Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 27, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | INST | |
Entity Registrant Name | INSTRUCTURE INC | |
Entity Central Index Key | 1,355,754 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,775,311 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 58,716 | $ 44,539 |
Short-term marketable securities | 8,089 | 23,895 |
Accounts receivable—net of allowance of $355 and $241 at September 30, 2017 and December 31, 2016, respectively | 35,465 | 18,072 |
Prepaid expenses | 6,935 | 5,434 |
Other current assets | 918 | 936 |
Total current assets | 110,123 | 92,876 |
Property and equipment, net | 20,907 | 14,733 |
Goodwill | 989 | 989 |
Intangible assets, net | 731 | 760 |
Noncurrent prepaid expenses | 1,757 | 984 |
Other assets | 974 | 994 |
Total assets | 135,481 | 111,336 |
Current liabilities: | ||
Accounts payable | 10,146 | 5,374 |
Accrued liabilities | 13,771 | 10,905 |
Deferred rent | 897 | 773 |
Deferred revenue | 109,280 | 72,747 |
Total current liabilities | 134,094 | 89,799 |
Deferred revenue, net of current portion | 3,942 | 3,144 |
Deferred rent, net of current portion | 8,185 | 8,372 |
Warrant liability | 123 | 25 |
Other long-term liabilities | 32 | |
Total liabilities | 146,344 | 101,372 |
Stockholders’ equity (deficit): | ||
Common stock | 3 | 3 |
Additional paid-in capital | 223,957 | 206,442 |
Accumulated other comprehensive loss | (1) | (12) |
Accumulated deficit | (234,822) | (196,469) |
Total stockholders’ equity (deficit) | (10,863) | 9,964 |
Total liabilities and stockholders’ equity (deficit) | $ 135,481 | $ 111,336 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, net of allowance | $ 355 | $ 241 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue: | ||||
Subscription and support | $ 37,427 | $ 25,814 | $ 100,590 | $ 68,807 |
Professional services and other | 5,521 | 4,331 | 14,381 | 10,527 |
Total revenue | 42,948 | 30,145 | 114,971 | 79,334 |
Cost of revenue: | ||||
Subscription and support | 9,278 | 6,312 | 24,350 | 17,335 |
Professional services and other | 3,192 | 2,326 | 8,729 | 6,287 |
Total cost of revenue | 12,470 | 8,638 | 33,079 | 23,622 |
Gross profit | 30,478 | 21,507 | 81,892 | 55,712 |
Operating expenses: | ||||
Sales and marketing | 22,129 | 17,788 | 62,429 | 51,989 |
Research and development | 12,577 | 9,297 | 34,816 | 25,832 |
General and administrative | 8,334 | 6,689 | 22,941 | 18,428 |
Total operating expenses | 43,040 | 33,774 | 120,186 | 96,249 |
Loss from operations | (12,562) | (12,267) | (38,294) | (40,537) |
Other income (expense): | ||||
Interest income | 84 | 104 | 199 | 236 |
Interest expense | (31) | (18) | (54) | |
Change in fair value of warrant liability | (15) | (10) | (98) | 52 |
Other income (expense), net | 191 | (103) | 318 | (234) |
Total other income (expense), net | 260 | (40) | 401 | |
Loss before income taxes | (12,302) | (12,307) | (37,893) | (40,537) |
Income tax expense | (71) | (10) | (207) | (109) |
Net loss | $ (12,373) | $ (12,317) | $ (38,100) | $ (40,646) |
Net loss per common share, basic and diluted | $ (0.42) | $ (0.44) | $ (1.31) | $ (1.47) |
Weighted average common shares used in computing basic and diluted net loss per common share | 29,535 | 28,084 | 29,120 | 27,667 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (12,373) | $ (12,317) | $ (38,100) | $ (40,646) |
Other comprehensive gain (loss): | ||||
Net change in unrealized gains (losses) on marketable securities | (1) | (9) | 11 | (9) |
Comprehensive loss | $ (12,374) | $ (12,326) | $ (38,089) | $ (40,655) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Activities: | ||
Net loss | $ (38,100) | $ (40,646) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of property and equipment | 4,322 | 2,832 |
Amortization of intangible assets | 330 | 284 |
Amortization of deferred financing costs | 24 | 34 |
Change in fair value of warrant liability | 98 | (52) |
Stock-based compensation | 11,707 | 7,701 |
Other | (42) | 120 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (17,620) | (13,887) |
Prepaid expenses and other assets | (2,229) | 849 |
Accounts payable and accrued liabilities | 8,196 | 4,303 |
Deferred revenue | 37,331 | 32,460 |
Deferred rent | (63) | (379) |
Other liabilities | (32) | (361) |
Net cash provided by (used in) operating activities | 3,922 | (6,742) |
Investing Activities: | ||
Purchases of property and equipment | (10,830) | (4,922) |
Purchases of intangible assets | (301) | (311) |
Proceeds from sale of property and equipment | 50 | 23 |
Purchases of marketable securities | (8,088) | (24,363) |
Maturities of marketable securities | 23,900 | 325 |
Net cash provided by (used in) investing activities | 4,731 | (29,248) |
Financing Activities: | ||
Proceeds from issuance of common stock from employee equity plans | 5,769 | 4,494 |
Shares repurchased for tax withholdings on vesting of restricted stock | (214) | |
Payments for financing costs | (31) | |
Net cash provided by financing activities | 5,524 | 4,494 |
Net increase (decrease) in cash and cash equivalents | 14,177 | (31,496) |
Cash and cash equivalents, beginning of period | 44,539 | 90,471 |
Cash and cash equivalents, end of period | 58,716 | 58,975 |
Supplemental cash flow disclosure: | ||
Cash paid for taxes | 247 | 49 |
Non-cash investing and financing activities: | ||
Capital expenditures incurred but not yet paid | $ 24 | 210 |
Issuance of common stock for exercise of common stock warrant | 244 | |
Vesting of common stock subject to repurchase | $ 20 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Organization Instructure, Inc. provides an innovative, cloud-based learning management platform for academic institutions and companies worldwide. We built our learning management applications, Canvas, for the education market, and Bridge, for the corporate market, to enable our customers to easily develop, deliver and manage engaging face-to-face and online learning experiences. We offer our platform through a Software-as-a-Service, or SaaS, business model. We were incorporated in the state of Delaware in September 2008. We are headquartered in Salt Lake City, Utah, and have wholly-owned subsidiaries in the United Kingdom, Australia, the Netherlands, Hong Kong, Sweden and Brazil. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applicable to interim periods, under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, we have prepared the accompanying unaudited financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the fiscal year ended December 31, 2016, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2017. The year-end balance sheet data was derived from audited financial statements, but this Form 10-Q does not include all disclosures required under GAAP. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted under the rules and regulations of the SEC. These interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 10, 2017. There have been no changes in the Company’s significant accounting policies from those that were disclosed in the Company’s Annual Report on Form 10-K that have had a material impact on our consolidated financial statements and related notes. Marketable Securities We hold investments in marketable securities, consisting of corporate debt securities and commercial paper. We classify our marketable securities as available-for-sale investments as we neither buy and hold securities for the purpose of selling them in the near future nor intend to hold securities to maturity. We classify our marketable securities as short-term on the consolidated balance sheet for all purchased investments with contractual maturities that are less than one year as of the balance sheet date. Our marketable securities are carried at estimated fair value with any unrealized gains and losses, net of taxes, included in accumulated other comprehensive loss in stockholders’ equity. Unrealized losses are charged against other income (expense), net when a decline in fair value is determined to be other-than-temporary. We have not recorded any such impairment charge in the periods presented. We determine realized gains or losses on sale or maturity of marketable securities on a specific identification method, and record such gains or losses as other income (expense), net. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Such estimates, which we evaluate on an on-going basis, include allowances for doubtful accounts, useful lives for property and equipment and intangible assets, valuation of marketable securities, valuation allowances for net deferred income tax assets, valuation of stock-based compensation and common stock, the best estimate of selling price of deliverables included in multiple-deliverable revenue arrangements and the weighted average customer life used in the recognition of nonrefundable upfront implementation service revenue. We base our estimates on historical experience and on various other assumptions which we believe to be reasonable. Liability for Common Stock Warrants We account for freestanding warrants to purchase shares of our common stock that are not considered indexed to our own stock as warrant liabilities on our consolidated balance sheets. Under Accounting Standards Codification (“ASC”) 815, we record the liability-classified common stock warrants issued in conjunction with our credit facility at their estimated fair value because they are free standing and the number of shares exercisable under this warrant to purchase our common stock increases if the loan balance exceeds $7,500,000. At the end of each reporting period, changes in the estimated fair value of the warrants to purchase shares of common stock are recorded as a change in fair value of warrant liability in the consolidated statements of operations . A portion of the warrants were exercised in February 2016 (see Fair Value of Financial Instruments). Recent Accounting Pronouncements Adopted accounting pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for share-based payment transactions. The new guidance requires companies to record excess tax benefits and tax deficiencies as income tax benefit or expense in the statement of operations when the awards vest or are settled, and eliminates the requirement to reclassify cash flows related to excess tax benefits from operating activities to financing activities on the statement of cash flows. We adopted the standard in the three months ended March 31, 2017. Upon adoption, we recognized the previously unrecognized excess tax benefits using the modified retrospective transition method through a cumulative-effect adjustment of $3,039,000. The previously unrecognized excess tax effects were recorded as a deferred tax asset, which was fully offset by a valuation allowance. Because of this full valuation allowance, historically we have not reported any excess tax benefits in our consolidated statements of cash flows. Prospectively when our deferred tax asset is no longer fully offset by a valuation allowance, we will apply the change in presentation to the statement of cash flows and will classify the excess tax benefit in the operating section. In addition, we have elected to account for forfeitures as they occur, rather than estimate expected forfeitures over the course of a vesting period. As a result, we recorded a cumulative-effect adjustment to increase our additional paid-in capital and accumulated deficit by $253,000. In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance to clarify the customer’s accounting for fees paid in a cloud computing arrangement. This guidance simplifies entities’ processes as it provides criteria to determine whether cloud computing arrangements contain a software license and should be accounted for as internal use software under ASC 350-40. We elected to prospectively adopt the accounting standard in the beginning of our first quarter of 2016. Prior periods in our consolidated financial statements were not retrospectively adjusted. Starting in our first quarter of 2016, i f an arrangement included a software license, as defined by this ASU, then we accounted for the software license element of the arrangement in the intangible assets, net line item of the consolidated balance sheets rather than recording the amount in property and equipment, net. Issued accounting pronouncements In January 2017, the FASB issued ASU No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, Leases, requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the financial statements. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing or sales-type leases. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The updated standard is effective for us beginning in the first quarter of 2019. We are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers: Topic 606”, as amended, (“ASU 2014-09”). The standard supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of the standard is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The standard defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation, among others. The standard also provides guidance on the recognition of costs related to obtaining customer contracts. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017. We will adopt the new standard effective January 1, 2018. The new standard permits adoption using either of two methods: (1) full retrospective application of the standard to each prior reporting period presented with the option to elect certain practical expedients as defined within the standard, or (2) modified retrospective application of the standard with the cumulative effect of initially applying the standard recognized at the date of initial application and providing certain additional disclosures as defined per the standard. We plan to adopt the new standard using the full retrospective method. Our ability to adopt using the full retrospective method is dependent on several factors, including the significance of the impact of the new standard to our financial results, system readiness and our ability to accumulate and analyze the information necessary to assess the impact on prior period financial statements, as necessary. We have substantially completed our evaluation of the impact of the new standard on our accounting policies. While meaningful system configuration progress has been achieved, we are currently in the system implementation stage of adopting the new standard. Internal resources and third-party service providers are actively involved in the implementation of identified system requirements to enable timely and accurate reporting under the new standard. Under the current revenue recognition guidance, we have historically concluded that nonrefundable upfront fees do not have standalone value, and accordingly, we have recognized those fees over the longer of the contract term or customer life. Under the new standard, we have concluded that nonrefundable upfront fees are not considered a separate performance obligation. As such, the consideration related to the nonrefundable upfront fees would be allocated across the other performance obligations included in the contract. Furthermore, under the current revenue recognition guidance we limit the amount of revenue recognition for delivered elements to the amount that is not contingent on the delivery of future services. Under the new standard, the concept of contingent revenue no longer exists. As a result, the timing of when revenue is recognized could change significantly for nonrefundable upfront fees and our multi-year subscription agreements. We plan to begin quantifying the financial statement impacts resulting from the adoption of the new standard upon completion of the system implementation stage. As part of our evaluation, we have also considered the impact of the standard’s requirements with respect to capitalization and amortization of incremental costs of obtaining a contract. Under our current accounting policy, incremental costs of obtaining a contract are expensed as incurred. The new standard requires the capitalization of all incremental costs that we incur to obtain a contract with a customer that would not have been incurred if the contract had not been obtained, provided we expect to recover those costs. While we continue to assess all potential impacts under the new standard, including the areas described above, and anticipate this standard could have a material impact on our consolidated financial statements, we do not know or cannot reasonably estimate quantitative information related to the impact of the new standard on the financial statements at this time. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 2. Net Loss Per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period, less the weighted average unvested common stock subject to repurchase or forfeiture. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of the diluted net loss per share calculation, options to purchase common stock, common stock warrants and restricted stock units are considered to be common stock equivalents. A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net loss $ (12,373 ) $ (12,317 ) $ (38,100 ) $ (40,646 ) Denominator: Weighted-average common shares outstanding—basic 29,535 28,090 29,120 27,685 Less: Weighted-average common stock subject to repurchase — (6 ) — (18 ) Total weighted-average common shares outstanding—basic 29,535 28,084 29,120 27,667 Dilutive effect of share equivalents resulting from stock options, restricted stock units, common stock warrants and common stock subject to repurchase — — — — Weighted-average common shares outstanding-diluted 29,535 28,084 29,120 27,667 Net loss per common share, basic and diluted $ (0.42 ) $ (0.44 ) $ (1.31 ) $ (1.47 ) For all periods presented, we incurred net losses and, therefore, the effect of our outstanding stock options, restricted stock units, common stock warrants and common stock subject to repurchase was not included in the calculation of diluted loss per share as the effect would be anti-dilutive. The following table contains share totals with a potentially dilutive impact (in thousands): As of September 30, 2017 2016 Options to purchase common stock 2,489 3,261 Common stock warrants 17 17 Common stock subject to repurchase — 4 Restricted stock units 1,566 1,000 Total 4,072 4,282 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment Property and equipment consist of the following (in thousands): September 30, December 31, 2017 2016 Computer and office equipment $ 5,220 $ 3,918 Purchased software 1,071 1,074 Capitalized software development costs 13,537 6,947 Furniture and fixtures 3,454 2,701 Leasehold improvements and other 10,837 9,413 Total property and equipment 34,119 24,053 Less accumulated depreciation and amortization (13,212 ) (9,320 ) Total $ 20,907 $ 14,733 Accumulated amortization for capitalized software development costs was $3,813,000 and $2,355,000 at September 30, 2017 and December 31, 2016, respectively. Amortization expense for capitalized software development costs was $639,000 and $260,000 for the three months ended September 30, 2017 and 2016, respectively and $1,645,000 and $838,000 for the nine months ended September 30, 2017 and 2016, respectively. Amortization expense for capitalized software development costs is recorded within cost of revenue on the consolidated statements of operations. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 4. Goodwill and Intangible Assets Goodwill was $989,000 as of September 30, 2017 and December 31, 2016. Intangible assets consisted of the following (in thousands): Average September 30, December 31, Useful Life 2017 2016 Domain names 12 Months $ 1,268 $ 1,268 Tradenames and trademarks 2 Months 120 109 Software 28 Months 611 321 Capitalized learning content 55 Months 400 400 Accumulated amortization (1,668 ) (1,338 ) Total $ 731 $ 760 Amortization expense for intangible assets was $71,000 and $98,000 for the three months ended September 30, 2017 and 2016, respectively and $330,000 and $284,000 for the nine months ended September 30, 2017 and 2016, respectively. Based on the recorded intangible assets at September 30, 2017, estimated amortization expense is expected to be as follows (in thousands): Amortization Years Ending December 31, Expense Remainder of 2017 $ 72 2018 285 2019 216 2020 94 2021 64 Total $ 731 |
Segment Information and Geograp
Segment Information and Geographic Data | 9 Months Ended |
Sep. 30, 2017 | |
Geographic Areas Revenues From External Customers [Abstract] | |
Segment Information and Geographic Data | 5. Segment Information and Geographic Data We operate in a single operating segment, cloud-based learning management systems. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision makers, or CODMs, which are our chief executive officer and chief financial officer, in deciding how to allocate resources and assess performance. Our CODMs evaluate our financial information and resources and assess the performance of these resources on a consolidated basis. Since we operate in one operating segment, all required financial segment information can be found in the consolidated financial statements. Revenue by geographic region, based on the physical location of the customer, is (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 United States $ 36,492 $ 26,973 $ 99,370 $ 72,242 Foreign 6,456 3,172 15,601 7,092 Total revenue $ 42,948 $ 30,145 $ 114,971 $ 79,334 Percentage of revenue generated outside of the United States 15 % 11 % 14 % 9 % |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 6. Marketable Securities Our investment policy is consistent with the definition of available-for-sale securities. We do not buy and hold securities principally for the purpose of selling them in the near future nor do we intend to hold securities to maturity. Rather, our policy is focused on the preservation of capital, liquidity and return. From time to time, we may sell certain securities but the objectives are generally not to generate profits on short-term differences in price. The following tables summarize, by major security type, our assets that are measured at fair value on a recurring basis (in thousands): September 30, 2017 Amortized Gross Unrealized Gross Unrealized Estimated Fair Cost Gains Losses Value Corporate debt securities $ 8,090 $ — $ (1 ) $ 8,089 December 31, 2016 Amortized Gross Unrealized Gross Unrealized Estimated Fair Cost Gains Losses Value Corporate debt securities $ 23,907 $ — $ (12 ) $ 23,895 The aggregate fair value of investments in an unrealized loss position was $1,806,000 and $17,906,000 as of September 30, 2017 and December 31, 2016, respectively. Because we do not intend to sell the investments that are in an unrealized loss position and it is not likely that we will be required to sell any investments before recovery of their amortized cost basis, we do not consider these investments with an unrealized loss to be other-than-temporarily impaired as of September 30, 2017. There were no gross realized gains or losses from the sale or maturity of marketable securities during the nine months ended September 30, 2017 and 2016. During the nine months ended September 30, 2017, we recognized gross interest income on securities of $125,000. Interest income was offset by amortization expense on securities of $9,000 during the nine months ended September 30, 2017, and reported net within interest income on the consolidated statements of operations. During the nine months ended September 30, 2016, we recognized gross interest income on securities of $173,000. Interest income was offset by amortization expense on securities of $20,000 during the nine months ended September 30, 2016, and reported net within interest income on the consolidated statements of operations. The estimated fair value of investments by contractual maturity is as follows (in thousands): September 30, December 31, 2017 2016 Due within one year $ 8,089 $ 23,895 Thereafter — — Total $ 8,089 $ 23,895 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders' Equity (Deficit) and Stock-Based Compensation | 7. Stockholders’ Equity (Deficit) and Stock-Based Compensation Common Stock As of September 30, 2017 and December 31, 2016, there were 200,000,000 shares of common stock authorized. As of September 30, 2017, there were 29,754,992 and 29,752,977 shares issued and outstanding, respectively. As of December 31, 2016, there were 28,553,808 issued and outstanding. Each share of common stock has the right to one vote on all matters submitted to a vote of stockholders. The share holders of common stock are also entitled to receive dividends whenever funds are legally available and if declared by the board of directors, subject to prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared or paid on the common stock through September 30, 2017. Employee Equity Plans Our 2015 Equity Incentive Plan (the “2015 Plan”) serves as the successor to our 2010 Equity Incentive Plan (the “2010 Plan”). Accordingly, no shares are available for issuance under the 2010 Plan; however, any outstanding options granted under the 2010 Plan will remain outstanding and subject to the terms of that plan until exercised, terminated or expired by their terms. As of September 30, 2017, options to purchase 2,073,725 shares of common stock remained outstanding under the 2010 Plan. Pursuant to the terms of the 2015 Plan, the share reserve automatically increased by 1,284,921 shares in January 2017. As of September 30, 2017, we had approximately 2,001,025 shares of common stock available for future grants under the 2015 Plan. We also have a 2015 Employee Stock Purchase Plan (the “ESPP”). The ESPP allows eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. Our board of directors approves the ESPP offerings. The offerings need not be identical, but each offering may not exceed 27 months and may specify one or more shorter purchase periods within the offering. The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense was recorded in our consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Options $ 939 $ 994 $ 3,123 $ 3,130 Restricted stock units 2,812 1,273 7,109 2,948 Employee stock purchase plan 516 537 1,475 1,623 Total stock-based compensation $ 4,267 $ 2,804 $ 11,707 $ 7,701 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Subscription and support cost of revenue $ 211 $ 129 $ 528 $ 360 Professional services and other cost of revenue 161 127 422 362 Sales and marketing 1,255 775 3,405 2,219 Research and development 1,637 1,022 4,375 2,742 General and administrative 1,003 751 2,977 2,018 Total stock-based compensation $ 4,267 $ 2,804 $ 11,707 $ 7,701 Stock Options The following table summarizes s tock option activity for the nine months ended September 30, 2017 (in thousands, except per share data and years): Weighted- Weighted- Average Shares Average Remaining Aggregate Underlying Exercise Life Intrinsic Options Price (in years) Value Outstanding at December 31, 2016 3,106 $ 7.14 7.5 $ 38,558 Granted 185 21.83 Exercised (719 ) 4.70 Forfeited or cancelled (83 ) 10.02 Outstanding at September 30, 2017 2,489 8.44 7.1 60,511 Vested and expected to vest—September 30, 2017 2,489 8.44 7.1 60,511 Exercisable at September 30, 2017 1,655 6.67 6.6 43,833 As of September 30, 2017, we had $6,056,000 of unrecognized stock-based compensation costs related to non-vested options that are expected to be recognized over a weighted average period of 2.3 years. As of September 30, 2017, we had $324,000 of unrecognized stock-based compensation expense related to our ESPP that is expected to be recognized over the term of the offering period ending November 30, 2017. Restricted Stock Units The following table summarizes the activity of restricted stock units (“RSUs”) for the nine months ended September 30, 2017 (in thousands, except per share data): RSUs Outstanding Weighted- Average Grant Date Fair Shares Value Unvested and outstanding at December 31, 2016 1,133 $ 18.36 Granted 912 23.76 Vested (350 ) 19.00 Cancelled (129 ) 20.09 Unvested and outstanding at September 30, 2017 1,566 21.22 As of September 30, 2017, we had $31,164,000 of unrecognized stock-based compensation costs related to outstanding RSUs that are expected to be recognized over a weighted average period of 3.1 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Utilization of the net operating loss carryforwards and credits may be subject to substantial annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. We file tax returns in the United States, the United Kingdom, Australia, the Netherlands, Hong Kong, Sweden, Brazil and various state jurisdictions. All of our tax years remain open to examination by major taxing jurisdictions to which we are subject, as carryforward attributes generated in past years may still be adjusted upon examination by the Internal Revenue Service or state and foreign tax authorities if they have or will be used in future periods. We believe that we have provided adequate reserves for our income tax uncertainties in all open tax years. We do not expect our gross unrecognized tax benefits to change significantly in the next 12 months. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 9. Fair Value of Financial Instruments The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy prioritizes the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. There were no transfers between Level 1 and Level 2 of the fair value measurement hierarchy during the nine months ended September 30, 2017 and the year ended December 31, 2016. Assets and liabilities measured at fair value on a recurring basis as of September 30, 2017, were as follows (in thousands): September 30, 2017 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 21,558 $ — $ — $ 21,558 Corporate debt securities — 8,089 — 8,089 Total Assets $ 21,558 $ 8,089 $ — $ 29,647 Liabilities: Common stock warrant liability $ — $ — $ 123 $ 123 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016, were as follows (in thousands): December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 17,394 $ — $ — $ 17,394 Corporate debt securities — 23,895 — 23,895 Total assets $ 17,394 $ 23,895 $ — $ 41,289 Liabilities: Common stock warrant liability $ — $ — $ 25 $ 25 Fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy level assigned to each security in our marketable securities portfolio and cash equivalents is based on our assessment of the transparency and reliability of the inputs used in the valuation of such instrument at the measurement date. The fair value of cash equivalents included in the Level 1 category is based on quoted prices that are readily and regularly available in an active market. The fair value of the marketable securities included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. These values were obtained from an independent pricing service and were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well-established independent pricing vendors and broker-dealers. The carrying amount of our cash, receivables and payables approximates fair value because of the short-term nature of these items. The following table sets forth a summary of the changes in the estimated fair value of the warrant liability. Changes in the fair value are recognized in the change in fair value of warrant liability line item on the consolidated statements of operations. The following balance Common Stock Warrant Liability Balance at January 1, 2017 $ 25 Recognized expense 98 Balance at September 30, 2017 $ 123 In November 2012, we issued a warrant to purchase 70,000 shares of common stock to our lender in connection with our line of credit. The warrant was fully exercisable and had a ten-year term with an exercise price of $0.99 per share. In April 2014, we issued our lender an additional warrant to purchase up to 33,332 shares of common stock in connection with an amendment of our line of credit at an exercise price of $4.47 per share. 16,666 of these shares were exercisable without a contingency. The additional 16,666 shares (the “contingent common stock warrant”) may become exercisable if our aggregate outstanding balance of the credit facility exceeds $7,500,000. We anticipate the probability that the contingent common stock warrant becomes exercisable is 25%. On February 2, 2016, warrants for 86,666 shares were exercised. At the lender’s request, we withheld 8,260 shares to cover the warrant exercise costs and we issued 78,406 shares. In connection with the exercise of the warrant, the warrant liability was marked to market as of the settlement date. As a result of the exercise, a portion of the warrant liability equal to $244,000 was reversed and recorded as additional paid-in capital. The remaining contingent common stock warrant to purchase 16,666 shares had an estimated common stock warrant liability balance of $123,000 at September 30, 2017. The contingent common stock warrant expires April 1, 2024. The fair values of these outstanding warrants are measured using an option pricing model and probability weighted expected return model. Inputs used to determine estimated fair value include the estimated fair value of the underlying common stock at the valuation measurement date, the estimated time to exit, risk-free interest rates, expected dividends, probability of contingent event, and estimated volatility. In addition to the above, significant inputs to the common stock warrant also includes the estimated likelihood of the exercise contingency being met. Estimated volatility is based on the volatility of a peer group. We monitor the historical volatility of peer group companies on a quarterly basis and adjust the estimated volatility when significant changes in the peer group volatilities occur. Generally, increases (decreases) in the fair value of the underlying common stock would result in a directionally similar impact to the fair value measurement. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Litigation We are involved in legal proceedings from time to time arising in the normal course of business. Management believes that the outcome of these proceedings will not have a material impact on our financial position, results of operations or liquidity. Lease Commitments We lease office space under non-cancelable operating leases that contain rent escalation clauses and renewal options. We recognize rent expense on a straight-line basis over the lease period and have accrued for rent expense incurred but not paid. We are also committed to pay a portion of the actual operating expenses under certain of these lease agreements. Rent expense under operating leases was $1,414,000 and $1,156,000 for the three months ended September 30, 2017 and 2016, respectively, and $3,897,000 and $3,390,000 for the nine months ended September 30, 2017 and 2016, respectively |
Description of Business and B17
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applicable to interim periods, under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, we have prepared the accompanying unaudited financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the fiscal year ended December 31, 2016, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2017. The year-end balance sheet data was derived from audited financial statements, but this Form 10-Q does not include all disclosures required under GAAP. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted under the rules and regulations of the SEC. These interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 10, 2017. There have been no changes in the Company’s significant accounting policies from those that were disclosed in the Company’s Annual Report on Form 10-K that have had a material impact on our consolidated financial statements and related notes. |
Marketable Securities | Marketable Securities We hold investments in marketable securities, consisting of corporate debt securities and commercial paper. We classify our marketable securities as available-for-sale investments as we neither buy and hold securities for the purpose of selling them in the near future nor intend to hold securities to maturity. We classify our marketable securities as short-term on the consolidated balance sheet for all purchased investments with contractual maturities that are less than one year as of the balance sheet date. Our marketable securities are carried at estimated fair value with any unrealized gains and losses, net of taxes, included in accumulated other comprehensive loss in stockholders’ equity. Unrealized losses are charged against other income (expense), net when a decline in fair value is determined to be other-than-temporary. We have not recorded any such impairment charge in the periods presented. We determine realized gains or losses on sale or maturity of marketable securities on a specific identification method, and record such gains or losses as other income (expense), net. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Such estimates, which we evaluate on an on-going basis, include allowances for doubtful accounts, useful lives for property and equipment and intangible assets, valuation of marketable securities, valuation allowances for net deferred income tax assets, valuation of stock-based compensation and common stock, the best estimate of selling price of deliverables included in multiple-deliverable revenue arrangements and the weighted average customer life used in the recognition of nonrefundable upfront implementation service revenue. We base our estimates on historical experience and on various other assumptions which we believe to be reasonable. |
Liability for Common Stock Warrants | Liability for Common Stock Warrants We account for freestanding warrants to purchase shares of our common stock that are not considered indexed to our own stock as warrant liabilities on our consolidated balance sheets. Under Accounting Standards Codification (“ASC”) 815, we record the liability-classified common stock warrants issued in conjunction with our credit facility at their estimated fair value because they are free standing and the number of shares exercisable under this warrant to purchase our common stock increases if the loan balance exceeds $7,500,000. At the end of each reporting period, changes in the estimated fair value of the warrants to purchase shares of common stock are recorded as a change in fair value of warrant liability in the consolidated statements of operations . A portion of the warrants were exercised in February 2016 (see Fair Value of Financial Instruments). |
Recent Accounting Pronouncement | Recent Accounting Pronouncements Adopted accounting pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for share-based payment transactions. The new guidance requires companies to record excess tax benefits and tax deficiencies as income tax benefit or expense in the statement of operations when the awards vest or are settled, and eliminates the requirement to reclassify cash flows related to excess tax benefits from operating activities to financing activities on the statement of cash flows. We adopted the standard in the three months ended March 31, 2017. Upon adoption, we recognized the previously unrecognized excess tax benefits using the modified retrospective transition method through a cumulative-effect adjustment of $3,039,000. The previously unrecognized excess tax effects were recorded as a deferred tax asset, which was fully offset by a valuation allowance. Because of this full valuation allowance, historically we have not reported any excess tax benefits in our consolidated statements of cash flows. Prospectively when our deferred tax asset is no longer fully offset by a valuation allowance, we will apply the change in presentation to the statement of cash flows and will classify the excess tax benefit in the operating section. In addition, we have elected to account for forfeitures as they occur, rather than estimate expected forfeitures over the course of a vesting period. As a result, we recorded a cumulative-effect adjustment to increase our additional paid-in capital and accumulated deficit by $253,000. In April 2015, the FASB issued ASU No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance to clarify the customer’s accounting for fees paid in a cloud computing arrangement. This guidance simplifies entities’ processes as it provides criteria to determine whether cloud computing arrangements contain a software license and should be accounted for as internal use software under ASC 350-40. We elected to prospectively adopt the accounting standard in the beginning of our first quarter of 2016. Prior periods in our consolidated financial statements were not retrospectively adjusted. Starting in our first quarter of 2016, i f an arrangement included a software license, as defined by this ASU, then we accounted for the software license element of the arrangement in the intangible assets, net line item of the consolidated balance sheets rather than recording the amount in property and equipment, net. Issued accounting pronouncements In January 2017, the FASB issued ASU No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, Leases, requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the financial statements. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing or sales-type leases. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The updated standard is effective for us beginning in the first quarter of 2019. We are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers: Topic 606”, as amended, (“ASU 2014-09”). The standard supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of the standard is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The standard defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation, among others. The standard also provides guidance on the recognition of costs related to obtaining customer contracts. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017. We will adopt the new standard effective January 1, 2018. The new standard permits adoption using either of two methods: (1) full retrospective application of the standard to each prior reporting period presented with the option to elect certain practical expedients as defined within the standard, or (2) modified retrospective application of the standard with the cumulative effect of initially applying the standard recognized at the date of initial application and providing certain additional disclosures as defined per the standard. We plan to adopt the new standard using the full retrospective method. Our ability to adopt using the full retrospective method is dependent on several factors, including the significance of the impact of the new standard to our financial results, system readiness and our ability to accumulate and analyze the information necessary to assess the impact on prior period financial statements, as necessary. We have substantially completed our evaluation of the impact of the new standard on our accounting policies. While meaningful system configuration progress has been achieved, we are currently in the system implementation stage of adopting the new standard. Internal resources and third-party service providers are actively involved in the implementation of identified system requirements to enable timely and accurate reporting under the new standard. Under the current revenue recognition guidance, we have historically concluded that nonrefundable upfront fees do not have standalone value, and accordingly, we have recognized those fees over the longer of the contract term or customer life. Under the new standard, we have concluded that nonrefundable upfront fees are not considered a separate performance obligation. As such, the consideration related to the nonrefundable upfront fees would be allocated across the other performance obligations included in the contract. Furthermore, under the current revenue recognition guidance we limit the amount of revenue recognition for delivered elements to the amount that is not contingent on the delivery of future services. Under the new standard, the concept of contingent revenue no longer exists. As a result, the timing of when revenue is recognized could change significantly for nonrefundable upfront fees and our multi-year subscription agreements. We plan to begin quantifying the financial statement impacts resulting from the adoption of the new standard upon completion of the system implementation stage. As part of our evaluation, we have also considered the impact of the standard’s requirements with respect to capitalization and amortization of incremental costs of obtaining a contract. Under our current accounting policy, incremental costs of obtaining a contract are expensed as incurred. The new standard requires the capitalization of all incremental costs that we incur to obtain a contract with a customer that would not have been incurred if the contract had not been obtained, provided we expect to recover those costs. While we continue to assess all potential impacts under the new standard, including the areas described above, and anticipate this standard could have a material impact on our consolidated financial statements, we do not know or cannot reasonably estimate quantitative information related to the impact of the new standard on the financial statements at this time. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of the Denominator Used in the Calculation of Basic and Diluted Loss Per Share | A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net loss $ (12,373 ) $ (12,317 ) $ (38,100 ) $ (40,646 ) Denominator: Weighted-average common shares outstanding—basic 29,535 28,090 29,120 27,685 Less: Weighted-average common stock subject to repurchase — (6 ) — (18 ) Total weighted-average common shares outstanding—basic 29,535 28,084 29,120 27,667 Dilutive effect of share equivalents resulting from stock options, restricted stock units, common stock warrants and common stock subject to repurchase — — — — Weighted-average common shares outstanding-diluted 29,535 28,084 29,120 27,667 Net loss per common share, basic and diluted $ (0.42 ) $ (0.44 ) $ (1.31 ) $ (1.47 ) |
Summary of Shares Excluded from Calculation of Diluted Loss Per Share with a Potential Dilutive Impact | The following table contains share totals with a potentially dilutive impact (in thousands): As of September 30, 2017 2016 Options to purchase common stock 2,489 3,261 Common stock warrants 17 17 Common stock subject to repurchase — 4 Restricted stock units 1,566 1,000 Total 4,072 4,282 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following (in thousands): September 30, December 31, 2017 2016 Computer and office equipment $ 5,220 $ 3,918 Purchased software 1,071 1,074 Capitalized software development costs 13,537 6,947 Furniture and fixtures 3,454 2,701 Leasehold improvements and other 10,837 9,413 Total property and equipment 34,119 24,053 Less accumulated depreciation and amortization (13,212 ) (9,320 ) Total $ 20,907 $ 14,733 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets consisted of the following (in thousands): Average September 30, December 31, Useful Life 2017 2016 Domain names 12 Months $ 1,268 $ 1,268 Tradenames and trademarks 2 Months 120 109 Software 28 Months 611 321 Capitalized learning content 55 Months 400 400 Accumulated amortization (1,668 ) (1,338 ) Total $ 731 $ 760 |
Estimated Amortization Expense | Based on the recorded intangible assets at September 30, 2017, estimated amortization expense is expected to be as follows (in thousands): Amortization Years Ending December 31, Expense Remainder of 2017 $ 72 2018 285 2019 216 2020 94 2021 64 Total $ 731 |
Segment Information and Geogr21
Segment Information and Geographic Data (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Geographic Areas Revenues From External Customers [Abstract] | |
Schedule of Revenue by Geographic Region | Revenue by geographic region, based on the physical location of the customer, is (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 United States $ 36,492 $ 26,973 $ 99,370 $ 72,242 Foreign 6,456 3,172 15,601 7,092 Total revenue $ 42,948 $ 30,145 $ 114,971 $ 79,334 Percentage of revenue generated outside of the United States 15 % 11 % 14 % 9 % |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Major Security Type Assets Measured at Fair Value on Recurring Basis | The following tables summarize, by major security type, our assets that are measured at fair value on a recurring basis (in thousands): September 30, 2017 Amortized Gross Unrealized Gross Unrealized Estimated Fair Cost Gains Losses Value Corporate debt securities $ 8,090 $ — $ (1 ) $ 8,089 December 31, 2016 Amortized Gross Unrealized Gross Unrealized Estimated Fair Cost Gains Losses Value Corporate debt securities $ 23,907 $ — $ (12 ) $ 23,895 |
Schedule of Estimated Fair Value of Investments by Contractual Maturity | The estimated fair value of investments by contractual maturity is as follows (in thousands): September 30, December 31, 2017 2016 Due within one year $ 8,089 $ 23,895 Thereafter — — Total $ 8,089 $ 23,895 |
Stockholders' Equity (Deficit23
Stockholders' Equity (Deficit) and Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense by Award Type | stock-based compensation expense by award type Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Options $ 939 $ 994 $ 3,123 $ 3,130 Restricted stock units 2,812 1,273 7,109 2,948 Employee stock purchase plan 516 537 1,475 1,623 Total stock-based compensation $ 4,267 $ 2,804 $ 11,707 $ 7,701 |
Summary of Stock-Based Compensation Expense Recorded in Consolidated Statement of Operations | the stock-based compensation expense was recorded in our consolidated statements of operations (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Subscription and support cost of revenue $ 211 $ 129 $ 528 $ 360 Professional services and other cost of revenue 161 127 422 362 Sales and marketing 1,255 775 3,405 2,219 Research and development 1,637 1,022 4,375 2,742 General and administrative 1,003 751 2,977 2,018 Total stock-based compensation $ 4,267 $ 2,804 $ 11,707 $ 7,701 |
Summary of Stock Option Activity | The following table summarizes s tock option activity for the nine months ended September 30, 2017 (in thousands, except per share data and years): Weighted- Weighted- Average Shares Average Remaining Aggregate Underlying Exercise Life Intrinsic Options Price (in years) Value Outstanding at December 31, 2016 3,106 $ 7.14 7.5 $ 38,558 Granted 185 21.83 Exercised (719 ) 4.70 Forfeited or cancelled (83 ) 10.02 Outstanding at September 30, 2017 2,489 8.44 7.1 60,511 Vested and expected to vest—September 30, 2017 2,489 8.44 7.1 60,511 Exercisable at September 30, 2017 1,655 6.67 6.6 43,833 |
Summary of Restricted Stock Units Activity | The following table summarizes the activity of restricted stock units (“RSUs”) for the nine months ended September 30, 2017 (in thousands, except per share data): RSUs Outstanding Weighted- Average Grant Date Fair Shares Value Unvested and outstanding at December 31, 2016 1,133 $ 18.36 Granted 912 23.76 Vested (350 ) 19.00 Cancelled (129 ) 20.09 Unvested and outstanding at September 30, 2017 1,566 21.22 |
Fair Value of Financial Instr24
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | There were no transfers between Level 1 and Level 2 of the fair value measurement hierarchy during the nine months ended September 30, 2017 and the year ended December 31, 2016. Assets and liabilities measured at fair value on a recurring basis as of September 30, 2017, were as follows (in thousands): September 30, 2017 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 21,558 $ — $ — $ 21,558 Corporate debt securities — 8,089 — 8,089 Total Assets $ 21,558 $ 8,089 $ — $ 29,647 Liabilities: Common stock warrant liability $ — $ — $ 123 $ 123 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016, were as follows (in thousands): December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 17,394 $ — $ — $ 17,394 Corporate debt securities — 23,895 — 23,895 Total assets $ 17,394 $ 23,895 $ — $ 41,289 Liabilities: Common stock warrant liability $ — $ — $ 25 $ 25 |
Summary of Changes in the Estimated Fair Value of Warrant Liabilities | The following table sets forth a summary of the changes in the estimated fair value of the warrant liability. Changes in the fair value are recognized in the change in fair value of warrant liability line item on the consolidated statements of operations. The following balance Common Stock Warrant Liability Balance at January 1, 2017 $ 25 Recognized expense 98 Balance at September 30, 2017 $ 123 |
Description of Business and B25
Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended |
Apr. 30, 2014 | Sep. 30, 2017 | |
Accounting Policies [Abstract] | ||
Entity incorporation date | 2008-09 | |
Minimum loan balance to issuance of common stock | $ 7,500,000 | $ 7,500,000 |
Unrecognized excess tax benefits | 3,039,000 | |
Cumulative-effect adjustment to increase additional paid-in capital and accumulated deficit | $ 253,000 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Reconciliation of the Denominator Used in the Calculation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Numerator: | ||||
Net loss | $ (12,373) | $ (12,317) | $ (38,100) | $ (40,646) |
Denominator: | ||||
Weighted-average common shares outstanding—basic | 29,535 | 28,090 | 29,120 | 27,685 |
Less: Weighted-average common stock subject to repurchase | (6) | (18) | ||
Total weighted-average common shares outstanding—basic | 29,535 | 28,084 | 29,120 | 27,667 |
Weighted-average common shares outstanding-diluted | 29,535 | 28,084 | 29,120 | 27,667 |
Net loss per common share, basic and diluted | $ (0.42) | $ (0.44) | $ (1.31) | $ (1.47) |
Net Loss Per Share - Summary 27
Net Loss Per Share - Summary of Shares Excluded from Calculation of Diluted Loss Per Share with a Potential Dilutive Impact (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from calculation of diluted loss per share with a potential dilutive impact | 4,072 | 4,282 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from calculation of diluted loss per share with a potential dilutive impact | 2,489 | 3,261 |
Common Stock Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from calculation of diluted loss per share with a potential dilutive impact | 17 | 17 |
Common Stock Subject to Repurchase | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from calculation of diluted loss per share with a potential dilutive impact | 4 | |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from calculation of diluted loss per share with a potential dilutive impact | 1,566 | 1,000 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 34,119 | $ 24,053 |
Less accumulated depreciation and amortization | (13,212) | (9,320) |
Total | 20,907 | 14,733 |
Computer and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 5,220 | 3,918 |
Purchased Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,071 | 1,074 |
Capitalized Software Development Costs | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 13,537 | 6,947 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 3,454 | 2,701 |
Leasehold Improvements and Other | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 10,837 | $ 9,413 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||||
Accumulated amortization for capitalized software development costs | $ 3,813,000 | $ 3,813,000 | $ 2,355,000 | ||
Amortization expense for capitalized software development costs | $ 639,000 | $ 260,000 | $ 1,645,000 | $ 838,000 |
Goodwill and Intangible Asset30
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 989 | $ 989 | $ 989 | ||
Amortization of intangible assets | $ 71 | $ 98 | $ 330 | $ 284 |
Goodwill and Intangible Asset31
Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Finite Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (1,668) | $ (1,338) |
Total | $ 731 | 760 |
Domain names | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Average Remaining Useful Life | 12 months | |
Intangible assets, gross | $ 1,268 | 1,268 |
Tradenames and trademarks | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Average Remaining Useful Life | 2 months | |
Intangible assets, gross | $ 120 | 109 |
Software | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Average Remaining Useful Life | 28 months | |
Intangible assets, gross | $ 611 | 321 |
Capitalized learning content | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, Average Remaining Useful Life | 55 months | |
Intangible assets, gross | $ 400 | $ 400 |
Goodwill and Intangible Asset32
Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite Lived Intangible Assets Net [Abstract] | ||
Remainder of 2017 | $ 72 | |
2,018 | 285 | |
2,019 | 216 | |
2,020 | 94 | |
2,021 | 64 | |
Total | $ 731 | $ 760 |
Segment Information and Geogr33
Segment Information and Geographic Data - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2017Segment | |
Geographic Areas Revenues From External Customers [Abstract] | |
Number of operating segment | 1 |
Segment Information and Geogr34
Segment Information and Geographic Data - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | $ 42,948 | $ 30,145 | $ 114,971 | $ 79,334 |
United States | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | 36,492 | 26,973 | 99,370 | 72,242 |
Foreign | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | $ 6,456 | $ 3,172 | $ 15,601 | $ 7,092 |
Sales Revenue | Customer Concentration Risk | Foreign | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Percentage of revenue generated outside of the United States | 15.00% | 11.00% | 14.00% | 9.00% |
Marketable Securities - Summary
Marketable Securities - Summary of Major Security Type Assets Measured at Fair Value on Recurring Basis (Details) - Corporate Debt Securities - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 8,090 | $ 23,907 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (12) |
Estimated Fair Value | $ 8,089 | $ 23,895 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |||
Unrealized loss position on aggregate fair value of investments | $ 1,806,000 | $ 17,906,000 | |
Gross realized gains or losses from sale or maturity of marketable securities | 0 | $ 0 | |
Gross interest income on securities | 125,000 | 173,000 | |
Amortization expense on securities | $ 9,000 | $ 20,000 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Estimated Fair Value of Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investments Debt And Equity Securities [Abstract] | ||
Due within one year | $ 8,089 | $ 23,895 |
Thereafter | 0 | 0 |
Total | $ 8,089 | $ 23,895 |
Stockholders' Equity (Deficit38
Stockholders' Equity (Deficit) and Stock-Based Compensation - Additional Information (Details) | 1 Months Ended | 9 Months Ended | |
Jan. 31, 2017shares | Sep. 30, 2017USD ($)VotingRightshares | Dec. 31, 2016shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock, authorized | 200,000,000 | 200,000,000 | |
Common stock, Issued | 29,754,992 | 28,553,808 | |
Common stock, outstanding | 29,752,977 | 28,553,808 | |
Dividends paid or declared | $ | $ 0 | ||
Common stock voting rights | Each share of common stock has the right to one vote on all matters submitted to a vote of stockholders. | ||
Number of common stock voting rights | VotingRight | 1 | ||
Options outstanding | 2,489,000 | 3,106,000 | |
Unrecognized stock-based compensation costs related to non-vested awards | $ | $ 6,056,000 | ||
Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average period for unrecognized compensation cost expected to be recognized | 2 years 3 months 19 days | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average period for unrecognized compensation cost expected to be recognized | 3 years 1 month 7 days | ||
Unrecognized stock-based compensation costs | $ | $ 31,164,000 | ||
2010 Equity Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available for future grants | 0 | ||
Options outstanding | 2,073,725 | ||
2015 Equity Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available for future grants | 2,001,025 | ||
Increase in share reserve under the plan | 1,284,921 | ||
ESPP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available for future grants | 466,683 | ||
Increase in share reserve under the plan | 285,538 | ||
Initial offering expiration period | 27 months | ||
Percentage of discount through payroll deductions to eligible employees to purchase common stock | 15.00% | ||
Unrecognized stock-based compensation costs | $ | $ 324,000 | ||
Weighted average date for unrecognized compensation cost to expected to be recognized | Nov. 30, 2017 |
Stockholders' Equity (Deficit39
Stockholders' Equity (Deficit) and Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 4,267 | $ 2,804 | $ 11,707 | $ 7,701 |
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 939 | 994 | 3,123 | 3,130 |
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 2,812 | 1,273 | 7,109 | 2,948 |
Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 516 | $ 537 | $ 1,475 | $ 1,623 |
Stockholders' Equity (Deficit40
Stockholders' Equity (Deficit) and Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recorded in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 4,267 | $ 2,804 | $ 11,707 | $ 7,701 |
Subscription and Support Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 211 | 129 | 528 | 360 |
Professional Services and Other Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 161 | 127 | 422 | 362 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 1,255 | 775 | 3,405 | 2,219 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 1,637 | 1,022 | 4,375 | 2,742 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 1,003 | $ 751 | $ 2,977 | $ 2,018 |
Stockholders' Equity (Deficit41
Stockholders' Equity (Deficit) and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Shares Underlying Options, Outstanding, Beginning Balance | 3,106 | |
Shares Underlying Options, Granted | 185 | |
Shares Underlying Options, Exercised | (719) | |
Shares Underlying Options, Forfeited or Cancelled | (83) | |
Shares Underlying Options, Outstanding, Ending Balance | 2,489 | 3,106 |
Shares Underlying Options, Vested and Expected to Vest | 2,489 | |
Shares Underlying Options, Exercisable | 1,655 | |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 7.14 | |
Weighted-Average Exercise Price, Granted | 21.83 | |
Weighted-Average Exercise Price, Exercised | 4.70 | |
Weighted-Average Exercise Price, Forfeited or Cancelled | 10.02 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance | 8.44 | $ 7.14 |
Weighted-Average Exercise Price, Vested and Expected to Vest | 8.44 | |
Weighted-Average Exercise Price, Exercisable | $ 6.67 | |
Weighted-Average Remaining Life, Outstanding | 7 years 1 month 6 days | 7 years 6 months |
Weighted-Average Remaining Life, Vested and Expected to Vest | 7 years 1 month 6 days | |
Weighted-Average Remaining Life, Exercisable | 6 years 7 months 6 days | |
Aggregate Intrinsic Value, Outstanding | $ 60,511 | $ 38,558 |
Aggregate Intrinsic Value, Vested and Expected to Vest | 60,511 | |
Aggregate Intrinsic Value, Exercisable | $ 43,833 |
Stockholders' Equity (Deficit42
Stockholders' Equity (Deficit) and Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Unvested and Outstanding, Beginning Balance | shares | 1,133 |
Shares, Granted | shares | 912 |
Shares, Vested | shares | (350) |
Shares, Cancelled | shares | (129) |
Shares, Unvested and Outstanding, Ending Balance | shares | 1,566 |
Weighted-Average Grant Date Fair Value Per Share, Unvested and Outstanding, Beginning Balance | $ / shares | $ 18.36 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 23.76 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 19 |
Weighted-Average Grant Date Fair Value Per Share, Cancelled | $ / shares | 20.09 |
Weighted-Average Grant Date Fair Value Per Share, Unvested and Outstanding, Ending Balance | $ / shares | $ 21.22 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | Feb. 02, 2016 | Apr. 30, 2014 | Nov. 30, 2012 | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Transfers between Level 1 and Level 2 of the fair value measurement | $ 0 | $ 0 | |||
Warrants issued to purchase common stock | 78,406 | 33,332 | 70,000 | ||
Warrant exercise term | 10 years | ||||
Warrant exercise price | $ 4.47 | $ 0.99 | |||
Aggregate outstanding balance of credit facility | $ 7,500,000 | $ 7,500,000 | |||
Warrants exercised | 86,666 | ||||
Shares withheld to cover warrant exercise costs | 8,260 | ||||
Adjustments to additional paid in capital for warrant liability reversed | $ 244,000 | ||||
Remaining contingent common stock warrant liability | 16,666 | ||||
Estimated common stock warrant liability | $ 123,000 | ||||
Common Stock Warrant Without Contingency | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Warrants issued to purchase common stock | 16,666 | ||||
Contingent Common Stock Warrant | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Warrants issued to purchase common stock | 16,666 | ||||
Estimated exercisable percentage | 25.00% | ||||
Warrant expiration date | Apr. 1, 2024 |
Fair Value of Financial Instr44
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 29,647 | $ 41,289 |
Common stock warrant liability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total liabilities | 123 | 25 |
Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 21,558 | 17,394 |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 8,089 | 23,895 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 21,558 | 17,394 |
Level 1 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 21,558 | 17,394 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 8,089 | 23,895 |
Level 2 | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 8,089 | 23,895 |
Level 3 | Common stock warrant liability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total liabilities | $ 123 | $ 25 |
Fair Value of Financial Instr45
Fair Value of Financial Instruments - Summary of Changes in the Estimated Fair Value of Warrant Liabilities (Details) - Common stock warrant liability $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | $ 25 |
Recognized expense | 98 |
Ending Balance | $ 123 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Rent expense under operating leases | $ 1,414,000 | $ 1,156,000 | $ 3,897,000 | $ 3,390,000 |