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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Feb. 21, 2020	Jun. 28, 2019
Cover [Abstract]
Entity registrant name	TheRealReal, Inc.
Trading symbol	REAL
Entity central index key	0001573221
Current fiscal year end date	--12-31
Entity filer category	Non-accelerated Filer
Document type	10-K
Document period end date	Dec. 31, 2019
Document fiscal year focus	2019
Document fiscal period focus	FY
Amendment flag	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity common stock, shares outstanding		86,526,187
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-38953
Entity Tax Identification Number	45-1234222
Entity Address, Address Line One	55 Francisco Street
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94133
City Area Code	855
Local Phone Number	435-5893
Title of 12(b) Security	Common stock, $0.00001 par value
Security Exchange Name	NASDAQ
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 102,661,875
Documents Incorporated by Reference	List Part III incorporates information by reference from the definitive proxy statement for the registrant’s 2020 Annual Meeting of Stockholders.

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 154,446	$ 34,393
Short-term investments	208,811	27,131
Accounts receivable	7,779	7,571
Inventory, net	23,599	10,355
Prepaid expenses and other current assets	13,804	9,696
Total current assets	408,439	89,146
Property and equipment, net	55,831	33,286
Restricted cash		11,234
Other assets	2,660	1,751
Total assets	466,930	135,417
Current liabilities
Accounts payable	11,159	5,149
Accrued consignor payable	52,820	35,259
Other accrued and current liabilities	54,567	41,956
Long-term debt, current portion		5,990
Total current liabilities	118,546	88,354
Long-term debt, net of current portion		3,249
Other noncurrent liabilities	9,456	7,304
Total liabilities	128,002	98,907
Commitments and contingencies (Note 11)
Temporary equity		294,200
Stockholders’ equity (deficit):
Common stock, $0.00001 par value; 500,000,000 and 145,467,774 shares authorized as of December 31, 2019 and December 31, 2018, respectively; 85,872,320 and 8,593,077 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively	1
Additional paid-in capital	693,426
Accumulated comprehensive income (loss)	7	(25)
Accumulated deficit	(354,506)	(257,665)
Total stockholders’ equity (deficit)	338,928	(257,690)
Total liabilities, redeemable convertible preferred stock, convertible preferred stock and stockholders’ equity (deficit)	$ 466,930	135,417
Redeemable Convertible Preferred Stock
Current liabilities
Temporary equity		151,381
Convertible Preferred Stock
Current liabilities
Temporary equity		$ 142,819

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Temporary equity, shares authorized		105,003,754
Temporary equity, shares issued		104,778,246
Temporary equity, shares outstanding		104,778,246
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	500,000,000	145,467,774
Common stock, shares issued	85,872,320	8,593,077
Common stock, shares, outstanding	85,872,320	8,593,077
Redeemable Convertible Preferred Stock
Temporary equity, par value	$ 0.00001	$ 0.00001
Temporary equity, shares authorized	0	31,053,601
Temporary equity, shares issued	0	31,053,601
Temporary equity, shares outstanding	0	31,053,601
Convertible Preferred Stock
Temporary equity, par value	$ 0.00001	$ 0.00001
Temporary equity, shares authorized	0	73,950,153
Temporary equity, shares issued	0	73,724,645
Temporary equity, shares outstanding	0	73,724,645

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
Statements of Operations - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue:
Total revenue	$ 318,037	$ 213,732	$ 137,521
Cost of revenue:
Total cost of revenue	114,831	76,814	49,879
Gross profit	203,206	136,918	87,642
Operating expenses:
Marketing	47,734	42,165	36,711
Operations and technology	143,231	104,929	58,680
Selling, general and administrative	110,663	63,728	44,035
Total operating expenses	301,628	210,822	139,426
Loss from operations	(98,422)	(73,904)	(51,784)
Interest income	4,593	1,046	355
Interest expense	(616)	(1,152)	(762)
Other expense, net	(2,102)	(1,656)	(60)
Loss before provision for income taxes	(96,547)	(75,666)	(52,251)
Provision for income taxes	199	99	57
Net loss	(96,746)	(75,765)	(52,308)
Accretion of redeemable convertible preferred stock to redemption value	(3,355)	(8,922)	(2,610)
Net loss attributable to common stockholders	$ (100,101)	$ (84,687)	$ (54,918)
Net loss per share attributable to common stockholders, basic and diluted	$ (2.11)	$ (10.12)	$ (6.74)
Shares used to compute net loss per share attributable to common stockholders, basic and diluted	47,478,544	8,365,344	8,145,787
Consignment and Service Revenue
Revenue:
Total revenue	$ 267,412	$ 180,607	$ 119,341
Cost of revenue:
Total cost of revenue	73,579	50,855	35,657
Direct Revenue
Revenue:
Total revenue	50,625	33,125	18,180
Cost of revenue:
Total cost of revenue	$ 41,252	$ 25,959	$ 14,222

Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
Statements of Comprehensive Loss - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (96,746)	$ (75,765)	$ (52,308)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on investments	32	(19)	16
Comprehensive loss	$ (96,714)	$ (75,784)	$ (52,292)

- Definition

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

+ References + Details

Statements of Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Impact of adopting new accounting standard	$ (1,268)						$ (1,268)
Beginning balance, shares at Dec. 31, 2016			69,834,789
Beginning balance at Dec. 31, 2016			$ 122,990
Beginning balance, shares at Dec. 31, 2016				8,074,637
Beginning balance at Dec. 31, 2016	(122,924)				$ 5,093	$ (22)	(127,995)
Issuance of convertible preferred stock, net of issuance costs		$ 47,757
Issuance of convertible preferred stock, net of issuance costs, shares		12,956,724
Accretion of redeemable convertible preferred stock to redemption value	(2,610)				(2,610)
Accretion of redeemable convertible preferred stock to redemption value		$ 2,610
Issuance of common stock upon exercise of options	212				212
Issuance of common stock upon exercise of options, shares				213,346
Issuance of common stock warrants	43				43
Stock-based compensation expense	1,853				1,853
Other comprehensive gain (loss)	16					16
Net loss	(52,308)						(52,308)
Ending balance, shares at Dec. 31, 2017		12,956,724	69,834,789
Ending balance at Dec. 31, 2017		$ 50,367	$ 122,990
Ending balance, shares at Dec. 31, 2017				8,287,983
Ending balance at Dec. 31, 2017	(176,986)				4,591	(6)	(181,571)
Issuance of convertible preferred stock, net of issuance costs		$ 86,640	$ 9,627
Issuance of convertible preferred stock, net of issuance costs, shares		17,029,327	1,892,147
Issuance of convertible preferred stock upon conversion of notes, net of issuance costs		$ 5,452	$ 10,202
Issuance of convertible preferred stock upon conversion of notes, net of issuance costs, shares		1,067,550	1,997,709
Loss on extinguishment of convertible notes	(370)				(370)
Accretion of redeemable convertible preferred stock to redemption value	(8,922)				(8,593)		(329)
Accretion of redeemable convertible preferred stock to redemption value		$ 8,922
Issuance of common stock upon exercise of options	481				481
Issuance of common stock upon exercise of options, shares				247,797
Issuance of common stock upon exercise of warrants	133				133
Issuance of common stock upon exercise of warrants, shares				57,297
Compensation expense related to stock sales by current and former employees	847				847
Stock-based compensation expense	2,911				2,911
Other comprehensive gain (loss)	(19)					(19)
Net loss	$ (75,765)						(75,765)
Ending balance, shares at Dec. 31, 2018	104,778,246	31,053,601	73,724,645
Ending balance at Dec. 31, 2018	$ 294,200	$ 151,381	$ 142,819
Ending balance, shares at Dec. 31, 2018				8,593,077
Ending balance at Dec. 31, 2018	(257,690)					(25)	(257,665)
Issuance of convertible preferred stock, net of issuance costs		$ 43,492	$ 26,283
Issuance of convertible preferred stock, net of issuance costs, shares		6,350,345	3,831,766
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	198,228				198,228
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering, shares		(37,403,946)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering		$ (198,228)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering, shares				19,585,426
Conversion of convertible preferred stock to common stock in connection with initial public offering	169,102				169,102
Conversion of convertible preferred stock to common stock in connection with initial public offering, shares			(77,556,411)
Conversion of convertible preferred stock to common stock in connection with initial public offering			$ (169,102)
Conversion of convertible preferred stock warrants to common stock warrants in connection with initial public offering	2,710				2,710
Conversion of convertible preferred stock to common stock in connection with initial public offering, shares				38,778,180
Issuance of common stock in connection with initial public offering, net of issuance costs of $5,428	315,518				315,518
Issuance of common stock in connection with initial public offering, net of issuance costs of $5,428, shares				17,250,000
Accretion of redeemable convertible preferred stock to redemption value	(3,355)				(3,260)		(95)
Accretion of redeemable convertible preferred stock to redemption value		$ 3,355
Issuance of common stock upon exercise of options	2,696			$ 1	2,695
Issuance of common stock upon exercise of options, shares				1,551,313
Issuance of common stock upon exercise of warrants	33				33
Issuance of common stock upon exercise of warrants, shares				10,677
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	(130)				(130)
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes, shares				14,105
Compensation expense related to stock sales by current and former employees	819				819
Issuance of common stock upon cashless exercise of warrants, shares				89,542
Stock-based compensation expense	7,711				7,711
Other comprehensive gain (loss)	32					32
Net loss	(96,746)						(96,746)
Ending balance, shares at Dec. 31, 2019		0	0
Ending balance, shares at Dec. 31, 2019				85,872,320
Ending balance at Dec. 31, 2019	$ 338,928			$ 1	$ 693,426	$ 7	$ (354,506)

Statements of Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Initial Public Offering
Issuance of stock, net of issuance costs	$ 5,333
Series F Redeemable Convertible Preferred Stock
Convertible preferred stock upon conversion of notes, net of issuance costs			$ 2,243
Series G Redeemable Convertible Preferred Stock
Convertible preferred stock upon conversion of notes, net of issuance costs		$ 190
Stock issuance costs		3,360
Series G Convertible Preferred Stock
Convertible preferred stock upon conversion of notes, net of issuance costs		355
Stock issuance costs		$ 373
Series H Redeemable Convertible Preferred Stock
Stock issuance costs	166
Series H Convertible Preferred Stock
Stock issuance costs	$ 59

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (96,746)	$ (75,765)	$ (52,308)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	13,408	9,290	5,634
Stock-based compensation expense	7,711	2,911	1,853
Change in fair value of convertible note derivative liability		1,248
Bad debt expense	1,371	999	636
Compensation expense related to stock sales by current and former employees	819	847
Change in fair value of convertible preferred stock warrant liability	2,100	450
Accrued interest on convertible notes		223
Loss on retirement of property and equipment		203	140
Accretion of unconditional endowment grant liability	94	118
Accretion of debt discounts	11	104	27
Amortization of premiums (discounts) on short-term investments	(320)	78	157
Issuance of common stock warrant to third-party service provider			43
Changes in operating assets and liabilities:
Accounts receivable	(1,579)	(1,572)	(4,206)
Inventory, net	(13,244)	(3,741)	(3,913)
Prepaid expenses and other current assets	(4,108)	(5,338)	(2,386)
Other assets	(1,026)	(318)	(802)
Accounts payable	6,010	(2,576)	(88)
Accrued consignor payable	17,561	6,587	10,462
Other accrued and current liabilities	10,686	15,681	6,144
Other noncurrent liabilities	2,762	3,376	33
Net cash used in operating activities	(54,490)	(47,195)	(38,574)
Cash flow from investing activities:
Purchases of short-term investments	(220,609)	(31,454)	(27,521)
Proceeds from maturities of short-term investments	39,281	9,624	30,338
Proceeds from sale of short-term investments		7,023
Capitalized proprietary software development costs	(9,267)	(5,724)	(2,521)
Purchases of property and equipment	(24,761)	(13,392)	(11,599)
Net cash used in investing activities	(215,356)	(33,923)	(11,303)
Cash flow from financing activities:
Proceeds from issuance of common stock in initial public offering, net of issuance costs	315,541
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	43,492	86,640	47,757
Proceeds from issuance of convertible preferred stock, net of issuance costs	26,283	9,627
Proceeds from issuance of convertible notes, net of issuance costs		14,273
Proceeds from exercise of stock options and common stock warrants	2,729	614	212
Payment of deferred offering costs		(24)
Taxes paid related to net share settlement of equity awards	(130)
Issuance cost paid related to conversion of convertible notes		(545)
Repayment of debt	(9,250)	(4,500)	(1,250)
Net cash provided by financing activities	378,665	106,085	46,719
Net increase in cash, cash equivalents and restricted cash	108,819	24,967	(3,158)
Cash, cash equivalents, and restricted cash
Beginning of period	45,627	20,660	23,818
End of period	154,446	45,627	20,660
Supplemental disclosures of cash flow information
Cash paid for interest	553	666	704
Cash paid for income taxes	102	49	22
Supplemental disclosures of non-cash investing and financing activities
Issuance of convertible preferred stock upon extinguishment of convertible notes		10,557
Issuance of redeemable convertible preferred stock upon extinguishment of convertible notes		5,642
Accretion of redeemable convertible preferred stock to redemption value	3,355	8,922	2,610
Loss on extinguishment of convertible notes		370
Purchases of property and equipment included in accounts payable	1,841	158	$ 196
Deferred offering costs in accounts payable and accrued liabilities	(10)	$ 10
Reclassification of deferred offering costs	5,333
Conversion of convertible preferred stock warrants in connection with IPO	2,710
Redeemable Convertible Preferred Stock
Supplemental disclosures of non-cash investing and financing activities
Conversion of convertible stock in connection with IPO	198,228
Convertible Preferred Stock
Supplemental disclosures of non-cash investing and financing activities
Conversion of convertible stock in connection with IPO	$ 169,102

Description of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business and Basis of Presentation

Note 1. Description of Business and Basis of Presentation

Organization and Description of Business

The RealReal, Inc. (the “Company”) is an online marketplace for authenticated, consigned luxury goods across multiple categories, including women’s, men’s, kids’, jewelry and watches, and home and art. The Company was incorporated in the state of Delaware on March 29, 2011 and is headquartered in San Francisco, California.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and, in the opinion of management, reflect all adjustments necessary to state fairly the Company’s financial position, results of operations, comprehensive loss, redeemable convertible preferred stock, convertible preferred stock, and stockholders’ equity (deficit), and cash flows for the periods presented. Certain corrections to reclassify amounts in the prior periods have been made to conform to the current period presentation, as described in Note 2. The Company’s functional and reporting currency is the U.S. dollar.

Initial Public Offering

The Company’s registration statement on Form S-1 (the “IPO Registration Statement”) related to its initial public offering (“IPO”) was declared effective on June 27, 2019, and the Company’s common stock began trading on the Nasdaq Global Select Market on June 28, 2019. On July 2, 2019, the Company completed its IPO, selling 15,000,000 shares of common stock at a price to the public of $20.00 per share, plus an additional 2,250,000 shares of common stock at a price to the public of $20.00 per share pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received aggregate net proceeds of $315.5 million after deducting underwriting discounts and commissions of $24.1 million and issuance costs of $5.3 million.

Immediately prior to the completion of the IPO, the Company filed its Amended and Restated Certificate of Incorporation, which authorizes a total of 500,000,000 shares of common stock and 50,000,000 shares of undesignated preferred stock.

The Company recorded the conversion of 114,960,357 shares of convertible preferred stock and redeemable convertible preferred stock then outstanding into 58,363,606 shares of common stock to additional paid-in capital. All outstanding preferred stock warrants converted into an aggregate of 103,563 common stock warrants.

Reverse Stock Split

On June 13, 2019, the Company effected a reverse split of shares of the Company’s common stock on a 1-for-2 basis (the “Reverse Stock Split”). All issued and outstanding shares of common stock, warrants for common stock, options to purchase common stock and the related per share amounts contained in the financial statements have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. The par value and authorized shares of common stock were not adjusted as a result of the Reverse Stock Split. Additionally, the authorized, issued and outstanding shares of redeemable convertible preferred stock and convertible preferred stock and their related per share amounts, other than the conversion price per share, were not adjusted as a result of the Reverse Stock Split.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions include those related to revenue recognition, including the returns reserve and material right related to the Company’s tiered consignor commission plan, valuation of inventory, stock-based compensation, redemption value of redeemable convertible preferred stock, valuation of deferred taxes, and other contingencies. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Net Loss per Share Attributable to Common Stockholders

The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method determines net loss per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available or attributable to common stockholders for the period to 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. Before the IPO, the Company’s redeemable convertible preferred stock and convertible preferred stock were considered participating securities. However, the holders of such shares did not have a contractual obligation to participate in the Company’s losses.

For periods in which the Company reports net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued within the calculation, if their effect is anti-dilutive.

Segments

The Company has one operating segment and one reportable segment as its chief operating decision maker, who is its Chief Executive Officer, reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. All long-lived assets are located in the United States and substantially all revenue is attributed to consignors and buyers based in the United States.

Revenue Recognition

The Company generates revenue from the sale of pre-owned luxury goods through its online marketplace and retail locations.

Consignment and Service Revenue

The Company provides a service to sell pre-owned luxury goods on behalf of consignors to buyers through its online marketplace and retail locations. The Company retains a percentage of the proceeds received as payment for its consignment service, which the Company refers to as its take rate. The Company reports consignment revenue on a net basis as an agent and not the gross amount collected from the buyer. Title to the consigned goods remain with the consignor until transferred to the buyer subsequent to purchase of the consigned goods and expiration of the allotted return period. The Company does not take title of consigned goods at any time except in certain cases where returned goods become Company-owned inventory.

The Company recognizes consignment revenue upon purchase of the consigned good by the buyer as its performance obligation of providing consignment services to the consignor is satisfied at that point. Consignment revenue is recognized net of certain buyer incentives and estimated returns and cancellations. The Company recognizes a returns reserve based on historical experience, which is recorded in other accrued and current liabilities on the balance sheets (see Note 5). Sales tax assessed by governmental authorities is excluded from revenue.

Certain transactions provide consignors with a material right resulting from the tiered consignor commission plan. Under this plan, the amount an individual consignor receives for future sales of consigned goods may be dependent on previous consignment sales for that consignor within his/her consignment period. Accordingly, in certain consignment transactions, a small portion of the Company’s consignment revenue is allocated to such material right using the portfolio method and recorded as deferred revenue, which is recorded in other accrued and current liabilities on the balance sheets.

The Company charges shipping fees to buyers and has elected to treat shipping and handling activities performed after control transfers to the buyer as fulfillment activities. All outbound shipping and handling costs are accounted for as fulfillment costs in cost of consignment and service revenue at the time revenue is recognized.

The Company also generates subscription revenue from monthly memberships allowing buyers early access to shop for luxury goods. The buyers receive the early access and other benefits over the term of the subscription period, which represents a single stand-ready performance obligation. Therefore, the subscription fees paid by the buyer are recognized over the monthly subscription period. Subscription revenue was not material in 2019, 2018, and 2017.

Direct Revenue

The Company generates direct revenue from the sale of Company-owned inventory. The Company recognizes direct revenue on a gross basis upon shipment of the purchased good to the buyer as the Company acts as the principal in the transaction. Direct revenue is recognized net of incentives and estimated returns. Sales tax assessed by governmental authorities is excluded from revenue. Cost of direct revenue is also recognized upon shipment to the buyer in an amount equal to that paid to the consignor from the original consignment sale.

Incentives

Promotional incentives, which include basket promotional code discounts and other credits, may periodically be offered to consignors and buyers. These are treated as a reduction of consignment and service revenue and direct revenue. Additionally, the Company may offer site credits to buyers on current transactions to be applied towards future transactions, which are accounted as deferred revenue and included in other accrued and current liabilities on the balance sheets.

Contract Liabilities

The Company’s contractual liabilities consist of deferred revenue for material rights primarily related to the tiered consignor commission plan totaling $3.5 million and $2.7 million as of December 31, 2019 and 2018, respectively, which are recognized as revenue using a portfolio approach based on the pattern of exercise, and certain unredeemed site credits, which were immaterial as of December 31, 2019 and December 31, 2018. Contract liabilities are recorded in other accrued and current liabilities on the balance sheets and are generally expected to be recognized within one year.

Cost of Revenue

Cost of consignment and service revenue consist of shipping costs, credit card fees, packaging, customer service personnel-related costs, and website hosting services. Cost of direct revenue consists of the cost of goods sold, credit card fees, packaging, customer service personnel-related costs, and website hosting services.

Marketing

Marketing expense is comprised of the cost of acquiring new consignors and buyers for our online platform and physical stores, including the cost of television, digital and direct mail advertising. Marketing expense also includes personnel-related costs, including stock-based compensation, of employees engaged in these activities. Advertising costs are expensed as incurred and were $40.5 million, $36.6 million, and $32.1 million in 2019, 2018 and 2017, respectively.

Operations and Technology

Operations and technology expense is comprised of costs associated with the authentication, merchandising and fulfillment of goods sold through our online marketplace, as well as general information technology expense. The principal component of operations and technology expense is personnel-related costs, including stock-based compensation, of employees engaged in these activities. Operations and technology expense also includes allocated facility and overhead costs, costs related to our retail stores, facility supplies and depreciation of hardware and equipment, as well as research and development expense for technology associated with managing and improving our operations. In 2019, 2018 and 2017, the Company capitalized proprietary software developments costs of $9.3 million, $5.7 million, and $2.5 million, respectively. As such, operations and technology expense also includes amortization of capitalized technology development costs, which is taken on straight-line basis over three years once the technology is ready for its intended use.

Selling, General and Administrative

Selling, general and administrative expense is principally comprised of the personnel-related costs for employees involved in sales, finance and administration, and includes stock-based compensation expense. Selling, general and administrative expense also includes allocated facility and overhead costs and professional services, including accounting and legal advisors.

Stock-based Compensation

Stock-based compensation expense related to employees is measured based on the grant-date fair value of the awards. Compensation expense is recognized in the statements of operations over the period during which the employee is required to perform services in exchange for the award (the vesting period of the applicable award) using the straight-line method. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model and accounts for forfeitures as they occur. The fair value of restricted stock units (“RSUs”) is estimated based on the fair market value of the Company’s common stock on the date of grant, which is determined based on the closing price of the Company’s common stock.

Certain employees have sold their shares of the Company’s common stock to the Company’s existing investors. In such secondary sale transactions, the Company recorded the difference in purchase price and the fair value of such shares as compensation expense in the statements of operations and a corresponding credit to additional paid-in capital.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in U.S. treasury securities.

Restricted cash consists of cash deposited with a financial institution as collateral for the Company’s letters of credit for its facility leases and the Company’s credit cards. As of December 31, 2019 and December 31, 2018, the Company had restricted cash in the amounts of zero and $11.2 million, respectively.

The following table provides a reconciliation of cash, cash equivalents and restricted cash that sum to the total of the same amounts shown in the statements of cash flows (in thousands):

	December 31, 2019		December 31, 2018		December 31, 2017
Cash and cash equivalents	$	154,446	$	34,393	$	16,486
Restricted cash		—		11,234		4,174
Total cash, cash equivalents and restricted cash	$	154,446	$	45,627	$	20,660

Short-term Investments

The Company has classified and accounted for its short-term investments as available-for-sale which are carried at fair value on its balance sheets. Available-for-sale securities with remaining maturities of 12 months or less are classified as short term and available-for-sale securities with remaining maturities greater than 12 months are classified as long term. The Company records any unrealized gains and losses within accumulated other comprehensive gain (loss) as a component of stockholders’ equity (deficit), except for unrealized losses determined to be other than temporary, of which there were none as of December 31, 2019 and 2018.

The Company evaluates its short-term investments periodically for possible impairment. A decline in the fair value below the amortized costs of the short-term investment is considered an other-than-temporary impairment if the Company has the intent to sell the short-term investments or it is more likely than not that the Company will be required to sell the short-term investment before recovery of the entire amortized cost basis.

Accounts Receivable

Accounts receivables are recorded at the amounts billed to buyers and do not bear interest. Accounts receivables result from credit card transactions, the majority of which are settled within two business days.

Inventory, Net

Inventory primarily consists of finished goods arising from goods returned after the title has transferred from the buyer to the Company in an amount equal to that paid to the consignor. The Company also periodically purchases finished goods directly from vendors. Inventory is valued at the lower of cost and net realizable value using the specific identification method and the Company records provisions, as appropriate, to write down obsolete and excess inventory to estimated net realizable value. After the inventory value is reduced, adjustments are not made to increase it from the estimated net realizable value.

Our provisions to write down obsolete and excess inventory to net realizable value have not been material for 2019 and 2018.

Property and Equipment, Net

Property and equipment, net is recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred.

The estimated useful lives of our assets are as follows:

Proprietary software		3 years
Furniture and equipment		3-5 years
Vehicles		5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Software Development Costs

Proprietary software includes the costs of developing the Company’s internal proprietary business platform and automation projects. The Company capitalizes qualifying proprietary software development costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (1) the preliminary project stage is completed and (2) it is probable that the software will be completed and used for its intended function. Such costs are capitalized in the period incurred. Capitalization ceases and amortization begins when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred.

Impairment of Long-lived Assets

The carrying amounts of long-lived assets, including property and equipment, net and capitalized proprietary software, are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of assets to be held and used is measured by comparing the carrying amount of assets to future undiscounted net cash flows the assets are expected to generate over their remaining life.

If the assets are considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired assets. If the useful life is shorter than originally estimated, the Company amortizes the remaining carrying value over the revised shorter useful life.

Deferred Offering Costs

Deferred offering costs, which consist of direct incremental legal, consulting, banking and accounting fees relating to the anticipated equity offering, are capitalized and offset against proceeds upon the consummation of the offering. In the event an anticipated offering is abandoned, deferred offering costs will be expensed. In 2019, offering costs of $0.3 million were expensed. As of December 31, 2019, $5.3 million deferred offering costs were offset against the offering proceeds within stockholders’ equity (deficit) on the balance sheets. As of December 31, 2018 deferred offering costs of $34,000 were capitalized and included in other assets on the balance sheets.

Accretion of Redeemable Convertible Preferred Stock

The carrying value of the redeemable convertible preferred stock that is probable of redemption is accreted to redemption value from the date of issuance to the earliest redemption date using the effective interest method until redemption is no longer probable. Increases to the carrying value of redeemable convertible preferred stock recognized in each period are charged to additional paid-in capital, or in the absence of additional paid-in capital, charged to accumulated deficit.

Convertible Preferred Stock Warrant Liability

The Company issued convertible preferred stock warrants in conjunction with the issuance of debt. Such warrants were recorded as other noncurrent liabilities on the balance sheets at their estimated fair value because the shares underlying the warrants may obligate the Company to transfer assets to the holders at a future date under certain circumstances such as a deemed liquidation event. The warrants are subject to re-measurement at each balance sheet date and the change in fair value, if any, is included in other expense, net. The Company continued to remeasure these warrants until the earlier of the expiration, exercise or conversion of the convertible preferred stock warrants into common warrants, which occurred upon the completion of the IPO on July 2, 2019. In connection with the completion of the IPO, the convertible preferred stock warrants automatically converted into common stock warrants. Upon conversion of the convertible preferred stock warrants, the related convertible preferred stock warrant liability was reclassified to additional paid-in capital.

Leases

Leases are reviewed for classification as operating or capital leases. For operating leases, the Company recognizes rent on a straight-line basis over the term of the lease. The Company records the difference between cash payments and rent expense recognized as a deferred rent liability included in other accrued and current liabilities and other noncurrent liabilities on the balance sheets. Incentives granted under the Company’s facility leases, including allowances to fund leasehold improvements, are deferred and are recognized as adjustments to rental expense on a straight-line basis over the term of the lease.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in loss in the period of enactment. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Concentrations of Credit Risks

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, accounts receivable, and investments. At times, such amount may exceed federally-insured limits. The Company reduces credit risk by placing its cash and cash equivalents, restricted cash, and investments with major financial institutions within the United States.

As of December 31, 2019 and December 31, 2018, there were no customers that represented 10% or more of the Company’s accounts receivable balance and there were no customers that individually exceeded 10% of the Company’s total revenue for each of the years ended December 31, 2019, 2018, and 2017.

Immaterial Correction of an Error in Prior Periods

During the quarter ended December 31, 2019, the Company identified errors related to the presentation of certain sale transactions recorded on a net basis within consignment and service revenue which have been corrected to be presented on a gross basis within direct revenue and related cost of direct revenue. In accordance with FASB Accounting Standards Codification 250, Accounting Changes and Error Corrections, we evaluated the materiality of the errors from quantitative and qualitative perspectives, and concluded that the errors were immaterial to the Company’s prior period interim and annual financial statements. Since these revisions were not material to any prior period interim or annual financial statements, no amendments to previously filed interim or annual periodic reports are required. Consequently, the Company has adjusted for these errors by revising its historical financial statements presented herein. The Company recognized the effect of the error in 2018 by increasing direct revenue and cost of revenue by approximately $9.7 million and $6.4 million, respectively, and recording a corresponding decrease in consignment and service revenue of $3.4 million. The effect of the error correction in 2017 was an increase in direct revenue and cost of revenue by approximately $5.5 million and $3.7 million, respectively, with a corresponding decrease in consignment and service revenue of $1.9 million.

The following table presents the effects of the immaterial error correction on the statements of operations for the period indicated (in thousands):

	Year Ended December 31, 2018
	As previously reported		Adjustments			As Adjusted
Revenue:
Consignment and service revenue	$	183,991	$	(3,384	)	$	180,607
Direct revenue		23,385		9,740			33,125
Total revenue		207,376		6,356			213,732
Cost of revenue:
Cost of consignment and service revenue		50,855		—			50,855
Cost of direct revenue		19,603		6,356			25,959
Total cost of revenue		70,458		6,356			76,814
Gross profit		136,918		—			136,918

	Year Ended December 31, 2017
	As previously reported		Adjustments			As Adjusted
Revenue:
Consignment and service revenue	$	121,210	$	(1,869	)	$	119,341
Direct revenue		12,661		5,519			18,180
Total revenue		133,871		3,650			137,521
Cost of revenue:
Cost of consignment and service revenue		35,657		—			35,657
Cost of direct revenue		10,572		3,650			14,222
Total cost of revenue		46,229		3,650			49,879
Gross profit		87,642		—			87,642

The Company's statements of comprehensive loss, statements of redeemable convertible preferred stock, convertible preferred stock, and stockholders’ equity (deficit), and statements of cash flows for the above periods were not impacted by this immaterial correction of an error.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 is aimed at making leasing activities more transparent and comparable and requires substantially all leases to be recognized by lessees on their balance sheets as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. The new standard is effective for non-public entities in fiscal years beginning after December 15, 2020 and interim periods in fiscal years beginning after December 15, 2021. Early adoption is permitted for all entities. As an “emerging growth company” as defined in the JOBS Act, the new standard is effective for the Company beginning January 1, 2021. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company will adopt the standard on January 1, 2020 using the modified retrospective approach whereby the new standard will be applied to all existing leases as of the adoption date. Results and disclosures for reporting periods beginning after January 1, 2020 will be presented under Topic 842, while prior period amounts will remain unadjusted in accordance with legacy accounting under Topic 840. In addition, the Company plans to elect the package of practical expedients permitted under the transition guidance within the new standard which allows it to carry forward historical lease classification. The Company has completed the process of identifying the arrangements subject to the new standard and is currently in the process of applying the new guidance to those arrangements, including the determination of the incremental borrowing rate for each arrangement. Based on the adoption process completed to date, the Company expects to record a material increase to total assets and total liabilities on the Company’s balance sheets upon adoption resulting from the recording of right of use assets and lease liabilities for operating leases. The Company does not believe the new standard will have a material impact on the statements of operations.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). The standard amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For available for sale debt securities, credit losses will be presented as an allowance rather than as a write-down. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for all entities. The Company does not expect the adoption of this standard to have a material impact on the operating results.

In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718), which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees. The standard is effective for fiscal years beginning after December 15, 2019, and interim periods in fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than the Company’s adoption date of ASC 606. The Company does not expect the adoption of this standard to have a material impact on the operating results.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). This standard modifies disclosure requirements related to fair value measurement and is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. The standard also allows for early adoption of any removed or modified disclosures upon issuance while delaying adoption of the additional disclosures until their effective date. The Company does not expect the adoption of this standard to have a material impact on its financial statements.

Cash, Cash Equivalents and Short-term Investments

12 Months Ended

Dec. 31, 2019

Cash And Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Short-term Investments

Note 3. Cash, Cash Equivalents and Short-term Investments

The following tables summarize the estimated value of the Company’s cash, cash equivalents and short-term investments (in thousands):

	December 31, 2019
	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Cash and cash equivalents:
Cash	$	111,319	$	—	$	—		$	111,319
U.S. Treasury securities		29,981		—		—			29,981
Money market fund		5,399		—		—			5,399
Corporate bonds		3,749		—		—			3,749
Agency bonds		2,000		—		—			2,000
Commercial paper		1,998		—		—			1,998
Total cash and cash equivalents	$	154,446	$	—	$	—		$	154,446
Short-term investments:
U.S. Treasury securities	$	151,857	$	13	$	—		$	151,870
Corporate bonds		38,149		—		(5	)		38,144
Agency bonds		11,028		—		(2	)		11,026
Commercial paper		7,770		1		—			7,771
Total short-term investments	$	208,804	$	14	$	(7	)	$	208,811

	December 31, 2018
	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Cash and cash equivalents:
Cash	$	10,253	$	—	$	—		$	10,253
Money market fund		140		—		—			140
Reverse repurchase agreements		24,000		—		—			24,000
Total cash and cash equivalents	$	34,393	$	—	$	—		$	34,393
Short-term investments:
Corporate bonds	$	27,156	$	—	$	(25	)	$	27,131
Total short-term investments	$	27,156	$	—	$	(25	)	$	27,131

As of December 31, 2019 and December 31, 2018, the contractual maturity for the short-term investments is less than one year. For the years ended December 31, 2019 and 2018, the Company recognized no material realized gains or losses on short-term investments.

Fair Value Measurement

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 4. Fair Value Measurement

Assets and liabilities recorded at fair value on a recurring basis on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the periods presented.

The following tables provide the financial instruments measured at fair value (in thousands):

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
U.S. Treasury securities	$	29,981	$	—	$	—	$	29,981
Money market fund		5,399		—		—		5,399
Corporate bonds		—		3,749		—		3,749
Agency bonds		—		2,000		—		2,000
Commercial paper		—		1,998		—		1,998
Total cash equivalents	$	35,380	$	7,747	$	—	$	43,127
Short-term investments:
U.S. Treasury securities	$	151,870	$	—	$	—	$	151,870
Corporate bonds		—		38,144		—		38,144
Agency bonds		—		11,026		—		11,026
Commercial paper		—		7,771		—		7,771
Total short-term investments	$	151,870	$	56,941	$	—	$	208,811

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market fund	$	140	$	—	$	—	$	140
Reverse repurchase agreements		—		24,000		—		24,000
Total cash equivalents	$	140	$	24,000	$	—	$	24,140
Short-term investments:
Corporate bonds	$	—	$	27,131	$	—	$	27,131
Total short-term investments	$	—	$	27,131	$	—	$	27,131
Total assets	$	140	$	51,131	$	—	$	51,271
Liabilities
Convertible preferred stock warrant liability	$	—	$	—	$	610	$	610
Total liabilities	$	—	$	—	$	610	$	610

The fair value of the convertible preferred stock warrant liability on the date of issuance and each re-measurement date was estimated using the Black‑Scholes option pricing model. Inputs used to determine the estimated fair value as of each valuation date included expected term of the warrants, the risk-free interest rate, volatility, and the fair value of underlying shares. The fair value of the convertible notes derivative liability on the date of issuance, each re-measurement date, and immediately prior to extinguishment was estimated using a probability weighted expected return. Due to the nature of these valuation models, the valuations of the warrants and the convertible notes derivative liability are considered a Level 3 measurements. The following table presents a rollforward of the fair value of the level 3 liabilities recorded at fair value (in thousands):

	Convertible Preferred Stock Warrant Liability			Convertible Notes Derivative Liability
Balance as of December 31, 2017	$	160		$	—
Recognition of derivative liability in connection with issuance of convertible notes		—			372
Changes in estimated fair value		450			1,248
Extinguishment of derivative liability on conversion of convertible notes		—			(1,620	)
Balance as of December 31, 2018		610			—
Changes in estimated fair value		2,100			—
Reclass to additional paid-in capital upon conversion to common stock warrants		(2,710	)		—
Balance as of December 31, 2019	$	—		$	—

- 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

Balance Sheet Components

12 Months Ended

Dec. 31, 2019

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 5. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net is recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assets. Property and equipment, net consists of the following (in thousands):

	December 31, 2019			December 31, 2018
Proprietary software	$	23,318		$	14,052
Furniture and equipment		21,083			12,665
Automobiles		718			346
Leasehold improvements		43,505			25,702
		88,624			52,765
Less: accumulated depreciation and amortization		(32,793	)		(19,479	)
Property and equipment, net	$	55,831		$	33,286

Depreciation and amortization expense on property and equipment was $13.4 million, $9.3 million, and $5.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Other Accrued and Current Liabilities

Other accrued and current liabilities consist of the following (in thousands):

	December 31, 2019		December 31, 2018
Returns reserve	$	17,005	$	14,311
Accrued compensation		11,626		8,078
Accrued marketing and outside services		6,830		4,152
Site credit liability		5,080		4,700
Accrued sales tax and other taxes		6,132		4,476
Deferred revenue		4,767		3,184
Other		3,127		3,055
Other accrued and current liabilities	$	54,567	$	41,956

Debt and Convertible Preferred Stock Warrants

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt and Convertible Preferred Stock Warrants

Note 6. Debt and Convertible Preferred Stock Warrants

Term Loans

In 2013, the Company entered into an agreement to obtain a term loan facility (“Term Loan Facility”) in the amount of $5.0 million for general corporate purposes and working capital expenditures. In 2014, 2015 and 2016, the Company amended its Term Loan Facility to increase the amount borrowed under the facility by $11.6 million. The Term Loan Facility is secured by liens on substantially all of the Company’s present and future assets.

The Term Loan Facility includes affirmative, negative and financial covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, make investments, sell or otherwise dispose of assets, pay dividends or repurchase stock. The Term Loan Facility’s financial covenants required the Company to achieve at least 80% of its forecasted gross revenue and a liquidity ratio on a monthly basis.

In 2017, the Company executed the eighth amendment (“Eight Amendment”) to the Term Loan Facility. The Eighth Amendment refinanced the $15.0 million repayment schedule to be two term loans, which included a $7.5 million interest only term loan with a maturity date of January 31, 2019 (“Term Loan I”), and the remaining $7.5 million under the existing Term Loan Facility with a maturity date of January 1, 2020 (“Term Loan II”) (together the “Term Loans”).

In 2018, the Company entered into the ninth, tenth, eleventh, and twelfth amendment (“Ninth Amendment,” “Tenth Amendment,” “Eleventh Amendment” and “Twelfth Amendment”) to the existing Term Loans. The Ninth Amendment removed the liquidity ratio covenant, amended Term Loan I to be due in 30 equal monthly installments, plus all accrued interest, beginning July 31, 2018, increased the variable annual interest rate from 0.10% above the prime rate to 0.35% above the prime rate and extended the maturity date of Term Loan I to January 31, 2021.

The Eighth Amendment and Ninth Amendment required the Company to pay a combined success fee of $0.3 million upon (1) any sale or licensing of all or substantially all of the Company’s assets, (2) any change in control of the Company, or (3) an initial public offering of the Company’s equity securities. The Ninth Amendment also required the Company to pay an additional success fee of $0.1 million upon the sale or issuance of the Company’s equity securities or subordinated debt securities for net cash proceeds of at least $50.0 million on or prior to June 30, 2018. The Company paid the $0.1 million success fee upon the Series G convertible preferred stock financing in June 2018 and the $0.3 million success fee related to its IPO in July 2019.

The Tenth and Twelfth Amendments adjusted and waived certain covenant violations which were subsequently amended and met. The Eleventh Amendment provided an additional letter of credit of $1.5 million for corporate credit cards with a maturity date of August 1, 2019.

On July 26, 2019 the Company fully repaid the principal of its Terms Loans in the amount of $6.5 million. With the repayment of the term loans, the Company was no longer subject to debt covenants as of December 31, 2019. During the years ended December 31, 2019, 2018 and 2017, the Company recorded interest expense related to the Term Loans of $0.3 million, $0.7 million, and $0.6 million, respectively.

Warrants Issued with Term Loan Facility

During the period from 2013 to 2016, in connection with the Term Loan Facility, the Company issued convertible preferred stock warrants, which included warrants to purchase 131,652 shares of its Series B convertible preferred stock with an exercise price of $1.03 per share, 6,868 shares of its Series C convertible preferred stock with an exercise price of $2.18 per share, 43,010 shares of its Series D convertible preferred stock with an exercise price of $2.79 per share and 25,597 shares of its Series E convertible preferred stock with an exercise price of $2.93 per share (together the “Convertible Preferred Stock Warrants”). The Convertible Preferred Stock Warrants were exercisable from the date of issuance and have a 10-year term. The initial estimated fair value of the Convertible Preferred Stock Warrants was recorded as convertible preferred stock warrant liability with an offset to the debt discount associated with the Term Loan Facility. The debt discount is amortized to interest expense over the repayment period of the loan using the effective-interest method. All convertible Preferred Stock Warrants were converted to common stock warrants and exercised through net share settlement in July 2019. No warrants were outstanding as of December 31, 2019.

Convertible Notes

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Convertible Notes

Note 7. Convertible Notes

In April 2018, the Company issued $14.4 million in convertible notes (“Convertible Notes”) to existing shareholders of redeemable convertible and convertible preferred stock. Interest accrued on the principal balance at an annual rate of 8%. Principal and accrued interest were due at the earliest of (1) the one-year anniversary of the issuance date, (2) event of default and (3) a change of control, defined as either a merger, sale of stock or assets or other form of transaction.

The Convertible Notes contained certain qualified financing and non-qualified financing redemption features which were determined to be a compound embedded derivative requiring bifurcation and separate accounting at its estimated fair value. On issuance of the Convertible Notes, the Company recognized a liability of $0.4 million for the estimated fair value of the embedded derivative and incurred $0.1 million in debt issuance costs, both of which were recorded as a debt discount associated with the Convertible Notes.

In June 2018, the outstanding balance of principal and accrued interest on the Convertible Notes of $14.6 million converted into 1,067,550 and 1,997,709 shares of the Company’s Series G redeemable convertible and convertible preferred stock, respectively, at a price of $4.7565 per share. The conversion of the Convertible Notes into Series G redeemable convertible preferred stock and Series G convertible preferred stock was accounted for as an extinguishment. The extinguishment of the Convertible Notes was considered a capital transaction and accordingly, the Company recognized a $0.4 million loss on extinguishment through additional paid in capital equal to the unamortized debt discount at the date of conversion.

Convertible Preferred Stock and Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2019

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock and Redeemable Convertible Preferred Stock

Note 8. Convertible Preferred Stock and Redeemable Convertible Preferred Stock

At December 31, 2018, convertible preferred stock and redeemable convertible preferred stock consisted of the following (in thousands, except share amounts):

	December 31, 2018
	Shares Authorized		Shares Issued and Outstanding		Net Carrying Value		Aggregate Liquidation Preference
Series A		18,960,000		18,941,619	$	9,161	$	9,217
Series B		13,784,443		13,652,791		13,774		14,000
Series C		9,335,659		9,328,791		20,289		20,374
Series D		14,367,652		14,324,642		39,886		40,000
Series E		13,612,543		13,586,946		39,880		40,000
Series F		12,956,724		12,956,724		54,968		57,211
Series G		21,986,733		21,986,733		116,242		120,544
Total		105,003,754		104,778,246	$	294,200	$	301,346

In March 2019, the Company sold 6,350,345 shares of Series H redeemable convertible preferred stock and 3,831,766 shares of Series H convertible preferred stock at $6.8748 per share to new and existing investors for aggregate gross proceeds of $70.0 million.

On July 2, 2019 and immediately prior to the completion of the IPO, all outstanding shares of convertible preferred stock and redeemable convertible preferred stock then outstanding converted into 58,363,606 shares of common stock. The carrying value of the redeemable convertible preferred stock was accreted to redemption value from the date of issuance to the earliest redemption date using the effective interest method. As of March 31, 2019, the Company determined that redemption of the redeemable convertible preferred stock was not probable and as such, did not record any additional accretion after March 31, 2019.

Common Stock

12 Months Ended

Dec. 31, 2019

Common Stock [Abstract]

Common Stock

Note 9. Common Stock

The Company had reserved shares of common stock for issuance, on an as-converted basis, as follows:

	December 31,		December 31,
	2019		2018
Convertible preferred stock outstanding		—		36,862,298
Redeemable convertible preferred stock outstanding		—		16,410,256
Options issued and outstanding		9,171,756		9,672,102
Shares available for future stock option issuances		8,073,515		1,124,482
Restricted stock units		789,817		—
Warrants to purchase convertible preferred stock		—		103,563
Warrants to purchase common stock		—		10,677
Total		18,035,088		64,183,378

Share-based Compensation Plans

12 Months Ended

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based Compensation Plans

Note 10. Share-based Compensation Plans

2011 Equity Incentive Plan

In 2011, the Company adopted the Equity Incentive Plan (2011 Plan) authorizing the granting of incentive stock options (ISOs) and non-statutory stock options (NSOs) to eligible participants for up to 12,987,255 shares of common stock. Under the 2011 Plan, incentive stock options and non-statutory stock options are to be granted at an exercise price that is no less than 100% of the fair value of the stock at the date of grant. Options generally vest over four years and are exercisable for up to 10 years after the date of grant. Incentive stock options granted to stockholders who own more than 10% of the outstanding stock of the Company at the time of grant must be issued at an exercise price no less than 110% of the fair value of the stock on the date of grant. The 2011 Plan has been replaced by the Company’s 2019 Plan as defined below with respect to future equity awards.

2019 Equity Incentive Plan

In connection with the Company’s initial public offering, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan allows the Company to grant stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to participants. Subject to the terms and conditions of the 2019 Plan, the initial number of shares authorized for grants under the 2019 Plan is 8,000,000.

Activity under the Company’s stock option plan is set forth below:

	Options Available for Grant			Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
Balances at December 31, 2018		1,124,482			9,672,102			3.00		7.1		44,883
Options authorized		8,000,000
Options granted		(2,025,475	)		2,025,475			13.30
Options exercised		—			(1,551,313	)		1.76
Options cancelled		974,508			(974,508	)		6.29
Balances at December 31, 2019		8,073,515			9,171,756			5.14		6.8		128,079
Options vested and exercisable— December 31, 2019					5,526,316			2.63		5.6		89,784

The weighted average grant date fair value of options granted during the years ended December 31, 2019, 2018, and 2017 was $8.60 per share, $3.36 per share, and $1.26 per share, respectively. The aggregate intrinsic value of options exercised for the years ended December 31, 2019, 2018, and 2017 was $16.2 million, $1.4 million, and $0.4 million, respectively. The aggregate intrinsic value of options exercised is the difference between the fair value of the underlying common stock on the date of exercise and the exercise price for in-the-money stock options.

RSUs

A summary of RSU activity for the year ended December 31, 2019 is as follows:

	Restricted Stock Units
	Number of Shares			Weighted- Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Unvested December 31, 2018		—		$	—	$	—
Granted		851,770			23.65
Vested		(21,701	)		24.69
Forfeited		(40,252	)		24.26
Unvested December 31, 2019		789,817		$	23.59	$	14,888

The total fair value of RSUs vested during the year ended December 31, 2019 was $0.5 million.

Employee Stock Purchase Plan

In connection with the Company’s initial public offering, the Company adopted the Employee Stock Purchase Plan. The Employee Stock Purchase Plan permits employees to purchase shares of common stock during six-month offering periods at a purchase price equal to the lesser of (1) 85% of the fair market value of a share of common stock on the first business day of such offering period and (2) 85% of the fair market value of a share of common stock on the last business day of such offering period. The plan is considered compensatory and, as such, the purchase discount from market price purchased by employees will be recorded as stock-based compensation expense. As of December 31, 2019, the maximum number of shares of common stock that can be issued under the employee stock purchase plan was 1,750,000 shares. No offering period started during the year ended December 31, 2019 and thus there was no activity associated with the plan in 2019.

Stock-based Compensation

In determining the fair value of the stock-based awards, the Company uses the Black-Scholes option-pricing model and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment.

Fair Value of Common Stock— The fair value of the shares of common stock has historically been determined by the Company’s board of directors as there was no public market for the common stock. Subsequent to our IPO, the fair value per share of common stock is the closing price of the Company’s common stock as reported on the applicable grant date.

Expected Term —The expected term represents the period that the Company’s stock options are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term) as the Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate expected term.

Volatility —Because the Company was privately held and did not have an active trading market for its common stock for a sufficient period of time, the expected volatility was estimated based on the average volatility for comparable publicly-traded companies, over a period equal to the expected term of the stock option grants.

Risk-free Rate —The risk-free rate assumption is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the option.

Dividends —The Company has never paid dividends on its common stock and does not anticipate paying dividends on common stock. Therefore, the Company uses an expected dividend yield of zero.

The following assumptions were used to estimate the fair value of stock options granted:

Year Ended December 31,

2019

2018

2017

Expected term (in years)

5.0 – 6.1

5.2 – 6.2

5.0 – 6.9

Expected volatility

44.2% – 47.8%

46.6% – 48.1%

47.0% – 50.3%

Average risk-free rate

1.9% – 2.6%

2.7% – 2.9%

1.7% – 2.2%

Dividend yield

—

As of December 31, 2019, total unrecognized stock-based compensation expense related to options was $19.4 million, respectively. These costs are expected to be recognized over a weighted average period of 2.7 years as of December 31, 2019.

As of December 31, 2019, the Company had approximately $17.1 million of unrecognized stock-based compensation expense related to RSUs, which the Company expects to recognize over the remaining weighted-average vesting period of approximately 3.6 years.

Total stock-based compensation expense, excluding compensation expense related to stock sales by current and former employees, by function was as follows (in thousands):

	Year Ended December 31,
	2019		2018		2017
Marketing	$	392	$	164	$	129
Operations and technology		3,148		1,160		625
Selling, general and administrative		4,171		1,587		1,099
Total	$	7,711	$	2,911	$	1,853

The amounts presented in the above table exclude compensation expense related to the stock sales by current and former employees. In September 2018, executives of the Company sold an aggregate of 432,270 shares of the Company’s common stock at a price of $9.0902 per share for an aggregate amount of $3.9 million to certain of the Company’s existing investors. The Company determined that the purchase price was in excess of the fair value of such shares. As a result, during the year ended December 31, 2018, the Company recorded the excess of the purchase price above fair value of $0.8 million as compensation expense in the statements of operations and a corresponding credit to additional paid-in capital.

Additionally, in March 2019, executives of the Company sold an aggregate of 382,477 shares of the Company’s common stock at a price of $12.72 per share for an aggregate amount of $4.9 million to certain of the Company’s existing investors. The Company determined that the purchase price was in excess of the fair value of such shares. As a result, during the year ended December 31, 2019, the Company recorded the excess of the purchase price above fair value of $0.8 million as compensation expense in the statement of operations and a corresponding credit to additional paid-in capital.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11. Commitments and Contingencies

Leases

The Company leases its corporate offices, retail spaces and merchandising and fulfillment facilities under various noncancelable operating leases with terms ranging from one year to eleven years. Rent expense from operating leases totaled $18.1 million, $10.4 million, and $7.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The current portion of deferred rent was $0.8 million and $0.7 million as of December 31, 2019 and 2018, respectively and is included in other accrued and current liabilities on the balance sheets. The noncurrent portion of deferred rent was $8.0 million and $5.3 million as of December 31, 2019 and 2018, respectively and is included in other noncurrent liabilities on the balance sheets.

The Company has capital lease obligations for certain vehicles and equipment which totaled $0.4 million and $0.4 million as of December 31, 2019 and 2018, respectively. Interest expense related to capital leases was not material in the years ended December 31, 2019, 2018, and 2017.

As of December 31, 2019, the Company’s future minimum lease payments under the noncancelable leases are as follows (in thousands):

Year Ending December 31,	Operating Leases
2020	$	20,530
2021		22,059
2022		19,610
2023		18,307
2024		17,957
Thereafter		67,208
Total future minimum payments	$	165,671

Noncancelable Purchase Commitments

As of December 31, 2019, the future minimum payments under the Company’s noncancelable purchase commitments were as follows (in thousands):

Year Ending December 31,	Purchase Commitments
2020	$	3,911
2021		2,334
2022		807
2023		—
2024		—
Total future minimum payments	$	7,052

Other Commitments

In January 2018, the Company and the University of Arizona Foundation entered into an endowment agreement (the “Endowment Agreement”) to establish a fund (the “Fund”) to create and grow a gemology degree program in the Department of Geosciences at the University of Arizona (the “University”). The Company agreed to donate a total of $2.0 million, payable in four annual installments of $0.5 million. The first installment was paid in January 2018 on execution of the Endowment Agreement. The second installment was made in 2019.

There are no conditions that the University must meet to receive the funds nor any penalties to the University for nonperformance. The Endowment Agreement directs the use of the funds but contains no binding restrictions on the use of the funds. On the execution of the Endowment Agreement, the Company recognized $1.7 million expense for the estimated fair value of the grant, using a discount rate of 10%, to selling, general and administrative expenses in the statements of operations. The Company recognized a corresponding liability for the remaining installment payments and will recognize accretion of the liability as interest expense over the remaining term of the Endowment Agreement.

Interest expense related to the accretion of the grant liability was not material in the years ended December 31, 2019 and 2018. As of December 31, 2019, the outstanding liability was $0.9 million, of which $0.5 million is included in other accrued and current liabilities on the balance sheets and $0.4 million is included in other noncurrent liabilities on the balance sheets. As of December 31, 2018, the outstanding liability was $1.4 million, of which $0.5 million is included in other accrued and current liabilities on the balance sheets and $0.9 million is included in other noncurrent liabilities on the balance sheets.

Contingencies

From time to time, the Company is subject to, and it is presently involved in, litigation and other legal proceedings and from time to time, the Company receives inquiries from government agencies. Accounting for contingencies requires the Company to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. The Company records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company discloses material contingencies when a loss is not probable but reasonably possible.

On November 14, 2018, Chanel, Inc. (“Chanel”) filed a lawsuit against the Company in the U.S. District Court for the Southern District of New York bringing various trademark and advertising-related claims under the Lanham Act and New York state law analogues. Chanel alleges, among other things, that the Company has misrepresented certain counterfeit Chanel products as authentic Chanel products, that the Company’s resale of Chanel products confuses consumers into believing that Chanel is affiliated with the Company and involved in authenticating consignors’ goods and that only Chanel is capable of authenticating second-hand Chanel goods. This litigation is in its early stages and the final outcome, including the Company’s liability, if any, with respect to Chanel’s claims, is uncertain. Chanel could in the future assert additional trademark and advertising or other claims against the Company in this or other proceedings. An unfavorable outcome in this or similar litigation could adversely affect our business and could lead to other similar lawsuits. The Company is not able to predict or reasonably estimate the ultimate outcome or possible losses relating to this claim.

On September 10, 2019, a purported shareholder class action complaint was filed against the Company, its officers and directors and the underwriters of its IPO in the Superior Court of the State of California in the County of San Mateo. Three additional purported class actions, also alleging claims arising from the IPO were subsequently filed in Marin County and San Francisco County Superior Courts. The San Mateo case was voluntarily dismissed, refiled in Marin County Superior Court and consolidated with the cases there. On January 10, 2020, the Marin County plaintiffs filed a consolidated amended complaint and defendants’ demurrer is due on March 13, 2020. The plaintiffs in the San Francisco Superior Court case have filed a request for dismissal. Separately, an additional purported class action was filed in the United States District Court for the Northern District of California on November 25, 2019. On February 12, 2020, a lead plaintiff was appointed in the federal action and on February 18, 2020, the Court ordered a schedule for the filing of an amended complaint and any motion to dismiss that amended complaint. These complaints allege claims under the Securities Act of 1933, as amended (“Securities Act”) on behalf of a purported class of those who acquired the Company’s stock pursuant to or traceable to the registration statement for the Company’s IPO. The complaints allege, among other things, that the defendants violated federal securities laws by issuing false or misleading statements in the registration statement regarding certain of the Company’s key financial and operating metrics, and related to the Company’s authentication processes. The complaints seek, among other things, damages and interest, rescission, and attorneys’ fees and costs. While the Company intends to vigorously defend against this litigation, the cases are at a very early stage and there can be no assurance that the Company will be successful in its defense. For this same reason, the Company cannot currently estimate the loss or the range of possible losses it may experience in connection with this litigation.

Indemnifications

In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to vendors, directors, officers and other parties with respect to certain matters including, but not limited to, losses arising out of the breach of such agreements, intellectual property infringement claims made by third parties and other liabilities relating to or arising from the Company's various services, or its acts or omissions. The Company has not incurred any material costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in its financial statements.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 12. Income Taxes

The components of the Company’s income tax provision consisted of (in thousands):

	Year Ended December 31,
	2019		2018		2017
Current:
Federal	$	—	$	—	$	—
State		199		99		57
Total current tax expense		199		99		57
Deferred:		—		—		—
Federal		—		—		—
State		—		—		—
Total deferred tax expense		—		—		—
Total provision for income taxes	$	199	$	99	$	57

The reconciliation of the Federal statutory income tax provision for the Company’s effective income tax provision (in thousands):

	Year Ended December 31,
	2019			2018			2017
Tax at federal statutory rate	$	(20,272	)	$	(15,890	)	$	(17,637	)
State taxes, net of federal effect		(5,170	)		(4,280	)		(2,150	)
Non-deductible items		1,429			537			618
Valuation allowance		24,212			19,732			19,226
Provision for income taxes	$	199		$	99		$	57

The Company’s deferred tax assets and liabilities (in thousands):

	December 31,
	2019			2018
Deferred tax assets:
Net operating loss carryforwards	$	78,875		$	61,173
Fixed assets and intangibles		2,747			1,380
Accruals and reserves		8,430			3,702
Gross deferred tax assets		90,052			66,255
Less: valuation allowance		(88,450	)		(65,611	)
Total deferred tax assets		1,602			644
Deferred tax liabilities:
Fixed assets and intangibles		(1,602	)		(644	)
Gross deferred tax liabilities		(1,602	)		(644	)
Net deferred tax assets	$	—		$	—

In assessing the realizability of deferred tax assets, the Company evaluates all available positive and negative evidence by considering whether it is more likely than not that some portion or all of the deferred tax assets will not be recognized. The ultimate realization of deferred tax assets is dependent upon future taxable income, future reversals of existing taxable temporary difference, taxable income in carryback years and tax-planning strategies. The Company believes it is more likely than not that the deferred tax assets in the U.S. will not be realized; accordingly, a valuation allowance has been established against our U.S. deferred tax assets. The net change in the valuation allowance for the years ended December 31, 2019 and December 31, 2018 was an increase of $22.8 million and an increase of $21.0 million, respectively.

As of December 31, 2019 and 2018, the Company has a net operating loss carryforward of $302.2 million and $232.2 million for federal tax purposes, respectively, and $260.7 million and $199.8 million for state tax purposes, respectively. If not utilized, these losses will expire beginning in 2032 for California purposes. Based on the available positive and negative evidence, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. However, beginning in tax year 2018 and forward, the Federal law has changed such that net operating losses generated after December 31, 2017 may be carried forward indefinitely. Accordingly, $168.2 million of the federal net operating losses will begin to expire in 2032. However, $134.0 million of the federal net operating losses will not expire.

The Tax Reform Act of 1986 limits the use of net operating losses and tax credit carryforwards in certain situations where changes occur in the stock ownership of a company. During 2019, we analyzed whether any of the reported net operating losses would be limited because of these rules. Based on our analysis we believe $3.3 million of the Federal and $2.1 million of California net operating losses will not be available to offset future taxable income because of the limitation. The reported net operating losses have been adjusted based on this analysis.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local, jurisdictions, where applicable. As of December 31, 2019 and 2018, all years generally remain open to examination. Additionally, net operating loss carryforwards are subject to examination by the Internal Revenue Service and the California Franchise Tax Board for up to three years after utilization.

As of December 31, 2019 and 2018, the Company does not have uncertain tax positions for which it has recorded as a liability. The Company’s policy is to include interest and penalties as a component to the statements of operations. There were no material tax penalties or interest during the years ended December 31, 2019, 2018, and 2017.

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Note 13. Net Loss Per Share Attributable to Common Stockholders

A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net loss per share attributable to common stockholders is as follows (in thousands, except share and per share data):

	Year Ended December 31,
	2019			2018			2017
Numerator
Net loss attributable to common stockholders	$	(100,101	)	$	(84,687	)	$	(54,918	)
Denominator
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic and diluted		47,478,544			8,365,344			8,145,787
Net loss per share attributable to common stockholders, basic and diluted	$	(2.11	)	$	(10.12	)	$	(6.74	)

The following securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis):

	December 31,
	2019		2018		2017
Convertible preferred stock		—		36,862,298		34,917,375
Redeemable convertible preferred stock		—		16,410,256		7,361,818
Options to purchase common stock		9,171,756		9,672,102		7,798,568
Restricted stock units		789,817		—		—
Warrants to purchase convertible preferred stock		—		103,563		103,563
Warrant to purchase common stock		—		10,677		67,974
Total		9,961,573		63,058,896		50,249,298

Retirement Plan

12 Months Ended

Dec. 31, 2019

Compensation And Retirement Disclosure [Abstract]

Retirement Plan

14. Retirement Plan

The Company has a defined-contribution 401(k) retirement plan covering substantially all of its employees. Eligible employees are permitted to contribute up to an amount not to exceed an annual statutory maximum. The Company matches employee contributions at a rate of 25% of vested contributions, up to a maximum of $1,000 per participant per year. The Company’s contributions to the 401(k) plan were immaterial for the years ended December 31, 2019, 2018, and 2017.

Related Parties

12 Months Ended

Dec. 31, 2019

Related Parties

15. Related Parties

Julie Wainwright, President and Chief Executive Offer, is a board member of the RealReal Foundation, a 501(c)(3) organization, which is not a consolidated entity of the Company. During the year ended December 31, 2019, the Company donated $3.2 million to the RealReal Foundation.

Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

In January 2020, the Company signed a noncancelable operating lease to extend and expand the existing lease in New York, NY to a 96-month term ending January 2028. The minimum lease payments for the extension are $14.7 million.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Use of Estimates

Net Loss per Share Attributable to Common Stockholders

Segments

Revenue Recognition

The Company generates revenue from the sale of pre-owned luxury goods through its online marketplace and retail locations.

Consignment and Service Revenue

Direct Revenue

Incentives

Contract Liabilities

Cost of Revenue

Marketing

Operations and Technology

Selling, General and Administrative

Stock-based Compensation

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash that sum to the total of the same amounts shown in the statements of cash flows (in thousands):

	December 31, 2019		December 31, 2018		December 31, 2017
Cash and cash equivalents	$	154,446	$	34,393	$	16,486
Restricted cash		—		11,234		4,174
Total cash, cash equivalents and restricted cash	$	154,446	$	45,627	$	20,660

Short-term Investments

Accounts Receivable

Inventory, Net

Our provisions to write down obsolete and excess inventory to net realizable value have not been material for 2019 and 2018.

Property and Equipment, Net

The estimated useful lives of our assets are as follows:

Proprietary software		3 years
Furniture and equipment		3-5 years
Vehicles		5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Software Development Costs

Impairment of Long-lived Assets

Deferred Offering Costs

Accretion Of Redeemable Convertible Preferred Stock

Accretion of Redeemable Convertible Preferred Stock

Convertible Preferred Stock Warrant Liability

Leases

Income Taxes

Concentrations of Credit Risks

Immaterial Correction of an Error in Prior Periods

The following table presents the effects of the immaterial error correction on the statements of operations for the period indicated (in thousands):

	Year Ended December 31, 2018
	As previously reported		Adjustments			As Adjusted
Revenue:
Consignment and service revenue	$	183,991	$	(3,384	)	$	180,607
Direct revenue		23,385		9,740			33,125
Total revenue		207,376		6,356			213,732
Cost of revenue:
Cost of consignment and service revenue		50,855		—			50,855
Cost of direct revenue		19,603		6,356			25,959
Total cost of revenue		70,458		6,356			76,814
Gross profit		136,918		—			136,918

	Year Ended December 31, 2017
	As previously reported		Adjustments			As Adjusted
Revenue:
Consignment and service revenue	$	121,210	$	(1,869	)	$	119,341
Direct revenue		12,661		5,519			18,180
Total revenue		133,871		3,650			137,521
Cost of revenue:
Cost of consignment and service revenue		35,657		—			35,657
Cost of direct revenue		10,572		3,650			14,222
Total cost of revenue		46,229		3,650			49,879
Gross profit		87,642		—			87,642

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash that sum to the total of the same amounts shown in the statements of cash flows (in thousands):

	December 31, 2019		December 31, 2018		December 31, 2017
Cash and cash equivalents	$	154,446	$	34,393	$	16,486
Restricted cash		—		11,234		4,174
Total cash, cash equivalents and restricted cash	$	154,446	$	45,627	$	20,660

Estimated Useful Lives of Assets

The estimated useful lives of our assets are as follows:

Proprietary software		3 years
Furniture and equipment		3-5 years
Vehicles		5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Schedule of Effects of Immaterial Error Correction on Statements of Operations

The following table presents the effects of the immaterial error correction on the statements of operations for the period indicated (in thousands):

	Year Ended December 31, 2018
	As previously reported		Adjustments			As Adjusted
Revenue:
Consignment and service revenue	$	183,991	$	(3,384	)	$	180,607
Direct revenue		23,385		9,740			33,125
Total revenue		207,376		6,356			213,732
Cost of revenue:
Cost of consignment and service revenue		50,855		—			50,855
Cost of direct revenue		19,603		6,356			25,959
Total cost of revenue		70,458		6,356			76,814
Gross profit		136,918		—			136,918

	Year Ended December 31, 2017
	As previously reported		Adjustments			As Adjusted
Revenue:
Consignment and service revenue	$	121,210	$	(1,869	)	$	119,341
Direct revenue		12,661		5,519			18,180
Total revenue		133,871		3,650			137,521
Cost of revenue:
Cost of consignment and service revenue		35,657		—			35,657
Cost of direct revenue		10,572		3,650			14,222
Total cost of revenue		46,229		3,650			49,879
Gross profit		87,642		—			87,642

Cash, Cash Equivalents and Short-term Investments (Tables)

12 Months Ended

Dec. 31, 2019

Cash And Cash Equivalents [Abstract]

Summary of Estimated Value of Cash, Cash Equivalents and Short-term Investments

The following tables summarize the estimated value of the Company’s cash, cash equivalents and short-term investments (in thousands):

	December 31, 2019
	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Cash and cash equivalents:
Cash	$	111,319	$	—	$	—		$	111,319
U.S. Treasury securities		29,981		—		—			29,981
Money market fund		5,399		—		—			5,399
Corporate bonds		3,749		—		—			3,749
Agency bonds		2,000		—		—			2,000
Commercial paper		1,998		—		—			1,998
Total cash and cash equivalents	$	154,446	$	—	$	—		$	154,446
Short-term investments:
U.S. Treasury securities	$	151,857	$	13	$	—		$	151,870
Corporate bonds		38,149		—		(5	)		38,144
Agency bonds		11,028		—		(2	)		11,026
Commercial paper		7,770		1		—			7,771
Total short-term investments	$	208,804	$	14	$	(7	)	$	208,811

	December 31, 2018
	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Cash and cash equivalents:
Cash	$	10,253	$	—	$	—		$	10,253
Money market fund		140		—		—			140
Reverse repurchase agreements		24,000		—		—			24,000
Total cash and cash equivalents	$	34,393	$	—	$	—		$	34,393
Short-term investments:
Corporate bonds	$	27,156	$	—	$	(25	)	$	27,131
Total short-term investments	$	27,156	$	—	$	(25	)	$	27,131

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The following tables provide the financial instruments measured at fair value (in thousands):

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
U.S. Treasury securities	$	29,981	$	—	$	—	$	29,981
Money market fund		5,399		—		—		5,399
Corporate bonds		—		3,749		—		3,749
Agency bonds		—		2,000		—		2,000
Commercial paper		—		1,998		—		1,998
Total cash equivalents	$	35,380	$	7,747	$	—	$	43,127
Short-term investments:
U.S. Treasury securities	$	151,870	$	—	$	—	$	151,870
Corporate bonds		—		38,144		—		38,144
Agency bonds		—		11,026		—		11,026
Commercial paper		—		7,771		—		7,771
Total short-term investments	$	151,870	$	56,941	$	—	$	208,811

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market fund	$	140	$	—	$	—	$	140
Reverse repurchase agreements		—		24,000		—		24,000
Total cash equivalents	$	140	$	24,000	$	—	$	24,140
Short-term investments:
Corporate bonds	$	—	$	27,131	$	—	$	27,131
Total short-term investments	$	—	$	27,131	$	—	$	27,131
Total assets	$	140	$	51,131	$	—	$	51,271
Liabilities
Convertible preferred stock warrant liability	$	—	$	—	$	610	$	610
Total liabilities	$	—	$	—	$	610	$	610

Schedule of Fair Value of Level 3 Liabilities Recorded

The following table presents a rollforward of the fair value of the level 3 liabilities recorded at fair value (in thousands):

	Convertible Preferred Stock Warrant Liability			Convertible Notes Derivative Liability
Balance as of December 31, 2017	$	160		$	—
Recognition of derivative liability in connection with issuance of convertible notes		—			372
Changes in estimated fair value		450			1,248
Extinguishment of derivative liability on conversion of convertible notes		—			(1,620	)
Balance as of December 31, 2018		610			—
Changes in estimated fair value		2,100			—
Reclass to additional paid-in capital upon conversion to common stock warrants		(2,710	)		—
Balance as of December 31, 2019	$	—		$	—

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2019

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):

	December 31, 2019			December 31, 2018
Proprietary software	$	23,318		$	14,052
Furniture and equipment		21,083			12,665
Automobiles		718			346
Leasehold improvements		43,505			25,702
		88,624			52,765
Less: accumulated depreciation and amortization		(32,793	)		(19,479	)
Property and equipment, net	$	55,831		$	33,286

Schedule of Other Accrued and Current Liabilities

Other accrued and current liabilities consist of the following (in thousands):

	December 31, 2019		December 31, 2018
Returns reserve	$	17,005	$	14,311
Accrued compensation		11,626		8,078
Accrued marketing and outside services		6,830		4,152
Site credit liability		5,080		4,700
Accrued sales tax and other taxes		6,132		4,476
Deferred revenue		4,767		3,184
Other		3,127		3,055
Other accrued and current liabilities	$	54,567	$	41,956

Convertible Preferred Stock and Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2019

Temporary Equity Disclosure [Abstract]

Summary of Convertible Preferred Stock and Redeemable Convertible Preferred Stock

At December 31, 2018, convertible preferred stock and redeemable convertible preferred stock consisted of the following (in thousands, except share amounts):

	December 31, 2018
	Shares Authorized		Shares Issued and Outstanding		Net Carrying Value		Aggregate Liquidation Preference
Series A		18,960,000		18,941,619	$	9,161	$	9,217
Series B		13,784,443		13,652,791		13,774		14,000
Series C		9,335,659		9,328,791		20,289		20,374
Series D		14,367,652		14,324,642		39,886		40,000
Series E		13,612,543		13,586,946		39,880		40,000
Series F		12,956,724		12,956,724		54,968		57,211
Series G		21,986,733		21,986,733		116,242		120,544
Total		105,003,754		104,778,246	$	294,200	$	301,346

Common Stock (Tables)

12 Months Ended

Dec. 31, 2019

Common Stock [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance on Converted Basis

The Company had reserved shares of common stock for issuance, on an as-converted basis, as follows:

	December 31,		December 31,
	2019		2018
Convertible preferred stock outstanding		—		36,862,298
Redeemable convertible preferred stock outstanding		—		16,410,256
Options issued and outstanding		9,171,756		9,672,102
Shares available for future stock option issuances		8,073,515		1,124,482
Restricted stock units		789,817		—
Warrants to purchase convertible preferred stock		—		103,563
Warrants to purchase common stock		—		10,677
Total		18,035,088		64,183,378

Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock Option Plan Activity

Activity under the Company’s stock option plan is set forth below:

	Options Available for Grant			Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
Balances at December 31, 2018		1,124,482			9,672,102			3.00		7.1		44,883
Options authorized		8,000,000
Options granted		(2,025,475	)		2,025,475			13.30
Options exercised		—			(1,551,313	)		1.76
Options cancelled		974,508			(974,508	)		6.29
Balances at December 31, 2019		8,073,515			9,171,756			5.14		6.8		128,079
Options vested and exercisable— December 31, 2019					5,526,316			2.63		5.6		89,784

Schedule of RSUs Activity

A summary of RSU activity for the year ended December 31, 2019 is as follows:

	Restricted Stock Units
	Number of Shares			Weighted- Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Unvested December 31, 2018		—		$	—	$	—
Granted		851,770			23.65
Vested		(21,701	)		24.69
Forfeited		(40,252	)		24.26
Unvested December 31, 2019		789,817		$	23.59	$	14,888

Schedule of Assumptions to Estimate Fair Value of Stock Options

The following assumptions were used to estimate the fair value of stock options granted:

Year Ended December 31,

2019

2018

2017

Expected term (in years)

5.0 – 6.1

5.2 – 6.2

5.0 – 6.9

Expected volatility

44.2% – 47.8%

46.6% – 48.1%

47.0% – 50.3%

Average risk-free rate

1.9% – 2.6%

2.7% – 2.9%

1.7% – 2.2%

Dividend yield

—

Schedule of Total Stock-based Compensation Expense, Excluding Compensation Expense Related to Stock Sales, by Function

Total stock-based compensation expense, excluding compensation expense related to stock sales by current and former employees, by function was as follows (in thousands):

	Year Ended December 31,
	2019		2018		2017
Marketing	$	392	$	164	$	129
Operations and technology		3,148		1,160		625
Selling, general and administrative		4,171		1,587		1,099
Total	$	7,711	$	2,911	$	1,853

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments Under Noncancelable Operating Leases

As of December 31, 2019, the Company’s future minimum lease payments under the noncancelable leases are as follows (in thousands):

Year Ending December 31,	Operating Leases
2020	$	20,530
2021		22,059
2022		19,610
2023		18,307
2024		17,957
Thereafter		67,208
Total future minimum payments	$	165,671

Schedule of Future Minimum Payments Under Noncancelable Purchase Commitments

As of December 31, 2019, the future minimum payments under the Company’s noncancelable purchase commitments were as follows (in thousands):

Year Ending December 31,	Purchase Commitments
2020	$	3,911
2021		2,334
2022		807
2023		—
2024		—
Total future minimum payments	$	7,052

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Company's Tax Provision

The components of the Company’s income tax provision consisted of (in thousands):

	Year Ended December 31,
	2019		2018		2017
Current:
Federal	$	—	$	—	$	—
State		199		99		57
Total current tax expense		199		99		57
Deferred:		—		—		—
Federal		—		—		—
State		—		—		—
Total deferred tax expense		—		—		—
Total provision for income taxes	$	199	$	99	$	57

Schedule of Reconciliation of Company's Effective Tax Rate To Statutory Federal Rate

The reconciliation of the Federal statutory income tax provision for the Company’s effective income tax provision (in thousands):

	Year Ended December 31,
	2019			2018			2017
Tax at federal statutory rate	$	(20,272	)	$	(15,890	)	$	(17,637	)
State taxes, net of federal effect		(5,170	)		(4,280	)		(2,150	)
Non-deductible items		1,429			537			618
Valuation allowance		24,212			19,732			19,226
Provision for income taxes	$	199		$	99		$	57

Components of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities (in thousands):

	December 31,
	2019			2018
Deferred tax assets:
Net operating loss carryforwards	$	78,875		$	61,173
Fixed assets and intangibles		2,747			1,380
Accruals and reserves		8,430			3,702
Gross deferred tax assets		90,052			66,255
Less: valuation allowance		(88,450	)		(65,611	)
Total deferred tax assets		1,602			644
Deferred tax liabilities:
Fixed assets and intangibles		(1,602	)		(644	)
Gross deferred tax liabilities		(1,602	)		(644	)
Net deferred tax assets	$	—		$	—

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share

	Year Ended December 31,
	2019			2018			2017
Numerator
Net loss attributable to common stockholders	$	(100,101	)	$	(84,687	)	$	(54,918	)
Denominator
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic and diluted		47,478,544			8,365,344			8,145,787
Net loss per share attributable to common stockholders, basic and diluted	$	(2.11	)	$	(10.12	)	$	(6.74	)

Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

	December 31,
	2019		2018		2017
Convertible preferred stock		—		36,862,298		34,917,375
Redeemable convertible preferred stock		—		16,410,256		7,361,818
Options to purchase common stock		9,171,756		9,672,102		7,798,568
Restricted stock units		789,817		—		—
Warrants to purchase convertible preferred stock		—		103,563		103,563
Warrant to purchase common stock		—		10,677		67,974
Total		9,961,573		63,058,896		50,249,298

Description of Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 02, 2019 USD ($) $ / shares shares	Dec. 31, 2019 shares	Dec. 31, 2018 USD ($) shares
Class Of Stock [Line Items]
Issuance costs \| $			$ 24
Common stock, shares authorized		500,000,000	145,467,774
Redeemable convertible preferred stock outstanding			104,778,246
Initial Public Offering
Class Of Stock [Line Items]
Number of common stock issued	15,000,000
Common stock issued price per share \| $ / shares	$ 20.00
Net proceeds from issuance of initial public offering \| $	$ 315,500
Underwriting discounts and commissions \| $	24,100
Issuance costs \| $	$ 5,300
Common stock, shares authorized	500,000,000
Undesignated preferred stock, shares authorized for issuance	50,000,000
Redeemable convertible preferred stock outstanding	114,960,357
Convertible preferred stock converted into common stock	58,363,606
Description of reverse stock split		On June 13, 2019, the Company effected a reverse split of shares of the Company’s common stock on a 1-for-2 basis
Reverse stock split ratio		0.5
Initial Public Offering \| Common Stock Warrants
Class Of Stock [Line Items]
Conversion of preferred stock warrants into common stock warrants	103,563
Underwriters' Option to Purchase Additional Shares
Class Of Stock [Line Items]
Number of common stock issued	2,250,000
Common stock issued price per share \| $ / shares	$ 20.00

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) Segment Customer	Dec. 31, 2018 USD ($) Customer	Dec. 31, 2017 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment \| Segment	1
Number of reportable segment \| Segment	1
Contractual liabilities	$ 4,767,000	$ 3,184,000
Advertising expense	40,500,000	36,600,000	$ 32,100,000
Restricted cash	0	11,234,000	4,174,000
Deferred offering costs	300,000	34,000
Deferred offering cost offset against proceeds from offering	$ 5,300,000
New accounting pronouncement or change in accounting principle, description	During the quarter ended December 31, 2019, the Company identified errors related to the presentation of certain sale transactions recorded on a net basis within consignment and service revenue which have been corrected to be presented on a gross basis within direct revenue and related cost of direct revenue. In accordance with FASB Accounting Standards Codification 250, Accounting Changes and Error Corrections, we evaluated the materiality of the errors from quantitative and qualitative perspectives, and concluded that the errors were immaterial to the Company’s prior period interim and annual financial statements. Since these revisions were not material to any prior period interim or annual financial statements, no amendments to previously filed interim or annual periodic reports are required. Consequently, the Company has adjusted for these errors by revising its historical financial statements presented herein.
Revenue \| Direct Revenue
Summary Of Significant Accounting Policies [Line Items]
Effect of error		9,700	5,500
Revenue \| Consignment and Service Revenue
Summary Of Significant Accounting Policies [Line Items]
Effect of error		(3,400)	(1,900)
Cost of Revenue
Summary Of Significant Accounting Policies [Line Items]
Effect of error		$ 6,400	$ 3,700
Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Number of major customers \| Customer	0	0
Total Revenue
Summary Of Significant Accounting Policies [Line Items]
Number of major customers \| Customer	0	0	0
Proprietary software
Summary Of Significant Accounting Policies [Line Items]
Research and development expense	$ 9,300,000	$ 5,700,000	$ 2,500,000
Deferred Revenue
Summary Of Significant Accounting Policies [Line Items]
Contractual liabilities	$ 3,500,000	$ 2,700,000

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 154,446,000	$ 34,393,000	$ 16,486,000
Restricted cash	0	11,234,000	4,174,000
Total cash, cash equivalents and restricted cash	$ 154,446,000	$ 45,627,000	$ 20,660,000	$ 23,818,000

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2019
Proprietary software
Property Plant And Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and equipment \| Maximum
Property Plant And Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and equipment \| Minimum
Property Plant And Equipment [Line Items]
Property and equipment, useful life	5 years
Vehicles
Property Plant And Equipment [Line Items]
Property and equipment, useful life	5 years
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful lives	Shorter of lease term or estimated useful life

Summary of Significant Accounting Policies - Schedule of Effects of Immaterial Error Correction on Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue:
Total revenue	$ 318,037	$ 213,732	$ 137,521
Cost of revenue:
Total cost of revenue	114,831	76,814	49,879
Gross profit	203,206	136,918	87,642
Consignment and Service Revenue
Revenue:
Total revenue	267,412	180,607	119,341
Cost of revenue:
Total cost of revenue	73,579	50,855	35,657
Direct Revenue
Revenue:
Total revenue	50,625	33,125	18,180
Cost of revenue:
Total cost of revenue	$ 41,252	25,959	14,222
As Previously Reported
Revenue:
Total revenue		207,376	133,871
Cost of revenue:
Total cost of revenue		70,458	46,229
Gross profit		136,918	87,642
As Previously Reported \| Consignment and Service Revenue
Revenue:
Total revenue		183,991	121,210
Cost of revenue:
Total cost of revenue		50,855	35,657
As Previously Reported \| Direct Revenue
Revenue:
Total revenue		23,385	12,661
Cost of revenue:
Total cost of revenue		19,603	10,572
Adjustments
Revenue:
Total revenue		6,356	3,650
Cost of revenue:
Total cost of revenue		6,356	3,650
Adjustments \| Consignment and Service Revenue
Revenue:
Total revenue		(3,384)	(1,869)
Adjustments \| Direct Revenue
Revenue:
Total revenue		9,740	5,519
Cost of revenue:
Total cost of revenue		$ 6,356	$ 3,650

Cash, Cash Equivalents and Short-term Investments - Summary of Estimated Value of Cash, Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	$ 154,446	$ 34,393	$ 16,486
Cash and cash equivalents, fair value	154,446	34,393
Short-term investments, amortized cost	208,804	27,156
Short-term investments, unrealized gain	14
Short-term investments, unrealized loss	(7)	(25)
Short-term investments, fair value	208,811	27,131
Cash
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	111,319	10,253
Cash and cash equivalents, fair value	111,319	10,253
Money Market Fund
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	5,399	140
Cash and cash equivalents, fair value	5,399	140
Corporate Bonds
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	3,749
Cash and cash equivalents, fair value	3,749
Short-term investments, amortized cost	38,149	27,156
Short-term investments, unrealized loss	(5)	(25)
Short-term investments, fair value	38,144	27,131
Agency Bonds
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	2,000
Cash and cash equivalents, fair value	2,000
Short-term investments, amortized cost	11,028
Short-term investments, unrealized loss	(2)
Short-term investments, fair value	11,026
Commercial Paper
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	1,998
Cash and cash equivalents, fair value	1,998
Short-term investments, amortized cost	7,770
Short-term investments, unrealized gain	1
Short-term investments, fair value	7,771
Reverse Repurchase Agreements
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost		24,000
Cash and cash equivalents, fair value		$ 24,000
U.S. Treasury Securities
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	29,981
Cash and cash equivalents, fair value	29,981
Short-term investments, amortized cost	151,857
Short-term investments, unrealized gain	13
Short-term investments, fair value	$ 151,870

Cash, Cash Equivalents and Short-term Investments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Maximum
Cash And Cash Equivalents [Line Items]
Short term investments contractual maturity term	1 year	1 year

Fair Value Measurement - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Asset transfers Level 1 to Level 2	$ 0	$ 0
Asset transfers Level 2 to Level 1	0	0
Asset transfers into Level 3	0	0
Asset transfers out of Level 3	0	0
Liabilities transfers Level 1 to Level 2	0	0
Liabilities transfers Level 2 to Level 1	0	0
Liability transfers into Level 3	0	0
Liability transfers out of Level 3	$ 0	$ 0

Fair Value Measurement - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash equivalents	$ 154,446	$ 34,393
Short-term investments	208,811	27,131
Recurring
Assets
Cash equivalents	43,127	24,140
Short-term investments	208,811	27,131
Total assets		51,271
Liabilities
Total liabilities		610
Recurring \| Convertible Preferred Stock Warrant Liability
Liabilities
Total liabilities		610
Recurring \| Level 1
Assets
Cash equivalents	35,380	140
Short-term investments	151,870
Total assets		140
Recurring \| Level 2
Assets
Cash equivalents	7,747	24,000
Short-term investments	56,941	27,131
Total assets		51,131
Recurring \| Level 3
Liabilities
Total liabilities		610
Recurring \| Level 3 \| Convertible Preferred Stock Warrant Liability
Liabilities
Total liabilities		610
Recurring \| U.S. Treasury Securities
Assets
Cash equivalents	29,981
Short-term investments	151,870
Recurring \| U.S. Treasury Securities \| Level 1
Assets
Cash equivalents	29,981
Short-term investments	151,870
Recurring \| Money Market Fund
Assets
Cash equivalents	5,399	140
Recurring \| Money Market Fund \| Level 1
Assets
Cash equivalents	5,399	140
Recurring \| Corporate Bonds
Assets
Cash equivalents	3,749
Short-term investments	38,144	27,131
Recurring \| Corporate Bonds \| Level 2
Assets
Cash equivalents	3,749
Short-term investments	38,144	27,131
Recurring \| Agency Bonds
Assets
Cash equivalents	2,000
Short-term investments	11,026
Recurring \| Agency Bonds \| Level 2
Assets
Cash equivalents	2,000
Short-term investments	11,026
Recurring \| Commercial Paper
Assets
Cash equivalents	1,998
Short-term investments	7,771
Recurring \| Commercial Paper \| Level 2
Assets
Cash equivalents	1,998
Short-term investments	$ 7,771
Recurring \| Reverse Repurchase Agreements
Assets
Cash equivalents		24,000
Recurring \| Reverse Repurchase Agreements \| Level 2
Assets
Cash equivalents		$ 24,000

Fair Value Measurement - Schedule of Fair Value of Level 3 Liabilities Recorded (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Convertible Preferred Stock Warrant Liability
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 610	$ 160
Changes in estimated fair value	2,100	450
Reclass to additional paid-in capital uponconversion to common stock warrants	$ (2,710)
Ending balance		610
Convertible Notes Derivative Liability
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Recognition of derivative liability in connection with issuance of convertible notes		372
Changes in estimated fair value		1,248
Extinguishment of derivative liability on conversion of convertible notes		$ (1,620)

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 88,624	$ 52,765
Less: accumulated depreciation and amortization	(32,793)	(19,479)
Property and equipment, net	55,831	33,286
Proprietary Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	23,318	14,052
Furniture And Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	21,083	12,665
Automobiles
Property Plant And Equipment [Line Items]
Property and equipment, gross	718	346
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 43,505	$ 25,702

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property Plant And Equipment [Abstract]
Depreciation and amortization expense on property and equipment	$ 13.4	$ 9.3	$ 5.6

Balance Sheet Components - Schedule of Other Accrued and Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Returns reserve	$ 17,005	$ 14,311
Accrued compensation	11,626	8,078
Accrued marketing and outside services	6,830	4,152
Site credit liability	5,080	4,700
Accrued sales tax and other taxes	6,132	4,476
Deferred revenue	4,767	3,184
Other	3,127	3,055
Other accrued and current liabilities	$ 54,567	$ 41,956

Debt and Convertible Preferred Stock Warrants - Additional Information (Details) - USD ($)		1 Months Ended		6 Months Ended	12 Months Ended
	Jul. 26, 2019	Jul. 31, 2019	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2013
Debt Disclosure [Line Items]
Interest expense related to term loans					$ 300,000	$ 700,000	$ 600,000
Warrants outstanding					0
Letter of Credit
Debt Disclosure [Line Items]
Deb maturity date						Aug. 01, 2019
Line of credit						$ 1,500,000
IPO
Debt Disclosure [Line Items]
Debt, success fee		$ 300,000
Series G Convertible Preferred Stock
Debt Disclosure [Line Items]
Debt, success fee			$ 100,000
Series B Convertible Preferred Stock
Debt Disclosure [Line Items]
Outstanding preferred stock warrants exercised (in shares)					131,652
Exercise price of warrants (in dollars per share)					$ 1.03
Series C Convertible Preferred Stock
Debt Disclosure [Line Items]
Outstanding preferred stock warrants exercised (in shares)					6,868
Exercise price of warrants (in dollars per share)					$ 2.18
Series D Convertible Preferred Stock
Debt Disclosure [Line Items]
Outstanding preferred stock warrants exercised (in shares)					43,010
Exercise price of warrants (in dollars per share)					$ 2.79
Series E Convertible Preferred Stock
Debt Disclosure [Line Items]
Outstanding preferred stock warrants exercised (in shares)					25,597
Exercise price of warrants (in dollars per share)					$ 2.93
Convertible Preferred Stock
Debt Disclosure [Line Items]
Warrant term					10 years
Term Loan Facility
Debt Disclosure [Line Items]
Maximum borrowing capacity								$ 5,000,000
Increase in borrowing capacity					$ 11,600,000
Debt instrument required covenants percentage on forecasted gross revenue					80.00%
Debt, combined success fee						$ 300,000
Debt, additional success fee				$ 100,000
Net cash proceeds from subordinated debt securities				$ 50,000,000
Term Loans
Debt Disclosure [Line Items]
Long-term debt, gross							15,000,000
Repayments on loans	$ 6,500,000
Term Loan I
Debt Disclosure [Line Items]
Long-term debt, gross							$ 7,500,000
Deb maturity date						Jan. 31, 2021	Jan. 31, 2019
Number of equal monthly installments					30 equal monthly installments
Variable annual interest rate						0.35%	0.10%
Term Loan II
Debt Disclosure [Line Items]
Long-term debt, gross							$ 7,500,000
Deb maturity date							Jan. 01, 2020

Convertible Notes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2018	Apr. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Convertible notes issued to existing shareholders of redeemable convertible and convertible preferred stock		$ 14,400
Principal and accrued interest on convertible notes	$ 14,600
Debt instrument convertible conversion price	$ 4.7565
Loss on extinguishment of convertible notes	$ 400		$ 370
Series G Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Issuance of redeemable convertible preferred stock	1,067,550
Convertible Preferred Stock
Debt Instrument [Line Items]
Issuance of redeemable convertible preferred stock	1,997,709
Convertible Notes
Debt Instrument [Line Items]
Convertible notes annual interest rate		8.00%
Liability recognized on estimated fair value of embedded derivative		$ 400
Debt issuance costs		$ 100

Convertible Preferred Stock and Redeemable Convertible Preferred Stock - Summary of Convertible Preferred Stock and Redeemable Convertible Preferred Stock (Details) $ in Thousands	Dec. 31, 2018 USD ($) shares
Temporary Equity [Line Items]
Shares Authorized	105,003,754
Shares Issued	104,778,246
Shares Outstanding	104,778,246
Net Carrying Value \| $	$ 294,200
Aggregate Liquidation Preference \| $	$ 301,346
Series A
Temporary Equity [Line Items]
Shares Authorized	18,960,000
Shares Issued	18,941,619
Shares Outstanding	18,941,619
Net Carrying Value \| $	$ 9,161
Aggregate Liquidation Preference \| $	$ 9,217
Series B
Temporary Equity [Line Items]
Shares Authorized	13,784,443
Shares Issued	13,652,791
Shares Outstanding	13,652,791
Net Carrying Value \| $	$ 13,774
Aggregate Liquidation Preference \| $	$ 14,000
Series C
Temporary Equity [Line Items]
Shares Authorized	9,335,659
Shares Issued	9,328,791
Shares Outstanding	9,328,791
Net Carrying Value \| $	$ 20,289
Aggregate Liquidation Preference \| $	$ 20,374
Series D
Temporary Equity [Line Items]
Shares Authorized	14,367,652
Shares Issued	14,324,642
Shares Outstanding	14,324,642
Net Carrying Value \| $	$ 39,886
Aggregate Liquidation Preference \| $	$ 40,000
Series E
Temporary Equity [Line Items]
Shares Authorized	13,612,543
Shares Issued	13,586,946
Shares Outstanding	13,586,946
Net Carrying Value \| $	$ 39,880
Aggregate Liquidation Preference \| $	$ 40,000
Series F
Temporary Equity [Line Items]
Shares Authorized	12,956,724
Shares Issued	12,956,724
Shares Outstanding	12,956,724
Net Carrying Value \| $	$ 54,968
Aggregate Liquidation Preference \| $	$ 57,211
Series G
Temporary Equity [Line Items]
Shares Authorized	21,986,733
Shares Issued	21,986,733
Shares Outstanding	21,986,733
Net Carrying Value \| $	$ 116,242
Aggregate Liquidation Preference \| $	$ 120,544

Convertible Preferred Stock and Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 02, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Temporary Equity [Line Items]
Shares Issued				104,778,246
Proceeds from issuance of convertible preferred stock, net of issuance costs			$ 26,283	$ 9,627
Initial Public Offering
Temporary Equity [Line Items]
Convertible preferred stock converted into common stock	58,363,606
Series H
Temporary Equity [Line Items]
Shares Issued		6,350,345
Convertible preferred stock issued		3,831,766
Temporary equity, par value		$ 6.8748
Proceeds from issuance of convertible preferred stock, net of issuance costs		$ 70,000

Common Stock - Schedule of Reserved Shares of Common Stock for Issuance on Converted Basis (Details) - shares	Dec. 31, 2019	Dec. 31, 2018
Class Of Stock [Line Items]
Common stock reserved for future issuance	18,035,088	64,183,378
Stock Option
Class Of Stock [Line Items]
Common stock reserved for future issuance	8,073,515	1,124,482
Restricted Stock Units
Class Of Stock [Line Items]
Common stock reserved for future issuance	789,817
Convertible Preferred Stock Outstanding
Class Of Stock [Line Items]
Common stock reserved for future issuance		36,862,298
Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance		16,410,256
Options Issued and Outstanding
Class Of Stock [Line Items]
Common stock reserved for future issuance	9,171,756	9,672,102
Warrants to Purchase Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance		103,563
Warrants to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance		10,677

Share-based Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized			1,750,000
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value			$ 8.60	$ 3.36	$ 1.26
Unrecognized stock-based compensation expense			$ 19.4
Unrecognized stock-based compensation expense, recognition period			2 years 8 months 12 days
Compensation expense			$ 0.8	$ 0.8
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued in transaction	382,477	432,270
Sale of stock, price per share	$ 12.72	$ 9.0902
Sale of stock, aggregate amount	$ 4.9	$ 3.9
Employee Stock Purchase Plan \| First Business Day
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted as percentage on fair value of stock			85.00%
Employee Stock Purchase Plan \| Last Business Day
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted as percentage on fair value of stock			85.00%
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested in period, fair value			$ 0.5
Unrecognized stock-based compensation expense, recognition period			3 years 7 months 6 days
Unrecognized stock-based compensation expense			$ 17.1
2011 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						4 years
Percentage of maximum incentive stock options granted to stockholders						10.00%
2011 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options exercisable period						10 years
2011 Plan \| Incentive and Non-statutory Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized						12,987,255
2011 Plan \| Incentive and Non-statutory Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted as percentage on fair value of stock						100.00%
2011 Plan \| Incentive Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted as percentage on fair value of stock						110.00%
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized			8,000,000
Aggregate intrinsic value of options exercised			$ 16.2	$ 1.4	$ 0.4

Share-based Compensation Plans - Schedule of Stock Option Plan Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Available for Grant, Options authorized	1,750,000
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Available for Grant, Balance	1,124,482
Options Available for Grant, Options authorized	8,000,000
Options Available for Grant, Options granted	(2,025,475)
Options Available for Grant, Options cancelled	974,508
Options Available for Grant, Balance	8,073,515	1,124,482
Number of Options Outstanding, Balance	9,672,102
Number of Options, Options granted	2,025,475
Number of Options, Options exercised	(1,551,313)
Number of Options, Options cancelled	(974,508)
Number of Options Outstanding, Balance	9,171,756	9,672,102
Number of Options, Options vested and exercisable	5,526,316
Weighted Average Exercise Price Per Share, Balance	$ 3.00
Weighted Average Exercise Price Per Share, Options granted	13.30
Weighted Average Exercise Price Per Share, Options exercised	1.76
Weighted Average Exercise Price Per Share, Options cancelled	6.29
Weighted Average Exercise Price Per Share, Balance	5.14	$ 3.00
Weighted Average Exercise Price Per Share, Options vested and exercisable	$ 2.63
Weighted Average Remaining Contractual Life (years), Balance	6 years 9 months 18 days	7 years 1 month 6 days
Weighted Average Remaining Contractual Life (years), Options vested and exercisable	5 years 7 months 6 days
Aggregate Intrinsic Value, Balance	$ 128,079	$ 44,883
Aggregate Intrinsic Value, Options vested and exercisable	$ 89,784

Share-based Compensation Plans - Schedule of RSUs Activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Unvested, Granted \| shares	851,770
Number of Shares Unvested, Vested \| shares	(21,701)
Number of Shares Unvested, Forfeited \| shares	(40,252)
Number of Shares Unvested, Balance \| shares	789,817
Weighted-Average Grant Date Fair Value, Granted	$ 23.65
Weighted-Average Grant Date Fair Value, Vested	24.69
Weighted-Average Grant Date Fair Value, Forfeited	24.26
Weighted-Average Grant Date Fair Value, Balance	23.59
Aggregate Intrinsic Value, Balance	$ 14,888,000

Share-based Compensation Plans - Schedule of Assumptions to Estimate Fair Value of Stock Options (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	44.20%	46.60%	47.00%
Expected volatility, maximum	47.80%	48.10%	50.30%
Average risk-free rate, minimum	1.90%	2.70%	1.70%
Average risk-free rate, maximum	2.60%	2.90%	2.20%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years	5 years 2 months 12 days	5 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 2 months 12 days	6 years 10 months 24 days

Share-based Compensation Plans - Schedule of Total Stock-based Compensation Expense, Excluding Compensation Expense Related to Stock Sales, by Function (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,711	$ 2,911	$ 1,853
Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	392	164	129
Operations and Technology
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	3,148	1,160	625
Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,171	$ 1,587	$ 1,099

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2018 USD ($) Installment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Other Commitments [Line Items]
Operating lease rent expense		$ 18,100,000	$ 10,400,000	$ 7,200,000
Capital lease interest expense		0	0	$ 0
Outstanding liability		900,000	1,400,000
Selling, General and Administrative
Other Commitments [Line Items]
Estimated fair value of grant expense	$ 1,700,000
Fair value of grant, discount rate	10.00%
Endowment Agreement
Other Commitments [Line Items]
Donation Fund	$ 2,000,000
Annual installment payment of donation fund	$ 500,000
Number of annual installments \| Installment	4
Vehicles and Equipment
Other Commitments [Line Items]
Capital lease obligation		400,000	400,000
Other Accrued and Current Liabilities
Other Commitments [Line Items]
Deferred rent, current		800,000	700,000
Outstanding liability		500,000	500,000
Other Noncurrent Liabilities
Other Commitments [Line Items]
Deferred rent, noncurrent		8,000,000	5,300,000
Outstanding liability		$ 400,000	$ 900,000
Minimum
Other Commitments [Line Items]
Operating lease term		1 year
Maximum
Other Commitments [Line Items]
Operating lease term		11 years

Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020	$ 20,530
2021	22,059
2022	19,610
2023	18,307
2024	17,957
Thereafter	67,208
Total future minimum payments	$ 165,671

Commitments and Contingencies - Schedule of Future Minimum Payments Under Noncancelable Purchase Commitments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020	$ 3,911
2021	2,334
2022	807
Total future minimum payments	$ 7,052

Income Taxes - Components of Company's Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
State	$ 199	$ 99	$ 57
Total current tax expense	199	99	57
Deferred:
Total provision for income taxes	$ 199	$ 99	$ 57

Income Taxes - Reconciliation of Company's Effective Tax Rate To Statutory Federal Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Tax at federal statutory rate	$ (20,272)	$ (15,890)	$ (17,637)
State taxes, net of federal effect	(5,170)	(4,280)	(2,150)
Non-deductible items	1,429	537	618
Valuation allowance	24,212	19,732	19,226
Total provision for income taxes	$ 199	$ 99	$ 57

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 78,875	$ 61,173
Fixed assets and intangibles	2,747	1,380
Accruals and reserves	8,430	3,702
Gross deferred tax assets	90,052	66,255
Less: valuation allowance	(88,450)	(65,611)
Total deferred tax assets	1,602	644
Deferred tax liabilities:
Fixed assets and intangibles	(1,602)	(644)
Gross deferred tax liabilities	$ (1,602)	$ (644)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Change in valuation allowance	$ 22,800,000	$ 21,000,000
Uncertain tax positions	0	0
Tax penalties and interest expense	0	0	$ 0
Tax penalties and interest accrued	0	0	$ 0
Federal Tax
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	$ 302,200,000	$ 232,200,000
Operating loss carryforward expiration year	2032	2032
Net operating loss not available to offset future taxable income	$ 3,300,000
Federal Tax \| Expiration in 2032
Operating Loss Carryforwards [Line Items]
Operating loss carryforward		$ 168,200,000
Federal Tax \| No expiration
Operating Loss Carryforwards [Line Items]
Operating loss carryforward		134,000,000
State Tax
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	$ 260,700,000	$ 199,800,000
Operating loss carryforward expiration year	2032	2032
Net operating loss not available to offset future taxable income	$ 2,100,000

Net Loss Per Share Attributable to Common Stockholders - Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator
Net loss attributable to common stockholders	$ (100,101)	$ (84,687)	$ (54,918)
Denominator
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic and diluted	47,478,544	8,365,344	8,145,787
Net loss per share attributable to common stockholders, basic and diluted	$ (2.11)	$ (10.12)	$ (6.74)

Net Loss Per Share Attributable to Common Stockholders - Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	9,961,573	63,058,896	50,249,298
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share		36,862,298	34,917,375
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share		16,410,256	7,361,818
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	9,171,756	9,672,102	7,798,568
RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	789,817
Warrants \| Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share		103,563	103,563
Warrants \| Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share		10,677	67,974

Retirement Plan - Additional Information (Details)	12 Months Ended
Retirement Plan - Additional Information (Details)	Dec. 31, 2019 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Percentage of employee vested contributions	25.00%
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer discretionary contribution amount	$ 1,000

Related Parties - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
RealReal Foundation
Related Party Transaction [Line Items]
Donation to related party	$ 3.2

Subsequent Events - Additional Information (Details) - Subsequent Event $ in Millions	1 Months Ended
	Jan. 31, 2020 USD ($)
Subsequent Event [Line Items]
Operating lease term	96 months
Lessee, Operating Lease, Existence of Option to Extend	true
Operating lease term ending month and year	2028-01
Minimum lease payments	$ 14.7