0001667011-21-000008 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2021	Nov. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40960
Entity Registrant Name	Arteris, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0117058
Entity Address, Address Line One	595 Millich Dr.
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Campbell
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95008
City Area Code	408
Local Phone Number	470-7300
Title of 12(b) Security	Class A common stock, $0.001 par value
Trading Symbol	AIP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,254,895
Entity Central Index Key	0001667011
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 11,241	$ 11,744
Accounts receivable, net	8,123	14,350
Prepaid expenses and other current assets	5,047	2,858
Total current assets	24,411	28,952
Property and equipment, net	2,256	2,365
Operating lease right-of-use assets	2,974	2,753
Intangibles, net	3,052	3,409
Goodwill	2,677	2,677
Other assets	5,229	2,580
TOTAL ASSETS	40,599	42,736
Current liabilities:
Accounts payable	1,531	1,116
Accrued expenses and other current liabilities	9,577	7,249
Operating lease liabilities, current	980	767
Deferred revenue, current	23,707	17,894
Vendor financing arrangements, current	759	643
Term loan, current	100	557
Total current liabilities	36,654	28,226
Deferred revenue, noncurrent	14,541	15,014
Operating lease liabilities, noncurrent	2,054	2,079
Vendor financing arrangements, noncurrent	345	727
Other liabilities	1,986	2,986
Total liabilities	55,580	49,032
Commitments and contingencies (Note 9)
Redeemable convertible preferred stock:
Redeemable convertible preferred stock, par value of $0.001 - 4,471,316 shares authorized; 4,471,316 shares issued and outstanding as of September 30, 2021 and December 31, 2020 (aggregate liquidation preference of $5,768 as of September 30, 2021 and December 31, 2020)	5,712	5,712
Stockholders' deficit:
Common stock, par value of $0.001 - 36,525,154 and 31,525,154 shares authorized as of September 30, 2021 and December 31, 2020; 20,607,851 and 18,486,989 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	21	18
Additional paid-in capital	10,518	3,612
Accumulated other comprehensive loss	(31)	(31)
Accumulated deficit	(31,201)	(15,607)
Total stockholders' deficit	(20,693)	(12,008)
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT	$ 40,599	$ 42,736

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Redeemable convertible preferred stock:
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, authorized (in shares)	4,471,316	4,471,316
Redeemable convertible preferred stock, issued (in shares)	4,471,316	4,471,316
Redeemable convertible preferred stock, outstanding (in shares)	4,471,316	4,471,316
Redeemable convertible preferred stock, liquidation preference	$ 5,768	$ 5,768
Stockholders' deficit:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	36,525,154	31,525,154
Common stock, issued (in shares)	20,607,851	18,486,989
Common stock, outstanding (in shares)	20,607,851	18,486,989

Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Total revenue	$ 8,959	$ 6,429	$ 26,430	$ 17,366
Cost of revenue	883	227	2,618	1,118
Gross profit	8,076	6,202	23,812	16,248
Operating expenses:
Research and development	7,609	4,011	20,572	11,842
Sales and marketing	3,242	2,240	7,971	6,345
General and administrative	1,742	2,570	9,754	4,993
Total operating expenses	12,593	8,821	38,297	23,180
Loss from operations	(4,517)	(2,619)	(14,485)	(6,932)
Interest and other expense, net	(183)	(26)	(497)	(111)
Loss before provision for income taxes	(4,700)	(2,645)	(14,982)	(7,043)
Provision for income taxes	268	1,199	612	3,793
Net loss and comprehensive loss	(4,968)	(3,844)	(15,594)	(10,836)
Net loss and comprehensive loss	$ (4,968)	$ (3,844)	$ (15,594)	$ (10,836)
Net loss per share attributable to common stockholders
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.24)	$ (0.22)	$ (0.79)	$ (0.62)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.24)	$ (0.22)	$ (0.79)	$ (0.62)
Weighted average shares used in computing per share amounts
Weighted average shares used in computing per share amounts, basic (in shares)	20,578,386	17,628,023	19,768,574	17,495,311
Weighted average shares used in computing per share amounts, basic (in shares)	20,578,386	17,628,023	19,768,574	17,495,311
Licensing, support and maintenance
Revenue
Total revenue	$ 8,136	$ 5,211	$ 24,353	$ 14,005
Variable royalties and other
Revenue
Total revenue	$ 823	$ 1,218	$ 2,077	$ 3,361

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2019	4,471,316
Balance at beginning of period at Dec. 31, 2019	$ 5,712
Balance at end of period (in shares) at Sep. 30, 2020	4,471,316
Balance at end of period at Sep. 30, 2020	$ 5,712
Balance at beginning of period (in shares) at Dec. 31, 2019		17,349,695
Balance at beginning of period at Dec. 31, 2019	(9,430)	$ 17	$ 2,918	$ (18)	$ (12,347)
Stockholders’ Deficit
Issuance of common stock for cash upon exercise of stock options (in shares)		233,644
Issuance of common stock for cash upon exercise of stock options	112	$ 1	111
Issuance of common stock for settlement of restricted stock units (in shares)		83,737
Stock-based compensation expense	281		281
Net loss	(10,836)				(10,836)
Balance at end of period (in shares) at Sep. 30, 2020		17,667,076
Balance at end of period at Sep. 30, 2020	$ (19,873)	$ 18	3,310	(18)	(23,183)
Balance at beginning of period (in shares) at Jun. 30, 2020	4,471,316
Balance at beginning of period at Jun. 30, 2020	$ 5,712
Balance at end of period (in shares) at Sep. 30, 2020	4,471,316
Balance at end of period at Sep. 30, 2020	$ 5,712
Balance at beginning of period (in shares) at Jun. 30, 2020		17,563,777
Balance at beginning of period at Jun. 30, 2020	(16,160)	$ 18	3,179	(18)	(19,339)
Stockholders’ Deficit
Issuance of common stock for cash upon exercise of stock options (in shares)		37,062
Issuance of common stock for cash upon exercise of stock options	20		20
Issuance of common stock for settlement of restricted stock units (in shares)		66,237
Stock-based compensation expense	111		111
Net loss	(3,844)				(3,844)
Balance at end of period (in shares) at Sep. 30, 2020		17,667,076
Balance at end of period at Sep. 30, 2020	$ (19,873)	$ 18	3,310	(18)	(23,183)
Balance at beginning of period (in shares) at Dec. 31, 2020	4,471,316
Balance at beginning of period at Dec. 31, 2020	$ 5,712
Balance at end of period (in shares) at Sep. 30, 2021	4,471,316
Balance at end of period at Sep. 30, 2021	$ 5,712
Balance at beginning of period (in shares) at Dec. 31, 2020	18,486,989	18,486,989
Balance at beginning of period at Dec. 31, 2020	$ (12,008)	$ 18	3,612	(31)	(15,607)
Stockholders’ Deficit
Issuance of common stock (in shares)		1,250,000
Issuance of common stock	$ 5,437	$ 2	5,435
Issuance of common stock for cash upon exercise of stock options (in shares)	832,329	832,329
Issuance of common stock for cash upon exercise of stock options	$ 328	$ 1	327
Issuance of common stock for settlement of restricted stock units (in shares)		38,533
Stock-based compensation expense	1,144		1,144
Net loss	$ (15,594)				(15,594)
Balance at end of period (in shares) at Sep. 30, 2021	20,607,851	20,607,851
Balance at end of period at Sep. 30, 2021	$ (20,693)	$ 21	10,518	(31)	(31,201)
Balance at beginning of period (in shares) at Jun. 30, 2021	4,471,316
Balance at beginning of period at Jun. 30, 2021	$ 5,712
Balance at end of period (in shares) at Sep. 30, 2021	4,471,316
Balance at end of period at Sep. 30, 2021	$ 5,712
Balance at beginning of period (in shares) at Jun. 30, 2021		20,525,254
Balance at beginning of period at Jun. 30, 2021	(16,189)	$ 21	10,054	(31)	(26,233)
Stockholders’ Deficit
Issuance of common stock for cash upon exercise of stock options (in shares)		60,395
Issuance of common stock for cash upon exercise of stock options	31		31
Issuance of common stock for settlement of restricted stock units (in shares)		22,202
Stock-based compensation expense	433		433
Net loss	$ (4,968)				(4,968)
Balance at end of period (in shares) at Sep. 30, 2021	20,607,851	20,607,851
Balance at end of period at Sep. 30, 2021	$ (20,693)	$ 21	$ 10,518	$ (31)	$ (31,201)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (15,594)	$ (10,836)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,107	658
Stock-based compensation	1,144	281
Operating non-cash lease expense	(221)	380
Other, net	(8)	8
Changes in operating assets and liabilities:
Accounts receivable, net	6,226	2,437
Prepaid expenses and other assets	(3,932)	(21)
Accounts payable	415	178
Accrued expenses and other liabilities	1,328	4,109
Operating lease liabilities	189	(374)
Deferred revenue	5,340	2,678
Net cash used in operating activities	(4,006)	(502)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(488)	(523)
Net cash used in investing activities	(488)	(523)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	5,435	0
Proceeds from PPP Loan	0	1,603
Payments of principal portion of Term loan	(450)	(450)
Principal payments under vendor financing arrangements	(418)	(321)
Proceeds from exercise of stock options	330	112
Payments of deferred offering costs	(906)	0
Other	0	(5)
Net cash provided by financing activities	3,991	939
NET DECREASE IN CASH	(503)	(86)
CASH, beginning of period	11,744	13,938
CASH, end of period	11,241	13,852
Noncash investing and financing activities:
Property and equipment included in vendor financing	1,105	1,505
Recognition of new right-of-use assets and lease liabilities for lease modification	718	148
Unpaid deferred offering costs	$ 1,749	$ 0

DESCRIPTION OF BUSINESS	9 Months Ended
DESCRIPTION OF BUSINESS	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Description of the Business Arteris, Inc. and its subsidiaries (collectively, the “Company” or “Arteris”) was incorporated in Delaware on April 12, 2004. The Company develops, licenses, and supports the on-chip interconnect fabric technology used in System-on-Chip (“SoC”) designs for a variety of devices and in the development and distribution of Network-on-Chip (“NoC”) interconnect intellectual property (“IP”). The Company also provides software and services to enable efficient deployment of NoC IP, IP support & maintenance services, professional services and training and on-site support services. The Company is headquartered in Campbell, California and has offices in the United States, France, Japan, Korea and China. COVID-19 Pandemic In March 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic which has resulted in substantial global economic disruption and uncertainty. In response to the COVID-19 pandemic, the measures implemented by various authorities have caused us to change the Company’s business practices, including those related to where employees work, the distance between employees in the Company’s facilities, limitations on in-person meetings between employees and with customers, suppliers, service providers and stakeholders, as well as restrictions on business travel to domestic and international locations and to attend trade shows, technical conferences and other events. The Company is unable to accurately predict the full impact that COVID-19 will have on its future results of operations, financial condition, liquidity and cash flows due to numerous uncertainties, including the duration and severity of the pandemic and containment measures. The Company will continue to monitor health orders issued by applicable governments to ensure compliance with evolving domestic and global COVID-19 guidelines. Initial Public Offering In October, 2021, the Company completed its initial public offering (“IPO”), in which it issued and sold 5,750,000 shares of its common stock at the public offering price of $14.00 per share, including 750,000 shares of its common stock upon the full exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds of $71.1 million after deducting underwriting discounts and commissions and estimated offering expenses. In connection with the IPO, all of the shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into an aggregate of 4,471,316 shares of the common stock. Deferred offering costs consist primarily of accounting, legal and other fees related to the IPO. Prior to the IPO, all deferred offering costs were capitalized and included in other assets, non-current on the condensed consolidated balance sheets. Upon completion of the IPO, deferred offering costs were reclassified into stockholders’ equity as a reduction of the IPO proceeds.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020 and the related notes included in the Company’s final prospectus dated October 26, 2021 that forms a part of the Company’s Registration Statement on Form S-1 (File No. 333-259988) that was filed with the U.S. Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b)(4) on October 28, 2021 (“Final Prospectus”). The December 31, 2020 condensed consolidated balance sheet was derived from the audited consolidated financial statements as of that date. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the condensed consolidated financial statements.

The operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Arteris, Inc. and its wholly-owned subsidiaries. All inter-company transactions and accounts have been eliminated.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates relate to, among others, revenue recognition, the useful lives of assets, assessment of recoverability of property, plant and equipment, fair values of goodwill and other intangible assets, including impairments, leases, allowances for doubtful accounts, deferred tax assets and related valuation allowance, stock-based compensation, potential reserves relating to litigation and tax matters, collectability of certain receivable, as well as other accruals or reserves. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentration of credit risk consist of cash and accounts receivable. The Company maintains cash in checking and savings deposits. Management believes no significant concentration risk exists with respect to cash as in management’s judgment the banks that hold the Company’s cash are financially stable. The Company deposits cash with high-credit-quality financial institutions which, at times, may exceed federally insured amounts.

The Company’s accounts receivable are derived principally from revenue earned from customers located in Asia Pacific and the Americas regions.

Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable was as follows:


	As of
	September 30, 2021		December 31, 2020
Customer A	15	%	31	%
Customer B	*		20	%

*Customer accounted for less than 10% of total accounts receivable at period end.

Revenue from the Company’s major customers representing 10% or more of total revenue was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Customer A	23	%	20	%	23	%	21	%
Customer C	*		13	%	*		12	%
Customer D	*		*		*		10	%

*Customer accounted for less than 10% of total revenue in the period.

Significant Accounting Policies

There have been no significant changes to the Company’s significant accounting policies disclosed during the nine months ended September 30, 2021 from those disclosed in the annual consolidated financial statements for the year ended December 31, 2020 and the related notes included in the Final Prospectus.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes. This Update removes certain exceptions for performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption had no material impact on the Company’s unaudited condensed consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in May 2019 issued ASU No. 2019-05, Credit Losses (Topic 326): Targeted Transition Relief (collectively referred to as “Topic 326”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. Topic 326 replaces the existing incurred loss impairment model with a forward-looking expected credit loss model which will result in earlier recognition of credit losses. Topic 326 is effective for the Company for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU No. 2018-14, Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit and other Postretirement Plan (Subtopic 715-20), that adds, removes, and clarifies disclosures requirements for defined benefit and other postretirement plans. This ASU will be effective for the Company for fiscal years ending after December 15, 2021, with early adoption permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU will be effective for the Company for fiscal years beginning after December 15, 2020, and all interim periods beginning after December 15, 2021. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The amendments in this ASU simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, the guidance removes the liability and equity separation models for convertible instruments. Instead, entities will account for convertible debt instruments wholly as debt unless convertible instruments contain features that require bifurcation as a derivative or that result in substantial premiums accounted for as paid-in capital. The guidance also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The guidance is effective for the Company for fiscal years beginning after December 15, 2023, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a retrospective or modified retrospective basis. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.

REVENUE

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregated Revenue

The following table shows revenue by product and services groups (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Licensing, support and maintenance	$	8,136	$	5,211	$	24,353	$	14,005
Variable royalties	739		832		1,913		2,679
Other	84		386		164		682
Total	$	8,959	$	6,429	$	26,430	$	17,366

Contract Balances

The following table provides information about accounts receivable, net, contract assets and deferred revenue (in thousands):


	As of
	September 30, 2021		December 31, 2020
Accounts receivable, net	$	8,123	$	14,350
Contract assets	$	1,183	$	1,359
Deferred revenue	$	(38,248)	$	(32,908)

The Company recognized revenue of $6.2 million and $5.0 million for the three months ended September 30, 2021 and 2020, respectively, and $14.7 million and $11.7 million for the nine months ended September 30, 2021 and 2020, respectively, that was included in the deferred revenue balance at the beginning of the respective periods.

Contracted but unsatisfied performance obligations were $41.3 million and $37.6 million as of September 30, 2021 and December 31, 2020, respectively, and included unearned revenue and non-cancelable Flexible Spending Account (“FSA”) Agreements from customers where actual product selection and quantities of specific products are to be determined by customers at a future period. FSA commitments amounted to $3.0 million and $4.7 million as of September 30, 2021 and December 31, 2020, respectively. The Company has elected to exclude the potential future royalty receipts from the remaining performance obligations. The contracted but unsatisfied or partially unsatisfied performance obligations, excluding non-cancelable FSA, expected to be recognized in revenue over the next 12 months as of September 30, 2021 are $23.4 million, with the remainder recognized thereafter.

The following table is a rollforward of deferred revenue as of September 30, 2021 and December 31, 2020 (in thousands):


	As of September 30, 2021

Deferred revenue licensing, support and maintenance - balance as of December 31, 2020	32,908
Additions	29,857
Revenue recognized	(24,517)
Deferred revenue licensing, support and maintenance - balance as of September 30, 2021	$	38,248


	As of December 31, 2020
Deferred revenue licensing, support and maintenance - beginning balance as of December 31, 2019	$	23,116
Additions	37,200
Revenue recognized	(27,408)
Deferred revenue licensing, support and maintenance - ending balance as of December 31, 2020	$	32,908

The Company recognized $0.7 million and $0.8 million for the three months ended September 30, 2021 and 2020, respectively, and $1.9 million and $2.7 million for the nine months ended September 30, 2021 and 2020, respectively, from performance obligations satisfied from sales-based royalties earned during the periods.

Costs of Obtaining a Contract with a Customer

Incremental costs of obtaining a contract with a customer consist primarily of direct sales commissions incurred upon execution of the contract. These costs are required to be capitalized under ASC 340-40, Other Assets and Deferred Costs — Contracts With Customers, and amortized over the license term. As direct sales commissions paid for term extensions are commensurate with the amounts paid for initial contracts, the deferred incremental costs for initial contracts and for term extensions are recognized over the respective contract terms. Total capitalized direct commission costs were as follows (in thousands):


	As of
	September 30, 2021		December 31, 2020
Short-term commissions capitalized in prepaid expenses and other current assets	$	1,660	$	1,079
Long-term commissions capitalized in other assets	1,325		1,479
Total	$	2,985	$	2,558

Amortization of capitalized sales commissions was $0.6 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $1.5 million and $1.2 million for the nine months ended September 30, 2021 and 2020, respectively.

Amortization of capitalized sales commissions are included in sales and marketing expense in the condensed consolidated statements of loss and comprehensive loss.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

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-Name Accounting Standards Codification
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+ Details

NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(4,968)	$	(3,844)	$	(15,594)	$	(10,836)
Denominator:
Weighted-average shares outstanding - basic and diluted	20,578,386		17,628,023		19,768,574		17,495,311
Net loss per share, basic and diluted	(0.24)		$	(0.22)	$	(0.79)	(0.62)

Since the Company was in a loss position for all periods presented, the diluted earnings per share is equal to the basic earnings per share as the effect of potentially dilutive securities would have been antidilutive.

The following table summarizes the potentially dilutive securities that were excluded from the calculation of diluted earnings per share because they would be anti-dilutive were as follows:


	As of
	September 30, 2021	September 30, 2020
Stock options	5,964,043	6,775,313
Restricted stock units	3,935,229	239,613
Preferred stock	4,471,316	4,471,316
Total	14,370,588	11,486,242

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Certain non-financial assets, such as intangible assets and property, plant and equipment, are remeasured at fair value only if an impairment or observable price adjustment is recognized in the current period. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Financial instruments not recorded at fair value on a recurring basis include the term loan and vendor financing arrangements. The aggregate carrying value of the term loan and vendor financing agreements were $1.2 million and $1.9 million as of September 30, 2021 and December 31, 2020, respectively. The estimated fair values of these financial instruments approximate their carrying values and are categorized as Level 2 within the fair value hierarchy based on the nature of the fair value inputs. The Company’s borrowings under its term loan facility and vendor financing arrangements are classified within Level 2 because these borrowings are not actively traded and have a variable interest rate structure based upon market rates currently available to the Company for debt with similar terms and maturities.

- Definition

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

+ References + Details

INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

Intangible assets, net

Intangible assets, net consisted of the following (in thousands):


	As of
	September 30, 2021		December 31, 2020
Developed technology	$	1,700	$	1,700
Customer relationships	1,100		1,100
IPR&D	500		500
Trade name	150		150
Total intangible assets	3,450		3,450
Less: accumulated amortization	(398)		(41)
Total intangible assets, net	$	3,052	$	3,409

Amortization expense of intangible assets was $0.1 million and nil for the three months ended September 30, 2021 and 2020, respectively, and $0.4 million and nil for the nine months ended September 30, 2021 and 2020, respectively.

Goodwill

As of September 30, 2021 and December 31, 2020, goodwill was $2.7 million. No goodwill impairments were recorded during the three and nine months ended September 30, 2021 and 2020.

LEASES

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

LEASES

The Company leases its offices at various locations under noncancelable operating lease agreements expiring at various dates through 2027. Under the terms of these agreements, the Company also bears the costs for certain insurance, property tax, and maintenance. The terms of certain lease agreements provide for increasing rental payments at fixed intervals.

Total operating lease related costs were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	333	$	171	$	807	$	490
Short-term lease cost	25		18		77		61
Total lease cost	$	358	$	189	$	884	$	551

The weighted-average remaining term of the Company’s operating leases was 3.7 years and 4.4 years as of September 30, 2021 and December 31, 2020, respectively, and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 7.5% as of both September 30, 2021 and December 31, 2020.

Maturities of operating lease liabilities as of September 30, 2021 were as follows (in thousands):


Fiscal year ending December 31,
Remainder of 2021	$	302
2022	1,105
2023	945
2024	439
2025	274
Thereafter	424
Total undiscounted cash flows	$	3,489
Less: imputed interest	(455)
Present value of lease liabilities	$	3,034

Operating lease liabilities, current	$	980
Operating lease liabilities, non-current	2,054
	$	3,034

See Note 9, for contractual noncancelable commitments.

BORROWINGS

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

BORROWINGS

Term loans—

In November 2018, the Company entered into a business financing agreement (“2018 Term Loan”) of $1.5 million with a bank with a maturity date of November 2021, and payable on a monthly basis of approximately $50 thousand with the beginning six months being interest only payments. The interest rate on the 2018 Term Loan is prime plus 2%. The debt issuance costs related to the 2018 Term Loan was approximately $26 thousand during the year ended December 31, 2018. Debt issuance costs were recorded as a direct reduction against the debt and amortized over the life of the associated debt as a component of interest expense using the effective interest method. Borrowings under the term loan are collateralized by substantially all the assets of the Company.

Under the terms of the 2018 Term Loan, the Company is required to comply with certain financial and nonfinancial covenants. Any failure to comply with these covenants and any other obligations under the agreement could result in an event of default, which would allow the Lender to require accelerated repayments of amounts owed. As of September 30, 2021 and December 31, 2020, the Company was in compliance with the financial and non-financial covenants.

As of September 30, 2021 and December 31, 2020, the Company had $0.1 million and $0.6 million outstanding balance, net of debt issuance costs, under the 2018 Term Loan, of which nil was classified as long-term liabilities, respectively.

The contractual future repayments of the 2018 Term Loan as of September 30, 2021 were as follows (in thousands):


	Amount
Remainder of 2021	$	101
Less: interest	(1)
Less: unamortized debt issuance cost	—
Term loan, net of interest and debt issuance cost	$	100

Revolving line of credit—The Company has a revolving line of credit, under the business financing agreement dated August 2015, with a Lender for $1.5 million that matured in August 2018 and renewed in November 2018 for another three years with a maturity date of November 2021 for $2.0 million (“2018 Revolver”). The interest rate for the 2018 Revolver is prime plus 1%, and the 2018 Revolvers were not used as of both September 30, 2021 and December 31, 2020.

Vendor financing arrangements—The Company has various vendor financing arrangements with extended payment terms on the purchase of software licenses and equipment. In order to determine the present value of the commitments, the Company used an imputed interest rate of 7.5%, which is reflective of its collateralized borrowing rate with similar terms to that of the software licenses and equipment transactions.

Vendor financing arrangements were as follows (in thousands):


	Amount
Remainder of 2021	$	193
2022	712
2023	259
Total undiscounted cash flows	$	1,164
Less: imputed interest	(60)
Present value of vendor financing arrangements	$	1,104

Vendor financing arrangements, current	$	759
Vendor financing arrangements, noncurrent	345
	$	1,104

Interest expense from term loan and vendor financing arrangements was less than $0.1 million for the three months ended September 30, 2021 and 2020, and $0.1 million for the nine months ended September 30, 2021 and 2020.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Indemnifications—The Company enters into indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by such indemnified parties. The term of these indemnification agreements is generally perpetual beginning on the execution date of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these agreements. The Company has also indemnified its directors and officers, to the extent legally permissible, against all liabilities reasonably incurred in connection with any action in which such individual may be involved by reason of such individual being or having been a director or executive officer, other than liabilities arising from willful misconduct of the individual. The Company has no obligations from these indemnification agreements and the condensed consolidated financial statements do not include liabilities for any potential obligations as of September 30, 2021 and December 31, 2020. Legal—In the normal course of business, the Company may receive inquiries or become involved in legal disputes regarding various litigation matters. Although claims are inherently unpredictable, the Company currently is not aware of any matters that may have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company has no other contractual noncancelable commitments as of September 30, 2021 and December 31, 2020.

REDEEMABLE CONVERTIBLE PREFERRED STOCK AND COMMON STOCK	9 Months Ended
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND COMMON STOCK	Sep. 30, 2021
Equity [Abstract]
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND COMMON STOCK	REDEEMABLE CONVERTIBLE PREFERRED STOCK AND COMMON STOCK Redeemable Convertible Preferred Stock—The Company’s redeemable convertible preferred stock is issuable in series individually referred to as Series A Preferred. The holders of redeemable convertible preferred stock have the following rights, preferences, privileges and restrictions: Dividends The Company shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Company unless the holders of the Series A Preferred Stock then outstanding shall first receive, or simultaneously receive, a dividend on each outstanding share of Series A Preferred Stock in an amount at least equal to (i) in the case of a dividend on Common Stock or any class or series that is convertible into Common Stock, that dividend per share of Series A Preferred Stock would equal the product of (A) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into Common Stock and (B) the number of shares of Common Stock issuable upon conversion of a share of Series A Preferred Stock, in each case calculated on the record date for determination of holders entitled to receive such dividend or (ii) in the case of a dividend on any class or series that is not convertible into Common Stock, at a rate per share of Series A Preferred Stock determined by (A) dividing the amount of the dividend payable on each share of such class or series of capital stock by the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and (B) multiplying such fraction by an amount equal to the Series A Original Issue Price (as defined below); provided that, if the Company declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital stock of the Company, the dividend payable to the holders of Series A Preferred Stock shall be calculated based upon the dividend on the class or series of capital stock that would result in the highest Series A Preferred Stock dividend. The Series A Original Issue Price shall mean $1.29 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock. The Company has not declared dividends for the nine months ended September 30, 2021 and 2020. Liquidation Preferential payments to holders of Series A preferred stock—In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company or Deemed Liquidation Event, the holders of shares of Series A Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount per share equal the Series A Original Issue Price ($1.29 per share), plus any dividends declared but unpaid thereon. If upon any such Liquidation Event or Deemed Liquidation Event, the assets of the Company available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series A Preferred Stock the full amount to which they shall be to, the holders of shares of Series A Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. In the event of any Liquidation Event or Deemed Liquidation Event, after the payment of all preferential amounts required to be paid to the holders of shares of Series A Preferred Stock, the remaining assets of the Company available for distribution to its stockholders shall be distributed among the holders of the shares of Series A Preferred Stock and Common Stock, pro rata based on the number of shares held by each such holder, treating for this purpose all such securities as if they had been converted to Common Stock pursuant to the terms of this Restated Certificate immediately prior to such Liquidation Event or Deemed Liquidation Event until such holders of Series A Preferred Stock have received an aggregate amount per share of Series A Preferred Stock equal to two and a half (2.5) times the Series A Original Issue Price, plus any dividends declared but unpaid thereon; thereafter, the remaining assets of the Company available for distribution in such Liquidation Event or Deemed Liquidation Event, if any, shall be distributed ratably to the holders of the Common Stock. Notwithstanding the foregoing, upon any Liquidation Event or Deemed Liquidation Event, each holder of Series A Preferred Stock shall be entitled to receive, for each share of Series A Preferred Stock then held, out of the assets of the Company available for distribution to its stockholders, the greater of (i) the amount of cash, securities or other property to which such holder would be entitled to receive with respect to such shares in a Liquidation Event or Deemed Liquidation Event pursuant to above or (ii) such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into Common Stock immediately prior to such Liquidation Event or Deemed Liquidation Event. Voting On any matter presented to the stockholders of the Company for their action or consideration at any meeting of stockholders of the Company, each holder of outstanding shares of Series A Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Series A Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of this Restated Certificate, holders of Series A Preferred Stock shall vote together with the holders of Common Stock as a single class. Optional Conversion Each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, at any time, and without the payment of additional consideration by the holder thereof, into such number of Common Stock as is determined by dividing the Series A Original Issue Price by the Series A Conversion Price in effect at the time of conversion. The Series A Conversion Price shall initially be equal to the Series A Original Issue Price. Such initial Series A Conversion Price, and the rate at which shares of Series A Preferred Stock may be converted into shares of Common Stock, shall be subject to adjustment for dilution related to the next qualified financing. Mandatory Conversion Upon either (a) the closing of the sale of shares of Common Stock to the public in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, in which (i) the cash proceeds to the Company (net of underwriting discounts, commissions and fees) are at least $25.0 million, (ii) the per share price is based on a pre-money valuation of at least $100.0 million, and (iii) the Company’s shares have been listed for trading on a national, international or transnational stock exchange (an IPO), or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the Required Holders, then (1) all outstanding shares of Series A Preferred Stock shall automatically be converted into shares of Common Stock, at the then effective conversion rate and (2) such shares may not be reissued by the Company. Redeemed or Acquired Shares Any shares of Series A Preferred Stock that are redeemed or otherwise acquired by the Company or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Company nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Series A Preferred Stock following redemption. Common Stock Holders of common stock are entitled to one vote per share and to receive dividends and, upon liquidation or dissolution, are entitled to receive all assets available for distribution to common stockholders. The common stock has no preemptive or other subscription rights and there are no redemption or sinking fund provisions with respect to such shares. Common stock is subordinate to the redeemable convertible preferred stock with respect to dividend rights and rights upon liquidation, winding-up, and dissolution of the Company. During the nine months ended September 30, 2021, 1,250,000 shares of the Company’s common stock were sold to third-party investors for an aggregate amount of $5.4 million. Stock Repurchases There were no repurchased shares for the three and nine months ended September 30, 2021 and 2020.

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2013 Stock Plan

The Board adopted and the Company’s stockholders approved the 2013 Equity Incentive Plan (“2013 Plan”) during the year ended December 31, 2013.

2016 Stock Plan

On October 10, 2016, the Company amended and restated the 2013 Equity Incentive Plan and changed the name of the plan to Arteris, Inc. 2016 Incentive Plan (the “2016 Plan”). Adoption of the 2016 Plan provides for participation by foreign nationals or those employed outside of the United States. Each stock award granted before the Amendment and Restatement Dated will be subject to the terms of the plan that was in effect at the time of the grant of such stock award.

The 2016 Plan is administered by the Board or its delegate. Subject to the provisions of the 2016 Plan, the administrator has the power to determine the terms of awards, including: the recipients, the exercise price, if any, the number of shares subject to each award, the fair value of a share of common stock, the vesting schedule applicable to the awards, together with any vesting acceleration, and the form of consideration, if any, payable upon exercise of the award and the terms of the award agreement for use under the 2016 Plan. The administrator has the power: to construe and interpret the 2016 Plan and stock awards granted under it and to establish, amend and revoke rules for administration of the 2016 Plan including correcting defects, omissions and inconsistencies to make the award fully effective; to settle all controversies regarding the 2016 Plan and stock awards granted under it; and to accelerate the time at which a stock award may be exercised or vest.

The administrator has the authority to amend, suspend or terminate the 2016 Plan provided such action does not impair the existing rights of any participant. The 2016 Plan will automatically terminate in 2023, unless the Company terminates it sooner.

The 2016 Plan provides for the granting of the following types of stock awards: incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock awards. The number of shares authorized for award is 20,803,838 as of September 30, 2021.

The Company grants incentive stock options and non-statutory stock options under the 2016 Plan. Incentive stock options may be granted only to employees. The exercise price of all stock options under the 2016 Plan must not be less than 100% of the fair market value of the common stock on the date of grant. After the termination of service of a participant, he or she may exercise his or her option for the period of time stated in his or her award agreement to the extent that the option is vested on the date of termination. However, in no event may an option be exercised later than the expiration of its term. The maximum contractual term of share options is ten years from the date of grant.

The Company grants restricted stock units and restricted stock awards under the 2016 Plan. Restricted stock units and restricted stock awards under the 2016 Plan cover one share of common stock for each restricted stock unit or award. The administrator determines the terms and conditions of restricted stock units/awards including the number of units/awards granted, the vesting criteria (which may include accomplishing specified performance criteria or continued service) and the form and timing of payment. The administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed.

Under the 2016 Plan, in the event of the termination of a participant’s employment, the Company has the right to repurchase any stock issued pursuant to the 2016 Plan following the date of such termination, for a period of six months, under terms specified in the exercise notice and subject to restrictions in the 2016 Plan. Shares exercised or settled from currently outstanding awards under the 2016 Plan are generally not transferable unless permitted by the Board so long as the Company is a private company. In the event of a proposed transfer to a third party of shares purchased by an employee that is permitted by the Board or the award agreement, the Company has a right of first refusal over such transfer.

The 2016 Plan provides that in the event of a merger or change in control, as defined under the 2016 Plan, each outstanding award will be treated as the administrator determines, in its sole discretion.

Shares Available for Future Grant

Shares available for future grant under the Company’s 2016 Plan consisted of the following:


	As of
	September 30, 2021	December 31, 2020
Shares available for future grant	1,546,715	650,170

The Company issues new shares upon a share option exercise or release.

Stock Options

The following table summarizes the stock option activities under the Company’s 2013 and 2016 Plans:


	Options Outstanding
	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($'000s)

BALANCE—December 31, 2020	7,073,584	$	0.85	7.90	$	13,348
Granted	—	—
Exercised	(832,329)	0.39
Canceled	(277,212)	0.71
BALANCE—September 30, 2021	5,964,043	$	0.92	7.37	$	43,989
Options vested and exercisable—September 30, 2021	3,312,726	$	0.49	6.42	$	25,871

The aggregate intrinsic value of the options exercised during the nine months ended September 30, 2021 and 2020 was $1.2 million and less than $0.1 million, respectively. The total grant-date fair value of options vested was $0.3 million and $0.2 million during the nine months ended September 30, 2021 and 2020, respectively.

The amount of cash received by the Company for the exercise of stock options was $0.3 million and $0.1 million for the nine months ended September 30, 2021 and 2020, respectively.

As of September 30, 2021, there was $1.1 million of unamortized stock-based compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.8 years.

The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model. The Company determines valuation assumptions for Black-Scholes as follows:

Risk-Free Interest Rate—The Company bases the risk-free interest rate used in the Black-Scholes option-pricing model on the implied yield available on US Treasury zero coupon issues with an equivalent expected term of the options for each option group.

Expected Term—The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The expected term assumption is based on the simplified method. The Company expects to continue using the simplified method until sufficient information about the Company’s historical behavior is available.

Volatility—The Company determines the price volatility factor based on the historical volatilities of the Company’s peer group as the Company does not have trading history for its common stock.

Dividend Yield—The Company has never declared or paid any cash dividend and does not currently plan to pay a cash dividend in the foreseeable future. Consequently, the Company used an expected dividend yield of zero.

The following table summarizes the valuation assumptions:


Stock Options Valuation Assumptions			Nine Months Ended September 30,
			2020
Fair value of common stock			$0.60
Expected volatility			33.9% - 38.2%
Expected term (in years)			5.4 - 6.1
Risk-free interest rate			0.3% - 1.5%
Expected dividend yield			0%

The Company had no stock option grants during the nine months ended September 30, 2021.

Restricted Stock Units

The following table summarizes the restricted stock units activities under the Company’s 2013 and 2016 Plans:


	Restricted Stock Units
	Number of Shares	Weighted-Average Grant Date Fair Value

Unvested—December 31, 2020	843,095	$	2.25
Granted	3,379,467	5.12
Vested	(38,533)	0.56
Forfeited	(248,800)	4.37
Unvested—September 30, 2021	3,935,229	$	4.60

The total grant-date fair value of restricted stock units vested was less than $0.1 million during the nine months ended September 30, 2021 and 2020.

As of September 30, 2021, there was $4.5 million of unamortized stock-based compensation cost related to unvested restricted stock units, which is expected to be recognized over a weighted-average period of 3.4 years.

For the nine months ended September 30, 2021, the Company granted 2.7 million restricted stock units (“RSU”) with both a service-based vesting condition and a performance-based vesting condition. The service-based vesting condition for these awards is generally satisfied by rendering continuous service for approximately four years, during which time the grants will vest periodically. The performance-based vesting condition of certain awards is satisfied in connection with the Company becoming a publicly listed company or a change in control. The Company’s IPO is not deemed probable until consummated. Accordingly, no expense is recorded related to these awards until the performance-based vesting condition becomes probable of occurring and the unamortized compensation expense related to these awards was $12.6 million as of September 30, 2021.

Stock-based Compensation

Stock-based compensation expense is recorded on a departmental basis, based on the classification of the award holder. The following table presents the amount of stock-based compensation related to stock-based awards to employees on the Company’s condensed consolidated statements of loss and comprehensive loss (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	225	$	68	$	645	$	158
Sales and marketing	38		21		114		66
General and administrative	170		22		385		57
Total stock-based compensation	$	433	$	111	$	1,144	$	281

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate was (4.1)% and (53.8)% for the nine months ended September 30, 2021 and 2020, respectively. The Company’s income tax provision was $0.6 million and $3.8 million for the nine months ended September 30, 2021 and 2020, respectively. The decrease in the Company’s year-to-date income tax provision was primarily due to a decrease in the forecasted annual foreign withholding tax. The decrease in forecasted foreign withholding tax, coupled with changes in the geographic mix of year-to-date and forecasted worldwide earnings, changes in forecasted withholding taxes, and financial results in jurisdictions which are taxed at different rates and the impact of losses in jurisdictions with full valuation allowances, has resulted in the decrease to the year-to-date income tax provision for the period ended September 30, 2021 compared to the period ended September 30, 2020. The Company’s management continuously evaluates the need for a valuation allowance and, as of September 30, 2021, concluded that a full valuation allowance on its federal and state deferred tax assets was still appropriate. During the quarter ended September 30, 2021, management determined that a full valuation allowance was still necessary against its French net deferred tax assets. As of September 30, 2021 and 2020, the Company’s gross liability for unrecognized tax benefits was $2.5 million and $1.9 million, respectively. As of September 30, 2021 and 2020, the Company had no accrued interest or penalties related to its unrecognized tax benefits. Although it is possible that some of the unrecognized tax benefits could be settled within the next twelve months, the Company cannot reasonably estimate the outcome at this time. On December 27, 2020, the U.S. government enacted the Consolidated Appropriations Act, 2021, which enhances and expands certain provisions of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. This legislative act did not have a material impact on the Company's condensed consolidated financial statements. On March 11, 2021, the American Rescue Plan Act of 2021 (“American Rescue Plan”) was signed into law to provide additional relief in connection with the ongoing COVID-19 pandemic. The American Rescue Plan includes, among other things, provisions relating to PPP loan expansion, defined pension contributions, excessive employee remuneration, and the repeal of the election to allocate interest expense on a worldwide basis. Under ASC 740, the effects of new legislation are recognized upon enactment. Accordingly, the American Rescue Plan is effective beginning in the quarter that includes March 11, 2021. Such provisions did not have a material impact on the company's condensed consolidated financial statements.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSThe Company defines related parties as directors, executive officers, nominees for director, stockholders that have significant influence over the Company, or are a greater than 10% beneficial owner of the Company's capital and their affiliates or immediate family members. In November 2020, the Company entered into a lease agreement with a related party and the total lease payment was $0.1 million and $0.2 million for the three and nine months ended September 30, 2021, respectively.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS IPO On October 29, 2021, the Company completed its IPO, in which it issued and sold 5,750,000 shares of the common stock at the public offering price of $14.00 per share, including 750,000 shares issued upon the full exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds of $71.1 million after deducting underwriting discounts and commissions and estimated offering expenses. In connection with the IPO, all of the shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into an aggregate of 4,471,316 shares of the common stock immediately prior to the closing of the IPO. Changes to Authorized Common Stock and Preferred Stock On October 29, 2021 in connection with the IPO, the Company amended and restated its certificate of incorporation to authorize 300,000,000 shares of common stock and 10,000,000 shares of preferred stock, which shares of preferred stock are currently undesignated. 2021 Stock Plan In September 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (“2021 Plan”), which became effective in connection with the IPO. The 2021 Plan provides for the grant of incentive stock options, stock appreciation rights, restricted stock, RSU, performance stock units, performance bonus awards, dividend equivalents, and other stock or cash based awards. The number of shares of the Company’s common stock reserved for issuance under the 2021 Plan is 3,640,000 shares. 2021 Employee Stock Purchase Plan In September 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Employee Stock Purchase Plan (“2021 ESPP”), which became effective in connection with the IPO. The 2021 ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. A total of 607,000 shares of common stock were initially reserved for issuance under this plan. The number of shares of common stock that may be issued under the 2021 ESPP will automatically increase on the first day of each calendar year, first day of each fiscal year, beginning in 2022 and ending in 2031, equal to the lesser of (i) 1% of the shares of our common stock outstanding on the last day of the immediately preceding fiscal year and (ii) such number of shares of common stock as determined by our board of directors; provided, however, no more than 5,000,000 shares of our common stock may be issued under the 2021 ESPP. Stock-based Compensation Prior to the effectiveness of the IPO, the Company granted 2.7 million RSUs with both a service-based vesting condition and a performance-based vesting condition as described in Note 11 - Stock-based Compensation, of which the service-based vesting condition for these awards is generally satisfied by rendering continuous service for four years, and the performance-based vesting condition is satisfied when the Company becomes a publicly listed company. Upon the effectiveness of the IPO, the performance-based vesting condition was satisfied, and therefore, the Company recognized cumulative stock-based compensation expense of $2.5 million for the portion of the awards for which the service-based vesting condition has been fully or partially satisfied.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020 and the related notes included in the Company’s final prospectus dated October 26, 2021 that forms a part of the Company’s Registration Statement on Form S-1 (File No. 333-259988) that was filed with the U.S. Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b)(4) on October 28, 2021 (“Final Prospectus”). The December 31, 2020 condensed consolidated balance sheet was derived from the audited consolidated financial statements as of that date. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the condensed consolidated financial statements. The operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Arteris, Inc. and its wholly-owned subsidiaries. All inter-company transactions and accounts have been eliminated.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates relate to, among others, revenue recognition, the useful lives of assets, assessment of recoverability of property, plant and equipment, fair values of goodwill and other intangible assets, including impairments, leases, allowances for doubtful accounts, deferred tax assets and related valuation allowance, stock-based compensation, potential reserves relating to litigation and tax matters, collectability of certain receivable, as well as other accruals or reserves. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist of cash and accounts receivable. The Company maintains cash in checking and savings deposits. Management believes no significant concentration risk exists with respect to cash as in management’s judgment the banks that hold the Company’s cash are financially stable. The Company deposits cash with high-credit-quality financial institutions which, at times, may exceed federally insured amounts. The Company’s accounts receivable are derived principally from revenue earned from customers located in Asia Pacific and the Americas regions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes. This Update removes certain exceptions for performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption had no material impact on the Company’s unaudited condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in May 2019 issued ASU No. 2019-05, Credit Losses (Topic 326): Targeted Transition Relief (collectively referred to as “Topic 326”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. Topic 326 replaces the existing incurred loss impairment model with a forward-looking expected credit loss model which will result in earlier recognition of credit losses. Topic 326 is effective for the Company for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-14, Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit and other Postretirement Plan (Subtopic 715-20), that adds, removes, and clarifies disclosures requirements for defined benefit and other postretirement plans. This ASU will be effective for the Company for fiscal years ending after December 15, 2021, with early adoption permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU will be effective for the Company for fiscal years beginning after December 15, 2020, and all interim periods beginning after December 15, 2021. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The amendments in this ASU simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, the guidance removes the liability and equity separation models for convertible instruments. Instead, entities will account for convertible debt instruments wholly as debt unless convertible instruments contain features that require bifurcation as a derivative or that result in substantial premiums accounted for as paid-in capital. The guidance also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The guidance is effective for the Company for fiscal years beginning after December 15, 2023, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a retrospective or modified retrospective basis. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures.
Fair Value Measurements	Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Certain non-financial assets, such as intangible assets and property, plant and equipment, are remeasured at fair value only if an impairment or observable price adjustment is recognized in the current period. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Financial instruments not recorded at fair value on a recurring basis include the term loan and vendor financing arrangements. The aggregate carrying value of the term loan and vendor financing agreements were $1.2 million and $1.9 million as of September 30, 2021 and December 31, 2020, respectively. The estimated fair values of these financial instruments approximate their carrying values and are categorized as Level 2 within the fair value hierarchy based on the nature of the fair value inputs. The Company’s borrowings under its term loan facility and vendor financing arrangements are classified within Level 2 because these borrowings are not actively traded and have a variable interest rate structure based upon market rates currently available to the Company for debt with similar terms and maturities.
Indemnifications	The Company enters into indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by such indemnified parties. The term of these indemnification agreements is generally perpetual beginning on the execution date of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these agreements. The Company has also indemnified its directors and officers, to the extent legally permissible, against all liabilities reasonably incurred in connection with any action in which such individual may be involved by reason of such individual being or having been a director or executive officer, other than liabilities arising from willful misconduct of the individual.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Schedules of Concentration of Risk

Accounts receivable from the Company’s major customers representing 10% or more of total accounts receivable was as follows:


	As of
	September 30, 2021		December 31, 2020
Customer A	15	%	31	%
Customer B	*		20	%

*Customer accounted for less than 10% of total accounts receivable at period end.

Revenue from the Company’s major customers representing 10% or more of total revenue was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Customer A	23	%	20	%	23	%	21	%
Customer C	*		13	%	*		12	%
Customer D	*		*		*		10	%

*Customer accounted for less than 10% of total revenue in the period.

REVENUE (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table shows revenue by product and services groups (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Licensing, support and maintenance	$	8,136	$	5,211	$	24,353	$	14,005
Variable royalties	739		832		1,913		2,679
Other	84		386		164		682
Total	$	8,959	$	6,429	$	26,430	$	17,366

Contract Balances on Condensed Consolidated Balance Sheet

The following table provides information about accounts receivable, net, contract assets and deferred revenue (in thousands):


	As of
	September 30, 2021		December 31, 2020
Accounts receivable, net	$	8,123	$	14,350
Contract assets	$	1,183	$	1,359
Deferred revenue	$	(38,248)	$	(32,908)

The following table is a rollforward of deferred revenue as of September 30, 2021 and December 31, 2020 (in thousands):


	As of September 30, 2021

Deferred revenue licensing, support and maintenance - balance as of December 31, 2020	32,908
Additions	29,857
Revenue recognized	(24,517)
Deferred revenue licensing, support and maintenance - balance as of September 30, 2021	$	38,248


	As of December 31, 2020
Deferred revenue licensing, support and maintenance - beginning balance as of December 31, 2019	$	23,116
Additions	37,200
Revenue recognized	(27,408)
Deferred revenue licensing, support and maintenance - ending balance as of December 31, 2020	$	32,908

Capitalized Direct Commission Costs

Total capitalized direct commission costs were as follows (in thousands):


	As of
	September 30, 2021		December 31, 2020
Short-term commissions capitalized in prepaid expenses and other current assets	$	1,660	$	1,079
Long-term commissions capitalized in other assets	1,325		1,479
Total	$	2,985	$	2,558

NET LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(4,968)	$	(3,844)	$	(15,594)	$	(10,836)
Denominator:
Weighted-average shares outstanding - basic and diluted	20,578,386		17,628,023		19,768,574		17,495,311
Net loss per share, basic and diluted	(0.24)		$	(0.22)	$	(0.79)	(0.62)

Schedule of Potentially Dilutive Securities Excluded from the Calculation of Diluted Earnings Per Share

The following table summarizes the potentially dilutive securities that were excluded from the calculation of diluted earnings per share because they would be anti-dilutive were as follows:


	As of
	September 30, 2021	September 30, 2020
Stock options	5,964,043	6,775,313
Restricted stock units	3,935,229	239,613
Preferred stock	4,471,316	4,471,316
Total	14,370,588	11,486,242

INTANGIBLE ASSETS AND GOODWILL (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets, net consisted of the following (in thousands):


	As of
	September 30, 2021		December 31, 2020
Developed technology	$	1,700	$	1,700
Customer relationships	1,100		1,100
IPR&D	500		500
Trade name	150		150
Total intangible assets	3,450		3,450
Less: accumulated amortization	(398)		(41)
Total intangible assets, net	$	3,052	$	3,409

LEASES (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Operating Lease Costs

Total operating lease related costs were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	333	$	171	$	807	$	490
Short-term lease cost	25		18		77		61
Total lease cost	$	358	$	189	$	884	$	551

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of September 30, 2021 were as follows (in thousands):


Fiscal year ending December 31,
Remainder of 2021	$	302
2022	1,105
2023	945
2024	439
2025	274
Thereafter	424
Total undiscounted cash flows	$	3,489
Less: imputed interest	(455)
Present value of lease liabilities	$	3,034

Operating lease liabilities, current	$	980
Operating lease liabilities, non-current	2,054
	$	3,034

BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Contractual Future Repayments

The contractual future repayments of the 2018 Term Loan as of September 30, 2021 were as follows (in thousands):


	Amount
Remainder of 2021	$	101
Less: interest	(1)
Less: unamortized debt issuance cost	—
Term loan, net of interest and debt issuance cost	$	100

Schedule of Vendor Financing Arrangements

Vendor financing arrangements were as follows (in thousands):


	Amount
Remainder of 2021	$	193
2022	712
2023	259
Total undiscounted cash flows	$	1,164
Less: imputed interest	(60)
Present value of vendor financing arrangements	$	1,104

Vendor financing arrangements, current	$	759
Vendor financing arrangements, noncurrent	345
	$	1,104

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Shares Available for Future Grant

Shares available for future grant under the Company’s 2016 Plan consisted of the following:


	As of
	September 30, 2021	December 31, 2020
Shares available for future grant	1,546,715	650,170

Summary of Stock Options Activity

The following table summarizes the stock option activities under the Company’s 2013 and 2016 Plans:


	Options Outstanding
	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($'000s)

BALANCE—December 31, 2020	7,073,584	$	0.85	7.90	$	13,348
Granted	—	—
Exercised	(832,329)	0.39
Canceled	(277,212)	0.71
BALANCE—September 30, 2021	5,964,043	$	0.92	7.37	$	43,989
Options vested and exercisable—September 30, 2021	3,312,726	$	0.49	6.42	$	25,871

Stock Options Valuations Assumptions

The following table summarizes the valuation assumptions:


Stock Options Valuation Assumptions			Nine Months Ended September 30,
			2020
Fair value of common stock			$0.60
Expected volatility			33.9% - 38.2%
Expected term (in years)			5.4 - 6.1
Risk-free interest rate			0.3% - 1.5%
Expected dividend yield			0%

Summary of Restricted Stock Units Activity

The following table summarizes the restricted stock units activities under the Company’s 2013 and 2016 Plans:


	Restricted Stock Units
	Number of Shares	Weighted-Average Grant Date Fair Value

Unvested—December 31, 2020	843,095	$	2.25
Granted	3,379,467	5.12
Vested	(38,533)	0.56
Forfeited	(248,800)	4.37
Unvested—September 30, 2021	3,935,229	$	4.60

Stock-Based Compensation Related to Stock-Based Awards to Employees

The following table presents the amount of stock-based compensation related to stock-based awards to employees on the Company’s condensed consolidated statements of loss and comprehensive loss (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	225	$	68	$	645	$	158
Sales and marketing	38		21		114		66
General and administrative	170		22		385		57
Total stock-based compensation	$	433	$	111	$	1,144	$	281

DESCRIPTION OF BUSINESS (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Oct. 29, 2021	Sep. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		1,250,000
Sale of stock, consideration received on transaction		$ 5.4
IPO \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	5,750,000
Sale of stock (in dollars per share)	$ 14.00
Sale of stock, consideration received on transaction	$ 71.1
Common shares issued upon conversion (in shares)	4,471,316
Over-Allotment Option \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	750,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable Concentration Risk (Details) - Accounts Receivable - Customer Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%	31.00%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage		20.00%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Concentration Risk (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	23.00%	20.00%	23.00%	21.00%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage		13.00%		12.00%
Customer D
Concentration Risk [Line Items]
Concentration risk, percentage				10.00%

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 8,959	$ 6,429	$ 26,430	$ 17,366
Revenue recognized	6,200	5,000	14,700	11,700
Licensing, support and maintenance
Disaggregation of Revenue [Line Items]
Total revenue	8,136	5,211	24,353	14,005
Variable royalties
Disaggregation of Revenue [Line Items]
Revenue recognized	739	832	1,913	2,679
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 84	$ 386	$ 164	$ 682

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

REVENUE - Contract Balances on Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 8,123	$ 14,350
Contract assets	1,183	1,359
Deferred revenue	$ (38,248)	$ (32,908)	$ (23,116)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 6,200	$ 5,000	$ 14,700	$ 11,700
Unsatisfied performance obligations	41,300		41,300		$ 37,600
Flexible spending account commitment	3,000		3,000		$ 4,700
Amortization of capitalized sales commissions	$ 600	300	$ 1,500	1,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction, excluding flexible spending account	12 months		12 months
Unsatisfied performance obligations, excluding flexible spending account commitment	$ 23,400		$ 23,400
Sales-Based Royalties
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 739	$ 832	$ 1,913	$ 2,679

REVENUE - Roll Forward of Deferred Revenue (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Change in Contract with Customer, Liability [Roll Forward]
Balance at beginning of period	$ 32,908	$ 23,116
Additions	29,857	37,200
Revenue recognized	(24,517)	(27,408)
Balance at end of period	$ 38,248	$ 32,908

REVENUE - Capitalized Direct Commission Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Short-term commissions capitalized in prepaid expenses and other current assets	$ 1,660	$ 1,079
Long-term commissions capitalized in other assets	1,325	1,479
Total	$ 2,985	$ 2,558

NET LOSS PER SHARE - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (4,968)	$ (3,844)	$ (15,594)	$ (10,836)
Denominator:
Weighted-average shares outstanding - basic (in shares)	20,578,386	17,628,023	19,768,574	17,495,311
Weighted-average shares outstanding - diluted (in shares)	20,578,386	17,628,023	19,768,574	17,495,311
Net loss per share, basic (in dollars per share)	$ (0.24)	$ (0.22)	$ (0.79)	$ (0.62)
Net loss per share, diluted (in dollars per share)	$ (0.24)	$ (0.22)	$ (0.79)	$ (0.62)

- Definition

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

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

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+ Details

NET LOSS PER SHARE - Schedule of Potentially Dilutive Securities Excluded from the Calculation of Diluted Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,370,588	11,486,242
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,964,043	6,775,313
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,935,229	239,613
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,471,316	4,471,316

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Carrying value of term loan and vendor financing agreements	$ 1.2	$ 1.9

INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 3,450	$ 3,450
Less: accumulated amortization	(398)	(41)
Intangible assets, net	3,052	3,409
IPR&D
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	500	500
Trade name
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	150	150
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets	1,700	1,700
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,100	$ 1,100

INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 100,000	$ 0	$ 400,000	$ 0
Goodwill	2,677,000		2,677,000		$ 2,677,000
Goodwill impairments	$ 0	$ 0	$ 0	$ 0

LEASES - Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 333	$ 171	$ 807	$ 490
Short-term lease cost	25	18	77	61
Total lease cost	$ 358	$ 189	$ 884	$ 551

LEASES - Narrative (Details)	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term, operating lease	3 years 8 months 12 days	4 years 4 months 24 days
Weighted average discount rate, operating lease	7.50%	7.50%

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 302
2022	1,105
2023	945
2024	439
2025	274
Thereafter	424
Total undiscounted cash flows	3,489
Less: imputed interest	(455)
Present value of lease liabilities	3,034
Operating lease liabilities, current	980	$ 767
Operating lease liabilities, non-current	$ 2,054	$ 2,079

BORROWINGS - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
BORROWINGS - Narrative (Details) - USD ($)	Nov. 30, 2018	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Debt Instrument [Line Items]
Interest expense		$ 100,000	$ 100,000	$ 100,000	$ 100,000
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,500,000
Periodic monthly payment	$ 50,000
Interest only payments, period	6 months
Debt issuance costs, gross							$ 26,000
Term loan, net of interest and debt issuance cost		100,000		100,000		$ 600,000
Carrying value of term loan and vendor financing agreements		0		0		$ 0
Secured Debt \| Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Line of Credit \| Revolving Credit Facility \| Revolving Line of Credit Due August 2018
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		1,500,000		1,500,000
Line of Credit \| Revolving Credit Facility \| Revolving Line of Credit Due November 2018
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		2,000,000		$ 2,000,000
Credit facility renewal term				3 years
Line of Credit \| Revolving Credit Facility \| Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Vendor Financing Arrangements
Debt Instrument [Line Items]
Term loan, net of interest and debt issuance cost		1,104,000		$ 1,104,000
Carrying value of term loan and vendor financing agreements		$ 345,000		$ 345,000
Interest rate, effective percentage		7.50%		7.50%

BORROWINGS - Schedule of Contractual Future Repayments (Details) - Secured Debt - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Remainder of 2021	$ 101
Less: interest	(1)
Less: unamortized debt issuance cost	0
Present value of vendor financing arrangements	$ 100	$ 600

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

BORROWINGS - Schedule of Vendor Financing Arrangements (Details) - Vendor Financing Arrangements $ in Thousands	Sep. 30, 2021 USD ($)
Debt Instrument [Line Items]
Remainder of 2021	$ 193
2022	712
2023	259
Total undiscounted cash flows	1,164
Less: imputed interest	(60)
Present value of vendor financing arrangements	1,104
Vendor financing arrangements, current	759
Vendor financing arrangements, noncurrent	$ 345

REDEEMABLE CONVERTIBLE PREFERRED STOCK AND COMMON STOCK (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021 vote $ / shares shares	Sep. 30, 2020 shares	Sep. 30, 2021 USD ($) vote $ / shares shares	Sep. 30, 2020 USD ($) shares
Equity [Abstract]
Temporary equity, original issue price (in dollars per share) \| $ / shares	$ 1.29		$ 1.29
Dividends, temporary equity			$ 0	$ 0
Temporary equity, liquidation event, distribution of assets, original issue price multiplier	250.00%		250.00%
Temporary equity, mandatory conversion, common stock sale cash proceeds minimum			$ 25,000,000
Temporary equity, mandatory conversion, common stock sale, minimum valuation			$ 100,000,000
Number of votes per common share \| vote	1		1
Sale of stock, number of shares issued in transaction (in shares) \| shares			1,250,000
Sale of stock, consideration received on transaction			$ 5,400,000
Stock repurchased during period (in shares) \| shares	0	0	0	0

STOCK-BASED COMPENSATION - Narrative (Details) $ in Thousands		9 Months Ended
	Oct. 10, 2016	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for award (in shares) \| shares		20,803,838
Exercise price as percentage of fair market value	1
Options expiration period	10 years
Number of common stock shares for each restricted stock unit and restricted stock unit award (in shares) \| shares		1
Exercises in period, intrinsic value		$ 1,200	$ 100
Aggregate intrinsic value, vested		300	200
Proceeds from exercise of stock options		330	$ 112
Option, cost not yet recognized		$ 1,100
Nonvested award, unrecognized, period for recognition		2 years 9 months 18 days
Expected dividend yield		0.00%	0.00%
Granted (in shares) \| shares		0
Award requisite service period		4 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, unrecognized, period for recognition		3 years 4 months 24 days
Grants in period, vested, grant date fair value		$ 100	$ 100
Nonvested award, excluding options, unrecognized		$ 4,500
Granted (in shares) \| shares		3,379,467
Restricted Stock Units, Service And Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, excluding options, unrecognized		$ 12,600
Granted (in shares) \| shares		2,700,000

STOCK-BASED COMPENSATION - Shares Available for Future Grant (Details) - shares	Sep. 30, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Shares available for future grant (in shares)	1,546,715	650,170

STOCK-BASED COMPENSATION - Summary of Stock Options Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Number of Shares
Balance at beginning of period (in shares) \| shares	7,073,584
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(832,329)
Canceled (in shares) \| shares	(277,212)
Balance at end of period (in shares) \| shares	5,964,043	7,073,584
Weighted-Average Exercise Price
Balance at beginning of period (in dollars per share) \| $ / shares	$ 0.85
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0.39
Canceled (in dollars per share) \| $ / shares	0.71
Balance at end of period (in dollars per share) \| $ / shares	$ 0.92	$ 0.85
Stock Options Additional Disclosures
Number of Shares, Options vested and exercisable (in shares) \| shares	3,312,726
Weighted-Average Exercise Price, Options vested and exercisable (in dollars per share) \| $ / shares	$ 0.49
Weighted-Average Remaining Contractual Term, Balance	7 years 4 months 13 days	7 years 10 months 24 days
Weighted-Average Remaining Contractual Term, Options vested and exercisable	6 years 5 months 1 day
Aggregate Intrinsic Value, Balance \| $	$ 43,989	$ 13,348
Aggregate Intrinsic Value, Options vested and exercisable \| $	$ 25,871

STOCK-BASED COMPENSATION - Stock Options Valuations Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (in dollars per share)		$ 0.60
Expected volatility, minimum		33.90%
Expected volatility, maximum		38.20%
Risk-free interest rate, minimum		0.30%
Risk-free interest rate, maximum		1.50%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		5 years 4 months 24 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		6 years 1 month 6 days

STOCK-BASED COMPENSATION - Summary of Restricted Stock Units Activity (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Number of Shares
Unvested, Balance at beginning of period (in shares) \| shares	843,095
Granted (in shares) \| shares	3,379,467
Vested (in shares) \| shares	(38,533)
Forfeited (in shares) \| shares	(248,800)
Unvested, Balance at end of period (in shares) \| shares	3,935,229
Weighted-Average Grant Date Fair Value
Unvested, Balance at beginning of period (in dollars per share) \| $ / shares	$ 2.25
Granted (in dollars per share) \| $ / shares	5.12
Vested (in dollars per share) \| $ / shares	0.56
Forfeited (in dollars per share) \| $ / shares	4.37
Unvested, Balance at end of period (in dollars per share) \| $ / shares	$ 4.60

STOCK-BASED COMPENSATION - Stock-Based Compensation Related to Stock-Based Awards to Employees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 433	$ 111	$ 1,144	$ 281
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	225	68	645	158
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	38	21	114	66
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 170	$ 22	$ 385	$ 57

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate			(4.10%)	(53.80%)
Income tax provision	$ 268,000	$ 1,199,000	$ 612,000	$ 3,793,000
Unrecognized tax benefits	2,500,000	1,900,000	2,500,000	1,900,000
Income tax penalties and interest accrued related to unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Affiliated Entity
Related Party Transaction [Line Items]
Lease payment due to related party	$ 0.1	$ 0.2

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)					1,250,000
Sale of stock, consideration received on transaction					$ 5,400
Common stock, authorized (in shares)		36,525,154	36,525,154		36,525,154		31,525,154
Number of shares authorized for award (in shares)		20,803,838	20,803,838		20,803,838
Stock-based compensation			$ 433	$ 111	$ 1,144	$ 281
Restricted Stock Units, Service And Performance Based
Subsequent Event [Line Items]
Granted (in shares)					2,700,000
2021 Stock Plan
Subsequent Event [Line Items]
Capital shares reserved for future issuance		3,640,000	3,640,000		3,640,000
2021 Stock Plan \| Employee Stock
Subsequent Event [Line Items]
Capital shares reserved for future issuance		607,000	607,000		607,000
Number of additional shares authorized, annual percentage		1.00%
Number of shares authorized for award (in shares)		5,000,000	5,000,000		5,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, authorized (in shares)	300,000,000
Preferred stock, authorized (in shares)	10,000,000
Subsequent Event \| Restricted Stock Units, Service And Performance Based
Subsequent Event [Line Items]
Stock-based compensation	$ 2,500
Subsequent Event \| IPO
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	5,750,000
Sale of stock (in dollars per share)	$ 14.00
Sale of stock, consideration received on transaction	$ 71,100
Common shares issued upon conversion (in shares)	4,471,316
Subsequent Event \| Over-Allotment Option
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	750,000