets.

Segments—Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by our chief operating decision maker (“CODM”), in deciding how to allocate resources to an individual segment and in assessing performance. Our CODMs are the co-Chief Executive Officers. We operate in one operating segment and one reportable segment, as the CODMs review financial information presented on an aggregate basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Revenue Recognition—We adopted FASB ASC 606, Revenue from Contracts with Customers, effective January 1, 2019 using the modified retrospective method. ASC 606 supersedes the revenue recognition requirements in FASB ASC 605, Revenue Recognition. Results for the years ended December 31, 2021, 2020, and 2019 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with ASC 605. Upon adoption of ASC 606, we recorded a cumulative-effect adjustment to reduce beginning accumulated deficit by $0.8 million

as of January 1, 2019, due to the change in the timing of the recognition of deferred revenue. The impact of applying ASC 606 was not material to our consolidated financial statements for the year ended December 31, 2019.

We recognize revenue through the following steps: (1) identification of the contract, or contracts, with the customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation.

Revenue transactions associated with the sale of our inventory comprise a single performance obligation which consists of the sale of products to customers through our channels. Payment is due at the time of purchase, without significant financing components. The consideration received from customers is not variable. We recognize revenue when we satisfy our performance obligations by transferring control of the promised goods to the customer. This occurs at the time products are shipped to customers for orders placed online, and at the point of sale for retail sales in the store. This transfer of control represents a single deliverable and revenue is recognized at a point in time. We account for shipping and handling fees charged to customers as revenue and we account for shipping and handling costs as fulfillment costs. We recognize the revenue and cost associated with shipping and handling at the time the products are shipped to the customer. Discounts provided to customers are accounted for as a reduction of revenue. Revenues are presented net of any taxes collected from customers and remitted to governmental authorities.

We have two types of contract liabilities: (i) cash collections of purchases via our digital channel, which are included in deferred revenue and are recognized as revenue upon shipment; and (ii) unredeemed gift cards and merchandise credits, which are included in deferred revenue and recognized as revenue upon redemption.

Gift cards sold to customers do not carry an expiration date and are recorded as deferred revenue until they are redeemed, at which point revenue is recognized. From historical experience, a majority of gift cards are redeemed within a 12-month period from the card issuance date.

For the years ended December 31, 2021, 2020, and 2019, we recognized $2.9 million, $2.1 million, and $1.4 million respectively, of revenue that was deferred as of December 31, 2020, 2019, and 2018. As of December 31, 2021 and 2020, we had $0.7 million and $0.7 million, respectively, in cash collections of purchases via our digital channel which had not yet shipped, and $3.5 million and $2.2 million, respectively, in gift card liabilities included in deferred revenue in the consolidated balance sheets. The deferred revenue balance of $4.2 million at December 31, 2021 is expected to be recognized over the next 12 months.

We record a reserve for estimated product returns, based upon historical return trends, in each reporting period against revenue, with an offsetting increase to accrued expenses. We recorded a sales refund reserve of $5.5 million and $5.2 million as of December 31, 2021 and 2020, respectively. We have also recorded a related inventory returns receivable, with an offsetting decrease to cost of revenue, for product returns of $1.4 million and $1.4 million as of December 31, 2021 and 2020, respectively. The inventory returns receivable is included in prepaid expenses and other current assets as of December 31, 2021 and 2020 in the consolidated balance sheets.

We recognized the following net revenue by geographic area based on the primary shipping address of the customer where the sale was made in our digital channel, and based on the physical store location where the sale was at a retail store. The following table disaggregates our net revenue by geographic area, where no individual foreign country contributed in excess of 10% of net revenue for the years ended December 31, 2021, 2020, and 2019:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Net revenue by primary geographical market:
United States	$	209,786	$	166,960	$	166,579
International	67,686		52,336		27,094
	$	277,472	$	219,296	$	193,673

Cost of Revenue—Cost of revenue primarily consists of the cost of purchased inventory, inbound and outbound shipping costs, import duties, and distribution center and related equipment costs. Shipping costs to receive products from

our suppliers are included in the cost of inventory and recognized as cost of revenue upon sale of products to our customers.

Selling, General, and Administrative Expense—Selling, general, and administrative expense consists of personnel and related expenses, as well as third-party consulting and contractor expenses. It also includes rent expense and associated utilities, depreciation and amortization expense, software costs, third-party professional fees, payment processing fees. and other general expenses.

Marketing Expense—Marketing expense consists of advertising costs and is expensed as incurred.

Stock-Based Compensation—Stock-based compensation expense related to stock awards, including stock options and restricted stock units (“RSUs”), and stock purchase rights granted under the 2021 Employee Stock Purchase Plan (“ESPP Rights”), is recognized based on the estimated fair value of the awards on the date of the grant. The fair value of each stock option award and ESPP Right is valued on the grant date using the Black-Scholes option pricing model. The fair value of each RSU is based on the estimated fair value of our common stock on the date of grant. Stock-based compensation is generally recognized on a straight-line basis over the requisite service period. Forfeitures are accounted for in the period in which they occur.

The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the expected term of the option, the expected volatility of the price of our common stock, risk-free interest rates and the expected dividend yield of our common stock. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment.

We adopted FASB Accounting Standards Update (“ASU”) 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, on January 1, 2019, and the accounting for stock-based awards granted to non-employees were accounted for in accordance with FASB ASC 718, Compensation—Stock Compensation (“ASC 718”) on a prospective basis. The ASU expanded the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. Accordingly, we have applied ASC 718 to non-employee awards, except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period).

Income Taxes—We record deferred tax assets and liabilities based on differences between the book and tax bases of assets and liabilities. The deferred tax assets and liabilities are calculated by applying enacted tax rates and laws to taxable years in which such differences are expected to reverse. We determine whether a valuation allowance is necessary in accordance with the provisions of the FASB ASC 740, Income Taxes. We recognize the benefits from our deferred tax assets only when an analysis of both positive and negative factors indicate that it is more likely than not that the benefits will be realized.

Our estimate of the potential outcome of any uncertain tax position is subject to our assessment of relevant risks, facts, and circumstances existing at that time. Obtaining new information, settlements with tax authorities and the expiration of statutes of limitations may cause adjustments in income tax expense in the period this occurs.

Comprehensive Loss—Comprehensive loss represents net loss for the period, plus the results of certain other changes in stockholder’s equity (deficit). For the years ended December 31, 2021, 2020, and 2019, we recorded other comprehensive loss of $1.3 million, other comprehensive income of $2.2 million, and other comprehensive loss of $0.0 million, respectively, as a result of foreign currency translation adjustments, particularly changes in the British pound, Chinese yuan, Japanese yen, and euro.

Foreign Currency Translation and Transactions—Adjustments resulting from translating foreign functional currency financial statements of our global subsidiaries into U.S. dollars are included in the foreign currency translation adjustment in accumulated other comprehensive loss. The remeasurement of our global subsidiaries’ assets and liabilities, which are denominated in a foreign currency, are recorded in other expense, within the consolidated statements of operations and comprehensive loss.

Cash, Cash Equivalents, and Restricted Cash—The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our consolidated balance sheets that sum to the total of the same such amounts shown in our consolidated statements of cash flows:


(in thousands)	December 31, 2021		December 31, 2020
Cash and cash equivalents	$	288,576	$	126,551
Restricted cash included in prepaid expenses and other current assets	—		700
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	288,576	$	127,251

Restricted cash as of December 31, 2020 served as collateral for corporate card program obligations of the Company and consisted of bank deposits. As of December 31, 2021, we had no restricted cash.

Fair Value Measurements—FASB ASC 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value under GAAP, and enhances disclosures about fair value measurements. It clarifies that 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 liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Observable inputs, such as quoted prices in active markets

Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly

Level 3—Unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions.

This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Refer to Note 8, Fair Value Measurements for disclosure details.

Fair Value of Common Stock and Convertible Preferred Stock—Prior to our IPO and the absence of a public trading market of our common stock, and in accordance with the American Institute of Certified Public Accountants Accounting and Valuation Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation, our board of directors exercised reasonable judgment and considered numerous and subjective factors to determine the best estimate of fair value of our common stock, including:

•independent third-party valuations of our common stock;

•the prices at which we sold our common and convertible preferred stock to outside investors in arms-length transactions;

•the rights, preferences, and privileges of our convertible preferred stock relative to those of our common stock;

•our results of operations, financial position, and capital resources;

•industry outlook;

•the lack of marketability of our common stock;

•the fact that the option grants involve illiquid securities in a private company;

•the likelihood of achieving a liquidity event, such as an initial public offering or a sale of our company, given prevailing market conditions;

•the history and nature of our business, industry trends, and competitive environment; and

•general economic outlook including economic growth, inflation and unemployment, interest rate environment, and global economic trends.

In valuing our common stock, our board of directors determined the equity value of our business using various valuation methods, including the sale of preferred stock to unrelated third parties and combinations of income and market approaches, with input from management. The income approach estimates value based on the expectation of future cash flows that a company will generate. These future cash flows are discounted to their present values using a discount rate derived from an analysis of the cost of capital of comparable publicly traded companies in our industry or similar business operations as of each valuation date and is adjusted to reflect the risks inherent in our cash flows. For each valuation, the equity value determined by the income and market approaches was allocated to the common stock using either the option pricing method, (“OPM”), or a hybrid method. The hybrid method is a hybrid of the probability weighted expected return method (“PWERM”) and the OPM.

The OPM is based on a Black-Scholes option pricing model, which allows for the identification of a range of possible future outcomes, each with an associated probability. The OPM is appropriate to use when the range of possible future outcomes is difficult to predict and thus creates highly speculative forecasts. PWERM involves a forward-looking analysis of the possible future outcomes of the enterprise. This method is particularly useful when discrete future outcomes can be predicted at a relatively high confidence level with a probability distribution. Discrete future outcomes considered under the PWERM include an initial public offering, as well as other market-based outcomes. Determining the fair value of the enterprise using the PWERM required us to develop assumptions and estimates for both the probability of an initial public offering liquidity event and stay private outcomes, as well as the expected values those outcomes could yield. Our valuations prior to March 2021 were based on the OPM, and valuations from March 2021 through our IPO in November 2021 were based on a hybrid method of the PWERM and the OPM.

In addition, we also considered any secondary transactions involving our capital stock. In our evaluation of those transactions, we considered the facts and circumstances of each transaction to determine the extent to which they represented a fair value exchange. Factors considered include transaction volume, timing, whether the transactions occurred among willing and unrelated parties, and whether the transactions involved investors with access to our financial information.

Recent Accounting Pronouncements—As an “emerging growth company,” the Jumpstart Our Business Startups Act, or the JOBS Act, allows us to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. For certain pronouncements, we have elected to use the adoption dates applicable to private companies. As a result, our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.

Recently Adopted Accounting Pronouncements

In August 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, (“ASU 2018-13”). This update removed the following disclosure requirements: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; and (3) the valuation processes for Level 3 fair value measurements. Additionally, this update added the following disclosure requirements: (1) the changes in unrealized gains and losses for the period included in other comprehensive income and loss for recurring Level 3 fair value measurements held at the end of the reporting period; (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 was effective for fiscal years beginning after December 15, 2019 with early adoption permitted. We adopted this update as of January 1, 2020, and noted no effect on the financial statements and related disclosures.

In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). In discussing the topic of cloud computing accounting, ASU 2018-15 aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 can be applied on a retrospective or prospective basis and is effective for financial statements issued for fiscal

years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. On January 1, 2021, we adopted ASU 2018-15 prospectively and cloud computing implementation costs incurred on or after January 1, 2021 are included in other assets in the consolidated balance sheet and are presented within operating cash flows. As of December 31, 2021, capitalized implementation costs for cloud computing arrangements were not material. The adoption did not have a material impact to the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires recognition of lease assets and lease liabilities in the balance sheet by the lessees for lease contracts with a lease term of more than 12 months. ASU 2016-02 can be applied on a modified retrospective basis, in which entities can present all prior periods under previous lease accounting guidance while recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption. In June 2020, the FASB issued ASU No. 2020-05, Effective Dates for Certain Entities, which deferred the effective date for nonpublic entities, including emerging growth companies, that had not yet adopted the original ASU. Under the amended guidance, the leasing standard will be effective for the Company’s fiscal year beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. We are currently evaluating the effect of adoption of these standards on our consolidated financial statements and related disclosures, but expect to record a material right-of-use asset and liability on the consolidated balance sheet related to our operating leases upon adoption on January 1, 2022. We do not anticipate the adoption of this guidance to have a material impact on our consolidated statements of operations and comprehensive loss. We will take advantage of the transition package of practical expedients permitted within the new standard, which among other things, allows us to carryforward the historical lease classification and not reassess whether any expired or existing contracts are or contain leases. We will continue to finalize the implementation of new processes and the assessment of the impact of this adoption on our consolidated financial statements.

In December 2020, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. For emerging growth companies that have elected the extended transition period for adopting new or revised accounting standards, ASU 2019-12 is effective for the Company’s fiscal year beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. We are currently evaluating the impact of adoption of this standard on our consolidated financial statements and disclosures.

INVENTORY

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Finished goods	$	108,585	$	60,447
Reserve to reduce inventories to net realizable value	(1,709)		(1,225)
	$	106,876	$	59,222

PROPERTY AND EQUIPMENT - NET

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT - NET

Property and equipment consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Leasehold improvements	$	27,137	$	18,568
Furniture and fixtures	15,276		6,209
Internal-use software	14,453		9,031
Machinery and equipment	780		676
Computers and equipment	1,236		618
	58,882		35,102
Less: accumulated depreciation and amortization	(20,927)		(11,801)
	$	37,955	$	23,301

Depreciation and amortization expense for the years ended December 31, 2021, 2020, and 2019 was $9.8 million, $6.7 million, and $3.4 million, respectively, recognized in selling, general, and administrative expense in the consolidated statements of operations and comprehensive loss. There were $0.2 million, $0.0 million, and $0.0 million assets disposed of in the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021 and 2020, unamortized capitalized internal-use software costs were $10.6 million and $6.7 million, respectively.

Geographic Information

The following table summarizes our long-lived assets by geographic area, which consist of property and equipment, net. No individual foreign country represented in excess of 10% of total long-lived assets balance as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Long-lived assets:
United States	$	33,384	$	19,091
International	4,571		4,210
	$	37,955	$	23,301

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Prepaid expenses	$	7,865	$	4,118
Inventory returns receivable	1,351		1,376
Security deposits	1,106		551
Tax receivable	22,594		17,951
Other receivables	5,022		2,416
Restricted cash	—		700
	$	37,938	$	27,112

OTHER ASSETS

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Other assets consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Investment in equity securities	$	2,250	$	2,000
Security deposits	3,025		2,457
Intangible assets	622		935
Debt issuance costs	107		156
Deferred tax assets	102		354
	$	6,106	$	5,902

Investments in equity securities

On November 20, 2020, we entered into an agreement to make a minority equity investment of $2.0 million in Natural Fiber Welding, Inc. in exchange for 201,207 shares of Series A-3 Preferred Stock. Our investment is carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Throughout the year, we assess whether impairment indicators exist to trigger the performance of an impairment analysis. There were no impairment charges or observable price changes for the years ended December 31, 2021 and 2020.

On November 22, 2021, we made a $0.3 million investment in NoHo ESG, Inc. via a simple agreement for future equity (“SAFE”). The SAFE provides that we will automatically receive shares of the entity based on the conversion rate of future equity rounds up to a valuation cap. If there is a liquidity event, such as a change in control or initial public offering, we will have the option of receiving a cash payment equal to the purchase amount or receiving a number of shares of common stock based on the purchase amount divided by the liquidity price, assuming we fail to select the cash option. Our investment is carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Throughout the year, we assess whether impairment indicators exist to trigger the performance of an impairment analysis. There were no impairment charges or observable price changes for the year ended December 31, 2021.

Definite-lived intangible assets

Intangible assets include intellectual property purchased from West Harbor Technologies, LLC for $1.3 million, including transaction costs of $0.1 million, in January 2020. The intangible asset has an estimated useful life of 3 years and the depreciation and amortization charge of $0.4 million and $0.4 million was recognized in selling, general, and administrative expense in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2021, and 2020, respectively.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Sales-refund reserve	$	5,452	$	5,249
Taxes payable	17,930		11,998
Employee-related liabilities	5,021		3,581
Accrued expenses	17,840		10,663
	$	46,243	$	31,491

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

We record cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses at cost. The carrying values of these instruments approximate their fair value due to their short‐term maturities. Refer to Note 2, Significant Accounting Policies, for additional detail regarding our fair value measurement methodology.

The following table presents information about our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and indicates the level in the fair value hierarchy in which we classify the fair value measurement. As of December 31, 2021, we had no financial assets and liabilities measured at fair value.


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liability	$	—	$	—	$	5,845	$	5,845
	$	—	$	—	$	5,845	$	5,845

Warrant Liability - the fair value of our preferred stock warrant liability was based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the convertible preferred stock warrant liability, we used the probability weighted average values from (i) a Black-Scholes calculation and (ii) an option pricing model. We measure and report our preferred stock warrant liability at the estimated fair value on a recurring basis. As discussed further in Note 11, Warrants, the preferred stock warrant liability was estimated using assumptions related to the remaining contractual term of the warrants, the risk-free interest rate and volatility of comparable public companies over the remaining term, and the fair value of underlying shares. The significant unobservable inputs used in the fair value measurement of the preferred stock warrant liability were the fair value of the underlying stock at the valuation date and the estimated term of the warrants. The value from the Black-Scholes calculation reflects the value in an initial public offering scenario with the contractual term of the warrants, which was weighted by management’s estimated probability of a potential initial public offering at the applicable valuation date. The value from the option pricing model reflects the value in an alternative exit scenario at which point the warrants were expected to be exercised. Generally, increases or decreases in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement.

In November 2021, immediately prior to the completion of the IPO and pursuant to the terms of the convertible preferred stock warrants, there was an automatic exchange of the outstanding convertible preferred stock warrants for shares of Class B common stock on an one-to-one basis. As a result, the final remeasurement date of the preferred stock warrant liability was on November 3, 2021, and the preferred stock warrant liability was reclassified to additional paid-in capital.

The following table presents a summary of the changes in fair value of our Level 3 liabilities for the years ended December 31, 2021, 2020, and 2019:


(in thousands)	Warrants
Balance at December 31, 2019	$	6,594
Decrease in fair value included in other expense	(749)
Balance at December 31, 2020	$	5,845
Increase in fair value included in other expense as of the November 3, 2021 valuation date	10,624
Settlement of liability upon IPO and reclassification to additional paid-in capital	(16,469)
Balance at December 31, 2021	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LONG-TERM DEBT	12 Months Ended
LONG-TERM DEBT	Dec. 31, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBTLong-Term Debt—On February 20, 2019, we entered into a credit agreement with JPMorgan Chase Bank, N.A (the “Credit Agreement”). The Credit Agreement is an asset-based loan with a revolving line of credit of up to $40.0 million and an optional accordion, which, if exercised, would allow the Company to increase the aggregate commitment by up to $35.0 million, subject to obtaining additional lender commitments and satisfying certain conditions. Pursuant to the terms of the revolving credit facility, we may reduce the total amount available for borrowing under such facility, subject to certain conditions. The Credit Agreement has a maturity date of February 20, 2024. Borrowings under our revolving credit facility use the London Interbank Offered Rate (“LIBOR”), as a reference rate. Interest on borrowings under the revolving credit facility accrues at a variable rate equal to (i) the one-month LIBOR (adjusted LIBOR Rate for a one month interest period on a given day) plus 2.50%, plus (ii) a specified spread of 1.25% or 1.5% dependent on the average quarterly loan balance, calculated on the last day of each fiscal quarter being less than $32.0 million or greater than or equal to $32.0 million, respectively. The commitment fee under the Credit Agreement is 0.20% per annum on the average daily unused portion of each lender’s commitment. In addition, we are required to pay a fronting fee of 0.125% per annum on the average daily aggregate face amount of issued and outstanding letters of credit. Interest, commitment fees and fronting fees are payable monthly, in arrears. In July 2017, the United Kingdom’s Financial Conduct Authority (the “FCA”) announced its intention to stop compelling banks to submit LIBOR rates after 2021. In March 2021, the FCA further announced that LIBOR will cease to be provided and will no longer be representative (i) immediately after December 31, 2021 for all sterling, euro, Swiss franc and Japanese yen settings, and the one-week and two-month U.S. dollar settings and (ii) immediately after June 30, 2023 for the remaining U.S. dollar settings. This may result in alternate reference rates or new methods of calculating LIBOR to be established. If LIBOR ceases to exist, an amendment to the revolving credit facility will be required to reflect an alternative rate of interest that gives consideration to the then prevailing market convention for determining a rate of interest for similar syndicated loans in the United States. While the potential impacts of these actions cannot be fully predicted and may result in additional exposure to interest rate risk, our borrowings under the revolving credit facility use the one-month LIBOR as a reference rate, which would not be affected until after June 30, 2023. The Credit Agreement includes customary conditions to borrowing, events of default, affirmative and negative financial covenants, reporting requirements and other non-financial covenants, including covenants that restrict our ability to pay dividends. The Credit Agreement also has certain stated events of default provisions which would permit the lenders to accelerate the repayment of debt outstanding if not cured within the applicable grace periods. The events of default generally include breaches of contract, failure to make required loan payments, insolvency, cessation of business, notice of lien or assessment, and other proceedings, whether voluntary or involuntary, that would require the repayment of amounts borrowed. We were in compliance with all covenants as of December 31, 2021 and 2020. As of December 31, 2021 and 2020, debt issuance costs of $0.1 million and $0.2 million, respectively, are included in other assets in the consolidated balance sheets. During 2020, we drew down $14.0 million from the line of credit and fully repaid the principal and associated interest and fees during the year. As of December 31, 2021 and 2020, there were no amounts outstanding under the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

STOCKHOLDERS’ EQUITY (DEFICIT)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

STOCKHOLDERS’ EQUITY (DEFICIT)

As of December 31, 2021, we were authorized to issue 2,220,000,000 shares of capital stock, comprised of 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 20,000,000 shares of preferred stock. As of December 31, 2020, we were authorized to issue 230,192,013 shares of capital stock, comprised of 154,379,258 shares of common stock and 75,812,755 shares of convertible preferred stock. All classes of our stock as of December 31, 2021 and 2020 have a par value of $0.0001.

In September 2021, prior to the completion of the IPO, we filed our Eighth Amended and Restated Certificate of Incorporation and implemented a dual class common stock structure where all existing shares of common stock were reclassified into Class B common stock on a one-to-one basis. We also authorized a new class of common stock, the Class A common stock. Authorized capital stock was 2,275,812,755 shares, of which 2,000,000,000 shares was Class A common stock, 200,000,000 shares was Class B common stock, and 75,812,755 shares was preferred stock. The common stock and the preferred stock each had a par value of $0.0001 per share.

In November 2021, in connection with the completion of the IPO, we filed our Ninth Amended and Restated Certificate of Incorporation, which authorized a total of 2,000,000,000 shares of Class A common stock, 200,000,000 shares of Class B common stock, and 20,000,000 shares of preferred stock. The common stock and the preferred stock each have a par value of $0.0001 per share.

Preferred stock

In November 2021, immediately prior to the completion of the IPO, all 70,990,919 shares of convertible preferred stock converted into an equivalent number of shares of Class B common stock and the Company reclassified $204.0 million of convertible preferred stock to additional paid-in-capital. As of December 31, 2021, there were no shares of convertible preferred stock issued and outstanding.

At December 31, 2020, convertible preferred stock consisted of the following:


	December 31, 2020
(in thousands, except share amounts)	Shares Authorized	Shares Issued and Outstanding	Aggregate Liquidation Preference		Carrying Value, net of issuance cost
Series Seed	24,405,575	23,301,015	$	2,330	$	2,173
Series A	26,212,040	26,212,040	7,339		7,375
Series B	6,167,015	6,167,015	18,501		18,287
Series C	4,559,065	4,559,065	50,013		49,496
Series D	5,820,360	2,103,089	27,109		26,893
Series E	8,648,700	8,648,695	99,979		99,825
	75,812,755	70,990,919	$	205,271	$	204,049

The Series Seed Preferred Stock, Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock (together, the “Preferred Stock”) had the following rights, preferences, privileges, and restrictions prior to their conversion into Class B common stock:

Voting—Each holder of Preferred Stock was entitled to 10 votes per share of Class B common stock into which the shares of Preferred Stock held by such holder could be converted as of the record date. The holders of shares of the Preferred Stock were entitled to vote on all matters on which the common stock shall be entitled to vote. Holders of Preferred Stock were entitled to notice of any stockholders’ meeting in accordance with our bylaws. Fractional votes were not, however, permitted and any fractional voting rights would be disregarded. The holders of Preferred Stock had the right to elect separate directors to our board of directors. The holders of Preferred Stock had protective rights to vote separately to approve significant changes to our operating agreement and major transactions.

Dividends—Dividends on shares of Preferred Stock would have been 8% per annum, when and if declared by our board of directors. The dividends were noncumulative. No distribution would have been made with respect to the common stock until all declared but unpaid dividends on the Preferred Stock have been paid or set aside for payment to the holders of the Preferred Stock. After the payment or setting aside for payment of the dividends and additional dividends (other than dividends on common stock payable solely on common stock) set aside or paid in any fiscal year would have been set aside or paid among the holders of the Preferred Stock and common stock then outstanding in proportion to the greatest whole number of shares of common stock, which would be held by each holder if all shared of Preferred Stock were converted at the then-effective conversion rate.

Liquidation—In the event of certain deemed liquidation events where dissolution of the Company did not occur, the holders of the Preferred Stock could have voluntarily required us to redeem their shares at the liquidation preference using the remaining assets after the deemed liquidation event. The liquidation preference meant $11.56 per share of Series E Preferred Stock, $12.89 per share of Series D Preferred Stock, $10.97 per share of Series C Preferred Stock, $3.00 per share of Series B Preferred Stock, $0.28 per share of Series A Preferred Stock, and $0.10 per share of Series Seed Preferred Stock, subject to adjustment as outlined below. In a liquidation event where dissolution occurred, the holders of the Preferred Stock would have been paid any amounts out of our remaining assets before holders of the common stock were paid. Any distributions that are below the liquidation preference amounts would have been paid pro rata to holders of the Preferred Stock. Each share of Preferred Stock would automatically have been converted into fully paid, nonassessable shares of common stock at the then-effective conversion rate for such share (i) upon the closing of an underwritten initial public offering pursuant to an effective registration statement filed under the Securities Act, covering the offer and sale of our common stock, on the New York Stock Exchange or Nasdaq, resulting in at least $50.0 million of gross proceeds (a “Qualified IPO”), (ii) upon the settlement of the initial trade of shares of common stock on the New York Stock Exchange

or Nasdaq by means of an effective registration statement under the Securities Act that registered shares of existing Common Stock of the Corporation for resale (a “Direct Listing”), or (iii) upon our receipt of a written request for such conversion from a majority of the holders of Preferred Stock, or, if later, the effective date for conversion specified in such request.

Conversion—Each share of Preferred Stock was convertible, at the option of the holder thereof, at any time after the date of issuance of such share at the office of the Company or any transfer agent for the Preferred Stock, into that number of fully paid, nonassessable shares of common stock determined by multiplying such share by the Conversion Rate for such series. The conversion rate of a series of Preferred Stock meant a number equal to the then-applicable original issue rate for such series divided by the then-applicable conversion rate for such series. The original issue price and conversion rate at the date of the issuance meant $11.56 per share of Series E Preferred Stock $12.89 per share of Series D Preferred Stock, $10.97 per share of Series C Preferred Stock, $3.00 per share for Series B Preferred Stock, $0.28 per share for Series A Preferred Stock, and $0.10 for the Series Seed Preferred Stock. Each share of Preferred Stock would automatically have been converted into fully paid, nonassessable shares of common stock at the then-effective conversion rate for such share (i) upon the closing of a Qualified IPO, (ii) upon a Direct Listing, or (iii) upon our receipt of a written request for such conversion from a majority of the holders of Preferred Stock, or, if later, the effective date for conversion specified in such request.

Redemption—The Preferred Stock was not redeemable.

Protective Provisions—In the event we issued additional shares of common stock after the Preferred Stock original issue date without consideration or for a consideration per share less than the conversion rate in effect immediately prior to such issuance, then and in each such event the conversion rate would have been reduced to a price equal to such conversion rate multiplied by the following fraction: the numerator of which was equal to the number of shares of common stock outstanding or deemed to be outstanding immediately prior to such issuance plus the number of shares of common stock, which the aggregate consideration we received for the total number of additional shares of common stock so issued would have purchased at the conversion rate in effect immediately prior to such issuance; and the denominator of which was equal to the number of shares of common stock outstanding or deemed to be outstanding immediately prior to such issuance plus the number of additional shares of common stock actually issued.

In November 2021, immediately prior to the completion of the IPO, all 70,990,919 shares of convertible preferred stock converted into an equivalent number of shares of Class B common stock.

Common Stock

As of December 31, 2020, the Company had one class of common stock at a par value of $0.0001. The voting, dividend, and liquidation rights of the holders of common stock were subject to and qualified by the rights, powers, and preferences of the holders of the convertible Preferred Stock.

Voting—The holders of common stock were entitled to one vote for each share of common stock. There was no cumulative voting. Except as expressly provided within the certificate of incorporation, the common stock shall vote with all other classes on all matters.

As of December 31, 2021, the Company had two classes of common stock: Class A common stock and Class B common stock. Each class had a par value of $0.0001.

Voting—Holders of Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, and holders of Class B common stock are entitled to 10 votes per share on all matters to be voted upon by the stockholders. The holders of our Class A common stock and Class B common stock generally vote together as a single class on all matters submitted to a vote of our stockholders, unless otherwise required by Delaware law or our amended and restated certificate of incorporation. Delaware law could require either holders of our Class A common stock or Class B common stock to vote separately as a single class in the following circumstances: (i) if we were to seek to amend our amended and restated certificate of incorporation to increase or decrease the number of authorized shares of a class of our capital stock, then that class would be required to vote separately to approve the proposed amendment; (ii) if we were to seek to amend our amended and restated certificate of incorporation to increase or decrease the par value of a class of our capital stock, then that class would be required to vote separately to approve the proposed amendment; and (iii) if we were to seek to amend our amended and restated certificate of incorporation in a manner that alters or changes the powers,

preferences or special rights of a class of our capital stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment. As a result, in these limited instances, the holders of a majority of the Class A common stock could defeat an amendment to our amended and restated certificate of incorporation. Our amended and restated certificate of incorporation does not provide for cumulative voting for the election of directors.

Dividends—Holders of Class A common stock and Class B common stock are entitled to ratably receive dividends if, as and when declared from time to time by our board of directors at its own discretion out of funds legally available for that purpose, after payment of dividends required to be paid on outstanding preferred stock, if any. Under Delaware law, we can only pay dividends either out of “surplus” or out of the current or the immediately preceding year’s net profits. Surplus is defined as the excess, if any, at any given time, of the total assets of a corporation over its total liabilities and statutory capital. The value of a corporation’s assets can be measured in a number of ways and may not necessarily equal their book value.

Right to Receive Liquidation Distributions—Upon our dissolution, liquidation, or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our Class A common stock and Class B common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

Conversion—Each share of our Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock. Each share of our Class B common stock will convert automatically into one share of our Class A common stock upon any transfer, whether or not for value, except for (i) certain permitted transfers to entities, to the extent the transferor retains sole dispositive power and exclusive voting control with respect to the shares of Class B common stock, and (ii) certain other permitted transfers described in our amended and restated certificate of incorporation. In addition, if held by a natural person (including a natural person serving in a sole trustee capacity), each share of our Class B common stock will convert automatically into one share of our Class A common stock upon the death or incapacity of such natural person as described in our amended and restated certificate of incorporation. All outstanding shares of our Class B common stock will convert automatically into an equivalent number of shares of our Class A common stock upon the final conversion date, defined as the later of (a) the last trading day of the fiscal quarter immediately following the tenth anniversary of November 5, 2021 and (b) the date fixed by our board of directors that is no less than 61 days and no more than 180 days following the date on which the outstanding shares of Class B common stock first represent less than 10% of the aggregate number of the then outstanding shares of Class A common stock and Class B common stock (except if the final conversion date determined according to (a) or (b) would otherwise occur on or after the record date of any meeting of stockholders and before or at the time the vote at such meeting is taken, then the final conversion date shall instead be the last trading day of the fiscal quarter during which such vote was taken).

Other Matters—The Class A common stock and Class B common stock have no preemptive rights pursuant to the terms of our amended and restated certificate of incorporation and our amended and restated bylaws. There are no redemption or sinking fund provisions applicable to the Class A common stock and Class B common stock. All outstanding shares of our Class A common stock are fully paid and non-assessable.

Shares of common stock reserved for future issuance as of December 31, 2021 and 2020 consist of the following:


	December 31, 2021	December 31, 2020
Shares reserved for convertible preferred stock outstanding	—	70,990,919
2015 Equity Incentive Plan:
Options issued and outstanding	16,181,331	15,611,571
Shares available for future option grants	—	4,455,401
2021 Equity Incentive Plan:
Options issued and outstanding	189,342	—
Shares available for future option grants	14,306,487	—
RSUs outstanding	160,227	—
2021 Employee Stock Purchase Plan:
Shares available for future grants	2,932,232	—
Total shares of common stock reserved for future issuance	33,769,619	91,057,891

Upon the completion of the IPO on November 5, 2021, our board of directors may, without further action by our stockholders, fix the rights, preferences, privileges, and restrictions of up to an aggregate of 20,000,000 shares of preferred stock in one or more series and authorize their issuance. The voting, dividend, and liquidation rights of the holders of common stock are subject to and qualified by the rights, powers, and preferences of the holders of preferred stock. As of December 31, 2021, there were 20,000,000 shares of preferred stock authorized and no shares of preferred stock issued or outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

WARRANTS

12 Months Ended

Dec. 31, 2021

Warrants and Rights Note Disclosure [Abstract]

WARRANTS

Preferred Stock Warrants—In connection with a 2015 agreement with Venture Lending and Leasing VII and Venture Lending and Leasing VIII (the “VLL Agreement”), we issued warrants to purchase 1,104,560 shares of our Preferred Stock at an exercise price of $0.10 that expire on September 30, 2026 with an initial fair value of $0.8 million. The preferred stock warrants contain a down round and anti-dilution adjustment provision on the exercise price. The Company will recognize on a prospective basis the value of the effect of the down round feature in the warrant when it is triggered (i.e., when the exercise price is adjusted downward). This value is measured as the difference between (1) the financial instrument’s fair value (without the down round feature) using the pre-trigger exercise price and (2) the financial instrument’s fair value (with the down round feature) using the reduced exercise price. The value of the effect of the down round feature will be reflected in the change in fair value of the warrant liability. The preferred stock warrants may be exercised in whole or in part at any time and include a cashless exercise option which allows the holder to receive fewer shares of stock in exchange for the warrants rather than paying cash to exercise. The preferred stock warrants can be exercised for either Series Seed Preferred Stock or Series A Preferred Stock. All of the preferred stock warrants were outstanding at December 31, 2020. In November 2021, immediately prior to the completion of the IPO and per the terms of the preferred stock warrant agreement, the convertible preferred stock warrants then outstanding were automatically exchanged for 1,104,560 shares of Class B common stock on a one-to-one basis and the Company reclassified the preferred stock warrant liability to additional paid-in capital upon the conversion. As of December 31, 2021, no preferred stock warrants were outstanding.

The preferred stock warrants were classified as a liability and initially recorded at fair value upon entering the VLL Agreement. It was subsequently remeasured to fair value at each reporting date and the changes in the fair value of the warrant liability are recognized in other expense in the consolidated statements of operations and comprehensive loss. As the preferred stock warrants were exchanged for Class B common stock on November 3, 2021, the final remeasurement date of the liability was on November 3, 2021.

We determined the fair value of the preferred stock warrants as of November 3, 2021 and December 31, 2020 by using the most recent valuations performed and interpolating the value on a straight-line basis through November 3, 2021 and December 31, 2020.

The value of our Preferred Stock warrants were estimated using the probability weighted-average values from (i) a Black-Scholes calculation and (ii) an option pricing model. The following assumptions were used to estimate the fair value of the preferred stock warrants as of November 3, 2021 and December 31, 2020:


	November 3, 2021			December 31, 2020
Expected term (in years)	4.91			5.75
Fair value of underlying shares	$	15.00		$	5.38
Risk-free interest rate	1.17		%	0.47		%
Volatility	63.0		%	65.1		%
Expected dividend yield	—		%	—		%

For the years ended December 31, 2021 and 2020, 1,104,560 and zero preferred stock warrants were automatically exchanged for Class B common stock, respectively. As of December 31, 2021 and 2020, outstanding preferred stock warrants were zero and 1,104,560, respectively.

Common Stock Warrants—Through 2019, we issued warrants to purchase common stock to various third parties. We determined the fair value of these warrants using the Black-Scholes option pricing model.

Following is a summary of the terms of the warrants and warrant activity as well as warrants outstanding at December 31, 2021:


Date of issuance	October 2015/ March 2016		October 1, 2016		July 2018 - Allotment 1		July 2018 - Allotment 2
Number of warrants	2,103,930		157,580		122,735		184,100
Exercise Price	$	0.10	$	0.07	$	1.28	$	1.28
Status	Vested		Vested		Vested		Partially vested
Expiration	October 2024		October 2026		July 2028		July 2028


Date of issuance	October 2015/ March 2016		October 2016		July 2018
Outstanding at December 31, 2019	717,225		157,580		306,835
Exercised 2020	—		—		—
Outstanding at December 31, 2020	717,225		157,580		306,835
Exercised 2021	717,225		157,580		276,151
Outstanding at December 31, 2021	—		—		30,684

Fair value at December 31, 2021 (in thousands)	$	—	$	—	$	15

2018 Common Stock Warrants—In July 2018, we issued 122,735 warrants to purchase common stock to a third party with an exercise price of $1.28 per share. Fifty percent of the warrants vested immediately upon issuance and the remainder of the warrants vest ratably over 24 months. An additional 184,100 warrants to purchase common stock were also issued in July 2018 to the same third-party with an exercise price of $1.28 per share, and vest ratably over 36 months beginning when services are first rendered, beginning in 2020. The warrants were issued as part of the West Investments V, LLC agreement in exchange for various marketing services.

For the years ended December 31, 2021, 2020, and 2019, we recorded approximately $1.5 million, $0.2 million, and $0.2 million, respectively, related to the vesting of warrants, which was recorded in prepaid expenses and other current assets and additional paid-in capital until the related services are rendered at which point it is recognized in selling, general, and administrative expense and marketing expense. Additionally, related to the West Investments V, LLC agreement, we made a $1 million cash prepayment in the years ended December 31, 2020 and 2019 that was recorded to prepaid expenses and other current assets. There was no cash prepayment made in 2021. Based on services rendered to date for the years ended December 31, 2021, 2020, and 2019, we recognized $0.5 million, $1.5 million, and $0.8 million, respectively, of

marketing expense. As of December 31, 2021 and 2020, we had $0.0 million and $1.4 million, respectively, remaining in prepaid expenses and other current assets. During the first six months of 2021, 245,468 warrants were exercised. The resulting common stock shares, along with 25,000 shares of preferred stock, were sold to an existing investor for $3.5 million, which settled the shortfall in accordance with the agreement, as the purchase amount was in excess of the anticipated shortfall amount of $2.0 million.

For the years ended December 31, 2021 and 2020, 1,150,956 and zero common stock warrants were exercised, respectively. As of December 31, 2021 and 2020, common stock warrants to purchase up to 30,684 and 1,181,640 shares of our capital stock were outstanding, respectively.

STOCK TRANSACTIONS	12 Months Ended
STOCK TRANSACTIONS	Dec. 31, 2021
Equity [Abstract]
STOCK TRANSACTIONS	STOCK TRANSACTIONS On September 5, 2018, we received a promissory note from an employee in consideration for the early exercise of 825,000 shares of common stock options. In June 2020, the employee resigned from the company and the promissory note was amended and restated to reflect the loan amount related to the vested shares, and the cancellation of indebtedness and our repurchase of the employee’s unvested shares. The promissory note is secured by the underlying shares of common stock and bears interest at the lesser of 2.86% per annum or the maximum rate permissible by law (which under the laws of the State of California shall be deemed to be the laws relating to permissible rates of interest on commercial loans). On November 19, 2018, we received a promissory note from an employee in consideration for the early exercise of 220,000 shares of common stock options. The promissory note is secured by the underlying shares of common stock and bears interest at 2.86% per annum. Since the notes are limited recourse notes, the note receivables are not reflected in our consolidated balance sheets as of December 31, 2021 and 2020.

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2015 Equity Incentive Plan

In 2015, we adopted the 2015 Equity Incentive Plan (the “2015 Plan”) that authorized the granting of options for shares of common stock. Our 2015 Plan provided for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, RSUs, and other stock awards. The 2015 Plan was terminated in connection with the adoption of the 2021 Equity Incentive Plan (the “2021 Plan”) in November 2021 in connection with the IPO, and we will not grant any additional awards under the 2015 Plan. However, the 2015 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder.

2021 Equity Incentive Plan

In September 2021, our board of directors adopted, and our stockholders approved, the 2021 Plan, which became effective in connection with the IPO in November 2021. The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, performance awards, and other forms of equity compensation. Initially, the maximum number of shares of our Class A common stock that may be issued under the 2021 Plan will not exceed 32,349,192 shares. In addition, the number of shares of our Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through (and including) January 1, 2031, in an amount equal to 4% of the total number of share of our common stock (both Class A and Class B) outstanding on December 31 of the immediately preceding year, except that, before the date of any such increase, our board of directors may determine that the increase for such year will be the lesser number of shares. The maximum number of shares of our Class A common stock that may be issued on the exercise of incentive stock options under the 2021 Plan will be 100,000,000 shares.

2021 Employee Stock Purchase Plan

In September 2021, our board of directors adopted, and our stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in connection with the IPO in November 2021. The 2021 ESPP authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. A total of 2,932,232 shares of the Company’s Class A common stock have been reserved for future issuance under the 2021 ESPP.

The number of shares of our Class A common stock reserved for issuance will automatically increase on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through (and including) January 1, 2031, by the lesser of (1) 1% of the total number of shares of our common stock (both Class A and Class B) outstanding on December 31 of the immediately preceding year and (2) 2,850,000 shares, except that, before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth in clauses (1) and (2). The price at which Class A common stock is purchased under the 2021 ESPP is equal to 85% of the fair market value of a share of the Company’s Class A common stock on the first day of the offering period or the date of purchase, whichever is lower. Offering periods are six months long and begin on November 3 and May 3 of each year. The initial offering period began on November 3, 2021 and will end on May 2, 2022. The second offering period will begin on May 3, 2022 and will end on November 2, 2022.

A summary of the status of the 2015 Plan and the 2021 Plan as of December 31, 2021 and 2020, and changes during the years then ended is presented below:


	Options Outstanding
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2020	15,611,571	$	2.75	7.74	$	26,879
Granted	5,037,018	7.18
Exercised	(3,274,745)	1.67			33,991
Forfeited	(898,899)	4.30
Cancelled	(104,272)	4.06
Outstanding at December 31, 2021	16,370,673	$	4.23	7.70	$	177,593
Vested and exercisable at December 31, 2021	7,607,376	2.35		6.61	97,271
Amount expected to vest at December 31, 2021	8,763,297	$	5.87	8.69	$	80,322

As of December 31, 2021, we had authorized the granting of equity awards underlying 14,495,829 shares of our Class A common stock under the 2021 Plan and 14,306,487 shares remained available for issuance under the 2021 Plan. As of December 31, 2020, we had authorized the granting of options for 26,918,466 shares of our common stock under the 2015 Plan and 4,455,401 shares remained available for issuance under the 2015 Plan. Options outstanding at December 31, 2020 have been adjusted from 15,612,071 shares, as previously reported, to 15,611,571 shares to correct a prior period error that was concluded to be immaterial to previously issued financial statements.

Stock-based compensation expense, included in selling, general, and administrative expense in the consolidated statements of operations and comprehensive loss, for the years ended December 31, 2021, 2020, and 2019, was comprised of the following:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Employee and non-employee stock options	$	9,409	$	6,594	$	4,133
Restricted stock awards relating to founder shares	—		—		113
ESPP	128		—		—
RSUs	207		—		—
	$	9,744	$	6,594	$	4,246

For the years ended December 31, 2021, 2020, and 2019, the aggregate intrinsic value of stock options exercised under both equity incentive plans was $34.0 million, $1.7 million, and $5.5 million, respectively. Aggregate intrinsic value represents the difference between the exercise price of the options and the fair value of our common stock.

As of December 31, 2021, there was approximately $26.8 million of total unrecognized compensation cost related to outstanding unvested stock options under both equity incentive plans. The remaining unrecognized compensation cost is expected to be recognized over the weighted-average remaining vesting period of approximately 2.55 years.

The weighted-average fair value of options granted during the years ended December 31, 2021, 2020, and 2019 was $4.42, $4.80, and $5.64 per share, respectively. We calculated the fair value of each option using an expected volatility over the expected life of the option, which was estimated using the average volatility of comparable publicly traded companies. The expected life of options granted is based on the simplified method to estimate the expected life of the stock options, giving consideration to the contractual terms and vesting schedules. The following weighted average assumptions were used for issuances during the years ended December 31, 2021, 2020, and 2019, for employees and non-employees:

Employees and non-employees—


	December 31, 2021			December 31, 2020			December 31, 2019
Risk-free interest rate	0.98		%	0.97		%	1.69		%
Dividend yield	—			—			—
Volatility	51.43		%	49.49		%	46.63		%
Expected lives (years)	6.1			6.0			6.6
Fair value of common stock	$	7.95		$	4.98		$	5.17

2021 ESPP

The following table summarizes the weighted-average assumptions used in estimating the fair value of the 2021 ESPP grants for the initial offering period using the Black Scholes option-pricing model:


	December 31, 2021
Risk-free interest rate	1.63		%
Dividend yield	—
Volatility	63.00		%
Expected lives (years)	0.6
Fair value of common stock	$	21.04

RSUs

After completion of the IPO in November 2021, the Company began granting RSUs to certain employees. The RSUs granted had service-based vesting conditions. The service-based vesting condition for these awards is typically satisfied over four years, with a cliff vesting period of one year and continued vesting quarterly thereafter. RSUs and the related stock-based compensation are recognized on a straight-line basis over the requisite service period.

RSU activity during the year ended December 31, 2021 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2020	—	$	—
Granted	165,333	22.39
Vested	(204)	24.40
Forfeited	(4,902)	24.40
Cancelled	—	—
Unvested at December 31, 2021	160,227	$	22.33

As of December 31, 2021, there was approximately $3.4 million of total unrecognized compensation cost related to outstanding unvested RSUs under the 2021 Plan. The remaining unrecognized compensation cost is expected to be recognized over the weighted-average remaining vesting period of approximately 2.68 years.

Option Repricing—On June 27, 2020, we completed a repricing transaction for certain holders of outstanding options with an exercise price per share greater than $4.12, to an exercise price per share of $4.12. The repricing was accounted for as a modification under ASC 718. The repricing did not make any other changes to the terms of the option awards. We recognized $0.1 million of incremental stock-based compensation expense at the time of the transaction, which related to the vested portion of the shares. The stock-based compensation expense associated with unvested shares is recognized over time as the shares vest. The total incremental stock-based compensation recognized relating to the repricing was $0.3 million and $0.3 million as of December 31, 2021 and 2020.

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of loss before provision for income taxes are as follows for the years ended December 31, 2021, 2020, and 2019:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Loss before provision for income taxes
United States	$	(45,527)	$	(29,889)	$	(3,573)
Foreign	967		(84)		(7,279)
	$	(44,560)	$	(29,973)	$	(10,852)

Our total (provision) benefit for income taxes consists of the following for the years ended December 31, 2021, 2020, and 2019:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Current:
Federal	$	(185)	$	4,024	$	(425)
State	19		(48)		(148)
Foreign	(392)		(217)		(64)
	(558)		3,759		(637)
Deferred
Federal	(75)		—		(2,686)
State	—		—		(460)
Foreign	(177)		354		108
	(252)		354		(3,038)
	$	(810)	$	4,113	$	(3,675)

The reconciliation of our effective tax rate to the statutory federal rate of 21% for the years ended December 31, 2021, 2020, and 2019, is as follows:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Income tax benefit at statutory rate	(21.00)	%	(21.00)	%	(21.00)	%
State income taxes-net of federal provision (benefit)	(5.84)	%	(3.77)	%	6.05	%
Foreign rate differential	0.10	%	0.22	%	(2.21)	%
Stock-based compensation	(1.77)	%	3.83	%	4.61	%
Warrant fair value adjustment	5.01	%	(0.52)	%	2.57	%
Charitable contribution	(0.06)	%	(0.43)	%	(2.57)	%
Return to provision and other	1.67	%	(0.14)	%	(2.45)	%
Benefits provided by the CARES Act	(0.02)	%	(6.22)	%	—	%
Uncertain tax positions	0.66	%	1.16	%	1.64	%
Tax credits	(2.64)	%	(6.93)	%	(4.76)	%
Other	0.39	%	—	%	1.04	%
Valuation allowance	25.33	%	20.08	%	50.95	%
	1.83	%	(13.72)	%	33.87	%

Significant components of our net deferred tax assets as of December 31, 2021 and 2020, which are included in other assets in the consolidated balance sheets, are as follows:


(in thousands)	December 31, 2021		December 31, 2020
Deferred tax asset:
Inventory	$	2,792	$	1,469
Deferred rent	2,339		1,568
Accruals	1,237		782
Stock-based compensation	1,032		673
Net operating loss carryforwards	9,403		3,903
R&D credits	3,246		1,700
Charitable contributions	2,492		2,269
Intangibles	1,473		—
Deferred revenue	831		406
Advertising	971		740
Intercompany payable	552		552
Other	519		308
Total gross deferred tax assets	26,887		14,370
Less: valuation allowance	(21,607)		(10,319)
Total deferred tax assets	5,280		4,051
Deferred tax liabilities:
Prepaid expenses	(88)		(205)
Depreciation	(5,089)		(3,477)
State taxes	—		(15)
Total deferred tax liabilities	(5,177)		(3,697)
Net deferred tax assets	$	103	$	354

We record deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid. Deferred income tax assets and liabilities are recorded based on the differences between the financial reporting and income tax bases of assets and liabilities.

Because we have a recent history of pre-tax book losses and are expected to be in pre-tax book loss in the immediate future, both of which are considered significant negative evidence, the deferred tax assets in the United States and certain foreign jurisdictions have been reduced by a valuation allowance to an amount that is more likely than not to be realized.

The United States federal tax rules generally provide for a 100% deduction for dividends received from foreign subsidiaries. Nevertheless, companies must still apply the guidance of ASC 740 to account for the tax consequences of outside basis differences and other tax impacts of their investments in foreign subsidiaries, including potential state income tax and foreign withholding taxes on distributions. We consider all of the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested and, as a result, no liability for US federal and state income taxes nor foreign withholding taxes has been provided. If we were to repatriate the undistributed earnings of our foreign subsidiaries of approximately $2.2 million back to the US, the impact to the financial statements would not be material.

A tabular reconciliation of the total amounts of unrecognized tax benefits for the year presented is as follows:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Unrecognized tax benefits - at beginning of year	$	691	$	417	$	124
Increases in balances related to tax positions taken in prior years	23		—		80
Decreases in balances related to tax positions taken in prior years	(63)		(13)		—
Increases in balances related to tax positions taken in current year	614		287		213
Lapses in statutes of limitations	—		—		—
Unrecognized tax benefits - at end of year	$	1,265	$	691	$	417

We follow the guidance for accounting for uncertainty in income taxes in accordance with FASB ASC 740, which clarifies uncertainty in income taxes recognized in an enterprise’s financial statements. The standard also prescribes a recognition threshold and measurement standard for the financial statement recognition and measurement of an income tax position taken, or expected to be taken, in an income tax return. Only tax positions that meet the more likely than not recognition threshold may be recognized. In addition, the standard provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. As of December 31, 2021, 2020, and 2019, the balance of unrecognized tax benefits of $1.3 million, $0.7 million, and $0.4 million, respectively, relate to tax credits that, if recognized, would be in the form of a carryforward which is expected to require a full valuation allowance based on present circumstances. Therefore, these unrecognized tax benefits would not have an effect on the effective tax rate. The unrecognized tax benefits are not expected to materially change in the next twelve months. The total amounts of interest and penalties recognized for the years ended December 31, 2021, 2020, and 2019 were not material. Our tax years for 2016 through 2021 are still subject to examination by the tax authorities.

At December 31, 2021, we had income tax net operating loss carryforwards for our United States federal, state, and foreign operations of approximately $33.8 million, $27.9 million, and $2.8 million respectively. At December 31, 2020, we had income tax net operating loss carryforwards for our United States federal, state, and foreign operations of approximately $12.6 million, $3.3 million, and $3.4 million, respectively. The federal tax loss carryforwards do not expire. The state and foreign tax loss carryforwards will begin to expire in 2031 and 2026, respectively.

At December 31, 2021, we had federal and state research and development credit carryforwards of $2.6 million and $2.2 million, respectively. The federal tax credit carryforwards will begin to expire in 2035. The state tax credit carryforwards do not expire.

Utilization of some of the federal and state NOL and credit carryforwards are subject to annual limitations due to the “change in ownership” provisions of the IRC and similar state provisions. We do not anticipate these limitations, if any, will significantly impact our ability to utilize the NOLs and tax credit carryforwards.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Operating Leases—We lease various office and retail spaces with lease terms ranging from 1 year to 12 years, certain of which contain renewal provisions.

We recognize rent expense on a straight-line basis and have recorded the difference between the straight-line rent and the amount paid as deferred rent liability, which is reflected in the consolidated balance sheets as other long-term liabilities. Rent expense for the years ended December 31, 2021, 2020, and 2019, was approximately $12.3 million, $8.6 million, and $6.2 million, respectively.

Our commitments for minimum lease payments under noncancelable operating leases are as follows:


(in thousands)	Operating Leases
Fiscal year ended December 31,
2022	$	13,551
2023	14,027
2024	13,681
2025	13,425
2026 and after	51,713
	$	106,397

Purchase Commitments—On May 7, 2018, we entered into a supplier agreement with Braskem S.A. that requires us, through our manufacturers, to commit to purchase a minimum amount of material, agreed annually. For 2022, we agreed to purchase a minimum of 1,000 tons of material for approximately $4.4 million. The price per ton is determined monthly and the terms of the minimum commitment in the contract are negotiated each year. In 2021 and 2020, our manufacturers’ purchased approximately $3.4 million and $1.6 million of material from Braskem S.A., respectively.

Legal Proceedings—We are subject to various claims and legal proceedings that arise in the ordinary course of our business activities. Although the outcome of any legal proceedings cannot be predicted with certainty, for the years ended December 31, 2021, 2020, and 2019, the ultimate liability of the Company, if any, is not expected to have a material effect on our financial position or operations.

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The Company computes earnings per share using the two-class method required for participating securities and multiple classes of common stock. The two-class method requires net income be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The rights, including the liquidation and dividend rights and sharing of losses of the Class A common stock and Class B common stock are identical, other than voting, transfer, and conversion rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented:


(in thousands, except share and per share data)	December 31, 2021		December 31, 2020		December 31, 2019

Net loss attributable to common stockholders	$	(45,370)	$	(25,860)	$	(14,527)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	69,308,930		53,005,424		51,469,007
Net loss per share attributable to common stockholders, basic and diluted	$	(0.65)	$	(0.49)	$	(0.28)

The following shares of preferred stock and common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been antidilutive:


	December 31, 2021	December 31, 2020	December 31, 2019

Outstanding stock options	16,370,673	15,611,571	13,844,715
Convertible preferred stock	—	70,990,919	62,187,015
Convertible preferred stock warrants	—	1,104,560	1,104,560
Common stock warrants	30,684	1,181,640	1,181,640
2021 ESPP	946	—	—
RSUs	160,227	—	—
	16,562,530	88,888,690	78,317,930

BENEFIT PLAN	12 Months Ended
BENEFIT PLAN	Dec. 31, 2021
Retirement Benefits [Abstract]
BENEFIT PLAN	BENEFIT PLANWe sponsor a 401(k) defined contribution plan covering eligible employees who elect to participate. We are allowed to make discretionary profit sharing and matching contributions as defined in the plan and as approved by our board of directors. No discretionary profit-sharing contributions were made for the years ended December 31, 2021, 2020, and 2019. We made $1.3 million, $1.1 million, and $0.5 million in matching contributions for the years ended December 31, 2021, 2020, and 2019, respectively. We have no intention to terminate the plan.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSWe have evaluated events occurring after December 31, 2021, and through March 16, 2022, the date the consolidated financial statements were available for issuance, and have concluded that no subsequent events have occurred that require disclosure in these consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Preparation

Basis of Preparation—The consolidated financial statements have been presented in U.S. dollars and prepared in accordance with United States generally accepted accounting principles (“GAAP”).

Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Accounts Receivable

Accounts Receivable—Accounts receivable results from sales to customers, including credit card deposits in transit at the balance sheet date, the majority of which are settled within two to three business days. Credit card receivables were $2.2 million and $2.0 million as of December 31, 2021 and 2020, respectively.During the fourth quarter of 2021, we made an accounting policy change to present customer accounts receivable, that are not credit card receivables, within the accounts receivable line on the consolidated balance sheet to align with management’s reporting. These types of receivables were historically immaterial and are included in prepaid and other current assets within the consolidated financial statements and accompanying footnotes for periods presented prior to 2021.

Inventory

Actual shrinkage is recorded throughout the year based on the results of physical inventory counts.

Property and Equipment

Useful lives by major asset classes are below:


			Estimate Useful Lives
Computers and equipment			3 years
Furniture and fixtures			3 years
Machinery and equipment			5 years
Internal-use software			3 years
Leasehold improvements			5 years

Capitalized Internal Use Software

Long-Lived Assets

Deferred Offering Costs

Segments

Revenue Recognition and Cost of Revenue

We recognized the following net revenue by geographic area based on the primary shipping address of the customer where the sale was made in our digital channel, and based on the physical store location where the sale was at a retail store.Cost of Revenue—Cost of revenue primarily consists of the cost of purchased inventory, inbound and outbound shipping costs, import duties, and distribution center and related equipment costs. Shipping costs to receive products from our suppliers are included in the cost of inventory and recognized as cost of revenue upon sale of products to our customers.

Selling, General and Administrative Expense

Marketing Expense

Marketing Expense—Marketing expense consists of advertising costs and is expensed as incurred.

Stock-Based Compensation

Income Taxes

Comprehensive (Loss) Income

Comprehensive Loss—Comprehensive loss represents net loss for the period, plus the results of certain other changes in stockholder’s equity (deficit).

Foreign Currency Translation and Transactions

Fair Value Measurements and Fair Value of Common Stock and Convertible Preferred Stock

Level 1—Observable inputs, such as quoted prices in active markets

Level 2—Inputs other than the quoted prices in active markets that are observable either directly or indirectly

Level 3—Unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions.

•independent third-party valuations of our common stock;

•the prices at which we sold our common and convertible preferred stock to outside investors in arms-length transactions;

•the rights, preferences, and privileges of our convertible preferred stock relative to those of our common stock;

•our results of operations, financial position, and capital resources;

•industry outlook;

•the lack of marketability of our common stock;

•the fact that the option grants involve illiquid securities in a private company;

•the likelihood of achieving a liquidity event, such as an initial public offering or a sale of our company, given prevailing market conditions;

•the history and nature of our business, industry trends, and competitive environment; and

•general economic outlook including economic growth, inflation and unemployment, interest rate environment, and global economic trends.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Property and Equipment

Useful lives by major asset classes are below:


			Estimate Useful Lives
Computers and equipment			3 years
Furniture and fixtures			3 years
Machinery and equipment			5 years
Internal-use software			3 years
Leasehold improvements			5 years

Property and equipment consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Leasehold improvements	$	27,137	$	18,568
Furniture and fixtures	15,276		6,209
Internal-use software	14,453		9,031
Machinery and equipment	780		676
Computers and equipment	1,236		618
	58,882		35,102
Less: accumulated depreciation and amortization	(20,927)		(11,801)
	$	37,955	$	23,301

Disaggregation of Revenue

The following table disaggregates our net revenue by geographic area, where no individual foreign country contributed in excess of 10% of net revenue for the years ended December 31, 2021, 2020, and 2019:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Net revenue by primary geographical market:
United States	$	209,786	$	166,960	$	166,579
International	67,686		52,336		27,094
	$	277,472	$	219,296	$	193,673

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our consolidated balance sheets that sum to the total of the same such amounts shown in our consolidated statements of cash flows:


(in thousands)	December 31, 2021		December 31, 2020
Cash and cash equivalents	$	288,576	$	126,551
Restricted cash included in prepaid expenses and other current assets	—		700
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	288,576	$	127,251

Restrictions on Cash and Cash Equivalents


(in thousands)	December 31, 2021		December 31, 2020
Cash and cash equivalents	$	288,576	$	126,551
Restricted cash included in prepaid expenses and other current assets	—		700
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	288,576	$	127,251

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Finished goods	$	108,585	$	60,447
Reserve to reduce inventories to net realizable value	(1,709)		(1,225)
	$	106,876	$	59,222

PROPERTY AND EQUIPMENT - NET (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Useful lives by major asset classes are below:


			Estimate Useful Lives
Computers and equipment			3 years
Furniture and fixtures			3 years
Machinery and equipment			5 years
Internal-use software			3 years
Leasehold improvements			5 years

Property and equipment consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Leasehold improvements	$	27,137	$	18,568
Furniture and fixtures	15,276		6,209
Internal-use software	14,453		9,031
Machinery and equipment	780		676
Computers and equipment	1,236		618
	58,882		35,102
Less: accumulated depreciation and amortization	(20,927)		(11,801)
	$	37,955	$	23,301

Long-lived Assets by Geographic Areas


(in thousands)	December 31, 2021		December 31, 2020
Long-lived assets:
United States	$	33,384	$	19,091
International	4,571		4,210
	$	37,955	$	23,301

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Prepaid expenses	$	7,865	$	4,118
Inventory returns receivable	1,351		1,376
Security deposits	1,106		551
Tax receivable	22,594		17,951
Other receivables	5,022		2,416
Restricted cash	—		700
	$	37,938	$	27,112

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Investment in equity securities	$	2,250	$	2,000
Security deposits	3,025		2,457
Intangible assets	622		935
Debt issuance costs	107		156
Deferred tax assets	102		354
	$	6,106	$	5,902

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consisted of the following as of December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Sales-refund reserve	$	5,452	$	5,249
Taxes payable	17,930		11,998
Employee-related liabilities	5,021		3,581
Accrued expenses	17,840		10,663
	$	46,243	$	31,491

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liability	$	—	$	—	$	5,845	$	5,845
	$	—	$	—	$	5,845	$	5,845

Summary of Fair Value Changes of Level 3 Liabilities

The following table presents a summary of the changes in fair value of our Level 3 liabilities for the years ended December 31, 2021, 2020, and 2019:


(in thousands)	Warrants
Balance at December 31, 2019	$	6,594
Decrease in fair value included in other expense	(749)
Balance at December 31, 2020	$	5,845
Increase in fair value included in other expense as of the November 3, 2021 valuation date	10,624
Settlement of liability upon IPO and reclassification to additional paid-in capital	(16,469)
Balance at December 31, 2021	$	—

STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Convertible Preferred Stock

At December 31, 2020, convertible preferred stock consisted of the following:


	December 31, 2020
(in thousands, except share amounts)	Shares Authorized	Shares Issued and Outstanding	Aggregate Liquidation Preference		Carrying Value, net of issuance cost
Series Seed	24,405,575	23,301,015	$	2,330	$	2,173
Series A	26,212,040	26,212,040	7,339		7,375
Series B	6,167,015	6,167,015	18,501		18,287
Series C	4,559,065	4,559,065	50,013		49,496
Series D	5,820,360	2,103,089	27,109		26,893
Series E	8,648,700	8,648,695	99,979		99,825
	75,812,755	70,990,919	$	205,271	$	204,049

Schedule of Common Stock Reserved for Future Issuance

common stock reserved for future issuance as of December 31, 2021 and 2020 consist of the following:


	December 31, 2021	December 31, 2020
Shares reserved for convertible preferred stock outstanding	—	70,990,919
2015 Equity Incentive Plan:
Options issued and outstanding	16,181,331	15,611,571
Shares available for future option grants	—	4,455,401
2021 Equity Incentive Plan:
Options issued and outstanding	189,342	—
Shares available for future option grants	14,306,487	—
RSUs outstanding	160,227	—
2021 Employee Stock Purchase Plan:
Shares available for future grants	2,932,232	—
Total shares of common stock reserved for future issuance	33,769,619	91,057,891

WARRANTS (Tables)

12 Months Ended

Dec. 31, 2021

Warrants and Rights Note Disclosure [Abstract]

Warrants and Rights Outstanding, Valuation Assumptions

The following assumptions were used to estimate the fair value of the preferred stock warrants as of November 3, 2021 and December 31, 2020:


	November 3, 2021			December 31, 2020
Expected term (in years)	4.91			5.75
Fair value of underlying shares	$	15.00		$	5.38
Risk-free interest rate	1.17		%	0.47		%
Volatility	63.0		%	65.1		%
Expected dividend yield	—		%	—		%

Warrants and Rights Outstanding, Activity

Following is a summary of the terms of the warrants and warrant activity as well as warrants outstanding at December 31, 2021:


Date of issuance	October 2015/ March 2016		October 1, 2016		July 2018 - Allotment 1		July 2018 - Allotment 2
Number of warrants	2,103,930		157,580		122,735		184,100
Exercise Price	$	0.10	$	0.07	$	1.28	$	1.28
Status	Vested		Vested		Vested		Partially vested
Expiration	October 2024		October 2026		July 2028		July 2028


Date of issuance	October 2015/ March 2016		October 2016		July 2018
Outstanding at December 31, 2019	717,225		157,580		306,835
Exercised 2020	—		—		—
Outstanding at December 31, 2020	717,225		157,580		306,835
Exercised 2021	717,225		157,580		276,151
Outstanding at December 31, 2021	—		—		30,684

Fair value at December 31, 2021 (in thousands)	$	—	$	—	$	15

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Option, Activity

A summary of the status of the 2015 Plan and the 2021 Plan as of December 31, 2021 and 2020, and changes during the years then ended is presented below:


	Options Outstanding
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2020	15,611,571	$	2.75	7.74	$	26,879
Granted	5,037,018	7.18
Exercised	(3,274,745)	1.67			33,991
Forfeited	(898,899)	4.30
Cancelled	(104,272)	4.06
Outstanding at December 31, 2021	16,370,673	$	4.23	7.70	$	177,593
Vested and exercisable at December 31, 2021	7,607,376	2.35		6.61	97,271
Amount expected to vest at December 31, 2021	8,763,297	$	5.87	8.69	$	80,322

Schedule of Stock-based Compensation Expense


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Employee and non-employee stock options	$	9,409	$	6,594	$	4,133
Restricted stock awards relating to founder shares	—		—		113
ESPP	128		—		—
RSUs	207		—		—
	$	9,744	$	6,594	$	4,246

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following weighted average assumptions were used for issuances during the years ended December 31, 2021, 2020, and 2019, for employees and non-employees:

Employees and non-employees—


	December 31, 2021			December 31, 2020			December 31, 2019
Risk-free interest rate	0.98		%	0.97		%	1.69		%
Dividend yield	—			—			—
Volatility	51.43		%	49.49		%	46.63		%
Expected lives (years)	6.1			6.0			6.6
Fair value of common stock	$	7.95		$	4.98		$	5.17

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The following table summarizes the weighted-average assumptions used in estimating the fair value of the 2021 ESPP grants for the initial offering period using the Black Scholes option-pricing model:


	December 31, 2021
Risk-free interest rate	1.63		%
Dividend yield	—
Volatility	63.00		%
Expected lives (years)	0.6
Fair value of common stock	$	21.04

Share-based Payment Arrangement, Restricted Stock Unit, Activity

RSU activity during the year ended December 31, 2021 was as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2020	—	$	—
Granted	165,333	22.39
Vested	(204)	24.40
Forfeited	(4,902)	24.40
Cancelled	—	—
Unvested at December 31, 2021	160,227	$	22.33

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Loss Before Provision for Income Taxes

The components of loss before provision for income taxes are as follows for the years ended December 31, 2021, 2020, and 2019:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Loss before provision for income taxes
United States	$	(45,527)	$	(29,889)	$	(3,573)
Foreign	967		(84)		(7,279)
	$	(44,560)	$	(29,973)	$	(10,852)

(Provision) Benefit for Income Taxes

Our total (provision) benefit for income taxes consists of the following for the years ended December 31, 2021, 2020, and 2019:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Current:
Federal	$	(185)	$	4,024	$	(425)
State	19		(48)		(148)
Foreign	(392)		(217)		(64)
	(558)		3,759		(637)
Deferred
Federal	(75)		—		(2,686)
State	—		—		(460)
Foreign	(177)		354		108
	(252)		354		(3,038)
	$	(810)	$	4,113	$	(3,675)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of our effective tax rate to the statutory federal rate of 21% for the years ended December 31, 2021, 2020, and 2019, is as follows:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Income tax benefit at statutory rate	(21.00)	%	(21.00)	%	(21.00)	%
State income taxes-net of federal provision (benefit)	(5.84)	%	(3.77)	%	6.05	%
Foreign rate differential	0.10	%	0.22	%	(2.21)	%
Stock-based compensation	(1.77)	%	3.83	%	4.61	%
Warrant fair value adjustment	5.01	%	(0.52)	%	2.57	%
Charitable contribution	(0.06)	%	(0.43)	%	(2.57)	%
Return to provision and other	1.67	%	(0.14)	%	(2.45)	%
Benefits provided by the CARES Act	(0.02)	%	(6.22)	%	—	%
Uncertain tax positions	0.66	%	1.16	%	1.64	%
Tax credits	(2.64)	%	(6.93)	%	(4.76)	%
Other	0.39	%	—	%	1.04	%
Valuation allowance	25.33	%	20.08	%	50.95	%
	1.83	%	(13.72)	%	33.87	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our net deferred tax assets as of December 31, 2021 and 2020, which are included in other assets in the consolidated balance sheets, are as follows:


(in thousands)	December 31, 2021		December 31, 2020
Deferred tax asset:
Inventory	$	2,792	$	1,469
Deferred rent	2,339		1,568
Accruals	1,237		782
Stock-based compensation	1,032		673
Net operating loss carryforwards	9,403		3,903
R&D credits	3,246		1,700
Charitable contributions	2,492		2,269
Intangibles	1,473		—
Deferred revenue	831		406
Advertising	971		740
Intercompany payable	552		552
Other	519		308
Total gross deferred tax assets	26,887		14,370
Less: valuation allowance	(21,607)		(10,319)
Total deferred tax assets	5,280		4,051
Deferred tax liabilities:
Prepaid expenses	(88)		(205)
Depreciation	(5,089)		(3,477)
State taxes	—		(15)
Total deferred tax liabilities	(5,177)		(3,697)
Net deferred tax assets	$	103	$	354

Reconciliation of Total Amounts of Unrecognized Tax Benefits

A tabular reconciliation of the total amounts of unrecognized tax benefits for the year presented is as follows:


(in thousands)	December 31, 2021		December 31, 2020		December 31, 2019
Unrecognized tax benefits - at beginning of year	$	691	$	417	$	124
Increases in balances related to tax positions taken in prior years	23		—		80
Decreases in balances related to tax positions taken in prior years	(63)		(13)		—
Increases in balances related to tax positions taken in current year	614		287		213
Lapses in statutes of limitations	—		—		—
Unrecognized tax benefits - at end of year	$	1,265	$	691	$	417

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments for Minimum Lease Payments Under Noncancelable Operating Leases

Our commitments for minimum lease payments under noncancelable operating leases are as follows:


(in thousands)	Operating Leases
Fiscal year ended December 31,
2022	$	13,551
2023	14,027
2024	13,681
2025	13,425
2026 and after	51,713
	$	106,397

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented:


(in thousands, except share and per share data)	December 31, 2021		December 31, 2020		December 31, 2019

Net loss attributable to common stockholders	$	(45,370)	$	(25,860)	$	(14,527)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	69,308,930		53,005,424		51,469,007
Net loss per share attributable to common stockholders, basic and diluted	$	(0.65)	$	(0.49)	$	(0.28)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	December 31, 2021	December 31, 2020	December 31, 2019

Outstanding stock options	16,370,673	15,611,571	13,844,715
Convertible preferred stock	—	70,990,919	62,187,015
Convertible preferred stock warrants	—	1,104,560	1,104,560
Common stock warrants	30,684	1,181,640	1,181,640
2021 ESPP	946	—	—
RSUs	160,227	—	—
	16,562,530	88,888,690	78,317,930

DESCRIPTION OF BUSINESS (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 05, 2021	Nov. 04, 2021	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)					154,379,258
Preferred stock authorized (in shares)			0	75,812,755	75,812,755
Deferred offering costs			$ 0		$ 0
Convertible preferred stock outstanding (in shares)			0		70,990,919	62,187,015	60,239,135
Conversion of convertible preferred stock to additional paid-in-capital			$ 204,049
Preferred stock, shares authorized (in shares)	20,000,000		20,000,000		0
Additional Paid-In Capital
Subsidiary, Sale of Stock [Line Items]
Conversion of convertible preferred stock to additional paid-in-capital		$ 204,000	$ 204,042
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollars per share)	$ 15.00
Aggregate proceeds from sale of stock	$ 237,000
Payments of stock underwriting discounts and commissions	15,800
Deferred offering costs	$ 5,400
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)	2,000,000,000		2,000,000,000	2,000,000,000	0
Common stock, shares outstanding (in shares)			49,016,511		0
Class A Common Stock \| IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	23,221,152
Class A Common Stock \| Initial Public Offering - Shares Offered by Company
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	16,850,799
Class A Common Stock \| Initial Public Offering - Shares Offered by Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	6,370,353
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)	200,000,000		200,000,000	200,000,000	154,379,258
Common stock, shares outstanding (in shares)			98,036,009	127,735,199	53,683,269
Stock issued from conversion of preferred stock (in shares)		1,104,560
Stock issued during period (in shares)		714,965
Convertible preferred stock
Subsidiary, Sale of Stock [Line Items]
Convertible preferred stock outstanding (in shares)		70,990,919

SIGNIFICANT ACCOUNTING POLICIES - Impacts of the Coronavirus ("Covid-19") Pandemic (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Wage subsidy, CARES Act		$ 0.2
Paycheck Protection Program, CARES Act
Debt Instrument [Line Items]
Proceeds from long-term lines of credit	$ 4.3

SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit card receivables	$ 2.2	$ 2.0
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, settlement period	2 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, settlement period	3 days

SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Inventory provision	$ 1,709	$ 1,225
Inventory write-down	$ 400	$ 2,300	$ 1,900

SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Leaseholds and Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years

SIGNIFICANT ACCOUNTING POLICIES - Capitalized Internal Use Software (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Capitalized computer software, additions	$ 5.4	$ 5.7	$ 1.4
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years

SIGNIFICANT ACCOUNTING POLICIES - Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Impairment losses of long-lived asset	$ 0	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLICIES - Deferred Offering Costs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Nov. 05, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Deferred offering costs	$ 0.0		$ 0.0
IPO
Subsidiary, Sale of Stock [Line Items]
Deferred offering costs		$ 5.4

SIGNIFICANT ACCOUNTING POLICIES - Segments (Details)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES - Segments (Details)	Dec. 31, 2021 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Stockholders' equity (deficit)	$ 397,004	$ (25,507)	$ (9,118)		$ (334)
Revenue recognized	2,900	2,100	1,400
Cash collections of purchases via digital channel not yet shipped	700	700
Gift card liabilities	3,500	2,200
Sales-refund reserve	5,452	5,249
Inventory returns receivable	1,351	1,376
Net revenue	277,472	219,296	193,673
United States
Disaggregation of Revenue [Line Items]
Net revenue	209,786	166,960	166,579
International
Disaggregation of Revenue [Line Items]
Net revenue	67,686	52,336	27,094
Accumulated Deficit
Disaggregation of Revenue [Line Items]
Stockholders' equity (deficit)	$ (137,386)	$ (92,016)	$ (66,156)		(52,384)
Cumulative Effect, Period of Adoption, Adjustment
Disaggregation of Revenue [Line Items]
Stockholders' equity (deficit)					755
Cumulative Effect, Period of Adoption, Adjustment \| Accumulated Deficit
Disaggregation of Revenue [Line Items]
Stockholders' equity (deficit)					$ 755
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2014-09 \| Accumulated Deficit
Disaggregation of Revenue [Line Items]
Stockholders' equity (deficit)				$ 800

SIGNIFICANT ACCOUNTING POLICIES - Revenue, Remaining Performance Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 $ in Millions	Dec. 31, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 4.2
Remaining performance obligation, expected timing of satisfaction, period	12 months

SIGNIFICANT ACCOUNTING POLICIES - Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Comprehensive income (loss)	$ (1,290)	$ 2,245	$ (37)

SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 288,576,000	$ 126,551,000
Restricted cash included in prepaid expenses and other current assets	0	700,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 288,576,000	$ 127,251,000	$ 75,012,000	$ 64,481,000

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 108,585	$ 60,447
Reserve to reduce inventories to net realizable value	(1,709)	(1,225)
Inventory	$ 106,876	$ 59,222

PROPERTY AND EQUIPMENT - NET - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 58,882	$ 35,102
Less: accumulated depreciation and amortization	(20,927)	(11,801)
Property and equipment, net, total	37,955	23,301
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	27,137	18,568
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	15,276	6,209
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment	14,453	9,031
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	780	676
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,236	$ 618

PROPERTY AND EQUIPMENT - NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 9.8	$ 6.7	$ 3.4
Asset disposals	0.2	0.0	$ 0.0
Unamortized capitalized internal use software costs	$ 10.6	$ 6.7

PROPERTY AND EQUIPMENT - NET - Geographical Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 37,955	$ 23,301
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	33,384	19,091
International
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 4,571	$ 4,210

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 7,865,000	$ 4,118,000
Inventory returns receivable	1,351,000	1,376,000
Security deposits	1,106,000	551,000
Tax receivable	22,594,000	17,951,000
Other receivables	5,022,000	2,416,000
Restricted cash	0	700,000
Prepaid expenses and other current assets	$ 37,938,000	$ 27,112,000

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investment in equity securities	$ 2,250	$ 2,000
Security deposits	3,025	2,457
Intangible assets	622	935
Debt issuance costs	107	156
Deferred tax assets	102	354
Other assets	$ 6,106	$ 5,902

OTHER ASSETS - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
OTHER ASSETS - Narrative (Details) - USD ($)	Jan. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Nov. 22, 2021	Nov. 20, 2020
Other Assets [Line Items]
Investment in equity securities		$ 2,250,000	$ 2,000,000
Transaction costs	$ 100,000
Intangible asset, useful life	3 years
Amortization of intangible assets		400,000	400,000
Intellectual Property
Other Assets [Line Items]
Intangible assets acquired	$ 1,300,000
Natural Fiber Welding, Inc.
Other Assets [Line Items]
Investment in equity securities					$ 2,000,000
Equity securities impairment loss		0	$ 0
NoHo ESG, Inc.
Other Assets [Line Items]
Investment in equity securities				$ 300,000
Equity securities impairment loss		$ 0
Series A \| Natural Fiber Welding, Inc.
Other Assets [Line Items]
Equity securities acquired (in shares)					201,207

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Sales-refund reserve	$ 5,452	$ 5,249
Taxes payable	17,930	11,998
Employee-related liabilities	5,021	3,581
Accrued expenses	17,840	10,663
Accrued expenses and other current liabilities	$ 46,243	$ 31,491

FAIR VALUE MEASUREMENTS - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring $ in Thousands	Dec. 31, 2020 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability	$ 5,845
Total liabilities measured at fair value	5,845
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability	0
Total liabilities measured at fair value	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability	0
Total liabilities measured at fair value	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability	5,845
Total liabilities measured at fair value	$ 5,845

FAIR VALUE MEASUREMENTS - Narrative (Details)	Nov. 04, 2021
Fair Value Disclosures [Abstract]
Conversion ratio	1

FAIR VALUE MEASUREMENTS - Summary of Fair Value Changes of Level 3 Liabilities (Details) - Warrant Liability - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5,845	$ 6,594
Increase (decrease) in fair value included in other expense	10,624	(749)
Settlement of liability upon IPO and reclassification to additional paid-in capital	(16,469)
Ending balance	$ 0	$ 5,845

LONG-TERM DEBT (Details) - USD ($)		12 Months Ended
LONG-TERM DEBT (Details) - USD ($)	Feb. 20, 2019	Dec. 31, 2020	Dec. 31, 2021
Debt Instrument [Line Items]
Debt issuance costs		$ 156,000	$ 107,000
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000
Accordion feature, increase limit	35,000,000
Average quarterly loan balance threshold	$ 32,000,000
Commitment fee percentage	0.20%
Fronting fee percentage	0.125%
Proceeds from long-term lines of credit		14,000,000
Long-term line of credit		$ 0	$ 0
Revolving Credit Facility \| Credit Agreement \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Revolving Credit Facility \| Credit Agreement \| Specified Spread \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility \| Credit Agreement \| Specified Spread \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%

STOCKHOLDERS’ EQUITY (DEFICIT) - Narrative (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 05, 2021 USD ($) shares	Nov. 04, 2021 USD ($) shares	Dec. 31, 2021 USD ($) vote $ / shares shares	Dec. 31, 2020 USD ($) vote $ / shares shares	Dec. 31, 2019 USD ($) shares	Nov. 30, 2021 $ / shares	Sep. 30, 2021 $ / shares shares	Dec. 31, 2018 shares
Class of Stock [Line Items]
Capital stock authorized (in shares)			2,220,000,000	230,192,013			2,275,812,755
Common stock, authorized (in shares)				154,379,258
Preferred stock, shares authorized (in shares)	20,000,000		20,000,000	0
Convertible preferred stock, shares authorized (in shares)			0	75,812,755			75,812,755
Convertible preferred stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001
Common stock, par value (in dollars per share) \| $ / shares				0.0001		$ 0.0001	$ 0.0001
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, reclassification ratio			1				1
Conversion of convertible preferred stock to Class B common stock upon IPO (in shares)		70,990,919	70,990,919
Conversion of convertible preferred stock to Class B common stock upon IPO \| $			$ 204,049
Convertible preferred stock, shares issued (in shares)			0	70,990,919
Convertible preferred stock, shares outstanding (in shares)			0	70,990,919	62,187,015			60,239,135
Number of votes per share for common stock \| vote				1
Dividend percentage on shares of preferred stock			8.00%
Proceeds from initial public offering, net of underwriting discounts and commissions \| $	$ 50,000		$ 236,964	$ 0	$ 0
Common stock, percentage of Class B outstanding (less than)			10.00%
Aggregate amount of shares the board of directors may fix the rights, preferences, privileges, and restrictions (in shares)	20,000,000		20,000,000
Preferred stock, shares issued (in shares)			0	0
Preferred stock, shares outstanding (in shares)			0	0
Minimum
Class of Stock [Line Items]
Conversion of common stock, date fixed by the board of directors, period			61 days
Maximum
Class of Stock [Line Items]
Conversion of common stock, date fixed by the board of directors, period			180 days
Additional Paid-In Capital
Class of Stock [Line Items]
Conversion of convertible preferred stock to Class B common stock upon IPO \| $		$ 204,000	$ 204,042
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	2,000,000,000		2,000,000,000	0			2,000,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001
Number of votes per share for common stock \| vote			1
Class B Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	200,000,000		200,000,000	154,379,258			200,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001
Number of votes per share for common stock \| vote			10
Series E
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)				8,648,700
Convertible preferred stock, shares issued (in shares)				8,648,695
Convertible preferred stock, shares outstanding (in shares)				8,648,695
Liquidation preference (in dollars per share) \| $ / shares			$ 11.56
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares			11.56
Series D
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)				5,820,360
Convertible preferred stock, shares issued (in shares)				2,103,089
Convertible preferred stock, shares outstanding (in shares)				2,103,089
Liquidation preference (in dollars per share) \| $ / shares			12.89
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares			12.89
Series C
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)				4,559,065
Convertible preferred stock, shares issued (in shares)				4,559,065
Convertible preferred stock, shares outstanding (in shares)				4,559,065
Liquidation preference (in dollars per share) \| $ / shares			10.97
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares			10.97
Series B
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)				6,167,015
Convertible preferred stock, shares issued (in shares)				6,167,015
Convertible preferred stock, shares outstanding (in shares)				6,167,015
Liquidation preference (in dollars per share) \| $ / shares			3.00
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares			3.00
Series A
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)				26,212,040
Convertible preferred stock, shares issued (in shares)				26,212,040
Convertible preferred stock, shares outstanding (in shares)				26,212,040
Liquidation preference (in dollars per share) \| $ / shares			0.28
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares			0.28
Series Seed
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)				24,405,575
Convertible preferred stock, shares issued (in shares)				23,301,015
Convertible preferred stock, shares outstanding (in shares)				23,301,015
Liquidation preference (in dollars per share) \| $ / shares			0.10
Convertible preferred stock, conversion price (in dollars per share) \| $ / shares			$ 0.10

STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)	0	75,812,755	75,812,755
Convertible preferred stock, shares issued (in shares)	0		70,990,919
Convertible preferred stock, shares outstanding (in shares)	0		70,990,919	62,187,015	60,239,135
Aggregate Liquidation Preference			$ 205,271
Carrying Value, net of issuance cost	$ 0		$ 204,049	$ 102,302	$ 77,331
Series Seed
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)			24,405,575
Convertible preferred stock, shares issued (in shares)			23,301,015
Convertible preferred stock, shares outstanding (in shares)			23,301,015
Aggregate Liquidation Preference			$ 2,330
Carrying Value, net of issuance cost			$ 2,173
Series A
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)			26,212,040
Convertible preferred stock, shares issued (in shares)			26,212,040
Convertible preferred stock, shares outstanding (in shares)			26,212,040
Aggregate Liquidation Preference			$ 7,339
Carrying Value, net of issuance cost			$ 7,375
Series B
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)			6,167,015
Convertible preferred stock, shares issued (in shares)			6,167,015
Convertible preferred stock, shares outstanding (in shares)			6,167,015
Aggregate Liquidation Preference			$ 18,501
Carrying Value, net of issuance cost			$ 18,287
Series C
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)			4,559,065
Convertible preferred stock, shares issued (in shares)			4,559,065
Convertible preferred stock, shares outstanding (in shares)			4,559,065
Aggregate Liquidation Preference			$ 50,013
Carrying Value, net of issuance cost			$ 49,496
Series D
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)			5,820,360
Convertible preferred stock, shares issued (in shares)			2,103,089
Convertible preferred stock, shares outstanding (in shares)			2,103,089
Aggregate Liquidation Preference			$ 27,109
Carrying Value, net of issuance cost			$ 26,893
Series E
Class of Stock [Line Items]
Convertible preferred stock, shares authorized (in shares)			8,648,700
Convertible preferred stock, shares issued (in shares)			8,648,695
Convertible preferred stock, shares outstanding (in shares)			8,648,695
Aggregate Liquidation Preference			$ 99,979
Carrying Value, net of issuance cost			$ 99,825

STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares reserved for convertible preferred stock outstanding (in shares)	0	70,990,919
Options issued and outstanding (in shares)	16,370,673	15,611,571
Total shares of common stock reserved for future issuance	33,769,619	91,057,891
2015 Equity Incentive Plan
Class of Stock [Line Items]
Options issued and outstanding (in shares)	16,181,331	15,611,571
Shares available for future option grants (in shares)	0	4,455,401
2021 Equity Incentive Plan
Class of Stock [Line Items]
Options issued and outstanding (in shares)	189,342	0
Shares available for future option grants (in shares)	14,306,487	0
2021 Equity Incentive Plan \| RSUs
Class of Stock [Line Items]
RSU's outstanding (in shares)	160,227	0
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Shares available for future option grants (in shares)	2,932,232	0

WARRANTS - Narrative (Details)		1 Months Ended	6 Months Ended	12 Months Ended
WARRANTS - Narrative (Details)	Nov. 04, 2021 shares	Jul. 31, 2018 $ / shares shares	Jun. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)				30,684	1,181,640
Conversion ratio	1
Class of warrant or right, outstanding				0	1,104,560
Conversion of stock, shares converted (in shares)				1,104,560	0
Warrants vested during period \| $				$ 1,500,000	$ 200,000	$ 200,000
Marketing expense \| $				57,338,000	55,271,000	44,362,000
Prepaid expenses and other current assets \| $				$ 37,938,000	$ 27,112,000
Exercises during the period (in shares)				1,150,956	0
Preferred stock, shares issued (in shares)				0	0
Proceeds from the exercise of common stock warrants \| $				$ 395,000	$ 0	0
VLL Agreement
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)				1,104,560
Exercise price of warrants or rights (in dollars per share) \| $ / shares				$ 0.10
Fair value of warrants or rights \| $				$ 800,000
West Investments V, LLC
Class of Warrant or Right [Line Items]
Exercises during the period (in shares)			245,468
Preferred stock, shares issued (in shares)			25,000
Proceeds from the exercise of common stock warrants \| $			$ 3,500,000
Amount received in excess of anticipated shortfall \| $			$ 2,000,000
Affiliated Entity \| West Investments V, LLC
Class of Warrant or Right [Line Items]
Expenses from transactions with related party \| $				0	1,000,000	1,000,000
Marketing expense \| $				500,000	1,500,000	$ 800,000
Prepaid expenses and other current assets \| $				$ 0	$ 1,400,000
July 2018 - Allotment 1
Class of Warrant or Right [Line Items]
Exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 1.28		$ 1.28
Warrants issued (in shares)		122,735		122,735
Percent of warrants to vest immediately upon issuance		50.00%
Vesting period for warrants or rights		24 months
July 2018 - Allotment 2
Class of Warrant or Right [Line Items]
Exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 1.28		$ 1.28
Warrants issued (in shares)		184,100		184,100
Vesting period for warrants or rights		36 months
Class B Common Stock
Class of Warrant or Right [Line Items]
Stock issued from conversion of preferred stock (in shares)	1,104,560

WARRANTS - Warrants and Rights Outstanding, Valuation Assumptions (Details) - $ / shares	10 Months Ended	12 Months Ended
	Nov. 03, 2021	Dec. 31, 2020
Warrants and Rights Note Disclosure [Abstract]
Expected term (in years)	4 years 10 months 28 days	5 years 9 months
Fair value of underlying shares (in dollars per share)	$ 15.00	$ 5.38
Risk-free interest rate	1.17%	0.47%
Volatility	63.00%	65.10%
Expected dividend yield	0.00%	0.00%

WARRANTS - Warrants and Rights Outstanding, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2018
Class of Warrant or Right, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	1,104,560
Exercises during the period (in shares)	1,150,956	0
Outstanding, end of period (in shares)	0	1,104,560
October 2015/ March 2016
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	2,103,930
Exercise price (in dollars per share)	$ 0.10
Class of Warrant or Right, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	717,225	717,225
Exercises during the period (in shares)	717,225	0
Outstanding, end of period (in shares)	0	717,225
Fair value of warrants or rights	$ 0
October 1, 2016
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	157,580
Exercise price (in dollars per share)	$ 0.07
Class of Warrant or Right, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	157,580	157,580
Exercises during the period (in shares)	157,580	0
Outstanding, end of period (in shares)	0	157,580
Fair value of warrants or rights	$ 0
July 2018
Class of Warrant or Right, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	306,835	306,835
Exercises during the period (in shares)	276,151	0
Outstanding, end of period (in shares)	30,684	306,835
Fair value of warrants or rights	$ 15
July 2018 - Allotment 1
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	122,735		122,735
Exercise price (in dollars per share)	$ 1.28		$ 1.28
July 2018 - Allotment 2
Class of Warrant or Right [Line Items]
Number of warrants (in shares)	184,100		184,100
Exercise price (in dollars per share)	$ 1.28		$ 1.28

STOCK TRANSACTIONS (Details) - shares			12 Months Ended
STOCK TRANSACTIONS (Details) - shares	Nov. 19, 2018	Sep. 05, 2018	Dec. 31, 2021
Debt Instrument [Line Items]
Common stock options exercised (in shares)	220,000	825,000	3,274,745
Promissory Note
Debt Instrument [Line Items]
Interest rate	2.86%	2.86%

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 27, 2020	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			33,769,619	91,057,891
Options outstanding (in shares)			16,370,673	15,611,571
Aggregate intrinsic value of options exercised			$ 33,991	$ 1,700	$ 5,500
Unrecognized compensation cost related to unvested share-based compensation arrangements granted			$ 26,800
Weighted-average fair value of options granted (in dollars per share)			$ 4.42	$ 4.80	$ 5.64
Stock-based compensation, exercise price (in dollars per share)	$ 4.12
Incremental stock-based compensation expense	$ 100		$ 300	$ 300
Previously Reported
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)				15,612,071
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition			2 years 6 months 18 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition			2 years 8 months 4 days
Award vesting period			4 years
Award cliff vesting period			1 year
Unrecognized compensation cost related to outstanding unvested restricted stock units			$ 3,400
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, number of shares authorized (in shares)			14,495,829
Stock-based compensation, period for increase in shares		10 years
Percent of outstanding shares		4.00%
Shares available for issuance (in shares)			14,306,487	0
Options outstanding (in shares)			189,342	0
2021 Equity Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, number of shares authorized (in shares)		32,349,192
Stock-based compensation, maximum number of shares available for issue on the exercise of incentive stock options (in shares)		100,000,000
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)			2,932,232	0
2021 Employee Stock Purchase Plan \| 2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, period for increase in shares		10 years
Percent of outstanding shares		1.00%
Stock-based compensation, number of additional shares allowable under the plan (in shares)		2,850,000
Stock-based compensation, purchase period		6 months
2021 Employee Stock Purchase Plan \| Class A Common Stock \| 2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		2,932,232
Stock-based compensation, discount percentage from market price, beginning of period		85.00%
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, number of shares authorized (in shares)				26,918,466
Shares available for issuance (in shares)			0	4,455,401
Options outstanding (in shares)			16,181,331	15,611,571

STOCK-BASED COMPENSATION - Share-based Payment Arrangement, Option, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 19, 2018	Sep. 05, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Outstanding, beginning balance (in shares)			15,611,571
Granted (in shares)			5,037,018
Exercised (in shares)	(220,000)	(825,000)	(3,274,745)
Forfeited (in shares)			(898,899)
Cancelled (in shares)			(104,272)
Outstanding, ending balance (in shares)			16,370,673	15,611,571
Vested and exercisable at end of period (in shares)			7,607,376
Amount expected to vest at end of period (in shares)			8,763,297
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)			$ 2.75
Granted (in dollars per share)			7.18
Exercised (in dollars per share)			1.67
Forfeited (in dollars per share)			4.30
Cancelled (in dollars per share)			4.06
Outstanding, ending balance (in dollars per share)			4.23	$ 2.75
Vested and exercisable at end of period (in dollars per share)			2.35
Amount expected to vest at end of period (in dollars per share)			$ 5.87
Weighted-Average Remaining Contractual Term (In Years)
Outstanding			7 years 8 months 12 days	7 years 8 months 26 days
Vested and exercisable at end of period			6 years 7 months 9 days
Amount expected to vest at end of period			8 years 8 months 8 days
Aggregate Intrinsic Value (In Thousands)
Outstanding, beginning balance			$ 26,879
Exercised			33,991	$ 1,700	$ 5,500
Outstanding, ending balance			177,593	$ 26,879
Vested and exercisable at end of period			97,271
Amount expected to vest at end of period			$ 80,322

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 9,744	$ 6,594	$ 4,246
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	9,409	6,594	4,133
Restricted stock awards relating to founder shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	0	0	113
2021 ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	128	0	0
RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 207	$ 0	$ 0

STOCK-BASED COMPENSATION - Schedule of Share-based Payment Award, Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.98%	0.97%	1.69%
Dividend yield	0.00%	0.00%	0.00%
Volatility	51.43%	49.49%	46.63%
Expected lives (years)	6 years 1 month 6 days	6 years	6 years 7 months 6 days
Fair value of common stock options (in dollars per share)	$ 7.95	$ 4.98	$ 5.17
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.63%
Dividend yield	0.00%
Volatility	63.00%
Expected lives (years)	7 months 6 days
Fair value of common stock options (in dollars per share)	$ 21.04

STOCK-BASED COMPENSATION - Share-based Payment Arrangement, Restricted Stock Unit, Activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of Shares
Unvested at beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	165,333
Vested (in shares) \| shares	(204)
Forfeited (in shares) \| shares	(4,902)
Cancelled (in shares) \| shares	0
Unvested at end of period(in shares) \| shares	160,227
Weighted-Average Grant Date Fair Value per Share
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	22.39
Vested (in dollars per share) \| $ / shares	24.40
Forfeited (in dollars per share) \| $ / shares	24.40
Cancelled (in dollars per share) \| $ / shares	0
Unvested at end of period (in dollars per share) \| $ / shares	$ 22.33

INCOME TAXES - Components of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss before provision for income taxes
United States	$ (45,527)	$ (29,889)	$ (3,573)
Foreign	967	(84)	(7,279)
Loss Before Provision For Income Taxes	$ (44,560)	$ (29,973)	$ (10,852)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
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+ Details

INCOME TAXES - (Provision) Benefit for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ (185)	$ 4,024	$ (425)
State	19	(48)	(148)
Foreign	(392)	(217)	(64)
Current income tax (provision) benefit	(558)	3,759	(637)
Deferred
Federal	(75)	0	(2,686)
State	0	0	(460)
Foreign	(177)	354	108
Deferred income tax (provision) benefit	(252)	354	(3,038)
Provision benefit (provision) for income taxes	$ (810)	$ 4,113	$ (3,675)

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax benefit at statutory rate	(21.00%)	(21.00%)	(21.00%)
State income taxes-net of federal provision (benefit)	(5.84%)	(3.77%)	6.05%
Foreign rate differential	0.10%	0.22%	(2.21%)
Stock-based compensation	(1.77%)	3.83%	4.61%
Warrant fair value adjustment	5.01%	(0.52%)	2.57%
Charitable contribution	(0.06%)	(0.43%)	(2.57%)
Return to provision and other	1.67%	(0.14%)	(2.45%)
Benefits provided by the CARES Act	(0.02%)	(6.22%)	0.00%
Uncertain tax positions	0.66%	1.16%	1.64%
Tax credits	(2.64%)	(6.93%)	(4.76%)
Other	0.39%	0.00%	1.04%
Valuation allowance	25.33%	20.08%	50.95%
Effective income tax rate	1.83%	(13.72%)	33.87%

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax asset:
Inventory	$ 2,792	$ 1,469
Deferred rent	2,339	1,568
Accruals	1,237	782
Stock-based compensation	1,032	673
Net operating loss carryforwards	9,403	3,903
R&D credits	3,246	1,700
Charitable contributions	2,492	2,269
Intangibles	1,473	0
Deferred revenue	831	406
Advertising	971	740
Intercompany payable	552	552
Other	519	308
Total gross deferred tax assets	26,887	14,370
Less: valuation allowance	(21,607)	(10,319)
Total deferred tax assets	5,280	4,051
Deferred tax liabilities:
Prepaid expenses	(88)	(205)
Depreciation	(5,089)	(3,477)
State taxes	0	(15)
Total deferred tax liabilities	(5,177)	(3,697)
Net deferred tax assets	$ 103	$ 354

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Undistributed earnings of foreign subsidiaries	$ 2,200
Unrecognized tax benefits	1,265	$ 691	$ 417	$ 124
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	33,800	12,600
Federal \| Research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	2,600
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	27,900	3,300
State \| Research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	2,200
Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 2,800	$ 3,400

INCOME TAXES - Reconciliation of Total Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits - at beginning of year	$ 691	$ 417	$ 124
Increases in balances related to tax positions taken in prior years	23	0	80
Decreases in balances related to tax positions taken in prior years	(63)	(13)	0
Increases in balances related to tax positions taken in current year	614	287	213
Lapses in statutes of limitations	0	0	0
Unrecognized tax benefits - at end of year	$ 1,265	$ 691	$ 417

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) T	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Rent expense	$ 12.3	$ 8.6	$ 6.2
Braskem S.A.
Lessee, Lease, Description [Line Items]
Purchase commitment, minimum mass required \| T	1,000
Purchase commitment, amount	$ 4.4
Purchase commitment, amount purchased	$ 3.4	$ 1.6
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	12 years

COMMITMENTS AND CONTINGENCIES - Commitments for Minimum Lease Payments Under Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Leases
2022	$ 13,551
2023	14,027
2024	13,681
2025	13,425
2026 and after	51,713
Total lease payments	$ 106,397

NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net loss attributable to common stockholders, basic	$ (45,370)	$ (25,860)	$ (14,527)
Net loss attributable to common stockholders, diluted	$ (45,370)	$ (25,860)	$ (14,527)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	69,308,930	53,005,424	51,469,007
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	69,308,930	53,005,424	51,469,007
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.65)	$ (0.49)	$ (0.28)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.65)	$ (0.49)	$ (0.28)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,562,530	88,888,690	78,317,930
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,370,673	15,611,571	13,844,715
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	70,990,919	62,187,015
Convertible preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	1,104,560	1,104,560
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	30,684	1,181,640	1,181,640
2021 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	946	0	0
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	160,227	0	0

BENEFIT PLAN (Details) - USD ($)	12 Months Ended
BENEFIT PLAN (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Discretionary profit-sharing contributions	$ 0	$ 0	$ 0
Matching contributions	$ 1,300,000	$ 1,100,000	$ 500,000