0001558370-21-002082 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2020	Jan. 31, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Central Index Key	0001551306
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-39100
Entity Registrant Name	Progyny, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2220139
Entity Address, Address Line One	1359 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	888-3124
Title of 12(b) Security	Common Stock,$0.0001 par value per share
Trading Symbol	PGNY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.1
Entity Common Stock, Shares Outstanding		87,215,936
Entity Listing, Par Value Per Share	$ 0.0001
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 70,305	$ 80,382
Marketable securities	38,994
Accounts receivable, net of $16,199 and $6,320 of allowances at December 31, 2020 and December 31, 2019, respectively	75,664	47,059
Prepaid expenses and other current assets	5,259	5,003
Total current assets	190,222	132,444
Property and equipment, net	3,400	3,083
Operating lease right-of-use assets	8,668
Goodwill	11,880	11,880
Intangible assets, net	1,213	2,375
Deferred tax assets	37,971
Other noncurrent assets	573	652
Total assets	253,927	150,434
Current liabilities:
Accounts payable	43,514	19,388
Accrued expenses and other current liabilities	34,272	16,775
Total current liabilities	77,786	36,163
Operating lease noncurrent liabilities	8,318
Other noncurrent liabilities	876
Total liabilities	86,980	36,163
Commitments and Contingencies (Note 15)
STOCKHOLDERS' EQUITY
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at December 31, 2020 and December 31, 2019; 87,054,329 and 84,188,202 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	9	8
Additional paid-in capital	236,139	228,755
Treasury stock, at cost, $0.0001 par value; 615,980 shares outstanding at December 31, 2020 and December 31, 2019	(1,009)	(1,009)
Accumulated deficit	(68,193)	(113,483)
Accumulated other comprehensive income	1
Total stockholders' equity	166,947	114,271
Total liabilities and stockholders' equity	$ 253,927	$ 150,434

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Allowances for accounts receivable
Allowances for accounts receivable	$ 16,199	$ 6,320
Common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	87,054,329	84,188,202
Common stock, shares outstanding (in shares)	87,054,329	84,188,202
Treasury stock
Treasury stock, shares outstanding (in shares)	615,980	615,980

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statements of Operations
Revenue	$ 344,858	$ 229,683	$ 105,400
Revenue, type	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Cost of services	$ 274,799	$ 184,178	$ 85,966
Cost of services, type	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Gross profit	$ 70,059	$ 45,505	$ 19,434
Operating expenses:
Sales and marketing	15,006	11,901	7,285
General and administrative	46,705	23,927	15,601
Total operating expenses	61,711	35,828	22,886
Income (loss) from operations	8,348	9,677	(3,452)
Other income (expense):
Other income	210
Interest income (expense), net	121	(58)	(497)
Convertible preferred stock warrant valuation adjustment		(18,176)	(2,944)
Total other income (expense), net	331	(18,234)	(3,441)
Income (loss) before income taxes	8,679	(8,557)	(6,893)
Benefit (provision) for income taxes	37,780	(12)	1,777
Net income (loss) from continuing operations	46,459	(8,569)	(5,116)
Net income from discontinued operations, net of taxes			5,777
Net income (loss)	46,459	(8,569)	661
Net income (loss) attributable to common stockholders	$ 46,459	$ (8,569)	$ (5,541)
Basic:
Continuing operations (in dollars per share)	$ 0.54	$ (0.41)	$ (1.00)
Discontinued operations (in dollars per share)			1.04
Total basic net income (loss) per share attributable to common stockholders (in dollars per share)	0.54	(0.41)	0.04
Diluted:
Continuing operations (in dollars per share)	0.47	(0.41)	(1.00)
Discontinued operations (in dollars per share)			1.04
Total diluted net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.47	$ (0.41)	$ 0.04
Weighted-average shares used in computing net income (loss) per share:
Basic (in shares)	85,722,670	20,735,202	5,539,739
Diluted (in shares)	99,055,526	20,735,202	5,539,739

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income
Net income (loss)	$ 46,459	$ (8,569)	$ 661
Other comprehensive income:
Unrealized gains on marketable securities	1
Total other comprehensive income	1
Total comprehensive income (loss)	$ 46,460	$ (8,569)	$ 661

- Definition

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

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+ Details

Consolidated Statements of Changes in Convertible Preferred Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Convertible Preferred Stock
Balance at beginning of period	$ 106,237	$ 108,312
Balance at beginning of period (in shares)	65,428,088	66,630,284
Repurchase of convertible preferred stock		$ (2,075)
Repurchase of convertible preferred stock (in shares)		(1,202,196)
Conversion of Convertible Preferred Stock to Common Stock upon initial public offering	$ (106,237)
Conversion of Convertible Preferred Stock to Common Stock upon initial public offering (in shares)	(65,428,088)
Balance at end of period		$ 106,237
Balance at end of period (in shares)		65,428,088

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Common Stock	Treasury Stock	Additional Paid in Capital Cumulative Effect, Period of Adoption, Adjustment	Additional Paid in Capital	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Other Comprehensive Income	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at beginning of period at Dec. 31, 2017	$ 1		$ 213	$ 6,933	$ (213)	$ (104,556)			$ (97,622)
Balance at beginning of period (in shares) at Dec. 31, 2017	5,690,083
Increase (Decrease) in Stockholders’ Equity
Repurchase of convertible preferred stock						(425)			(425)
Repurchase of common stock		$ (884)				(321)			(1,205)
Repurchase of common stock (in shares)	(589,321)
Non-cash contribution				414					414
Stock option exercise				65					65
Stock option exercises (in shares)	54,645
Stock-based compensation				2,997					2,997
Net income						661			661
Balance at end of period at Dec. 31, 2018	$ 1	(884)		10,622		(104,854)			(95,115)
Balance at end of period (in shares) at Dec. 31, 2018	5,155,407
Increase (Decrease) in Stockholders’ Equity
Repurchase of common stock		(125)				(60)			(185)
Repurchase of common stock (in shares)	(26,659)
Stock option exercise				6,536					6,536
Stock option exercises (in shares)	6,490,059
Stock-based compensation				5,061					5,061
Conversion of convertible preferred stock to common stock upon initial public offering	$ 7			106,230					106,237
Conversion of convertible preferred stock to common stock upon initial public offering (in shares)	65,428,088
Conversion of convertible preferred stock warrants to common stock warrants upon initial public offering				22,765					22,765
Warrant exercise				62					62
Warrant exercise (in shares)	441,307
Issuance of Common Stock in connection with initial public offering, net of issuance costs of $5.9 million and $3.7 million in offering costs				77,479					77,479
Net income						(8,569)			(8,569)
Balance at end of period at Dec. 31, 2019	$ 8	(1,009)		228,755	$ (1,169)	(113,483)		$ (1,169)	$ 114,271
Balance at end of period (in shares) at Dec. 31, 2019	84,188,202								84,188,202
Increase (Decrease) in Stockholders’ Equity
Issuance of employee equity awards, net of shares withheld	$ 1			(5,451)					$ (5,450)
Issuance of employee equity awards, net of shares withheld (in shares)	2,688,273
Stock option exercises (in shares)									2,979,700
Stock-based compensation				(12,821)					$ (12,821)
Reduction in initial public offering costs				(14)					(14)
Warrant exercise				0					0
Warrant exercise (in shares)	177,854
Other comprehensive income							$ 1		1
Net income						46,459			46,459
Balance at end of period at Dec. 31, 2020	$ 9	$ (1,009)		$ 236,139		$ (68,193)	$ 1		$ 166,947
Balance at end of period (in shares) at Dec. 31, 2020	87,054,329								87,054,329

Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 5.9
Offering costs	$ 3.7

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES
Net income (loss)	$ 46,459	$ (8,569)	$ 661
Less: Income from discontinued operations, net of income tax			(5,777)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred tax expense (benefit)	(37,971)	12	(1,777)
Non-cash interest expense	75
Loss on debt extinguishment			88
Depreciation and amortization	1,906	2,133	1,883
Stock-based compensation expense	12,821	5,061	2,997
Bad debt expense	5,562	1,606	824
Loss on disposal of property and equipment		1
Accretion of debt discount and debt issuance costs			75
Change in fair value of warrant liabilities		18,176	2,944
Changes in operating assets and liabilities:
Accounts receivable	(35,336)	(25,342)	(12,776)
Prepaid expenses and current other assets	(326)	(4,118)	(179)
Accounts payable	25,008	3,501	10,448
Accrued expenses and other current liabilities	17,400	6,385	2,761
Other noncurrent assets and liabilities	605	(380)	100
Net cash provided by (used in) operating activities	36,203	(1,534)	2,272
INVESTING ACTIVITIES
Purchase of property and equipment, net	(1,037)	(2,956)	(579)
Purchases of marketable securities	(103,964)
Sale of marketable securities	64,970
Net cash (used in) continuing operations	(40,031)	(2,956)	(579)
Net cash provided by discontinued operations		200	2,481
Net cash provided by (used in) investing activities	(40,031)	(2,756)	1,902
FINANCING ACTIVITIES
Proceeds from issuance of common stock upon initial public offering, net of issuance and offering costs		81,220
Payment of deferred initial public offering costs	(892)	(2,835)
Repayment of term loan			(5,351)
Proceeds from revolving line of credit		182,025	64,421
Repayments made against revolving line of credit		(182,278)	(64,168)
Repurchase of convertible preferred stock			(2,500)
Repurchase of common stock		(185)	(1,205)
Proceeds from exercise of stock options	2,329	6,536	65
Payment of employee taxes related to equity awards	(8,930)
Proceeds from contributions to employee stock purchase plan	1,244
Exercise of stock warrants		62
Net cash provided by (used in) financing activities	(6,249)	84,545	(8,738)
Net increase (decrease) in cash and cash equivalents	(10,077)	80,255	(4,564)
Cash and cash equivalents, beginning of year	80,382	127	4,691
Cash and cash equivalents, end of year	70,305	80,382	127
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest		176	505
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Additions of property and equipment, net included in accounts payable and accrued expenses	$ 24
Deferred initial public offering costs in accounts payable and accrued expenses		906
Non-cash settlement of liability			414
Non-cash liability forgiveness related to divestiture			$ 4,869
Non-cash preferred stock warrant conversion to common stock warrant upon IPO		$ (22,765)

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	1. Business and Basis of Presentation Description of Business Progyny, Inc. (referred to as “Progyny” or the “Company”) was incorporated in the state of Delaware on April 3, 2008, and maintains its corporate headquarters in New York, NY. Progyny is a provider of a fertility benefits solution and pharmacy benefits solution and operates and manages in one operating segment. The fertility benefits solution consists of a significant service that integrates: (1) the treatment services (“Smart Cycles”) that the Company has designed, (2) access to the Progyny network of high-quality fertility specialists that perform the Smart Cycle treatments and (3) active management of the selective network of high-quality provider clinics, real-time member eligibility and treatment authorization, member-facing digital tools and detailed quarterly reporting supported by the Company’s dedicated account management teams, and end to end comprehensive concierge member support provided by Progyny’s in-house staff of Patient Care Advocates (“PCAs”) (collectively, the “care management services”). The Company enhanced its fertility benefits solution with the launch of Progyny Rx, its pharmacy benefits solution, effective January 1, 2018. As part of this solution, the Company provides formulary plan design, simplified authorization, assistance with prescription fulfillment, and timely delivery of the medications by the Company’s network of specialty pharmacies, as well as medication administration training, pharmacy support services, and continuing PCA support. As a pharmacy benefits solution provider, Progyny manages the dispensing of pharmaceuticals through the Company’s specialty pharmacy contracts. The pharmacy benefits solution is only available as an add-on service to its fertility benefits solution. Reverse Stock Split On October 14, 2019, the shareholders of Progyny approved a one-for-4.5454 reverse stock split of its common and convertible preferred stock. The par value of the common stock and convertible preferred stock was not adjusted as a result of the reverse stock split. Accordingly, the consolidated financial statements and notes retroactively reflect Progyny’s capital structure after giving effect to the reverse stock split. Initial Public Offering On October 29, 2019, the Company completed its initial public offering (“IPO”) in which it issued and sold 6,700,000 shares of its common stock at a public offering price of $13.00 per share. As part of the IPO, certain selling stockholders offered and sold an additional 4,800,000 shares (including 1,500,000 shares sold pursuant to the exercise of the underwriters’ over-allotment option), at an equivalent public offering price of $13.00 per share. The Company received net proceeds of $77.6 million from the IPO, after deducting underwriters’ discounts and commissions of $5.9 million and offering costs of $3.6 million. Offering costs were initially capitalized and consisted of fees and expenses incurred in connection with the sale of common stock in the IPO, including legal, accounting, printing and other IPO-related costs. Upon completion of the IPO, these offering costs were reclassified to stockholders’ equity and offset against the proceeds from the offering on the balance sheet. Immediately prior to the completion of the IPO, all shares of convertible preferred stock then outstanding were converted into 65,428,088 shares of common stock on a one-to-one basis, $106.2 million of convertible preferred stock was reclassified to additional paid-in-capital and $7,000 of convertible preferred stock was reclassified to common stock on the Company’s balance sheet. Emerging Growth Company Status Prior to December 31, 2020, the Company was an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). 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 elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it was (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opted out of the extended transition period provided in the JOBS Act. Based on the market value of the Company’s common stock as of June 30, 2020, the Company ceased to qualify as an emerging growth company as of December 31, 2020. As a result, the Company no longer is able to use the extended transition period for complying with new or revised accounting standards available to emerging growth companies and is required to adopt new or revised accounting standards as of the effective dates for public companies. All new accounting pronouncements recently adopted as discussed in Note 2 – Summary of Significant Accounting Policies below were adopted in the fourth quarter of 2020 with an effective date of January 1, 2020. Basis of Presentation The accompanying consolidated financial statements include those of the Company and its wholly owned subsidiary, Fertility Authority LLC. Effective June 2018, the Company legally dissolved the Fertility Authority LLC legal entity. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in United Sates (“U.S. GAAP”). Additionally, there are many uncertainties regarding the ongoing coronavirus (“COVID-19”) pandemic, and the Company is closely monitoring the impact of the pandemic on all aspects of its business, including how it has impacted and may continue to impact its customers and members, its provider network, specialty pharmacy partners, employees, suppliers, vendors, and other business partners. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, future results of operations and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning COVID-19, the actions taken to contain it or treat its impact and the economic impact on local, regional and national markets. The overall disruption of the healthcare and fertility markets and the other risks and uncertainties associated with the pandemic could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. The Company will continue to assess the evolving impact of the COVID-19 pandemic and will make adjustments to its operations as necessary. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company operates and manages in one operating segment, providing fertility and pharmacy benefits solutions. The Company defines its CODM as its Chief Executive Officer and its President and Chief Operating Officer. All long-lived assets are located in the United States and all revenue is attributed to the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP generally requires management to make estimates and assumptions that affect the reported amount of certain assets, liabilities, revenue, and expenses, and the related disclosure of contingent assets and liabilities. Such estimates include, but are not limited to, the determination of revenue recognition including accrued receivables and allowance for service changes and cancellations, accrued claims payable, allowance for doubtful accounts, stock-based compensation, convertible preferred stock warrant liabilities, lease liabilities, and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Cash and Cash Equivalents and Marketable Securities

Cash and cash equivalents are stated at fair value. The Company considers all highly liquid investments purchased with original maturities of three months or less at the time of purchase to be cash equivalents. Marketable securities, primarily consisting of U.S. Government and agency securities with original maturities greater than three months but less than one year when purchased, are classified as available-for-sale, and are stated at fair value. Unrealized gains and losses on marketable securities are excluded from earnings and reported as a component of other comprehensive income (loss). Gross unrealized gains recorded within other comprehensive income as of December 31, 2020 were not significant.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to clients in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The Company applies the following five-step model to recognize revenue from contracts with clients:

Identification of the contract, or contracts, with a client

Identification of the performance obligations in the contract

Determination of the transaction price

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

Recognition of revenue when, or as, a performance obligation is satisfied

Progyny’s contracts typically have a stated term of three years and include contractual termination options after the first year, allowing the client to terminate the contract with 30 to 90 days’ notice.

Fertility Benefits Revenue

Progyny primarily generates revenue through its fertility benefits solution, in which Progyny provides self-insured enterprise entities (‘‘clients’’) and their employees and partners (together, ‘‘members’’) with fertility benefits. As part of the fertility benefits solution, Progyny provides access to effective and cost-efficient fertility treatments, referred to as Smart Cycles, as well as other related services. Smart Cycles are proprietary treatment bundles that include certain medical services available to members through Progyny’s proprietary, credentialed network of provider clinics. In addition to access to Progyny’s Smart Cycle treatment bundles and access to Progyny’s network of provider clinics, the fertility benefits solution includes other comprehensive services, which Progyny refers to as care management services, such as active management of the provider clinic network, real-time member eligibility and treatment authorization, member-facing digital tools throughout the Smart Cycle and detailed quarterly reporting all supported by client facing account management and end-to-end comprehensive member support provided by Progyny’s in house staff of PCAs.

The promises within Progyny’s fertility benefits contract with a client represent a single performance obligation because Progyny provides a significant service of integrating the Progyny designed Smart Cycles and access to the fertility treatment services provided by provider clinics with the other comprehensive services into the combined fertility benefits solution that the client contracted to receive. Progyny’s fertility benefits solution is a stand-ready obligation that is satisfied over the contract term.

Progyny’s contracts include the following sources of consideration, which are all variable: a per employee per month (‘‘PEPM’’) administration fee (in most, but not all contracts) and a fixed rate per Smart Cycle. The PEPM administration fee is allocated between the fertility benefits solution and the pharmacy benefits solution based on standalone selling price, estimated using an expected cost-plus margin method. The Company allocates the variable consideration related to the fixed rate per Smart Cycle to the distinct period during which the related services were performed as those fees relate specifically to the Company’s efforts to provide its fertility benefits solution to its clients in the period and represents the consideration the Company is entitled to for the fertility benefit services provided. As a result, the fixed rate per Smart Cycle is included in the transaction price and recognized in the period in which the Smart Cycle is provided to the member.

Progyny’s contracts also include potential service level agreement refunds related to outcome-based service metrics. These service level refunds, which are determined based on results of a full plan year, if met, are based on a percentage of the PEPM fee paid by clients. The Company estimates the variable consideration related to the total PEPM administration fee, less estimated refunds related to service level agreements, and recognizes the amounts allocated to the fertility benefits solution ratably over the contract term. Progyny’s estimate of service level agreement refunds, have not historically resulted in significant adjustments to the transaction price.

Clients are invoiced on a monthly basis for the PEPM administration fee. Progyny invoices its clients and members for their respective portions of the fixed rate per Smart Cycle bundle when all treatment services within a Smart Cycle are completed by the provider clinic. Once an invoice is issued, payment terms are typically between 30 to 60 days.

The Company assesses whether it is the principal or the agent for each arrangement with a client, since fertility treatment services are provided by a third party—the provider clinics. The Company is the principal in its arrangements with clients and therefore presents revenue gross of the amounts paid to the provider clinics because Progyny controls the specified service (the fertility benefits solution) before it is transferred to the client. Progyny integrates the fertility treatment services provided by the provider clinics into the overall fertility benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the provider clinics and monitors the performance of the provider clinics. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with the provider clinics, which establish pricing for each treatment service. Pricing of services from provider clinics is independent from the fees charged to clients.

Pharmacy Benefits Revenue

For clients that have the fertility benefits solution, Progyny offers, as an add-on, its pharmacy benefits solution, which is a separate, fully integrated pharmacy benefit. As part of the pharmacy benefits solution, Progyny provides care management services, which include Progyny’s formulary plan design, prescription fulfillment, simplified authorization and timely delivery of the medications used during treatment through Progyny’s network of specialty pharmacies, and clinical services consisting of member assessments, UnPack It calls, telephone support, online education, medication administration training, pharmacy support services and continuing PCA support.

The pharmacy-related promises represent a single performance obligation because Progyny provides a significant service of integrating the formulary plan design, prescription fulfillment, clinical services and PCA support into the combined pharmacy benefits solution that the client contracted to receive. The pharmacy benefits solution is a stand-ready obligation that is satisfied over the contract term.

Progyny’s contracts include the following sources of consideration, all of which are variable: a PEPM administration fee (in most, but not all contracts) and a fixed fee per fertility drug. As described above, the PEPM administration fee, less estimated refunds related to service level agreements, is allocated to the pharmacy benefits solution and recognized ratably over the contract term. The Company allocates the variable consideration related to the fixed fee per fertility drug to the distinct period during which the related services were performed, as those fees relate specifically to the Company’s efforts to provide its pharmacy benefits solution to clients in the period and represents the consideration the Company is entitled to for the pharmacy benefit services provided. As a result, the fixed fee per fertility drug is included in the transaction price and recognized in the period in which the Company is entitled to consideration from a client, which is when a prescription is filled and delivered to the members.

As stated above, clients are invoiced on a monthly basis for the PEPM administration fee. Progyny invoices the client and the member for their respective portions of the fixed fee per fertility drug, when the prescription services are completed by the specialty pharmacy. Once an invoice is issued, payment terms are typically between 30 to 60 days.

The Company assesses whether it is the principal or the agent for each arrangement with a client, as prescription fulfillment and clinical services are provided by a third party—the specialty pharmacies. The Company is the principal in its arrangements with clients, and therefore presents revenue gross of the amounts paid to the specialty pharmacies. Progyny controls the specified service (the pharmacy benefits solution) before it is transferred to the client. Progyny integrates the prescription fulfillment and clinical services provided by the pharmacies and PCAs into the overall pharmacy benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the specialty pharmacies and monitors the performance of the specialty pharmacies. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with pharmacies, which establish pricing for each drug. Pricing of fertility drugs is independent from the fees charged to clients.

The Company does not disclose the transaction price allocated to remaining performance obligations because all of the transaction price is variable and is allocated to the distinct periods to which the services relate, as discussed above. The remaining contract term is typically less than one year, due to the client’s contractual termination options.

Accrued Receivable and Accrued Claims Payable

Accrued receivables are estimated based on historical experience for those fertility benefit services provided but for which a claim has not been received from the provider clinic, which includes assumptions regarding the lag between authorization date and service date. At the same time, cost of services and accrued claims payables are estimated based on the amount to be paid to the provider clinic and historical gross margin achieved on fertility benefit services. Estimates are adjusted to actual at the time of billing. Adjustments to original estimates have not been material.

As of December 31, 2020 and 2019, accrued receivables, net of the allowance for service changes and cancellations discussed below, were $28.2 million and $16.0 million, respectively. Accrued receivables are included within accounts receivable in the consolidated balance sheet.

Accrued claims payable of $22.8 million and $9.8 million as of December 31, 2020 and 2019, respectively, are included within accrued expenses and other current liabilities in the consolidated balance sheet. Claims payable are generally paid within 30 days based on contractual terms.

As of December 31, 2020 and December 31, 2019, unbilled receivables, which represent claims received and approved but unbilled at the end of the reporting period, were $16.4 million and $8.5 million, respectively. Unbilled receivables are typically billed to clients within 30 days of the approved claim based on the contractual billing schedule agreed upon with the client. Unbilled receivables are included in accounts receivable in the consolidated balance sheet.

Accounts Receivable and Allowance for Doubtful Accounts

The accounts receivable balance primarily includes amounts due from clients and members. Accounts receivable also includes certain accrued receivables for fertility benefits claims from provider clinics at the end of each period for services provided that have not yet been received. The Company estimates an allowance for changes and cancellations of services based upon historical experience.

Additionally, as a result of the adoption of ASU 2016-13- Financial Instruments – Credit Losses (Topic 326), beginning January 1, 2020, the Company estimates the allowance for doubtful accounts based on the lifetime expected credit losses for the client and member receivable pools, respectively. Under this model, the Company determines the allowance for doubtful accounts based on factors such as the age of the receivable balance, historical experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions. The new standard requires a change in timing of loss recognition where an allowance for credit losses is now applied at the time the asset is recognized. Prior to the adoption of ASU 2016-13, credit losses were determined based upon historical bad debts, current receivables balances, and the age of the receivables balances. Expected credit losses are recorded as general and administrative expenses on our consolidated statements of operations. The Company adopted the standard using the modified retrospective transition method, which resulted in a cumulative-effect adjustment to accumulated deficit of $1.2 million. As a result, periods prior to the adoption date continue to be reported under the historical accounting guidance.


	Years Ended December 31, 2020, 2019 and 2018
December 31, 2020	Balance at Beginning of Period		ASU 2016-13 Adoption Adjustment		Charged to Revenue		Charged to Costs and Expenses		Write-offs		Utilization		Balance at End of Period
Allowance for doubtful accounts	$	2,771	$	1,169	$	—	$	5,562	$	—	$	—	$	9,502
Allowance for service changes and cancellations(1)		3,549		—		13,349		—		—		(10,201)		6,697
		6,320		1,169		13,349		5,562		—		(10,201)		16,199

December 31, 2019
Allowance for doubtful accounts	$	1,175	$	—	$	—	$	1,606	$	(10)	$	—	$	2,771
Allowance for service changes and cancellations(1)		2,311		—		7,742		—		—		(6,504)		3,549
		3,486		—		7,742		1,606		(10)		(6,504)		6,320

December 31, 2018
Allowance for doubtful accounts	$	590	$	—	$	—	$	824	$	(239)	$	—	$	1,175
Allowance for service changes and cancellations(1)		500		—		3,414		—		—		(1,603)		2,311
		1,090		—		3,414		824		(239)		(1,603)		3,486

⁽¹⁾

Represents the allowance released as a result of the cancellation or adjustment to an authorized fertility benefits service treatment.

Cost of Services

Fertility Benefit Services

Fertility benefit services costs include: (1) fees paid to provider clinics within our network, labs and anesthesiologists; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation, other related costs, and an allocation of our general overhead, depreciation and amortization) for those employees associated with our care management service functions: Provider Account Management, PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Our contracts with provider clinics are typically for a term of one to two years.

Pharmacy Benefit Services

Pharmacy benefit services costs include: (1) the fees for prescription drugs dispensed and clinical services provided during the reporting period by our specialty pharmacy partners; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation, other related costs, and an allocation of our general overhead, depreciation and amortization) for those employees associated with our care management service functions: PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with the specialty pharmacies are typically for a term of one year.

In the specialty pharmacy contracts, the contractual fees of prescription drugs sold includes the cost of the prescription drugs purchased and shipped to members by the Company’s specialty mail service dispensing pharmacy, net of any volume-related or other discounts.

Vendor rebates

The Company receives a rebate on formulations purchased and dispensed by the Company’s specialty pharmacy. The Company’s contractual arrangements with pharmaceutical manufacturers provide for the Company to receive a discount (or rebate) from established list prices paid subsequent to dispensing when products are purchased indirectly from a pharmaceutical manufacturer (e.g., through a specialty pharmacy.) These rebates are recognized as a reduction of Cost of services when prescriptions are dispensed and are generally estimated and billed to manufacturers within 15 days of the end of each month. The effect of adjustments resulting from the reconciliation of rebates recognized to the amounts billed and collected has not been material to the Company’s results of operations.

Concentration of Credit Risk and Off-Balance-Sheet Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consists primarily of cash and cash equivalents, marketable securities, and accounts receivable.

The Company invests its cash and cash equivalents and marketable securities with highly rated financial institutions and management believes that the financial risks associated with its cash equivalents are minimal. Substantially all of the Company’s cash is maintained with one financial institution with a high credit standing. From time to time, such deposits may exceed federally insured limits.

The Company regularly reviews the outstanding accounts receivable and makes estimates of expected credit and collectability trends for the allowance of credit losses based upon consideration of factors such as the age of the receivable balance, historical experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions. Two customers accounted for 14% each, or a combined 28% total receivables as of December 31, 2020. Two customers accounted for 17% and 14% each, or a combined 31% total receivables as of December 31, 2019. Three customers accounted for 25%, 13% and 10% each, or 48% of total accounts receivables as of December 31, 2018. To manage credit risk related to accounts receivable, the Company evaluates client’s financial condition and collateral is generally not required.

Property and Equipment

Property and equipment consist of computer equipment, machinery and equipment, furniture and fixtures, leasehold improvements, and capitalized software development costs. The assets are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method based on estimated useful lives and in the case of leasehold improvements, the shorter of the useful life or the remaining term of the lease (see Note 5).

Goodwill and Intangible Assets

Goodwill represents the excess of the consideration transferred over the fair value of the assets acquired and liabilities assumed in a business combination. Other intangible assets consist of trademarks, physician network, and the websites acquired in the Fertility Authority acquisition. Goodwill, including other definite-lived intangible assets, are carried at their initial acquisition date fair value less any impairment. Other intangible assets are recorded at fair value at the date of acquisition, less accumulated amortization. Amortization is calculated using the straight-line method based on estimated useful lives.

Goodwill is reviewed for impairment annually as of October 1st of each year or when an interim triggering event has occurred indicating potential impairment. Events or changes in circumstances which could trigger an impairment review, which are assessed at the reporting unit level, include significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if an entity concludes otherwise, then it is required to perform the first of a two-step impairment test.

The first step involves comparing the estimated fair value of the reporting unit with its respective book value, including goodwill. If the estimated fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess.

The Company tests for goodwill impairment for each reporting unit, which is at the operating segment or one level below the operating segment. This analysis requires us to make a series of assumptions to (1) evaluate whether any impairment exists and (2) measure the amount of impairment. There was no impairment of goodwill or intangible assets for the years ended December 31, 2020, 2019, and 2018.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. In such instances, the recoverability of assets to be held and used is measured first by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, an impairment loss would be recognized if the carrying amount of the asset exceeds the fair value of the asset or asset group. The fair value is determined based on valuation techniques such as a comparison to fair values of similar assets or using a discounted cash flow analysis. There were no impairments recorded for the years ended December 31, 2020, 2019 and 2018.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, accrued expenses and other current liabilities, and operating lease noncurrent liabilities on our consolidated balance sheets. As of December 31, 2020, the Company has no financing lease arrangements.

In accordance with ASC 842, which the Company adopted on January 1, 2020, the Company records a right-of-use asset (“ROU”) and lease liability in connection with its operating leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. To determine the present value of lease payments, the Company utilizes the rate implicit in the lease, if available. If the rate implicit in the lease is not readily determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments. The determination of the Company’s incremental borrowing rate requires judgment and is primarily based on publicly available information for companies within the same industry and with similar credit profiles. The rate is then adjusted for the lease term and other specific terms included in the Company’s lease arrangements. The incremental borrowing rate is subsequently reassessed upon a modification to the lease arrangement. The operating lease ROU asset also includes any lease payments made prior to commencement date and excludes lease incentives and initial direct costs incurred. ROU assets are subsequently assessed for impairment in accordance with the Company’s accounting policy for long-lived assets.

Stock-Based Compensation

The Company accounts for share-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation (ASC 718). ASC 718 requires all share-based payments, including restricted stock units and grants of stock options, to be recognized in the consolidated statements of operations based on their respective fair values. For non-employee awards, a measurement date is normally reached when performance is completed, and the fair value is remeasured as the awards vest. The fair value of the Company’s restricted stock units has been determined utilizing the closing market price of the Company’s common stock on the date of the grant.

The fair value of the Company’s stock options and stock purchased under the employee stock purchase plan has been determined using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of historical and implied volatility data of the Company’s common stock, the expected stock price volatility has been estimated based on the historical volatilities of a specified group of companies in Progyny’s industry for a period equal to the expected life of the option. Progyny selected companies with comparable characteristics to the Company, including enterprise value, risk profiles and position within the industry and with historical share price information sufficient to meet the expected term of the stock options. The historical volatility data has been computed using the daily closing prices for the selected companies.

The expected life of the options granted represents the period of time that options granted are expected to be outstanding and is calculated using the simplified method, which is the mid-point between the vesting date and the end of the contractual term for each option. We have estimated the expected term of non-employee service-based and performance-based awards based on the remaining contractual term of such awards. The risk-free interest rate is based on a zero coupon, United States Treasury instrument whose term is consistent with the expected life of the stock option. The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock; therefore, the expected dividend yield is zero.

Effective January 1, 2018, the Company adopted ASU 2016-09, Compensation—Stock Compensation which in turn resulted in a change in accounting policy to account for forfeitures as they occur. Prior to January 1, 2018, forfeitures were estimated at the date of grant and revised, if necessary, in subsequent periods if actual forfeitures differed from those estimates. The adoption resulted in a transition adjustment of $0.2 million, recorded to accumulated deficit.

The Company’s share-based awards are subject to either service-based or performance-based vesting conditions. The Company recognizes compensation expense for service-based awards over the vesting period of the award on a straight-line basis. Compensation expense related to awards with performance-based vesting conditions is recognized when achievement of the performance condition is considered probable over the requisite service period.

Common Stock Valuation

Prior to the Company’s IPO on October 29, 2019, the Company had historically granted stock options at exercise prices equal to the fair value as determined by the Board of Directors on the date of grant. Prior to the IPO and in the absence of a public trading market, the Board of Directors, with input from management, exercised significant judgement and considered numerous objective and subjective factors to determine the fair value of the Company’s common stock as of the date of each stock option grant, including:

the Company’s financial performance

the rights, preferences and privileges of the convertible preferred stock relative to those of the common stock; and

general economic and financial conditions, and the trends specific to the markets in which the Company operates

In addition, the Board of Directors considered the independent valuations completed by a third-party valuation consultant. The valuations of the Company’s common stock were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. In performing these valuations, the Board of Directors considered a variety of relevant factors and valuation methodologies in accordance with the guidelines. Following the IPO, the Board of Directors determines the fair market value for all common stock grants based on the closing market price of our common stock, on the date of grant, as reported by Nasdaq.

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”). Deferred income taxes are recorded for the expected tax consequences of temporary differences between the tax basis of assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. The Company periodically reviews the recoverability of deferred tax assets recorded on the consolidated balance sheet and provides valuation allowances as deemed necessary to reduce such deferred tax assets to the amount that will, more likely than not, be realized. Income tax expense consists of taxes currently payable and changes in deferred tax assets and liabilities calculated according to local tax rules.

Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence for each jurisdiction including past operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. In the event the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to income tax expense in the period in which such determination is made. The amount of deferred tax provided is calculated using tax rates enacted at the balance sheet date. The impact of tax law changes is recognized in periods when the change is enacted.

The amount of deferred tax provided is calculated using tax rates enacted at the balance sheet date. The impact of tax law changes is recognized in periods when the change is enacted.

A two-step approach is applied pursuant to ASC 740 in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement.

The Company’s policy is to recognize interest and penalty expenses associated with uncertain tax positions as a component of income tax expense in the consolidated statements of operations and comprehensive (loss) income. As of December 31, 2020, 2019 and 2018, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s consolidated statements of operations.

Fair Value of Financial Instruments and Fair Value Measurements

The Company determines the fair value of financial assets and liabilities using the fair value hierarchy established in the accounting standards. The hierarchy describes three levels of inputs that may be used to measure fair value, as follows:

Level 1—Quoted prices in active markets for identical assets and liabilities.

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

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

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, marketable securities, accounts receivable, accounts payable and the term loan approximate fair value due to their short maturities.

Net Income (Loss) per Share Attributable to Common Stockholders

Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. The Company adjusts its net income (loss) attributable to common stockholders to reflect the impact of deemed dividends recorded for convertible preferred stock during the period.

For the years ended December 31, 2019 and 2018, the Company’s convertible preferred stock was entitled to receive noncumulative dividends, prior and in preference to any declaration or payment of any dividend on common stock and thereafter participate pro rata on an as-converted basis with the common stockholders in any distributions to common stockholders and were therefore considered to be participating securities. As a result, the Company calculated the net income (loss) per share using the two-class method. Accordingly, the net income (loss) attributable to common stockholders is derived from the net income (loss) for the period and, in periods in which the Company has net income attributable to common stockholders, an adjustment is made for the allocations of undistributed earnings to participating securities based on their outstanding shareholder rights. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock as the convertible preferred stockholders did not have a contractual obligation to share in the Company’s losses.

Diluted net income (loss) attributable to common stockholders is computed by adjusting (loss) income attributable to common stockholders to allocate undistributed earnings based on the potential impact of dilutive securities, including outstanding stock options, convertible preferred stock, convertible preferred stock warrants, and common stock warrants. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period, including common stock equivalents. In periods when the Company has incurred a net loss, convertible preferred stock, options to purchase common stock, convertible preferred stock warrants, and common stock warrants are considered common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016‑02, Leases (Topic 842). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company adopted this standard on January 1, 2020, using the modified retrospective transition method, which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. As a result, periods prior to the adoption date continue to be reported under the historical lease accounting guidance. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company not to reassess (i) whether any expired or existing contracts contained leases, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for existing leases. The Company also elected to not reassess lease terms for existing leases using hindsight and to account for each separate lease and non-lease component as a single lease component. As a result of the adoption of the new leasing guidance, the Company recorded right-of-use assets and lease liabilities of $9.5 million and $9.9 million, respectively. The right-of-use assets are classified within Operating lease right-of-use assets on the Company’s consolidated balance sheet. Lease liabilities are classified within accrued expenses and other current liabilities and operating lease noncurrent liabilities on the Company’s consolidated balance sheet. The adoption of the standard did not materially impact the Company’s statement of operations or statement of cash flows for the year ended December 31, 2020. See Note 7 – Leases for further details.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted this standard as of January 1, 2020 using the modified retrospective transition method, which resulted in a cumulative-effect adjustment to accumulated deficit of $1.2 million. The adoption of the new standard impacted our methodology for calculating and estimating our allowance for doubtful accounts. As a result, periods prior to the adoption date continue to be reported under the historical accounting guidance.

In August 2018, the FASB issued final guidance requiring a customer in a cloud computing arrangement that is a service contract to follow the internal use software guidance in Accounting Standards Codification (“ASC”) 350-402 Intangibles—Goodwill and Other—Internal Use Software (Subtopic 350-40) to determine which implementation costs to capitalize as assets. The Company adopted this standard on January 1, 2020. The adoption of the new standard did not have a material effect on the Company’s financial statements.

Accounting Pronouncements Issued but Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, as well as improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The new standard will be effective for the Company for the fiscal year beginning January 1, 2021. The Company is currently evaluating the impact this ASU will have on its financial statements.

Revenue

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Disaggregated revenue

The following table disaggregates revenue by service (in thousands):


	Year Ended
	December 31,
	2020		2019		2018
Revenue
Fertility benefit services revenue	$	253,556	$	189,618	$	99,786
Pharmacy benefit services revenue		91,302		40,065		5,614
Total revenue	$	344,858	$	229,683	$	105,400

Concentration of Major Clients

For the year ended December 31, 2020, two clients accounted for 18% and 17%, or a combined 35%, of our total revenue. No other clients accounted for more than 10% for the year ended December 31, 2020. For the year ended December 31, 2019, three clients accounted for 16%, 15%, and 10%, or a combined 41%, of our total revenue. For the year ended December 31, 2018, three clients accounted for 24%, 14%, and 10%, or a combined 48%, of our total revenue.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Fair Value Measurement	12 Months Ended
Fair Value Measurement	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement	4. Fair Value of Financial Instruments As of December 31, 2020, the Company had $66.3 million in financial assets held in money market accounts and $39.0 million held in marketable securities, both of which were classified as Level 1 in the fair value hierarchy. The Company measured these assets at fair value. The Company classified these assets as Level 1 because the values of these assets are determined using unadjusted quoted prices in active markets for identical assets. During the year ended December 31, 2020, the Company had $15,000 and $29,000 of net realized gains related to its money market accounts and marketable securities, respectively. As of December 31, 2019, the Company did not have any financial instruments classified as Level 1 in the fair value hierarchy. During the years ended December 31, 2020 and December 31, 2019, the Company did not maintain any assets or liabilities classified as Level 2 or Level 3 in the fair value hierarchy.

- 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

Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment consist of the following (in thousands):


	Estimated
	Useful Life	December 31,
	(in years)	2020		2019
Machinery and equipment	3-5	$	95	$	13
Computers and hardware	3		660		529
Leasehold improvements	lease term		3,074		2,391
Furniture and fixtures	7		452		459
Software	3		995		824
			5,276		4,216
Less: accumulated depreciation			(1,876)		(1,133)
Total property and equipment, net		$	3,400	$	3,083

Depreciation expense was approximately $744,000, $650,000, and $400,000 for the years ended December 31, 2020, 2019 and 2018, respectively.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

6. Intangible Assets, Net

Intangible assets consist of the following (in thousands):


	Estimated
	Useful Life	December 31,
	(in years)	2020		2019
Trademarks	8	$	4,000	$	4,000
Physician Network	6		3,500		3,500
Website	5		2,000		2,000
			9,500		9,500
Less: accumulated amortization			(8,287)		(7,125)
Total intangible assets, net		$	1,213	$	2,375

Amortization expense was $1.2 million for the year ended December 31, 2020 and $1.5 million for the years ended December 31, 2019, and 2018.

As of December 31, 2020, the future amortization expense of other intangible assets is as follows (in thousands):


Year ending December 31:
2021	$	614
2022		500
2023		99
Thereafter		—
Total	$	1,213

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

7. Leases

In September 2019, the Company’s lease agreement for its corporate headquarters in New York, NY commenced and will expire in May 2029. Pursuant to the lease, the Company will pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.

The Company recognizes lease expense on a straight-line basis over the lease term. Lease expense for our operating lease for the year ended December 31, 2020 was $1.3 million.

Information related to our leases is as follows (in thousands):


	Balance Sheet Location	December 31, 2020
Operating Leases
Right-of-use asset	Operating lease right-of-use assets	$	8,668
Short-term lease liabilities	Accrued expenses and other current liabilities	$	1,231
Long-term lease liabilities	Operating lease noncurrent liabilities	$	8,318

Other information
Cash outflows from operating activities attributable to operating leases		$	820
Weighted average remaining lease term, operating lease			8.4 years
Weighted average discount rate, operating lease			4.29%

Future minimum facility lease payments as of December 31, 2020, are as follows (in thousands):


	Operating Lease Payments as of December 31, 2020
Year Ending December 31:
2021	$	1,286
2022		1,286
2023		1,286
2024		1,326
2025		1,407
Thereafter		4,807
Total undiscounted lease payments	$	11,398
Less: imputed interest		1,849
Present value of lease liabilities	$	9,549
Less: current portion of operating lease liabilities		1,231
Operating lease noncurrent liabilities	$	8,318

Future minimum facility lease payments as of December 31, 2019, are as follows (in thousands):


	Operating Lease Payments as of December 31, 2019
Year Ending December 31:
2020	$	885
2021		1,286
2022		1,286
2023		1,286
2024		1,326
Thereafter		6,213
Total	$	12,282

Rent expense under our operating leases was approximately $1.2 million and $0.9 million for the years ended December 31, 2019 and 2018, respectively. The terms of the facility lease provide for rental payments on a monthly basis and on a graduated scale.

Divestitures

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

8. Divestitures

On January 18, 2018, the Company completed the divestiture of its Eeva business, the primary operations of our previous medical device segment, to a related party, Ares Trading S.A. a subsidiary of Merck Serono, S.A. (“Merck”), a shareholder in the Company. The Eeva business was sold to Merck for $7.9 million, consisting of cash of $3.0 million and the forgiveness of the $4.9 million liability remaining from the previous license agreement for the Eeva product between the two parties. The cash consideration includes $300,000 of deferred consideration, of which the last payment was received by the Company in March 2019.

The Company determined that the Eeva business met the criteria to be classified as held for sale as of December 31, 2016, representing a strategic shift in Progyny’s operations. With the amendment of the license agreement in May 2016, management committed to a plan to sell the business and move from the medical device business to the fertility benefits business which represented a strategic shift. The Board of Directors approved the ultimate sale of Eeva in December 2017.

In accordance with the applicable accounting guidance, upon the sale of the Eeva business on January 18, 2018, the Company reflected the Eeva business as discontinued operations in the consolidated financial statements.

Excluding the $200,000 of assets representing the remaining deferred consideration, there was no other assets or liabilities associated with the Eeva business as of December 31, 2018.

This transaction had no impact on the consolidated statement of operations for the fiscal years of 2019 and 2020 and no impact on the statement of cash flows for the fiscal year of 2020. The following is a summary of the operating results of Eeva which have been reflected within income from discontinued operations, net of tax (in thousands):


	Year Ended
	December 31,
	2019		2018
Revenue	$	—	$	—
Cost of service		—		—
Gross profit		—		—
Operating expenses:
Research and development		—		—
General and administration		—		—
Total operating expenses		—		—
Income from discontinued operations		—		—
Gain on sale of discontinued operations	$	—	$	7,554
Income from discontinued operations, before taxes		—		7,554
Provision for income taxes		—		(1,777)
Net income from discontinued operations, net of taxes	$	—	$	5,777

The significant components of the consolidated statement of cash flows for Eeva are as follows (in thousands):


	Year Ended
	December 31,
	2019		2018
OPERATING ACTIVITIES
Depreciation expense	$	—	$	—
Deferred license revenue		—		—

INVESTING ACTIVITIES
Deferred consideration	$	—	$	200
Proceeds from sale of business, net of costs		200		2,481

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2020

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

9. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2020		2019

Accrued claims payable	$	22,799	$	9,795
Accrued compensation		5,087		2,559
Accrued commission		1,334		1,216
Professional fees		1,216		1,315
Other		3,836		1,890
Total accrued expenses and other current liabilities	$	34,272	$	16,775

Debt	12 Months Ended
Debt	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	10. Debt The Company’s $8.0 million term loan, entered into in November 2015 (“Term Loan”), carried an interest rate equal to the greater of 7.5% or LIBOR plus 7.3%. The terms contain a prepayment fee of 3.0% of the outstanding principal if repaid after the effective date but on or prior to the first anniversary, 2.0% if repaid after the first anniversary of the effective date but on or prior to the second anniversary, and 1.0% if repaid after the second anniversary of the effective date but prior to the maturity date. Additionally, the terms contained an additional significant final payment representing 8.0% of the original principal. In June 2018, the Company entered into a loan agreement with Silicon Valley Bank for a revolving line of credit up to $15.0 million based upon an advance rate of 80% on “eligible” accounts receivable to fund its working capital and other general corporate needs, which was amended in April 2019, January 2020, June 2020, and February 2021 (“SVB Line of Credit”). Eligible accounts receivable is defined in the loan agreement as accounts billed with aging 90 days or less and excludes accounts receivable due for member copayments, coinsurance, and deductibles. Upon execution of the SVB Line of Credit, the Term Loan was paid off in full including the remaining principal balance of $2.9 million, final balloon payment of $640,000 and the 1.0% early payment penalty fee of $15,000. The repayment of the Term Loan was treated as a debt extinguishment and the Company recognized the remaining unamortized debt discount of $88,000 as a loss on debt extinguishment in Interest expense, net for the year ended December 31, 2018. The Company is required to pay a revolving line commitment fee of $225,000 in three equal annual installments of $75,000 starting on the one-year anniversary of the revolving line. The Company made the first installment payment of $75,000 in June 2019 and accrues this cost monthly. The SVB Line of Credit matures in June 2021. When the Company holds unrestricted cash balances greater than $5.0 million interest accrues at a floating rate per annum equal to the greater of prime rate or 4.75%. If the unrestricted cash balance is less than $5.0 million, interest accrues at a floating rate per annum equal to the greater of prime rate plus 0.5% or 4.75%, with interest payable monthly. Interest is paid based upon the borrowed funds. The SVB Line of Credit contains customary affirmative covenants, financial covenants, as well as negative covenants that, among other things, restrict the Company’s ability to incur additional indebtedness (including guarantees of certain obligations); create liens; engage in mergers, consolidations, liquidations and dissolutions; sell assets; maintain collateral; pay dividends or make other payments in respect of capital stock; make acquisitions; make investments, loans and advances; enter into transactions with affiliates; make payments with respect to or modify subordinated debt instruments; and enter into agreements with negative pledge clauses or clauses restricting subsidiary distributions. The financial covenant requires the Company to achieve a specified minimum quarterly revenue as defined by the SVB Line of Credit. The Company was in compliance with all requirements and its covenant of the revolving credit facility as of December 31, 2020 and December 31, 2019. Prior to the repayment of the Term Loan, the Company recorded interest of $163,000 and accretion of the debt discount of $75,000 in Interest expense, net for the year ended December 31, 2018. The Company had $0 drawn on the SVB Line of Credit as of December 31, 2020 and 2019, and $253,000 drawn as of December 31, 2018. The Company recorded interest expense on the SVB Line of Credit of $75,000 and $213,000 during the years ended December 31, 2020 and 2019, respectively.

Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Common Stock

The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. The common stock confers upon its holders the right to receive dividends out of any assets legally available, when and as declared by the Board of Directors.

In August 2019, the Company repurchased 26,659 shares of common stock at an average price per share of $6.91 pursuant to its contractual right of first refusal for offers made by third parties to acquire outstanding shares from existing stockholders. The repurchased shares were recorded as treasury shares.

The Company had 615,980 shares of treasury stock as of December 31, 2020 and 2019, and 589,320 shares of treasury stock as of December 31, 2018.

Common Stock Warrants

In February and June of 2016, the Company issued common stock warrants to non-employees to acquire 71,280 and 69,114 shares of the Company’s common stock at an exercise price of $0.86 and $1.41 per share, respectively. The common stock warrants expire on the fifth anniversary of the grant. Additionally, in connection with the IPO on October 25, 2019, all outstanding convertible preferred warrants were converted to common stock warrants. As of December 31, 2020 and 2019, the Company had 1,419,415 and 1,607,864 common stock warrants outstanding, respectively.

For the year ended December 31, 2020, 188,449 common stock warrants were exercised for 177,854 shares of common stock at a weighted average exercise price of $1.73. For the year ended December 31, 2019, 482,661 warrants were exercised for 441,307 shares of common stock at a weighted average exercise price of $1.59. In addition, 69,114 warrants were cancelled in 2019. The Company did not recognize compensation expense relating to the common stock warrants for the years ended December 31, 2020 and 2019 as they were all fully vested. For the years ended December 31, 2018, the Company recognized total compensation expense of $0.3 million relating to the common stock warrants.

Stock Incentive Plan

In October 2019, the Company’s Board of Directors and stockholders adopted and approved the 2019 Equity Incentive Plan, as amended (the “2019 Plan”), as the successor to continuation of the Company’s 2017 Equity Incentive Plan, as amended (the “2017 Plan”). No further grants were made under the 2017 Plan from the date that the 2019 Plan became effective. Initially, the maximum number of shares issuable under the 2019 Plan will not exceed 19,198,875 shares of common stock, which is the sum of 1) 2,640,031 new shares and 2) an additional number of shares not to exceed 16,558,844 consisting of (a) shares that remained available for the issuance of awards under the 2017 Plan immediately prior to the effective date of the 2019 Plan and (b) shares of our common stock subject to outstanding stock options or other stock awards granted under our 2017 Plan that, on or after the date the 2019 Plan became effective, terminate, expire or are cancelled prior to exercise or settlement; are forfeited or repurchased because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price, if any, as such shares become available from time to time.

As of December 31, 2018, the Company maintained two equity incentive plans: (i) the 2008 Stock Plan (the “2008 Plan”) and (ii) the 2017 Plan. All awards issued in 2018 were issued pursuant to the 2017 Plan. Under the Company’s 2017 Plan and consistent with the 2008 Plan, options and other stock awards to purchase shares of common stock may be granted to employees, directors, and consultants. Incentive stock options are granted to employees and non-statutory stock options are granted to consultants and directors at an exercise price not less than 100% of the fair value (as determined by the Board of Directors) of the Company’s common stock on the date of grant. The exercise price of options granted to stockholders who hold 10% or more of the Company’s common stock on the option grant date shall not be less than 110% of the fair value of the Company’s common stock on the date of grant for both incentive and non-qualified stock option grants. These options generally vest over four years and expire ten years from the date of grant. Stock option grants may be exercisable upon grant, and any unvested shares purchased are subject to repurchase. There were no unvested shares subject to repurchase as of December 31, 2020, 2019, and 2018.

As of December 31, 2020 and 2019, 5,287,341 and 3,124,254 shares of common stock, respectively, remained available for future grants under the 2019 Plan. Under the 2019 Plan, subject to any adjustments necessary to implement any capitalization adjustments, an annual increase to the number of shares issuable is automatically added on January 1 of each year for a period of ten years commencing on January 1, 2020 and ending on (and including) January 1, 2029, in an amount equal to 4% of the total number of shares of common stock outstanding on December 31 of the preceding year.

Stock Options

Stock options are exercisable based on the terms and conditions outlined in the applicable award agreement. Stock options generally vest over four years and expire ten years from the date of grant. A summary of the Company’s stock option activity for the year ended December 31, 2020 is as follows:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Grant Date		Contractual	Intrinsic
	Shares	Fair Value		Life (Years)	Value
					(In thousands)
Outstanding at December 31, 2019	15,721,085	$	2.44	8.4	$	165,906
Granted	1,375,738		26.56
Exercised	(2,979,700)		1.82
Forfeited	(725,582)		3.14
Cancelled	(7,240)		1.42
Outstanding at December 31, 2020	13,384,301	$	5.03	7.7	$	500,053

Exercisable at December 31, 2019	4,349,090	$	0.96	7.4	$	52,367

Exercisable at December 31, 2020	7,343,948	$	2.02	7.1		296,496

The total intrinsic value of options exercised was $79.6 million, $50.8 million, and $59.0 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The weighted average grant date fair value of options granted was $26.56, $2.68, and $1.14 in the years ended December 31, 2020, 2019 and 2018, respectively.

The total grant date fair value of options vested was $9.3 million, $2.8 million, and $3.7 million in the years ended December 31, 2020, 2019 and 2018, respectively.

The total unrecognized compensation cost related to unvested options was approximately $26.2 million at December 31, 2020. The weighted-average remaining recognition period is approximately 2.8 years.

Certain weighted-average information and assumptions used in the option-pricing model for options granted to employees, directors, and non-employees are as follows:


	Year Ended December 31
	2020	2019	2018
Expected term (in years)	5.50 - 6.11	5.63 - 6.28	5.38 - 6.10
Risk-free interest rate	0.3% - 1.7%	1.5% - 2.5%	2.6% - 3.1%
Expected volatility	49.2% - 54.7%	48.6% - 49.0%	48.1% - 48.9%
Expected dividend rate	—	—	—

Restricted Stock Units

During the year ended December 31, 2020, the Company began granting restricted stock units under the 2019 Equity Incentive Plan. Restricted stock units vest based on the terms outlined in the applicable award agreement, which is generally over a period of 4 years. A summary of the Company’s restricted stock unit activity is as follows:


			Weighted
	Number		Average
	of		Grant Date
	Shares		Fair Value

Outstanding at December 31, 2019	—	$	—
Granted	558,008	$	25.46
Vested	(48,096)	$	26.08
Forfeited	(20,845)	$	23.76
Outstanding at December 31, 2020	489,067	$	25.47

The total intrinsic value of restricted stock units vested was $1.4 million for the year ended December 31, 2020.

The weighted-average grant date fair value of restricted stock units granted was $25.46 for the year ended December 31, 2020.

The total unrecognized compensation cost related to unvested restricted stock units was approximately $11.1 million at December 31, 2020. The weighted-average remaining recognition period is approximately 3.1 years.

Share-Based Compensation Expense

The following table summarizes stock-based compensation expense for employees, which was included in the statements of operations and comprehensive loss as follows (in thousands):


	Year Ended
	December 31
	2020		2019		2018
Cost of services	$	3,056	$	537	$	96
Selling and marketing		2,066		900		366
General and administrative		7,699		3,624		2,535
Total stock-based compensation expense	$	12,821	$	5,061	$	2,997

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

12. Net Income (Loss) Per Share

A reconciliation of net income (loss) available to common stockholders and the number of shares in the calculation of basic and diluted net income (loss) per share follows (in thousands, except share and per share amounts):


	Year Ended
	December 31,
	2020		2019		2018
Basic net income (loss) per common share:
Numerator:
Net income (loss)	$	46,459	$	(8,569)	$	661
Less:
Net income (loss) from discontinued operations, net of tax		—		—		(5,777)
Deemed dividends on convertible preferred stock		—		—		(425)
Net income (loss) attributable to common stockholders	$	46,459	$	(8,569)	$	(5,541)

Denominator:
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders		85,722,670		20,735,202		5,539,739
Basic net income (loss) per share attributable to common stockholders	$	0.54	$	(0.41)	$	(1.00)

Diluted net income (loss) per common share:
Numerator:
Net income (loss) attributable to common stockholders	$	46,459	$	(8,569)	$	(5,541)
Diluted net income (loss) attributable to common stockholders	$	46,459	$	(8,569)	$	(5,541)

Denominator:
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholder		85,722,670		20,735,202		5,539,739
Effect of dilutive securities		13,332,856		—		—
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders		99,055,526		20,735,202		5,539,739
Diluted net income (loss) per share attributable to common stockholders	$	0.47	$	(0.41)	$	(1.00)

The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive:


	Year Ended
	December 31,
	2020	2019	2018
Redeemable convertible preferred stock	—	—	65,960,205
Options to purchase common stock	699,233	13,610,441	6,025,473
Shares issuable under ESPP	70,184	—	—
Warrants to purchase common stock	—	122,882	60,168
Warrants to purchase convertible preferred stock	—	—	260,239
Total potential dilutive shares	769,417	13,733,323	72,306,085

401(k) Plan and ESPP	12 Months Ended
401(k) Plan and ESPP	Dec. 31, 2020
Retirement Benefits [Abstract]
401(k) Plan and ESPP	13. 401(k) Plan and ESPP The Company sponsors a 401(k) defined contribution plan covering all employees and began employer contributions in 2018. The Company incurred expenses of $0.5 million, $0.4 million, and $0.3 million for the years ended December 31, 2020, 2019, and 2018 respectively. In October 2019, the Board of Directors and stockholders also adopted and approved the 2019 Employee Stock Purchase Plan (the “ESPP”). Following the IPO, the ESPP authorized the issuance of 1,700,000 shares of common stock to purchase rights granted to our employees or to employees of our designated affiliates. As of December 31, 2020, 1,596,323 shares of common stock remained available to be issued under the ESPP. The first purchase period commenced on October 25, 2019 and ended on July 31, 2020 with proceeds of $1.1 million used for the purchase of shares of common stock. The second purchase period commenced on August 1, 2020 and ended on January 31, 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

A tax benefit of $37.8 million and $1.8 million was recorded for the years ended December 31, 2020 and 2018, as part of continuing operations. A tax provision of $12,000 was recorded for the year ended December 31, 2019.

The provision/(benefit) from income taxes is composed of the following (in thousands):


	December 31,
	2020		2019		2018
Current
Federal	$	—	$	—	$	(1,446)
State		191		12		(331)
Total Current		191		12		(1,777)
Deferred:
Federal		(28,852)		—		—
State		(9,119)		—		—
Total Deferred		(37,971)		—		—
Total provision/(benefit) from Income taxes	$	(37,780)	$	12	$	(1,777)

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:


	December 31,
	2020		2019		2018
Income tax provision at statutory rate	21	%	21	%	21	%
State income taxes, net of federal benefit	(38)		6		5
Share-based compensation	(100)		56		(2)
Warrant valuation	—		(45)		(10)
Change in valuation allowance	(317)		(35)		13
State rate change	—		—		2
Other	(2)		(3)		(3)
Effective tax rate	(436)	%	—	%	26	%

The Company’s effective tax rate for the years ended December 31, 2020, 2019 and 2018 was (436%), 0%, and 26%, respectively. For the year ended December 31, 2020, the effective tax rate differs from the U.S. federal statutory rate primarily due to the release of the valuation allowance in this period, in addition to permanent tax adjustments, including windfalls upon the vesting of RSUs and exercise of stock options. For the year ended December 31, 2019, the effective tax rate differs from the U.S. federal statutory rate due to the increase in valuation allowance. For the year ended December 31, 2018, the effective tax rate differs from the U.S. federal statutory rate due to the decrease in valuation allowance offset by permanent tax adjustments.

Deferred Tax Balances

The components of the Company’s net deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	29,291	$	24,104
Capitalized start‑up costs		11		13
Research and development credits		1,039		1,039
Stock-based compensation		3,241		1,444
Accruals and reserves		4,116		1,416
Operating lease liabilities		2,475		—
Property and equipment		154		103
Intangibles		195		624
Indirect tax		313		—
Total deferred tax assets		40,835		28,743
Valuation allowance		(225)		(28,743)
Deferred tax assets after valuation allowance	$	40,610	$	—
Deferred tax liabilities:
Goodwill		(392)		—
Operating lease right-of-use assets		(2,247)		—
Total deferred tax liabilities		(2,639)		—
Net deferred tax assets	$	37,971	$	—

Assessing the realizability of deferred tax assets requires the determination of whether it is more-likely-than-not that some portion or all the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, loss carryback and tax-planning strategies. Generally, more weight is given to objectively verifiable evidence, such as the cumulative loss in recent years, as a significant piece of negative evidence to overcome. The valuation allowance decreased by approximately $1.1 million during the year ended December 31, 2018 and increased by $2.9 million during the year ended December 31, 2019. As of December 31, 2020, the Company achieved three years of cumulative income, along with projections of profitability, for which management determined that there is sufficient positive evidence to conclude that it is more likely than not that substantially all of the deferred tax assets will be realized. As such, $28.5 million of the valuation allowance has been released.

As of December 31, 2020, the Company has net operating loss carryforwards for federal and state income tax purposes of approximately $86.3 million and $85.0 million, respectively, which expire beginning in the year 2027. In addition to the above federal net operating losses, the Company has net operating losses of $19.7 million with an indefinite carryforward period. There are certain state net operating losses that follow the federal carryforward period and are indefinite in nature. The federal and California research and development tax credits are approximately $0.7 million and $0.8 million, respectively. The federal research credits will begin to expire in 2030 and the California research and development credits have no expiration date. Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to ownership changes that may occur, as provided by Section 382 of the Internal Revenue Code of 1986, as well as similar state provisions. Such annual limitation could result in the expiration of net operating losses and credits before their utilization. The Company has most recently performed an analysis that confirmed an ownership change has not occurred as of December 31, 2020.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	December 31,
	2020		2019		2018
Balance at the beginning of the year	$	390	$	397	$	397
Reductions based upon tax positions related to the current year		—		(7)		—
Balance at the end of the year	$	390	$	390	$	397

In order for these unrecognized tax benefits to be realized, the net operating loss carryforwards must be utilized first. The Company does not anticipate any material change in its unrecognized tax benefits over the next twelve months.

The Company files U.S. federal and state income tax returns with varying statutes of limitations. All tax years since inception remain open to examination due to the carryover of unused net operating losses and tax credits.

- Definition

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

+ References + Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Arbitration/Litigation On January 14, 2019, a vendor filed a Demand for Arbitration and Statement of Claim against the Company (“Demand”) for alleged breach of the November 10, 2017 Preferred Specialty Pharmacy Agreement (“Agreement”) between the Company and the vendor. On March 13, 2019, the Company terminated the Agreement for material breach with the vendor. On April 3, 2019, the vendor filed a Second Amended Demand for Arbitration (“SAD”) for breach of the Agreement. The vendor was seeking $25.0 million in damages, fees, interest and cost. Pursuant to a schedule set forth by the Arbitration Panel, on May 3, 2019, the Company filed a Motion to Dismiss the SAD. That Motion was fully briefed on June 14, 2019 and was decided on July 31, 2019. The Arbitration Panel dismissed two of the vendor’s four claims. The Arbitration Panel held additional hearings for the two remaining claims between August 17, 2020 and August 26, 2020. Final arguments were held on October 20, 2020. Based on a willingness to expeditiously resolve the matter, the parties proposed settlement to the panel on November 16, 2020. In December 2020, the Company finalized and settled the arbitration for $5.75 million without admission of liability to avoid further legal costs. The Company believes there is no other litigation pending that could have, individually or in the aggregate, a material adverse effect on the Company’s financial position, results of operations, or cash flows. Indemnifications The Company indemnifies each of its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws. The term of the indemnification period lasts as long as an officer or a director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer liability insurance. This insurance allows the transfer of risk associated with the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, it has not recognized any liabilities relating to these obligations for any period presented.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	16. Related Party Transactions In January 2018, the Company executed an agreement with a related party to sell the Eeva business, representing all of the medical device segment. Refer to Note 6 - Divestitures. In June 2018, the Company redeemed and retired 1,202,196 Series B convertible preferred stock from a former employee pursuant to their contractual right of first refusal at a purchase price of $2.5 million The excess of the purchase price over the carrying value $(1.73) of $425,000 has been recorded as a dividend in accumulated deficit as of December 31, 2018.

Unaudited Quarterly Results of Operations Data

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Results of Operations Data

17. Unaudited Quarterly Results of Operations Data

The following table sets forth our unaudited quarterly consolidated results of operations for each of the eight quarterly periods in the period ended December 31, 2020. Our unaudited quarterly results of operations have been prepared on the same basis as our audited consolidated financial statements, and we believe they reflect all normal recurring adjustments necessary for the fair statement of our results of operations for these periods. This information should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report. Our historical operating data may not be indicative of our future performance.


	Three Months Ended
	Mar. 31,		Jun. 30,		Sep. 30,		Dec. 31,		Mar. 31,		Jun. 30,		Sep. 30,		Dec. 31,
	2019		2019		2019		2019		2020 (1)		2020 (1)		2020 (1)		2020
	(in thousands)
Revenue	$	47,197	$	56,168	$	61,196	$	65,122	$	81,024	$	64,605	$	98,928	$	100,301
Cost of services		37,233		44,716		48,876		53,353		64,422		52,650		78,092		79,635
Gross profit		9,964		11,452		12,320		11,769		16,602		11,955		20,836		20,666
Operating expenses:
Sales and marketing		2,346		3,117		3,183		3,255		3,267		3,608		3,355		4,776
General and administrative		4,508		5,981		6,068		7,370		9,904		9,419		12,653		14,729
Total operating expenses		6,854		9,098		9,251		10,625		13,171		13,027		16,008		19,505
Income (loss) from operations		3,110		2,354		3,069		1,144		3,431		(1,072)		4,828		1,161
Other income		—		—		—		—		164		3		11		32
Interest income (expense), net		(38)		(128)		(28)		136		150		5		(17)		(17)
Convertible preferred stock warrant valuation adjustment		(551)		(642)		(11,226)		(5,757)		—		—		—		—
Total other income (expense), net		(589)		(770)		(11,254)		(5,621)		314		8		(6)		15
Income (loss) before income taxes		2,521		1,584		(8,185)		(4,477)		3,745		(1,064)		4,822		1,176
Benefit (provision) for income taxes		—		(64)		(25)		77		(116)		—		—		37,896
Net income (loss)	$	2,521	$	1,520	$	(8,210)	$	(4,400)	$	3,629	$	(1,064)	$	4,822	$	39,072
Net income (loss) attributable to common stockholders	$	31	$	—	$	(8,210)	$	(4,400)	$	3,629	$	(1,064)	$	4,822	$	39,072
Net income (loss) per share attributable to common stockholders:
Basic	$	0.01	$	—	$	(1.10)	$	(0.07)	$	0.04	$	(0.01)	$	0.06	$	0.45
Diluted	$	0.01	$	—	$	(1.10)	$	(0.07)	$	0.04	$	(0.01)	$	0.05	$	0.39
Weighted-average shares used in computing net income (loss) per share:
Basic		15,120,928		5,172,209		7,472,469		64,192,100		84,537,538		85,281,151		86,265,297		86,514,619
Diluted		15,120,928		5,172,209		7,472,469		64,192,100		99,665,158		85,281,151		98,969,588		99,021,233

(1) In the fourth quarter of 2020, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” with an adoption date of January 1, 2020. As such, quarterly financial information for the interim periods of 2020 has been recast with resulting impacts to the previously disclosed general and administrative expense of $0.4 million, $(0.7) million, and $0.5 million for the three-month periods ended March 31, 2020, June 30, 2020, and September 30, 2020, respectively. Refer to Note 2 for further discussion of the new accounting pronouncements recently adopted.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements include those of the Company and its wholly owned subsidiary, Fertility Authority LLC. Effective June 2018, the Company legally dissolved the Fertility Authority LLC legal entity. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in United Sates (“U.S. GAAP”).

Additionally, there are many uncertainties regarding the ongoing coronavirus (“COVID-19”) pandemic, and the Company is closely monitoring the impact of the pandemic on all aspects of its business, including how it has impacted and may continue to impact its customers and members, its provider network, specialty pharmacy partners, employees, suppliers, vendors, and other business partners. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, future results of operations and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning COVID-19, the actions taken to contain it or treat its impact and the economic impact on local, regional and national markets. The overall disruption of the healthcare and fertility markets and the other risks and uncertainties associated with the pandemic could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. The Company will continue to assess the evolving impact of the COVID-19 pandemic and will make adjustments to its operations as necessary.

Segment Information

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company operates and manages in one operating segment, providing fertility and pharmacy benefits solutions. The Company defines its CODM as its Chief Executive Officer and its President and Chief Operating Officer. All long-lived assets are located in the United States and all revenue is attributed to the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP generally requires management to make estimates and assumptions that affect the reported amount of certain assets, liabilities, revenue, and expenses, and the related disclosure of contingent assets and liabilities. Such estimates include, but are not limited to, the determination of revenue recognition including accrued receivables and allowance for service changes and cancellations, accrued claims payable, allowance for doubtful accounts, stock-based compensation, convertible preferred stock warrant liabilities, lease liabilities, and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Cash and Cash Equivalents

Cash and Cash Equivalents and Marketable Securities

Marketable Securities

Cash and Cash Equivalents and Marketable Securities

Revenue Recognition

The Company applies the following five-step model to recognize revenue from contracts with clients:

Identification of the contract, or contracts, with a client

Identification of the performance obligations in the contract

Determination of the transaction price

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

Recognition of revenue when, or as, a performance obligation is satisfied

Fertility Benefits Revenue

Pharmacy Benefits Revenue

Accrued Receivables and Accrued Claims Payable

Accrued Receivable and Accrued Claims Payable

Accounts Receivable and Allowance for Doubtful Accounts


	Years Ended December 31, 2020, 2019 and 2018
December 31, 2020	Balance at Beginning of Period		ASU 2016-13 Adoption Adjustment		Charged to Revenue		Charged to Costs and Expenses		Write-offs		Utilization		Balance at End of Period
Allowance for doubtful accounts	$	2,771	$	1,169	$	—	$	5,562	$	—	$	—	$	9,502
Allowance for service changes and cancellations(1)		3,549		—		13,349		—		—		(10,201)		6,697
		6,320		1,169		13,349		5,562		—		(10,201)		16,199

December 31, 2019
Allowance for doubtful accounts	$	1,175	$	—	$	—	$	1,606	$	(10)	$	—	$	2,771
Allowance for service changes and cancellations(1)		2,311		—		7,742		—		—		(6,504)		3,549
		3,486		—		7,742		1,606		(10)		(6,504)		6,320

December 31, 2018
Allowance for doubtful accounts	$	590	$	—	$	—	$	824	$	(239)	$	—	$	1,175
Allowance for service changes and cancellations(1)		500		—		3,414		—		—		(1,603)		2,311
		1,090		—		3,414		824		(239)		(1,603)		3,486

⁽¹⁾

Represents the allowance released as a result of the cancellation or adjustment to an authorized fertility benefits service treatment.

Cost of Services

Fertility Benefit Services

Pharmacy Benefit Services

Vendor rebates

Concentration of Credit Risk and Off-Balance-Sheet Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consists primarily of cash and cash equivalents, marketable securities, and accounts receivable.

Impairment of Long-Lived Assets

Leases

Property and Equipment

Goodwill and Intangible Assets

Stock-Based Compensation

Common Stock Valuation

the Company’s financial performance

the rights, preferences and privileges of the convertible preferred stock relative to those of the common stock; and

general economic and financial conditions, and the trends specific to the markets in which the Company operates

Income Taxes

The amount of deferred tax provided is calculated using tax rates enacted at the balance sheet date. The impact of tax law changes is recognized in periods when the change is enacted.

Fair Value of Financial Instruments and Fair Value Measurements

Level 1—Quoted prices in active markets for identical assets and liabilities.

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.

Net Income (Loss) per Share Attributable to Common Stockholders

Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issued but Not Yet Adopted

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Issued but Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of accounts receivable and allowance for doubtful accounts


	Years Ended December 31, 2020, 2019 and 2018
December 31, 2020	Balance at Beginning of Period		ASU 2016-13 Adoption Adjustment		Charged to Revenue		Charged to Costs and Expenses		Write-offs		Utilization		Balance at End of Period
Allowance for doubtful accounts	$	2,771	$	1,169	$	—	$	5,562	$	—	$	—	$	9,502
Allowance for service changes and cancellations(1)		3,549		—		13,349		—		—		(10,201)		6,697
		6,320		1,169		13,349		5,562		—		(10,201)		16,199

December 31, 2019
Allowance for doubtful accounts	$	1,175	$	—	$	—	$	1,606	$	(10)	$	—	$	2,771
Allowance for service changes and cancellations(1)		2,311		—		7,742		—		—		(6,504)		3,549
		3,486		—		7,742		1,606		(10)		(6,504)		6,320

December 31, 2018
Allowance for doubtful accounts	$	590	$	—	$	—	$	824	$	(239)	$	—	$	1,175
Allowance for service changes and cancellations(1)		500		—		3,414		—		—		(1,603)		2,311
		1,090		—		3,414		824		(239)		(1,603)		3,486

⁽¹⁾

Represents the allowance released as a result of the cancellation or adjustment to an authorized fertility benefits service treatment.

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue


	Year Ended
	December 31,
	2020		2019		2018
Revenue
Fertility benefit services revenue	$	253,556	$	189,618	$	99,786
Pharmacy benefit services revenue		91,302		40,065		5,614
Total revenue	$	344,858	$	229,683	$	105,400

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and equipment


	Estimated
	Useful Life	December 31,
	(in years)	2020		2019
Machinery and equipment	3-5	$	95	$	13
Computers and hardware	3		660		529
Leasehold improvements	lease term		3,074		2,391
Furniture and fixtures	7		452		459
Software	3		995		824
			5,276		4,216
Less: accumulated depreciation			(1,876)		(1,133)
Total property and equipment, net		$	3,400	$	3,083

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets


	Estimated
	Useful Life	December 31,
	(in years)	2020		2019
Trademarks	8	$	4,000	$	4,000
Physician Network	6		3,500		3,500
Website	5		2,000		2,000
			9,500		9,500
Less: accumulated amortization			(8,287)		(7,125)
Total intangible assets, net		$	1,213	$	2,375

Schedule of future amortization expense of other intangible assets


Year ending December 31:
2021	$	614
2022		500
2023		99
Thereafter		—
Total	$	1,213

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of lease information


	Balance Sheet Location	December 31, 2020
Operating Leases
Right-of-use asset	Operating lease right-of-use assets	$	8,668
Short-term lease liabilities	Accrued expenses and other current liabilities	$	1,231
Long-term lease liabilities	Operating lease noncurrent liabilities	$	8,318

Other information
Cash outflows from operating activities attributable to operating leases		$	820
Weighted average remaining lease term, operating lease			8.4 years
Weighted average discount rate, operating lease			4.29%

Schedule of future minimum facility lease payments - ASC 842


	Operating Lease Payments as of December 31, 2020
Year Ending December 31:
2021	$	1,286
2022		1,286
2023		1,286
2024		1,326
2025		1,407
Thereafter		4,807
Total undiscounted lease payments	$	11,398
Less: imputed interest		1,849
Present value of lease liabilities	$	9,549
Less: current portion of operating lease liabilities		1,231
Operating lease noncurrent liabilities	$	8,318

Future minimum facility lease payments as of December 31, 2019, are as follows (in thousands):


	Operating Lease Payments as of December 31, 2019
Year Ending December 31:
2020	$	885
2021		1,286
2022		1,286
2023		1,286
2024		1,326
Thereafter		6,213
Total	$	12,282

Schedule of future minimum facility lease payments - ASC 840


	Operating Lease Payments as of December 31, 2019
Year Ending December 31:
2020	$	885
2021		1,286
2022		1,286
2023		1,286
2024		1,326
Thereafter		6,213
Total	$	12,282

Divestitures (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of the operating results and consolidated statement of cash flows from discontinued operations


	Year Ended
	December 31,
	2019		2018
Revenue	$	—	$	—
Cost of service		—		—
Gross profit		—		—
Operating expenses:
Research and development		—		—
General and administration		—		—
Total operating expenses		—		—
Income from discontinued operations		—		—
Gain on sale of discontinued operations	$	—	$	7,554
Income from discontinued operations, before taxes		—		7,554
Provision for income taxes		—		(1,777)
Net income from discontinued operations, net of taxes	$	—	$	5,777


	Year Ended
	December 31,
	2019		2018
OPERATING ACTIVITIES
Depreciation expense	$	—	$	—
Deferred license revenue		—		—

INVESTING ACTIVITIES
Deferred consideration	$	—	$	200
Proceeds from sale of business, net of costs		200		2,481

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities


	December 31,
	2020		2019

Accrued claims payable	$	22,799	$	9,795
Accrued compensation		5,087		2,559
Accrued commission		1,334		1,216
Professional fees		1,216		1,315
Other		3,836		1,890
Total accrued expenses and other current liabilities	$	34,272	$	16,775

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Summary of stock option activity


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Grant Date		Contractual	Intrinsic
	Shares	Fair Value		Life (Years)	Value
					(In thousands)
Outstanding at December 31, 2019	15,721,085	$	2.44	8.4	$	165,906
Granted	1,375,738		26.56
Exercised	(2,979,700)		1.82
Forfeited	(725,582)		3.14
Cancelled	(7,240)		1.42
Outstanding at December 31, 2020	13,384,301	$	5.03	7.7	$	500,053

Exercisable at December 31, 2019	4,349,090	$	0.96	7.4	$	52,367

Exercisable at December 31, 2020	7,343,948	$	2.02	7.1		296,496

Schedule of assumptions used in the option-pricing model for options granted


	Year Ended December 31
	2020	2019	2018
Expected term (in years)	5.50 - 6.11	5.63 - 6.28	5.38 - 6.10
Risk-free interest rate	0.3% - 1.7%	1.5% - 2.5%	2.6% - 3.1%
Expected volatility	49.2% - 54.7%	48.6% - 49.0%	48.1% - 48.9%
Expected dividend rate	—	—	—

Summary of restricted stock unit activity


			Weighted
	Number		Average
	of		Grant Date
	Shares		Fair Value

Outstanding at December 31, 2019	—	$	—
Granted	558,008	$	25.46
Vested	(48,096)	$	26.08
Forfeited	(20,845)	$	23.76
Outstanding at December 31, 2020	489,067	$	25.47

Summary of stock based compensation expense for employees


	Year Ended
	December 31
	2020		2019		2018
Cost of services	$	3,056	$	537	$	96
Selling and marketing		2,066		900		366
General and administrative		7,699		3,624		2,535
Total stock-based compensation expense	$	12,821	$	5,061	$	2,997

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Reconciliation of net income loss available to common stockholders


	Year Ended
	December 31,
	2020		2019		2018
Basic net income (loss) per common share:
Numerator:
Net income (loss)	$	46,459	$	(8,569)	$	661
Less:
Net income (loss) from discontinued operations, net of tax		—		—		(5,777)
Deemed dividends on convertible preferred stock		—		—		(425)
Net income (loss) attributable to common stockholders	$	46,459	$	(8,569)	$	(5,541)

Denominator:
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders		85,722,670		20,735,202		5,539,739
Basic net income (loss) per share attributable to common stockholders	$	0.54	$	(0.41)	$	(1.00)

Diluted net income (loss) per common share:
Numerator:
Net income (loss) attributable to common stockholders	$	46,459	$	(8,569)	$	(5,541)
Diluted net income (loss) attributable to common stockholders	$	46,459	$	(8,569)	$	(5,541)

Denominator:
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholder		85,722,670		20,735,202		5,539,739
Effect of dilutive securities		13,332,856		—		—
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders		99,055,526		20,735,202		5,539,739
Diluted net income (loss) per share attributable to common stockholders	$	0.47	$	(0.41)	$	(1.00)

Antidilutive securities excluded from computation of earnings per share


	Year Ended
	December 31,
	2020	2019	2018
Redeemable convertible preferred stock	—	—	65,960,205
Options to purchase common stock	699,233	13,610,441	6,025,473
Shares issuable under ESPP	70,184	—	—
Warrants to purchase common stock	—	122,882	60,168
Warrants to purchase convertible preferred stock	—	—	260,239
Total potential dilutive shares	769,417	13,733,323	72,306,085

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Composition of the income tax (benefit) provision


	December 31,
	2020		2019		2018
Current
Federal	$	—	$	—	$	(1,446)
State		191		12		(331)
Total Current		191		12		(1,777)
Deferred:
Federal		(28,852)		—		—
State		(9,119)		—		—
Total Deferred		(37,971)		—		—
Total provision/(benefit) from Income taxes	$	(37,780)	$	12	$	(1,777)

Reconciliation of the statutory income tax rate to the effective tax rate


	December 31,
	2020		2019		2018
Income tax provision at statutory rate	21	%	21	%	21	%
State income taxes, net of federal benefit	(38)		6		5
Share-based compensation	(100)		56		(2)
Warrant valuation	—		(45)		(10)
Change in valuation allowance	(317)		(35)		13
State rate change	—		—		2
Other	(2)		(3)		(3)
Effective tax rate	(436)	%	—	%	26	%

Components of net deferred tax assets and liabilities


	December 31,
	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	29,291	$	24,104
Capitalized start‑up costs		11		13
Research and development credits		1,039		1,039
Stock-based compensation		3,241		1,444
Accruals and reserves		4,116		1,416
Operating lease liabilities		2,475		—
Property and equipment		154		103
Intangibles		195		624
Indirect tax		313		—
Total deferred tax assets		40,835		28,743
Valuation allowance		(225)		(28,743)
Deferred tax assets after valuation allowance	$	40,610	$	—
Deferred tax liabilities:
Goodwill		(392)		—
Operating lease right-of-use assets		(2,247)		—
Total deferred tax liabilities		(2,639)		—
Net deferred tax assets	$	37,971	$	—

Reconciliation of unrecognized tax benefits


	December 31,
	2020		2019		2018
Balance at the beginning of the year	$	390	$	397	$	397
Reductions based upon tax positions related to the current year		—		(7)		—
Balance at the end of the year	$	390	$	390	$	397

Unaudited Quarterly Results of Operations Data (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly consolidated results of operations


	Three Months Ended
	Mar. 31,		Jun. 30,		Sep. 30,		Dec. 31,		Mar. 31,		Jun. 30,		Sep. 30,		Dec. 31,
	2019		2019		2019		2019		2020 (1)		2020 (1)		2020 (1)		2020
	(in thousands)
Revenue	$	47,197	$	56,168	$	61,196	$	65,122	$	81,024	$	64,605	$	98,928	$	100,301
Cost of services		37,233		44,716		48,876		53,353		64,422		52,650		78,092		79,635
Gross profit		9,964		11,452		12,320		11,769		16,602		11,955		20,836		20,666
Operating expenses:
Sales and marketing		2,346		3,117		3,183		3,255		3,267		3,608		3,355		4,776
General and administrative		4,508		5,981		6,068		7,370		9,904		9,419		12,653		14,729
Total operating expenses		6,854		9,098		9,251		10,625		13,171		13,027		16,008		19,505
Income (loss) from operations		3,110		2,354		3,069		1,144		3,431		(1,072)		4,828		1,161
Other income		—		—		—		—		164		3		11		32
Interest income (expense), net		(38)		(128)		(28)		136		150		5		(17)		(17)
Convertible preferred stock warrant valuation adjustment		(551)		(642)		(11,226)		(5,757)		—		—		—		—
Total other income (expense), net		(589)		(770)		(11,254)		(5,621)		314		8		(6)		15
Income (loss) before income taxes		2,521		1,584		(8,185)		(4,477)		3,745		(1,064)		4,822		1,176
Benefit (provision) for income taxes		—		(64)		(25)		77		(116)		—		—		37,896
Net income (loss)	$	2,521	$	1,520	$	(8,210)	$	(4,400)	$	3,629	$	(1,064)	$	4,822	$	39,072
Net income (loss) attributable to common stockholders	$	31	$	—	$	(8,210)	$	(4,400)	$	3,629	$	(1,064)	$	4,822	$	39,072
Net income (loss) per share attributable to common stockholders:
Basic	$	0.01	$	—	$	(1.10)	$	(0.07)	$	0.04	$	(0.01)	$	0.06	$	0.45
Diluted	$	0.01	$	—	$	(1.10)	$	(0.07)	$	0.04	$	(0.01)	$	0.05	$	0.39
Weighted-average shares used in computing net income (loss) per share:
Basic		15,120,928		5,172,209		7,472,469		64,192,100		84,537,538		85,281,151		86,265,297		86,514,619
Diluted		15,120,928		5,172,209		7,472,469		64,192,100		99,665,158		85,281,151		98,969,588		99,021,233

Business and Basis of Presentation - Description of Business (Details) - segment	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of operating segments	1	1	1

Business and Basis of Presentation - Reverse Stock Split (Details)	Oct. 14, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split ratio	0.22000264

Business and Basis of Presentation - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 29, 2019	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Underwriters’ discounts and commissions		$ 5,900
Offering costs		3,700
Reclassification of temporary equity to permanent equity		106,237
Additional Paid in Capital
Subsidiary, Sale of Stock [Line Items]
Reclassification of temporary equity to permanent equity		$ 106,230
Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold (in shares)		6,700,000
Conversion of convertible preferred stock to common stock upon initial public offering (in shares)		65,428,088
Reclassification of temporary equity to permanent equity		$ 7
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold (in shares)	6,700,000
Share price (in dollars per share)	$ 13.00
Net proceeds after deducting underwriters’ discounts, commissions, and offering costs	$ 77,600
Underwriters’ discounts and commissions	5,900
Offering costs	$ 3,600
Conversion of convertible preferred stock to common stock upon initial public offering (in shares)	65,428,088
Conversion basis (in shares)	1
IPO \| Additional Paid in Capital
Subsidiary, Sale of Stock [Line Items]
Reclassification of temporary equity to permanent equity	$ 106,200
IPO \| Common Stock
Subsidiary, Sale of Stock [Line Items]
Reclassification of temporary equity to permanent equity	$ 7
Selling Shareholders, Including Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold (in shares)	4,800,000
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold (in shares)	1,500,000

Business and Basis of Presentation - Segment Information (Details) - segment	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of operating segments	1	1	1

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Contract term	3 years
Contract termination, notice period, low end of range	30 days
Contract termination, notice period, high end of range	90 days

Summary of Significant Accounting Policies - Accrued Receivable and Accrued Claims Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Accrued receivables	$ 28,200	$ 16,000
Accrued claims payable	22,799	9,795
Unbilled receivables	$ 16,400	$ 8,500

Summary of Significant Accounting Policies - Accounts and Receivable and Allowance for Doubtful Accounts - ASU 2016-03 (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	$ (68,193)	$ (113,483)
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Accounting Standards Update 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit		$ (1,200)

- Definition

Indicates (true false) whether accounting standards update was adopted.

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Date accounting standards update was adopted, in CCYY-MM-DD format.

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+ Details

Summary of Significant Accounting Policies - Accounts and Receivable and Allowance for Doubtful Accounts - Tabular Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 6,320	$ 3,486	$ 1,090
Charged to Revenue	13,349	7,742	3,414
Charged to Costs and Expenses	5,562	1,606	824
Write-offs		(10)	(239)
Utilization	(10,201)	(6,504)	(1,603)
Balance at End of Period	16,199	6,320	3,486
Cumulative Effect, Period of Adoption, Adjustment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	1,169
Balance at End of Period		1,169
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	2,771	1,175	590
Charged to Costs and Expenses	5,562	1,606	824
Write-offs		(10)	(239)
Balance at End of Period	9,502	2,771	1,175
Allowance for doubtful accounts \| Cumulative Effect, Period of Adoption, Adjustment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	1,169
Balance at End of Period		1,169
Allowance for service changes and cancellations
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	3,549	2,311	500
Charged to Revenue	13,349	7,742	3,414
Utilization	(10,201)	(6,504)	(1,603)
Balance at End of Period	$ 6,697	$ 3,549	$ 2,311

Summary of Significant Accounting Policies - Cost of Services (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Contract Term, Clinics, Low End of Range	1 year
Contract Term, Clinics, High End of Range	2 years

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Institution	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Number of financial institutions where substantially all of the cash is maintained	1
Accounts Receivable \| Credit Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	28.00%	31.00%	48.00%
Accounts Receivable \| Credit Concentration Risk \| Largest customer
Concentration Risk [Line Items]
Concentration risk (as a percent)	14.00%	17.00%	25.00%
Accounts Receivable \| Credit Concentration Risk \| Second largest customer
Concentration Risk [Line Items]
Concentration risk (as a percent)	17.00%	14.00%	13.00%
Accounts Receivable \| Credit Concentration Risk \| Third largest customer
Concentration Risk [Line Items]
Concentration risk (as a percent)			10.00%

Summary of Significant Accounting Policies - Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Asset Impairment [Abstract]
Impairment of goodwill or intangible assets	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Impairment or Disposal of Tangible Assets Disclosure [Abstract]
Impairments	$ 0	$ 0

Summary of Significant Accounting Policies - Leases (Details) - Accounting Standards Update 2016-02	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

+ Details

- Definition

Date accounting standards update was adopted, in CCYY-MM-DD format.

+ References

+ Details

Summary of Significant Accounting Policies - Stock-Based Compensation - General Information (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected dividend rate (as a percent)	0.00%	0.00%	0.00%

Summary of Significant Accounting Policies - Stock-Based Compensation - ASU 2016-09 (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	$ (68,193)	$ (113,483)
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2018
Accounting Standards Update 2016-09 \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit			$ (200)

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

+ Details

- Definition

Date accounting standards update was adopted, in CCYY-MM-DD format.

+ References

+ Details

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract]
Accrued interest or penalties	$ 0	$ 0	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract]
Income tax penalties and interest expense	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies - Accounting Pronouncements - General Information (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected	us-gaap:AccountingStandardsUpdate201602CumulativeEffectPeriodOfAdoptionMember
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2018
Accounting Standards Update 2018-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Accounting Standards Update 2019-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	false

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

+ Details

- Definition

Date accounting standards update was adopted, in CCYY-MM-DD format.

+ References

+ Details

- Definition

Indicates transition method applied for adoption of amendment to accounting standards.

+ References

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Summary of Significant Accounting Policies - Accounting Pronouncements - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020
Accounting Policies [Abstract]
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Use of Hindsight	true
Assets and Liabilities, Lessee [Abstract]
Operating lease right-of-use assets	$ 8,668	$ 9,500
Operating Lease, Liability [Abstract]
Operating lease, liability	$ 9,549	$ 9,900

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues [Abstract]
Revenue	$ 100,301	$ 98,928	$ 64,605	$ 81,024	$ 65,122	$ 61,196	$ 56,168	$ 47,197	$ 344,858	$ 229,683	$ 105,400
Fertility benefit services revenue
Revenues [Abstract]
Revenue									253,556	189,618	99,786
Pharmacy benefit services revenue
Revenues [Abstract]
Revenue									$ 91,302	$ 40,065	$ 5,614

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Concentration of Major Clients (Details) - Sales Revenue, Net - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Concentration risk (as a percent)	35.00%	41.00%	48.00%
Client 1
Concentration Risk [Line Items]
Concentration risk (as a percent)	18.00%	16.00%	24.00%
Client 2
Concentration Risk [Line Items]
Concentration risk (as a percent)	17.00%	15.00%	14.00%
Client 3
Concentration Risk [Line Items]
Concentration risk (as a percent)		10.00%	10.00%

Fair Value of Financial Instruments - Assets (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Level 1
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure		$ 0
Investments, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	$ 39,000
Level 1 \| Money Market Funds
Assets, Fair Value Disclosure [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	66,300
Level 2
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure	0	0
Level 3
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure	$ 0	$ 0

Fair Value of Financial Instruments - Liabilities (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Level 2
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 0	$ 0
Level 3
Liabilities, Fair Value Disclosure [Abstract]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 0	$ 0

Fair Value of Financial Instruments - Realized Gains (Losses) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Fair Value Disclosures [Abstract]
Money Market Accounts, Realized Gain (Loss)	$ 15
Marketable Securities, Gain (Loss) [Abstract]
Marketable Securities, Realized Gain (Loss)	$ 29

Property and Equipment, Net - Useful Lives (Details)	12 Months Ended
Property and Equipment, Net - Useful Lives (Details)	Dec. 31, 2020
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Computers amd hardware
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	lease term
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	7 years
Software
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years

Property and Equipment, Net - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 5,276	$ 4,216
Less: accumulated depreciation	(1,876)	(1,133)
Total property and equipment, net	3,400	3,083
Machinery and equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	95	13
Computers amd hardware
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	660	529
Leasehold improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	3,074	2,391
Furniture and fixtures
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	452	459
Software
Property, Plant and Equipment, Net, by Type [Abstract]
Property and equipment, gross	$ 995	$ 824

Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Depreciation, Depletion and Amortization [Abstract]
Depreciation expense	$ 744	$ 650	$ 400

Intangible Assets, Net - Useful Lives (Details)	12 Months Ended
Intangible Assets, Net - Useful Lives (Details)	Dec. 31, 2020
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful life	8 years
Physician network
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful life	6 years
Website
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, estimated useful life	5 years

Intangible Assets, Net - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	$ 9,500	$ 9,500
Less: accumulated amortization	(8,287)	(7,125)
Total intangible assets, net	1,213	2,375
Trademarks
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	4,000	4,000
Physician network
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	3,500	3,500
Website
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	$ 2,000	$ 2,000

Intangible Assets, Net - Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.2	$ 1.5	$ 1.5

Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021	$ 614
2022	500
2023	99
Total intangible assets, net	$ 1,213	$ 2,375

Leases - General Information (Details) - Corporate Offices, Sublease $ in Millions	Sep. 30, 2019 USD ($)
Lessee, Operating Lease, Description [Abstract]
Operating lease, sublease, base rent per annum, through year five	$ 1.3
Operating lease, sublease, base rent per annum, after year five	$ 1.4

Leases - Lease Expense (Details) $ in Millions	12 Months Ended
Leases - Lease Expense (Details) $ in Millions	Dec. 31, 2020 USD ($)
Income and Expenses, Lessee [Abstract]
Lease expense	$ 1.3

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 01, 2020
Assets and Liabilities, Lessee [Abstract]
Right-of-use assets	$ 8,668	$ 9,500
Operating Lease, Liability [Abstract]
Short-term lease liabilities	$ 1,231
Operating Lease, Liability, Current, Statement of Financial Position	pgny:AccruedLiabilitiesAndOtherLiabilitiesCurrent
Long-term lease liabilities	$ 8,318

Leases - Other Information (Details) $ in Thousands	12 Months Ended
Leases - Other Information (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Cash Flow, Operating Activities, Lessee [Abstract]
Cash outflows from operating activities attributable to operating leases	$ 820
Weighted average remaining lease term, operating lease	8 years 4 months 24 days
Weighted average discount rate, operating lease	4.29%

Leases - Future Minimum Lease Payments - ASC 842 (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 1,286
2022	1,286
2023	1,286
2024	1,326
2025	1,407
Thereafter	4,807
Total undiscounted lease payments	$ 11,398

Leases - Future Minimum Lease Payments - Gross Difference (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 01, 2020
Operating Lease Liabilities, Gross Difference, Amount [Abstract]
Total undiscounted lease payments	$ 11,398
Less: imputed interest	1,849
Present value of lease liabilities	9,549	$ 9,900
Less: current portion of operating lease liabilities	1,231
Operating lease noncurrent liabilities	$ 8,318

Leases - Future Minimum Lease Payments - ASC 840 (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020	$ 885
2021	1,286
2022	1,286
2023	1,286
2024	1,326
Thereafter	6,213
Total	$ 12,282

Leases - Rent Expense (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Rent Expense (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
ASU 2016-02 Transition [Abstract]
Rent expense	$ 1.2	$ 0.9

Divestitures - General Information (Details) - Eeva Business - Discontinued Operations, Disposed of by Sale - Investor $ in Thousands	Jan. 18, 2018 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration	$ 7,900
Cash consideration	3,000
Liability forgiveness	4,900
Deferred considerations	$ 300

Divestitures - Balance Sheet (Details) - Eeva Business - Discontinued Operations, Disposed of by Sale $ in Thousands	Dec. 31, 2018 USD ($)
Discontinued operations, assets
Assets	$ 200
Discontinued operations, liabilities
Liabilities	$ 0

Divestitures - Operating Results (Details) $ in Thousands	12 Months Ended
Divestitures - Operating Results (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income from discontinued operations, net of taxes	$ 5,777
Eeva Business \| Discontinued Operations, Disposed of by Sale
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract]
Gain on sale of discontinued operations	7,554
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Income from discontinued operations, before taxes	7,554
Provision for income taxes	(1,777)
Net income from discontinued operations, net of taxes	$ 5,777

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32672-109319

+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-SubTopic 220
-Section S99
-Paragraph 1
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+ Details

Divestitures - Cash Flows (Details) - Eeva Business - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net Cash Provided by (Used in) Discontinued Operations [Abstract]
Deferred consideration		$ 200
Proceeds from sale of business, net of costs	$ 200	$ 2,481

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities, Current [Abstract]
Accrued claims payable	$ 22,799	$ 9,795
Accrued compensation	5,087	2,559
Accrued commission	1,334	1,216
Professional fees	1,216	1,315
Other	3,836	1,890
Total accrued expenses and other current liabilities	$ 34,272	$ 16,775

Debt - Term Loan (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
Debt - Term Loan (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Nov. 30, 2015	Dec. 31, 2018
Debt Instrument [Line Items]
Loss on debt extinguishment			$ 88
Accretion of the debt discount			75
Secured Debt \| Term Loan
Debt Instrument [Line Items]
Principal amount		$ 8,000
Interest rate (as a percent)		7.50%
Principal balance repurchased	$ 2,900
Final balloon payment	$ 640
Early payment penalty fee (as a percent)	1.00%
Early payment penalty fee amount	$ 15,000
Unamortized debt discount	$ 88,000
Loss on debt extinguishment			88,000
Interest expense			163
Accretion of the debt discount			$ 75
Final payment fee (as a percent)		8.00%
Secured Debt \| Term Loan \| Repaid on or before first anniversary
Debt Instrument [Line Items]
Early payment penalty fee (as a percent)		3.00%
Secured Debt \| Term Loan \| Repaid on or before second anniversary
Debt Instrument [Line Items]
Early payment penalty fee (as a percent)		2.00%
Secured Debt \| Term Loan \| Repaid after second anniversary before maturity date
Debt Instrument [Line Items]
Early payment penalty fee (as a percent)		1.00%
Secured Debt \| Term Loan \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable rate spread (as a percent)		7.30%

Debt - Revolving Line of Credit (Details) - Line of Credit - Silicon Valley Bank Revolving Line of Credit $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2018 USD ($) installment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 15,000
Advance rate upon which the borrowing capacity is based (as a percent)	80.00%
Threshold period of accounts receivable aging	90 days
Unrestricted cash balance to determine threshold for interest rate	$ 5,000
Short term debt		$ 0	$ 0	$ 253
Interest expense		$ 75	$ 213
Commitment fee	$ 225
Frequency of commitment fee	annual
Commitment fee, number of installments \| installment	3
Commitment fee, installment amount	$ 75,000
Commitment fee, amount paid	$ 75,000
Unrestricted cash balance greater than 5 million, interest accrues
Short-term Debt [Line Items]
Interest rate (as a percent)	4.75%
Unrestricted cash balance less than 5 million, interest accrues
Short-term Debt [Line Items]
Interest rate (as a percent)	4.75%
Prime Rate \| Unrestricted cash balance greater than 5 million, interest accrues
Short-term Debt [Line Items]
Variable rate spread (as a percent)	0.00%
Prime Rate \| Unrestricted cash balance less than 5 million, interest accrues
Short-term Debt [Line Items]
Variable rate spread (as a percent)	0.50%

Stockholders' Equity - Treasury Stock (Details) - $ / shares	1 Months Ended
	Aug. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Shares repurchased (in shares)	26,659
Purchase price (in dollars per share)	$ 6.91
Treasury stock (in shares)		615,980	615,980	589,320

Stockholders' Equity - Common Stock Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2016	Feb. 29, 2016
Class of Warrant or Right [Line Items]
Stock-based compensation expense	$ 12,821	$ 5,061	$ 2,997
Warrants to purchase common stock
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,419,415	1,607,864
Warrants exercised (in shares)	188,449	482,661
Warrants exercised, shares issued (in shares)	177,854	441,307
Warrants cancelled (in shares)		69,114
Stock-based compensation expense	$ 0	$ 0	$ 300
Warrants to purchase common stock \| Weighted Average
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 1.73	$ 1.59
Warrants to purchase common stock, issued February 2016
Class of Warrant or Right [Line Items]
Shares issued upon the exercise of warrants (in shares)					71,280
Exercise price (in dollars per share)				$ 1.41	$ 0.86
Warrants, term					5 years
Warrants to purchase common stock, issued June 2016
Class of Warrant or Right [Line Items]
Shares issued upon the exercise of warrants (in shares)				69,114
Warrants, term				5 years

Stockholders' Equity - Stock Incentive Plan - 2019 Equity Incentive Plan (Details) - 2019 Equity Incentive Plan	Oct. 31, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares (in shares)	19,198,875
Maximum number of shares, new shares (in shares)	2,640,031
Maximum number of shares, additional shares (in shares)	16,558,844

Stockholders' Equity - Stock Incentive Plan - General Information (Details)	12 Months Ended
	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Dec. 31, 2018 plan shares
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Number of stock-based compensation plans \| plan			2
Incentive stock options and non-statutory stock options, exercise price to fair value of common stock, maximum (as a percent)	100.00%	100.00%	100.00%
Shareholder stock options, exercise price to fair value of common stock, maximum (as a percent)	110.00%	110.00%	110.00%
Unvested shares subject to repurchase (in shares) \| shares	0	0	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Vesting period	4 years	4 years	4 years
Term of award	10 years	10 years	10 years

Stockholders' Equity - Stock Incentive Plan - Shares Available for Future Grant (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Shares available for grants under stock incentive plan (in shares)	5,287,341	3,124,254
Annual increase period	10 years
Annual increase percentage (as a percent)	4.00%

Stockholders' Equity - Stock Options - General Information (Details) - Stock Options	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Vesting period	4 years	4 years	4 years
Term of award	10 years	10 years	10 years

Stockholders' Equity - Stock Options - Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at beginning of period (in shares)	15,721,085
Granted (in shares)	1,375,738
Exercised (in shares)	(2,979,700)
Forfeited (in shares)	(725,582)
Cancelled (in shares)	(7,240)
Balance at end of period (in shares)	13,384,301	15,721,085
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Balance at beginning of period (in dollars per share)	$ 2.44
Options granted (in dollars per share)	26.56	$ 2.68	$ 1.14
Options exercised (in dollars per share)	1.82
Options forfeited (in dollars per share)	$ 3.14
Options cancelled (in dollars per share)	1.42
Balance at end of period (in dollars per share)	$ 5.03	$ 2.44
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual life (years)	7 years 8 months 12 days	8 years 4 months 24 days
Aggregate intrinsic value	$ 500,053	$ 165,906
Options exercisable, number of shares (in shares)	7,343,948	4,349,090
Options exercisable, weighted average exercise price (in dollars per share)	$ 2.02	$ 0.96
Options exercisable, weighted average remaining contractual life (years)	7 years 1 month 6 days	7 years 4 months 24 days
Options exercisable, aggregate intrinsic value	$ 296,496	$ 52,367

Stockholders' Equity - Stock Options - Intrinsic Value of Options Exercised (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total intrinsic value of options exercised	$ 79.6	$ 50.8	$ 59.0

Stockholders' Equity - Stock Options - Weighted-average Grant Date Fair Value (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options granted (in dollars per share)	$ 26.56	$ 2.68	$ 1.14

Stockholders' Equity - Stock Options - Grant Date Fair Value of Options Vested (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Fair value of options to purchase common stock vested	$ 9.3	$ 2.8	$ 3.7

Stockholders' Equity - Stock Options - Fair Value Assumptions (Details) - Stock Options	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate, low end of range (as a percent)	0.30%	1.50%	2.60%
Risk-free interest rate, high end of range (as a percent)	1.70%	2.50%	3.10%
Expected volatility, low end of range (as a percent)	49.20%	48.60%	48.10%
Expected volatility, high end of range (as a percent)	54.70%	49.00%	48.90%
Expected dividend rate (as a percent)	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	5 years 6 months	5 years 7 months 17 days	5 years 4 months 17 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	6 years 1 month 10 days	6 years 3 months 11 days	6 years 1 month 6 days

Stockholders' Equity - Restricted Stock Units - General Information (Details)	12 Months Ended
	Dec. 31, 2020
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Vesting period	4 years

Stockholders' Equity - Restricted Stock Units - Activity (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	558,008
Vested (in shares) \| shares	(48,096)
Forfeited (in shares) \| shares	(20,845)
Balance at end of period (in shares) \| shares	489,067
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at beginning of period (in dollars per share)	$ 0.00
Granted (in dollars per share)	25.46
Vested (in dollars per share)	26.08
Forfeited (in dollars per share)	23.76
Balance at end of period (in dollars per share)	25.47
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share)	$ 25.46

Stockholders' Equity - Restricted Stock Units - Intrinsic Value (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]
Intrinsic value of restricted stock units vested	$ 1.4

Stockholders' Equity - Restricted Stock Units - Weighted-average grant Date Fair Value (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 25.46
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 25.46

Stockholders' Equity - Unrecognized Compensation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized [Abstract]
Compensation cost not yet recognized, options	$ 26.2
Stock Options
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized [Abstract]
Weighted-average remaining recognition period	2 years 9 months 18 days
Restricted Stock Units
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized [Abstract]
Compensation cost not yet recognized, other than options	$ 11.1
Weighted-average remaining recognition period	3 years 1 month 6 days

Stockholders' Equity - Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Stock-based compensation expense	$ 12,821	$ 5,061	$ 2,997
Cost of services
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Stock-based compensation expense	3,056	537	96
Selling and marketing
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Stock-based compensation expense	2,066	900	366
General and administrative
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Stock-based compensation expense	$ 7,699	$ 3,624	$ 2,535

Net Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Net income (loss)	$ 39,072	$ 4,822	$ (1,064)	$ 3,629	$ (4,400)	$ (8,210)	$ 1,520	$ 2,521	$ 46,459	$ (8,569)	$ 661
Less: Income from discontinued operations, net of income tax											(5,777)
Less: Deemed dividends on convertible preferred stock											(425)
Net income (loss) attributable to common stockholders	$ 39,072	$ 4,822	$ (1,064)	$ 3,629	$ (4,400)	$ (8,210)		$ 31	$ 46,459	$ (8,569)	$ (5,541)
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders (in shares)	86,514,619	86,265,297	85,281,151	84,537,538	64,192,100	7,472,469	5,172,209	15,120,928	85,722,670	20,735,202	5,539,739
Earnings Per Share, Basic [Abstract]
Basic net income (loss) per share attributable to common stockholders (in dollars per share)									$ 0.54	$ (0.41)	$ (1.00)
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net income (loss) attributable to common stockholders	$ 39,072	$ 4,822	$ (1,064)	$ 3,629	$ (4,400)	$ (8,210)		$ 31	$ 46,459	$ (8,569)	$ (5,541)
Diluted net income (loss) attributable to common stockholders									$ 46,459	$ (8,569)	$ (5,541)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders (in shares)	86,514,619	86,265,297	85,281,151	84,537,538	64,192,100	7,472,469	5,172,209	15,120,928	85,722,670	20,735,202	5,539,739
Effect of dilutive securities (in shares)									13,332,856
Weighted-average shares used in computing diluted net (loss) income per share attributable to common stockholders (in shares)	99,021,233	98,969,588	85,281,151	99,665,158	64,192,100	7,472,469	5,172,209	15,120,928	99,055,526	20,735,202	5,539,739
Earnings Per Share, Diluted [Abstract]
Diluted net income (loss) per share attributable to common stockholders (in dollars per share)									$ 0.47	$ (0.41)	$ (1.00)

Net Earnings Per Share - Potentially Dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	769,417	13,733,323	72,306,085
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)			65,960,205
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	699,233	13,610,441	6,025,473
Employee stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	70,184
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)		122,882	60,168
Warrants to purchase convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)			260,239

401(k) Plan and ESPP - 401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Defined contribution plan expenses	$ 0.5	$ 0.4	$ 0.3

401(k) Plan and ESPP - Employee Stock Purchase Plan (Details) - USD ($) $ in Millions	Dec. 31, 2020	Oct. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for issuance (in shares)	1,596,323
Value of rights granted	$ 1.1
Employee stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for issuance (in shares)		1,700,000

Income Taxes - Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Tax Expense (Benefit)	$ (37,896)	$ 116	$ (77)	$ 25	$ 64	$ (37,780)	$ 12	$ (1,777)

- Definition

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

+ References + Details

Income Taxes - Composition of Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]
Federal								$ (1,446)
State						$ 191	$ 12	(331)
Total Current						191	12	(1,777)
Deferred Federal, State and Local, Tax Expense (Benefit) [Abstract]
Federal						(28,852)
State						(9,119)
Total Deferred						(37,971)
Total provision/(benefit) from Income taxes	$ (37,896)	$ 116	$ (77)	$ 25	$ 64	$ (37,780)	$ 12	$ (1,777)

- Definition

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

+ References + Details

Income Taxes - Reconciliation of Statutory Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax provision at statutory rate (as a percent)	21.00%	21.00%	21.00%
State income taxes, net of federal benefit (as a percent)	(38.00%)	6.00%	5.00%
Share-based compensation (as a percent)	(100.00%)	56.00%	(2.00%)
Warrant valuation (as a percent)		(45.00%)	(10.00%)
Change in valuation allowance (as a percent)	(317.00%)	(35.00%)	13.00%
State rate change (as a percent)			2.00%
Other (as a percent)	(2.00%)	(3.00%)	(3.00%)
Effective tax rate (as a percent)	(436.00%)	0.00%	26.00%

Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets, Gross [Abstract]
Net operating loss carryforwards	$ 29,291	$ 24,104
Capitalized start‑up costs	11	13
Stock-based compensation	3,241	1,444
Research and development credits	1,039	1,039
Accruals and reserves	4,116	1,416
Operating lease liabilities	2,475
Property and equipment	154	103
Intangibles	195	624
Indirect tax	313
Total deferred tax assets	40,835	28,743
Valuation allowance	(225)	(28,743)
Deferred tax assets after valuation allowance	40,610
Deferred Tax Liabilities, Gross [Abstract]
Goodwill	(392)
Operating lease right-of-use assets	(2,247)
Total deferred tax liabilities	(2,639)
Net deferred tax assets	$ 37,971	$ 0

Income Taxes - Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance [Abstract]
Increase (decrease) in valuation allowance	$ (28.5)	$ 2.9	$ (1.1)

Income Taxes - Net Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2020 USD ($)
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, begin to expire in the year 2030	$ 86.3
Operating loss carryforwards, indefinte carryforward period	19.7
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 85.0

Income Taxes - Tax Credit Carryforwards (Details) $ in Millions	Dec. 31, 2020 USD ($)
Domestic Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 0.7
State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 0.8

Income Taxes - Unrecognized Tax Benefits - Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 390	$ 397	$ 397
Reductions based upon tax positions related to the current year	0	(7)	0
Balance at the end of the year	$ 390	$ 390	$ 397

Commitments and Contingencies - Arbitration and Litigation (Details) - Second Amended Demand for Arbitration, Vendor $ in Thousands			1 Months Ended
	Jul. 31, 2019 claim	Apr. 03, 2019 USD ($) claim	Dec. 31, 2020 USD ($) claim
Loss Contingency, Information about Litigation Matters [Abstract]
Damages sought \| $		$ 25,000
Loss Contingency, Quantities [Abstract]
Loss contingency, new claims filed, number		4
Loss contingency, claims dismissed, number	2
Loss contingency, pending claims, number	2
Loss contingency, claims settled, number			2
Litigation Settlement [Abstract]
Arbitration settlement amount \| $			$ 5,750

Commitments and Contingencies - Indemnifications (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Indemnification Agreement
Guarantor Obligations [Line Items]
Guarantor obligations, current carrying value	$ 0	$ 0

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Repurchase of preferred stock (in shares)		1,202,196
Repurchase of preferred stock		$ 425
Former employee \| Series B Preferred Stock
Related Party Transaction [Line Items]
Repurchase of preferred stock (in shares)	1,202,196
Purchase price, contractual right of first refusal	$ 2,500
Share price (in dollars per share)	$ 1.73
Repurchase of preferred stock	$ 425

Unaudited Quarterly Results of Operations Data - Tabular Disclosure (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]
Revenue	$ 100,301	$ 98,928	$ 64,605	$ 81,024	$ 65,122	$ 61,196	$ 56,168	$ 47,197	$ 344,858	$ 229,683	$ 105,400
Cost of services	79,635	78,092	52,650	64,422	53,353	48,876	44,716	37,233	274,799	184,178	85,966
Gross profit	20,666	20,836	11,955	16,602	11,769	12,320	11,452	9,964	70,059	45,505	19,434
Operating expenses:
Sales and marketing	4,776	3,355	3,608	3,267	3,255	3,183	3,117	2,346	15,006	11,901	7,285
General and administrative	14,729	12,653	9,419	9,904	7,370	6,068	5,981	4,508	46,705	23,927	15,601
Total operating expenses	19,505	16,008	13,027	13,171	10,625	9,251	9,098	6,854	61,711	35,828	22,886
Income (loss) from operations	1,161	4,828	(1,072)	3,431	1,144	3,069	2,354	3,110	8,348	9,677	(3,452)
Other income	32	11	3	164					210
Interest income (expense), net	(17)	(17)	5	150	136	(28)	(128)	(38)	121	(58)	(497)
Convertible preferred stock warrant valuation adjustment					(5,757)	(11,226)	(642)	(551)		(18,176)	(2,944)
Total other income (expense), net	15	(6)	8	314	(5,621)	(11,254)	(770)	(589)	331	(18,234)	(3,441)
Income (loss) before income taxes	1,176	4,822	(1,064)	3,745	(4,477)	(8,185)	1,584	2,521	8,679	(8,557)	(6,893)
Benefit (provision) for income taxes	37,896			(116)	77	(25)	(64)		37,780	(12)	1,777
Net income (loss)	39,072	4,822	(1,064)	3,629	(4,400)	(8,210)	$ 1,520	2,521	46,459	(8,569)	661
Net income (loss) attributable to common stockholders	$ 39,072	$ 4,822	$ (1,064)	$ 3,629	$ (4,400)	$ (8,210)		$ 31	$ 46,459	$ (8,569)	$ (5,541)
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.45	$ 0.06	$ (0.01)	$ 0.04	$ (0.07)	$ (1.10)		$ 0.01	$ 0.54	$ (0.41)	$ 0.04
Diluted (in dollars per share)	$ 0.39	$ 0.05	$ (0.01)	$ 0.04	$ (0.07)	$ (1.10)		$ 0.01	$ 0.47	$ (0.41)	$ 0.04
Weighted-average shares used in computing net income (loss) per share:
Basic (in shares)	86,514,619	86,265,297	85,281,151	84,537,538	64,192,100	7,472,469	5,172,209	15,120,928	85,722,670	20,735,202	5,539,739
Diluted (in shares)	99,021,233	98,969,588	85,281,151	99,665,158	64,192,100	7,472,469	5,172,209	15,120,928	99,055,526	20,735,202	5,539,739

Unaudited Quarterly Results of Operations Data - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
General and administrative	$ 14,729	$ 12,653	$ 9,419	$ 9,904	$ 7,370	$ 6,068	$ 5,981	$ 4,508	$ 46,705	$ 23,927	$ 15,601
Accounting Standards Update 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
General and administrative		$ 500	$ 700	$ 400