0001530979-23-000038 | 10-K | XBRL Viewer

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2022	Mar. 14, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40378
Entity Registrant Name	The Honest Company, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-0750205
Entity Address, Address Line One	12130 Millennium Drive
Entity Address, Address Line Two	#500
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90094
City Area Code	888
Local Phone Number	862-8818
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	HNST
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 188,904,751
Entity Common Stock, Shares Outstanding		93,345,305
Entity Central Index Key	0001530979
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	Portions of the Registrant’s definitive Proxy Statement relating to the 2023 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2022.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers
Auditor Location	Los Angeles, California
Auditor Firm ID	238

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 9,517	$ 50,791
Short-term investments	5,650	42,388
Accounts receivable, net	42,334	31,784
Inventories	115,664	75,668
Prepaid expenses and other current assets	15,982	13,165
Total current assets	189,147	213,796
Operating lease right-of-use asset	29,947
Property and equipment, net	14,327
Property and equipment, net		52,952
Goodwill	2,230	2,230
Intangible assets, net	370	440
Other assets	4,578	3,179
Total assets	240,599	272,597
Current liabilities
Accounts payable	24,755	28,743
Accrued expenses	38,010	19,003
Deferred revenue	815	731
Total current liabilities	63,580	48,477
Long term liabilities
Lease financing obligation, net of current portion		37,527
Operating lease liabilities, net of current portion	29,842
Other long-term liabilities	817	7,487
Total liabilities	94,239	93,491
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value, 20,000,000 shares authorized at December 31, 2022 and 2021, none issued or outstanding as of December 31, 2022 and 2021	0	0
Common stock, $0.0001 par value, 1,000,000,000 shares authorized at December 31, 2022 and 2021; 92,896,736 and 91,512,140 shares issued and outstanding as of December 31, 2022 and 2021, respectively	9	9
Additional paid-in capital	586,213	570,794
Accumulated deficit	(439,830)	(391,656)
Accumulated other comprehensive loss	(32)	(41)
Total stockholders’ equity	146,360	179,106
Total liabilities and stockholders’ equity	$ 240,599	$ 272,597

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	92,896,736	91,512,140
Common stock outstanding (in shares)	92,896,736	91,512,140

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 313,651	$ 318,639	$ 300,522
Cost of revenue	221,336	209,467	192,626
Gross profit	92,315	109,172	107,896
Operating expenses
Selling, general and administrative	87,317	84,059	71,253
Marketing	47,782	54,260	44,478
Research and development	6,996	7,679	5,705
Total operating expenses	142,095	145,998	121,436
Operating loss	(49,780)	(36,826)	(13,540)
Interest and other income (expense), net	871	(1,776)	(837)
Loss before provision for income taxes	(48,909)	(38,602)	(14,377)
Income tax provision	110	77	89
Net loss	$ (49,019)	$ (38,679)	$ (14,466)
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (0.53)	$ (0.43)	$ (0.43)
Diluted (in USD per share)	$ (0.53)	$ (0.43)	$ (0.43)
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic (in shares)	92,201,806	71,126,218	34,075,572
Diluted (in shares)	92,201,806	71,126,218	34,075,572
Other comprehensive income (loss)
Unrealized gain (loss) on short-term investments, net of taxes	$ 9	$ (135)	$ (28)
Comprehensive loss	$ (49,010)	$ (38,814)	$ (14,494)

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			34,033,074
Beginning balance (in shares) at Dec. 31, 2019	49,100,928
Beginning balance at Dec. 31, 2019	$ 376,404
Ending balance (in shares) at Dec. 31, 2020	49,100,928
Ending balance at Dec. 31, 2020	$ 376,404
Beginning balance at Dec. 31, 2019	(230,277)		$ 3	$ 108,109	$ (338,511)		$ 122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(14,466)				(14,466)
Other comprehensive loss	(28)						(28)
Stock options exercised (in shares)			56,112
Stock options exercised	41			41
Stock-based compensation	7,905			7,905
Ending balance (in shares) at Dec. 31, 2020			34,089,186
Ending balance at Dec. 31, 2020	$ (236,825)		$ 3	116,055	(352,977)		94
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			34,089,186
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)	(49,100,928)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ (376,404)
Ending balance (in shares) at Dec. 31, 2021	0
Ending balance at Dec. 31, 2021	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(38,679)				(38,679)
Other comprehensive loss	(135)						(135)
Stock options exercised (in shares)			1,170,803
Stock options exercised	5,730			5,730
Stock-based compensation	16,847			16,847
Vested restricted stock units (in shares)			173,835
Dividends paid	(35,000)			(35,000)
Issuance of common stock pursuant to initial public offering, net of underwriting commissions and discounts and offering costs of $12.2 million (in shares)			6,451,613
Issuance of common stock pursuant to initial public offering, net of underwriting commissions and discounts and offering costs of $12.2 million	91,039		$ 1	91,038
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)			49,649,023
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	376,405		$ 5	376,400
Shares withheld related to net share settlement of equity awards (in shares)			(61,810)
Common stock withheld for tax obligation and net settlement	(567)			(567)
Shares issued under employee stock purchase plan (in shares)			39,490
Shares issued under employee stock purchase plan	291			291
Ending balance (in shares) at Dec. 31, 2021			91,512,140
Ending balance at Dec. 31, 2021	$ 179,106		$ 9	570,794	(391,656)		(41)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-02
Beginning balance (in shares)			91,512,140
Net loss	$ (49,019)				(49,019)
Other comprehensive loss	$ 9						9
Stock options exercised (in shares)	43,556		43,556
Stock options exercised	$ 122			122
Stock-based compensation	15,078			15,078
Vested restricted stock units (in shares)			1,253,348
Shares withheld related to net share settlement of equity awards (in shares)			(8,050)
Common stock withheld for tax obligation and net settlement	(37)			(37)
Shares issued under employee stock purchase plan (in shares)			95,742
Shares issued under employee stock purchase plan	256			256
Ending balance (in shares) at Dec. 31, 2022			92,896,736
Ending balance at Dec. 31, 2022	$ 146,360	$ 845	$ 9	$ 586,213	$ (439,830)	$ 845	$ (32)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			92,896,736

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends paid (in USD per share) \| $ / shares	$ 0.42
Underwriting commissions, discounts, and offering costs \| $	$ 12.2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (49,019)	$ (38,679)	$ (14,466)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,753	4,146	4,854
Stock-based compensation	15,078	16,847	7,905
Other	6,345	311	166
Changes in assets and liabilities:
Accounts receivable, net	(10,550)	(8,989)	1,461
Inventories	(39,996)	1,001	(24,129)
Prepaid expenses and other assets	(4,358)	(6,114)	(1,496)
Accounts payable, accrued expenses and other long-term liabilities	10,396	(6,691)	13,748
Deferred revenue	83	14	(109)
Operating lease liabilities	(7,007)
Net cash used in operating activities	(76,275)	(38,154)	(12,066)
Cash flows from investing activities
Purchases of short-term investments	(12,782)	(65,267)	(22,462)
Proceeds from sales of short-term investments	0	27,394	5,830
Proceeds from maturities of short-term investments	49,362	29,470	53,528
Purchases of property and equipment	(1,617)	(220)	(200)
Net cash provided by (used in) investing activities	34,963	(8,623)	36,696
Cash flows from financing activities
Proceeds from initial public offering, net of underwriting commissions and discounts	0	96,517	0
Dividends paid	0	(35,000)	0
Proceeds from exercise of stock options	122	5,730	41
Payment of initial public offering costs	0	(5,477)	0
Taxes paid related to net share settlement of equity awards	(37)	(567)	0
Proceeds from ESPP	256	291	0
Payments on finance lease liabilities	(303)
Payments on finance lease liabilities		(1,126)	(1,014)
Net cash provided by (used in) financing activities	38	60,368	(973)
Net (decrease) increase in cash, cash equivalents and restricted cash	(41,274)	13,591	23,657
Cash, cash equivalents and restricted cash
Beginning of the period	50,791	37,200	13,543
End of the period	9,517	50,791	37,200
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	9,517	50,791	29,259
Restricted cash, current	0	0	1,752
Restricted cash, non-current	0	0	6,189
Total cash, cash equivalents and restricted cash	9,517	50,791	37,200
Supplemental disclosures of cash flow information
Cash paid during the period for interest	8	1,797	1,844
Cash paid during the period for income taxes	101	76	102
Supplemental disclosures of noncash activities
Equipment acquired under capital lease obligations		123	71
Deferred IPO costs included in accounts payable and accrued expenses	0	0	533
Capital expenditures included in accounts payable and accrued expenses	$ 54	$ 33	$ 44

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business The Honest Company, Inc. (the “Company”) was incorporated in the State of California on July 19, 2011 and on May 23, 2012 was re-incorporated in the State of Delaware under the same name. The Company is a digitally-native consumer products company born in the Gen Z era to make purpose-driven consumer products designed for all people. The Company sells its products through digital and retail sales channels in the following product categories: Diapers and Wipes, Skin and Personal Care, and Household and Wellness. Initial Public Offering The Company’s registration statement on Form S-1 (“IPO Registration Statement”) related to its initial public offering (“IPO”) was declared effective on May 4, 2021, and the Company’s common stock began trading on the Nasdaq Global Select Market on May 5, 2021. On May 7, 2021, the Company completed its IPO of 25,807,000 shares of the Company's common stock, $0.0001 par value per share at an offering price of $16.00 per share. The Company sold 6,451,613 shares and certain existing stockholders sold an aggregate of 19,355,387 shares. The Company received aggregate net proceeds of approximately $91.0 million after deducting underwriting discounts and commissions of $6.7 million and other offering expenses of $5.5 million. The Company granted the underwriters an option for a period of 30 days to purchase up to an additional 3,871,050 shares of common stock from the selling stockholders at $16.00 per share less the underwriting discounts and commissions. In May 2021, the underwriters fully exercised the option to purchase these additional shares from the selling stockholders. The Company did not receive any proceeds from the sale of shares of its common stock by the selling stockholders. Upon completion of the IPO, the Company paid $9.5 million in cash bonuses to certain employees including members of management, as well as $0.2 million in related payroll taxes and expenses. Cash bonuses of $9.1 million were recorded in sales, general and administrative expenses and $0.4 million were recorded in research and development expenses in the accompanying consolidated statements of comprehensive loss upon completion of the IPO. In April 2021, the Company's board of directors declared a cash dividend of $35.0 million to the holders of record of its common stock and its redeemable convertible preferred stock as of May 3, 2021, which the Company paid on June 29, 2021 Immediately prior to the completion of the IPO, the Company filed an Amended and Restated Certificate of Incorporation, which authorized a total of 1,000,000,000 shares of common stock and 20,000,000 shares of preferred stock. Upon the filing of the Amended and Restated Certificate of Incorporation, 49,100,928 shares of the Company’s redeemable convertible preferred stock then outstanding with a carrying value of $376.4 million were automatically converted into 49,649,023 shares of the Company’s common stock. Upon completion of the IPO, the Company recognized a gain on extinguishment of the redeemable convertible preferred stock for earnings per share purposes of $29.0 million from the conversion of redeemable convertible preferred stock to common stock. Following the completion of the IPO, the Company has one class of authorized and outstanding common stock. See Note 10 "Redeemable Convertible Preferred Stock and Stockholders’ Deficit" for more information on the Company’s redeemable convertible preferred stock as of December 31, 2020.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries after elimination of intercompany transactions and balances.

Stock Split

In April 2021, the Company effected a 1-for-2 forward stock split of its common and redeemable convertible preferred stock. In connection with the forward stock split, each issued and outstanding share of common stock, automatically and without action on the part of the holders, became two shares of common stock and each issued and outstanding share of redeemable convertible preferred stock, automatically and without action on the part of the holders, became two shares of redeemable convertible preferred stock. The par value per share of common and redeemable convertible preferred stock was not adjusted. All share, per share and related information presented in the consolidated financial statements and accompanying notes have been retroactively adjusted, where applicable, to reflect the impact of the stock split.

Segment Reporting and Geographic Information

The Company’s Chief Executive Officer, as the chief operating decision maker, organizes the Company, manages resource allocations, and measures performance on the basis of one operating segment. All of the Company’s long-lived assets are located in the United States and substantially all of the Company’s revenue is from customers located in the United States.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s estimates, which are subject to varying degrees of judgment, include the valuation of inventories, sales returns and allowances, allowances for doubtful accounts, valuation of short-term investments, capitalized software, useful lives associated with long-lived assets, incremental borrowing rates associated with leases, valuation allowances with respect to deferred tax assets, accruals and contingencies, recoverability of non-cash marketing credits, recoverability of goodwill and long-lived assets, and the valuation and assumptions underlying stock-based compensation and for the periods prior to the Company's IPO, the fair value of common stock. On an ongoing basis, the Company evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.

In March 2020, the World Health Organization declared the outbreak of the novel coronavirus disease (“COVID-19”) a pandemic. The full extent to which the outbreak of the COVID-19 pandemic and any COVID-19 variants will impact the Company’s business, results of operations and financial condition is still unknown and will depend on future developments, which are uncertain and cannot be predicted, including, but not limited to, the duration and spread of the COVID-19 outbreak and its variants, their severity, the actions to contain the virus and its variants or treat their impact, and how quickly and to what extent normal economic and operating conditions can resume.

In light of the unknown ultimate duration and severity of COVID-19 and the impact of any COVID-19 variants, the Company faces a greater degree of uncertainty than normal in making certain judgments and estimates needed to apply significant accounting policies. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information in context with the information reasonably available to the Company as of December 31, 2022 and through the date these consolidated financial statements were issued. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s consolidated financial statements in future periods. For example, based on macro trends within our Household and Wellness product category, consumer demand for sanitizing and disinfecting products has decelerated at a more rapid than expected rate as more consumers are vaccinated and retailers continue to manage heavy inventories of sanitization and disinfecting products in stores. The Company recorded an inventory write-down, inclusive of overhead costs and tariffs, of $4.3 million and $5.6 million, during the year ended December 31, 2022 and 2021, respectively, relating to certain sanitization and disinfecting products as the amount of inventory was significantly in excess of the decreasing demand. Included in these inventory write-down is $1.0 million and $0.7 million of Company earmarked donations of excess sanitization products during the year ended December 31, 2022 and 2021, respectively, which is included in selling, general and administrative expense on the consolidated statements of comprehensive loss. The amount of excess sanitization products donated in future periods may differ from those earmarked for donations. The Company will continue to monitor and evaluate the uncertainty and volatility of these conditions, in particular, the impact on the amount and valuation of the Company’s inventory in the future.

Cash and Cash Equivalents

Cash equivalents consist of short-term, highly liquid investments with stated maturities of three months or less from the date of purchase. Cash equivalents comprise amounts invested in money market funds.

Investments

Investments consist of highly liquid investments in debt securities. Investments comprises commercial paper, certificates of deposit, corporate bonds and U.S. government and agency securities, which are classified as available-for-sale investments. The Company includes its available-for-sale investments in current assets because the securities represent investments of cash available for current operations. Available-for-sale investments are recorded at fair value, which is based on quoted market prices for such securities, if available, or is estimated on the basis of quoted market prices of financial instruments with similar

characteristics. Unrealized holding gains and losses are excluded from earnings and are reported as a component of comprehensive loss. Realized gains or losses are recorded in interest and other income (expense), net.

The Company evaluates the potential impairment through review of unrealized losses associated with its investments to determine if the impairment is “temporary” or “other-than-temporary.” A “temporary” unrealized loss is recorded in the accumulated other comprehensive loss component of stockholders’ deficit. Such an unrealized loss does not reduce net income for the applicable accounting period because the loss is not viewed as “other-than-temporary”. If the impairment is determined to be “other-than-temporary” the loss is recorded as an impairment charge in the period any such determination is made. The factors evaluated to differentiate between “temporary” and “other-than-temporary” include the projected future cash flows, credit rating actions, and assessment of the credit quality of the underlying collateral, as well as other factors.

Concentrations

Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. The Company places its cash with high credit quality financial institutions, which typically exceed federally insured limits. The Company invests its excess cash primarily in highly rated money market funds and short-term debt instruments, diversifies its investments and, by policy, invests only in highly rated securities to minimize credit risk.

The Company’s customers that accounted for 10% or more of total accounts receivable, net, were as follows:


	As of December 31,
	2022		2021
Customer A	44	%	48	%
Customer B	15	%	24	%

The Company’s customers that accounted for 10% or more of total revenue were as follows:


	For the Year Ended December 31,
	2022		2021		2020
Customer A	31	%	28	%	23	%
Customer B	19	%	22	%	22	%

The Company currently buys all of its diapers from one supplier. Additionally, the Company currently buys substantially all of its wipes from one supplier. Management believes that other suppliers could provide similar products on reasonable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible inventory shortage and loss of revenue, which would adversely affect the Company's operations.

Accounts Receivable

Sales made to consumers through the Company’s Honest.com website are conducted with credit cards, and the Company records its credit card sales in transit as accounts receivable at selling price less applicable deductions. The Company also extends credit in the normal course of business to its third-party ecommerce customers and retailers and performs credit evaluations on a case-by-case basis. The Company does not obtain collateral or other security related to its accounts receivable.

Accounts receivable is presented net of allowances. The Company does not accrue interest on its trade receivables. On a periodic basis, the Company evaluates accounts receivable estimated to be uncollectible, and provides allowances as necessary for doubtful accounts. The allowance for doubtful accounts was $0.5 million and $0.2 million, respectively, as of December 31, 2022 and 2021.

Inventories

Inventories consist of finished goods and are stated at the lower of cost or estimated net realizable value. Cost is computed based on weighted average historical costs. The Company allocates certain overhead costs to the carrying value of its finished goods. The carrying value of inventories is reduced for any excess and obsolete inventory. Excess and obsolete inventory reductions are determined based on assumptions about future demand and sales prices, estimates of the impact of competition, and

the age of inventory. If actual conditions are less favorable than those previously estimated by management, additional inventory write-downs could be required.

Property and Equipment, Net

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Repairs and maintenance costs are expensed as incurred. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation are removed from the respective accounts and any resulting gain or loss is reflected in the consolidated statements of comprehensive loss. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the assets as follows:


Machinery and equipment						3-20 years
Computer and office equipment						3-5 years
Capitalized software and website development costs						1-5 years
Furniture and fixtures						3-5 years
Building						40 years
Leasehold improvements						Lesser of the estimated useful life or the remaining lease term

Deferred IPO Costs

Deferred offering costs consisted of costs incurred in connection with the sale of the Company’s common stock in its IPO, including certain legal, accounting, and other IPO-related expenses. Immediately upon the completion of the Company's IPO, deferred offering costs of $5.5 million were reclassified into stockholders’ equity from other assets as a reduction from the proceeds of the offering.

Leases

Beginning with the year ended December 31, 2022, the Company accounts for leases in accordance with Accounting Standards Codification No. 842, Leases (“ASC 842”). The Company’s lease portfolio includes both real estate and non-real estate type leases which are accounted for as either finance or operating leases. Real estate leases generally include office and warehouse facilities and non-real estate leases generally include office equipment and machinery. The Company determines if a contract is or contains a lease at inception. The Company’s leases have remaining lease terms of less than one to six years. Renewal options that are deemed reasonably certain are included as part of the lease term for purposes of calculating the right-of-use ("ROU") assets and lease liability. The Company elected the practical expedient to not separate lease and non-lease components, as such non-lease components are included in the calculation of the ROU asset and lease liability and included in the lease expense over the term of the lease. As most of the Company's leases do not contain an implicit interest rate, the Company uses judgement to determine an incremental borrowing rate to use at lease commencement.

Operating lease ROU assets and lease liabilities are recorded on the date the Company takes possession of the leased assets with expense recognized on a straight-line basis over the lease term. Leases with an estimated total term of 12 months or less are not recorded on the balance sheet and the lease expense is recognized on a straight-line basis over the lease term. Deferred rent represented the difference between rent amounts paid and amounts recognized as straight-line expense. The excess of straight-line rent expense over lease payments due was recorded as a deferred rent liability in accrued expenses, for the current portion, and other long-term liabilities, for the noncurrent portion, in the consolidated balance sheets. With the adoption of ASC 842, deferred rent is no longer recorded. As of December 31, 2021, the Company recorded deferred rent liabilities of $1.0 million in accrued expenses and $7.4 million in other long-term liabilities. Generally, the Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants.

Capitalized Software and Website Development Costs

The Company accounts for its internal-use software costs and website development costs in accordance with ASC No. 350-40, Internal-Use Software, and ASC No. 350-50, Website Development Costs, respectively. The Company capitalizes costs to purchase and develop its websites and internal-use software and amortizes such costs on a straight-line basis over the estimated useful life of the software once it is available for its intended use. Capitalization of internal-use costs begins when the preliminary project stage is completed, management with the relevant authority authorizes and commits to the funding of the project, and it is probable that the project will be completed and will be used to perform the function intended. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Capitalized internal-use software and

website development costs, including purchased software, is recorded in property and equipment, net in the consolidated balance sheets.

For cloud-computing service arrangements, the Company capitalizes implementation costs consistent with internal-use software costs. Such capitalized costs are included within prepaid expenses and other current assets, for the current portion, and other assets, for the noncurrent portion, in the consolidated balance sheets and are expensed on a straight-line basis over the term of the service arrangement as selling, general and administrative expense. Capitalized implementation costs from cloud computing service arrangements was $1.0 million, net of $1.8 million of accumulated amortization as of December 31, 2022 and $0.9 million, net of $1.2 million of accumulated amortization as of December 31, 2021.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized but evaluated for impairment at least annually at the reporting unit level or whenever events or changes in circumstances indicate that the value may not be recoverable. Events or changes in circumstances which could trigger an impairment review include significant adverse changes in legal factors or in the business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner in which the Company uses the acquired assets or the strategy for the Company’s overall business, significant industry or economic trends, or significant underperformance relevant to expected historical or projected future results of operations.

Goodwill is assessed for possible impairment by performing a qualitative analysis to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if the Company concludes otherwise, then the Company is required to perform the first of a two-step impairment test.

The first step involves comparing the estimated fair value of a reporting unit with its respective book value, including goodwill. If the estimated fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. If, however, the fair value of the reporting unit is less than its book value, then the carrying amount of the goodwill is compared with its implied fair value. The estimate of implied fair value of goodwill may require valuations of certain internally generated and unrecognized intangible assets. If the carrying amount of goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. The Company tests goodwill for impairment annually at October 31. The Company performed its annual goodwill impairment test as of October 31, 2022 and no impairment was identified.

Intangible Assets, Net

Intangible assets are stated at cost, net of accumulated amortization. Intangible assets consist of tradenames and domain names. Tradenames and domain names are amortized on a straight-line basis, which approximates the pattern in which the economic benefits are consumed, over the estimated useful lives of the assets of 15 years.

Impairment of Long-Lived Assets

The Company assesses the carrying value of its long-lived assets, consisting primarily of property and equipment and intangible assets, when there is evidence that events or changes in circumstances indicate that the carrying value of an asset or group of assets may not be recoverable. Such events or changes in circumstances may include a significant decrease in the market price of a long-lived asset, a significant change in the extent or manner in which an asset is used, a significant change in legal factors or in the business climate, a significant deterioration in the amount of revenue or cash flows expected to be generated from a group of assets, a current expectation that, more likely than not a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life, or any other significant adverse change that would indicate that the carrying value of an asset or group of assets may not be recoverable. The Company performs impairment testing at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable and the expected undiscounted future cash flows attributable to the asset group are less than the carrying amount of the asset group, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded.

Income Taxes

Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and

tax basis of assets and liabilities and are measured using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates or tax law on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

A valuation allowance is provided on deferred tax assets when it is determined that it is more likely than not that some portion or all of the net deferred tax assets will not be realized.

The Company recognizes the tax benefit from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to income tax matters in income tax expense.

Foreign Currency Transactions

The Company records foreign currency gains or losses in other income, net in the consolidated statements of comprehensive loss, related to transactions denominated in currencies other than the U.S. dollar. During the years ended December 31, 2022, 2021 and 2020, realized and unrealized foreign currency (losses) and gains, net were $(0.2) million, $(0.1) million and $0.1 million, respectively.

Contingent Liabilities

If a potential loss contingency is considered probable, and the amount can be reasonably estimated, the Company accrues a liability for an estimated loss. If the reasonable estimate of the loss is a range and no amount within the range is a better estimate, the minimum amount of the range is recorded as a liability. The Company does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible. However, if the Company determines that a contingent loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the consolidated financial statements. Legal costs are expensed as incurred.

Stock-Based Compensation

The Company recognizes stock-based compensation expense for employees and non-employees based on the grant-date fair value of stock award over the applicable service period. For awards that vest based on continued service, stock-based compensation cost is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For awards with performance vesting conditions, stock-based compensation cost is recognized on a graded vesting basis over the requisite service period when it is probable the performance condition will be achieved. The grant date fair value of restricted stock awards that contain service vesting conditions is estimated based on the fair value of the underlying shares on grant date, with a cumulative adjustment for the portion of the service period that occurred for the period prior to the performance condition becoming probable of being achieved.

For awards that contain service, performance or a combination of both vesting conditions, the grant date fair value of restricted stock award is estimated based on the fair value of the underlying shares on grant date while the Black-Scholes option-pricing model is used to estimate the grant date fair value of stock option awards.

For stock option awards that contain service, performance and market vesting conditions, where the performance condition is an initial public offering or a change in control event, performance condition is not probable of being achieved for accounting purposes until the event occurs. Thereafter, stock-based compensation expense is recognized when the event occurs even if the market condition was not or is not achieved, provided the employee continues to satisfy the service condition.

The Monte Carlo simulation model is used to estimate the fair value of stock options that have market vesting conditions. Determining the fair value of stock option awards requires judgment and the assumptions used in the option-pricing models require the input of subjective assumptions which are as follows:

• Fair value - Prior to the Company's IPO, the fair value of the common stock underlying the Company’s stock-based awards was determined by the Company’s Board of Directors (the “Board”). The Company’s Board determined the common stock fair value at the stock option grant date by considering several objective and subjective factors, including the price paid for its common and preferred stock, actual and forecasted operating and financial performance, market conditions and performance of comparable publicly traded companies, developments and milestones within the Company, the rights, preferences, and privileges of its common and preferred stock, and the likelihood of achieving a liquidity event. Subsequent to the Company's IPO, the fair value of the Company's common stock is determined based on the closing stock price on the date of grant.

• Expected volatility - Expected volatility is based on historical volatilities of a publicly traded peer group based on weekly price observations over a period equivalent to the expected term of the stock option grants.

• Expected term - For stock options with only service vesting conditions the expected term is determined using the simplified method, which estimates the expected term using the contractual life of the option and the vesting period. For stock options with performance or market conditions, the term is estimated in consideration of the time period expected to achieve the performance or market condition, the contractual term of the award, and estimates of future exercise behavior.

• Risk-free interest rate - The risk-free interest rate is based on the U.S. Treasury yield of treasury bonds with a maturity that approximates the expected term of the options.

• Expected dividend yield - The dividend yield is based on the Company’s current expectations of dividend payouts. The Company has never declared or paid any cash dividends on its common stock, and the Company does not anticipate paying any cash dividends in the foreseeable future.

The determination of stock-based compensation cost is inherently uncertain and subjective and involves the application of valuation models and assumptions requiring the use of judgment. If the Company had made different assumptions, its stock-based compensation expense and its net loss could have been significantly different.

New shares are issued from authorized shares of common stock upon the exercise of stock options.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs when available:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Valuations are based on inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Fair value is based on quoted market prices, if available. If listed prices or quotes are not available, fair value is based on internally developed models that primarily use market-based or independently sourced market parameters as inputs. Cash equivalents, consisting primarily of money market funds, represent highly liquid investments with maturities of three months or less at purchase. Market prices, which are Level 1 in the fair value hierarchy, are used to determine the fair value of the money market funds. Investments in debt securities are measured using broker provided indicative prices developed using observable market data, which are considered Level 2 in the fair value hierarchy. Certain assets, including long-lived assets, goodwill and intangible assets are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review. The fair value is measured using Level 3 inputs in the fair value hierarchy.

Revenue Recognition

The Company sells its products through digital and retail sales channels in the following product categories: Diapers and Wipes, Skin and Personal Care, and Household and Wellness. The digital sales channel includes direct-to-consumer sales through the Company’s website and sales to third-party ecommerce customers, who resell the Company’s products through their own online platforms. The retail sales channel includes sales to traditional brick and mortar retailers, who may also resell the Company’s products through their own online platforms.

The Company accounts for revenue contracts with customers by applying the following steps in accordance with ASC No. 606, Revenue from Contracts with Customers:

• Identification of the contract, or contracts, with a customer

• Identification of the performance obligations in the contract

• Determination of the transaction price

• Allocation of the transaction price to the performance obligations in the contract

• Recognition of revenue when, or as, the Company satisfies a performance obligation

The Company elected as an accounting policy to record all shipping and handling costs as fulfillment costs. The Company accrues the cost of shipping and handling and recognizes revenue and costs at the point in time that control of the goods transfers to the customer.

Direct-to-Consumer

For direct sales to the consumer through the Company’s website, the Company’s performance obligation consists of the sale of finished goods to the consumer. Consumers may purchase products at any time or enter into subscription arrangements. Consumers place orders online in accordance with the Company’s standard terms and conditions and authorize payment when the order is placed. Credit cards are charged at the time of shipment. For subscription arrangements, consumers sign up to receive products on a periodic basis. Subscriptions are cancellable at any time without penalty, and no amounts are collected from the consumer until products are shipped. Revenue is recognized when transfer of control to the consumer takes place which is when the product is delivered to the carrier. Sales taxes collected from consumers are accounted for on a net basis and are excluded from revenue.

Consumers may purchase gift cards, which are recorded as deferred revenue at the time of purchase. The Company recognizes revenue when these gift cards are redeemed for products and the revenue recognition criteria as described above have been met. For the year ended December 31, 2022 and 2021, revenue recognized from the use of gift cards was $0.8 million and $0.9 million, respectively. For the year ended December 31, 2020 revenue recognized from the use of gift cards was not material. As of December 31, 2022 and 2021, deferred revenue related to gift card purchases was $0.8 million and $0.7 million, respectively.

Retail and Third-Party Ecommerce

For retail and third-party ecommerce sales, the Company’s performance obligation consists of the sale of finished goods to retailers and third-party ecommerce customers. Revenue is recognized when control of the promised goods is transferred to those customers at time of shipment or delivery, depending on the contract terms. After the completion of the performance obligation, the Company has the right to consideration as outlined in the contract. Payment terms vary among the retail and third-party ecommerce customers although terms generally include a requirement of payment within 30 to 45 days of product shipment.

Sales Returns and Allowances

For direct-to-consumer, retail, and third-party ecommerce sales, the Company records estimated sales returns in the same period that the related revenue is recorded. The Company uses the expected value method to estimate returns, taking into consideration assumptions of demand based on historical data and historical returns rates. When estimating returns, the Company also considers future business initiatives and relevant anticipated future events. Estimated sales returns and ultimate losses may vary from actual results, which could be material to the consolidated financial statements. The estimated sales returns allowance is recorded as a reduction of revenue.

For direct-to-consumer, retail and third-party ecommerce sales, the Company offers credits in the form of discounts, which are recorded as reductions in revenue and are allocated to products on a relative basis based on their respective standalone selling price.

For retail and third-party ecommerce sales, the Company routinely commits to one-time or ongoing sales incentive programs with its customers that may require the Company to estimate and accrue the expected costs of such programs, including trade promotion activities and contractual allowances. The Company records these programs as a reduction to revenue unless it receives a distinct benefit in exchange for credits claimed by the customer and can reasonably estimate the fair value of the benefit received, in which case the Company records it as a marketing expense. The Company recognizes a liability or a reduction to accounts receivable, and reduces revenue based on the estimated amount of credits that will be claimed by customers. An allowance is recorded as a reduction to accounts receivable if the customer can deduct the program amount from outstanding invoices.

Estimates for these sales incentive programs are developed using the most likely amount and are included in the transaction price to the extent that a significant reversal of revenue would not result once the uncertainty is resolved. In developing its estimate, the Company uses historical analysis and contractual rates in determining the accruals for these activities. The Company also considers the susceptibility of the incentive to outside influences, the length of time until the uncertainty is

resolved and the Company’s experience with similar contracts. Judgment is required to determine the timing and amount of recognition of sales incentive program accruals which the Company estimates based on past practice with similar arrangements.

The following table summarizes the changes in the allowance for sales incentive programs for retail and third-party ecommerce customers:


	For the year ended December 31,
(In thousands)	2022		2021		2020
Beginning balance	$	6,494	$	8,207	$	8,428
Charged to revenue	48,962		47,290		35,465
Charged to selling, general and administrative expense	550		—		—
Charged to marketing expense	12,541		16,150		10,906
Utilization of accrual for trade promotions	(61,954)		(65,153)		(46,592)
Reclassification to prepaid expenses and other current assets/accrued expenses	(197)		—		—
Ending balance	$	6,396	$	6,494	$	8,207

At December 31, 2022 and 2021, $5.8 million and $6.1 million, respectively, of the ending allowance balances were recorded as a reduction to accounts receivable.

Contract Assets

There are no material assets related to incremental costs to obtain or fulfill customer contracts.

Cost of Revenue

Cost of revenue includes the purchase price of merchandise sold to customers, inbound and outbound shipping and handling costs, freight and duties, shipping and packaging supplies, credit card processing fees and warehouse fulfillment costs incurred in operating and staffing warehouses, including rent. Cost of revenue also includes depreciation and amortization, allocated overhead and direct and indirect labor for warehouse personnel.

Selling, General and Administrative

Selling, general and administrative expenses consist primarily of personnel costs, principally for our selling and administrative functions. These include personnel-related expenses, including salaries, bonuses, benefits and stock-based compensation expense. Selling, general and administrative expenses also include technology expenses, professional fees, facility costs, including insurance, utilities and rent relating to our headquarters, depreciation and amortization, and overhead costs.

Marketing

Marketing expenses includes costs related to the Company’s branding initiatives, retail customer marketing activities, point of purchase displays, targeted online advertising through sponsored search, display advertising, email marketing campaigns, market research, content production and other public relations and promotional initiatives.

Advertising costs are expensed as incurred. Media production costs are expensed the first time the advertisement is aired. Deferred advertising costs consist mainly of point of purchase displays that are specifically branded for the Company’s products and provided to retailers in order to facilitate the marketing of the Company’s products within retail stores. The point of purchase display costs are capitalized as deferred advertising costs and charged to marketing expense over the expected period of benefit, which generally ranges from one to three years. As of December 31, 2022 and 2021, the current portion of deferred advertising costs was $1.6 million and $1.0 million, respectively, which is included in prepaid expenses and other current assets. As of December 31, 2022 and 2021, the noncurrent portion of deferred advertising costs was immaterial and $0.1 million, respectively, which is included in other assets. Advertising expense was $44.8 million, $49.2 million and $41.1 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Research and Development

Research and development expenses relate to costs incurred for the development of new products, improvement in the quality of existing products and the development and implementation of new technologies to enhance the quality and value of products. Research and development expenses consist primarily of personnel-related expenses, including salaries, bonuses, benefits and stock-based compensation expense. Research and development expenses also include allocated depreciation and amortization and overhead costs. The Company expenses research and development costs in the period they are incurred.

Recent Accounting Pronouncements

As an “emerging growth company,” the Jumpstart Our Business Startups Act, allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.

Recently Adopted Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No 2016-02, Leases (Topic 842), as subsequently amended, collectively codified under Topic 842. Topic 842 requires lessees to recognize on the balance sheet assets and liabilities for leases with lease terms of more than twelve months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike prior guidance which requires only capital leases to be recognized on the balance sheet, the new ASU requires both types of leases to be recognized on the balance sheet. ASU 2016-02 was effective for public business entities for fiscal years beginning after December 15, 2018. In June 2020, FASB issued ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) – Effective Dates for Certain Entities, which extended the effective date of this guidance for certain non-public entities for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted.

The Company adopted this guidance on January 1, 2022 on a modified retrospective basis under ASU 2018-11. As such, prior periods were not respectively adjusted. The Company also elected the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following:

(i) whether any expired or existing contracts contain leases;

(ii) the lease classification for any expired or existing leases; and

(iii) initial direct costs for any existing leases.

The Company made an accounting policy election to not recognize lease assets and lease liabilities for leases in all asset classes with lease terms less than twelve months. The Company recognizes lease expense for such leases generally on a straight-line basis over the lease term. The Company also elected to combine lease and non-lease components on its leases into a single lease component.

Upon adoption of this guidance on January 1, 2022, the Company recognized $36.1 million in right of use assets ("ROU"), and corresponding lease liabilities of $37.5 million, net of the current portion of lease liability of $7.0 million, on its consolidated balance sheet. In addition, the Company recognized a decrease to assets and liabilities of $37.6 million and $38.4 million, respectively, and a decrease to the beginning accumulated deficit of $0.8 million, as a result of the derecognition of its build-to-suit arrangement that was reassessed to be an operating lease under the new guidance. The adoption of this guidance did not have a material impact on the Company's consolidated statements of comprehensive loss or the consolidated statements of cash flows. Refer to Note 16, "Leases" included in these consolidated financial statements for more information on leases.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASC 740"). This standard simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740 as well as by improving consistent application of the topic by clarifying and amending existing guidance. For public business entities, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The adoption of ASC 740 did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements – Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, to amend the accounting for credit losses for certain financial instruments. This guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. In November 2019, FASB issued ASU No. 2019-10 which delayed the effective dates of the guidance. This guidance is effective for public business

entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies (“SRC”) for fiscal years beginning after December 15, 2019 and all other entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not expect the adoption of ASC 326 to have a material impact on the Company’s consolidated financial statements.

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue


Revenue by sales channel:	For the year ended December 31,
		2022		2021		2020
(In thousands)
Digital		$	141,403	$	157,546	$	166,733
Retail		172,248		161,093		133,789
Total revenue		$	313,651	$	318,639	$	300,522


Revenue by product category:	For the year ended December 31,
		2022		2021		2020
(In thousands)
Diapers and Wipes		$	200,429	$	200,923	$	188,452
Skin and Personal Care		89,316		101,697		79,542
Household and Wellness		23,906		16,019		32,528
Total revenue		$	313,651	$	318,639	$	300,522

Non-Monetary Transactions

During the years ended December 31, 2022 and 2021, the Company entered into trade agreements with a vendor to exchange excess inventory for future marketing and transportation credits. The Company recognized revenue reflecting the fair value of the marketing and transportation credits, with the corresponding asset included in prepaid expenses and other current assets and other assets in the accompanying consolidated balance sheets. The Company may use the marketing and transportation credits over four years from the date of the respective agreement, with an option to extend for another two years if agreed upon by both parties. For the years ended December 31, 2022 and 2021, the Company recognized $3.2 million and $4.2 million, respectively, of revenue and $1.7 million and $2.2 million, respectively, of associated cost of revenue based on timing of delivery of goods. The Company assesses the recoverability of the marketing and transportation credits periodically. Factors considered in evaluating the recoverability include management’s history of credit usage and future plans with respect to advertising, freight and other services for which these credits can be used. Any impairment losses are charged to operations as they become determinable. During the years ended December 31, 2022 and 2021, the Company recorded no impairment losses related to these credits and used an aggregate of $1.4 million and $0.4 million, respectively, of credits.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets consisted of the following:


	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
(in thousands)
Tradenames	$	770	$	(489)	$	281
Domain names	287		(198)		89
Total intangible assets, net	$	1,057	$	(687)	$	370


	As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
(in thousands)
Tradenames	$	770	$	(438)	$	332
Domain names	287		(179)		108
Total intangible assets, net	$	1,057	$	(617)	$	440

As of December 31, 2022 and 2021, the weighted average remaining useful lives for tradenames and domain names was 6.2 years and 4.8 years, respectively, and 7.1 years and 5.8 years, respectively.

Amortization expense was $0.1 million for each of the years ended December 31, 2022, 2021 and 2020, respectively. Estimated future amortization expense for each of the following five years ending December 31 and thereafter is as follows:


(in thousands)
2023	$	70
2024	70
2025	70
2026	70
2027	70
Thereafter	20
	$	370

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment consisted of the following:


	As of December 31,
	2022		2021
(in thousands)
Machinery and equipment	$	12,198	$	12,064
Computer and office equipment	1,794		1,461
Capitalized software	5,989		4,906
Furniture and fixtures	4,334		4,304
Leasehold improvements	15,839		15,839
Building(1)	—		42,146
	40,154		80,720
Accumulated depreciation and amortization	(25,827)		(27,768)
Total property and equipment, net	$	14,327	$	52,952

__________

(1) As part of the adoption of ASC 842 the build-to-suit arrangement was derecognized.

For each of the years ended December 31, 2022, 2021 and 2020, depreciation of equipment under capital lease obligations was $0.3 million, $0.4 million and $0.3 million, respectively. See Note 2 "Summary of Significant Accounting Policies" and Note 16 "Leases" for more information on the adoption of ASC 842.

Total depreciation and amortization expense for property and equipment, inclusive of depreciation expense for equipment under capital lease obligations consisted of the following:


	For the year ended December 31,
	2022		2021		2020
(In thousands)
Cost of revenues	$	1,013	$	2,198	$	2,295
Research and development	195		186		251
Selling, general and administrative	1,474		1,697		2,237
Total depreciation and amortization expense	$	2,682	$	4,081	$	4,783

Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

As of December 31, 2022 and 2021, all investments in debt securities are classified as available-for-sale investments. All investments are reported within current assets because the securities represent investments of cash available for current operations. As of December 31, 2022 and 2021, the Company held $5.7 million and $36.4 million, respectively, of investments with contractual maturities of less than one year. As of December 31, 2022, the Company did not have any investments with contractual maturities between one and two years. As of December 31, 2021, the Company held $6.0 million of investments with contractual maturities between one and two years. Available-for-sale investments are recorded at fair value, and unrealized holding gains and losses are recorded as a component of other comprehensive income (loss).

The following table summarizes the Company’s available-for-sale investments:


	As of December 31, 2022
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
(In thousands)
Corporate bonds	$	3,216	$	—	$	(24)	$	3,193
Commercial paper	582		—		—		582
Certificates of deposit	1,884		—		(9)		1,875

Total investments	$	5,682	$	—	$	(33)	$	5,650


	As of December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
(In thousands)
Corporate bonds	$	18,605	$	—	$	(28)	$	18,577

Certificates of deposit	17,099		—		(5)		17,095
U.S. government and agency securities	6,725		—		(9)		6,716
Total investments	$	42,429	$	—	$	(42)	$	42,388

Realized gains and losses on investments in debt securities for the years ended December 31, 2022, 2021 and 2020 were immaterial.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements Financial assets measured and recorded at fair value on a recurring basis consist of the following as of:


	December 31, 2022
	Level 1		Level 2		Level 3		Total
(In thousands)
Cash equivalents
Money market funds	$	9,595	$	—	$	—	$	9,595


Total cash equivalents	9,595		—		—		9,595
Short-term investments
Corporate bonds	—		3,193		—		3,193
Commercial paper	—		582		—		582
Certificates of deposit	—		1,875		—		1,875

Total short-term investments	—		5,650		—		5,650
Total	$	9,595	$	5,650	$	—	$	15,245


	December 31, 2021
	Level 1		Level 2		Level 3		Total
(In thousands)
Cash equivalents
Money market funds	$	29,411	$	—	$	—	$	29,411
Total cash equivalents	29,411		—		—		29,411
Short-term investments
Corporate bonds	—		18,577		—		18,577

Certificates of deposit	—		17,095		—		17,095
U.S. government and agency securities	—		6,716		—		6,716
Total short-term investments	—		42,388		—		42,388
Total	$	29,411	$	42,388	$	—	$	71,799

The carrying amounts for the Company’s cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short maturities.

- Definition

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

+ References + Details

Credit Facilities	12 Months Ended
Credit Facilities	Dec. 31, 2022
Debt Disclosure [Abstract]
Credit Facilities	Credit Facilities 2021 Credit Facility In April 2021, the Company entered into a first lien credit agreement (“2021 Credit Facility”), with JPMorgan Chase Bank, N.A., as administrative agent and lender, and the other lenders party thereto, which provided for a $35.0 million revolving credit facility that matures on April 30, 2026. The 2021 Credit Facility included a subfacility that provided for the issuance of letters of credit in an amount of up to $10.0 million at any time outstanding, which reduced the amount available under the 2021 Credit Facility. As of December 31, 2022 and 2021, there were outstanding standby letters of credit of $4.8 million and $6.3 million, respectively, related to lease obligations with $30.2 million and $28.7 million, respectively, available to be drawn upon. The 2021 Credit Facility was subject to customary fees for loan facilities of this type, including a commitment fee based on the average daily undrawn portion of the revolving credit facility. The Company recognized the commitment fee as incurred in interest and other expense, net in the consolidated statements of comprehensive loss. For the year ended December 31, 2022 and 2021, the commitment fee incurred was immaterial. The interest rate applicable to the 2021 Credit Facility was, at the Company’s option, either (a) the LIBOR (or a replacement rate established in accordance with the terms of the 2021 Credit Facility) (subject to a 0.00% LIBOR floor), plus a margin of 1.50% or (b) the CB floating rate minus a margin of 0.50%. The CB floating rate is the higher of (a) the Wall Street Journal prime rate and (b)(i) 2.50% plus (ii) the adjusted LIBOR rate for a one-month interest period. As of December 31, 2022 and 2021, there was no outstanding balance under the 2021 Credit Facility. Refer to Note 17, "Subsequent Events" included in these consolidated financial statements for more information on the termination of the 2021 Credit Facility, which was replaced with a new revolving credit facility. The 2021 Credit Facility contained covenants that restrict, among other things, the Company's ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. The Company was also subject to certain affirmative and negative covenants including the requirement that it maintains a total net leverage ratio of not more than 3.50:1.00 during the periods set forth in the 2021 Credit Facility. Failure to do so, unless waived by the lenders under the 2021 Credit Facility pursuant to its terms, as amended, would have resulted in an event of default under the 2021 Credit Facility. As of December 31, 2022, the Company was in compliance with the covenants under the 2021 Credit Facility.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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

+ Details

Accrued Expenses

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	As of December 31,
	2022		2021
(In thousands)
Payroll and payroll related expenses(1)	$	6,790	$	2,497
Accrued inventory purchases	17,050		8,838
Accrued returns	318		1,455
Accrued rent(2)	7,688		—
Other accrued expenses	6,164		6,213
Total accrued expenses	$	38,010	$	19,003

_______________

(1) Includes $4.3 million of CEO transition related expense.

(2) Represents short-term operating lease liabilities upon adoption of ASC 842. Refer to Note 16, "Leases" included in these consolidated financial statements for more information on leases.

Redeemable Convertible Preferred Stock and Stockholders’ Deficit

12 Months Ended

Dec. 31, 2022

Temporary Equity and Stockholder's Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock and Stockholders’ Deficit

Immediately prior to the completion of the IPO, the Company filed an Amended and Restated Certificate of Incorporation, which authorized a total of 1,000,000,000 shares of common stock and 20,000,000 shares of preferred stock. Upon the filing of the Amended and Restated Certificate of Incorporation, 49,100,928 shares of the Company’s redeemable convertible preferred stock then outstanding with a carrying value of $376.4 million were automatically converted into 49,649,023 shares of the Company’s common stock. Upon completion of the IPO, the Company recognized a gain on extinguishment of the redeemable convertible preferred stock for earnings per share purposes of $29.0 million from the conversion of redeemable convertible preferred stock to common stock. Following the completion of the IPO, the Company has one class of authorized and outstanding common stock.

The following table summarizes the Company's redeemable convertible preferred stock information as of December 31, 2020:


	Authorized Shares	Issued and Outstanding Shares	Carrying Value		Liquidation Preference
Series A Redeemable Convertible Preferred Stock	11,347,518	11,347,518	$	6,000	$	6,000
Series A-1 Redeemable Convertible Preferred Stock	11,554,016	11,554,016	20,796		21,000
Series B Redeemable Convertible Preferred Stock	4,551,572	4,551,572	42,106		50,000
Series C Redeemable Convertible Preferred Stock	5,174,204	5,174,204	90,586		100,000
Series D Redeemable Convertible Preferred Stock	4,545,944	4,454,624	101,239		101,911
Series E Redeemable Convertible Preferred Stock	6,918,204	6,918,204	67,685		67,815
Series F Redeemable Convertible Preferred Stock	5,100,790	5,100,790	47,992		50,000
Total	49,192,248	49,100,928	$	376,404	$	396,726

Shares Available for Issuance

As of December 31, 2021, there were no shares of Series A, Series A-1, Series B, Series C, Series D, Series E, or Series F redeemable convertible preferred stock available for issuance. As of December 31, 2020, the number of common shares available for issuance under the Company’s amended certificate of incorporation were as follows:


Authorized number of common shares			110,000,000
Common shares outstanding			(34,089,186)
Stock awards outstanding under the 2011 Plan			(18,038,042)
Stock awards available for grant under the 2011 Plan			(2,595,078)
Reserve for the conversion of preferred stock			(49,100,928)
Available for issuance			6,176,766

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

From time to time, the Company is subject to various claims and contingencies which are in the scope of ordinary and routine litigation incidental to its business, including those related to regulation, business transactions, employee-related matters and taxes, among others. When the Company becomes aware of a claim or potential claim, the likelihood of any loss or exposure is assessed. If it is probable that a loss will result and the amount or range of the loss can be reasonably estimated, the Company records a liability for the loss and discloses the possible loss in the consolidated financial statements. Legal costs are expensed as incurred.

On September 17, 2019, the Nevada Department of Taxation (the “Department”) issued a Deficiency Notice against the Company to initiate administrative legal proceedings before the Department for the alleged non-compliance with employee retention requirements provided in exchange for tax benefits in establishing the Company’s Las Vegas distribution center in a December 2016 Abatement Agreement the Company had executed with the State of Nevada via its Governor’s Office of Economic Development. The Company has denied the allegations. An administrative hearing was held in the matter on January 15, 2021. On June 9, 2021 the court upheld the Department's Deficiency Notice against the Company in its entirety. The loss resulting from this matter was $0.7 million including penalties and interest, for which the Company has paid $0.6 million as of December 31, 2021. During the year ended December 31, 2021, the Company recorded interest expense of $0.1 million in interest and other expense, net on the consolidated statements of comprehensive loss. The Company filed its Notice of Appeal on July 1, 2021 and its opening brief on January 28, 2022. The Department filed its answering brief on March 4, 2022 and the Company filed its reply brief on March 23, 2022. The Nevada Tax Commission heard the appeal on May 2, 2022. The Nevada Tax Commission upheld the Company's appeal and overturned the Department's Deficiency Notice. The Company submitted a refund request for the taxes and interest paid, following the Department's June 9, 2021 decision, that were subject to abatement under the December 2016 Abatement Agreement. The Company recognized $0.7 million in other income in interest and other expense, net on the consolidated statements of comprehensive loss during the year ended December 31, 2022 related to the anticipated refund of taxes and interest paid.

On September 23, 2020, the Center for Advanced Public Awareness (“CAPA”) served a 60-Day Notice of Violation on the Company, alleging that the Company violated California’s Health and Safety Code (“Prop 65”) because of the amount of lead in the Company’s Diaper Rash Cream and seeking statutory penalties and product warnings available under Prop 65. On October 22, 2021, CAPA filed a complaint in California Superior Court in the County of San Francisco ("the Court") for the alleged Prop 65 violations contained in its 60-Day Notice of Violation. The Company filed its answer and notice of related cases against Prestige Consumer Healthcare, Inc., Burt's Bees, Inc., and Hain Celestial Group, Inc. on January 7, 2022 and has stipulated to relate these cases and transfer them to the Court's Complex Division. The Company intends to vigorously defend itself in this matter. The matter’s outcome and materiality are uncertain at this time. Therefore, the Company cannot estimate the probability of loss or make an estimate of the loss or range of loss in this matter.

On September 15, 2021, Cody Dixon filed a putative class action complaint in the U.S. District Court for the Central District of California alleging federal securities law violations by the Company, certain current officers and directors, and certain underwriters in connection with the Company's IPO. A second putative class action complaint containing similar allegations against the Company and certain current officers and directors was filed by Stephen Gambino on October 8, 2021 in the U.S. District Court for the Central District of California. These related complaints have been transferred to the same court and a Lead Plaintiff has been appointed in the matter, and a putative consolidated class action complaint was filed by the Lead Plaintiff on February 21, 2022. A derivative complaint was filed by Hayato Ono on behalf of the Company on November 29, 2021 in the U.S. District Court for the Central District of California, alleging breach of fiduciary duties, unjust enrichment, waste, gross mismanagement, and federal securities law violations by the Company’s directors and certain officers. On December 17, 2021, a second derivative complaint containing similar allegations against the Company’s directors and certain officers was filed by Mike Wang in the U.S. District Court for the Central District of California. These two federal derivative cases have been transferred to the same judge who is presiding over the securities class action complaints. A third derivative complaint was filed by Leah Bisch and Raluca Corobana in California Superior Court for the County of Los Angeles on January 3, 2022 with similar allegations. A fourth derivative complaint was filed by David Butler in the U.S. District Court for the District of Delaware on October 19, 2022

with similar allegations. Each of these federal and state court derivative cases have been stayed pending the outcome of a motion for summary judgment in the securities class action. Defendants’ motion to dismiss the putative consolidated class action complaint was filed on March 14, 2022. On July 18, 2022, the Company's motion to dismiss was granted in part and denied in part. The Company believes the securities complaints are without merit and intends to vigorously defend itself against these allegations. These matters are in the preliminary stages of litigation with uncertain outcomes at this time. Therefore, the Company cannot estimate the probability of the loss or make an estimate of the loss or range of loss in these matters.

On August 10, 2022, Catrice Sida and Kris Yerby filed a putative class action complaint in the U.S. District Court for the Northern District of California alleging violations of California’s Unfair Competition Law, False Advertising Law, Consumers Legal Remedies Act, breach of warranty, and unjust enrichment related to plant-based claims on certain of the Company’s wipes products and seeking declaratory relief, injunctive relief, monetary damages, punitive damages and statutory penalties, and attorneys’ fees and costs. The Company filed its motion to dismiss on October 17, 2022. On December 6, 2022, the Company's motion to dismiss was denied. The Company believes this complaint is without merit and intends to vigorously defend itself in this matter. The matter is in the preliminary stages of litigation and its outcome is uncertain at this time. Therefore, the Company cannot estimate the probability of loss or make an estimate of the range of loss in this matter.

As of December 31, 2022 and 2021, the Company was not subject to any other currently pending legal matters or claims that based on its current evaluation are expected to have a material adverse effect on its financial position, results of operations, or cash flows should such matters be resolved unfavorably.

Indemnifications

In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to investors, directors and officers with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is indeterminable. The Company has never paid a material claim, nor has the Company been involved in litigation in connection with these indemnification arrangements. As of December 31, 2022 and 2021, the Company has not accrued a liability for these guarantees as the likelihood of incurring a payment obligation, if any, in connection with these guarantees is not probable or reasonably estimable due to the unique facts and circumstances involved.

Purchase Commitments

The Company has unconditional purchase commitments for software service subscriptions, advertising services and certain other services. Future minimum payments under these unconditional purchase commitments are as follows:


(In thousands)
Years Ending December 31,
2023	$	3,074
2024	1,979
2025	496
2026	—
2027	—
Thereafter	—
Future minimum payments	$	5,549

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2011 Stock Incentive Plan

The Company’s 2011 Stock Incentive Plan (the “2011 Plan”), which is stockholder-approved, permits the grant of incentive and non-qualified stock options, stock awards, stock units or stock appreciation rights of common stock. Generally, stock options vest 25% on the first anniversary of the vesting commencement date and then monthly thereafter for 36 months, or pursuant to another vesting schedule as approved by the Board and set forth in the option agreement. Certain options and share awards provide for accelerated vesting upon certain events as described in the terms of the option and award agreements. Stock options have a maximum term of ten years. Prior to the IPO, all of the stock options and restricted stock units the Company granted were made pursuant to the 2011 Plan. Following the IPO, the Company grants equity incentive awards under the terms of the 2021 Plan (defined below).

The following table summarizes the stock option activity:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Term (Years)	Intrinsic Value (in thousands)





Outstanding at December 31, 2021	16,440,539	$	5.26	5.4	$	46,589
Granted	—	$	—
Exercised	(43,556)	$	2.81
Forfeited/Cancelled	(1,508,976)	$	5.50
Outstanding at December 31, 2022	14,888,007	$	5.24	4.0	$	3,024


Exercisable at December 31, 2022	14,503,073	$	5.23	3.9	$	3,024

From 2018 to 2020, the Company granted stock options that vest based upon achieving a qualifying liquidity event, provided the employee remains employed on the date the vesting condition is satisfied. In conjunction with the IPO, 2,442,918 stock option awards with a weighted average exercise price of $5.54 vested based on the achievement of the IPO qualifying liquidity event, which resulted in the recognition of stock-based compensation expense of $3.1 million upon the effective date of the IPO registration statement.

The intrinsic value of options exercised during the years ended December 31, 2022, 2021 and 2020 were $0.1 million, $6.0 million and $0.3 million, respectively. This intrinsic value represents the difference between the fair value of the Company’s common stock on the date of exercise and the exercise price of each option. The total fair value of options vested during the years ended December 31, 2022, 2021 and 2020 were $2.0 million, $7.9 million and $7.6 million, respectively.

As of December 31, 2022 and 2021, there was $1.0 million and $3.9 million, respectively, of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.3 years and 1.8 years, respectively.

2021 Equity Incentive Plan

In April 2021, the Company’s board of directors adopted the Company’s 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the IPO. All equity-based awards granted on or after the effectiveness of the 2021 Plan are granted under the 2021 Plan. The 2021 Plan provides for grants of incentive stock options (“ISOs”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s employees and its parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock units ("RSUs") awards, performance awards and other forms of awards to the Company’s employees, directors and consultants and any of its affiliates’ employees and consultants. Initially, the maximum number of shares of the Company’s common stock that may be issued under its 2021 Plan will not exceed 25,025,580 shares of the Company’s common stock. In addition, the number of shares of the Company’s common stock reserved for issuance under its 2021 Plan will automatically increase on January 1 of each year for a period of ten years, beginning on January 1, 2022 and continuing through January 1, 2031, in an amount equal to (1) 4% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, or (2) a lesser number of shares determined by the Company’s board of directors prior to the date of the increase. On January 1, 2022, 3,660,485 additional shares were reserved for issuance pursuant to this provision. The maximum number of shares of the Company’s common stock that may be issued on the exercise of ISOs under its 2021 Plan is 75,100,000 shares.

The following table summarizes the RSU activity:


	Number of Shares		Weighted Average Grant Date Fair Value Per Share
	Non-Employee Directors	Directors, Officers and Employees	Non-Employee Directors		Directors, Officers and Employees




Unvested RSUs at December 31, 2021	103,561	2,867,306	$	16.00	$	13.58
Granted	485,806	3,113,741	$	3.51	$	5.07
Vested(1)	(131,775)	(1,121,573)	$	13.38	$	12.20
Forfeited	(4,641)	(694,071)	$	8.09	$	10.54
Unvested RSUs at December 31, 2022	452,951	4,165,403	$	3.44	$	8.09

_______________

(1) Includes 8,050 shares of common stock, that were withheld to cover taxes on the release of vested RSUs and became available for future grants pursuant to the 2021 Plan during the year ended December 31, 2022.

As of December 31, 2022 and 2021, there was $31.2 million and $34.2 million, respectively, of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of 2.5 years and 4.0 years, respectively.

2021 Employee Stock Purchase Plan

In April 2021, the Company’s board of directors adopted the Company’s 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The Company authorized the issuance of 1,175,000 shares of common stock under the 2021 ESPP. In addition, the number of shares available for issuance under the 2021 ESPP will be annually increased on January 1 of each year for a period of ten years, beginning on January 1, 2022 and continuing through January 1, 2031 by the lesser of (i) 1% of the total number of shares of common stock outstanding on December 31 of the immediately preceding year; and (ii) 3,525,000 shares, except before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). On January 1, 2022, 915,121 additional shares were reserved for issuance pursuant to this provision. Subject to any limitations contained therein, the 2021 ESPP allows eligible employees to contribute (in the form of payroll deductions or otherwise to the extent permitted by the administrator) an amount established by the administrator from time to time in its discretion to purchase common stock at a discounted price per share.

Under the 2021 ESPP, eligible employees are granted the right to purchase shares of common stock at the lower of 85% of the fair value at the time of grant or 85% of the fair value at the time of exercise. The right to purchase shares of common stock is granted in May and November of each year for an offering period of approximately six months. The first offering period under the 2021 ESPP commenced in May 2021 and the second offering in November 2021. For the year ended December 31, 2022 and 2021, employees who elected to participate in the ESPP purchased 95,742 and 39,490 shares of common stock, respectively, under the 2021 ESPP, resulting in cash proceeds to the Company of $0.3 million and $0.3 million, respectively. The weighted average price at purchase was $2.68 and $7.37 per share, respectively. As of December 31, 2022 and 2021, the Company had 1,955,107 and 1,135,510, respectively, remaining authorized shares available for purchase.

The following table summarizes the key input assumptions used in the Black-Scholes option-pricing model to estimate the grant-date fair value of the 2021 ESPP:


	For the Year Ended December 31, 2022
Expected life of options (in years)	0.50
Expected stock price volatility	73.27%	—	79.56%
Risk free interest rate	1.52%	—	4.65%
Expected dividend yield	—%
Weighted average grant-date fair value per share	$1.09	—	$1.12

Stock-Based Compensation Expense

Stock-based compensation expense related to RSU awards, 2021 ESPP purchases and stock options, as applicable, are as follows:


	For the year ended December 31,
		2022		2021		2020
(In thousands)
Selling, general and administrative		$	14,593	$	15,820	$	7,558
Research and development		485		1,027		347
Total stock-based compensation expense		$	15,078	$	16,847	$	7,905

Net Income (Loss) per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) per Share Attributable to Common Stockholders

The Company computes net income (loss) per share using the two-class method required for participating securities. The two-class method requires net income be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. In periods where the Company has net losses, losses are not allocated to participating securities as they are not required to fund the losses. The Company considers its redeemable convertible preferred stock to be participating securities as preferred stockholders have rights to participate in dividends with the common stockholders.

Basic net income (loss) attributable to common stockholders per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding. The Company computes diluted net income per share under a two-class method where income is reallocated between common stock, potential common stock and participating securities. Diluted net income (loss) per share attributable to common stockholders adjusts the basic net income (loss) per share attributable to common stockholders and the weighted-average number of shares of common stock outstanding for the potentially dilutive impact of stock options using the treasury stock method.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders:


	For the year ended December 31,
(In thousands, except for share and per share values)	2022		2021		2020
Numerator:
Net loss	$	(49,019)	$	(38,679)	$	(14,466)
Add: gain on conversion of preferred stock(1)	—		28,994		—
Less: dividends paid to preferred stockholders(2)	—		(20,637)		—
Net loss attributable to common stockholders - basic and diluted	$	(49,019)	$	(30,322)	$	(14,466)

Net loss attributable to common stockholders - diluted	$	(49,019)	$	(30,322)	$	(14,466)

Denominator:
Weighted average shares of common stock outstanding - basic	92,201,806		71,126,218		34,075,572


Weighted average shares of common stock outstanding - diluted	92,201,806		71,126,218		34,075,572

Net loss per share, attributable to common shareholders:
Basic and diluted	$	(0.53)	$	(0.43)	$	(0.43)

_____________

(1) The conversion price of the Company’s Series C and Series D redeemable convertible preferred stock was adjusted as the offering price in the initial public offering was below a certain threshold resulting in the preferred stockholders receiving a fixed dollar amount on conversion settled into a variable number of shares, or a stock-settled redemption feature. Upon the settlement of this redemption feature, the Company recorded a gain on extinguishment of the redeemable convertible preferred stock of $29.0 million as an adjustment to net loss to arrive at net loss attributable to common stockholders to calculate earnings per share. The extinguishment gain was measured as the difference between the carrying amount of the redeemable convertible preferred stock and the fair value of common stock upon the IPO date that the preferred stock converted into.

(2) In April 2021, the Company's board of directors declared a cash dividend of $35.0 million to the holders of record of our common stock as of May 3, 2021, that was contingent upon the closing of the Company's IPO. On June 29, 2021, the Company paid the dividend, of which $20.6 million was paid to the holders of the Company's redeemable convertible preferred stock.

The following potentially dilutive shares were excluded from the computation of diluted net income (loss) per share because including them would have been antidilutive:


	For the year ended December 31,
		2022	2021	2020
Redeemable convertible preferred stock(1)		—	—	49,100,928
Stock options to purchase common stock		14,888,007	16,440,539	18,038,042
Unvested restricted stock units		4,618,354	2,970,867	—
Employee stock purchase plan		62,438	39,157	—
Total		19,568,799	19,450,563	67,138,970

___________________

(1) Immediately prior to the completion of the IPO, 49,100,928 outstanding shares of redeemable convertible preferred stock with a carrying value of $376.4 million converted into 49,649,023 shares of common stock.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax provision consisted of the following:


	For the year ended December 31,
		2022		2021		2020
(In thousands)
Current
Federal		$	—	$	—	$	—
State		110		77		89
Foreign		—		—		—
		110		77		89
Deferred
Federal		—		—		—
State		—		—		—
Foreign		—		—		—
		—		—		—
Income tax provision		$	110	$	77	$	89

The reconciliation of the income tax benefit computed at the U.S. federal statutory rate of 21% to the Company’s income tax provision is as follows:


	For the year ended December 31,
	2022		2021		2020
(In thousands)
Income tax benefit at the federal statutory rate	$	(10,271)	$	(8,106)	$	(3,019)
State income taxes, net of federal benefit	(625)		(143)		831
Permanent differences for equity compensation	2,604		5,156		2,353
Nondeductible items	53		84		82
Nondeductible compensation	302		1,349		—
Change in valuation allowance	8,047		1,737		(158)
Income tax provision	$	110	$	77	$	89

The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities were as follows:


	As of December 31,
(In thousands)	2022		2021
Deferred tax assets
Intangible assets	$	95	$	122
Property and equipment	815		—
Accrued expenses	653		2,602
Deferred revenue	51		13
Allowances, reserves and other	2,796		2,915
Stock-based compensation	8,335		9,592
Section 174 capitalized expenses	1,456		—
Net operating loss and other carryforwards	85,176		77,548
Total deferred tax assets	99,377		92,792
Valuation allowance	(94,103)		(86,659)
Net deferred tax assets	5,274		6,133
Deferred tax liabilities
Deferred revenue	—		—
Property and equipment	—		(544)
Prepaid expenses	(364)		(539)
State taxes	(4,910)		(5,050)
Total deferred tax liabilities	(5,274)		(6,133)
Net deferred taxes	$	—	$	—

Effective January 1, 2022, the Tax Cuts and Jobs Act ("TCJA") of 2017 eliminated the option to deduct research and development expenses in the current year and now requires taxpayers to capitalize and amortize research and development expenses to Internal Revenue Code of 1986, as amended, (“IRC”) Section 174. The capitalized expenses are amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses. As of December 31, 2022, the Company's deferred tax assets related to capitalized research and development expenses was $1.5 million.

As of December 31, 2022 and 2021, the Company had federal and state net operating loss carryforwards of $301.0 million and $272.0 million, respectively, and federal and state net operating loss carryforwards of $271.0 million and $248.0 million, respectively. Federal and state net operating loss carryforwards begin to expire in 2032. As of December 31, 2022, the Company did not have any state tax credits. As of December 31, 2021, the Company had state tax credits of $0.1 million, which began to expire in 2021. Federal net operating losses generated after January 1, 2018 would not expire, but would only be available to offset up to 80% of the Company’s future taxable income.

The IRC imposes substantial restrictions on the utilization of net operating losses and other tax attributes in the event of an “ownership change” of a corporation. Accordingly, a company’s ability to use pre-change net operating loss and research tax credits may be limited as prescribed under IRC Sections 382 and 383. Events which may cause limitation in the amount of the net operating losses and credits that the Company utilizes in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. The Company performed a study to determine whether net operating losses and credit carryover limitations exist under Section 382 as of December 31, 2020, and determined that a portion of the net operating losses that were generated during 2013 and prior are subject to Section 382 annual limitations. As of December 31, 2022 and 2021, these limitations did not cause any of the limited net operating losses to be permanently lost.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible or includable in taxable income. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets.

A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2022. Such objective evidence limits the ability to consider other subjective evidence such as its projections for future growth. On the basis of this evaluation, at December 31, 2022, a full valuation allowance has been recorded since it is more likely than not that the deferred tax assets will not be realized.

The following table summarizes the changes in the valuation allowance:


	For the year ended December 31,
	2022		2021		2020
(In thousands)
Beginning balance	$	86,659	$	84,934	$	85,083
Increase (decrease) to valuation allowance	8,047		1,737		(158)
Decrease due to adoption of ASC 842	(613)		—		—
Other increases (decreases)	10		(12)		9
Ending balance	$	94,103	$	86,659	$	84,934

The Company is subject to taxation in the U.S. federal and various state jurisdictions. During the years ended December 31, 2022 and 2021, the Company has not recorded any uncertain tax positions and has not recognized interest or penalties in the consolidated statements of comprehensive loss. The Company is subject to examination from federal tax authorities for years 2019, 2020 and 2021. To the extent allowed by law, the federal and state tax authorities may have the right to examine prior periods where net operating losses or tax credits were generated and carried forward and make adjustments up to the amount of the net operating loss or credit carryforward.

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Act”), which contains provisions that became effective on January 1, 2023, including a 15% corporate minimum tax and a 1% excise tax on stock buybacks. While the Company is still evaluating the impact of the Act, the Company does not currently expect any material changes on its consolidated financial position, results of operations and cash flows.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In April 2020, the Company engaged Summit House Studios LLC, a third-party consultant, to provide digital ad production services. Summit House Studios LLC is owned by a major shareholder of the Company. Based on services provided, the Company incurred $0.2 million, $0.6 million and $0.3 million of advertising costs for this related party during the years ended December 31, 2022, 2021 and 2020, respectively, which is reported as marketing expense in the Company’s consolidated statements of comprehensive loss. In May 2022, the Company engaged, Vault Co., a third-party consultant, to develop and deliver an ongoing brand tracker for the Company. Vault Co. is owned by a major shareholder of the Company. Based on services provided, the Company incurred $0.1 million of advertising costs for this related party during the year ended December 31, 2022, which is reported as marketing expense in the Company’s consolidated statements of comprehensive loss.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company’s lease portfolio includes both real estate and non-real estate type leases which are accounted for as either finance or operating leases. Real estate leases generally include office and warehouse facilities and non-real estate leases generally include office equipment and machinery. The Company determines if a contract is or contains a lease at inception. The Company’s leases have remaining lease terms of less than one to six years. Renewal options that are deemed reasonably certain are included as part of the lease term for purposes of calculating the ROU assets and lease liability. The Company uses a discount rate to calculate the ROU asset and lease liability. When the implicit rate is known or provided in the lease documents, the Company is required to use this rate. In cases in which the implicit rate is not known, the Company uses an estimated incremental borrowing rate. Most of the Company’s leases do not contain an implicit interest rate; therefore, judgement is required in determining a rate that reflects what would be paid to borrow, on a collateralized basis and over a similar term, for the lease obligations. The Company takes into consideration the terms of its 2023 Credit Facility and any new debt agreements, lease terms, and current interest rates to determine the incremental borrowing rate at lease commencement date.

In connection with two of the Company’s facilities leases, the Company is required to obtain irrevocable letters of credit in lieu of security deposits. The letters of credit totaled $4.8 million and $6.3 million as of December 31, 2022 and 2021, respectively, and expire within a set number of days after the expirations of the facilities leases. In connection with the Company’s office facility lease, following the fourth year of the lease, the letter of credit balance can be reduced annually by a stated amount in the lease agreement, so long as the Company complies with certain covenants. In connection with the Company’s warehouse lease, the letter of credit balance is reduced annually by a stated amount in the lease agreement, so long as the Company complies with certain covenants.

As a result of the adoption of ASC 842, the following adjustments were made to the opening balances of the Company’s consolidated balance sheet (in thousands):


	December 31, 2021		Impact due to Adoption of ASC 842		January 1, 2022
Assets
Property and equipment, net(1)	52,952		(37,581)		$	15,371
Operating lease ROU(2)	—		36,127		$	36,127
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
Accrued expenses(2)	$	19,003	$	5,113	$	24,116
Lease financing obligation, net of current portion(1)	37,527		(37,527)		$	—
Operating lease liabilities, net of current portion(2)	—		37,531		$	37,531
Other long-term liabilities(3)	7,487		(7,415)		$	72
Accumulated equity (deficit)(4)	(391,656)		845		$	(390,811)

___________________

(1) Represents the derecognition of non-Company owned property that was capitalized under previously existing built-to-suit accounting policies.

(2) Represents the recognition of operating lease ROU assets and corresponding current and non-current lease liabilities.

(3) Represents reclassification of deferred rent to operating lease ROU assets upon adoption of ASC 842.

(4) Represents a decrease to the beginning fiscal 2022 accumulated deficit related to the adoption of ASC 842.

The components of lease expense were as follows (in thousands):


			For the year ended December 31, 2022
Finance lease expense:
Amortization			263
Interest on lease liabilities(1)			7
Operating lease expense:

Operating lease expense(2)			7,153
Sublease income			(2,006)
Total lease expense, net			5,417

______________________

(1) Interest expense on the Company's build-to-suit lease was previously included in interest and other income (expense), net on the consolidated statements of comprehensive loss and with the adoption of ASC 842 it is now included in cost of revenue, along with the operating lease expense, on the consolidated statements of comprehensive loss.

(2) Represents the straight-line lease expense of operating leases, inclusive of amortization of ROU assets and the interest component of operating lease liabilities.

For the years ended December 31, 2021 and 2020, rent expense under ASC 840 was $5.0 million and $5.2 million, respectively. For the years ended December 31, 2021 and 2020, sublease rent income was $2.5 million and $2.7 million, respectively.

Based on the nature of the ROU assets, amortization of finance leases and amortization of operating ROU assets, operating lease expense and other lease expense are recorded within either cost of revenue or selling, general and administrative expenses and interest on finance lease liabilities is recorded within interest and other expense, net in the consolidated statements of comprehensive loss.

The following tables set forth the amount of lease assets and lease liabilities included in the Company’s consolidated balance sheets (in thousands):

Assets

Financial Statement Line Item

December 31, 2022

Finance lease assets

Property and equipment, net

Operating lease assets

Operating lease right-of-use asset

29,947

Total lease assets

30,017

Liabilities

Current

Finance lease liabilities

Accrued expenses

Operating lease liabilities

Accrued expenses

7,688

Non-current

Finance lease liabilities

Other long-term liabilities

Operating lease liabilities

Operating lease liabilities, net of current portion

29,842

Total lease liabilities

37,604

Supplemental information related to the Company’s leases for the year ended December 31, 2022 was as follows:


Weighted-average remaining lease term (in years)
Finance leases			1.4
Operating leases			4.5
Weighted-average discount rate
Finance leases			3.00%
Operating leases			2.29%
Cash paid for amounts included in the measurement of lease liabilities (in thousands)
Operating cash flows used in finance leases			$8
Operating cash flows used in operating leases			$7,007
Finance cash flows used in finance leases			$303

The Company did not have any non-cash ROU assets obtained in exchange for lease liabilities during the year ended December 31, 2022 for either finance or operating leases.

Future minimum lease payments required under operating and finance leases as of December 31, 2022, were as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	8,468	57
2024	8,704		21
2025	8,950		—
2026	9,201		—
2027	4,244		—
Thereafter	—		—
Future minimum lease payments	$	39,567	$	78
Less: Amount representing interest	(2,037)		(4)
Present value of future lease payments	$	37,530	$	74

As of December 31, 2021, the future minimum rental payments under non-cancelable leases with offsetting sublease revenue were as follows:


(in thousands)	Facility Leases		Subleases		Build-to-Suit Lease		Capital Leases
Years Ending December 31,

2022	$	5,231	$	(1,936)	$	2,639	$	280
2023	5,754		(1,994)		2,714		57
2024	5,916		(2,054)		2,788		21
2025	6,082		(2,115)		2,868		—
2026	6,253		(2,179)		2,948		—
Thereafter	1,357		(369)		2,888		—
Future minimum lease payments (income)	$	30,593	$	(10,647)	$	16,845	$	358
Less: Amount representing interest							(8)
Present value of future lease payments							$	350

Leases

As a result of the adoption of ASC 842, the following adjustments were made to the opening balances of the Company’s consolidated balance sheet (in thousands):


	December 31, 2021		Impact due to Adoption of ASC 842		January 1, 2022
Assets
Property and equipment, net(1)	52,952		(37,581)		$	15,371
Operating lease ROU(2)	—		36,127		$	36,127
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
Accrued expenses(2)	$	19,003	$	5,113	$	24,116
Lease financing obligation, net of current portion(1)	37,527		(37,527)		$	—
Operating lease liabilities, net of current portion(2)	—		37,531		$	37,531
Other long-term liabilities(3)	7,487		(7,415)		$	72
Accumulated equity (deficit)(4)	(391,656)		845		$	(390,811)

___________________

(1) Represents the derecognition of non-Company owned property that was capitalized under previously existing built-to-suit accounting policies.

(2) Represents the recognition of operating lease ROU assets and corresponding current and non-current lease liabilities.

(3) Represents reclassification of deferred rent to operating lease ROU assets upon adoption of ASC 842.

(4) Represents a decrease to the beginning fiscal 2022 accumulated deficit related to the adoption of ASC 842.

The components of lease expense were as follows (in thousands):


			For the year ended December 31, 2022
Finance lease expense:
Amortization			263
Interest on lease liabilities(1)			7
Operating lease expense:

Operating lease expense(2)			7,153
Sublease income			(2,006)
Total lease expense, net			5,417

______________________

(2) Represents the straight-line lease expense of operating leases, inclusive of amortization of ROU assets and the interest component of operating lease liabilities.

The following tables set forth the amount of lease assets and lease liabilities included in the Company’s consolidated balance sheets (in thousands):

Assets

Financial Statement Line Item

December 31, 2022

Finance lease assets

Property and equipment, net

Operating lease assets

Operating lease right-of-use asset

29,947

Total lease assets

30,017

Liabilities

Current

Finance lease liabilities

Accrued expenses

Operating lease liabilities

Accrued expenses

7,688

Non-current

Finance lease liabilities

Other long-term liabilities

Operating lease liabilities

Operating lease liabilities, net of current portion

29,842

Total lease liabilities

37,604

Supplemental information related to the Company’s leases for the year ended December 31, 2022 was as follows:


Weighted-average remaining lease term (in years)
Finance leases			1.4
Operating leases			4.5
Weighted-average discount rate
Finance leases			3.00%
Operating leases			2.29%
Cash paid for amounts included in the measurement of lease liabilities (in thousands)
Operating cash flows used in finance leases			$8
Operating cash flows used in operating leases			$7,007
Finance cash flows used in finance leases			$303

The Company did not have any non-cash ROU assets obtained in exchange for lease liabilities during the year ended December 31, 2022 for either finance or operating leases.

Future minimum lease payments required under operating and finance leases as of December 31, 2022, were as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	8,468	57
2024	8,704		21
2025	8,950		—
2026	9,201		—
2027	4,244		—
Thereafter	—		—
Future minimum lease payments	$	39,567	$	78
Less: Amount representing interest	(2,037)		(4)
Present value of future lease payments	$	37,530	$	74

As of December 31, 2021, the future minimum rental payments under non-cancelable leases with offsetting sublease revenue were as follows:


(in thousands)	Facility Leases		Subleases		Build-to-Suit Lease		Capital Leases
Years Ending December 31,

2022	$	5,231	$	(1,936)	$	2,639	$	280
2023	5,754		(1,994)		2,714		57
2024	5,916		(2,054)		2,788		21
2025	6,082		(2,115)		2,868		—
2026	6,253		(2,179)		2,948		—
Thereafter	1,357		(369)		2,888		—
Future minimum lease payments (income)	$	30,593	$	(10,647)	$	16,845	$	358
Less: Amount representing interest							(8)
Present value of future lease payments							$	350

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn January 2023, the Company entered into a first lien credit agreement (the “2023 Credit Facility”), with JPMorgan Chase Bank, N.A., as administrative agent and lender, and the other lenders party thereto, which provides for a $35.0 million revolving credit facility maturing on April 30, 2026. The 2023 Credit Facility includes an uncommitted accordion feature that allows for increases in the revolving commitment to as much as an additional $35.0 million, for up to $70.0 million in potential revolving commitments.The 2023 Credit Facility includes a subfacility that provides for the issuance of letters of credit in an amount of up to $15.0 million at any time outstanding. The 2023 Credit Facility is subject to customary fees for loan facilities of this type, including a commitment fee based on the average daily undrawn portion of the 2023 Credit Facility. The interest rate applicable to the 2023 Credit Facility will be, at the Company’s option, either (a) the Adjusted Term SOFR Rate (subject to a 0.00% floor), plus a margin ranging from 1.50% to 2.25% or (b) the CB floating rate, (i) plus a margin of 0.25% or (ii) minus a margin ranging from 0.25% to 0.50%. The margin will be based upon the Company’s fixed charge coverage ratio. The CB floating rate is the higher of (a) the Wall Street Journal prime rate and (b) 2.50%. In January 2023, upon entry into the 2023 Credit Facility, the Company’s existing 2021 Credit Facility was terminated. As of March 16, 2023, there was no outstanding balance under the 2023 Credit Facility.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of PresentationThe accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries after elimination of intercompany transactions and balances.

Stock Split

Segment Reporting and Geographic Information

Segment Reporting and Geographic InformationThe Company’s Chief Executive Officer, as the chief operating decision maker, organizes the Company, manages resource allocations, and measures performance on the basis of one operating segment. All of the Company’s long-lived assets are located in the United States and substantially all of the Company’s revenue is from customers located in the United States.

Use of Estimates

Cash and Cash Equivalents

Cash and Cash EquivalentsCash equivalents consist of short-term, highly liquid investments with stated maturities of three months or less from the date of purchase. Cash equivalents comprise amounts invested in money market funds.

the age of inventory. If actual conditions are less favorable than those previously estimated by management, additional inventory write-downs could be required.

Property and Equipment, Net


Machinery and equipment						3-20 years
Computer and office equipment						3-5 years
Capitalized software and website development costs						1-5 years
Furniture and fixtures						3-5 years
Building						40 years
Leasehold improvements						Lesser of the estimated useful life or the remaining lease term

Deferred IPO Costs

Deferred IPO CostsDeferred offering costs consisted of costs incurred in connection with the sale of the Company’s common stock in its IPO, including certain legal, accounting, and other IPO-related expenses.

Leases

Capitalized Software and Website Development Costs

website development costs, including purchased software, is recorded in property and equipment, net in the consolidated balance sheets.For cloud-computing service arrangements, the Company capitalizes implementation costs consistent with internal-use software costs. Such capitalized costs are included within prepaid expenses and other current assets, for the current portion, and other assets, for the noncurrent portion, in the consolidated balance sheets and are expensed on a straight-line basis over the term of the service arrangement as selling, general and administrative expense.

Goodwill

Intangible Assets, Net

Impairment of Long-Lived Assets

Income Taxes

A valuation allowance is provided on deferred tax assets when it is determined that it is more likely than not that some portion or all of the net deferred tax assets will not be realized.

Foreign Currency Transactions

Foreign Currency TransactionsThe Company records foreign currency gains or losses in other income, net in the consolidated statements of comprehensive loss, related to transactions denominated in currencies other than the U.S. dollar.

Contingent Liabilities

Stock-Based Compensation

• Risk-free interest rate - The risk-free interest rate is based on the U.S. Treasury yield of treasury bonds with a maturity that approximates the expected term of the options.

New shares are issued from authorized shares of common stock upon the exercise of stock options.

Fair Value Measurements

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Revenue Recognition and Cost of Revenue

Revenue Recognition

The Company accounts for revenue contracts with customers by applying the following steps in accordance with ASC No. 606, Revenue from Contracts with Customers:

• Identification of the contract, or contracts, with a customer

• Identification of the performance obligations in the contract

• Determination of the transaction price

• Allocation of the transaction price to the performance obligations in the contract

• Recognition of revenue when, or as, the Company satisfies a performance obligation

Direct-to-Consumer

Retail and Third-Party Ecommerce

Sales Returns and Allowances

Cost of Revenue

Selling, General and Administrative

Marketing

Research and Development

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

(i) whether any expired or existing contracts contain leases;

(ii) the lease classification for any expired or existing leases; and

(iii) initial direct costs for any existing leases.

Recently Issued Accounting Pronouncements – Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedules of Concentration of Risk, by Risk Factor

The Company’s customers that accounted for 10% or more of total accounts receivable, net, were as follows:


	As of December 31,
	2022		2021
Customer A	44	%	48	%
Customer B	15	%	24	%

The Company’s customers that accounted for 10% or more of total revenue were as follows:


	For the Year Ended December 31,
	2022		2021		2020
Customer A	31	%	28	%	23	%
Customer B	19	%	22	%	22	%

Useful Life of Assets

Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the assets as follows:


Machinery and equipment						3-20 years
Computer and office equipment						3-5 years
Capitalized software and website development costs						1-5 years
Furniture and fixtures						3-5 years
Building						40 years
Leasehold improvements						Lesser of the estimated useful life or the remaining lease term

Property and equipment consisted of the following:


	As of December 31,
	2022		2021
(in thousands)
Machinery and equipment	$	12,198	$	12,064
Computer and office equipment	1,794		1,461
Capitalized software	5,989		4,906
Furniture and fixtures	4,334		4,304
Leasehold improvements	15,839		15,839
Building(1)	—		42,146
	40,154		80,720
Accumulated depreciation and amortization	(25,827)		(27,768)
Total property and equipment, net	$	14,327	$	52,952

__________

(1) As part of the adoption of ASC 842 the build-to-suit arrangement was derecognized.

Total depreciation and amortization expense for property and equipment, inclusive of depreciation expense for equipment under capital lease obligations consisted of the following:


	For the year ended December 31,
	2022		2021		2020
(In thousands)
Cost of revenues	$	1,013	$	2,198	$	2,295
Research and development	195		186		251
Selling, general and administrative	1,474		1,697		2,237
Total depreciation and amortization expense	$	2,682	$	4,081	$	4,783

Schedule of Sales Incentive Programs

The following table summarizes the changes in the allowance for sales incentive programs for retail and third-party ecommerce customers:


	For the year ended December 31,
(In thousands)	2022		2021		2020
Beginning balance	$	6,494	$	8,207	$	8,428
Charged to revenue	48,962		47,290		35,465
Charged to selling, general and administrative expense	550		—		—
Charged to marketing expense	12,541		16,150		10,906
Utilization of accrual for trade promotions	(61,954)		(65,153)		(46,592)
Reclassification to prepaid expenses and other current assets/accrued expenses	(197)		—		—
Ending balance	$	6,396	$	6,494	$	8,207

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


Revenue by sales channel:	For the year ended December 31,
		2022		2021		2020
(In thousands)
Digital		$	141,403	$	157,546	$	166,733
Retail		172,248		161,093		133,789
Total revenue		$	313,651	$	318,639	$	300,522


Revenue by product category:	For the year ended December 31,
		2022		2021		2020
(In thousands)
Diapers and Wipes		$	200,429	$	200,923	$	188,452
Skin and Personal Care		89,316		101,697		79,542
Household and Wellness		23,906		16,019		32,528
Total revenue		$	313,651	$	318,639	$	300,522

Intangible Assets, Goodwill and Other (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following:


	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
(in thousands)
Tradenames	$	770	$	(489)	$	281
Domain names	287		(198)		89
Total intangible assets, net	$	1,057	$	(687)	$	370


	As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
(in thousands)
Tradenames	$	770	$	(438)	$	332
Domain names	287		(179)		108
Total intangible assets, net	$	1,057	$	(617)	$	440

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future amortization expense for each of the following five years ending December 31 and thereafter is as follows:


(in thousands)
2023	$	70
2024	70
2025	70
2026	70
2027	70
Thereafter	20
	$	370

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the assets as follows:


Machinery and equipment						3-20 years
Computer and office equipment						3-5 years
Capitalized software and website development costs						1-5 years
Furniture and fixtures						3-5 years
Building						40 years
Leasehold improvements						Lesser of the estimated useful life or the remaining lease term

Property and equipment consisted of the following:


	As of December 31,
	2022		2021
(in thousands)
Machinery and equipment	$	12,198	$	12,064
Computer and office equipment	1,794		1,461
Capitalized software	5,989		4,906
Furniture and fixtures	4,334		4,304
Leasehold improvements	15,839		15,839
Building(1)	—		42,146
	40,154		80,720
Accumulated depreciation and amortization	(25,827)		(27,768)
Total property and equipment, net	$	14,327	$	52,952

__________

(1) As part of the adoption of ASC 842 the build-to-suit arrangement was derecognized.

Total depreciation and amortization expense for property and equipment, inclusive of depreciation expense for equipment under capital lease obligations consisted of the following:


	For the year ended December 31,
	2022		2021		2020
(In thousands)
Cost of revenues	$	1,013	$	2,198	$	2,295
Research and development	195		186		251
Selling, general and administrative	1,474		1,697		2,237
Total depreciation and amortization expense	$	2,682	$	4,081	$	4,783

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Investments

The following table summarizes the Company’s available-for-sale investments:


	As of December 31, 2022
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
(In thousands)
Corporate bonds	$	3,216	$	—	$	(24)	$	3,193
Commercial paper	582		—		—		582
Certificates of deposit	1,884		—		(9)		1,875

Total investments	$	5,682	$	—	$	(33)	$	5,650


	As of December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
(In thousands)
Corporate bonds	$	18,605	$	—	$	(28)	$	18,577

Certificates of deposit	17,099		—		(5)		17,095
U.S. government and agency securities	6,725		—		(9)		6,716
Total investments	$	42,429	$	—	$	(42)	$	42,388

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

Financial assets measured and recorded at fair value on a recurring basis consist of the following as of:


	December 31, 2022
	Level 1		Level 2		Level 3		Total
(In thousands)
Cash equivalents
Money market funds	$	9,595	$	—	$	—	$	9,595


Total cash equivalents	9,595		—		—		9,595
Short-term investments
Corporate bonds	—		3,193		—		3,193
Commercial paper	—		582		—		582
Certificates of deposit	—		1,875		—		1,875

Total short-term investments	—		5,650		—		5,650
Total	$	9,595	$	5,650	$	—	$	15,245


	December 31, 2021
	Level 1		Level 2		Level 3		Total
(In thousands)
Cash equivalents
Money market funds	$	29,411	$	—	$	—	$	29,411
Total cash equivalents	29,411		—		—		29,411
Short-term investments
Corporate bonds	—		18,577		—		18,577

Certificates of deposit	—		17,095		—		17,095
U.S. government and agency securities	—		6,716		—		6,716
Total short-term investments	—		42,388		—		42,388
Total	$	29,411	$	42,388	$	—	$	71,799

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	As of December 31,
	2022		2021
(In thousands)
Payroll and payroll related expenses(1)	$	6,790	$	2,497
Accrued inventory purchases	17,050		8,838
Accrued returns	318		1,455
Accrued rent(2)	7,688		—
Other accrued expenses	6,164		6,213
Total accrued expenses	$	38,010	$	19,003

_______________

(1) Includes $4.3 million of CEO transition related expense.

(2) Represents short-term operating lease liabilities upon adoption of ASC 842. Refer to Note 16, "Leases" included in these consolidated financial statements for more information on leases.

Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Tables)

12 Months Ended

Dec. 31, 2022

Temporary Equity and Stockholder's Equity Disclosure [Abstract]

Summary of Redeemable Convertible Preferred Stock

The following table summarizes the Company's redeemable convertible preferred stock information as of December 31, 2020:


	Authorized Shares	Issued and Outstanding Shares	Carrying Value		Liquidation Preference
Series A Redeemable Convertible Preferred Stock	11,347,518	11,347,518	$	6,000	$	6,000
Series A-1 Redeemable Convertible Preferred Stock	11,554,016	11,554,016	20,796		21,000
Series B Redeemable Convertible Preferred Stock	4,551,572	4,551,572	42,106		50,000
Series C Redeemable Convertible Preferred Stock	5,174,204	5,174,204	90,586		100,000
Series D Redeemable Convertible Preferred Stock	4,545,944	4,454,624	101,239		101,911
Series E Redeemable Convertible Preferred Stock	6,918,204	6,918,204	67,685		67,815
Series F Redeemable Convertible Preferred Stock	5,100,790	5,100,790	47,992		50,000
Total	49,192,248	49,100,928	$	376,404	$	396,726

Schedule of Common Shares Available for Issuance

As of December 31, 2020, the number of common shares available for issuance under the Company’s amended certificate of incorporation were as follows:


Authorized number of common shares			110,000,000
Common shares outstanding			(34,089,186)
Stock awards outstanding under the 2011 Plan			(18,038,042)
Stock awards available for grant under the 2011 Plan			(2,595,078)
Reserve for the conversion of preferred stock			(49,100,928)
Available for issuance			6,176,766

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Receivable

As of December 31, 2021, the future minimum rental payments under non-cancelable leases with offsetting sublease revenue were as follows:


(in thousands)	Facility Leases		Subleases		Build-to-Suit Lease		Capital Leases
Years Ending December 31,

2022	$	5,231	$	(1,936)	$	2,639	$	280
2023	5,754		(1,994)		2,714		57
2024	5,916		(2,054)		2,788		21
2025	6,082		(2,115)		2,868		—
2026	6,253		(2,179)		2,948		—
Thereafter	1,357		(369)		2,888		—
Future minimum lease payments (income)	$	30,593	$	(10,647)	$	16,845	$	358
Less: Amount representing interest							(8)
Present value of future lease payments							$	350

Contractual Obligation, Fiscal Year Maturity

Future minimum payments under these unconditional purchase commitments are as follows:


(In thousands)
Years Ending December 31,
2023	$	3,074
2024	1,979
2025	496
2026	—
2027	—
Thereafter	—
Future minimum payments	$	5,549

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the stock option activity:


	Number of Options	Weighted Average Exercise Price		Weighted Average Contractual Term (Years)	Intrinsic Value (in thousands)





Outstanding at December 31, 2021	16,440,539	$	5.26	5.4	$	46,589
Granted	—	$	—
Exercised	(43,556)	$	2.81
Forfeited/Cancelled	(1,508,976)	$	5.50
Outstanding at December 31, 2022	14,888,007	$	5.24	4.0	$	3,024


Exercisable at December 31, 2022	14,503,073	$	5.23	3.9	$	3,024

Schedule of Restricted Stock Unit Activity

The following table summarizes the RSU activity:


	Number of Shares		Weighted Average Grant Date Fair Value Per Share
	Non-Employee Directors	Directors, Officers and Employees	Non-Employee Directors		Directors, Officers and Employees




Unvested RSUs at December 31, 2021	103,561	2,867,306	$	16.00	$	13.58
Granted	485,806	3,113,741	$	3.51	$	5.07
Vested(1)	(131,775)	(1,121,573)	$	13.38	$	12.20
Forfeited	(4,641)	(694,071)	$	8.09	$	10.54
Unvested RSUs at December 31, 2022	452,951	4,165,403	$	3.44	$	8.09

_______________

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

The following table summarizes the key input assumptions used in the Black-Scholes option-pricing model to estimate the grant-date fair value of the 2021 ESPP:


	For the Year Ended December 31, 2022
Expected life of options (in years)	0.50
Expected stock price volatility	73.27%	—	79.56%
Risk free interest rate	1.52%	—	4.65%
Expected dividend yield	—%
Weighted average grant-date fair value per share	$1.09	—	$1.12

Stock-based Compensation Expense

Stock-based compensation expense related to RSU awards, 2021 ESPP purchases and stock options, as applicable, are as follows:


	For the year ended December 31,
		2022		2021		2020
(In thousands)
Selling, general and administrative		$	14,593	$	15,820	$	7,558
Research and development		485		1,027		347
Total stock-based compensation expense		$	15,078	$	16,847	$	7,905

Net Income (Loss) per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders:


	For the year ended December 31,
(In thousands, except for share and per share values)	2022		2021		2020
Numerator:
Net loss	$	(49,019)	$	(38,679)	$	(14,466)
Add: gain on conversion of preferred stock(1)	—		28,994		—
Less: dividends paid to preferred stockholders(2)	—		(20,637)		—
Net loss attributable to common stockholders - basic and diluted	$	(49,019)	$	(30,322)	$	(14,466)

Net loss attributable to common stockholders - diluted	$	(49,019)	$	(30,322)	$	(14,466)

Denominator:
Weighted average shares of common stock outstanding - basic	92,201,806		71,126,218		34,075,572


Weighted average shares of common stock outstanding - diluted	92,201,806		71,126,218		34,075,572

Net loss per share, attributable to common shareholders:
Basic and diluted	$	(0.53)	$	(0.43)	$	(0.43)

_____________

Schedule of Potentially Dilutive Shares

The following potentially dilutive shares were excluded from the computation of diluted net income (loss) per share because including them would have been antidilutive:


	For the year ended December 31,
		2022	2021	2020
Redeemable convertible preferred stock(1)		—	—	49,100,928
Stock options to purchase common stock		14,888,007	16,440,539	18,038,042
Unvested restricted stock units		4,618,354	2,970,867	—
Employee stock purchase plan		62,438	39,157	—
Total		19,568,799	19,450,563	67,138,970

___________________

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

The components of income tax provision consisted of the following:


	For the year ended December 31,
		2022		2021		2020
(In thousands)
Current
Federal		$	—	$	—	$	—
State		110		77		89
Foreign		—		—		—
		110		77		89
Deferred
Federal		—		—		—
State		—		—		—
Foreign		—		—		—
		—		—		—
Income tax provision		$	110	$	77	$	89

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the income tax benefit computed at the U.S. federal statutory rate of 21% to the Company’s income tax provision is as follows:


	For the year ended December 31,
	2022		2021		2020
(In thousands)
Income tax benefit at the federal statutory rate	$	(10,271)	$	(8,106)	$	(3,019)
State income taxes, net of federal benefit	(625)		(143)		831
Permanent differences for equity compensation	2,604		5,156		2,353
Nondeductible items	53		84		82
Nondeductible compensation	302		1,349		—
Change in valuation allowance	8,047		1,737		(158)
Income tax provision	$	110	$	77	$	89

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities were as follows:


	As of December 31,
(In thousands)	2022		2021
Deferred tax assets
Intangible assets	$	95	$	122
Property and equipment	815		—
Accrued expenses	653		2,602
Deferred revenue	51		13
Allowances, reserves and other	2,796		2,915
Stock-based compensation	8,335		9,592
Section 174 capitalized expenses	1,456		—
Net operating loss and other carryforwards	85,176		77,548
Total deferred tax assets	99,377		92,792
Valuation allowance	(94,103)		(86,659)
Net deferred tax assets	5,274		6,133
Deferred tax liabilities
Deferred revenue	—		—
Property and equipment	—		(544)
Prepaid expenses	(364)		(539)
State taxes	(4,910)		(5,050)
Total deferred tax liabilities	(5,274)		(6,133)
Net deferred taxes	$	—	$	—

Schedule of Changes in Valuation Allowance

The following table summarizes the changes in the valuation allowance:


	For the year ended December 31,
	2022		2021		2020
(In thousands)
Beginning balance	$	86,659	$	84,934	$	85,083
Increase (decrease) to valuation allowance	8,047		1,737		(158)
Decrease due to adoption of ASC 842	(613)		—		—
Other increases (decreases)	10		(12)		9
Ending balance	$	94,103	$	86,659	$	84,934

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Accounting Standards Update and Change in Accounting Principle

As a result of the adoption of ASC 842, the following adjustments were made to the opening balances of the Company’s consolidated balance sheet (in thousands):


	December 31, 2021		Impact due to Adoption of ASC 842		January 1, 2022
Assets
Property and equipment, net(1)	52,952		(37,581)		$	15,371
Operating lease ROU(2)	—		36,127		$	36,127
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
Accrued expenses(2)	$	19,003	$	5,113	$	24,116
Lease financing obligation, net of current portion(1)	37,527		(37,527)		$	—
Operating lease liabilities, net of current portion(2)	—		37,531		$	37,531
Other long-term liabilities(3)	7,487		(7,415)		$	72
Accumulated equity (deficit)(4)	(391,656)		845		$	(390,811)

___________________

(1) Represents the derecognition of non-Company owned property that was capitalized under previously existing built-to-suit accounting policies.

(2) Represents the recognition of operating lease ROU assets and corresponding current and non-current lease liabilities.

(3) Represents reclassification of deferred rent to operating lease ROU assets upon adoption of ASC 842.

(4) Represents a decrease to the beginning fiscal 2022 accumulated deficit related to the adoption of ASC 842.

Lease, Cost

The components of lease expense were as follows (in thousands):


			For the year ended December 31, 2022
Finance lease expense:
Amortization			263
Interest on lease liabilities(1)			7
Operating lease expense:

Operating lease expense(2)			7,153
Sublease income			(2,006)
Total lease expense, net			5,417

______________________

(2) Represents the straight-line lease expense of operating leases, inclusive of amortization of ROU assets and the interest component of operating lease liabilities.

Assets and Liabilities, Lessee

The following tables set forth the amount of lease assets and lease liabilities included in the Company’s consolidated balance sheets (in thousands):

Assets

Financial Statement Line Item

December 31, 2022

Finance lease assets

Property and equipment, net

Operating lease assets

Operating lease right-of-use asset

29,947

Total lease assets

30,017

Liabilities

Current

Finance lease liabilities

Accrued expenses

Operating lease liabilities

Accrued expenses

7,688

Non-current

Finance lease liabilities

Other long-term liabilities

Operating lease liabilities

Operating lease liabilities, net of current portion

29,842

Total lease liabilities

37,604

Supplemental information related to the Company’s leases for the year ended December 31, 2022 was as follows:


Weighted-average remaining lease term (in years)
Finance leases			1.4
Operating leases			4.5
Weighted-average discount rate
Finance leases			3.00%
Operating leases			2.29%
Cash paid for amounts included in the measurement of lease liabilities (in thousands)
Operating cash flows used in finance leases			$8
Operating cash flows used in operating leases			$7,007
Finance cash flows used in finance leases			$303

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments required under operating and finance leases as of December 31, 2022, were as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	8,468	57
2024	8,704		21
2025	8,950		—
2026	9,201		—
2027	4,244		—
Thereafter	—		—
Future minimum lease payments	$	39,567	$	78
Less: Amount representing interest	(2,037)		(4)
Present value of future lease payments	$	37,530	$	74

Finance Lease, Liability, Fiscal Year Maturity

Future minimum lease payments required under operating and finance leases as of December 31, 2022, were as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	8,468	57
2024	8,704		21
2025	8,950		—
2026	9,201		—
2027	4,244		—
Thereafter	—		—
Future minimum lease payments	$	39,567	$	78
Less: Amount representing interest	(2,037)		(4)
Present value of future lease payments	$	37,530	$	74

Schedule of Future Minimum Rental Receivable

As of December 31, 2021, the future minimum rental payments under non-cancelable leases with offsetting sublease revenue were as follows:


(in thousands)	Facility Leases		Subleases		Build-to-Suit Lease		Capital Leases
Years Ending December 31,

2022	$	5,231	$	(1,936)	$	2,639	$	280
2023	5,754		(1,994)		2,714		57
2024	5,916		(2,054)		2,788		21
2025	6,082		(2,115)		2,868		—
2026	6,253		(2,179)		2,948		—
Thereafter	1,357		(369)		2,888		—
Future minimum lease payments (income)	$	30,593	$	(10,647)	$	16,845	$	358
Less: Amount representing interest							(8)
Present value of future lease payments							$	350

Schedule of Future Minimum Rental Payments for Operating Leases

As of December 31, 2021, the future minimum rental payments under non-cancelable leases with offsetting sublease revenue were as follows:


(in thousands)	Facility Leases		Subleases		Build-to-Suit Lease		Capital Leases
Years Ending December 31,

2022	$	5,231	$	(1,936)	$	2,639	$	280
2023	5,754		(1,994)		2,714		57
2024	5,916		(2,054)		2,788		21
2025	6,082		(2,115)		2,868		—
2026	6,253		(2,179)		2,948		—
Thereafter	1,357		(369)		2,888		—
Future minimum lease payments (income)	$	30,593	$	(10,647)	$	16,845	$	358
Less: Amount representing interest							(8)
Present value of future lease payments							$	350

Schedule of Future Minimum Lease Payments for Capital Leases

As of December 31, 2021, the future minimum rental payments under non-cancelable leases with offsetting sublease revenue were as follows:


(in thousands)	Facility Leases		Subleases		Build-to-Suit Lease		Capital Leases
Years Ending December 31,

2022	$	5,231	$	(1,936)	$	2,639	$	280
2023	5,754		(1,994)		2,714		57
2024	5,916		(2,054)		2,788		21
2025	6,082		(2,115)		2,868		—
2026	6,253		(2,179)		2,948		—
Thereafter	1,357		(369)		2,888		—
Future minimum lease payments (income)	$	30,593	$	(10,647)	$	16,845	$	358
Less: Amount representing interest							(8)
Present value of future lease payments							$	350

Nature of Business (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	May 07, 2021	May 06, 2021	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Sale of Stock [Line Items]
Common stock, par value (in USD per share)	$ 0.0001		$ 0.0001	$ 0.0001
Price per share (in USD per share)	$ 16.00
Underwriting commissions, discounts, and offering costs			$ 12,200
IPO Bonus	$ 9,500
Payroll taxes and expenses	$ 200
Cash dividend declared					$ 35,000
Common stock authorized (in shares)		1,000,000,000	1,000,000,000	1,000,000,000
Preferred stock authorized (in shares)		20,000,000	20,000,000	20,000,000
Outstanding shares of redeemable convertible preferred stock (in shares)		49,100,928		0		49,100,928	49,100,928
Carrying Value		$ 376,400		$ 0		$ 376,404	$ 376,404
Number of common stock issued from conversion (in shares)		49,649,023
Conversion of redeemable convertible preferred stock to common stock upon initial public offering		$ 29,000		376,405
Selling, general and administrative
Sale of Stock [Line Items]
IPO Bonus				9,100
Research and development
Sale of Stock [Line Items]
IPO Bonus				$ 400
IPO
Sale of Stock [Line Items]
Number of common stock issued in transaction (in shares)	25,807,000
Aggregate net proceeds	$ 91,000
Underwriting commissions, discounts, and offering costs	$ 6,700
IPO - Sold by Company
Sale of Stock [Line Items]
Number of common stock issued in transaction (in shares)	6,451,613
IPO - Sold by Existing Shareholders
Sale of Stock [Line Items]
Number of common stock issued in transaction (in shares)	19,355,387
IPO - Other Offering Expense
Sale of Stock [Line Items]
Underwriting commissions, discounts, and offering costs	$ 5,500
Over-Allotment Option
Sale of Stock [Line Items]
Number of common stock issued in transaction (in shares)	3,871,050
Option to purchase additional shares, period	30 days

Summary of Significant Accounting Policies - Additional Information (Details)		1 Months Ended	12 Months Ended
	Oct. 31, 2022 USD ($)	Apr. 30, 2021	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 01, 2022 USD ($)	May 07, 2021 USD ($)	Dec. 31, 2019 USD ($)
Class of Stock [Line Items]
Number of operating segments \| segment			1
Allowance for doubtful accounts			$ 500,000	$ 200,000
Deferred offering costs							$ 5,500,000
Deferred rent liabilities, current				1,000,000
Deferred rent liabilities, noncurrent				7,400,000
Capitalized implementation costs from cloud computing			1,000,000	900,000
Capitalized implementation costs from cloud computing, accumulated amortization			$ 1,800,000	1,200,000
Goodwill impairment	$ 0
Intangible asset, estimated useful life			15 years
Realized and unrealized foreign currency (losses) gains, net			$ (200,000)	(100,000)	$ 100,000
Deferred revenue			815,000	731,000
Deferred advertising, current			1,600,000	1,000,000
Deferred advertising, noncurrent			0	100,000
Advertising expense			44,800,000	49,200,000	41,100,000
Operating lease right-of-use asset			29,947,000
Operating lease liability			37,530,000
Accrued rent			7,688,000
Decrease in total assets			(240,599,000)	(272,597,000)
Decrease in total liabilities			(94,239,000)	(93,491,000)
Stockholders' equity			146,360,000	179,106,000	(236,825,000)			$ (230,277,000)
Sales Incentive Program
Class of Stock [Line Items]
Allowance for sales incentive program			6,396,000	6,494,000	8,207,000			8,428,000
Accumulated Deficit
Class of Stock [Line Items]
Stockholders' equity			(439,830,000)	(391,656,000)	(352,977,000)			$ (338,511,000)
Cumulative Effect, Period of Adoption, Adjustment
Class of Stock [Line Items]
Operating lease right-of-use asset						$ 36,127,000
Stockholders' equity			845,000
Cumulative Effect, Period of Adoption, Adjustment \| Accumulated Deficit
Class of Stock [Line Items]
Stockholders' equity			845,000
Accounts Receivable \| Sales Incentive Program
Class of Stock [Line Items]
Allowance for sales incentive program			$ 5,800,000	6,100,000
Minimum
Class of Stock [Line Items]
Lessee, finance lease, remaining lease term			1 year
Lessee, operating lease, remaining lease term			1 year
Deferred advertising, amortization period			1 year
Maximum
Class of Stock [Line Items]
Lessee, finance lease, remaining lease term			6 years
Lessee, operating lease, remaining lease term			6 years
Deferred advertising, amortization period			3 years
Accounting Standards Update 2016-02
Class of Stock [Line Items]
Operating lease right-of-use asset						36,100,000
Operating lease liability						37,500,000
Accrued rent						7,000,000
Decrease in total assets						37,600,000
Decrease in total liabilities						38,400,000
Accounting Standards Update 2016-02 \| Minimum \| Cumulative Effect, Period of Adoption, Adjustment \| Accumulated Deficit
Class of Stock [Line Items]
Stockholders' equity						$ 800,000
Sales Channel, Directly to Consumer
Class of Stock [Line Items]
Revenue recognized				0	$ 0
Deferred revenue			$ 800,000	700,000
Gift Card \| Sales Channel, Directly to Consumer
Class of Stock [Line Items]
Revenue recognized			$ 800,000	900,000
Retail \| Minimum
Class of Stock [Line Items]
Revenue Recognition, Payment Term			30 days
Retail \| Maximum
Class of Stock [Line Items]
Revenue Recognition, Payment Term			45 days
Sanitization and Disinfecting Products \| Household and Wellness
Class of Stock [Line Items]
Inventory reserve			$ 4,300,000	5,600,000
Face Masks
Class of Stock [Line Items]
Donation of face masks			$ 1,000,000	$ 700,000
Common Stock
Class of Stock [Line Items]
Stock split ratio		0.5
Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Stock split ratio		0.5

Summary of Significant Accounting Policies - Schedule of Concentration Risk (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable \| Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	44.00%	48.00%
Accounts Receivable \| Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%	24.00%
Revenue \| Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	31.00%	28.00%	23.00%
Revenue \| Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	19.00%	22.00%	22.00%

Summary of Significant Accounting Policies - Useful Life of Assets (Details)	12 Months Ended
	Dec. 31, 2022
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Computer and office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computer and office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Capitalized software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Capitalized software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Building
Property, Plant and Equipment [Line Items]
Useful life	40 years

Summary of Significant Accounting Policies - Summary of Sales Incentive Program Activity (Details) - Sales Incentive Program - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer, Allowance for Sales Incentive Program [Roll Forward]
Beginning balance	$ 6,494	$ 8,207	$ 8,428
Charged to revenue	48,962	47,290	35,465
Utilization of accrual for trade promotions	(61,954)	(65,153)	(46,592)
Reclassification to prepaid expenses and other current assets/accrued expenses	(197)	0	0
Ending balance	6,396	6,494	8,207
Charged to selling, general and administrative expense
Revenue from Contract with Customer, Allowance for Sales Incentive Program [Roll Forward]
Charged to marketing expense	550	0	0
Charged to marketing expense
Revenue from Contract with Customer, Allowance for Sales Incentive Program [Roll Forward]
Charged to marketing expense	$ 12,541	$ 16,150	$ 10,906

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 313,651	$ 318,639	$ 300,522
Diapers and Wipes
Disaggregation of Revenue [Line Items]
Total revenue	200,429	200,923	188,452
Skin and Personal Care
Disaggregation of Revenue [Line Items]
Total revenue	89,316	101,697	79,542
Household and Wellness
Disaggregation of Revenue [Line Items]
Total revenue	23,906	16,019	32,528
Digital
Disaggregation of Revenue [Line Items]
Total revenue	141,403	157,546	166,733
Retail
Disaggregation of Revenue [Line Items]
Total revenue	$ 172,248	$ 161,093	$ 133,789

- Definition

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

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+ Details

Revenue - Additional Information (Details) - USD ($)	12 Months Ended
Revenue - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 313,651,000	$ 318,639,000	$ 300,522,000
Cost of revenue	$ 221,336,000	209,467,000	$ 192,626,000
Trade Agreements
Disaggregation of Revenue [Line Items]
Marketing credits, usage period	4 years
Marketing credits, option to extend	2 years
Revenue	$ 3,200,000	4,200,000
Cost of revenue	1,700,000	2,200,000
Impairment	0	0
Transportation credits used	$ 1,400,000	$ 400,000

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Intangible Assets, Net - Schedule of Indefinite Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,057	$ 1,057
Accumulated Amortization	(687)	(617)
Intangible Assets, Net	370	440
Tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	770	770
Accumulated Amortization	(489)	(438)
Intangible Assets, Net	281	332
Domain names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	287	287
Accumulated Amortization	(198)	(179)
Intangible Assets, Net	$ 89	$ 108

Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	$ 0.1	$ 0.1	$ 0.1
Tradenames \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Intangible asset, estimated useful life	6 years 2 months 12 days	4 years 9 months 18 days
Domain names \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Intangible asset, estimated useful life	7 years 1 month 6 days	5 years 9 months 18 days

Intangible Assets, Net - Schedule of Expected Remaining Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 70
2024	70
2025	70
2026	70
2027	70
Thereafter	20
Intangible Assets, Net	$ 370	$ 440

Property and Equipment, Net - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 80,720
Property and equipment, gross	$ 40,154
Accumulated depreciation and amortization	(25,827)
Accumulated depreciation and amortization		(27,768)
Property and equipment, net	14,327
Property and equipment, net		52,952
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12,198	12,064
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,794	1,461
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,989	4,906
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,334	4,304
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,839	15,839
Building
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 0	$ 42,146

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Amortization	$ 263
Capital lease depreciation expense		$ 400	$ 300

Property and Equipment, Net - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 2,753	$ 4,146	$ 4,854
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	2,682	4,081	4,783
Cost of Sales \| Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,013	2,198	2,295
Research and development \| Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	195	186	251
Selling, general and administrative \| Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 1,474	$ 1,697	$ 2,237

Investments - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments with contractual maturities of less than one year	$ 5.7	$ 36.4
Investments with contractual maturities between one and two years	$ 0.0	$ 6.0

Investments - Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	$ 5,682	$ 42,429
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(33)	(42)
Total Estimated Fair Value	5,650	42,388
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	3,216	18,605
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(24)	(28)
Total Estimated Fair Value	3,193	18,577
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	582
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Total Estimated Fair Value	582
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	1,884	17,099
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(9)	(5)
Total Estimated Fair Value	$ 1,875	17,095
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost		6,725
Gross Unrealized Gains		0
Gross Unrealized Losses		(9)
Total Estimated Fair Value		$ 6,716

Credit Facilities (Details) - 2021 Credit Facility	1 Months Ended
Credit Facilities (Details) - 2021 Credit Facility	Apr. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
JP Morgan Chase Bank
Line of Credit Facility [Line Items]
Maximum total net leverage ratio		3.50
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Interest rate base (as a percent)	0.00%
Debt instrument, basis spread on variable rate (as a percent)	1.50%
Revolving Credit Facility \| CB floating rate
Line of Credit Facility [Line Items]
Interest rate base (as a percent)	2.50%
Debt instrument, basis spread on variable rate (as a percent)	0.50%
Revolving Credit Facility \| JP Morgan Chase Bank
Line of Credit Facility [Line Items]
Maximum issuance of letters of credit	$ 35,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 0	$ 0
Maximum issuance of letters of credit	$ 10,000,000
Standby Letters of Credit
Line of Credit Facility [Line Items]
Letters of credit issued		4,800,000	6,300,000
Standby Letters of Credit \| JP Morgan Chase Bank
Line of Credit Facility [Line Items]
Borrowing capacity available		$ 30,200,000	$ 28,700,000

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Payables and Accruals [Line Items]
Payroll and payroll related expenses	$ 6,790	$ 2,497
Accrued inventory purchases	17,050	8,838
Accrued returns	318	1,455
Accrued rent	7,688
Other accrued expenses	6,164	6,213
Total accrued expenses	38,010	$ 19,003
Chief Executive Officer
Schedule of Payables and Accruals [Line Items]
Payroll and payroll related expenses	$ 4,300

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	May 06, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Common stock authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000
Preferred stock authorized (in shares)	20,000,000	20,000,000	20,000,000
Outstanding shares of redeemable convertible preferred stock (in shares)	49,100,928	0		49,100,928	49,100,928
Carrying Value	$ 376,400	$ 0		$ 376,404	$ 376,404
Number of common stock issued from conversion (in shares)	49,649,023
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ 29,000	$ 376,405
Series A Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Outstanding shares of redeemable convertible preferred stock (in shares)				11,347,518
Carrying Value				$ 6,000
Shares available for issuance (in shares)		0
Series A-1 Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Outstanding shares of redeemable convertible preferred stock (in shares)				11,554,016
Carrying Value				$ 20,796
Shares available for issuance (in shares)		0
Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Outstanding shares of redeemable convertible preferred stock (in shares)				4,551,572
Carrying Value				$ 42,106
Shares available for issuance (in shares)		0
Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Outstanding shares of redeemable convertible preferred stock (in shares)				5,174,204
Carrying Value				$ 90,586
Shares available for issuance (in shares)		0
Series D Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Outstanding shares of redeemable convertible preferred stock (in shares)				4,454,624
Carrying Value				$ 101,239
Shares available for issuance (in shares)		0
Series E Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Outstanding shares of redeemable convertible preferred stock (in shares)				6,918,204
Carrying Value				$ 67,685
Shares available for issuance (in shares)		0
Series F Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Outstanding shares of redeemable convertible preferred stock (in shares)				5,100,790
Carrying Value				$ 47,992
Shares available for issuance (in shares)		0

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Summary of Redeemable Convertible Preferred Stock Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	May 06, 2021	Dec. 31, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Authorized Shares (in shares)			49,192,248
Issued (in shares)			49,100,928
Outstanding (in shares)	0	49,100,928	49,100,928	49,100,928
Carrying Value	$ 0	$ 376,400	$ 376,404	$ 376,404
Liquidation Preference			$ 396,726
Series A Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Authorized Shares (in shares)			11,347,518
Issued (in shares)			11,347,518
Outstanding (in shares)			11,347,518
Carrying Value			$ 6,000
Liquidation Preference			$ 6,000
Series A-1 Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Authorized Shares (in shares)			11,554,016
Issued (in shares)			11,554,016
Outstanding (in shares)			11,554,016
Carrying Value			$ 20,796
Liquidation Preference			$ 21,000
Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Authorized Shares (in shares)			4,551,572
Issued (in shares)			4,551,572
Outstanding (in shares)			4,551,572
Carrying Value			$ 42,106
Liquidation Preference			$ 50,000
Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Authorized Shares (in shares)			5,174,204
Issued (in shares)			5,174,204
Outstanding (in shares)			5,174,204
Carrying Value			$ 90,586
Liquidation Preference			$ 100,000
Series D Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Authorized Shares (in shares)			4,545,944
Issued (in shares)			4,454,624
Outstanding (in shares)			4,454,624
Carrying Value			$ 101,239
Liquidation Preference			$ 101,911
Series E Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Authorized Shares (in shares)			6,918,204
Issued (in shares)			6,918,204
Outstanding (in shares)			6,918,204
Carrying Value			$ 67,685
Liquidation Preference			$ 67,815
Series F Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Authorized Shares (in shares)			5,100,790
Issued (in shares)			5,100,790
Outstanding (in shares)			5,100,790
Carrying Value			$ 47,992
Liquidation Preference			$ 50,000

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Schedule of Stock Available for Future Issuance (Details)	Dec. 31, 2020 shares
Class of Stock [Line Items]
Available for issuance (in shares)	6,176,766
Authorized number of common shares
Class of Stock [Line Items]
Available for issuance (in shares)	110,000,000
Common shares outstanding
Class of Stock [Line Items]
Available for issuance (in shares)	34,089,186
Stock awards outstanding under the 2011 Plan
Class of Stock [Line Items]
Available for issuance (in shares)	18,038,042
Stock awards available for grant under the 2011 Plan
Class of Stock [Line Items]
Available for issuance (in shares)	2,595,078
Reserve for the conversion of preferred stock
Class of Stock [Line Items]
Available for issuance (in shares)	49,100,928

Commitments and Contingencies - Additional Information (Details) - Nevada Department of Taxation vs. Honest Company - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Payments for legal settlements		$ 0.6
Interest expense		0.1
Other income	$ 0.7
Pending Litigation
Loss Contingencies [Line Items]
Potential loss		$ 0.7

Commitments and Contingencies - Summary of Purchase Commitments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Years Ending December 31,
2023	$ 3,074
2024	1,979
2025	496
2026	0
2027	0
Thereafter	0
Future minimum payments	$ 5,549

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Options outstanding, beginning balance (in shares)	16,440,539
Granted (in shares)	0
Exercised (in shares)	(43,556)
Forfeited (in shares)	(1,508,976)
Options outstanding, ending balance (in shares)	14,888,007	16,440,539
Options exercisable (in shares)	14,503,073
Weighted Average Exercise Price
Weighted-average exercise price, beginning balance (in USD per share)	$ 5.26
Weighted-average exercise price, granted (in USD per share)	0
Weighted-average exercise price, exercised (in USD per share)	2.81
Weighted-average exercise price, forfeited (in USD per share)	5.50
Weighted-average exercise price, ending balance (in USD per share)	5.24	$ 5.26
Weighted-average exercise price, exercisable (in USD per share)	$ 5.23
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Contractual Term (Years)	4 years	5 years 4 months 24 days
Weighted average contractual term, exercisable	3 years 10 months 24 days
Intrinsic Value (in thousands)	$ 3,024	$ 46,589
Intrinsic Value, exercisable	$ 3,024

Stock-Based Compensation - Stock Option Activity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 07, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price (in USD per share)		$ 5.24	$ 5.26
Total stock-based compensation expense		$ 15,078	$ 16,847	$ 7,905
Intrinsic value of options exercised		100	6,000	300
Fair value of options vested during the period		2,000	7,900	$ 7,600
Unrecognized stock-based compensation expense		$ 1,000	$ 3,900
Stock Options With Liquidity Event Vesting Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vested (in shares)	2,442,918
Weighted average exercise price (in USD per share)	$ 5.54
Total stock-based compensation expense	$ 3,100
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition		1 year 3 months 18 days	1 year 9 months 18 days
Options \| 2011 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested upon occurrence of event		25.00%
Award vesting period		36 months

Stock-Based Compensation - 2021 Equity Incentive Plan (Details) - shares	1 Months Ended
	Apr. 30, 2021	Jan. 01, 2022	Apr. 01, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock authorized to be issued (in shares)				6,176,766
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares that may be issued (in shares)	75,100,000		25,025,580
Period to increase available shares for issuance	10 years
Percentage of total number of shares outstanding	4.00%
Number of common stock authorized to be issued (in shares)		3,660,485

Stock-Based Compensation - RSU Awards (Details) - Unvested restricted stock units	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Non-Employee Directors
Number of Shares
Granted (in shares)	485,806
Vested (in shares)	(131,775)
Forfeited (in shares)	(4,641)
Weighted Average Grant Date Fair Value Per Share
Granted (in USD per share) \| $ / shares	$ 3.51
Vested (in USD per share) \| $ / shares	13.38
Forfeited (in USD per share) \| $ / shares	$ 8.09
Officers and Employees
Number of Shares
Granted (in shares)	3,113,741
Vested (in shares)	(1,121,573)
Forfeited (in shares)	(694,071)
Weighted Average Grant Date Fair Value Per Share
Granted (in USD per share) \| $ / shares	$ 5.07
Vested (in USD per share) \| $ / shares	12.20
Forfeited (in USD per share) \| $ / shares	$ 10.54
Non-Employee Directors
Number of Shares
Unvested RSUs, beginning balance (in shares)	103,561
Unvested RSUs, ending balance (in shares)	452,951
Weighted Average Grant Date Fair Value Per Share
Unvested RSUs, beginning balance (in USD per share) \| $ / shares	$ 16.00
Unvested RSUs, ending balance (in USD per share) \| $ / shares	$ 3.44
Directors, Officers and Employees
Number of Shares
Unvested RSUs, beginning balance (in shares)	2,867,306
Unvested RSUs, ending balance (in shares)	4,165,403
Weighted Average Grant Date Fair Value Per Share
Unvested RSUs, beginning balance (in USD per share) \| $ / shares	$ 13.58
Unvested RSUs, ending balance (in USD per share) \| $ / shares	$ 8.09
2021 Equity Incentive Plan
Weighted Average Grant Date Fair Value Per Share
Common stock withheld to cover taxes (in shares)	8,050

Stock-Based Compensation - RSU Awards Narrative (Details) - Unvested restricted stock units - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 31.2	$ 34.2
Period for recognition	2 years 6 months	4 years

Stock-Based Compensation - 2021 Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock authorized to be issued (in shares)					6,176,766
Employee stock purchase plan \| 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock authorized to be issued (in shares)	1,175,000			915,121
Period to increase available shares for issuance	10 years
Percentage of total number of shares outstanding	1.00%
Additional shares authorized (in shares)	3,525,000
Purchase price of common stock in percent	85.00%
Shares issued through ESPP (in shares)		95,742	39,490
Proceeds from issuance of common stock		$ 0.3	$ 0.3
Share price (in USD per share)		$ 2.68	$ 7.37
Number of shares available for purchase (in shares)		1,955,107	1,135,510

Stock-Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Options	12 Months Ended
	Dec. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options (in years)	6 months
Expected stock price volatility (minimum)	73.27%
Expected stock price volatility (maximum)	79.56%
Risk free interest rate (minimum)	1.52%
Risk free interest rate (maximum)	4.65%
Expected dividend yield	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per share (in USD per share)	$ 1.09
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value per share (in USD per share)	$ 1.12

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 15,078	$ 16,847	$ 7,905
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	14,593	15,820	7,558
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 485	$ 1,027	$ 347

Net Income (Loss) per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 29, 2021	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss			$ (49,019)	$ (38,679)	$ (14,466)
Add: gain on conversion of preferred stock			0	28,994	0
Less: dividends paid to preferred stockholders			0	(20,637)	0
Net loss attributable to common stockholders - basic			(49,019)	(30,322)	(14,466)
Net loss attributable to common stockholders - diluted			$ (49,019)	$ (30,322)	$ (14,466)
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)			92,201,806	71,126,218	34,075,572
Weighted average shares of common stock outstanding - diluted (in shares)			92,201,806	71,126,218	34,075,572
Net loss per share, attributable to common shareholders:
Basic (in USD per share)			$ (0.53)	$ (0.43)	$ (0.43)
Diluted (in USD per share)			$ (0.53)	$ (0.43)	$ (0.43)
Gain on extinguishment of redeemable convertible preferred stock			$ 0	$ 28,994	$ 0
Cash dividend declared		$ 35,000
Dividends paid to holders of Company's redeemable convertible preferred stock	$ 20,600

Net Income (Loss) per Share Attributable to Common Stockholders - Potentially Dilutive Shares Excluded From Computation of Diluted Net Income (Loss) Per Share (Details) - USD ($) $ in Thousands		12 Months Ended
	May 06, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		19,568,799	19,450,563	67,138,970
Outstanding shares of redeemable convertible preferred stock (in shares)	49,100,928		0	49,100,928	49,100,928
Carrying Value	$ 376,400		$ 0	$ 376,404	$ 376,404
Number of common stock issued from conversion (in shares)	49,649,023
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		0	0	49,100,928
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		14,888,007	16,440,539	18,038,042
Unvested 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)		4,618,354	2,970,867	0
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		62,438	39,157	0

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 0	$ 0	$ 0
State	110	77	89
Foreign	0	0	0
Current income tax expense total	110	77	89
Deferred
Federal	0	0	0
State	0	0	0
Foreign	0	0	0
Deferred income tax expense total	0	0	0
Income tax provision	$ 110	$ 77	$ 89

Income Taxes - Summary of Reconciliation of Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax benefit at the federal statutory rate	$ (10,271)	$ (8,106)	$ (3,019)
State income taxes, net of federal benefit	(625)	(143)	831
Permanent differences for equity compensation	2,604	5,156	2,353
Nondeductible items	53	84	82
Nondeductible compensation	302	1,349	0
Change in valuation allowance	8,047	1,737	(158)
Income tax provision	$ 110	$ 77	$ 89

- Definition

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

+ References + Details

Income Taxes - Schedule of Deferred Tax (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Intangible assets	$ 95	$ 122
Property and equipment	815	0
Accrued expenses	653	2,602
Deferred revenue	51	13
Allowances, reserves and other	2,796	2,915
Stock-based compensation	8,335	9,592
Section 174 capitalized expenses	1,456	0
Net operating loss and other carryforwards	85,176	77,548
Total deferred tax assets	99,377	92,792
Valuation allowance	(94,103)	(86,659)	$ (84,934)	$ (85,083)
Net deferred tax assets	5,274	6,133
Deferred tax liabilities
Deferred revenue	0	0
Property and equipment	0	(544)
Prepaid expenses	(364)	(539)
State taxes	(4,910)	(5,050)
Total deferred tax liabilities	(5,274)	(6,133)
Net deferred taxes	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Deferred tax assets related to capitalized research and development expenses	$ 1,456,000	$ 0
Uncertain tax positions	0	0
Interest and penalties expense	0	0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	301,000,000	272,000,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	271,000,000	248,000,000
Tax credits	$ 0	$ 100,000

Income Taxes - Summary of Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Asset, Valuation Allowance [Roll Forward]
Beginning balance	$ 86,659	$ 84,934	$ 85,083
Increase (decrease) to valuation allowance	8,047	1,737	(158)
Other increases (decreases)	10	(12)	9
Ending balance	94,103	86,659	$ 84,934
Accounting Standards Update 2016-02
Deferred Tax Asset, Valuation Allowance [Roll Forward]
Beginning balance	$ (613)
Ending balance		$ (613)

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Advertising expense	$ 44.8	$ 49.2	$ 41.1
Summit House Studios LLC
Related Party Transaction [Line Items]
Advertising expense	0.2	$ 0.6	$ 0.3
Vault Co.
Related Party Transaction [Line Items]
Advertising expense	$ 0.1

Leases - Additional Information (Details) - USD ($)	12 Months Ended
Leases - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Rent expense		$ 5,000,000	$ 5,200,000
Sublease rent income		2,500,000	$ 2,700,000
Non-cash ROU assets obtained in exchange for finance lease liabilities	$ 0
Non-cash ROU assets obtained in exchange for operating lease liabilities	0
Standby Letters of Credit \| 2021 Credit Facility
Lessee, Lease, Description [Line Items]
Letters of credit issued	$ 4,800,000	$ 6,300,000
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Lessee, finance lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	6 years
Lessee, finance lease, remaining lease term	6 years

Leases - Summary of Impact of Topic 842 (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, net			$ 52,952
Property and equipment, net	$ 14,327
Operating lease right-of-use asset	29,947
Total accrued expenses	38,010		19,003
Lease financing obligation, net of current portion			37,527
Operating lease liabilities, net of current portion	29,842
Other long-term liabilities	817		7,487
Accumulated deficit	$ (439,830)		$ (391,656)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, net		$ (37,581)
Operating lease right-of-use asset		36,127
Total accrued expenses		5,113
Lease financing obligation, net of current portion		(37,527)
Operating lease liabilities, net of current portion		37,531
Other long-term liabilities		(7,415)
Accumulated deficit		845
Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, net		15,371
Operating lease right-of-use asset		36,127
Total accrued expenses		24,116
Operating lease liabilities, net of current portion		37,531
Other long-term liabilities		72
Accumulated deficit		$ (390,811)

Leases - Summary of Lease Cost (Details) $ in Thousands	12 Months Ended
Leases - Summary of Lease Cost (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
Amortization	$ 263
Interest on lease liabilities	7
Operating lease expense	7,153
Sublease income	(2,006)
Total lease expense, net	$ 5,417

Leases - Summary of Assets and Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Assets
Finance lease, right-of-use asset, statement of financial position	Property and equipment, net
Finance lease assets	$ 70
Operating lease right-of-use asset	29,947
Total lease assets	$ 30,017
Current
Finance lease, liability, current, statement of financial position	Total accrued expenses
Finance lease liabilities, current	$ 52
Operating lease, liability, current, statement of financial position	Total accrued expenses
Accrued rent	$ 7,688
Non-current
Finance lease, liability, noncurrent, statement of financial position	Other long-term liabilities
Lease financing obligation, net of current portion	$ 22
Operating lease liabilities, net of current portion	29,842
Total lease liabilities	$ 37,604
Weighted-average remaining lease term (in years)
Finance lease, weighted-average remaining lease term	1 year 4 months 24 days
Operating lease, weighted-average remaining lease term	4 years 6 months
Weighted-average discount rate
Finance lease, weighted-average discount rate	3.00%
Operating lease, weighted-average discount rate	2.29%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used in finance leases	$ 8
Operating cash flows used in operating leases	7,007
Finance cash flows used in finance leases	$ 303

Leases - Summary of Future Minimum Lease Payments for Operating and Finance Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 8,468
2024	8,704
2025	8,950
2026	9,201
2027	4,244
Thereafter	0
Future minimum lease payments	39,567
Less: Amount representing interest	(2,037)
Operating lease liability	37,530
Finance Leases
2023	57
2024	21
2025	0
2026	0
2027	0
Thereafter	0
Future minimum lease payments	78
Less: Amount representing interest	(4)
Present value of future lease payments	$ 74

Leases - Summary of Minimum Future Rent Obligations (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Subleases
2022	$ (1,936)
2023	(1,994)
2024	(2,054)
2025	(2,115)
2026	(2,179)
Thereafter	(369)
Future minimum lease payments (income)	(10,647)
Capital Leases
2022	280
2023	57
2024	21
2025	0
2026	0
Thereafter	0
Future minimum lease payments (income)	358
Less: Amount representing interest	(8)
Present value of future lease payments	350
Facility Leases
Operating Leases
2022	5,231
2023	5,754
2024	5,916
2025	6,082
2026	6,253
Thereafter	1,357
Future minimum lease payments (income)	30,593
Build-to-Suit Lease
Operating Leases
2022	2,639
2023	2,714
2024	2,788
2025	2,868
2026	2,948
Thereafter	2,888
Future minimum lease payments (income)	$ 16,845

Subsequent Events (Details) - 2023 Credit Facility - Line of Credit - Subsequent Event - USD ($)	1 Months Ended
	Jan. 31, 2023	Mar. 16, 2023
Revolving Credit Facility
Subsequent Event [Line Items]
Maximum issuance of letters of credit	$ 35,000,000
Uncommitted accordion feature	35,000,000
Potential revolving commitment	$ 70,000,000
SOFR floor rate	0.00%
Amount outstanding		$ 0
Revolving Credit Facility \| Prime Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.25%
Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.50%
Revolving Credit Facility \| Minimum \| Prime Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	(0.25%)
Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	2.25%
Revolving Credit Facility \| Maximum \| Prime Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	(0.50%)
Letter of Credit
Subsequent Event [Line Items]
Maximum issuance of letters of credit	$ 15,000,000

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 5,650	$ 42,388
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,193	18,577
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	582
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,875	17,095
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		6,716
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	9,595	29,411
Short-term investments	5,650	42,388
Total	15,245	71,799
Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,193	18,577
Fair Value, Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	582
Fair Value, Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,875	17,095
Fair Value, Recurring \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		6,716
Fair Value, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	9,595	29,411
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	9,595	29,411
Short-term investments	0	0
Total	9,595	29,411
Fair Value, Recurring \| Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Fair Value, Recurring \| Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Fair Value, Recurring \| Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Fair Value, Recurring \| Level 1 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
Fair Value, Recurring \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	9,595	29,411
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term investments	5,650	42,388
Total	5,650	42,388
Fair Value, Recurring \| Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	3,193	18,577
Fair Value, Recurring \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	582
Fair Value, Recurring \| Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,875	17,095
Fair Value, Recurring \| Level 2 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		6,716
Fair Value, Recurring \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term investments	0	0
Total	0	0
Fair Value, Recurring \| Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Fair Value, Recurring \| Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Fair Value, Recurring \| Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Fair Value, Recurring \| Level 3 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		0
Fair Value, Recurring \| Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0