0001667011-24-000016 | 10-Q | XBRL Viewer

LEASES (Tables)

3 Months Ended

Mar. 31, 2024

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


	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	324	$	274
Short-term lease cost	4		79
Total lease cost	$	328	$	353

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of March 31, 2024 were as follows (in thousands):


Fiscal year ending December 31,	Amount
Remainder of 2024	$	919
2025	1,104
2026	1,058
2027	1,074
2028	829
Thereafter	254
Total undiscounted cash flows	5,238
Less: imputed interest	(1,047)
Present value of lease liabilities	$	4,191

Operating lease liabilities, current	$	858
Operating lease liabilities, non-current	3,333
Total lease liabilities	$	4,191

INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

Intangible assets, net

Intangible assets, net consisted of the following as of March 31, 2024 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value
Developed technology	$	3,090	$	(1,382)	$	1,708
Customer relationships	1,830		(572)		1,258
IPR&D	500		—		500
Trade name and other	200		(4)		196
Total intangibles	$	5,620	$	(1,958)	$	3,662

Intangible assets, net consisted of the following as of December 31, 2023 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value
Developed technology	$	3,090	$	(1,247)	$	1,843
Customer relationships	1,830		(515)		1,315
IPR&D	500		—		500
Trade name and other	200		—		200
Total intangibles	$	5,620	$	(1,762)	$	3,858

Amortization expense of intangible assets was $0.2 million for both the three months ended March 31, 2024 and 2023.

The expected future amortization expense of these intangible assets as of March 31, 2024 is as follows (in thousands):


Fiscal year ending December 31,	Amount
Remainder of 2024	$	588
2025	756
2026	444
2027	427
2028	416
Thereafter	381
Total future amortization expense	$	3,012

Goodwill

As of both March 31, 2024 and December 31, 2023, goodwill was $4.2 million. No goodwill impairments were recorded during the three months ended March 31, 2024 and 2023.

REVENUE - Contract Balances on Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 12,265	$ 12,003
Contract assets, current portion	243	312
Contract assets, noncurrent portion	297	566
Deferred revenue	$ 60,117	$ 56,709

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The 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 Isabelle Geday, a member of the Board of Directors. The lease payments were less than $0.1 million for both the three months ended March 31, 2024 and 2023. In addition, the Company signed a consulting agreement with Ms. Geday on December 1, 2021, which was subsequently assigned to Magillem Design Services S.A., effective January 10, 2022. Prior to signing the consulting agreement, Ms. Geday was paid as an executive employee of the Company from December 1, 2020 through November 30, 2021. As a consultant, Ms. Geday will provide services for an initial three-year term and is eligible to receive $26,445 per month for the first 12 months of the consulting term and $19,445 per month for the remaining 24 months of the consulting term. For both the three months ended March 31, 2024 and 2023, the Company paid Ms. Geday $0.1 million for consulting services. Lastly, the 455,000 stock options and 62,200 RSUs granted in connection with Ms. Geday’s prior employment continue to vest. In December 2022, the Company entered into a no-fee non-exclusive evaluation license agreement of Magillem products with Transchip Technology (Nanjing) Co., Ltd. (Transchip), an equity method investee. The evaluation was extended and is ongoing as of March 31, 2024. Commencing August 2023, Transchip is carrying out a no-fee evaluation of additional Company products. Refer to Note 15 in the 2023 Form 10-K for additional discussion of the Company’s transactions with Transchip.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

INTANGIBLE ASSETS AND GOODWILL (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets, net consisted of the following as of March 31, 2024 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value
Developed technology	$	3,090	$	(1,382)	$	1,708
Customer relationships	1,830		(572)		1,258
IPR&D	500		—		500
Trade name and other	200		(4)		196
Total intangibles	$	5,620	$	(1,958)	$	3,662

Intangible assets, net consisted of the following as of December 31, 2023 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value
Developed technology	$	3,090	$	(1,247)	$	1,843
Customer relationships	1,830		(515)		1,315
IPR&D	500		—		500
Trade name and other	200		—		200
Total intangibles	$	5,620	$	(1,762)	$	3,858

Schedule of Future Amortization Expense

The expected future amortization expense of these intangible assets as of March 31, 2024 is as follows (in thousands):


Fiscal year ending December 31,	Amount
Remainder of 2024	$	588
2025	756
2026	444
2027	427
2028	416
Thereafter	381
Total future amortization expense	$	3,012

NET LOSS PER SHARE - Schedule of Potentially Dilutive Securities Excluded from the Calculation of Diluted Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,712,492	9,550,315
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,600,072	3,075,452
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)	5,877,561	6,143,289
Restricted common shares issued for business combination
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	234,859	331,574

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Stockholders' equity:
Accounts receivable, allowance	$ 93	$ 93
Preferred stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	38,291,425	37,518,583
Common stock, outstanding (in shares)	38,291,425	37,518,583

REVENUE (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended March 31,
	2024		2023
Licensing, support and maintenance	$	11,739	$	11,844
Variable royalties	818		1,290
Other	390		20
Total	$	12,947	$	13,154

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
	March 31, 2024		December 31, 2023
Accounts receivable, net	$	12,265	$	12,003
Contract assets, current portion	$	243	$	312
Contract assets, noncurrent portion	$	297	$	566
Deferred revenue	$	60,117	$	56,709

Capitalized Direct Commission Costs

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


	As of
	March 31, 2024		December 31, 2023
Short-term commission capitalized in prepaid expenses and other current assets	$	2,300	$	2,408
Long-term commission capitalized in other assets	1,314		1,353
Total	$	3,614	$	3,761

INVESTMENTS

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The following tables summarize the fair value and amortized cost of the Company’s cash equivalents and available-for-sale securities by major security type (in thousands):


	As of March 31, 2024
	Amortized Cost		Unrealized Losses		Aggregate Fair Value
Assets:
U.S. government agency securities	$	16,519	$	(12)	$	16,507
U.S. treasury securities	13,659		(3)		13,656
Money market funds	12,226		—		12,226
Corporate bonds	5,647		(6)		5,641
Commercial paper	1,449		(4)		1,445
Total financial assets	$	49,500	$	(25)	$	49,475


	As of December 31, 2023
	Amortized Cost		Unrealized Gains (Losses)		Aggregate Fair Value
Assets:
U.S. government agency securities	$	19,461	$	29	$	19,490
U.S. treasury securities	10,630		3		10,633
Money market funds	8,026		—		8,026
Corporate bonds	5,649		9		5,658
Certificate of deposit	5,000		—		5,000
Commercial paper	990		(1)		989
Total financial assets	$	49,756	$	40	$	49,796

The maturity dates of the Company’s investments are as follows (in thousands):


	March 31, 2024
Less than one year	$	40,873
1-2 years	8,602
Total	$	49,475

As of March 31, 2024 and December 31, 2023, securities with a fair value of $1.7 million and $3.7 million, respectively, were in a continuous net unrealized loss position for more than 12 months. As of both March 31, 2024 and December 31, 2023, the unrealized losses for available-for-sale investments were non-credit related and the Company does not intend to sell the investments that were in an unrealized loss position, nor does it foresee or project that it will be required to sell those investments before recovery of their amortized costs basis, which may be at maturity. Thus, as of both March 31, 2024 and December 31, 2023 no allowance for credit losses or impairment losses for the Company’s investments were recorded.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Charles Janac [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 27, 2024, Charles Janac, Chief Executive Officer (CEO), adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 189,951 shares of the Company’s common stock until June 30, 2025.
Name	Charles Janac
Title	CEO
Rule 10b5-1 Arrangement Adopted	true
Termination Date	February 27, 2024
Arrangement Duration	489 days
Aggregate Available	189,951
Raman Chitkara [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 6, 2024, Raman Chitkara, Director, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 15,000 shares of the Company’s common stock until June 30, 2025.
Name	Raman Chitkara
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Termination Date	March 6, 2024
Arrangement Duration	481 days
Aggregate Available	15,000
Laurent Moll [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, Laurent Moll, Chief Technology Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 213,834 shares of the Company’s common stock until June 30, 2025.
Name	Laurent Moll
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Termination Date	March 15, 2024
Arrangement Duration	473 days
Aggregate Available	213,834
Bayview Legacy LLC [Member] \| Charles Janac [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 27, 2024, Charles Janac, CEO, as the manager of Bayview Legacy, LLC, adopted a Rule 10b5-1 trading arrangement of Bayview Legacy LLC that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 840,000 shares of the Company’s common stock until June 30, 2025.
Name	Charles Janac
Title	CEO
Rule 10b5-1 Arrangement Adopted	true
Termination Date	February 27, 2024
Arrangement Duration	489 days
Aggregate Available	840,000

BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Vendor Financing Arrangements

Expected cash flows related to vendor financing arrangements as of March 31, 2024 were as follows (in thousands):


Fiscal year ending December 31,	Amount
Remainder of 2024	$	1,715
2025	1,089
2026	545
Total undiscounted cash flows	3,349
Less: Imputed interest	(267)
Present value of vendor financing arrangements	$	3,082

Vendor financing arrangements, current	$	1,987
Vendor financing arrangements, noncurrent	1,095
	$	3,082

STOCK-BASED COMPENSATION - Stock-Based Compensation Related to Stock-Based Awards to Employees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 3,657	$ 2,985
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	189	83
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,608	1,429
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	723	685
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,137	$ 788

REVENUE

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregated Revenue

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


	Three Months Ended March 31,
	2024		2023
Licensing, support and maintenance	$	11,739	$	11,844
Variable royalties	818		1,290
Other	390		20
Total	$	12,947	$	13,154

Contract Balances

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


	As of
	March 31, 2024		December 31, 2023
Accounts receivable, net	$	12,265	$	12,003
Contract assets, current portion	$	243	$	312
Contract assets, noncurrent portion	$	297	$	566
Deferred revenue	$	60,117	$	56,709

During the three months ended March 31, 2024 and 2023, the Company recognized revenue of $10.7 million and $8.6 million, respectively, that was included in the deferred revenue balance at the beginning of the respective periods. Contract assets, current, and contract assets, noncurrent are included in prepaid expenses and other current assets and other assets, respectively, on the unaudited condensed consolidated balance sheets.

As of March 31, 2024, non-cancelable contracted but unsatisfied or partially satisfied performance obligations that have not yet been recognized is $73.6 million which includes deferred revenue, amounts that will be invoiced and recognized as revenues in future periods and Flexible Spending Accounts (FSA) commitments, from customers where actual product selection and quantities of specific products are to be determined by customers at a future period. The Company expects to recognize $36.9 million of this balance over the next 12 months and the remainder thereafter. FSA commitments amounted to $5.5 million and $6.2 million as of March 31, 2024 and December 31, 2023, respectively. The Company has elected to exclude the potential future royalty receipts from these amounts.

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
	March 31, 2024		December 31, 2023
Short-term commission capitalized in prepaid expenses and other current assets	$	2,300	$	2,408
Long-term commission capitalized in other assets	1,314		1,353
Total	$	3,614	$	3,761

Amortization of capitalized sales commissions was $0.9 million for both the three months ended March 31, 2024 and 2023, and are included in sales and marketing expense in the unaudited condensed consolidated statements of 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.

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (9,403)	$ (9,010)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	833	601
Stock-based compensation	3,657	2,985
Amortization of deferred income	(294)	(291)
Loss from equity method investment	759	834
Net accretion of discounts on available-for-sale securities	(181)	(259)
Other, net	31	27
Changes in operating assets and liabilities:
Accounts receivable, net	(262)	(2,607)
Prepaid expenses and other assets	479	364
Accounts payable	546	555
Accrued expenses and other liabilities	904	(974)
Deferred revenue	3,408	(614)
Net cash provided by (used in) operating activities	477	(8,389)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(196)	(120)
Purchases of available-for-sale securities and other	(3,421)	(4,909)
Proceeds from maturities of available-for-sale securities and other	15,519	5,450
Net cash provided by investing activities	11,902	421
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of contingent consideration for business combination	0	(1,000)
Principal payments under vendor financing arrangements	(197)	(192)
Proceeds from exercise of stock options	241	256
Payments to tax authorities for shares withheld from employees	0	(14)
Net cash provided by (used in) financing activities	44	(950)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	12,423	(8,918)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	14,084	37,423
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	26,507	28,505
Cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents	26,119	28,505
Restricted cash, noncurrent	388	0
Noncash activities:
Operating lease right-of-use assets, exchanged for lease obligations	$ 0	$ 297

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Accounting Policies [Abstract]
Restricted cash	$ 388	$ 400	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 26,119	$ 13,696
Short-term investments (Note 5)	18,695	27,477
Accounts receivable, net of allowance of $93 as of both March 31, 2024 and December 31, 2023	12,265	12,003
Prepaid expenses and other current assets	4,718	5,254
Total current assets	61,797	58,430
Property and equipment, net	5,244	5,745
Long-term investments (Note 5)	8,602	11,802
Equity method investment	7,741	8,500
Operating lease right-of-use assets	4,060	4,289
Intangibles, net	3,662	3,858
Goodwill	4,178	4,178
Other assets	6,070	5,999
TOTAL ASSETS	101,354	102,801
Current liabilities:
Accounts payable	754	183
Accrued expenses and other current liabilities	12,659	11,831
Operating lease liabilities, current	858	781
Deferred revenue, current	33,558	31,537
Vendor financing arrangements, current	1,987	2,070
Total current liabilities	49,816	46,402
Deferred revenue, noncurrent	26,559	25,172
Operating lease liabilities, noncurrent	3,333	3,610
Vendor financing arrangements, noncurrent	1,094	1,292
Deferred income, noncurrent	8,520	8,810
Other liabilities	2,486	2,412
Total liabilities	91,808	87,698
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, par value of $0.001 - 10,000,000 shares authorized as of both March 31, 2024 and December 31, 2023; no shares issued and outstanding as of both March 31, 2024 and December 31, 2023	0	0
Common stock, par value of $0.001 - 300,000,000 shares authorized as of both March 31, 2024 and December 31, 2023; 38,291,425 and 37,518,583 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	38	37
Additional paid-in capital	122,104	118,193
Accumulated other comprehensive income	54	120
Accumulated deficit	(112,650)	(103,247)
Total stockholders' equity	9,546	15,103
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 101,354	$ 102,801

Condensed Consolidated Statements of Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Total revenue	$ 12,947	$ 13,154
Cost of revenue	1,468	1,124
Gross profit	11,479	12,030
Operating expenses:
Research and development	10,835	11,381
Sales and marketing	5,456	5,005
General and administrative	4,322	4,401
Total operating expenses	20,613	20,787
Loss from operations	(9,134)	(8,757)
Interest expense	(76)	(32)
Other income (expense), net	936	908
Loss before income taxes and loss from equity method investment	(8,274)	(7,881)
Loss from equity method investment	759	834
Provision for income taxes	370	295
Net loss	$ (9,403)	$ (9,010)
Net loss per share attributable to common stockholders
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.25)	$ (0.26)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.25)	$ (0.26)
Weighted average shares used in computing per share amounts
Weighted average shares used in computing per share amounts, basic (in shares)	37,709,058	34,597,839
Weighted average shares used in computing per share amounts, basic (in shares)	37,709,058	34,597,839
Licensing, support and maintenance
Revenue
Total revenue	$ 11,739	$ 11,844
Variable royalties and other
Revenue
Total revenue	$ 1,208	$ 1,310

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 919
2025	1,104
2026	1,058
2027	1,074
2028	829
Thereafter	254
Total undiscounted cash flows	5,238
Less: imputed interest	(1,047)
Present value of lease liabilities	4,191
Operating lease liabilities, current	858	$ 781
Operating lease liabilities, non-current	$ 3,333	$ 3,610

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate was (4.1)% and (3.4)% for the three months ended March 31, 2024 and 2023, respectively. The Company’s income tax provision was $0.4 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively. The change in forecasted foreign withholding tax, changes in the geographic mix of worldwide earnings which are taxed at different rates, and the impact of losses in jurisdictions with full valuation allowances, has resulted in an increase in the income tax provision for the period ended March 31, 2024 compared to the period ended March 31, 2023. The Company’s management continuously evaluates the need for a valuation allowance and, as of March 31, 2024, concluded that a full valuation allowance on its federal, state, and certain foreign jurisdictions deferred tax assets was still appropriate. As of March 31, 2024 and 2023, the Company’s gross liability for unrecognized tax benefits was $3.5 million and $2.6 million, respectively. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of March 31, 2024 and 2023, the Company had no accrued interest or penalties related to its unrecognized tax benefits. If any unrecognized tax benefits are realized, it would not result in any income tax benefit as the Company currently has a full valuation allowance against the deferred tax assets in which there is currently an uncertain tax benefit.

- 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
-Topic 946
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BORROWINGS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
BORROWINGS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 0.1	$ 0.1
Vendor Financing Arrangements
Debt Instrument [Line Items]
Interest rate, effective percentage	10.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

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, 2023 and the related notes included in the Company’s Form 10-K filed on February 20, 2024 (2023 Form 10-K) with the U.S. Securities and Exchange Commission (SEC). The December 31, 2023 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 unaudited condensed consolidated financial statements.

The operating results for the three months ended March 31, 2024 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 unaudited condensed consolidated financial statements include the accounts of Arteris, Inc. and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

Use of Estimates

The preparation of the unaudited 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 value of investments, impairment of the equity method investment, 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 receivables, fair value and amortization of deferred income, as well as other accruals or reserves. Actual results could differ from those estimates and such differences may be material to the unaudited condensed consolidated financial statements.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. The Company’s cash equivalents include deposits in money market accounts which were unrestricted as to withdrawal or use and are stated at fair value. As of March 31, 2024, cash and cash equivalents consisted primarily of checking, savings, money market accounts and highly liquid investments with original maturities of three months or less. Interest earned on cash and cash equivalents is included in other income (expense), net in the unaudited consolidated statements of loss.

As of both March 31, 2024 and December 31, 2023, the Company’s long-term restricted cash balance was $0.4 million, primarily related to a letter of credit for its facility lease agreement. Restricted cash, noncurrent is included in other assets on the unaudited condensed consolidated balance sheets.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentration of credit risk consist of cash and cash equivalents, investments and accounts receivable. Cash is currently held in three financial institutions that the Company believes are creditworthy. Cash held at these financial institutions generally exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash, cash equivalents, and investments to the extent recorded in the balance sheet. The Company has not experienced any losses to date related to these concentrations.

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

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


	As of
	March 31, 2024		December 31, 2023
Customer A	30	%	—	%
Customer B	16	%	15	%
Customer C	*		26	%

* 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 March 31,
	2024		2023
Customer B	14	%	10	%
Customer D	*		11	%

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

Significant Accounting Policies

There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2024 from those disclosed in the annual consolidated financial statements for the year ended December 31, 2023.

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends the guidance in ASC 740, Income Taxes. This ASU is intended to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024. Adoption is either prospectively or retrospectively, the Company will adopt this ASU on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	As of
	March 31, 2024
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market funds	$	12,226	$	—	$	—	$	12,226
U.S. treasury securities	—		9,952		—		9,952
Total cash equivalents	12,226		9,952		—		22,178
Short-term investments:
Commercial paper	—		1,445		—		1,445
Corporate bonds	—		3,408		—		3,408
U.S. government agency securities	—		10,138		—		10,138
U.S. treasury securities	—		3,704		—		3,704
Total short-term investments	—		18,695		—		18,695
Long-term investments:
Corporate bonds	—		2,233		—		2,233
U.S. government agency securities	—		6,369		—		6,369
Total long-term investments	—		8,602		—		8,602
Total financial assets	$	12,226	$	37,249	$	—	$	49,475


	As of
	December 31, 2023
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market funds	$	8,026	$	—	$	—	$	8,026
U.S. treasury securities	—		2,491		—		2,491
Total cash equivalents	8,026		2,491		—		10,517
Short-term investments:
Certificate of deposit	—		5,000		—		5,000
Commercial paper	—		989		—		989
Corporate bonds	—		3,696		—		3,696
U.S. government agency securities	—		9,650		—		9,650
U.S. treasury securities	—		8,142		—		8,142
Total short-term investments	—		27,477		—		27,477
Long-term investments:
Corporate bonds	—		1,962		—		1,962
U.S. government agency securities	—		9,840		—		9,840
Total long-term investments	—		11,802		—		11,802
Total financial assets	$	8,026	$	41,770	$	—	$	49,796

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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 unaudited condensed consolidated statements of loss (in thousands):


	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	189	$	83
Research and development	1,608		1,429
Sales and marketing	723		685
General and administrative	1,137		788
Total stock-based compensation	$	3,657	$	2,985

REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue, revenue recognized	$ 10.7	$ 8.6
Unsatisfied performance obligations	73.6
Revenue, remaining performance obligation, flexible spending account commitment	5.5		$ 6.2
Amortization of capitalized sales commissions	0.9	$ 0.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Unsatisfied performance obligations, excluding flexible spending account commitment	$ 36.9
Remaining performance obligation, expected timing of satisfaction	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 200,000	$ 200,000
Goodwill	4,178,000		$ 4,178,000
Goodwill impairments	$ 0	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

REVENUE - Capitalized Direct Commission Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Short-term commission capitalized in prepaid expenses and other current assets	$ 2,300	$ 2,408
Long-term commission capitalized in other assets	1,314	1,353
Total	$ 3,614	$ 3,761

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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 unaudited condensed consolidated statements of loss (in thousands):


	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	189	$	83
Research and development	1,608		1,429
Sales and marketing	723		685
General and administrative	1,137		788
Total stock-based compensation	$	3,657	$	2,985

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Numerator:
Net loss	$	(9,403)	$	(9,010)
Denominator:
Weighted-average shares outstanding, basic and diluted	37,709,058		34,597,839
Net loss per share, basic and diluted	$	(0.25)	$	(0.26)

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:


	As of
	March 31, 2024	March 31, 2023
Stock options	2,600,072	3,075,452
Restricted stock units	5,877,561	6,143,289
Restricted common shares issued for business combination	234,859	331,574
Total	8,712,492	9,550,315

INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 5,620	$ 5,620
Finite-lived intangible assets, accumulated amortization	(1,958)	(1,762)
Total future amortization expense	3,012
Intangible assets, net	3,662	3,858
IPR&D
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross	500	500
Trade name and other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	200
Indefinite-lived intangible assets, gross		200
Finite-lived intangible assets, accumulated amortization	(4)
Total future amortization expense	196
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	3,090	3,090
Finite-lived intangible assets, accumulated amortization	(1,382)	(1,247)
Total future amortization expense	1,708	1,843
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	1,830	1,830
Finite-lived intangible assets, accumulated amortization	(572)	(515)
Total future amortization expense	$ 1,258	$ 1,315

NET LOSS PER SHARE - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (9,403)	$ (9,010)
Denominator:
Weighted-average shares outstanding - basic (in shares)	37,709,058	34,597,839
Weighted-average shares outstanding - diluted (in shares)	37,709,058	34,597,839
Net loss per share, basic (in dollars per share)	$ (0.25)	$ (0.26)
Net loss per share, diluted (in dollars per share)	$ (0.25)	$ (0.26)

- 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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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

LEASES

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

LEASES

The Company leases its offices at various locations under noncancelable operating lease agreements expiring at various dates through 2032. 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 March 31,
	2024		2023
Operating lease cost	$	324	$	274
Short-term lease cost	4		79
Total lease cost	$	328	$	353

The weighted-average remaining term of the Company’s operating leases was 4.6 years and 4.8 years as of March 31, 2024 and December 31, 2023, respectively, and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 10.0% as of both March 31, 2024 and December 31, 2023. Cash payments made related to operating lease liabilities were $0.2 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively.

Maturities of operating lease liabilities as of March 31, 2024 were as follows (in thousands):


Fiscal year ending December 31,	Amount
Remainder of 2024	$	919
2025	1,104
2026	1,058
2027	1,074
2028	829
Thereafter	254
Total undiscounted cash flows	5,238
Less: imputed interest	(1,047)
Present value of lease liabilities	$	4,191

Operating lease liabilities, current	$	858
Operating lease liabilities, non-current	3,333
Total lease liabilities	$	4,191

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
	Mar. 31, 2024	Mar. 31, 2023
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	10.00%
Customer D
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023 and the related notes included in the Company’s Form 10-K filed on February 20, 2024 (2023 Form 10-K) with the U.S. Securities and Exchange Commission (SEC). The December 31, 2023 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 unaudited condensed consolidated financial statements. The operating results for the three months ended March 31, 2024 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 unaudited condensed consolidated financial statements include the accounts of Arteris, Inc. and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated.
Use of Estimates	Use of Estimates The preparation of the unaudited 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 value of investments, impairment of the equity method investment, 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 receivables, fair value and amortization of deferred income, as well as other accruals or reserves. Actual results could differ from those estimates and such differences may be material to the unaudited condensed consolidated financial statements.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. The Company’s cash equivalents include deposits in money market accounts which were unrestricted as to withdrawal or use and are stated at fair value. As of March 31, 2024, cash and cash equivalents consisted primarily of checking, savings, money market accounts and highly liquid investments with original maturities of three months or less. Interest earned on cash and cash equivalents is included in other income (expense), net in the unaudited consolidated statements of loss. As of both March 31, 2024 and December 31, 2023, the Company’s long-term restricted cash balance was $0.4 million, primarily related to a letter of credit for its facility lease agreement. Restricted cash, noncurrent is included in other assets on the unaudited condensed consolidated balance sheets.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist of cash and cash equivalents, investments and accounts receivable. Cash is currently held in three financial institutions that the Company believes are creditworthy. Cash held at these financial institutions generally exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash, cash equivalents, and investments to the extent recorded in the balance sheet. The Company has not experienced any losses to date related to these concentrations. The Company’s accounts receivable are derived principally from revenue earned from customers located in Americas, Europe, Middle East and Asia Pacific regions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends the guidance in ASC 740, Income Taxes. This ASU is intended to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024. Adoption is either prospectively or retrospectively, the Company will adopt this ASU on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
Fair Value Measurements	Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Equity method investments, and certain non-financial assets, such as intangible assets 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 vendor financing arrangements. The carrying value of the vendor financing agreements was $3.1 million and $3.4 million as of March 31, 2024 and December 31, 2023, respectively. The Company’s vendor financing arrangements are classified within Level 2 because these borrowings are not actively traded and have a variable interest rate structure based upon the Company’s incremental borrowing rate. The estimated fair values of these financial instruments approximate their carrying values. Money market funds are highly liquid investments and are actively traded. The fair value is based on quoted prices for identical assets in active markets and therefore classified as Level 1 of the fair value hierarchy. The Company’s other investments are considered Level 2 financial instruments as their fair values are determined using inputs that are directly or indirectly observable in active or less active markets. There were no transfers between levels during the three months ended March 31, 2024

INVESTMENTS - Debt Securities, Available-for-sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 49,500	$ 49,756
Unrealized Losses	(25)	40
Aggregate Fair Value	49,475	49,796
U.S. government agency securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	16,519	19,461
Unrealized Losses	(12)	29
Aggregate Fair Value	16,507	19,490
U.S. treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	13,659	10,630
Unrealized Losses	(3)	3
Aggregate Fair Value	13,656	10,633
Money market funds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	12,226	8,026
Unrealized Losses	0	0
Aggregate Fair Value	12,226	8,026
Corporate bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	5,647	5,649
Unrealized Losses	(6)	9
Aggregate Fair Value	5,641	5,658
Certificate of deposit
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		5,000
Unrealized Losses		0
Aggregate Fair Value		5,000
Commercial paper
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	1,449	990
Unrealized Losses	(4)	(1)
Aggregate Fair Value	$ 1,445	$ 989

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 12,947	$ 13,154
Licensing, support and maintenance
Disaggregation of Revenue [Line Items]
Total revenue	11,739	11,844
Variable royalties
Disaggregation of Revenue [Line Items]
Total revenue	818	1,290
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 390	$ 20

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

DESCRIPTION OF BUSINESS	3 Months Ended
DESCRIPTION OF BUSINESS	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Arteris, Inc. was incorporated in Delaware on April 12, 2004. Arteris, Inc. and its subsidiaries (collectively, the Company or Arteris) develop, license, and support 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, South Korea and China.

LEASES - Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 324	$ 274
Short-term lease cost	4	79
Total lease cost	$ 328	$ 353

INCOME TAXES (Details) - USD ($)	3 Months Ended
INCOME TAXES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(4.10%)	(3.40%)
Income tax expense (benefit)	$ 370,000	$ 295,000
Unrecognized tax benefits	3,500,000	2,600,000
Income tax penalties and interest accrued related to unrecognized tax benefits	$ 0	$ 0

- Definition

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

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2022		34,625,875
Balance at beginning of period at Dec. 31, 2022	$ 37,535	$ 34	$ 103,778	$ 101	$ (66,378)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		397,697
Issuance of common stock upon exercise of stock options	261	$ 1	260
Issuance of common stock for settlement RSUs (in shares)		277,149
Tax withholding on RSUs settlement (in shares)		(2,498)
Tax withholding on RSUs settlement	(14)		(14)
Stock-based compensation expense	2,985		2,985
Unrealized (losses) gains on available-for-sale securities, net of tax	11			11
Net loss	(9,010)				(9,010)
Balance at end of period (in shares) at Mar. 31, 2023		35,298,223
Balance at end of period at Mar. 31, 2023	$ 31,768	$ 35	107,009	112	(75,388)
Balance at beginning of period (in shares) at Dec. 31, 2023	37,518,583	37,518,583
Balance at beginning of period at Dec. 31, 2023	$ 15,103	$ 37	118,193	120	(103,247)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		246,692
Issuance of common stock upon exercise of stock options	255		255
Issuance of common stock for settlement RSUs (in shares)		526,150
Issuance of common stock for settlement of Restricted Stock Units (RSUs)	0	$ 1	(1)
Stock-based compensation expense	3,657		3,657
Unrealized (losses) gains on available-for-sale securities, net of tax	(66)			(66)
Net loss	$ (9,403)				(9,403)
Balance at end of period (in shares) at Mar. 31, 2024	38,291,425	38,291,425
Balance at end of period at Mar. 31, 2024	$ 9,546	$ 38	$ 122,104	$ 54	$ (112,650)

INTANGIBLE ASSETS AND GOODWILL - Schedule of Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 588
2025	756
2026	444
2027	427
2028	416
Thereafter	381
Total future amortization expense	$ 3,012

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

3 Months Ended

Mar. 31, 2024

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
	March 31, 2024		December 31, 2023
Customer A	30	%	—	%
Customer B	16	%	15	%
Customer C	*		26	%

* 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 March 31,
	2024		2023
Customer B	14	%	10	%
Customer D	*		11	%

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

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Lease payment due to related party	$ 200,000	$ 300,000
Director
Related Party Transaction [Line Items]
Lease payment due to related party	$ 100,000	100,000
Director \| Isabelle Geday \| Consulting Agreement
Related Party Transaction [Line Items]
Related party transaction, agreement term	3 years
Professional fees	$ 100,000	$ 100,000
Director \| Isabelle Geday \| Consulting Agreement \| Related Party Transaction, Tranche One
Related Party Transaction [Line Items]
Related party transaction, agreement term	12 months
Due to related party, monthly amount	$ 26,445
Director \| Isabelle Geday \| Consulting Agreement \| Related Party Transaction, Tranche Two
Related Party Transaction [Line Items]
Related party transaction, agreement term	24 months
Due to related party, monthly amount	$ 19,445
Director \| Isabelle Geday \| Consulting Agreement \| Restricted stock units
Related Party Transaction [Line Items]
Granted unvested options (in shares)	62,200
Director \| Isabelle Geday \| Consulting Agreement \| Convertible Preferred Stock
Related Party Transaction [Line Items]
Options outstanding (in shares)	455,000

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,403)	$ (9,010)
Other comprehensive loss:
Unrealized (losses) gains on available-for-sale securities, net of tax	(66)	11
Comprehensive loss	$ (9,469)	$ (8,999)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

INVESTMENTS - Debt Securities, Held-to-maturity, Nonaccrual (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Less than one year	$ 40,873
1-2 years	8,602
Total	$ 49,475

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Numerator:
Net loss	$	(9,403)	$	(9,010)
Denominator:
Weighted-average shares outstanding, basic and diluted	37,709,058		34,597,839
Net loss per share, basic and diluted	$	(0.25)	$	(0.26)

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:


	As of
	March 31, 2024	March 31, 2023
Stock options	2,600,072	3,075,452
Restricted stock units	5,877,561	6,143,289
Restricted common shares issued for business combination	234,859	331,574
Total	8,712,492	9,550,315

BORROWINGS

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

BORROWINGS

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 10.0%, which is an estimate based on the Company’s collateralized borrowing rate.

Expected cash flows related to vendor financing arrangements as of March 31, 2024 were as follows (in thousands):


Fiscal year ending December 31,	Amount
Remainder of 2024	$	1,715
2025	1,089
2026	545
Total undiscounted cash flows	3,349
Less: Imputed interest	(267)
Present value of vendor financing arrangements	$	3,082

Vendor financing arrangements, current	$	1,987
Vendor financing arrangements, noncurrent	1,095
	$	3,082

Interest expense from vendor financing arrangements was $0.1 million for both the three months ended March 31, 2024 and 2023.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
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	$ 3.1	$ 3.4

FAIR VALUE MEASUREMENTS - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	$ 22,178	$ 10,517
Total short-term investments	18,695	27,477
Total long-term investments	8,602	11,802
Total financial assets	49,475	49,796
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	12,226	8,026
Total short-term investments	0	0
Total long-term investments	0	0
Total financial assets	12,226	8,026
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	9,952	2,491
Total short-term investments	18,695	27,477
Total long-term investments	8,602	11,802
Total financial assets	37,249	41,770
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	0	0
Total short-term investments	0	0
Total long-term investments	0	0
Total financial assets	0	0
Money market funds
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	12,226	8,026
Money market funds \| Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	12,226	8,026
Money market funds \| Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	0	0
Money market funds \| Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	0	0
U.S. treasury securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	9,952	2,491
Total short-term investments	3,704	8,142
U.S. treasury securities \| Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	0	0
Total short-term investments	0	0
U.S. treasury securities \| Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	9,952	2,491
Total short-term investments	3,704	8,142
U.S. treasury securities \| Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total cash equivalents	0	0
Total short-term investments	0	0
Certificate of deposit
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments		5,000
Certificate of deposit \| Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments		0
Certificate of deposit \| Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments		5,000
Certificate of deposit \| Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments		0
Commercial paper
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	1,445	989
Commercial paper \| Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	0	0
Commercial paper \| Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	1,445	989
Commercial paper \| Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	0	0
Corporate bonds
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	3,408	3,696
Total long-term investments	2,233	1,962
Corporate bonds \| Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
Corporate bonds \| Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	3,408	3,696
Total long-term investments	2,233	1,962
Corporate bonds \| Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
U.S. government agency securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	10,138	9,650
Total long-term investments	6,369	9,840
U.S. government agency securities \| Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
U.S. government agency securities \| Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	10,138	9,650
Total long-term investments	6,369	9,840
U.S. government agency securities \| Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total short-term investments	0	0
Total long-term investments	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	$ 0.4	$ 0.4
Letter of Credit
Line of Credit Facility [Line Items]
Proceeds from Lines of Credit	$ 0.0

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The following tables summarize the fair value and amortized cost of the Company’s cash equivalents and available-for-sale securities by major security type (in thousands):


	As of March 31, 2024
	Amortized Cost		Unrealized Losses		Aggregate Fair Value
Assets:
U.S. government agency securities	$	16,519	$	(12)	$	16,507
U.S. treasury securities	13,659		(3)		13,656
Money market funds	12,226		—		12,226
Corporate bonds	5,647		(6)		5,641
Commercial paper	1,449		(4)		1,445
Total financial assets	$	49,500	$	(25)	$	49,475


	As of December 31, 2023
	Amortized Cost		Unrealized Gains (Losses)		Aggregate Fair Value
Assets:
U.S. government agency securities	$	19,461	$	29	$	19,490
U.S. treasury securities	10,630		3		10,633
Money market funds	8,026		—		8,026
Corporate bonds	5,649		9		5,658
Certificate of deposit	5,000		—		5,000
Commercial paper	990		(1)		989
Total financial assets	$	49,756	$	40	$	49,796

Debt Securities, Held-to-maturity, Nonaccrual

The maturity dates of the Company’s investments are as follows (in thousands):


	March 31, 2024
Less than one year	$	40,873
1-2 years	8,602
Total	$	49,475

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term, operating lease	4 years 7 months 6 days		4 years 9 months 18 days
Weighted average discount rate, operating lease	10.00%		10.00%
Cash payments	$ 0.2	$ 0.3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (9,403)	$ (9,010)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

INVESTMENTS - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Continue net unrealized loss position	$ 1,700,000	$ 3,700,000
Allowance for credit loss	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Letter of Credit—In conjunction with the execution of the operating lease for the Company’s new headquarter facility, a letter of credit in the amount of $0.4 million was issued and outstanding as of both March 31, 2024 and December 31, 2023. No draws have been made under such letter of credit. Indemnifications—The Company often enters into limited indemnification provisions in license agreements in the ordinary course of the Company’s licensing business. Pursuant to these provisions, which are often inserted into license agreements in the semiconductor IP and software licensing industries, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties up to a capped amount for losses suffered or incurred by such indemnified parties due to third-party claims if such claims are determined to be caused by the Company. The term of these indemnification provisions is generally either for a term of years or perpetual, in each case beginning on the execution date of the agreement. The Company has also agreed to indemnify under indemnity agreements with its directors and officers, to the extent legally permissible, against liabilities 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 officer, other than certain liabilities arising from willful misconduct of the individual. The Company has incurred no actual payment obligations from these above-noted indemnification provisions and director and officer indemnity agreements for three months ended March 31, 2024 and 2023 and the unaudited condensed consolidated financial statements do not include liabilities for any potential indemnity-related obligations as of March 31, 2024 and December 31, 2023. Legal—The Company has been and will continue to be subject to legal proceedings and claims. In the normal course of business, the Company may receive inquiries or become involved in legal disputes regarding such litigation matters. Pursuant to ASC 450, Contingencies, the Company makes a provision for a liability relating to legal matters when it is both probable that a liability has been incurred, and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. In December 2022, the Company received notice of a complaint filed against the Company and another defendant in the semiconductor industry, by Network System Technologies, LLC in the United States District Court for the Western District of Texas, and additional complaints were filed in the Eastern District of Texas against certain companies, including some customers of the Company, asserting among other things patent infringement relating to the Company’s technology seeking damages and injunctive relief. The Company filed a Motion to Dismiss the indirect and willful infringement claims in the Amended Complaint on September 5, 2023 and claim construction hearings, the results of which are pending, in the Western District of Texas. These complaints and claims are complex in subject matter, multiple in number, in varying stages among the courts in which complaints were filed and indeterminate as to the amount of damages sought. The Company continues to vigorously defend itself in respect to these complaints and anticipates an increase in legal expenses to do so. Due to the inherent uncertainties and complex technical issues arising from such intellectual property litigation, the Company cannot predict or guarantee any result of such intellectual property litigation. As with any such litigation of this complexity, the Company cannot comment on the possible final litigation results of ongoing litigation or the risk whether the Company may not prevail in such intellectual property litigation. In addition, such litigation may make it necessary to support or defend the Company or the Company’s customers relating to the claims in the litigation. Further, the ultimate outcome of the litigation, like any litigation, is uncertain and, regardless of outcome, litigation can have an adverse impact on the Company because of defense costs, potential negative publicity, diversion of management resources and other factors, which in turn may have a material adverse impact on the Company’s business, consolidated financial position, results of operations, or cash flows. As intellectual property claims are inherently unpredictable, the Company is currently evaluating whether such matters may have a material adverse effect on the Company’s financial position, results of operations, or cash flows. In addition, significant judgement is required in both the determination of probability and determination as to whether a loss is reasonably estimable. Future revisions to such estimates could materially impact the Company’s results. Accordingly, there can be no assurance that existing or any future legal proceedings for liability estimates arising in the ordinary course of business or otherwise will not have a material adverse effect on the Company’s business, consolidated financial position, results of operations or cash flows. The Company has no material contractual noncancelable commitments as of both March 31, 2024 and December 31, 2023.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable Concentration Risk (Details) - Accounts Receivable - Customer Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	30.00%	0.00%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	15.00%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage		26.00%

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Assets Measured and Recorded at Fair Value on a Non-Recurring Basis

Equity method investments, and certain non-financial assets, such as intangible assets 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 vendor financing arrangements. The carrying value of the vendor financing agreements was $3.1 million and $3.4 million as of March 31, 2024 and December 31, 2023, respectively. The Company’s vendor financing arrangements are classified within Level 2 because these borrowings are not actively traded and have a variable interest rate structure based upon the Company’s incremental borrowing rate. The estimated fair values of these financial instruments approximate their carrying values.

Financial Instruments Recorded at Fair Value on a Recurring Basis

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	As of
	March 31, 2024
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market funds	$	12,226	$	—	$	—	$	12,226
U.S. treasury securities	—		9,952		—		9,952
Total cash equivalents	12,226		9,952		—		22,178
Short-term investments:
Commercial paper	—		1,445		—		1,445
Corporate bonds	—		3,408		—		3,408
U.S. government agency securities	—		10,138		—		10,138
U.S. treasury securities	—		3,704		—		3,704
Total short-term investments	—		18,695		—		18,695
Long-term investments:
Corporate bonds	—		2,233		—		2,233
U.S. government agency securities	—		6,369		—		6,369
Total long-term investments	—		8,602		—		8,602
Total financial assets	$	12,226	$	37,249	$	—	$	49,475


	As of
	December 31, 2023
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents:
Money market funds	$	8,026	$	—	$	—	$	8,026
U.S. treasury securities	—		2,491		—		2,491
Total cash equivalents	8,026		2,491		—		10,517
Short-term investments:
Certificate of deposit	—		5,000		—		5,000
Commercial paper	—		989		—		989
Corporate bonds	—		3,696		—		3,696
U.S. government agency securities	—		9,650		—		9,650
U.S. treasury securities	—		8,142		—		8,142
Total short-term investments	—		27,477		—		27,477
Long-term investments:
Corporate bonds	—		1,962		—		1,962
U.S. government agency securities	—		9,840		—		9,840
Total long-term investments	—		11,802		—		11,802
Total financial assets	$	8,026	$	41,770	$	—	$	49,796

Money market funds are highly liquid investments and are actively traded. The fair value is based on quoted prices for identical assets in active markets and therefore classified as Level 1 of the fair value hierarchy.

The Company’s other investments are considered Level 2 financial instruments as their fair values are determined using inputs that are directly or indirectly observable in active or less active markets. There were no transfers between levels during the three months ended March 31, 2024.

- 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

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	900 E. Hamilton Ave.
Entity Address, Address Line Two	Suite 300
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	Common stock, $0.001 par value
Trading Symbol	AIP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
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		38,479,122
Entity Central Index Key	0001667011
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

BORROWINGS - Schedule of Vendor Financing Arrangements (Details) - Vendor Financing Arrangements $ in Thousands	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Remainder of 2024	$ 1,715
2025	1,089
2026	545
Total undiscounted cash flows	3,349
Less: Imputed interest	(267)
Present value of vendor financing arrangements	3,082
Vendor financing arrangements, current	1,987
Vendor financing arrangements, noncurrent	$ 1,095