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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended July 31, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to ____________

Commission File Number: 001-40601

 

Couchbase, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

26-3576987

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

3250 Olcott Street

Santa Clara, CA

95054

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 417-7500

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common stock, par value $0.00001 per share

 

BASE

 

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes       No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 31, 2021, the registrant had 43,342,865 shares of common stock, $0.00001 par value per share, outstanding.

 

 

 


 

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

5

 

Condensed Consolidated Balance Sheets

5

 

Condensed Consolidated Statements of Operations

6

 

Condensed Consolidated Statements of Comprehensive Loss

7

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

8

 

Condensed Consolidated Statements of Cash Flows

10

 

Notes to Condensed Consolidated Financial Statements

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

PART II.

OTHER INFORMATION

39

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

72

Item 3.

Defaults Upon Senior Securities

72

Item 4.

Mine Safety Disclosures

72

Item 5.

Other Information

72

Item 6.

Exhibits

73

Signatures

74

Exhibit Index

 

 

 

i


 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Form 10-Q include, but are not limited to, statements about our expectations regarding:

 

our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, our ability to determine reserves and our ability to achieve and maintain future profitability;

 

the sufficiency of our cash, cash equivalents and short-term investments to meet our liquidity needs;

 

the demand for our products and services or for data management solutions in general;

 

our ability to attract and retain users and partners;

 

our ability to develop new products and features and bring them to market in a timely manner and make enhancements to our offerings;

 

our expectations regarding future developments with respect to Couchbase Cloud, our fully-managed DBaaS offering;

 

our ability to compete with existing and new competitors in existing and new markets and offerings;

 

the impact of the COVID-19 pandemic and associated economic downturn on our business and results of operations;

 

our expectations regarding the effects of existing and developing laws, rules, regulations and other legal obligations, including with respect to taxation and data privacy and security;

 

our ability to manage risk associated with our business;

 

our expectations regarding new and evolving markets;

 

our ability to maintain, develop and protect our brand;

 

our ability, and our customers’ and our third-party service providers’ ability, to maintain the security and availability to each of our technological and physical infrastructures;

 

our expectations and management of future growth;

 

our expectations concerning relationships with third parties;

 

our ability to obtain, maintain, defend and enforce our intellectual property;

 

our use of third-party open source software in our solutions and the availability of portions of our source code on an open source basis;

 

our ability to successfully acquire and integrate companies and assets; and

 

the increased expenses associated with being a public company.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Form 10-Q. You should not rely upon forward-looking statements as predictions of future events.

We have based the forward-looking statements contained in this report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including those described in the section titled “Risk Factors” and elsewhere in this report. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this report. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate

2


 

that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this report and the documents that we reference in this report and have filed as exhibits to this report with the understanding that our actual future results, levels of activity, performance and achievements may be different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

RISK FACTOR SUMMARY

Our business is subject to significant risks and uncertainties that make an investment in us speculative and risky. Below we summarize what we believe are the principal risk factors but these risks are not the only ones we face. You should carefully review and consider the full discussion of our risk factors below this summary, together with the other information in this Form 10-Q. If any of the following risks or if any of those listed elsewhere in this Form 10-Q actually occur, our business, reputation, financial condition, results of operations, revenue and future prospects could be seriously harmed. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business.

 

 

We have a history of net losses, may not achieve or maintain profitability in the future and may not continue to grow on pace with historical rates.

 

We face intense competition and if we are unable to compete effectively, our business, financial condition and results of operations would be adversely affected.

 

We may fail to cost-effectively acquire new customers or obtain renewals, upgrades or expansions from our existing customers, which would adversely affect our business, financial condition and results of operations.

 

The market for our products and services is relatively new and evolving, and our future success depends on the growth and expansion of this market.

 

If we fail to innovate in response to changing customer needs, new technologies or other market requirements, our business, financial condition and results of operations could be harmed.

 

We have a limited operating history, which makes it difficult to predict our future results of operations.

 

Our future results of operations may fluctuate significantly, and if we fail to meet the expectations of analysts or investors, our stock price and the value of your investment could decline substantially.

 

We recognize a significant portion of revenue from subscriptions over the term of the relevant subscription period, and as a result, downturns or upturns in sales are not immediately reflected in full in our results of operations.

 

We depend on our sales force, and we may fail to attract, retain, motivate or train our sales force, which could adversely affect our business, financial condition and results of operations.

 

Our sales strategy to target larger enterprises involves risks that may not be present or that are present to a lesser extent with respect to smaller enterprises, such as long and unpredictable sales cycles and sales efforts that require considerable time and expense.

 

If we are not able to maintain and enhance our brand, especially among enterprise architects, application developers and other key functions that support them, our business and results of operations may be adversely affected.

 

The global COVID-19 pandemic has harmed and could continue to harm our business and results of operations, as could other pandemics, natural disasters, political crises or other unexpected events.

 

Our business could be adversely affected by economic downturns.

 

Real or perceived errors, failures or bugs in our products or interruptions or performance problems associated with our technology and infrastructure could adversely affect our growth prospects, business, financial condition and results of operations.

 

Our ability to maintain and increase sales with our existing customers depends, in part, on the quality of our customer support, and our failure to offer high-quality support would harm our reputation and adversely affect our business and results of operations.

 

We track certain operational metrics with internal systems and tools and do not independently verify such metrics. Certain of our operational metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect our business and reputation.

 

Our company culture has contributed to our success and if we cannot maintain this culture as we grow, our business could be harmed.

 

We may be unable to make acquisitions and investments or successfully integrate acquired companies into our business, and our acquisitions and investments may not meet our expectations, any of which could adversely affect our business, financial condition and results of operations.

 

If we are unable to maintain successful relationships with our partners, our business, financial condition and results of operations could be harmed.

3


 

 

Certain estimates and information we refer to publicly are based on information from third-party sources and we do not independently verify the accuracy or completeness of the data contained in such sources or the methodologies for collecting such data, and any real or perceived inaccuracies in such estimates and information may harm our reputation and adversely affect our business.

 

Our use of third-party open source software in our solutions, the availability of core portions of our source code on an open source basis and contributions to our open source projects could negatively affect our ability to sell our products and provide our services, subject us to possible litigation and allow third parties to access and use software and technology that we use in our business, all of which could adversely affect our business and results of operations.

 

Our distribution and licensing model could negatively affect our ability to monetize and protect our intellectual property rights.

 

Because of the rights accorded to third parties under open source licenses, there may be fewer technology barriers to entry in the markets in which we compete and it may be relatively easy for new and existing competitors, some of whom may have greater resources than we have, to compete with us.

 

Our decision to license source code to Couchbase Server 7.0 under a source-available license, the Business Source License version 1.1, may harm the adoption of our source code for Couchbase Server 7.0.

 

We could incur substantial costs in obtaining, maintaining, protecting, defending and enforcing our intellectual property rights and any failure to obtain, maintain, protect, defend or enforce our intellectual property rights could reduce the value of our software and brand.

 

We have been and may in the future become subject to intellectual property disputes which may be costly to defend, subject us to significant liability, require us to pay significant damages and limit our ability to use certain technologies.

 

If our security measures, or those of our service providers or customers, are breached or unauthorized parties otherwise obtain access to our or our customers’ data or software, our products and services may be perceived as not being secure, customers may reduce or terminate their use of our products and services and we may face claims, litigation, regulatory investigations, significant liability and reputational damage.

 

A portion of our revenue is generated by sales to heavily regulated organizations, which are subject to a number of challenges and risks.

 

Our executive officers, directors and holders of 5% or more of our common stock continue to have substantial control over us, which will limit your ability to influence the outcome of important transactions, including a change in control.

 

 

4


 

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

COUCHBASE, INC.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share and per share amounts)

 

 

 

As of

July 31,

 

 

As of

January 31,

 

 

 

2021

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

239,246

 

 

$

37,297

 

Short-term investments

 

 

14,321

 

 

 

19,546

 

Accounts receivable, net

 

 

20,183

 

 

 

35,897

 

Deferred commissions

 

 

8,645

 

 

 

8,353

 

Prepaid expenses and other current assets

 

 

8,099

 

 

 

2,449

 

Total current assets

 

 

290,494

 

 

 

103,542

 

Property and equipment, net

 

 

5,578

 

 

 

6,506

 

Deferred commissions, noncurrent

 

 

5,394

 

 

 

4,941

 

Other assets

 

 

1,316

 

 

 

2,199

 

Total assets

 

$

302,782

 

 

$

117,188

 

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity

   (Deficit)

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

7,153

 

 

$

2,428

 

Accrued compensation and benefits

 

 

9,020

 

 

 

9,110

 

Other accrued liabilities

 

 

3,575

 

 

 

4,154

 

Deferred revenue

 

 

48,980

 

 

 

57,168

 

Total current liabilities

 

 

68,728

 

 

 

72,860

 

Long-term debt

 

 

24,963

 

 

 

24,948

 

Deferred revenue, noncurrent

 

 

5,356

 

 

 

4,542

 

Other liabilities

 

 

1,312

 

 

 

1,358

 

Total liabilities

 

 

100,359

 

 

 

103,708

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Redeemable convertible preferred stock, $0.00001 par value; 0 shares and

   26,070,258 shares authorized as of July 31, 2021 and January 31, 2021,

   respectively; 0 shares and 26,070,213 shares issued and outstanding as

   of July 31, 2021 and January 31, 2021, respectively; aggregate liquidation

   preference of $314,829 as of January 31, 2021

 

 

 

 

 

259,822

 

Stockholders’ equity (deficit)

 

 

 

 

 

 

 

 

Preferred stock, $0.00001 par value; 200,000,000 and 0 shares authorized

   as of July 31, 2021 and January 31, 2021, respectively; 0 shares issued outstanding as of July 31, 2021 and January 31, 2021, respectively

 

 

 

 

 

 

Common stock, $0.00001 par value; 1,000,000,000 and 43,200,000 shares authorized

   as of July 31, 2021 and January 31, 2021, respectively; 43,282,941 and 6,199,305

   shares issued and outstanding as of July 31, 2021 and January 31, 2021,

   respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

515,245

 

 

 

37,410

 

Accumulated other comprehensive income

 

 

 

 

 

1

 

Accumulated deficit

 

 

(312,822

)

 

 

(283,753

)

Total stockholders’ equity (deficit)

 

 

202,423

 

 

 

(246,342

)

Total liabilities, redeemable convertible preferred stock and stockholders’ equity

   (deficit)

 

$

302,782

 

 

$

117,188

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

COUCHBASE, INC.

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except per share amounts)

 

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License

 

$

4,416

 

 

$

3,010

 

 

$

8,694

 

 

$

5,540

 

Support and other

 

 

23,613

 

 

 

20,627

 

 

 

45,800

 

 

 

39,269

 

Total subscription revenue

 

 

28,029

 

 

 

23,637

 

 

 

54,494

 

 

 

44,809

 

Services

 

 

1,670

 

 

 

1,523

 

 

 

3,160

 

 

 

3,396

 

Total revenue

 

 

29,699

 

 

 

25,160

 

 

 

57,654

 

 

 

48,205

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

 

2,072

 

 

 

1,276

 

 

 

4,124

 

 

 

2,273

 

Services

 

 

1,453

 

 

 

1,407

 

 

 

2,793

 

 

 

3,087

 

Total cost of revenue

 

 

3,525

 

 

 

2,683

 

 

 

6,917

 

 

 

5,360

 

Gross profit

 

 

26,174

 

 

 

22,477

 

 

 

50,737

 

 

 

42,845

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

12,623

 

 

 

9,237

 

 

 

25,164

 

 

 

18,279

 

Sales and marketing

 

 

22,263

 

 

 

16,475

 

 

 

42,897

 

 

 

33,702

 

General and administrative

 

 

5,278

 

 

 

3,468

 

 

 

10,775

 

 

 

6,861

 

Total operating expenses

 

 

40,164

 

 

 

29,180

 

 

 

78,836

 

 

 

58,842

 

Loss from operations

 

 

(13,990

)

 

 

(6,703

)

 

 

(28,099

)

 

 

(15,997

)

Interest expense

 

 

(252

)

 

 

(2,495

)

 

 

(497

)

 

 

(4,016

)

Other income (expense), net

 

 

(77

)

 

 

614

 

 

 

7

 

 

 

307

 

Loss before income taxes

 

 

(14,319

)

 

 

(8,584

)

 

 

(28,589

)

 

 

(19,706

)

Provision for income taxes

 

 

151

 

 

 

254

 

 

 

480

 

 

 

482

 

Net loss

 

$

(14,470

)

 

$

(8,838

)

 

$

(29,069

)

 

$

(20,188

)

Cumulative dividends on Series G redeemable convertible

   preferred stock

 

 

(1,438

)

 

 

(1,150

)

 

 

(2,917

)

 

 

(1,150

)

Net loss attributable to common stockholders

 

$

(15,908

)

 

$

(9,988

)

 

$

(31,986

)

 

$

(21,338

)

Net loss per share attributable to common stockholders, basic

   and diluted

 

$

(1.76

)

 

$

(1.76

)

 

$

(4.16

)

 

$

(3.77

)

Weighted-average shares used in computing net loss per share

   attributable to common stockholders, basic and diluted

 

 

9,045

 

 

 

5,662

 

 

 

7,696

 

 

 

5,660

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


 

COUCHBASE, INC.

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)

(in thousands)

 

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(14,470

)

 

$

(8,838

)

 

$

(29,069

)

 

$

(20,188

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses) on investments, net of tax

 

 

1

 

 

 

 

 

 

(1

)

 

 

 

Total comprehensive loss

 

$

(14,469

)

 

$

(8,838

)

 

$

(29,070

)

 

$

(20,188

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7


 

COUCHBASE, INC.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(unaudited)

(in thousands, except shares)

 

 

 

Redeemable

Convertible

Preferred Stock

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

Income

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss)

 

 

Deficit

 

 

(Deficit)

 

Balance as of April 30, 2020

 

 

18,901,887

 

 

$

155,506

 

 

 

 

5,659,677

 

 

$

 

 

$

31,481

 

 

$

 

 

$

(255,120

)

 

$

(223,639

)

Issuance of common stock upon

   exercise of stock options

 

 

 

 

 

 

 

 

 

12,810

 

 

 

 

 

 

58

 

 

 

 

 

 

 

 

 

58

 

Issuance of Series G redeemable

   convertible preferred stock, net of

   issuance costs

 

 

7,168,326

 

 

 

104,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,366

 

 

 

 

 

 

 

 

 

1,366

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,838

)

 

 

(8,838

)

Balance as of July 31, 2020

 

 

26,070,213

 

 

$

259,822

 

 

 

 

5,672,487

 

 

$

 

 

$

32,905

 

 

$

 

 

$

(263,958

)

 

$

(231,053

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

Convertible

Preferred Stock

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

Income

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss)

 

 

Deficit

 

 

(Deficit)

 

Balance as of April 30, 2021

 

 

26,070,213

 

 

$

259,822

 

 

 

 

6,460,868

 

 

$

 

 

$

40,686

 

 

$

(1

)

 

$

(298,352

)

 

$

(257,667

)

Issuance of common stock upon

   exercise of stock options

 

 

 

 

 

 

 

 

 

521,489

 

 

 

 

 

 

2,841

 

 

 

 

 

 

 

 

$

2,841

 

Conversion of redeemable

   convertible preferred stock to

   common stock upon initial public

   offering

 

 

(26,070,213

)

 

 

(259,822

)

 

 

 

26,710,600

 

 

 

 

 

 

259,822

 

 

 

 

 

 

 

 

 

259,822

 

Issuance of common stock in

   connection with initial public

   offering, net of underwriting

   discounts and commissions and

   other issuance costs

 

 

 

 

 

 

 

 

 

9,589,999

 

 

 

 

 

 

209,924

 

 

 

 

 

 

 

 

$

209,924

 

Settlement of fractional shares to be

   paid in cash

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(9

)

 

 

 

 

 

 

 

 

(9

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,981

 

 

 

 

 

 

 

 

 

1,981

 

Net unrealized gains (losses) on

   investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,470

)

 

 

(14,470

)

Balance as of July 31, 2021

 

 

 

 

$

 

 

 

 

43,282,941

 

 

$

 

 

$

515,245

 

 

$

 

 

$

(312,822

)

 

$

202,423

 

8


 

 

 

 

 

Redeemable

Convertible

Preferred Stock

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

Income

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss)

 

 

Deficit

 

 

(Deficit)

 

Balance as of January 31, 2020

 

 

18,901,887

 

 

$

155,506

 

 

 

 

5,646,238

 

 

$

 

 

$

30,554

 

 

$

 

 

$

(243,770

)

 

$

(213,216

)

Issuance of common stock upon

   exercise of stock options

 

 

 

 

 

 

 

 

 

26,249

 

 

 

 

 

 

144

 

 

 

 

 

 

 

 

 

144

 

Issuance of Series G redeemable

   convertible preferred stock, net of

   issuance costs

 

 

7,168,326

 

 

 

104,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,207

 

 

 

 

 

 

 

 

 

2,207

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,188

)

 

 

(20,188

)