Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020 | |
Document Information [Line Items] | |
Document Type | F-1 |
Amendment Flag | false |
Entity Registrant Name | Innoviz Technologies Ltd. |
Entity Central Index Key | 0001835654 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Address, Country | IL |
Entity Incorporation, State or Country Code | L3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 49,950,000 | $ 72,792,000 | |
Prepaid expenses | 461,000 | 426,000 | |
Short term deposits | 0 | 34,720,000 | |
Restricted deposits | 8,000 | 8,000 | |
Trade receivables | 2,506,000 | 1,021,000 | |
Inventories | 2,164,000 | 1,341,000 | |
Prepaid expenses and other current assets | 3,287,000 | 1,918,000 | |
Total current assets | 57,915,000 | 111,800,000 | |
LONG-TERM ASSETS: | |||
Restricted deposits | 864,000 | 627,000 | |
Other long-term assets | 537,000 | 98,000 | |
Property and equipment, net | 13,245,000 | 11,339,000 | |
Total long-term assets | 14,646,000 | 12,064,000 | |
Total assets | 72,561,000 | 123,864,000 | |
CURRENT LIABILITIES: | |||
Trade payables | 7,751,000 | 7,145,000 | |
Advances from customers and deferred revenues | 1,661,000 | 463,000 | |
Employees and payroll accruals | 5,528,000 | 3,417,000 | |
Accrued expenses and other current liabilities | 2,854,000 | 3,674,000 | |
Accrued expenses | 2,536,000 | 3,367,000 | |
Total current liabilities | 17,794,000 | 14,699,000 | |
LONG-TERM LIABILITIES: | |||
Loan, net of current maturities | 2,224,000 | 2,325,000 | |
Long-term advances from customers and deferred revenues | 3,473,000 | 3,473,000 | |
Total long-term liabilities | 5,697,000 | 5,798,000 | |
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 272,815,000 | 249,081,000 | |
SHAREHOLDERS' DEFICIT: | |||
Common stock value | [1] | ||
Additional paid-in capital | 7,658,000 | 4,178,000 | |
Accumulated deficit | (231,403,000) | (149,892,000) | |
Total shareholders' deficit | (223,745,000) | (145,714,000) | |
Total liabilities, convertible preferred shares and shareholders' deficit | 72,561,000 | 123,864,000 | |
Collective Growth Corp [Member] | |||
CURRENT ASSETS: | |||
Cash and cash equivalents | 284,330 | 0 | |
Prepaid expenses | 61,651 | ||
Total current assets | 345,981 | ||
LONG-TERM ASSETS: | |||
Deferred offering costs | 32,500 | ||
Cash and marketable securities held in Trust Account | 150,100,083 | ||
Total assets | 150,446,064 | 32,500 | |
CURRENT LIABILITIES: | |||
Accrued expenses | 371,244 | ||
Promissory note – related party | 7,848 | ||
Warrant Liability | 41,975,813 | ||
Total current liabilities | 371,244 | 7,848 | |
LONG-TERM LIABILITIES: | |||
Deferred consulting fees | 72,000 | ||
Deferred underwriting fee payable | 5,250,000 | ||
Total Liabilities | 47,669,057 | 7,848 | |
Commitments and Contingencies (Note 7) | |||
Class A common stock subject to possible redemption, 9,777,700 shares at redemption value at December 31, 2020 | 97,777,000 | ||
SHAREHOLDERS' DEFICIT: | |||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | |||
Additional paid-in capital | 34,854,235 | 24,569 | |
Accumulated deficit | (29,855,151) | (348) | |
Total shareholders' deficit | 5,000,007 | 24,652 | |
Total liabilities, convertible preferred shares and shareholders' deficit | 150,446,064 | 32,500 | |
Series A Convertible Preferred Shares [Member] | |||
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 9,000,000 | 9,000,000 | |
Series B Convertible Preferred Shares [Member] | |||
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 66,348,000 | 66,348,000 | |
Series B-1 Convertible Preferred Shares [Member] | |||
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 12,500,000 | 12,500,000 | |
Series C Convertible Preferred Shares [Member] | |||
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 161,233,000 | 161,233,000 | |
Series C-1 Convertible Preferred Shares [Member] | |||
CONVERTIBLE PREFERRED SHARES | |||
Total convertible preferred shares | 23,734,000 | 0 | |
Class A Common Stock | Collective Growth Corp [Member] | |||
SHAREHOLDERS' DEFICIT: | |||
Common stock value | 548 | ||
Total shareholders' deficit | 548 | ||
Class B Common Stock | Collective Growth Corp [Member] | |||
SHAREHOLDERS' DEFICIT: | |||
Common stock value | [2] | 375 | 431 |
Total shareholders' deficit | $ 375 | $ 431 | |
[1] | Represents amounts lower than $1. | ||
[2] | December 31, 2019 share amount included an aggregate of up to 562,500 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full or in part (see Note 6). |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Common stock shares no par value | $ 0 | $ 0 | |
Common stock shares authorized | 179,872,754 | 107,265,966 | |
Common stock shares issued | 16,948,226 | 15,855,287 | |
Common stock shares outstanding | 16,948,226 | 15,855,287 | |
Common stock value | [1] | ||
Collective Growth Corp [Member] | |||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Maximum [Member] | |||
Common stock value | $ 1,000 | $ 1,000 | |
Series A Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 20,418,209 | 20,418,209 | |
Temporary equity shares issued | 20,418,209 | 20,418,209 | |
Temporary equity shares outstanding | 20,418,209 | 20,418,209 | |
Series B Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 15,906,053 | 15,906,053 | |
Temporary equity shares issued | 15,906,053 | 15,906,053 | |
Temporary equity shares outstanding | 15,906,053 | 15,906,053 | |
Series B-1 Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 3,032,940 | 3,032,940 | |
Temporary equity shares issued | 3,032,940 | 3,032,940 | |
Temporary equity shares outstanding | 3,032,940 | 3,032,940 | |
Series C Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 28,973,439 | 28,973,439 | |
Temporary equity shares issued | 28,216,005 | 28,216,005 | |
Temporary equity shares outstanding | 28,216,005 | 28,216,005 | |
Series C-1 Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 15,191,550 | 0 | |
Temporary equity shares issued | 2,699,114 | 0 | |
Temporary equity shares outstanding | 2,699,114 | 0 | |
Class A Common Stock | Collective Growth Corp [Member] | |||
Common stock shares subject to possible redemption | 9,777,700 | 0 | |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock shares authorized | 100,000,000 | 100,000,000 | |
Common stock shares issued | 5,484,800 | 0 | |
Common stock shares outstanding | 5,484,800 | 0 | |
Common stock value | $ 548 | ||
Class B Common Stock | Collective Growth Corp [Member] | |||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock shares authorized | 10,000,000 | 10,000,000 | |
Common stock shares issued | 3,750,000 | 4,312,500 | |
Common stock shares outstanding | 3,750,000 | 4,312,500 | |
Common stock value | [2] | $ 375 | $ 431 |
[1] | Represents amounts lower than $1. | ||
[2] | December 31, 2019 share amount included an aggregate of up to 562,500 shares that were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full or in part (see Note 6). |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues (2020 revenues net of issuance of Preferred C-1 Shares in the amount of $14,800, see note 2h) | $ (9,364,000) | $ 1,575,000 | $ 62,000 | |
Cost of revenues | (6,407,000) | (1,986,000) | (53,000) | |
Gross profit (loss) | (15,771,000) | (411,000) | 9,000 | |
Operating expenses: | ||||
Research and development | 57,029,000 | 59,376,000 | 48,319,000 | |
Selling and marketing | 5,430,000 | 6,481,000 | 5,511,000 | |
General and administrative | 3,753,000 | 3,190,000 | 2,440,000 | |
Total operating expenses | 66,212,000 | 69,047,000 | 56,270,000 | |
Operating loss | (81,983,000) | (69,458,000) | (56,261,000) | |
Financial income (expenses), net | 655,000 | 2,167,000 | (107,000) | |
Loss before taxes on income | (81,328,000) | (67,291,000) | (56,368,000) | |
Taxes on income | (183,000) | (10,000) | (32,000) | |
Net loss | $ (81,511,000) | $ (67,301,000) | $ (56,400,000) | |
Weighted average shares outstanding, basic and diluted | 16,514,910 | 15,524,845 | 15,039,814 | |
Basic and diluted net loss per ordinary share | $ (5.99) | $ (5.22) | $ (4.14) | |
Collective Growth Corp [Member] | ||||
Formation and operational costs | $ 348 | $ 1,134,618 | ||
Other income: | ||||
Change in fair value of warrant liability | (26,454,375) | |||
Compensation expense related to warrant liabilities | (1,665,188) | |||
Transaction costs associated with Initial Public Offering | (700,705) | |||
Interest earned on marketable securities held in Trust Account | 94,642 | |||
Unrealized gain on marketable securities held in Trust Account | 5,441 | |||
Other loss | (28,720,185) | |||
Operating expenses: | ||||
Operating loss | (348) | (1,134,618) | ||
Net loss | $ (348) | $ (29,854,803) | ||
Basic and diluted weighted average of shares outstanding, Common stock subject to possible redemption (in Shares) | 13,211,642 | |||
Basic and diluted net income per share, Common stock subject to possible redemption (in Dollars per share) | $ 0 | $ 0 | ||
Weighted average shares outstanding, basic and diluted | 3,750,000 | 5,094,825 | ||
Basic and diluted net loss per ordinary share | $ 0 | $ (5.86) |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Income Statement [Abstract] | |
Reduction in revenue | $ 14,800 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Convertible Preferred Shares And Shareholders' Deficit - USD ($) | Total | Collective Growth Corp [Member] | Series A Convertible Preferred Shares [Member] | Series B Convertible Preferred Shares [Member] | Series B-1 Convertible Preferred Shares [Member] | Series C Convertible Preferred Shares [Member] | Series C-1 Convertible Preferred Shares [Member] | Common Class A [Member]Collective Growth Corp [Member] | Common Class B [Member]Collective Growth Corp [Member] | Ordinary Shares [Member] | Ordinary Shares [Member]Common Class A [Member]Collective Growth Corp [Member] | Ordinary Shares [Member]Common Class B [Member]Collective Growth Corp [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Collective Growth Corp [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Collective Growth Corp [Member] | ||
Beginning balance convertible preferred shares at Dec. 31, 2017 | $ 87,848,000 | $ 9,000,000 | $ 66,348,000 | $ 12,500,000 | ||||||||||||||
Beginning balance convertible preferred shares (Shares) at Dec. 31, 2017 | 20,418,209 | 15,906,053 | 3,032,940 | |||||||||||||||
Beginning balance at Dec. 31, 2017 | (25,644,000) | [1] | $ 547,000 | $ (26,191,000) | ||||||||||||||
Beginning balance (Shares) at Dec. 31, 2017 | 15,004,740 | |||||||||||||||||
Exercise of shares options | 10,000 | 10,000 | ||||||||||||||||
Exercise of shares options (Shares) | [1] | 74,040 | ||||||||||||||||
Share-based Compensation | 1,377,000 | 1,377,000 | ||||||||||||||||
Ending balance convertible preferred shares at Dec. 31, 2018 | 87,848,000 | $ 9,000,000 | $ 66,348,000 | $ 12,500,000 | ||||||||||||||
Ending balance convertible preferred shares (Shares) at Dec. 31, 2018 | 20,418,209 | 15,906,053 | 3,032,940 | |||||||||||||||
Net Loss | (56,400,000) | (56,400,000) | ||||||||||||||||
Ending balance at Dec. 31, 2018 | (80,657,000) | [1] | 1,934,000 | (82,591,000) | ||||||||||||||
Ending balance (Shares) at Dec. 31, 2018 | 15,078,780 | |||||||||||||||||
Issuance of convertible preferred shares, net of issuance cost | 161,233,000 | $ 161,233,000 | ||||||||||||||||
Issuance of convertible preferred shares, net of issuance cost (Shares) | 28,216,005 | |||||||||||||||||
Exercise of shares options | 73,000 | 73,000 | ||||||||||||||||
Exercise of shares options (Shares) | [1] | 776,508 | ||||||||||||||||
Share-based Compensation | 2,171,000 | 2,171,000 | ||||||||||||||||
Ending balance convertible preferred shares at Dec. 31, 2019 | 249,081,000 | $ 9,000,000 | $ 66,348,000 | $ 12,500,000 | $ 161,233,000 | |||||||||||||
Ending balance convertible preferred shares (Shares) at Dec. 31, 2019 | 20,418,209 | 15,906,053 | 3,032,940 | 28,216,005 | 0 | |||||||||||||
Net Loss | (67,301,000) | (67,301,000) | ||||||||||||||||
Ending balance at Dec. 31, 2019 | (145,714,000) | $ 24,652 | $ 431 | [1] | 4,178,000 | $ 24,569 | (149,892,000) | $ (348) | ||||||||||
Ending balance (Shares) at Dec. 31, 2019 | 4,312,500 | 15,855,288 | ||||||||||||||||
Beginning balance convertible preferred shares at Dec. 31, 2019 | 249,081,000 | $ 9,000,000 | $ 66,348,000 | $ 12,500,000 | $ 161,233,000 | |||||||||||||
Beginning balance convertible preferred shares (Shares) at Dec. 31, 2019 | 20,418,209 | 15,906,053 | 3,032,940 | 28,216,005 | 0 | |||||||||||||
Beginning balance at Dec. 31, 2019 | (145,714,000) | 24,652 | $ 431 | [1] | 4,178,000 | 24,569 | (149,892,000) | (348) | ||||||||||
Beginning balance (Shares) at Dec. 31, 2019 | 4,312,500 | 15,855,288 | ||||||||||||||||
Beginning balance convertible preferred shares at Dec. 31, 2019 | 249,081,000 | $ 9,000,000 | $ 66,348,000 | $ 12,500,000 | $ 161,233,000 | |||||||||||||
Beginning balance convertible preferred shares (Shares) at Dec. 31, 2019 | 20,418,209 | 15,906,053 | 3,032,940 | 28,216,005 | 0 | |||||||||||||
Beginning balance at Dec. 31, 2019 | (145,714,000) | 24,652 | $ 431 | [1] | 4,178,000 | 24,569 | (149,892,000) | (348) | ||||||||||
Beginning balance (Shares) at Dec. 31, 2019 | 4,312,500 | 15,855,288 | ||||||||||||||||
Issuance of convertible preferred shares, net of issuance cost | 23,734,000 | $ 23,734,000 | ||||||||||||||||
Issuance of convertible preferred shares, net of issuance cost (Shares) | 2,699,114 | |||||||||||||||||
Exercise of shares options | $ 284,000 | [1] | 284,000 | |||||||||||||||
Exercise of shares options (Shares) | 1,092,938 | 1,092,938 | ||||||||||||||||
Share-based Compensation | $ 3,196,000 | 3,196,000 | ||||||||||||||||
Sale of 15,000,000 Units, net of underwriting discounts | 130,101,828 | $ 1,500 | 130,100,328 | |||||||||||||||
Sale of 15,000,000 Units, net of underwriting discounts (in Shares) | 15,000,000 | |||||||||||||||||
Sale of 262,500 Private Placement Units | 630,330 | $ 26 | 630,304 | |||||||||||||||
Sale of 262,500 Private Placement Units (in Shares) | 262,500 | |||||||||||||||||
Sale of 1,875,000 Private Placement Warrants | 1,875,000 | 1,875,000 | ||||||||||||||||
Forfeiture of Founder Shares | $ (56) | 56 | ||||||||||||||||
Forfeiture of Founder Shares (in Shares) | 562,500 | (562,500) | ||||||||||||||||
Class A common stock subject to possible redemption | (97,777,000) | $ (978) | (97,776,022) | |||||||||||||||
Class A common stock subject to possible redemption (in Shares) | (9,777,700) | |||||||||||||||||
Ending balance convertible preferred shares at Dec. 31, 2020 | 272,815,000 | $ 9,000,000 | $ 66,348,000 | $ 12,500,000 | $ 161,233,000 | $ 23,734,000 | ||||||||||||
Ending balance convertible preferred shares (Shares) at Dec. 31, 2020 | 20,418,209 | 15,906,053 | 3,032,940 | 28,216,005 | 2,699,114 | |||||||||||||
Net Loss | (81,511,000) | (29,854,803) | (81,511,000) | (29,854,803) | ||||||||||||||
Ending balance at Dec. 31, 2020 | $ (223,745,000) | $ 5,000,007 | $ 548 | $ 375 | [1] | $ 7,658,000 | $ 34,854,235 | $ (231,403,000) | $ (29,855,151) | |||||||||
Ending balance (Shares) at Dec. 31, 2020 | 5,484,800 | 3,750,000 | 16,948,226 | |||||||||||||||
[1] | Represents amounts lower than $1. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Convertible Preferred Shares And Shareholders' Deficit (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Common stock value | [1] | ||
Sale Of Unit | 15,000,000 | ||
Sale Of Private Placement Units | 262,500 | ||
Sale Of Private Placement Warrants | 1,875,000 | ||
Maximum [Member] | |||
Common stock value | $ 1 | $ 1 | |
[1] | Represents amounts lower than $1. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash flows from operating activities: | |||||
Net loss | $ (81,511,000) | $ (67,301,000) | $ (56,400,000) | ||
Adjustments required to reconcile net loss to net cash used in operating activities: | |||||
Depreciation and amortization | 2,661,000 | 1,674,000 | 660,000 | ||
Share-based compensation | 3,196,000 | 2,171,000 | 1,377,000 | ||
Capital loss (gain) | (6,000) | 0 | 325,000 | ||
Issuance of Preferred C-1 Shares to a customer | 14,800,000 | 0 | 0 | ||
Foreign exchange (gain) loss | (572,000) | (729,000) | 612,000 | ||
Decrease (increase) in prepaid expenses and other assets | (1,296,000) | 1,231,000 | (2,557,000) | ||
Increase in trade receivable | (1,485,000) | (1,060,000) | (59,000) | ||
Increase in inventories | (823,000) | (200,000) | (1,141,000) | ||
Increase (decrease) in trade payables | 606,000 | (2,255,000) | 7,412,000 | ||
Increase (decrease) in accrued expenses and other liabilities | (820,000) | (5,566,000) | 7,426,000 | ||
Increase in employees and payroll accruals | 2,111,000 | 223,000 | 1,618,000 | ||
Increase in advances from customers and deferred revenues | 1,198,000 | 2,587,000 | 1,348,000 | ||
Changes in operating assets and liabilities: | |||||
Net cash used in operating activities | (61,941,000) | (69,225,000) | (39,379,000) | ||
Cash flows from investing activities: | |||||
Purchase of property and equipment | (5,120,000) | (5,850,000) | (6,853,000) | ||
Proceeds from sales of property and equipment | 47,000 | 0 | 7,000 | ||
Proceeds from (investment in) bank deposits, net | 34,720,000 | (34,720,000) | 47,002,000 | ||
Increase in restricted deposits | (56,000) | 0 | 0 | ||
Net cash provided by (used in) investing activities | 29,591,000 | (40,570,000) | 40,156,000 | ||
Cash flows from financing activities: | |||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | 8,934,000 | 161,233,000 | 0 | ||
Proceeds from exercise of options | 284,000 | 73,000 | 10,000 | ||
Proceeds from loan | 0 | 2,020,000 | 584,000 | ||
Repayment of loan | (277,000) | (204,000) | 0 | ||
Net cash provided by financing activities | 8,941,000 | 163,122,000 | 594,000 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 748,000 | 900,000 | (612,000) | ||
Increase (decrease) in cash, cash equivalents and restricted cash | (22,661,000) | 54,227,000 | 759,000 | ||
Cash, cash equivalents and restricted cash at beginning of the year | 73,427,000 | 19,200,000 | 18,441,000 | ||
Cash, cash equivalents and restricted cash at end of the year | $ 73,427,000 | $ 73,427,000 | 50,766,000 | 73,427,000 | 19,200,000 |
Cash – Beginning | 72,792,000 | 18,555,000 | |||
Cash – Ending | 72,792,000 | 72,792,000 | 49,950,000 | 72,792,000 | 18,555,000 |
Cash received during the year for: | |||||
Interest | 553,000 | 1,279,000 | 493,000 | ||
Cash paid during the year for: | |||||
Interest | 89,000 | 94,000 | 29,000 | ||
Income taxes | 85,000 | 10,000 | 28,000 | ||
Non-cash transactions: | |||||
Investment in non-marketable equity securities in consideration for property and equipment | 64,000 | 98,000 | 0 | ||
Reclassification from property and equipment. net to inventories | 512,000 | 0 | 0 | ||
Cash, cash equivalents and restricted cash at end of the year | |||||
Cash and cash equivalents | 72,792,000 | 72,792,000 | 49,950,000 | 72,792,000 | 18,555,000 |
Short-term restricted deposits | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 |
Restricted deposits | 627,000 | 627,000 | 808,000 | 627,000 | 637,000 |
Cash, cash equivalents and restricted cash at end of the year | 73,427,000 | 73,427,000 | 50,766,000 | 73,427,000 | $ 19,200,000 |
Collective Growth Corp [Member] | |||||
Cash flows from operating activities: | |||||
Net loss | (348) | (348) | (29,854,803) | ||
Adjustments required to reconcile net loss to net cash used in operating activities: | |||||
Interest earned on marketable securities held in Trust Account | (94,642) | ||||
Unrealized gain on marketable securities held in Trust Account | (5,441) | ||||
Change in fair value of warrant liability | 26,454,375 | ||||
Compensation expense | 1,665,188 | ||||
Deferred consulting fee payable | 72,000 | ||||
Changes in operating assets and liabilities: | |||||
Prepaid expenses | (61,651) | ||||
Accrued expenses | 371,244 | ||||
Transaction costs associated with Initial Public Offering | 700,705 | ||||
Net cash used in operating activities | (348) | (753,025) | |||
Cash flows from investing activities: | |||||
Investment of cash into Trust Account | (150,000,000) | ||||
Net cash provided by (used in) investing activities | (150,000,000) | ||||
Cash flows from financing activities: | |||||
Proceeds from sale of Units, net of underwriting discounts paid | 147,000,000 | ||||
Proceeds from sale of Private Placement Units | 2,625,000 | ||||
Proceeds from sale of Private Placement Warrants | 1,875,000 | ||||
Proceeds from promissory notes – related party | 7,848 | 104,058 | |||
Repayment of promissory notes – related party | (111,906) | ||||
Payment of offering costs | (7,500) | (454,797) | |||
Net cash provided by financing activities | 348 | 151,037,355 | |||
Net Change in Cash | 284,330 | ||||
Cash – Beginning | 0 | ||||
Cash – Ending | 0 | 0 | 284,330 | 0 | |
Cash, cash equivalents and restricted cash at end of the year | |||||
Cash and cash equivalents | $ 0 | 0 | 284,330 | $ 0 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||||
Initial classification of Class A common stock subject to redemption | 131,280,140 | ||||
Change in value of Class A common stock subject to possible redemption | (33,503,140) | ||||
Deferred underwriting fee payable | $ 5,250,000 | ||||
Offering costs paid by Sponsor in exchange for issuance of Class B common stock | $ 25,000 |
General
General | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | NOTE 1:- GENERAL a. Innoviz Technologies Ltd. and its subsidiaries (the “Company” or “Innoviz”) is a leading provider of high-performance, solid-state LiDAR and perception solutions that bring enhanced vision and superior performance to enable safe autonomous driving at a mass scale. The Company provides a complete and comprehensive solution for OEMs and Tier-1 b. The Company was incorporated on January 18, 2016, under the laws of the state of Israel. c. On December 10, 2020, the Company entered into a definitive agreement for a business combination (the “Merger) with Collective Growth Corporation (“Collective Growth”), a special purpose acquisition company, that would result in Collective Growth as wholly owned subsidiary of the Company. The Merger was completed on April 5, 2021 (for further information see Note 16c). |
Description of Organization and
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 2020 | |
Collective Growth Corp [Member] | |
Description Of Organization And Business Operations Details [Line Items] | |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Collective Growth Corporation (the “Company”) was incorporated in Delaware on December 10, 2019. The Company is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”). The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company initially intends to focus its search for target businesses on companies operating in the Federally permissible cannabinoid industry which are compliant with all applicable laws and regulations within the jurisdictions in which they are located or operate. In particular, the Company will not invest in or consummate a business combination with a target business that it determines has been operating, or whose business plan is to operate, in violation of U.S. federal laws, including the U.S. Controlled Substances Act. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from December 10, 2019 (inception) through December 31, 2020 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, identifying a target company for a Business Combination, activities in connection with the proposed acquisition of Innoviz Technologies Ltd., a company organized under the laws of the State of Israel (“Innoviz”) (see Note 7 non-operating The registration statement for the Company’s Initial Public Offering was declared effective on April 30, 2020. On May 5, 2020, the Company consummated the Initial Public Offering of 15,000,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), generating gross proceeds of $150,000,000, which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 262,500 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit and the sale of 1,875,000 warrants (the “Private Placement Warrants” and, together with the Private Placement Units, the “Private Placement Securities”) at a price of $1.00 per Private Placement Warrant in a private placement to Shipwright SPAC I, LLC (the “Sponsor”), certain other stockholders of the Company and the representative of the underwriters, generating gross proceeds of $4,500,000, which is described in Note 5. Transaction costs amounted to $8,737,297, consisting of $3,000,000 of underwriting fees, $5,250,000 of deferred underwriting fees and $487,297 of other offering costs. Following the closing of the Initial Public Offering on May 5, 2020, an amount of $150,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Securities was placed in a trust account (the “Trust Account”). The proceeds held in the Trust Account are invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Securities, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete a Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the agreement to enter into an initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 immediately prior to or upon consummation of the Business Combination and, solely if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC containing substantially the same information as would be included in a proxy statement prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor and the Company’s stockholders prior to the Initial Public Offering (“Initial Stockholders”) have agreed to vote the Founder Shares (as defined in Note 6), Private Placement Shares (as defined in Note 5) and any Public Shares purchased after the Initial Public Offering (a) in favor of approving a Business Combination and (b) not to redeem any shares in connection with a stockholder vote to approve a Business Combination or amendment to the Amended and Restated Certificate of Incorporation prior thereto or sell any shares to the Company in a tender offer in connection with a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the Initial transaction or do not vote at all and whether or not they are a holder of record on the record date to be established by the Company to determine who can vote on the Business Combination. Notwithstanding the above, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. The Initial Stockholders have agreed (a) to waive their redemption rights with respect to the Founder Shares, Private Placement Shares and Public Shares held by them in connection with the completion of a Business Combination, (b) not to propose an amendment to the Amended and Restated Certificate of Incorporation that would affect a public stockholders’ ability to convert or sell their shares to the Company in connection with a Business Combination or amendment to the Amended and Restated Certificate of Incorporation prior thereto or affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the time period required by its Amended and Restated Certificate of Incorporation, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment and (c) waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period (defined below). The Company will have until November 5, 2021 to complete a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period (and the Company’s stockholders do not approve an extension of such date), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 Liquidity and Going Concern As of December 31, 2020, the Company had $284,330 in its operating bank accounts, $150,100,083 in securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem its common stock in connection therewith and working capital of $169,879, which excludes franchise and income taxes payable as such amounts can be paid from the interest earned in the Trust Account. As of December 31, 2020, approximately $100,000 of the amount on deposit in the Trust Account represented interest income, which is available to pay the Company’s tax obligations. On October 28, 2020 and February 26, 2021, the Sponsor committed to provide the Company loans in the aggregate amount of $395,000 in order to finance transaction costs in connection with a Business Combination. These loans will be non-interest The Company will need to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through November 5, 2021, the date that the Company will be required to cease all operations, except for the purpose of winding up, if a Business Combination is not consummated. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |
Summary of Significant Accounting Policies | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). a. Use of estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include inventory reserves, warranty provision, valuation allowance for deferred tax assets, share-based compensation including the fair value of the Company’s ordinary shares, useful lives of property, plant, and equipment. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. The novel coronavirus (“COVID-19”) COVID-19 b. Financial statements in U.S. dollars: A substantial portion of the Company’s financing activities, including equity transactions and cash investments, are incurred in U.S. dollars. The Company’s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the U.S. dollar. A subsidiary’s functional currency is the currency of the primary economic environment in which the subsidiary operates; normally, that is the currency of the environment in which a subsidiary primarily generates and expends cash. In making the determination of the appropriate functional currency for a subsidiary, the Company considers cash flow indicators, local market indicators, financing indicators and the subsidiary’s relationship with both the parent company and other subsidiaries. For subsidiaries that are primarily a direct and integral component or extension of the parent entity’s operations, the U.S. dollar is the functional currency. The Company has determined the functional currency of its foreign subsidiaries is the U.S. Dollar. The foreign operation is considered a direct and integral part or extension of the Company’s operations. The day-to-day Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are remeasured into U.S. dollars in accordance with Statement of the Accounting Standard Codification (“ASC”) No. 830 “Foreign Currency Matters” (“ASC No. 830”). All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the statements of operations as financial income or expenses as appropriate. c. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. d. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term deposits with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in short term deposits. Restricted cash consists of long-term deposits that serves as collateral for a credit card agreement and lease agreements at one of the Company’s financial institutions. e. Inventories: Inventories are stated at the lower of cost or estimated net realizable value. Costs are computed under the standard cost method, which approximates actual costs determined on the first-in, first-out f. Property and equipment, net Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets, at the following annual rates: % Computers and software 33 Office furniture and equipment 7-15 Electronic equipment 15 Leasehold improvements Over the shorter of the related lease period or the useful life of the assets g. Impairment of long-lived assets: Long-lived assets are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” a (“ASC 360”), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment exists when the carrying value of the asset exceeds the aggregate undiscounted cash flows expected to be generated by the asset. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. During the years ended December 31, 2020 and December 31, 2019, the Company recorded impairment losses in the amount of $496 and $0, respectively. h. Revenue recognition: Effective as of January 1, 2018, the Company has followed the provisions of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which applies to all contracts with customers. Under Topic 606, revenues are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine the appropriate revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: • identify the contract(s) with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company evaluates each performance obligation to determine if it is satisfied at a point in time or over time. Nature of Products and Services The Company derives its revenues mainly from sales of LiDAR sensors. Revenue from LiDAR sensors is recognized at a point in time when the control of the goods is transferred to the customer, generally upon delivery. The company also provides application engineering services for its customers that are not part of a long-term production arrangement. Application engineering services revenue are recognized at a point in time or over time depending, among other considerations, on whether the Company has an enforceable right to payment, for performance completed to date. Services to certain customers may require substantive customer acceptance due to performance acceptance criteria that is considered more than a formality. For these services, revenue is recognized upon customer acceptance. The Company did not recognize revenue related to application engineering services during the years ended December 31, 2020, 2019 and 2018 as such acceptance criteria has not been met. The Company applies the practical expedient and does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company’s contracts with customer prepayment terms do not include a significant financing component because the primary purpose is not to receive financing from the customers. The Company’s general terms and conditions for its contracts do not contain a right of return that allows the customer to return products and receive a credit. Therefore, the Company does not estimate returns and generally recognizes revenue at contract price upon product shipment or delivery. Deferred Revenue Deferred revenues, which represent a contract liability, include amounts paid by customers not yet recognized as revenues. On December 7, 2017, the Company entered into an agreement with a tier-1 Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and is recognized as revenue when the Company performs under the contract. The long-term portion of deferred revenue, mostly related to obligations under development agreement with OEMs, is classified as non-current Contract liabilities consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 2019 (in thousands) Contract Liabilities, Current Deferred Revenue, Current $ 996 $ 291 Customer Advance Payment 665 172 Total $ 1,661 $ 463 Contract Liabilities, Long-Term Deferred Revenue, Long-Term 3,473 3,473 Total Contract Liabilities $ 5,134 $ 3,936 During the year ended December 31, 2020, the Company recognized $283 that was included in deferred revenues balance at December 31, 2019. Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product and engineering services revenue not yet delivered. As of December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $11 million, which the Company expects to recognize as revenue . For additional information regarding disaggregated revenues, please refer to Note 14 below. Reduction of revenues On October 12, 2020, the Company signed a Memorandum of Understanding (the “MOU”) with Magna International Inc. (“Magna”) one of its shareholders and a tier-1 In connection with the MOU, on December 10, 2020, the Company issued to Magna 1,755,966 Preferred C-1 of no-par Furthermore, on December 10, 2020, the Company signed a performance-based warrant agreement (the “Warrant”) with Magna, pursuant to which, upon the completion of certain milestones by Magna, the Company will issue to Magna warrants to receive up to: (i) 7,023,865 Ordinary Shares , in the event the Company will be registered as a public company before the issuance of the warrants, or (ii) 4,939,922 Preferred C-1 Share-based payment awards granted to a customer are measured and classified in accordance with 606-10-32-25A 606-10-32-25 C-1 Additionally, as there are no minimum commitments under the MOU, and the uncertainty of ultimate success of the SOP, there is no assurance that future benefits will be realized through sufficient purchases. Therefore, as of December 31, 2020, the Company believes that such awards granted to Magna do not meet the definition of an asset. In the year ended December 31, 2020, the Company recorded reduction of revenues in the amount of $ 14,800, representing the fair value of the Preferred C-1 i. Warranty costs: The Company provides standard product warranties, for its pre-SOP Changes in the warranty provision, presented in other accrued expenses, was as follow: Year ended December 31, 2020 2019 Balance at beginning of the year $ 61 $ * ) Warranty Provision 198 118 Warranty Claims Settled (232 ) (57 ) Balance at end of the year $ 27 $ 61 *) Represents amount lower than $1. j. Research and development expenses: Research and development costs include personnel-related expenses associated with the Company’s engineering personnel responsible for the design, development and testing of its products. Such costs related to software development are included in research and development expense until the technological feasibility is reached, which for the Company’s software products, is generally shortly before the products are released to production. Research and development costs are charged to the consolidated statements of operations as incurred. k. Patent costs: Legal and related patent costs are charged to general and administrative expenses in the consolidated statements of operations as incurred, since their realization is uncertain. l. Share-based compensation: The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation—Stock Compensation” (“ASC No. 718”). ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the award is recognized as an expense over the requisite service period. The Company measures its share-based payment awards made to employees, directors, and non-employee service m. Accrued post-employment benefit: Severance pay: The Israeli Severance Pay Law, 1963 (“Severance Pay Law”), specifies that employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one-month The Company’s liability for all of its Israeli employees is covered by the provisions of Section 14 of the Severance Pay Law (“Section 14”). Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, continued on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company’s balance sheet. Severance pay expenses for the years ended December 31, 2020, 2019 and 2018, amounted to approximately $ 2,000, $ 1,700 and $ 1,100, respectively. 401(k) profit sharing plans: The Company has a 401(k) retirement savings plan for its employees in the U.S. Each eligible employee may elect to contribute a portion of the employee’s compensation to the plan. The U.S. Subsidiary matches 4% of employee contributions up to the plan with no limitation. During the years ended December 31, 2020, 2019 and 2018, the Company recorded expenses for matching contributions in the amount of $ 14, $ 31 and $ 9, respectively. n. Income taxes: The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes” (ASC 740”). ASC 740 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value, if it is more likely than not that a portion or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. o. Concentration of risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term and restricted deposits. Trade receivable of the Company are mainly derived from customers located globally. The Company mitigates its credit risks by performing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral. p. Trade receivables Trade receivables are recorded at the invoiced amount and do not bear interest. Trade receivable are periodically assed for allowance for doubtful accounts, which is the Company’s best estimate of the amount of credit losses inherent in its existing accounts receivable. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The allowance of doubtful accounts was not material for the periods presented. q. Fair value of Financial Instruments: The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. The following methods and assumptions were used by the Company in estimating the fair value of their financial instruments: 1. The carrying values of cash and cash equivalents, short-term and restricted deposits, trade receivables, prepaid expenses and other current assets, trade payables, employees and payroll accruals and accrued expenses and other current liabilities approximate fair values due to the short-term maturities of these instruments. 2. The Company applies ASC No. 820, “Fair Value Measurements and Disclosures” (“ASC No. 820”), with respect to fair value measurements of all financial assets and liabilities. 3. In accordance with ASC No. 820, the Company measures its short-term deposits at fair value. Short-term deposits are classified within Level 1. This is because these assets are valued using quoted market prices. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. r. Loss per share: The Company computes basic loss per share in accordance with ASC Topic 260, “Earnings per Share” by dividing the net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share is computed by considering the potential dilution that could occur upon the exercise of options granted under stock-based compensation plans using the treasury stock method. Basic and diluted net loss per share was adjusted to reflect accumulative dividend rights attributed to Innoviz preferred shares. s. Deferred Transaction Costs Deferred transactions costs consist primarily of accounting, legal, and other fees related to the Company’s t. Other Comprehensive Income (Loss) The Company has no components of comprehensive loss other than net loss. Thus, comprehensive loss is the same as net loss for the period presented. u. Recently adopted accounting pronouncements: 1. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 2020-05, 2. In November 2019, the FASB issued ASU No. 2019-08, v. Recently issued accounting pronouncements not yet adopted: As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election. 1. In February 2016, the FASB issued ASU 2016-02 corresponding right-of-use asset No. 2020-05, 2016-02 non-public 2. In June 2016, the FASB issued ASU No. 2016-13 3. In August 2020, the FASB issued ASU No. 2020-06, 2020-06), 2020-06 815-40, 2020-06 |
Collective Growth Corp [Member] | |
Significant Accounting Policies [Line Items] | |
Summary of Significant Accounting Policies | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020 and 2019. Marketable Securities Held in Trust Account The Company accounts for its securities held in the trust account in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 320 “Debt and Equity Securities.” These securities are classified as trading securities with unrealized gains/losses, if any, recognized through the statement of operations. At December 31, 2020, substantially all of the assets held in the Trust Account were held in U.S. Treasury Bills. Through December 31, 2020, the Company did not withdraw any interest earned on the Trust Account to pay its franchise and income taxes. Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheets. Warrant Liability The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in non-cash 1 Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020 and 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. On March 27, 2020, the CARES Act was enacted in response to COVID-19 Net Loss Per Common Share Net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 9,506,250 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement of operations includes a presentation of loss per share for common shares subject to possible redemption in a manner similar to the two-class Net loss per share, basic and diluted, for non-redeemable non-redeemable Non-redeemable non-redeemable Non-redeemable non-redeemable Year ended For the Period Common stock subject to possible redemption Numerator: Earnings allocable to Common stock subject to possible redemption Interest earned on marketable securities held in Trust Account $ 61,688 $ — Unrealized gain on marketable securities held in Trust Account 3,546 Less: Income taxes and franchise fees (65,234 ) — Net loss allocable to shares subject to possible redemption $ — $ — Denominator: Weighted Average Common stock subject to possible redemption Basic and diluted weighted average shares outstanding 13,211,642 — Basic and diluted net loss per share $ 0.00 $ — Non-Redeemable Numerator: Net Loss minus Net Earnings Net loss $ (29,854,803 ) $ (348 ) Net loss allocable to Common stock subject to possible redemption — — Non-Redeemable $ (29,854,803 ) $ (348 ) Denominator: Weighted Average Non-Redeemable Basic and diluted weighted average shares outstanding 5,094,825 3,750,000 Basic and diluted net loss per share $ (5.86 ) $ (0.00 ) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Collective Growth Corp [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Restatement of Previously Issued Financial Statements | NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS The Company previously accounted for its outstanding Public Warrants (as defined in Note 9) and Private Warrants (collectively, with the Public Warrants, the “Warrants”) issued in connection with its Initial Public Offering as components of equity instead of as derivative liabilities. The warrant agreement governing the Warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In Addition, the warrant agreement includes a provision that in the event of a tender offer or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of stock, all holders of the Warrants would be entitled to receive cash for their Warrants (the “tender offer provision”). On April 12, 2021, the staff of the Division of Corporation Finance of the Securities and Exchange Commission together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). Specifically, the SEC Statement focused on certain settlement terms and provisions related to certain tender offers following a business combination, which terms are similar to those contained in the warrant agreement, dated as of November 5, 2020, between the Company and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agreement”). In further consideration of the SEC Statement, the Company’s management further evaluated the Warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, 815-40-15 Section 815-40-15, Section 815-40-15 fixed-for-fixed Section 815-40-25. As a result of the above, the Company should have classified the Warrants as derivative liabilities in its previously issued financial statements. Under this accounting treatment, the Company is required to measure the fair value of the Warrants at the end of each reporting period as well as re-evaluate The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported cash or investments held in the trust account. As Adjustments As Balance sheet as of May 5, 2020 (audited) Warrant Liability $ — $ 15,521,438 $ 15,521,438 Class A Common Stock Subject to Possible Redemption 140,786,390 (15,521,438 ) 125,264,952 Class A Common Stock 118 155 273 Additional Paid-in 5,000,764 2,365,738 7,366,502 Accumulated Deficit (1,310 ) (2,365,893 ) (2,367,203 ) Stockholders’ Equity 5,000,003 — 5,000,003 Common Stock Subject to Possible Redemption 14,078,639 (1,552,144 ) 12,526,495 Balance sheet as of June 30, 2020 Warrant Liability $ — $ 8,609,063 $ 8,609,063 Class A Common Stock Subject to Possible Redemption 140,523,230 (8,609,063 ) 131,914,167 Class A Common Stock 121 86 207 Additional Paid-in 5,263,977 (4,546,568 ) 717,409 (Accumulated Deficit) Retained Earnings (264,465 ) 4,546,482 4,282,017 Stockholders’ Equity 5,000,008 — 5,000,008 Common Stock Subject to Possible Redemption 14,052,323 (860,906 ) 13,191,417 Balance sheet as of September 30, 2020 Warrant Liability $ — $ 7,363,688 $ 7,363,688 Class A Common Stock Subject to Possible Redemption 140,191,390 (7,363,688 ) 132,827,702 Class A Common Stock 124 74 198 Additional Paid-in 5,595,814 (5,595,814 ) — (Accumulated Deficit) Retained Earnings (596,312 ) 5,595,740 4,999,428 Stockholders’ Equity 5,000,001 — 5,000,001 Common Stock Subject to Possible Redemption 14,019,139 (736,369 ) 13,282,770 Balance sheet as of December 31, 2020 (audited) Warrant Liability $ — $ 41,975,813 $ 41,975,813 Class A Common Stock Subject to Possible Redemption 139,752,810 (41,975,810 ) 97,777,000 Class A Common Stock 129 420 549 Additional Paid-in 6,034,389 28,819,845 34,854,235 Accumulated Deficit (1,034,883 ) (28,820,268 ) (29,855,151 ) Stockholders’ Equity 5,000,010 (3 ) 5,000,007 Common Stock Subject to Possible Redemption 13,975,281 (4,197,581 ) 9,777,700 Statement of Operations for the Six Months Ended June 30, 2020 (audited) Change in fair value of warrant liability $ — $ 6,912,375 $ 6,912,375 Transaction costs associated with Initial Public Offering — (700,705 ) (700,705 ) Compensation expense related to warrant liabilities — (1,665,188 ) (1,665,188 ) Net (loss) income (264,117 ) 4,546,482 4,282,365 Weighted average shares outstanding, Common Stock 4,114,265 292,500 4,406,765 Basic and diluted net loss per share, Common Stock (0.06 ) 1.03 0.97 Statement of Operations for the Nine Months Ended September 30, 2020 (audited) Change in fair value of warrant liability $ — $ 8,157,750 $ 8,157,750 Transaction costs associated with Initial Public Offering — (700,705 ) (700,705 ) Compensation expense related to warrant liabilities — (1,665,188 ) (1,665,188 ) Net (loss) income (595,964 ) 5,791,857 5,195,893 Weighted average shares outstanding, Common Stock 4,398,294 483,351 4,881,645 Basic and diluted net loss per share, Common Stock (0.14 ) 1.20 1.06 Statement of Operations for the Year Ended December 31, 2020 (audited) Change in fair value of warrant liability $ — $ (26,454,375 ) $ (26,454,375 ) Transaction costs associated with Initial Public Offering — (700,705 ) (700,705 ) Compensation expense related to warrant liabilities — (1,665,188 ) (1,665,188 ) Net loss (1,034,535 ) (28,820,268 ) (29,854,803 ) Weighted average shares outstanding, Class A Common Stock subject to possible redemption 14,045,743 (834,101 ) 13,211,642 Basic and diluted net income per share, Class A Common Stock subject to possible redemption 0.00 — 0.00 Weighted average shares outstanding, Common Stock 4,547,874 546,951 5,094,825 Basic and diluted net loss per share, Common Stock (0.23 ) (5.63 ) (5.86 ) Cash Flow Statement for the Six Months Ended June 30, 2020 (audited) Net (loss) income $ (264,117 ) $ 4,546,482 $ 4,282,365 Change in fair value of warrant liability — (6,912,375 ) (6,912,375 ) Transaction costs associated with Initial Public Offering — 700,705 700,705 Compensation expense related to warrant liabilities — 1,665,188 1,665,188 Initial classification of Class A Common Stock subject to possible redemption 140,786,390 (9,506,250 ) 131,280,140 Change in value of Class A Common Stock subject to possible redemption (263,160 ) 897,187 634,027 Cash Flow Statement for the Nine Months Ended September 30, 2020 (audited) Net (loss) income $ (595,964 ) $ 5,791,857 $ 5,195,893 Change in fair value of warrant liability — (8,157,750 ) (8,157,750 ) Transaction costs associated with Initial Public Offering — 700,705 700,705 Compensation expense related to warrant liabilities — 1,665,188 1,665,188 Initial classification of Class A Common Stock subject to possible redemption 140,786,390 (9,506,250 ) 131,280,140 Change in value of Class A Common Stock subject to possible redemption (595,000 ) 2,142,562 1,547,562 Cash Flow Statement for the Year Ended December 31, 2020 (audited) Net loss $ (1,034,535 ) $ (28,820,268 ) $ (29,854,803 ) Change in fair value of warrant liability — 26,454,375 26,454,375 Transaction costs associated with Initial Public Offering — 700,705 700,705 Compensation expense related to warrant liabilities — 1,665,188 1,665,188 Initial classification of Class A Common Stock subject to possible redemption 140,786,390 (9,506,250 ) 131,280,140 Change in value of Class A Common Stock subject to possible redemption (1,033,580 ) (32,469,560 ) (33,503,140 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | a. Inventories are comprised of the following: December 31, 2020 2019 Raw materials $ 1,657 $ 919 Finished goods including machinery 507 422 $ 2,164 $ 1,341 b. During the years ended December 31, 2020, the Company recorded inventory write-offs as a result of product end of life in the amount of $ 2,088. |
Public Offering
Public Offering | 12 Months Ended |
Dec. 31, 2020 | |
Collective Growth Corp [Member] | |
Public Offering [Line Items] | |
Public Offering | NOTE 4. PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 15,000,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-half |
Private Placement
Private Placement | 12 Months Ended |
Dec. 31, 2020 | |
Collective Growth Corp [Member] | |
Private Placement [Line Items] | |
Private Placement | NOTE 5. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor, certain of the Initial Stockholders and the representative of the underwriters purchased an aggregate of 262,500 Private Placement Units at a price of $10.00 per Private Placement Unit, and 1,875,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $4,500,000. The Sponsor and certain of the Initial Stockholders purchased an aggregate of 187,500 Private Placement Units and the representative of the underwriters purchased 75,000 Private Placement Units. The Sponsor and certain of the Initial Stockholders purchased an aggregate of 1,875,000 Private Placement Warrants. Each Private Placement Unit consists of one share of Class A common stock (“Private Placement Share”) and one-half |
Prepaid Expenses And Other Curr
Prepaid Expenses And Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses And Other Current Assets | NOTE 4:- PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: December 31, 2020 2019 Government authorities $ 1,618 $ 946 Prepaid expenses 461 426 Short-term deposits 118 337 Other 1,090 209 $ 3,287 $ 1,918 |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment, Net | NOTE 5:- PROPERTY AND EQUIPMENT, NET a. Property and equipment, net consist of the following: December 31, 2020 2019 Cost: Computers and software $ 3,680 $ 2,527 Office furniture and equipment 557 511 Electronic equipment 8,931 6,467 Leasehold improvements 4,594 4,324 17,762 13,829 Accumulated depreciation 4,517 2,490 $ 13,245 $ 11,339 b. Depreciation expenses for the years ended December 31, 2020, 2019 and 2018, amounted to $2,661, $1,674 and $660, respectively. |
Advances From Customers And Def
Advances From Customers And Deferred Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Advances From Customers And Deferred Revenues [Abstract] | |
Advances From Customers And Deferred Revenues | NOTE 6:- ADVANCES FROM CUSTOMERS AND DEFERRED REVENUES Advances from customers and deferred revenues consist of the following: December 31, 2020 2019 Current liabilities: Deferred revenues $ 996 $ 291 Advances from customers 665 172 1,661 463 Long-term liabilities: Deferred revenues 3,473 3,473 $ 5,134 $ 3,936 |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses And Other Current Liabilities | NOTE 7:- ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: December 31, 2020 2019 Current maturities of loan $ 275 $ 246 Warranty provision 27 61 Accrued expenses 2,536 3,367 Other 16 — $ 2,854 $ 3,674 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | NOTE 8:- COMMITMENTS AND CONTINGENCIES a. Operating lease commitments: The Company leases facility for its office, which includes exit points on November 2021 and 20204. The lease agreement will expire on November 30, 2028. The minimum future lease payments under the operating leases agreement subsequent to December 31, 2020, are as follows: Total Year ended December 31, Unaudited 2021 $ 1,031 2022 994 2023 985 2024 992 2025 and thereafter 3,890 $ 7,892 Total rent expenses for the years ended December 31, 2020, 2019 and 2018, were approximately $956, $777 and $580, respectively. As part of the lease agreement, the Company received a loan from the owner of the Company office in Israel in the amount of NIS 9,700 thousand (approximately $2,700) to be used for constructing lease hold improvements. The loan bears an annual interest of 3.58% and is to be repaid in 120 fixed monthly installments of NIS 98,500 (approximately $28). Financial expenses with respect to loan for the years ended December 31, 2020, 2019 and 2018, amounted to $89, $94 and $29, respectively. b. Legal proceedings: The Company is currently not part, as plaintiff or defendant, to any legal proceedings that, individually or in the aggregate, are expected by the Company to have a material effect on the Company’s business, financial position, results of operations or cash flows. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least yearly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a matter. |
Collective Growth Corp [Member] | |
Commitments and Contingencies | NOTE 7. COMMITMENTS AND CONTINGENCIES Registration Rights Pursuant to a registration rights agreement entered into on April 30, 2020, the holders of the Founder Shares, Private Placement Securities and units or warrants that may be issued upon conversion of Working Capital Loans (and underlying securities) are entitled to registration rights, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Class A common stock). The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. Notwithstanding the foregoing, the representative of the underwriters may not exercise its demand and “piggyback” registration rights after five (5) and seven (7) years after the effective date of the Initial Public Offering and may not exercise its demand rights on more than one occasion. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred fee of 3.5% of the gross proceeds of the Initial Offering, or $5,250,000. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement. Business Combination Agreement On December 10, 2020, the Company entered into a Business Combination Agreement (“Business Combination Agreement”) with Innoviz, Hatzata Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Innoviz (“Merger Sub”), Perception Capital Partners LLC, a Delaware limited liability company (“Perception”) and Antara Capital LP, a Delaware limited partnership (“Antara). Pursuant to the Business Combination Agreement, and subject to shareholder approval, Merger Sub will merge with and into the Company, with the Company surviving the merger (the “Merger”). As a result of the Merger, and upon consummation of the Merger and the other transactions contemplated by the Business Combination Agreement (“Transactions”) the Company will become a wholly-owned subsidiary of Innoviz, with the stockholders of the Company becoming securityholders of Innoviz. The Company estimates that, upon consummation of the Transactions (the “Effective Time”), without giving effect to the issuance of Earnout Shares (as defined in the Business Combination Agreement) and assuming none of the Company’s public stockholders demand redemption (“SPAC Redemptions”), the securityholders of Innoviz and certain members of Innoviz’s management receiving shares in the Transactions (“Innoviz Management”) will own more than 75% of the outstanding ordinary shares of Innoviz (“Innoviz Ordinary Shares”) and the securityholders of the Company, Perception, Antara, and the Investors purchasing PIPE Shares (as defined in the Business Combination Agreement) will own the remaining Innoviz Ordinary Shares. |
Convertible Preferred Shares
Convertible Preferred Shares | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Shares | NOTE 9:- CONVERTIBLE PREFERRED SHARES a. Convertible Shares at December 31, 2020 and 2019, are comprised of the following: December 31, Authorized Issued and outstanding Carrying Liquidation 2020 2019 2020 2019 2020 Number of shares Preferred A Shares of no- 20,418,209 20,418,209 20,418,209 20,418,209 $ 9,000 $ 11,682 Preferred B Shares of no- 15,906,053 15,906,053 15,906,053 15,906,053 $ 66,348 $ 89,659 Preferred B-1 no- 3,032,940 3,032,940 3,032,940 3,032,940 $ 12,500 $ 13,693 Preferred C Shares of no- 28,973,439 28,973,439 28,216,005 28,216,005 $ 161,233 $ 186,954 Preferred C-1 no- 15,191,550 — 2,699,114 — $ 23,734 $ 26,218 (1) Preferred shares A, B, B-1, C-1 Conversion rights - B-1, C-1 C-1 Dividend - a) First, the holders of the Preferred C and C-1 b) Second, the holders of the Preferred B and B-1 c) Third, the holders of the Preferred A Shares shall be entitled to receive, in preference to each inferior class, an amount calculated in the same manner as described above with respect to the Preferred C Shares. d) Following the full payment of the entire preferred preference to the holders of Preferred Shares, the holders of the Ordinary Shares will be entitled to receive the remaining distribution proceeds (if any), pro rata based on the number of Ordinary Shares held by each such holder. No dividends have been declared to date as of December 31, 2020. Liquidation preference - Redemption - C-1 6-year B-1 b. On February 24, 2019, the Company closed its initial Series C Preferred Share financing round. Pursuant to the Series C Preferred Share purchase agreement, the Company issued 17,186,944 series Preferred C Shares at a price of $5.9842 per share, for total consideration of $ 102,850, net of issuance costs in the amount of $4,730. Following the initial closing of its Series C financing round, the Company entered into multiple deferred closings until June 1, 2019, pursuant to which the Company issued 11,029,055 Preferred C Shares at a price of $5.9842 per share, for a total consideration of $66,000, net of issuance costs in the amount of $2,887. c. On October 1, 2020, the Company signed an agreement (the “Agreement”) with new and existing investors, according to which the Company issued 943,148 series C-1 The transaction documents also confer upon certain of Preferred C-1 1. In the event that: (i) definitive agreement in connection with transaction between the Company and a SPAC, shall not be signed prior to December 31, 2020, or (ii) the closing of the transactions contemplated under such aforementioned definitive agreements shall not have taken place prior to April 30, 2021, the Company will issue additional Preferred C-1 C-1 C-1 2. In the event the closing of the transactions contemplated under such aforementioned definitive agreements shall have taken place prior to April 30, 2021, with pre-money valuation of the Company lower than $1,300,000 thousands, the Company will issue additional Preferred C-1 Share for no additional consideration, such that after the issuance of the additional Preferred C-1 Shares, the aggregate number of Preferred C-1 Shares held by the investor shall be equal to the aggregate investment made by the investor divided 70% of the Original PPS. On December 10 , 2020, the Company issued to Magna 1,755,966 Preferred C-1 d. Classification: Since a deemed liquidation event is not solely within the control of the Company, the Preferred Shares were classified outside of permanent equity as temporary equity pursuant to ASC 480-10-S99. As of December 31, 2020, and 2019, the Company did not adjust the carrying values of the Preferred Shares to the deemed liquidation values of such shares since a liquidation event was not probable. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' Equity | NOTE 10:- SHAREHOLDERS’ EQUITY a. Composition of share capital: December 31, 2020 2019 Authorized Issued and Authorized Issued and Number of Shares Number of Shares Ordinary Shares of no-par 179,872,754 16,948,226 107,265,966 15,855,287 (1) Ordinary Shares confer upon the holders the right to vote in annual and special meetings of the Company, and to participate in the distribution of the surplus assets of the Company upon liquidation of the Company, after the distribution of the Company’s Preferred Shares liquidation preference (for further information see Note 9). b. On January 18, 2016, upon inception, the Company issued to certain shareholders 17,559,663 Ordinary Shares of no-par c. On February 17, 2021, the Company effected a one-for-1.138974 reverse share split of ordinary shares and preferred shares (for further information see Note 16a). |
Collective Growth Corp [Member] | |
Shareholders' Equity | NOTE 8. STOCKHOLDERS’ EQUITY Preferred Stock Class A Common Stock Class B Common Stock Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote of stockholders, except as required by law. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination on a one-for-one as-converted |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | NOTE 11:- SHARE-BASED COMPENSATION a. Share option plans: In 2016, the Company’s board of directors adopted the 2016 Share Incentive Plan (“the Plan”). According to the Plan, share awards or options to purchase shares may be granted to employees, directors, consultants and other service providers of the Company or any affiliate of the Company. Under the Plan, as of December 31, 2020, and 2019, a total of 12,513,999 ordinary shares were authorized for issuance, of which 2,066,574 and 3,795,989 ordinary shares were then available for future awards, respectively. Each option granted under the Plan expires no later than ten years from the date of grant. The options vest primarily over four years of employment. b. Options granted to employees: The fair value of the Company’s share options granted to employees for the years ended December 31, 2020, 2019 and 2018, was estimated using the following weighted average assumptions: Year ended December 31, 2020 2019 2018 Expected term, in years 6.25 6.25 6.25 Expected volatility 65% 65% - 70% 70% - 75% Risk-Free interest rate 0.46% - 1.74% 1.77% - 2.65% 2.68% - 3.13% Expected dividend yield 0% 0% 0% A summary of employee option balances under the 2016 Plan as of December 31, 2020, and changes during the year then ended are as follows: Number of Weighted- Weighted- Aggregate (in thousands) Outstanding at January 1, 2020 7,834,282 $ 0.48 8.26 $ 18,153 Granted 2,581,589 $ 1.14 Exercised (1,092,938 ) $ 0.26 $ 6,734 Forfeited (833,425 ) $ 0.68 Expired (18,750 ) $ 0.79 Outstanding at December 31, 2020 8,470,758 $ 0.68 7.92 $ 48,594 Exercisable at December 31, 2020 4,161,444 $ 0.44 7.07 $ 24,873 Exercise price - Expected volatility - Expected term (years) - Risk-free interest rate - Expected dividend yield - The share-based compensation expense recognized in the Company’s consolidated statements of operations are as follow: Year ended December 31, 2020 2019 2018 Research and development $ 2,649 $ 1,695 $ 1002 Sales and marketing 338 374 285 General and administrative 209 102 90 $ 3,196 $ 2,171 $ 1,377 The Company recognizes forfeitures as they occur. As of December 31, 2020, 2019 and 2018, unrecognized compensation cost related to share options was $9,220, $5,660 and $5,110, respectively, which was expected to be recognized over a weighted average period of 2.92 years, 2.79 years and 3.05 years, respectively. The weighted-average grant date fair value of options granted during the years ended December 31, 2020 and 2019, was $3.01 and $1.58, respectively. |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2020 | |
Taxes on Income | NOTE 12:- TAXES ON INCOME a. Corporate tax rates in Israel: The corporate tax rate in Israel in 2018 and thereafter is 23%. b. Income taxes on US subsidiary: On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “U.S. Tax Reform”); a comprehensive tax legislation that includes significant changes to the taxation of business entities. These changes, most of which are effective for tax years beginning after December 31, 2017, include several key tax provisions that might impact the Company, including, among others: (i) a permanent reduction to the statutory federal corporate income tax rate from 35% (top rate) to 21% (flat rate) effective for tax years beginning after December 31, 2017; (ii) a new tax deduction in the amount of 37.5% of “foreign derived intangible income” that effectively reduces the federal corporate tax on certain qualified foreign derived sales/licenses/leases and service income in excess of a base amount to 13.125% (as compared to the regular corporate income tax rate of 21%); (iii) stricter limitations on the tax deductibility of business interest expense; (iv) a participation exemption for certain repatriations of earnings to the United States (along with certain rules designed to prevent erosion of the U.S. income tax base); (v) a one-time low-taxed c. Carryforward tax losses and credits: As of December 31, 2020, the Company had operating loss carry forwards for Israeli income tax purposes of approximately $161,000 which may be offset indefinitely against future taxable income. d. Deferred income taxes: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets are as follows: December 31, 2020 2019 Deferred tax assets: Net operating loss carryforward $ 37,636 $ 20,453 Research and development costs carryforward 15,997 13,835 Accrued Expenses 446 198 Share-based compensation 23 23 Other 27 11 Gross deferred tax assets 54,129 34,520 Valuation allowance (54,117 ) (34,520 ) Deferred tax liabilities: Property and equipment (12 ) (11 ) Net deferred tax $ — $ — Based on the available evidence, management believes that it is more likely than not that certain of its deferred tax assets relating to net operating loss carryforwards and other temporary differences in Israel will not be realized and accordingly, a valuation allowance has been provided. As of December 31, 2020, and 2019, the Company has not provided a deferred tax liability in respect of cumulative undistributed earnings relating to the Company’s foreign subsidiaries, as the Company intends to keep these earnings permanently invested. e. Loss before taxes on income is comprised as follows: Year ended December 31, 2020 2019 2018 Domestic $ (81,462 ) $ (67,316 ) $ (56,376 ) Foreign 134 15 76 Loss before taxes on income $ (81,328 ) $ (67,301 ) $ (56,300 ) f. Income taxes are comprised as follows: Year ended 2020 2019 2018 Current $ 183 $ 10 $ 32 Domestic 128 — 15 Foreign 55 10 17 $ 183 $ 10 $ 32 g. The reconciliation of the tax benefit at the Israeli statutory tax rate to the Company’s income taxes is as follows: Year ended December 31, 2020 2019 2018 Israel tax provision at statutory rate 23.00 % 23.00 % 23.00 % Non-deductible (0.61 %) (0.63 %) (0.60 %) Effect of other permanent differences (3.92 %) (0.06 %) (0.08 %) Change in valuation allowance (18.95 %) (22.32 %) (21.94 %) Other adjustments 0.25 % — 0.44 % Effective tax rate (0.23 %) (0.01 %) (0.06 %) h. Tax assessments: The Company is currently in the process of income tax audits in Israel, for the tax years 2016 through 2018. The Company’s tax assessments through 2015 are considered final. As of December 31, 2020, the tax returns of the Company and its main subsidiaries are still subject to audits by the tax authorities for the tax years 2016 through 2020. i. Uncertain tax positions: The Company has reviewed the tax positions taken, or to be taken, in its tax returns for all tax years currently open to examination by a taxing authority. As of December 31, 2020, and 2019, the Company has not recorded any uncertain tax position liability. |
Collective Growth Corp [Member] | |
Taxes on Income | NOTE 10. INCOME TAX The Company’s net deferred tax assets are as follows: December 31, 2020 2019 Deferred tax assets Net operating loss carryforward $ 153,905 $ — Unrealized gain on marketable securities (5,579 ) — Total deferred tax assets 148,326 — Valuation Allowance (148,326 ) — Deferred tax assets $ — $ — The income tax provision consists of the following: December 31, 2020 2019 Federal Current $ — $ — Deferred (148,326 ) — State and Local Current — — Deferred — — Change in valuation allowance 148,326 — Income tax provision $ — $ — As of December 31, 2020 and 2019, the Company had $732,885 a In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the year ended December 31, 2020, the change in the valuation allowance was $148,236. For the period from December 10, 2019 (inception) through December 31, 2019, the change in the valuation allowance was $0. A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows: December 31, 2020 2019 Statutory federal income tax rate 21.0 % — State taxes, net of federal tax benefit 0.0 % — Business Combination (0.2 )% — Change in fair value of warrant liability (18.6 )% — Transaction costs associated with Initial Public Offering (0.5 )% — Compensation expense related to warrant liabilities (1.2 )% — Meals and entertainment 0.0 % — Valuation allowance (0.5 )% — Income tax provision 0.0 % — The Company files income tax returns in the U.S. federal jurisdiction and is subject to examination by the various taxing authorities. The Company’s tax returns since inception remain open to examination by the taxing authorities. The Company considers Texas to be a significant state tax jurisdiction. |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Share | NOTE 13:- BASIC AND DILUTED NET LOSS PER SHARE The following table sets forth the computation of the net loss per share for the period presented: Year ended December 31, 2020 2019 2018 Numerator: Net loss $ (81,511 ) $ (67,301 ) $ (56,400 ) Preferred share accrued cumulative dividend rights (17,473 ) (13,664 ) (5,795 ) Total loss attributable to ordinary shares $ (98,984 ) $ (80,965 ) $ (62,195 ) Denominator: 16,514,910 15,524,845 15,039,814 The following potentially dilutive ordinary share equivalents have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: a. 20,418,209 Preferred A Shares, 15,906,053 Preferred B Shares, 3,032,940 Preferred B-1 C-1 b. 20,418,209 Preferred A Shares, 15,906,053 Preferred B Shares, 3,032,940 Preferred B-1 c. 20,418,209 Preferred A Shares, 15,906,053 Preferred B Shares, 3,032,940 Preferred B-1 |
Geographic and Customer Informa
Geographic and Customer Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Geographic and Customer Information | NOTE 14:- GEOGRAPHIC AND CUSTOMER INFORMATION a. Geographic information: Following is a summary of revenues by geographic areas. Revenues attributed to geographic areas, based on the location where the customers accept delivery of the products and services: Year ended December 31, 2020 2019 2018 Europe, Middle East and Africa (*) $ 3,803 $ 1,105 $ 51 Asia Pacific 1,078 182 11 North America (**) (14,245 ) 288 — $ (9,364 ) $ 1,575 $ 62 (*) Includes revenue from Germany in the amount of $3,635, $983 and $51 in the years ended December 31, 2020, 2019 and 2018, respectively. (**) Include reduction of revenue from United States in the amount of $14,800 during the year ended December 31, 2020. b. The Company’s long-lived assets (property and equipment, net) are located as follows: Year ended 2020 2019 Israel $ 13,053 $ 11,216 United States 74 114 Germany 34 5 Belarus 84 4 $ 13,245 $ 11,339 c. Customers accounted for over 10% of revenue: As of December 31, 2020, the Company had three customers that accounted for 51%, 22% and 10% of revenues (exclude of reduction of revenues of issuance of Preferred C-1 As of December 31, 2019, the company had one customer that accounted for 64% of revenues. As of December 31, 2018, the company had two customers that accounted for 18% and 82%, respectively, of revenues . |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Collective Growth Corp [Member] | |
Warrants | NOTE 9. WARRANTS Warrants The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60 th Once the warrants become exercisable, the Company may redeem the Public Warrants: • in whole and not in part; • at a price of $0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption; • if, and only if, the reported last sale price of the shares of Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to warrant holders. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise prices. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price (the “Newly Issued Price”) of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Price and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the shares of common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and be non-redeemable |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Collective Growth Corp [Member] | |
Fair Value Measurements | NOTE 11. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured non-financial re-measured The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level December 31, Assets: Marketable securities held in Trust Account 1 $ 150,100,083 Liabilities: Warrant Liability – Public Warrants 1 28,875,000 Warrant Liability – Private Placement Warrants 3 13,100,813 The Warrants were accounted for as liabilities in accordance with ASC 815-40 Initial Measurement The Company established the initial fair value for the Warrants on May 5, 2020, the date of the Company’s Initial Public Offering, using a Binomial Lattice Model for the Public Warrants and a Black-Scholes Model for the Private Warrants. The Company allocated the proceeds received from (i) the sale of Units (which is inclusive of one share of Class A ordinary shares and one-half The key inputs into the Binomial Lattice Model for the Public Warrants were as follows at initial measurement: Input May 5, 2020 Risk-free interest rate 0.4 % Dividend Yield 0.0 % Expected volatility 35.0 % Contractual term (years) 5.5 Probability of closing 80.00 % Exercise price $ 11.50 Stock Price $ 9.15 The key inputs into the Black-Scholes Model for the Private Placement Warrants were as follows at initial measurement: Input May 5, 2020 Risk-free interest rate 0.4 % Dividend Yield 0.0 % Expected volatility 35.0 % Contractual term (years) 5.5 Probability of closing 80.00 % Exercise price $ 11.50 Stock Price $ 9.15 On May 5, 2020, the Private Placement Warrants and Public Warrants were determined to be $1.83 and $1.58 per warrant for aggregate values of $3.67 million and $11.85 million, respectively. Subsequent Measurement The Warrants are measured at fair value on a recurring basis. The subsequent measurement of the Public Warrants as of December 31, 2020 is classified as Level 1 due to the use of an observable market quote in an active market. As of December 31, 2020, the aggregate values of the Private Placement Warrants and Public Warrants were $13.1 million and $28.88 million, respectively. The following table presents the changes in the fair value of warrant liabilities: Private Public Warrant Fair value as of January 1, 2020 $ — $ — $ — Initial measurement on May 5, 2020 (IPO) 3,671,438 11,850,000 15,521,438 Change in valuation inputs or other assumptions 9,429,375 17,025,000 26,454,375 Fair value as of December 31, 2020 $ 13,100,813 $ 28,875,000 $ 41,975,813 Due to the use of quoted prices in an active market (Level 1) to measure the fair value of the Public Warrants, subsequent to initial measurement, the Company had transfers out of Level 3 totaling $11,850,000 during the year ended December 31, 2020. Level 3 financial liabilities consist of the Private Placement Warrant liability for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. |
Related Party Balances And Tran
Related Party Balances And Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |
Related Party Balances And Transactions | NOTE 15:- RELATED PARTY BALANCES AND TRANSACTIONS a. Balances with the related parties: December 31, 2020 2019 Trade Receivable $ 1,146 $ 1,043 Long term deferred revenues $ 3,500 $ 3,500 b. Transactions with the related parties: Year ended December 31, 2020 2019 2018 Revenues (net revenues) $ (12,014 ) $ 1,002 $ 51 During the years ended December 31, 2018, 2019 and 2020 the Company earned $51, $1,002 and $(12,014) respectively, in revenues (net revenues) from the sale of services and goods to a shareholder (also refer to Note 2h). As of December 31, 2018, December 31, 2019 and December 31, 2020, the Company recorded receivables of $35, $1,043 and $1,146, respectively from the same shareholder mentioned above in connection with the revenues earned, included as Trade Receivable on the accompanying consolidated balance sheets. The receivables were collected in the ordinary course of business. As of December 31, 2018, December 31, 2019 and December 31, 2020, the Company recorded deferred revenue of $1.3 million, $3.5 million and $3.5 million, respectively, from the same shareholder mentioned above in connection with the revenues earned, included as Long Term Deferred Revenue on the accompanying consolidated balance sheets. |
Collective Growth Corp [Member] | |
Related Party Transaction [Line Items] | |
Related Party Balances And Transactions | NOTE 6. RELATED PARTY TRANSACTIONS Founder Shares On December 31, 2019, the Sponsor purchased 4,312,500 shares (the “Founder Shares”) of the Company’s common stock for an aggregate price of $25,000. The Sponsor subsequently transferred certain of the Founder Shares to the other Initial Stockholders. The Founder Shares include an aggregate of up to 562,500 shares subject to forfeiture by the Sponsor to the extent that the underwriter’s over-allotment is not exercised in full or in part, so that the number of Founder Shares will collectively represent approximately 20% of the Company’s issued and outstanding shares after the Initial Public Offering (excluding the Private Placement Shares). On June 19, 2020, the underwriters’ over-allotment option expired unexercised, and, as a result 562,500 Founder Shares were forfeited resulting in an aggregate of 3,750,000 Founder Shares outstanding. On January 10, 2020, the Company filed an amendment to its Certificate of Incorporation to, among other things, create two classes of common stock, Class A and Class B, and to convert the outstanding Founder Shares into shares of Class B common stock. The Initial Stockholders have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading Administrative Support Agreement The Company entered into an agreement, commencing on April 30, 2020 through the earlier of the Company’s consummation of a Business Combination and the liquidation of the Trust Account, to pay an affiliate of certain of the Company’s officers and directors a total of $10,000 per month for office space, utilities and secretarial and administrative support. For the year ended December 31, 2020, the Company incurred $80,000 of such fees, of which is $20,000 included in accrued expenses in the accompanying balance sheets. Promissory Note — Related Party On December 31, 2019, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $150,000, to cover expenses related to the Initial Public Offering. The Promissory Note was non-interest Executive Compensation The Company has agreed to pay an affiliate of Tim Saunders, the Company’s Chief Financial Officer, $10,000 per month for up to 6 months commencing on April 30, 2020 and accrue $12,000 per month for up to six months from April 30, 2020 and payable until, and only upon, the consummation of an initial Business Combination, for Mr. Saunders’ services as Chief Financial Officer. For the year ended December 31, 2020, the Company incurred $72,000 of such fees, which is included in deferred consulting fee in the accompanying balance sheets. Related Party Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds on a non-interest |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events | NOTE 16:- SUBSEQUENT EVENTS a. On February 17, 2021, the Innoviz effected a 1-for-1.138974 b. Immediately prior to the closing of the Merger as described below, and in accordance with the Preferred C-1 C-1 C-1 no-par c. Business Combination Pursuant to the merger agreement described in Note 1c, on April 5, 2021 (the “Closing Date”), Hatzata Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company was merged with and into Collective Growth, with Collective Growth surviving as a wholly-owned subsidiary of Innoviz (the “Business Combination”). The merger with a subsidiary is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with ASC 805 “ Business combinations Upon closing of the Business Combination, 20,418,209, 15,906,053, 3,032,940, 28,216,005 and 3,045,792 of the Company’s Preferred A, B, B-1, C-1 no-par On the Closing Date, the following securities issuances were made by the Company to Collective Growth’s securityholders: (i) each outstanding share of Class B common shares of Collective Growth, after taking into account the forfeiture of 1,875,000 shares by the holders of Class B common shares, was exchanged for one ordinary share of the Company (“Company Ordinary Share”), (ii) each outstanding share of Class A common stock of Collective Growth was exchanged for one Company Ordinary Share, and (iii) each outstanding warrant of Collective Growth, after taking into account the forfeiture of 187,500 warrants by certain holders of warrants of Collective Growth and including an aggregate of 100,000 warrants issued upon the conversion of outstanding convertible notes made by the Sponsor for working capital purposes, was assumed by the Company and became a warrant of the Company (“Company Warrant”). In addition, on the Closing Date, in connection with the consummation of the Business Combination and after giving effect, to the redemption of an aggregate of 891,046 shares of Collective Growth’s Class A common stock in accordance with the terms of Collective Growth’s amended and restated certificate of incorporation and in accordance with the Put Option Agreement between the Company and Antara: (i) each outstanding preferred share of the Company was converted into one Company Ordinary Share, (ii) the Company issued Perception an aggregate of 3,027,747 Company Warrants, and (iii) the Company issued Antara an aggregate of 3,002,674 Company Ordinary Shares and 3,784,753 Company Warrants and (iii) the Company agreed to issue to Company’s Management 2,500,000 Ordinary Shares and 3,500,000 warrants, taking into account, in each case, any applicable withholding taxes. In addition, in the event that the earnout Target is reached during the Earnout Period (both “Target” and “Earnout Period” as defined in the Business Combination Agreement), then: (A) Perception shall also be entitled to receive up to 2,175,000 of additional Company Ordinary Shares, (B) Antara shall also be entitled to receive up to 312,297 of additional Company Ordinary Shares and (C) certain members of the Company’s management shall also be entitled to receive up to 1,250,000 of additional Company Ordinary Shares. Additionally, on the Closing Date, the Company completed the sale of Ordinary Shares to certain accredited investors (“Investors”), at a price per share of $10, for gross proceeds to the Company of approximately $230,000 thousand, pursuant to a series of subscription agreements (“Subscription Agreements”) entered into by the Company and the Investors concurrently with the execution of the Business Combination Agreement. Upon closing of the Business Combination, the Company has adopted amended and restated articles of association to align such organizational documents with consistent with those of a publicly held company and has become a publicly traded company. |
Collective Growth Corp [Member] | |
Subsequent Events | NOTE 12. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. On February 26, 2021, the Sponsor committed to provide the Company loans in the aggregate amount of $225,000 in order to finance transaction costs in connection with a Business Combination. These loans will be non-interest On March 1, 2021, the Sponsor provided a $100,000 convertible, non-interest Stockholder Vote On March 31, 2021, the Company held a special meeting of stockholders, pursuant to which the Company’s stockholders approved, among others, the following proposal: • Adoption of the Business Combination Agreement with Innoviz Technologies Ltd. The number of holders of the Company’s common stock exercising their redemption rights in connection with this vote did not result in the Company having less than $5,000,001 of net tangible assets after giving effect to all holders of public shares that redeemed their shares for cash. Holders of 891,046 shares of the Company’s common stock elected to redeem their shares. Assuming no holder chooses to reverse their redemption election, the amount that will be paid out to redeem such shares will be approximately $8.9 million based on the amount held in trust on March 31, 2021. The transaction is expected to close promptly after confirmation all closing conditions have been satisfied. Upon completion of the transaction, the combined company will retain the Innoviz Technologies Ltd.name and its ordinary shares are expected to be listed on the Nasdaq Stock Market under the ticker symbol “INVZ”. On April 5, 2021, Collective Growth Corporation completed its business combination with Innoviz. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |
Use of estimates | a. Use of estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include inventory reserves, warranty provision, valuation allowance for deferred tax assets, share-based compensation including the fair value of the Company’s ordinary shares, useful lives of property, plant, and equipment. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. The novel coronavirus (“COVID-19”) COVID-19 |
Financial statements in U.S. dollars | b. Financial statements in U.S. dollars: A substantial portion of the Company’s financing activities, including equity transactions and cash investments, are incurred in U.S. dollars. The Company’s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the U.S. dollar. A subsidiary’s functional currency is the currency of the primary economic environment in which the subsidiary operates; normally, that is the currency of the environment in which a subsidiary primarily generates and expends cash. In making the determination of the appropriate functional currency for a subsidiary, the Company considers cash flow indicators, local market indicators, financing indicators and the subsidiary’s relationship with both the parent company and other subsidiaries. For subsidiaries that are primarily a direct and integral component or extension of the parent entity’s operations, the U.S. dollar is the functional currency. The Company has determined the functional currency of its foreign subsidiaries is the U.S. Dollar. The foreign operation is considered a direct and integral part or extension of the Company’s operations. The day-to-day Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are remeasured into U.S. dollars in accordance with Statement of the Accounting Standard Codification (“ASC”) No. 830 “Foreign Currency Matters” (“ASC No. 830”). All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the statements of operations as financial income or expenses as appropriate. |
Principles of consolidation | c. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. |
Cash and Cash Equivalents and Restricted Cash | d. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term deposits with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in short term deposits. Restricted cash consists of long-term deposits that serves as collateral for a credit card agreement and lease agreements at one of the Company’s financial institutions. |
Inventories | e. Inventories: Inventories are stated at the lower of cost or estimated net realizable value. Costs are computed under the standard cost method, which approximates actual costs determined on the first-in, first-out |
Property and equipment, net | f. Property and equipment, net Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets, at the following annual rates: % Computers and software 33 Office furniture and equipment 7-15 Electronic equipment 15 Leasehold improvements Over the shorter of the related lease period or the useful life of the assets |
Impairment of long-lived assets | g. Impairment of long-lived assets: Long-lived assets are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” a (“ASC 360”), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment exists when the carrying value of the asset exceeds the aggregate undiscounted cash flows expected to be generated by the asset. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. During the years ended December 31, 2020 and December 31, 2019, the Company recorded impairment losses in the amount of $496 and $0, respectively. |
Revenue recognition | h. Revenue recognition: Effective as of January 1, 2018, the Company has followed the provisions of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which applies to all contracts with customers. Under Topic 606, revenues are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine the appropriate revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: • identify the contract(s) with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company evaluates each performance obligation to determine if it is satisfied at a point in time or over time. Nature of Products and Services The Company derives its revenues mainly from sales of LiDAR sensors. Revenue from LiDAR sensors is recognized at a point in time when the control of the goods is transferred to the customer, generally upon delivery. The company also provides application engineering services for its customers that are not part of a long-term production arrangement. Application engineering services revenue are recognized at a point in time or over time depending, among other considerations, on whether the Company has an enforceable right to payment, for performance completed to date. Services to certain customers may require substantive customer acceptance due to performance acceptance criteria that is considered more than a formality. For these services, revenue is recognized upon customer acceptance. The Company did not recognize revenue related to application engineering services during the years ended December 31, 2020, 2019 and 2018 as such acceptance criteria has not been met. The Company applies the practical expedient and does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company’s contracts with customer prepayment terms do not include a significant financing component because the primary purpose is not to receive financing from the customers. The Company’s general terms and conditions for its contracts do not contain a right of return that allows the customer to return products and receive a credit. Therefore, the Company does not estimate returns and generally recognizes revenue at contract price upon product shipment or delivery. Deferred Revenue Deferred revenues, which represent a contract liability, include amounts paid by customers not yet recognized as revenues. On December 7, 2017, the Company entered into an agreement with a tier-1 Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and is recognized as revenue when the Company performs under the contract. The long-term portion of deferred revenue, mostly related to obligations under development agreement with OEMs, is classified as non-current Contract liabilities consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 2019 (in thousands) Contract Liabilities, Current Deferred Revenue, Current $ 996 $ 291 Customer Advance Payment 665 172 Total $ 1,661 $ 463 Contract Liabilities, Long-Term Deferred Revenue, Long-Term 3,473 3,473 Total Contract Liabilities $ 5,134 $ 3,936 During the year ended December 31, 2020, the Company recognized $283 that was included in deferred revenues balance at December 31, 2019. Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product and engineering services revenue not yet delivered. As of December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $11 million, which the Company expects to recognize as revenue . For additional information regarding disaggregated revenues, please refer to Note 14 below. Reduction of revenues On October 12, 2020, the Company signed a Memorandum of Understanding (the “MOU”) with Magna International Inc. (“Magna”) one of its shareholders and a tier-1 In connection with the MOU, on December 10, 2020, the Company issued to Magna 1,755,966 Preferred C-1 of no-par Furthermore, on December 10, 2020, the Company signed a performance-based warrant agreement (the “Warrant”) with Magna, pursuant to which, upon the completion of certain milestones by Magna, the Company will issue to Magna warrants to receive up to: (i) 7,023,865 Ordinary Shares , in the event the Company will be registered as a public company before the issuance of the warrants, or (ii) 4,939,922 Preferred C-1 Share-based payment awards granted to a customer are measured and classified in accordance with 606-10-32-25A 606-10-32-25 C-1 Additionally, as there are no minimum commitments under the MOU, and the uncertainty of ultimate success of the SOP, there is no assurance that future benefits will be realized through sufficient purchases. Therefore, as of December 31, 2020, the Company believes that such awards granted to Magna do not meet the definition of an asset. In the year ended December 31, 2020, the Company recorded reduction of revenues in the amount of $ 14,800, representing the fair value of the Preferred C-1 |
Warranty costs | i. Warranty costs: The Company provides standard product warranties, for its pre-SOP Changes in the warranty provision, presented in other accrued expenses, was as follow: Year ended December 31, 2020 2019 Balance at beginning of the year $ 61 $ * ) Warranty Provision 198 118 Warranty Claims Settled (232 ) (57 ) Balance at end of the year $ 27 $ 61 *) Represents amount lower than $1. |
Research and development expenses | j. Research and development expenses: Research and development costs include personnel-related expenses associated with the Company’s engineering personnel responsible for the design, development and testing of its products. Such costs related to software development are included in research and development expense until the technological feasibility is reached, which for the Company’s software products, is generally shortly before the products are released to production. Research and development costs are charged to the consolidated statements of operations as incurred. |
Patent costs | k. Patent costs: Legal and related patent costs are charged to general and administrative expenses in the consolidated statements of operations as incurred, since their realization is uncertain. |
Share-based compensation | l. Share-based compensation: The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation—Stock Compensation” (“ASC No. 718”). ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the award is recognized as an expense over the requisite service period. The Company measures its share-based payment awards made to employees, directors, and non-employee service |
Accrued post-employment benefit | m. Accrued post-employment benefit: Severance pay: The Israeli Severance Pay Law, 1963 (“Severance Pay Law”), specifies that employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one-month The Company’s liability for all of its Israeli employees is covered by the provisions of Section 14 of the Severance Pay Law (“Section 14”). Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, continued on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company’s balance sheet. Severance pay expenses for the years ended December 31, 2020, 2019 and 2018, amounted to approximately $ 2,000, $ 1,700 and $ 1,100, respectively. 401(k) profit sharing plans: The Company has a 401(k) retirement savings plan for its employees in the U.S. Each eligible employee may elect to contribute a portion of the employee’s compensation to the plan. The U.S. Subsidiary matches 4% of employee contributions up to the plan with no limitation. During the years ended December 31, 2020, 2019 and 2018, the Company recorded expenses for matching contributions in the amount of $ 14, $ 31 and $ 9, respectively. |
Income taxes | n. Income taxes: The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes” (ASC 740”). ASC 740 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value, if it is more likely than not that a portion or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. |
Concentration of Credit Risk | o. Concentration of risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term and restricted deposits. Trade receivable of the Company are mainly derived from customers located globally. The Company mitigates its credit risks by performing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral. |
Trade receivables | p. Trade receivables Trade receivables are recorded at the invoiced amount and do not bear interest. Trade receivable are periodically assed for allowance for doubtful accounts, which is the Company’s best estimate of the amount of credit losses inherent in its existing accounts receivable. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The allowance of doubtful accounts was not material for the periods presented. |
Fair value of Financial Instruments | q. Fair value of Financial Instruments: The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. The following methods and assumptions were used by the Company in estimating the fair value of their financial instruments: 1. The carrying values of cash and cash equivalents, short-term and restricted deposits, trade receivables, prepaid expenses and other current assets, trade payables, employees and payroll accruals and accrued expenses and other current liabilities approximate fair values due to the short-term maturities of these instruments. 2. The Company applies ASC No. 820, “Fair Value Measurements and Disclosures” (“ASC No. 820”), with respect to fair value measurements of all financial assets and liabilities. 3. In accordance with ASC No. 820, the Company measures its short-term deposits at fair value. Short-term deposits are classified within Level 1. This is because these assets are valued using quoted market prices. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Net Loss Per Common Share | r. Loss per share: The Company computes basic loss per share in accordance with ASC Topic 260, “Earnings per Share” by dividing the net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share is computed by considering the potential dilution that could occur upon the exercise of options granted under stock-based compensation plans using the treasury stock method. Basic and diluted net loss per share was adjusted to reflect accumulative dividend rights attributed to Innoviz preferred shares. |
Deferred Transaction Costs | s. Deferred Transaction Costs Deferred transactions costs consist primarily of accounting, legal, and other fees related to the Company’s |
Other Comprehensive Income (Loss) | t. Other Comprehensive Income (Loss) The Company has no components of comprehensive loss other than net loss. Thus, comprehensive loss is the same as net loss for the period presented. |
Recently adopted accounting pronouncements | u. Recently adopted accounting pronouncements: 1. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 2020-05, 2. In November 2019, the FASB issued ASU No. 2019-08, |
Recently issued accounting pronouncements not yet adopted | v. Recently issued accounting pronouncements not yet adopted: As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election. 1. In February 2016, the FASB issued ASU 2016-02 corresponding right-of-use asset No. 2020-05, 2016-02 non-public 2. In June 2016, the FASB issued ASU No. 2016-13 3. In August 2020, the FASB issued ASU No. 2020-06, 2020-06), 2020-06 815-40, 2020-06 |
Collective Growth Corp [Member] | |
Significant Accounting Policies [Line Items] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging |
Use of estimates | 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2020 and 2019. |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account The Company accounts for its securities held in the trust account in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 320 “Debt and Equity Securities.” These securities are classified as trading securities with unrealized gains/losses, if any, recognized through the statement of operations. At December 31, 2020, substantially all of the assets held in the Trust Account were held in U.S. Treasury Bills. Through December 31, 2020, the Company did not withdraw any interest earned on the Trust Account to pay its franchise and income taxes. |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Shares of Class A Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheets. |
Income taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2020 and 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. On March 27, 2020, the CARES Act was enacted in response to COVID-19 |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. |
Net Loss Per Common Share | Net Loss Per Common Share Net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. The Company has not considered the effect of the warrants sold in the Public Offering and Private Placement to purchase an aggregate of 9,506,250 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement of operations includes a presentation of loss per share for common shares subject to possible redemption in a manner similar to the two-class Net loss per share, basic and diluted, for non-redeemable non-redeemable Non-redeemable non-redeemable Non-redeemable non-redeemable Year ended For the Period Common stock subject to possible redemption Numerator: Earnings allocable to Common stock subject to possible redemption Interest earned on marketable securities held in Trust Account $ 61,688 $ — Unrealized gain on marketable securities held in Trust Account 3,546 Less: Income taxes and franchise fees (65,234 ) — Net loss allocable to shares subject to possible redemption $ — $ — Denominator: Weighted Average Common stock subject to possible redemption Basic and diluted weighted average shares outstanding 13,211,642 — Basic and diluted net loss per share $ 0.00 $ — Non-Redeemable Numerator: Net Loss minus Net Earnings Net loss $ (29,854,803 ) $ (348 ) Net loss allocable to Common stock subject to possible redemption — — Non-Redeemable $ (29,854,803 ) $ (348 ) Denominator: Weighted Average Non-Redeemable Basic and diluted weighted average shares outstanding 5,094,825 3,750,000 Basic and diluted net loss per share $ (5.86 ) $ (0.00 ) |
Recently adopted accounting pronouncements | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Warrant Liability | Warrant Liability The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in non-cash 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Line Items] | |
Summary of Estimated Useful Lives of Related Assets | Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets, at the following annual rates: % Computers and software 33 Office furniture and equipment 7-15 Electronic equipment 15 Leasehold improvements Over the shorter of the related lease period or the useful life of the assets |
Summary of Contract Liabilities | Contract liabilities consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 2019 (in thousands) Contract Liabilities, Current Deferred Revenue, Current $ 996 $ 291 Customer Advance Payment 665 172 Total $ 1,661 $ 463 Contract Liabilities, Long-Term Deferred Revenue, Long-Term 3,473 3,473 Total Contract Liabilities $ 5,134 $ 3,936 |
Summary of Changes in Warranty Provision | Changes in the warranty provision, presented in other accrued expenses, was as follow: Year ended December 31, 2020 2019 Balance at beginning of the year $ 61 $ * ) Warranty Provision 198 118 Warranty Claims Settled (232 ) (57 ) Balance at end of the year $ 27 $ 61 *) Represents amount lower than $1. |
Schedule of Basic And Diluted Net Income (Loss) Per Common Share | The following table sets forth the computation of the net loss per share for the period presented: Year ended December 31, 2020 2019 2018 Numerator: Net loss $ (81,511 ) $ (67,301 ) $ (56,400 ) Preferred share accrued cumulative dividend rights (17,473 ) (13,664 ) (5,795 ) Total loss attributable to ordinary shares $ (98,984 ) $ (80,965 ) $ (62,195 ) Denominator: 16,514,910 15,524,845 15,039,814 |
Collective Growth Corp [Member] | |
Accounting Policies [Line Items] | |
Schedule of Basic And Diluted Net Income (Loss) Per Common Share | Year ended For the Period Common stock subject to possible redemption Numerator: Earnings allocable to Common stock subject to possible redemption Interest earned on marketable securities held in Trust Account $ 61,688 $ — Unrealized gain on marketable securities held in Trust Account 3,546 Less: Income taxes and franchise fees (65,234 ) — Net loss allocable to shares subject to possible redemption $ — $ — Denominator: Weighted Average Common stock subject to possible redemption Basic and diluted weighted average shares outstanding 13,211,642 — Basic and diluted net loss per share $ 0.00 $ — Non-Redeemable Numerator: Net Loss minus Net Earnings Net loss $ (29,854,803 ) $ (348 ) Net loss allocable to Common stock subject to possible redemption — — Non-Redeemable $ (29,854,803 ) $ (348 ) Denominator: Weighted Average Non-Redeemable Basic and diluted weighted average shares outstanding 5,094,825 3,750,000 Basic and diluted net loss per share $ (5.86 ) $ (0.00 ) |
Restatement Of Previously Iss_2
Restatement Of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Collective Growth Corp [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of Restatement of Financial Statements | The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported cash or investments held in the trust account. As Adjustments As Balance sheet as of May 5, 2020 (audited) Warrant Liability $ — $ 15,521,438 $ 15,521,438 Class A Common Stock Subject to Possible Redemption 140,786,390 (15,521,438 ) 125,264,952 Class A Common Stock 118 155 273 Additional Paid-in 5,000,764 2,365,738 7,366,502 Accumulated Deficit (1,310 ) (2,365,893 ) (2,367,203 ) Stockholders’ Equity 5,000,003 — 5,000,003 Common Stock Subject to Possible Redemption 14,078,639 (1,552,144 ) 12,526,495 Balance sheet as of June 30, 2020 Warrant Liability $ — $ 8,609,063 $ 8,609,063 Class A Common Stock Subject to Possible Redemption 140,523,230 (8,609,063 ) 131,914,167 Class A Common Stock 121 86 207 Additional Paid-in 5,263,977 (4,546,568 ) 717,409 (Accumulated Deficit) Retained Earnings (264,465 ) 4,546,482 4,282,017 Stockholders’ Equity 5,000,008 — 5,000,008 Common Stock Subject to Possible Redemption 14,052,323 (860,906 ) 13,191,417 Balance sheet as of September 30, 2020 Warrant Liability $ — $ 7,363,688 $ 7,363,688 Class A Common Stock Subject to Possible Redemption 140,191,390 (7,363,688 ) 132,827,702 Class A Common Stock 124 74 198 Additional Paid-in 5,595,814 (5,595,814 ) — (Accumulated Deficit) Retained Earnings (596,312 ) 5,595,740 4,999,428 Stockholders’ Equity 5,000,001 — 5,000,001 Common Stock Subject to Possible Redemption 14,019,139 (736,369 ) 13,282,770 Balance sheet as of December 31, 2020 (audited) Warrant Liability $ — $ 41,975,813 $ 41,975,813 Class A Common Stock Subject to Possible Redemption 139,752,810 (41,975,810 ) 97,777,000 Class A Common Stock 129 420 549 Additional Paid-in 6,034,389 28,819,845 34,854,235 Accumulated Deficit (1,034,883 ) (28,820,268 ) (29,855,151 ) Stockholders’ Equity 5,000,010 (3 ) 5,000,007 Common Stock Subject to Possible Redemption 13,975,281 (4,197,581 ) 9,777,700 Statement of Operations for the Six Months Ended June 30, 2020 (audited) Change in fair value of warrant liability $ — $ 6,912,375 $ 6,912,375 Transaction costs associated with Initial Public Offering — (700,705 ) (700,705 ) Compensation expense related to warrant liabilities — (1,665,188 ) (1,665,188 ) Net (loss) income (264,117 ) 4,546,482 4,282,365 Weighted average shares outstanding, Common Stock 4,114,265 292,500 4,406,765 Basic and diluted net loss per share, Common Stock (0.06 ) 1.03 0.97 Statement of Operations for the Nine Months Ended September 30, 2020 (audited) Change in fair value of warrant liability $ — $ 8,157,750 $ 8,157,750 Transaction costs associated with Initial Public Offering — (700,705 ) (700,705 ) Compensation expense related to warrant liabilities — (1,665,188 ) (1,665,188 ) Net (loss) income (595,964 ) 5,791,857 5,195,893 Weighted average shares outstanding, Common Stock 4,398,294 483,351 4,881,645 Basic and diluted net loss per share, Common Stock (0.14 ) 1.20 1.06 Statement of Operations for the Year Ended December 31, 2020 (audited) Change in fair value of warrant liability $ — $ (26,454,375 ) $ (26,454,375 ) Transaction costs associated with Initial Public Offering — (700,705 ) (700,705 ) Compensation expense related to warrant liabilities — (1,665,188 ) (1,665,188 ) Net loss (1,034,535 ) (28,820,268 ) (29,854,803 ) Weighted average shares outstanding, Class A Common Stock subject to possible redemption 14,045,743 (834,101 ) 13,211,642 Basic and diluted net income per share, Class A Common Stock subject to possible redemption 0.00 — 0.00 Weighted average shares outstanding, Common Stock 4,547,874 546,951 5,094,825 Basic and diluted net loss per share, Common Stock (0.23 ) (5.63 ) (5.86 ) Cash Flow Statement for the Six Months Ended June 30, 2020 (audited) Net (loss) income $ (264,117 ) $ 4,546,482 $ 4,282,365 Change in fair value of warrant liability — (6,912,375 ) (6,912,375 ) Transaction costs associated with Initial Public Offering — 700,705 700,705 Compensation expense related to warrant liabilities — 1,665,188 1,665,188 Initial classification of Class A Common Stock subject to possible redemption 140,786,390 (9,506,250 ) 131,280,140 Change in value of Class A Common Stock subject to possible redemption (263,160 ) 897,187 634,027 Cash Flow Statement for the Nine Months Ended September 30, 2020 (audited) Net (loss) income $ (595,964 ) $ 5,791,857 $ 5,195,893 Change in fair value of warrant liability — (8,157,750 ) (8,157,750 ) Transaction costs associated with Initial Public Offering — 700,705 700,705 Compensation expense related to warrant liabilities — 1,665,188 1,665,188 Initial classification of Class A Common Stock subject to possible redemption 140,786,390 (9,506,250 ) 131,280,140 Change in value of Class A Common Stock subject to possible redemption (595,000 ) 2,142,562 1,547,562 Cash Flow Statement for the Year Ended December 31, 2020 (audited) Net loss $ (1,034,535 ) $ (28,820,268 ) $ (29,854,803 ) Change in fair value of warrant liability — 26,454,375 26,454,375 Transaction costs associated with Initial Public Offering — 700,705 700,705 Compensation expense related to warrant liabilities — 1,665,188 1,665,188 Initial classification of Class A Common Stock subject to possible redemption 140,786,390 (9,506,250 ) 131,280,140 Change in value of Class A Common Stock subject to possible redemption (1,033,580 ) (32,469,560 ) (33,503,140 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory, Net [Abstract] | |
Summary of Inventories | a. Inventories are comprised of the following: December 31, 2020 2019 Raw materials $ 1,657 $ 919 Finished goods including machinery 507 422 $ 2,164 $ 1,341 |
Prepaid Expenses And Other Cu_2
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Summary of Prepayment And Other Current Assets | Prepaid expenses and other current assets consist of the following: December 31, 2020 2019 Government authorities $ 1,618 $ 946 Prepaid expenses 461 426 Short-term deposits 118 337 Other 1,090 209 $ 3,287 $ 1,918 |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property And Equipment, Net | a. Property and equipment, net consist of the following: December 31, 2020 2019 Cost: Computers and software $ 3,680 $ 2,527 Office furniture and equipment 557 511 Electronic equipment 8,931 6,467 Leasehold improvements 4,594 4,324 17,762 13,829 Accumulated depreciation 4,517 2,490 $ 13,245 $ 11,339 |
Advances From Customers And D_2
Advances From Customers And Deferred Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedules of Advances From Customers And Deferred Revenues [Abstract] | |
Schedules of Advances From Customers And Deferred Revenues | Advances from customers and deferred revenues consist of the following: December 31, 2020 2019 Current liabilities: Deferred revenues $ 996 $ 291 Advances from customers 665 172 1,661 463 Long-term liabilities: Deferred revenues 3,473 3,473 $ 5,134 $ 3,936 |
Accrued Expenses And Other Cu_2
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Summary of Accrued Liabilities And Other Payable | Accrued expenses and other current liabilities consisted of the following: December 31, 2020 2019 Current maturities of loan $ 275 $ 246 Warranty provision 27 61 Accrued expenses 2,536 3,367 Other 16 — $ 2,854 $ 3,674 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Minimum Future Lease Payments | The minimum future lease payments under the operating leases agreement subsequent to December 31, 2020, are as follows: Total Year ended December 31, Unaudited 2021 $ 1,031 2022 994 2023 985 2024 992 2025 and thereafter 3,890 $ 7,892 |
Convertible Preferred Shares (T
Convertible Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Convertible Preferred Shares | a. Convertible Shares at December 31, 2020 and 2019, are comprised of the following: December 31, Authorized Issued and outstanding Carrying Liquidation 2020 2019 2020 2019 2020 Number of shares Preferred A Shares of no- 20,418,209 20,418,209 20,418,209 20,418,209 $ 9,000 $ 11,682 Preferred B Shares of no- 15,906,053 15,906,053 15,906,053 15,906,053 $ 66,348 $ 89,659 Preferred B-1 no- 3,032,940 3,032,940 3,032,940 3,032,940 $ 12,500 $ 13,693 Preferred C Shares of no- 28,973,439 28,973,439 28,216,005 28,216,005 $ 161,233 $ 186,954 Preferred C-1 no- 15,191,550 — 2,699,114 — $ 23,734 $ 26,218 (1) Preferred shares A, B, B-1, C-1 Conversion rights - B-1, C-1 C-1 Dividend - a) First, the holders of the Preferred C and C-1 b) Second, the holders of the Preferred B and B-1 c) Third, the holders of the Preferred A Shares shall be entitled to receive, in preference to each inferior class, an amount calculated in the same manner as described above with respect to the Preferred C Shares. d) Following the full payment of the entire preferred preference to the holders of Preferred Shares, the holders of the Ordinary Shares will be entitled to receive the remaining distribution proceeds (if any), pro rata based on the number of Ordinary Shares held by each such holder. No dividends have been declared to date as of December 31, 2020. Liquidation preference - Redemption - C-1 6-year B-1 b. On February 24, 2019, the Company closed its initial Series C Preferred Share financing round. Pursuant to the Series C Preferred Share purchase agreement, the Company issued 17,186,944 series Preferred C Shares at a price of $5.9842 per share, for total consideration of $ 102,850, net of issuance costs in the amount of $4,730. Following the initial closing of its Series C financing round, the Company entered into multiple deferred closings until June 1, 2019, pursuant to which the Company issued 11,029,055 Preferred C Shares at a price of $5.9842 per share, for a total consideration of $66,000, net of issuance costs in the amount of $2,887. c. On October 1, 2020, the Company signed an agreement (the “Agreement”) with new and existing investors, according to which the Company issued 943,148 series C-1 The transaction documents also confer upon certain of Preferred C-1 1. In the event that: (i) definitive agreement in connection with transaction between the Company and a SPAC, shall not be signed prior to December 31, 2020, or (ii) the closing of the transactions contemplated under such aforementioned definitive agreements shall not have taken place prior to April 30, 2021, the Company will issue additional Preferred C-1 C-1 C-1 2. In the event the closing of the transactions contemplated under such aforementioned definitive agreements shall have taken place prior to April 30, 2021, with pre-money valuation of the Company lower than $1,300,000 thousands, the Company will issue additional Preferred C-1 Share for no additional consideration, such that after the issuance of the additional Preferred C-1 Shares, the aggregate number of Preferred C-1 Shares held by the investor shall be equal to the aggregate investment made by the investor divided 70% of the Original PPS. On December 10 , 2020, the Company issued to Magna 1,755,966 Preferred C-1 d. Classification: Since a deemed liquidation event is not solely within the control of the Company, the Preferred Shares were classified outside of permanent equity as temporary equity pursuant to ASC 480-10-S99. As of December 31, 2020, and 2019, the Company did not adjust the carrying values of the Preferred Shares to the deemed liquidation values of such shares since a liquidation event was not probable. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Summary of Composition of Share Capital | a. Composition of share capital: December 31, 2020 2019 Authorized Issued and Authorized Issued and Number of Shares Number of Shares Ordinary Shares of no-par 179,872,754 16,948,226 107,265,966 15,855,287 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The fair value of the Company’s share options granted to employees for the years ended December 31, 2020, 2019 and 2018, was estimated using the following weighted average assumptions: Year ended December 31, 2020 2019 2018 Expected term, in years 6.25 6.25 6.25 Expected volatility 65% 65% - 70% 70% - 75% Risk-Free interest rate 0.46% - 1.74% 1.77% - 2.65% 2.68% - 3.13% Expected dividend yield 0% 0% 0% |
Summary of Share-Based Compensation Arrangements by Share-based Payment Award | Number of Weighted- Weighted- Aggregate (in thousands) Outstanding at January 1, 2020 7,834,282 $ 0.48 8.26 $ 18,153 Granted 2,581,589 $ 1.14 Exercised (1,092,938 ) $ 0.26 $ 6,734 Forfeited (833,425 ) $ 0.68 Expired (18,750 ) $ 0.79 Outstanding at December 31, 2020 8,470,758 $ 0.68 7.92 $ 48,594 Exercisable at December 31, 2020 4,161,444 $ 0.44 7.07 $ 24,873 |
Summary of Share-Based Payment Arrangement, Expensed and Capitalized, Amount | The share-based compensation expense recognized in the Company’s consolidated statements of operations are as follow: Year ended December 31, 2020 2019 2018 Research and development $ 2,649 $ 1,695 $ 1002 Sales and marketing 338 374 285 General and administrative 209 102 90 $ 3,196 $ 2,171 $ 1,377 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Components of the Company's Deferred Tax Assets | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets are as follows: December 31, 2020 2019 Deferred tax assets: Net operating loss carryforward $ 37,636 $ 20,453 Research and development costs carryforward 15,997 13,835 Accrued Expenses 446 198 Share-based compensation 23 23 Other 27 11 Gross deferred tax assets 54,129 34,520 Valuation allowance (54,117 ) (34,520 ) Deferred tax liabilities: Property and equipment (12 ) (11 ) Net deferred tax $ — $ — |
Summary of Loss Before Taxes on Income | e. Loss before taxes on income is comprised as follows: Year ended December 31, 2020 2019 2018 Domestic $ (81,462 ) $ (67,316 ) $ (56,376 ) Foreign 134 15 76 Loss before taxes on income $ (81,328 ) $ (67,301 ) $ (56,300 ) |
Summary of Income Taxes | f. Income taxes are comprised as follows: Year ended 2020 2019 2018 Current $ 183 $ 10 $ 32 Domestic 128 — 15 Foreign 55 10 17 $ 183 $ 10 $ 32 |
Summary of Reconciliation of Effective Income Tax Rate | g. The reconciliation of the tax benefit at the Israeli statutory tax rate to the Company’s income taxes is as follows: Year ended December 31, 2020 2019 2018 Israel tax provision at statutory rate 23.00 % 23.00 % 23.00 % Non-deductible (0.61 %) (0.63 %) (0.60 %) Effect of other permanent differences (3.92 %) (0.06 %) (0.08 %) Change in valuation allowance (18.95 %) (22.32 %) (21.94 %) Other adjustments 0.25 % — 0.44 % Effective tax rate (0.23 %) (0.01 %) (0.06 %) |
Collective Growth Corp [Member] | |
Summary of Components of the Company's Deferred Tax Assets | The Company’s net deferred tax assets are as follows: December 31, 2020 2019 Deferred tax assets Net operating loss carryforward $ 153,905 $ — Unrealized gain on marketable securities (5,579 ) — Total deferred tax assets 148,326 — Valuation Allowance (148,326 ) — Deferred tax assets $ — $ — |
Summary of Income Taxes | The income tax provision consists of the following: December 31, 2020 2019 Federal Current $ — $ — Deferred (148,326 ) — State and Local Current — — Deferred — — Change in valuation allowance 148,326 — Income tax provision $ — $ — |
Summary of Reconciliation of Effective Income Tax Rate | A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows: December 31, 2020 2019 Statutory federal income tax rate 21.0 % — State taxes, net of federal tax benefit 0.0 % — Business Combination (0.2 )% — Change in fair value of warrant liability (18.6 )% — Transaction costs associated with Initial Public Offering (0.5 )% — Compensation expense related to warrant liabilities (1.2 )% — Meals and entertainment 0.0 % — Valuation allowance (0.5 )% — Income tax provision 0.0 % — |
Basic and Diluted Net Loss Pe_2
Basic and Diluted Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Computation of the Net Loss Per Share | The following table sets forth the computation of the net loss per share for the period presented: Year ended December 31, 2020 2019 2018 Numerator: Net loss $ (81,511 ) $ (67,301 ) $ (56,400 ) Preferred share accrued cumulative dividend rights (17,473 ) (13,664 ) (5,795 ) Total loss attributable to ordinary shares $ (98,984 ) $ (80,965 ) $ (62,195 ) Denominator: 16,514,910 15,524,845 15,039,814 |
Geographic and Customer Infor_2
Geographic and Customer Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Reportable Segments | a. Geographic information: Following is a summary of revenues by geographic areas. Revenues attributed to geographic areas, based on the location where the customers accept delivery of the products and services: Year ended December 31, 2020 2019 2018 Europe, Middle East and Africa (*) $ 3,803 $ 1,105 $ 51 Asia Pacific 1,078 182 11 North America (**) (14,245 ) 288 — $ (9,364 ) $ 1,575 $ 62 (*) Includes revenue from Germany in the amount of $3,635, $983 and $51 in the years ended December 31, 2020, 2019 and 2018, respectively. (**) Include reduction of revenue from United States in the amount of $14,800 during the year ended December 31, 2020. |
Summary of Long-Lived Assets Based on Location | b. The Company’s long-lived assets (property and equipment, net) are located as follows: Year ended 2020 2019 Israel $ 13,053 $ 11,216 United States 74 114 Germany 34 5 Belarus 84 4 $ 13,245 $ 11,339 c. Customers accounted for over 10% of revenue: As of December 31, 2020, the Company had three customers that accounted for 51%, 22% and 10% of revenues (exclude of reduction of revenues of issuance of Preferred C-1 As of December 31, 2019, the company had one customer that accounted for 64% of revenues. As of December 31, 2018, the company had two customers that accounted for 18% and 82%, respectively, of revenues . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) - Collective Growth Corp [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Fair Value on a Recurring Basis | Description Level December 31, Assets: Marketable securities held in Trust Account 1 $ 150,100,083 Liabilities: Warrant Liability – Public Warrants 1 28,875,000 Warrant Liability – Private Placement Warrants 3 13,100,813 |
Summary of Fair Value Measurement Inputs and Valuation Techniques | The key inputs into the Binomial Lattice Model for the Public Warrants were as follows at initial measurement: Input May 5, 2020 Risk-free interest rate 0.4 % Dividend Yield 0.0 % Expected volatility 35.0 % Contractual term (years) 5.5 Probability of closing 80.00 % Exercise price $ 11.50 Stock Price $ 9.15 The key inputs into the Black-Scholes Model for the Private Placement Warrants were as follows at initial measurement: Input May 5, 2020 Risk-free interest rate 0.4 % Dividend Yield 0.0 % Expected volatility 35.0 % Contractual term (years) 5.5 Probability of closing 80.00 % Exercise price $ 11.50 Stock Price $ 9.15 |
Summary of Change in the Fair Value of the Warrant Liabilities | The following table presents the changes in the fair value of warrant liabilities: Private Public Warrant Fair value as of January 1, 2020 $ — $ — $ — Initial measurement on May 5, 2020 (IPO) 3,671,438 11,850,000 15,521,438 Change in valuation inputs or other assumptions 9,429,375 17,025,000 26,454,375 Fair value as of December 31, 2020 $ 13,100,813 $ 28,875,000 $ 41,975,813 |
Related Party Balances And Tr_2
Related Party Balances And Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Balances | a. Balances with the related parties: December 31, 2020 2019 Trade Receivable $ 1,146 $ 1,043 Long term deferred revenues $ 3,500 $ 3,500 |
Schedule of Related Party Transactions | b. Transactions with the related parties: Year ended December 31, 2020 2019 2018 Revenues (net revenues) $ (12,014 ) $ 1,002 $ 51 |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Detail) - USD ($) | May 05, 2020 | Dec. 31, 2020 | Feb. 26, 2021 | Feb. 17, 2021 | Oct. 28, 2020 |
Subsequent Event [Member] | |||||
Description of Organization and Business Operations (Details) [Line Items] | |||||
Price per share (in Dollars per share) | $ 10 | ||||
Collective Growth Corp [Member] | |||||
Description of Organization and Business Operations (Details) [Line Items] | |||||
Transaction costs amounted | $ 8,737,297 | ||||
Underwriting fees | 3,000,000 | ||||
Deferred underwriting fees | 5,250,000 | ||||
Other offering costs | $ 487,297 | ||||
Percentage of balance in trust account | 80.00% | ||||
Percentage of voting interest | 50.00% | ||||
Redemption price per share (in Dollars per share) | $ 10 | ||||
Net tangible assets | $ 5,000,001 | ||||
Percentage of redeeming public share | 15.00% | ||||
Percentage of obligation to outstanding redeem public share | 100.00% | ||||
Dissolution expenses | $ 100,000 | ||||
Public share, description | (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). | ||||
Cash | $ 284,330 | ||||
Securities held in trust account | 150,100,083 | ||||
Working capital | 169,879 | ||||
Interest income | $ 100,000 | ||||
Finance transaction costs | $ 395,000 | ||||
Collective Growth Corp [Member] | Initial Public Offering [Member] | |||||
Description of Organization and Business Operations (Details) [Line Items] | |||||
Gross proceeds | $ 150,000,000 | ||||
Sale of stock (in Shares) | 15,000,000 | ||||
Share price (in Dollars per share) | $ 10 | ||||
Sale of stock, description | the Initial Public Offering on May 5, 2020, an amount of $150,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Securities was placed in a trust account (the “Trust Account”). The proceeds held in the Trust Account are invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below. | ||||
Collective Growth Corp [Member] | Private Placement [Member] | |||||
Description of Organization and Business Operations (Details) [Line Items] | |||||
Sale of stock (in Shares) | 262,500 | ||||
Share price (in Dollars per share) | $ 10 | ||||
Sale of warrants (in Shares) | 1,875,000 | ||||
Price per share (in Dollars per share) | $ 1 | ||||
Collective Growth Corp [Member] | Sponsor [Member] | |||||
Description of Organization and Business Operations (Details) [Line Items] | |||||
Gross proceeds | $ 4,500,000 | ||||
Collective Growth Corp [Member] | Subsequent Event [Member] | |||||
Description of Organization and Business Operations (Details) [Line Items] | |||||
Finance transaction costs | $ 395,000 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Collective Growth Corp [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Percentage of tender offer provision accepted by holders of outstanding shares of single class of stock | 50.00% |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements - Schedule of Restatement of Financial Statements (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 05, 2020 | Dec. 31, 2017 | |
Adjustments To Statement Of Balance Sheet [Abstract] | ||||||||||
Class A Common Stock | [1] | |||||||||
Additional paid-in capital | 4,178,000 | 4,178,000 | 7,658,000 | 4,178,000 | ||||||
(Accumulated Deficit) Retained Earnings | (149,892,000) | (149,892,000) | (231,403,000) | (149,892,000) | ||||||
Stockholders' Equity | (145,714,000) | (145,714,000) | (223,745,000) | (145,714,000) | $ (80,657,000) | $ (25,644,000) | ||||
Adjustments To Statement Of Operations [Abstract] | ||||||||||
Net (loss) income | $ (81,511,000) | $ (67,301,000) | $ (56,400,000) | |||||||
Weighted average shares outstanding, Common Stock | 16,514,910 | 15,524,845 | 15,039,814 | |||||||
Basic and diluted net loss per share, Common Stock | $ (5.99) | $ (5.22) | $ (4.14) | |||||||
Adjustments To Statement Of Cash Flows [Abstract] | ||||||||||
Net (loss) income | $ (81,511,000) | $ (67,301,000) | $ (56,400,000) | |||||||
Collective Growth Corp [Member] | ||||||||||
Adjustments To Statement Of Balance Sheet [Abstract] | ||||||||||
Warrant Liability | 41,975,813 | |||||||||
Class A Common Stock Subject to Possible Redemption | 97,777,000 | |||||||||
Additional paid-in capital | 24,569 | 24,569 | 34,854,235 | 24,569 | ||||||
(Accumulated Deficit) Retained Earnings | (348) | (348) | (29,855,151) | (348) | ||||||
Stockholders' Equity | 24,652 | 24,652 | 5,000,007 | $ 24,652 | ||||||
Adjustments To Statement Of Operations [Abstract] | ||||||||||
Change in fair value of warrant liability | (26,454,375) | |||||||||
Transaction costs associated with Initial Public Offering | (700,705) | |||||||||
Compensation expense related to warrant liabilities | (1,665,188) | |||||||||
Net (loss) income | $ (348) | $ (348) | $ (29,854,803) | |||||||
Weighted average shares outstanding, Common Stock | 3,750,000 | 3,750,000 | 5,094,825 | |||||||
Basic and diluted net loss per share, Common Stock | $ 0 | $ 0 | $ (5.86) | |||||||
Weighted average shares outstanding, Class A Common Stock subject to possible redemption | 13,211,642 | |||||||||
Basic and diluted net income per share, Class A Common Stock subject to possible redemption | $ 0 | $ 0 | ||||||||
Adjustments To Statement Of Cash Flows [Abstract] | ||||||||||
Net (loss) income | $ (348) | $ (348) | $ (29,854,803) | |||||||
Change in fair value of warrant liability | 26,454,375 | |||||||||
Transaction costs associated with Initial Public Offering | 700,705 | |||||||||
Compensation expense related to warrant liabilities | 1,665,188 | |||||||||
Initial classification of Class A Common Stock subject to possible redemption | 131,280,140 | |||||||||
Change in value of Class A Common Stock subject to possible redemption | (33,503,140) | |||||||||
Collective Growth Corp [Member] | Class A Common Stock | ||||||||||
Adjustments To Statement Of Balance Sheet [Abstract] | ||||||||||
Class A Common Stock | 548 | |||||||||
Stockholders' Equity | 548 | |||||||||
Previously Reported [Member] | Collective Growth Corp [Member] | ||||||||||
Adjustments To Statement Of Balance Sheet [Abstract] | ||||||||||
Class A Common Stock Subject to Possible Redemption | $ 140,523,230 | $ 140,191,390 | 139,752,810 | $ 140,786,390 | ||||||
Additional paid-in capital | 5,263,977 | 5,595,814 | 6,034,389 | 5,000,764 | ||||||
(Accumulated Deficit) Retained Earnings | (264,465) | (596,312) | (1,034,883) | (1,310) | ||||||
Stockholders' Equity | 5,000,008 | 5,000,001 | 5,000,010 | 5,000,003 | ||||||
Common Stock Subject to Possible Redemption | 14,052,323 | 14,019,139 | 13,975,281 | 14,078,639 | ||||||
Adjustments To Statement Of Operations [Abstract] | ||||||||||
Net (loss) income | $ (264,117) | $ (595,964) | $ (1,034,535) | |||||||
Weighted average shares outstanding, Common Stock | 4,114,265 | 4,398,294 | 4,547,874 | |||||||
Basic and diluted net loss per share, Common Stock | $ (0.06) | $ (0.14) | $ (0.23) | |||||||
Weighted average shares outstanding, Class A Common Stock subject to possible redemption | 14,045,743 | |||||||||
Basic and diluted net income per share, Class A Common Stock subject to possible redemption | $ 0 | |||||||||
Adjustments To Statement Of Cash Flows [Abstract] | ||||||||||
Net (loss) income | $ (264,117) | $ (595,964) | $ (1,034,535) | |||||||
Initial classification of Class A Common Stock subject to possible redemption | 140,786,390 | 140,786,390 | 140,786,390 | |||||||
Change in value of Class A Common Stock subject to possible redemption | (263,160) | (595,000) | (1,033,580) | |||||||
Previously Reported [Member] | Collective Growth Corp [Member] | Class A Common Stock | ||||||||||
Adjustments To Statement Of Balance Sheet [Abstract] | ||||||||||
Class A Common Stock | 121 | 124 | 129 | 118 | ||||||
Revision of Prior Period, Reclassification, Adjustment [Member] | Collective Growth Corp [Member] | ||||||||||
Adjustments To Statement Of Balance Sheet [Abstract] | ||||||||||
Warrant Liability | 8,609,063 | 7,363,688 | 41,975,813 | 15,521,438 | ||||||
Class A Common Stock Subject to Possible Redemption | (8,609,063) | (7,363,688) | (41,975,810) | (15,521,438) | ||||||
Additional paid-in capital | (4,546,568) | (5,595,814) | 28,819,845 | 2,365,738 | ||||||
(Accumulated Deficit) Retained Earnings | 4,546,482 | 5,595,740 | (28,820,268) | (2,365,893) | ||||||
Stockholders' Equity | (3) | |||||||||
Common Stock Subject to Possible Redemption | (860,906) | (736,369) | (4,197,581) | (1,552,144) | ||||||
Adjustments To Statement Of Operations [Abstract] | ||||||||||
Change in fair value of warrant liability | 6,912,375 | 8,157,750 | (26,454,375) | |||||||
Transaction costs associated with Initial Public Offering | (700,705) | (700,705) | (700,705) | |||||||
Compensation expense related to warrant liabilities | (1,665,188) | (1,665,188) | (1,665,188) | |||||||
Net (loss) income | $ 4,546,482 | $ 5,791,857 | $ (28,820,268) | |||||||
Weighted average shares outstanding, Common Stock | 292,500 | 483,351 | 546,951 | |||||||
Basic and diluted net loss per share, Common Stock | $ 1.03 | $ 1.20 | $ (5.63) | |||||||
Weighted average shares outstanding, Class A Common Stock subject to possible redemption | (834,101) | |||||||||
Adjustments To Statement Of Cash Flows [Abstract] | ||||||||||
Net (loss) income | $ 4,546,482 | $ 5,791,857 | $ (28,820,268) | |||||||
Change in fair value of warrant liability | (6,912,375) | (8,157,750) | 26,454,375 | |||||||
Transaction costs associated with Initial Public Offering | 700,705 | 700,705 | 700,705 | |||||||
Compensation expense related to warrant liabilities | 1,665,188 | 1,665,188 | 1,665,188 | |||||||
Initial classification of Class A Common Stock subject to possible redemption | (9,506,250) | (9,506,250) | (9,506,250) | |||||||
Change in value of Class A Common Stock subject to possible redemption | 897,187 | 2,142,562 | (32,469,560) | |||||||
Revision of Prior Period, Reclassification, Adjustment [Member] | Collective Growth Corp [Member] | Class A Common Stock | ||||||||||
Adjustments To Statement Of Balance Sheet [Abstract] | ||||||||||
Class A Common Stock | 86 | 74 | 420 | 155 | ||||||
As Restated [Member] | Collective Growth Corp [Member] | ||||||||||
Adjustments To Statement Of Balance Sheet [Abstract] | ||||||||||
Warrant Liability | 8,609,063 | 7,363,688 | 41,975,813 | 15,521,438 | ||||||
Class A Common Stock Subject to Possible Redemption | 131,914,167 | 132,827,702 | 97,777,000 | 125,264,952 | ||||||
Additional paid-in capital | 717,409 | 34,854,235 | 7,366,502 | |||||||
(Accumulated Deficit) Retained Earnings | 4,282,017 | 4,999,428 | (29,855,151) | (2,367,203) | ||||||
Stockholders' Equity | 5,000,008 | 5,000,001 | 5,000,007 | 5,000,003 | ||||||
Common Stock Subject to Possible Redemption | 13,191,417 | 13,282,770 | 9,777,700 | 12,526,495 | ||||||
Adjustments To Statement Of Operations [Abstract] | ||||||||||
Change in fair value of warrant liability | 6,912,375 | 8,157,750 | (26,454,375) | |||||||
Transaction costs associated with Initial Public Offering | (700,705) | (700,705) | (700,705) | |||||||
Compensation expense related to warrant liabilities | (1,665,188) | (1,665,188) | (1,665,188) | |||||||
Net (loss) income | $ 4,282,365 | $ 5,195,893 | $ (29,854,803) | |||||||
Weighted average shares outstanding, Common Stock | 4,406,765 | 4,881,645 | 5,094,825 | |||||||
Basic and diluted net loss per share, Common Stock | $ 0.97 | $ 1.06 | $ (5.86) | |||||||
Weighted average shares outstanding, Class A Common Stock subject to possible redemption | 13,211,642 | |||||||||
Basic and diluted net income per share, Class A Common Stock subject to possible redemption | $ 0 | |||||||||
Adjustments To Statement Of Cash Flows [Abstract] | ||||||||||
Net (loss) income | $ 4,282,365 | $ 5,195,893 | $ (29,854,803) | |||||||
Change in fair value of warrant liability | (6,912,375) | (8,157,750) | 26,454,375 | |||||||
Transaction costs associated with Initial Public Offering | 700,705 | 700,705 | 700,705 | |||||||
Compensation expense related to warrant liabilities | 1,665,188 | 1,665,188 | 1,665,188 | |||||||
Initial classification of Class A Common Stock subject to possible redemption | 131,280,140 | 131,280,140 | 131,280,140 | |||||||
Change in value of Class A Common Stock subject to possible redemption | 634,027 | 1,547,562 | (33,503,140) | |||||||
As Restated [Member] | Collective Growth Corp [Member] | Class A Common Stock | ||||||||||
Adjustments To Statement Of Balance Sheet [Abstract] | ||||||||||
Class A Common Stock | $ 207 | $ 198 | $ 549 | $ 273 | ||||||
[1] | Represents amounts lower than $1. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Related Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Computers and software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 33.00% |
Office furniture and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 15.00% |
Office furniture and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 15.00% |
Office furniture and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 7.00% |
Electronic equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 15.00% |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment description of depreciation rate | Over the shorter of the related lease period or the useful life of the assets |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Dec. 10, 2020 | Oct. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Line Items] | |||||
Impairment of long lived assets held for use | $ 496,000 | $ 0 | |||
Proceeds from redeemable convertible preferred stock | 8,934,000 | 161,233,000 | $ 0 | ||
Reduction in revenue | 14,800,000 | ||||
Performance obligations transaction price | 11,000,000 | ||||
Severance pay expense | 2,000,000 | 1,700,000 | $ 1,100,000 | ||
Deferred offering costs non current | 374,000 | 0 | |||
Contract with customers liability recognized | 283,000 | ||||
Deferred Revenue | 3,500,000 | $ 3,500,000 | |||
Collective Growth Corp [Member] | |||||
Accounting Policies [Line Items] | |||||
Federal depository insurance coverage | $ | $ 250,000 | ||||
Collective Growth Corp [Member] | Private Placement [Member] | |||||
Accounting Policies [Line Items] | |||||
Purchanse an aggregate shares | shares | 9,506,250 | ||||
Section Four Hundred And One K Plan [Member] | |||||
Accounting Policies [Line Items] | |||||
Employer matching contribution percentage | 4.00% | 4.00% | 4.00% | ||
Employer matching contribution to retirement plan amount | $ 14,000 | $ 31,000 | $ 9,000 | ||
Memorandum Of Understanding With Magna International [Member] | |||||
Accounting Policies [Line Items] | |||||
Advances from customers and deferred revenues | $ 736,000 | ||||
Israel [Member] | |||||
Accounting Policies [Line Items] | |||||
Severance pay percentage of monthly salary contribution to the fund | 8.33% | ||||
In Case Registered As Public Company [Member] | Performance Based Milestone [Member] | Performance Based Agreement With Magna [Member] | |||||
Accounting Policies [Line Items] | |||||
Class of warrants or rights or rights excercisable into shares issuable in the future | 7,023,865 | ||||
Series C One Redeemable Convertible Preferred Shares [Member] | |||||
Accounting Policies [Line Items] | |||||
Temporary equity shares issued during the period new issues | 943,148 | 2,699,114 | |||
Proceeds from redeemable convertible preferred stock | $ 8,934,000 | ||||
Series C One Redeemable Convertible Preferred Shares [Member] | Memorandum Of Understanding With Magna International [Member] | |||||
Accounting Policies [Line Items] | |||||
Temporary equity shares issued during the period new issues | 1,755,966 | ||||
Proceeds from redeemable convertible preferred stock | $ 0 | ||||
Series C One Redeemable Convertible Preferred Shares [Member] | In Case Not Registered As A Public Company [Member] | Performance Based Milestone [Member] | Performance Based Agreement With Magna [Member] | |||||
Accounting Policies [Line Items] | |||||
Class of warrants or rights or rights excercisable into shares issuable in the future | 4,939,922 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract Liabilities, Current | ||
Deferred Revenue, Current | $ 996 | $ 291 |
Customer Advance Payment | 665 | 172 |
Total | 1,661 | 463 |
Contract Liabilities, Long-Term | ||
Deferred Revenue, Long-Term | 3,473 | 3,473 |
Total Contract Liabilities | $ 5,134 | $ 3,936 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Changes in Warranty Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Balance at beginning of the year | $ 61 | |
Warranty Provision | 198 | $ 118 |
Warranty Claims Settled | (232) | (57) |
Balance at end of the year | $ 27 | $ 61 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Changes in Warranty Provision (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Product Warranty Liability [Line Items] | ||
Standard product warranty provision | $ 27 | $ 61 |
Maximum [Member] | ||
Product Warranty Liability [Line Items] | ||
Standard product warranty provision | $ 1 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Basic And Diluted Net Income (Loss) Per Common Share (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Numerator: Earnings allocable to Common stock subject to possible redemption | |||||
Net loss allocable to shares subject to possible redemption | $ (98,984,000) | $ (80,965,000) | $ (62,195,000) | ||
Numerator: Net Loss minus Net Earnings | |||||
Net loss | $ (81,511,000) | $ (67,301,000) | $ (56,400,000) | ||
Denominator: Weighted Average Non-Redeemable Common Stock | |||||
Basic and diluted weighted average shares outstanding (in Shares) | 16,514,910 | 15,524,845 | 15,039,814 | ||
Basic and diluted net loss per share (in Dollars per share) | $ (5.99) | $ (5.22) | $ (4.14) | ||
Collective Growth Corp [Member] | |||||
Numerator: Earnings allocable to Common stock subject to possible redemption | |||||
Interest earned on marketable securities held in Trust Account | $ 61,688 | ||||
Unrealized gain on marketable securities held in Trust Account | 5,441 | ||||
Less: Income taxes and franchise fees | (65,234) | ||||
Net loss allocable to shares subject to possible redemption | |||||
Denominator: Weighted Average Common stock subject to possible redemption | |||||
Basic and diluted weighted average shares outstanding (in Shares) | 13,211,642 | ||||
Basic and diluted net loss per share (in Dollars per share) | $ 0 | ||||
Numerator: Net Loss minus Net Earnings | |||||
Net loss | $ (348) | $ (348) | $ (29,854,803) | ||
Net loss allocable to Common stock subject to possible redemption | |||||
Non-Redeemable Net Loss | $ (348) | $ (29,854,803) | |||
Denominator: Weighted Average Non-Redeemable Common Stock | |||||
Basic and diluted weighted average shares outstanding (in Shares) | 3,750,000 | 3,750,000 | 5,094,825 | ||
Basic and diluted net loss per share (in Dollars per share) | $ 0 | $ 0 | $ (5.86) |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory, Net [Abstract] | ||
Raw materials | $ 1,657 | $ 919 |
Finished goods including machinery | 507 | 422 |
Total | $ 2,164 | $ 1,341 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Inventory, Net [Abstract] | |
Inventory write-offs | $ 2,088 |
Public Offering - Additional In
Public Offering - Additional Information (Detail) - Initial Public Offering [Member] - Collective Growth Corp [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Public Offering [Line Items] | |
Sale of units | shares | 15,000,000 |
Sale of units price per share | $ / shares | $ 10 |
Private Placement - Additional
Private Placement - Additional Information (Detail) - Collective Growth Corp [Member] - USD ($) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
Private Placement [Line Items] | ||
Aggregate purchase price (in Dollars) | $ 150,000 | |
Private Placement [Member] | ||
Private Placement [Line Items] | ||
Purchase of private placement warrants | 262,500 | |
Price per share (in Dollars per share) | $ 10 | |
Sale of warrant | 1,875,000 | |
Warrant [Member] | Private Placement [Member] | ||
Private Placement [Line Items] | ||
Price per share (in Dollars per share) | $ 1 | |
Sale of warrant | 1,875,000 | |
Aggregate purchase price (in Dollars) | $ 4,500,000 | |
Exercise price of warrants (in Dollars per share) | $ 11.50 | |
Warrant [Member] | Private Placement [Member] | Sponsors [Member] | ||
Private Placement [Line Items] | ||
Purchase of private placement warrants | 187,500 | |
Underwriters purchase units | 75,000 |
Prepaid Expenses And Other Cu_3
Prepaid Expenses And Other Current Assets - Summary of Prepayment And Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Government authorities | $ 1,618 | $ 946 |
Prepaid expenses | 461 | 426 |
Short-term deposits | 118 | 337 |
Other | 1,090 | 209 |
Total | $ 3,287 | $ 1,918 |
Property And Equipment, Net - S
Property And Equipment, Net - Schedule of Property And Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cost: | ||
Property, Plant and Equipment, Gross | $ 17,762 | $ 13,829 |
Accumulated depreciation | 4,517 | 2,490 |
Total | 13,245 | 11,339 |
Computers and software [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | 3,680 | 2,527 |
Office furniture and equipment [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | 557 | 511 |
Electronic equipment [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | 8,931 | 6,467 |
Leasehold improvements [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | $ 4,594 | $ 4,324 |
Property And Equipment, Net - A
Property And Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | $ 2,661 | $ 1,674 | $ 660 |
Advances From Customers And D_3
Advances From Customers And Deferred Revenues - Schedules of Advances From Customers And Deferred Revenues (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current liabilities: | ||
Deferred revenues | $ 996 | $ 291 |
Advances from customers | 665 | 172 |
Total | 1,661 | 463 |
Long-term liabilities: | ||
Deferred revenues | 3,473 | 3,473 |
Total | $ 5,134 | $ 3,936 |
Accrued Expenses And Other Cu_3
Accrued Expenses And Other Current Liabilities - Summary of Accrued Liabilities And Other Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Current maturities of loan | $ 275 | $ 246 |
Warranty provision | 27 | 61 |
Accrued expenses | 2,536 | 3,367 |
Other | 16 | |
Total | $ 2,854 | $ 3,674 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Minimum Future Lease Payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 1,031 |
2022 | 994 |
2023 | 985 |
2024 | 992 |
2025 and thereafter | 3,890 |
Total | $ 7,892 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) ₪ in Thousands | Apr. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020ILS (₪) |
Total rent expenses | $ 956,000 | $ 777,000 | $ 580,000 | ||
Debt frequency of payments | 120 fixed monthly installments | ||||
Financial expenses relating to loan | $ 89,000 | $ 94,000 | $ 29,000 | ||
Collective Growth Corp [Member] | |||||
Total rent expenses | $ 10,000 | ||||
Description of underwriting agreement | The underwriters are entitled to a deferred fee of 3.5% of the gross proceeds of the Initial Offering, or $5,250,000. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement. | ||||
Outstanding ordinary shares percentage | 75.00% | ||||
Israel [Member] | |||||
Debt instruments face amount | $ 2,700,000 | ₪ 9,700 | |||
Debt Interest rate | 3.58% | 3.58% | |||
Debt payments installments amount | $ 98,500,000 |
Convertible Preferred Shares -
Convertible Preferred Shares - Summary of Convertible Preferred Shares (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Temporary Equity [Line Items] | ||
Carrying Value | $ 272,815 | $ 249,081 |
Series A Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 20,418,209 | 20,418,209 |
Number of shares Issued and outstanding | 20,418,209 | 20,418,209 |
Carrying Value | $ 9,000 | |
Liquidation preference | $ 11,682 | |
Series B Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 15,906,053 | 15,906,053 |
Number of shares Issued and outstanding | 15,906,053 | 15,906,053 |
Carrying Value | $ 66,348 | $ 66,348 |
Liquidation preference | $ 89,659 | |
Series B-1 Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 3,032,940 | 3,032,940 |
Number of shares Issued and outstanding | 3,032,940 | 3,032,940 |
Carrying Value | $ 12,500 | $ 12,500 |
Liquidation preference | $ 13,693 | |
Series C Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 28,973,439 | 28,973,439 |
Number of shares Issued and outstanding | 28,216,005 | 28,216,005 |
Carrying Value | $ 161,233 | $ 161,233 |
Liquidation preference | $ 186,954 | |
Series C-1 Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 15,191,550 | 0 |
Number of shares Issued and outstanding | 2,699,114 | 0 |
Carrying Value | $ 23,734 | $ 0 |
Liquidation preference | $ 26,218 |
Convertible Preferred Shares _2
Convertible Preferred Shares - Additional Information (Detail) - USD ($) | Dec. 10, 2020 | Oct. 01, 2020 | Feb. 24, 2019 | Feb. 01, 2019 | Jul. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 01, 2019 | Jan. 01, 2019 |
Temporary Equity [Line Items] | ||||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 8,934,000 | $ 161,233,000 | $ 0 | |||||||
Series A Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ 0.4408 | |||||||||
Temporary equity rate of interest on dividend declared but unpaid | 6.00% | |||||||||
Series B Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | 4.6366 | |||||||||
Temporary equity rate of interest on dividend declared but unpaid | 6.00% | |||||||||
Series B-1 Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | 3.7093 | |||||||||
Temporary equity rate of interest on dividend declared but unpaid | 6.00% | |||||||||
Series C Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ 5.9842 | |||||||||
Temporary equity redemption period | 6 years | |||||||||
Temporary equity shares issued durng the period new issues | 28,216,005 | |||||||||
Temporary equity issuance costs | $ 4,730,000 | |||||||||
Series C Convertible Preferred Shares [Member] | Inital Series C Redeemable Preferred Shares Financing Round [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 102,850,000 | |||||||||
Temporary equity shares issued durng the period new issues | 17,186,944 | |||||||||
Temporary equity issuance costs | $ 5,984.2 | |||||||||
Series C Convertible Preferred Shares [Member] | Muliple Deferred Closings [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ 5.9842 | |||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 66,000,000 | |||||||||
Temporary equity shares issued durng the period new issues | 11,029,055 | |||||||||
Temporary equity issuance costs | $ 2,887,000 | |||||||||
Series C Convertible Preferred Shares [Member] | Minimum [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Sale of stock minimum issue price as a percentage of issue price of redeemable convertible preferred stock | 200.00% | |||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 100,000,000 | |||||||||
Series C-1 Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ 9.573 | $ 9.573 | ||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 8,934,000 | |||||||||
Temporary equity rate of interest on dividend declared but unpaid | 6.00% | |||||||||
Temporary equity redemption period | 6 years | |||||||||
Temporary equity shares issued durng the period new issues | 943,148 | 2,699,114 | ||||||||
Temporary equity issuance costs | $ 95,000 | |||||||||
Temporary equity price per share of issue predetermined | $ 6.583 | |||||||||
Premoney evaluation | $ 1,300,000,000 | |||||||||
Temporary equity predetermined issue price as a percentage of original issue price | 70.00% | |||||||||
Series C-1 Convertible Preferred Shares [Member] | Magna [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ 0 | |||||||||
Temporary equity shares issued durng the period new issues | 1,755,966 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Composition of Share Capital (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity Note [Abstract] | ||
Number of Shares Authorized | 179,872,754 | 107,265,966 |
Number of Shares Issued and outstanding | 16,948,226 | 15,855,287 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 17, 2021 | Jun. 19, 2020shares | Jan. 18, 2016USD ($)$ / shares | Jun. 19, 2020shares | Dec. 31, 2020$ / sharesshares | Jan. 10, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares |
Stock issued during period, value, issued for services | $ | $ 17,559,663 | ||||||
Common stock, no par value | $ / shares | $ 0 | $ 0 | $ 0 | ||||
Reverse stock split ratio | 1.138974 | ||||||
Common stock, shares authorized | 179,872,754 | 107,265,966 | |||||
Common stock, shares issued | 16,948,226 | 15,855,287 | |||||
Common stock, shares outstanding | 16,948,226 | 15,855,287 | |||||
Collective Growth Corp [Member] | |||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||||
Preferred stock, par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Common stock conversion basis percentage | 20.00% | ||||||
Collective Growth Corp [Member] | Over-Allotment Option [Member] | Founder Shares [Member] | |||||||
Shares forfeiture to the under writers | 562,500 | 562,500 | |||||
Aggregate shares outstanding | 3,750,000 | 3,750,000 | |||||
Common Class A [Member] | Collective Growth Corp [Member] | |||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Common stock, par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common stock, voting rights | Holders of Class A common stock are entitled to one vote for each share | ||||||
Common stock, shares issued | 5,484,800 | 0 | |||||
Common stock, shares outstanding | 5,484,800 | 0 | |||||
Common stock shares subject to possible redemption | 9,777,700 | 0 | |||||
Common Class B [Member] | Collective Growth Corp [Member] | |||||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Common stock, par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common stock, voting rights | Holders of Class B common stock are entitled to one vote for each share | ||||||
Common stock, shares issued | 3,750,000 | 4,312,500 | |||||
Common stock, shares outstanding | 3,750,000 | 4,312,500 | |||||
Shares forfeiture to the under writers | 562,500 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Expected term, in years | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 65.00% | ||
Risk-Free interest rate,minimum | 0.46% | 1.77% | 2.68% |
Risk-Free interest rate,maximum | 1.74% | 2.65% | 3.13% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility,minimum | 65.00% | 70.00% | |
Expected volatility,maximum | 70.00% | 75.00% |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 3,196 | $ 2,171 | $ 1,377 |
Research and Development [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based Payment Arrangement, Expense | 2,649 | 1,695 | 1,002 |
Selling and Marketing [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based Payment Arrangement, Expense | 338 | 374 | 285 |
General and Administrative [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 209 | $ 102 | $ 90 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Share-Based Compensation Arrangements by Share-based Payment Award (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 |
Share-based Payment Arrangement [Abstract] | ||
Number of options Outstanding | 7,834,282 | 7,834,282 |
Number of options Granted | 2,581,589 | |
Number of options Exercised | (1,092,938) | |
Number of options Forfeited | (833,425) | |
Number of options Expired | (18,750) | |
Number of options Outstanding at End | 8,470,758 | |
Number of options Exercisable | 4,161,444 | |
Weighted- average exercise price,Outstanding | $ 0.48 | $ 0.48 |
Weighted- average exercise price Granted | 1.14 | |
Weighted- average exercise price Exercised | 0.26 | |
Weighted- average exercise price Forfeited | 0.68 | |
Weighted- average exercise price Expired | 0.79 | |
Weighted- average exercise price Outstanding at End | 0.68 | |
Weighted- average exercise price Exercisable | $ 0.44 | |
Weighted- average remaining contractual term Outstanding | 8 years 3 months 3 days | 7 years 11 months 1 day |
Weighted- average remaining contractual term Outstanding at End | 8 years 3 months 3 days | 7 years 11 months 1 day |
Weighted- average remaining contractual term Exercisable | 7 years 25 days | |
Aggregate intrinsic value, Outstanding | $ 18,153 | $ 18,153 |
Aggregate intrinsic value, Exercised | 6,734 | |
Aggregate intrinsic value, Outstanding at End | 48,594 | |
Aggregate intrinsic value Exercisable | $ 24,873 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - Two Thousand And Sixteen Share Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement number of shares authorized for issuance | 12,513,999 | 12,513,999 | |
Common stock shares reserved for future issuance | 2,066,574 | 3,795,989 | |
Share based compensation by share based payment arrangement contractual term | 10 years | 10 years | |
Share based compensation by share based payment arrangement service based vesting term | 4 years | 4 years | |
Share based compensation by share based payment arrangement options unrecognized compensation | $ 9,220 | $ 5,660 | $ 5,110 |
Share based compensation by share based payment arrangement weighted average period of recognition | 2 years 11 months 1 day | 2 years 9 months 14 days | 3 years 18 days |
Share based compensation by share based payment arrangement weighted average grant date fair value per share | $ 3.01 | $ 1.58 |
Taxes on Income - Summary of Co
Taxes on Income - Summary of Components of the Company's Deferred Tax Assets (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred tax assets: | ||
Net operating loss carryforward | $ 37,636,000 | $ 20,453,000 |
Research and development costs carryforward | 15,997,000 | 13,835,000 |
Accrued Expenses | 446,000 | 198,000 |
Share-based compensation | 23,000 | 23,000 |
Other | 27,000 | 11,000 |
Gross deferred tax assets | 54,129,000 | 34,520,000 |
Valuation allowance | (54,117,000) | (34,520,000) |
Deferred tax liabilities: | ||
Property and equipment | (12,000) | (11,000) |
Net deferred tax | 0 | 0 |
Collective Growth Corp [Member] | ||
Deferred tax assets: | ||
Net operating loss carryforward | 153,905 | 0 |
Unrealized gain on marketable securities | (5,579) | |
Gross deferred tax assets | 148,326 | |
Valuation allowance | (148,326) | |
Deferred tax liabilities: | ||
Net deferred tax |
Taxes on Income - Summary of Lo
Taxes on Income - Summary of Loss Before Taxes on Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
Domestic | $ (81,462) | $ (67,316) | $ (56,376) |
Foreign | 134 | 15 | 76 |
Loss before taxes on income | $ (81,328) | $ (67,301) | $ (56,300) |
Taxes on Income - Summary of In
Taxes on Income - Summary of Income Taxes (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Domestic | $ 128,000 | $ 15,000 | |
Foreign | 55,000 | $ 10,000 | 17,000 |
Federal | |||
Current | 128,000 | 15,000 | |
State and Local | |||
Total | 183,000 | 10,000 | $ 32,000 |
Collective Growth Corp [Member] | |||
Domestic | |||
Federal | |||
Current | |||
Deferred | (148,326) | ||
State and Local | |||
Current | |||
Deferred | |||
Change in valuation allowance | 148,326 | ||
Total |
Taxes on Income - Summary of Re
Taxes on Income - Summary of Reconciliation of Effective Income Tax Rate (Detail) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Israel tax provision at statutory rate | 23.00% | 23.00% | 23.00% | 21.00% |
Non-deductible share-based compensation | (0.61%) | (0.63%) | (0.60%) | |
Effect of other permanent differences | (3.92%) | (0.06%) | (0.08%) | |
Change in valuation allowance | (18.95%) | (22.32%) | (21.94%) | |
Other adjustments | 0.25% | 8212.00% | 0.44% | |
Effective tax rate | (0.23%) | (0.01%) | (0.06%) | |
Collective Growth Corp [Member] | ||||
Israel tax provision at statutory rate | 21.00% | |||
Change in valuation allowance | (0.50%) | |||
Effective tax rate | 0.00% | |||
State taxes, net of federal tax benefit | 0.00% | |||
Business Combination | (0.20%) | |||
Meals and entertainment | 0.00% | |||
Change in fair value of warrant liability | (18.60%) | |||
Transaction costs associated with Initial Public Offering | (0.50%) | |||
Compensation expense related to warrant liabilities | (1.20%) |
Taxes on Income - Additional In
Taxes on Income - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 23.00% | 23.00% | 23.00% | 21.00% |
Foreign Income Tax Rate Differential | 37.50% | |||
Tax Deduction Percent | 13.125% | |||
Operating Loss Carryforwards | $ 161,000,000 | |||
Unrecognized Tax Benefits | 0 | $ 0 | ||
Federal and state net operating loss carryover | $ 37,636,000 | 20,453,000 | ||
Collective Growth Corp [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Federal and state net operating loss carryover | $ 153,905 | 0 | ||
Valuation Allowance | $ 148,236 | $ 0 | ||
Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Tax Year 2016 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year under Income Tax Examination | 2016 | |||
Tax Year 2018 [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Year under Income Tax Examination | 2018 | |||
Israel Tax Authority [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 23.00% |
Basic and Diluted Net Loss Pe_3
Basic and Diluted Net Loss Per Share - Summary of Computation of the Net Loss Per Share (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net loss | $ (81,511) | $ (67,301) | $ (56,400) |
Preferred share accrued cumulative dividend rights | (17,473) | (13,664) | (5,795) |
Total loss attributable to ordinary shares | $ (98,984) | $ (80,965) | $ (62,195) |
Denominator: | |||
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share | 16,514,910 | 15,524,845 | 15,039,814 |
Basic and Diluted Net Loss Pe_4
Basic and Diluted Net Loss Per Share - Additional Information (Detail) - Options For Purchase Of Ordinary Shares [Member] - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 8,470,758 | 7,834,282 | 6,998,647 |
Series A Convertible Preferred Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 20,418,209 | 20,418,209 | 20,418,209 |
Series B Convertible Preferred Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 15,906,053 | 15,906,053 | 15,906,053 |
Series B-1 Convertible Preferred Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 3,032,940 | 3,032,940 | 3,032,940 |
Series C Convertible Preferred Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 28,216,005 | 28,216,005 | |
Series C-1 Convertible Preferred Shares [Member] | |||
Earnings Per Share [Line Items] | |||
Anti dilutive securities excluded in calculation of earnings per share | 2,699,114 |
Geographic and Customer Infor_3
Geographic and Customer Information - Summary of Reportable Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (9,364) | $ 1,575 | $ 62 |
Europe Middle East and Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,803 | 1,105 | 51 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,078 | 182 | 11 |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (14,245) | $ 288 | $ 0 |
Geographic and Customer Infor_4
Geographic and Customer Information - Summary of Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 3,635 | $ 983 | $ 51 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Increase decrease in revenues from contract with customer | $ 14,800 |
Geographic and Customer Infor_5
Geographic and Customer Information - Summary of long-Lived Assets Based on Location (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of longlived assets based on location [Line Items] | ||
Property and equipment, net | $ 13,245 | $ 11,339 |
Israel [Member] | ||
Schedule of longlived assets based on location [Line Items] | ||
Property and equipment, net | 13,053 | 11,216 |
United States [Member] | ||
Schedule of longlived assets based on location [Line Items] | ||
Property and equipment, net | 74 | 114 |
Germany [Member] | ||
Schedule of longlived assets based on location [Line Items] | ||
Property and equipment, net | 34 | 5 |
Belarus [Member] | ||
Schedule of longlived assets based on location [Line Items] | ||
Property and equipment, net | $ 84 | $ 4 |
Geographic and Customer Infor_6
Geographic and Customer Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Number of customers | three | one | two |
Customer One [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 51.00% | 64.00% | 18.00% |
Customer Two [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 22.00% | 82.00% | |
Customer Three [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 10.00% |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - Collective Growth Corp [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Class of Warrant or Right [Line Items] | |
Warrants, description | ● in whole and not in part; ● at a price of $0.01 per warrant; ● upon not less than 30 days’ prior written notice of redemption; ● if, and only if, the reported last sale price of the shares of Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to warrant holders. |
Additional issued common stock, shares related description | (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price (the “Newly Issued Price”) of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Price and the Newly Issued Price. |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value on a Recurring Basis (Detail) - Collective Growth Corp [Member] | Dec. 31, 2020USD ($) |
Marketable securities held in Trust Account | $ 150,100,083 |
Level 1 [Member] | |
Marketable securities held in Trust Account | 150,100,083 |
Level 1 [Member] | Public Warrants [Member] | |
Liabilities: | |
Warrants and rights outstanding | 28,875,000 |
Level 3 [Member] | Private Placement Warrants [Member] | |
Liabilities: | |
Warrants and rights outstanding | $ 13,100,813 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Measurement Inputs and Valuation Techniques (Detail) - Collective Growth Corp [Member] - Fair Value, Inputs, Level 3 [Member] | May 05, 2020yr |
Public Warrants [Member] | Risk-free interest rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.004 |
Public Warrants [Member] | Dividend Yield | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0 |
Public Warrants [Member] | Expected volatility | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.350 |
Public Warrants [Member] | Contractual term (years) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 5.5 |
Public Warrants [Member] | Probability of closing | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.8000 |
Public Warrants [Member] | Exercise price | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 11.50 |
Public Warrants [Member] | Stock Price | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 9.15 |
Private Placement Warrants [Member] | Risk-free interest rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.004 |
Private Placement Warrants [Member] | Dividend Yield | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0 |
Private Placement Warrants [Member] | Expected volatility | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.350 |
Private Placement Warrants [Member] | Contractual term (years) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 5.5 |
Private Placement Warrants [Member] | Probability of closing | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 0.8000 |
Private Placement Warrants [Member] | Exercise price | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 11.50 |
Private Placement Warrants [Member] | Stock Price | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants and rights outstanding, measurement input | 9.15 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Change in the Fair Value of the Warrant Liabilities (Detail) - Collective Growth Corp [Member] | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value as of January 1, 2020 | $ 0 |
Initial measurement on May 5, 2020 (IPO) | 15,521,438 |
Change in valuation inputs or other assumptions | 26,454,375 |
Fair value as of December 31, 2020 | 41,975,813 |
Private Placement Warrants [Member] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value as of January 1, 2020 | 0 |
Initial measurement on May 5, 2020 (IPO) | 3,671,438 |
Change in valuation inputs or other assumptions | 9,429,375 |
Fair value as of December 31, 2020 | 13,100,813 |
Public Warrants [Member] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair value as of January 1, 2020 | 0 |
Initial measurement on May 5, 2020 (IPO) | 11,850,000 |
Change in valuation inputs or other assumptions | 17,025,000 |
Fair value as of December 31, 2020 | $ 28,875,000 |
Fair Value Measurements - Addi
Fair Value Measurements - Additional Information (Detail) - Collective Growth Corp [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | May 05, 2020 | |
Public Warrants [Member] | ||
Class of warrant or right price per share | $ 1.58 | |
Aggregate value of warrants | $ 13,100,000 | $ 11,850,000 |
Fair value transfers ou of level 3 | 11,850,000 | |
Private Placement Warrants [Member] | ||
Class of warrant or right price per share | $ 1.83 | |
Aggregate value of warrants | $ 28,880,000 | $ 3,670,000 |
Related Party Balances And Tr_3
Related Party Balances And Transactions - Schedule of Related Party Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Related Party Balance [Abstract] | ||
Trade Receivable | $ 1,146 | $ 1,043 |
Long term deferred revenues | $ 3,500 | $ 3,500 |
Related Party Balances And Tr_4
Related Party Balances And Transactions - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |||
Revenues (net revenues) | $ (12,014) | $ 1,002 | $ 51 |
Related Party Balances And Tr_5
Related Party Balances And Transactions - Additional Information (Detail) - USD ($) | Jun. 19, 2020 | Apr. 30, 2020 | Jun. 19, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | |||||||
Office space | $ 956,000 | $ 777,000 | $ 580,000 | ||||
Collective Growth Corp [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Office space | $ 10,000 | ||||||
Incurred fees | 80,000 | ||||||
Accrued expenses | 20,000 | ||||||
Aggregate principal amount | $ 150,000 | ||||||
Repayment of promissory note | 111,906 | ||||||
Compensation expenses | 10,000 | ||||||
Accrued payable | $ 12,000 | ||||||
Deferred consulting fees | $ 72,000 | ||||||
Description of related party loans | If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $750,000 of such Working Capital Loans may be convertible into units of the post Business Combination entity at a price of $10.00 per unit, and up to $750,000 of such Working Capital Loans may be converted into warrants of the post Business Combination entity at a price of $1.00 per warrant. The units and warrants would be identical to the Private Placement Units and Private Placement Warrants, respectively. In the event that a Business Combination does not close, the Working Capital Loans would be forgiven except that the Company may use a portion of proceeds held outside the Trust Account, if any, to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. | ||||||
Over-Allotment Option [Member] | Founder Shares [Member] | Collective Growth Corp [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of shares subject to forfeited (in Shares) | 562,500 | 562,500 | |||||
Aggregate shares outstanding (in Shares) | 3,750,000 | 3,750,000 | |||||
Shareholder [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue from related party | $ (12,014,000) | 1,002,000 | 51,000 | ||||
Revenue to be recognized in the future non current related party | 3,500,000 | 3,500,000 | 3,500,000 | 1,300,000 | |||
Shareholder [Member] | Trade Accounts Receivable [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Trade receivables from related party current | $ 1,043,000 | $ 1,146,000 | $ 1,043,000 | $ 35,000 | |||
Sponsor [Member] | Founder Shares [Member] | Collective Growth Corp [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of common stock issued (in Shares) | 4,312,500 | ||||||
Purchase price of shares issued | $ 25,000 | ||||||
Percentage of issued and outstanding shares | 20.00% | ||||||
Description of initial stockholders | (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. | ||||||
Sponsor [Member] | Over-Allotment Option [Member] | Founder Shares [Member] | Collective Growth Corp [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of shares subject to forfeited (in Shares) | 562,500 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Apr. 05, 2021USD ($)$ / sharesshares | Mar. 31, 2021USD ($)shares | Feb. 26, 2021USD ($) | Feb. 17, 2021USD ($)$ / sharesshares | Oct. 01, 2020USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Mar. 01, 2021USD ($) | Dec. 31, 2017shares |
Subsequent Event [Line Items] | ||||||||||
Reverse stock split ratio | 1.138974 | |||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ | $ 8,934,000 | $ 161,233,000 | $ 0 | |||||||
Collective Growth Corp [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Redeemed value of shares | $ | $ (97,777,000) | |||||||||
Series A Convertible Preferred Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Temporary equity shares outstanding | 20,418,209 | 20,418,209 | ||||||||
Series B Convertible Preferred Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Temporary equity shares outstanding | 15,906,053 | 15,906,053 | 15,906,053 | 15,906,053 | ||||||
Series B-1 Convertible Preferred Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Temporary equity shares outstanding | 3,032,940 | 3,032,940 | 3,032,940 | 3,032,940 | ||||||
Series C Convertible Preferred Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Temporary equity shares issued durng the period new issues | 28,216,005 | |||||||||
Temporary equity shares outstanding | 28,216,005 | 28,216,005 | ||||||||
Series C-1 Convertible Preferred Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Temporary equity shares issued durng the period new issues | 943,148 | 2,699,114 | ||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ | $ 8,934,000 | |||||||||
Temporary equity shares outstanding | 2,699,114 | 0 | ||||||||
Common Class B [Member] | Collective Growth Corp [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Share forfeited during the period shares | 562,500 | |||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Reverse stock split ratio | 1.138974 | |||||||||
Share price | $ / shares | $ 10 | |||||||||
Conversion of temporary equity into permanent equity shares | 70,618,999 | |||||||||
Common stock share exchange ratio | 1 | |||||||||
Class of warrants or rights forfeited during the period shares | 187,500 | |||||||||
Conversion of temporary equity into permanent equity exchange ratio | 1 | |||||||||
Redemption of aggregate consummation of business combination | 891,046 | |||||||||
Subsequent Event [Member] | Collective Growth Corp [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Loans aggregate amount | $ | $ 225,000 | |||||||||
Unsecured working capital loan | $ | $ 100,000 | |||||||||
Net tangible assets | $ | $ 5,000,001 | |||||||||
Redeemed shares (in shares) | 891,046 | |||||||||
Redeemed value of shares | $ | $ 8,900,000 | |||||||||
Subsequent Event [Member] | Perception [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Class of warrants or issued during the period shares | 3,027,747 | |||||||||
Subsequent Event [Member] | Perception [Member] | Upon Achievement Of Earnout Milestone [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common stock shares subscribed but not issued | 2,175,000 | |||||||||
Subsequent Event [Member] | Antara [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Class of warrants or issued during the period shares | 3,784,753 | |||||||||
Stock shares issued during the period shares | 3,002,674 | |||||||||
Subsequent Event [Member] | Antara [Member] | Upon Achievement Of Earnout Milestone [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common stock shares subscribed but not issued | 312,297 | |||||||||
Subsequent Event [Member] | Companies Management [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Class of warrants or rights issued but not subscribed | 3,500,000 | |||||||||
Common stock shares subscribed but not issued | 2,500,000 | |||||||||
Subsequent Event [Member] | Certain Members Of The Management [Member] | Upon Achievement Of Earnout Milestone [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common stock shares subscribed but not issued | 1,250,000 | |||||||||
Subsequent Event [Member] | Accredited Investors [Member] | Subscription Agreement [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds from issuance of common stock | $ | $ 230,000,000 | |||||||||
Sale of stock issue price per share | $ / shares | $ 10 | |||||||||
Subsequent Event [Member] | Sponsor [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Class of warrants or rights issued upon conversion of convertible notes | 100,000 | |||||||||
Subsequent Event [Member] | Series A Convertible Preferred Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Temporary equity shares outstanding | 20,418,209 | |||||||||
Subsequent Event [Member] | Series B Convertible Preferred Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Temporary equity shares outstanding | 15,906,053 | |||||||||
Subsequent Event [Member] | Series B-1 Convertible Preferred Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Temporary equity shares outstanding | 3,032,940 | |||||||||
Subsequent Event [Member] | Series C Convertible Preferred Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Temporary equity shares outstanding | 28,216,005 | |||||||||
Subsequent Event [Member] | Series C-1 Convertible Preferred Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Temporary equity shares issued durng the period new issues | 375,107 | |||||||||
Proceeds from Issuance of convertible preferred shares, net of issuance expenses | $ | $ 0 | |||||||||
Temporary equity shares outstanding | 3,045,792 | |||||||||
Subsequent Event [Member] | Common Class B [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Share forfeited during the period shares | 1,875,000 |