0001655210-21-000032 | 10-K | XBRL Viewer

Cover Page Document - USD ($) $ in Billions	12 Months Ended
Cover Page Document - USD ($) $ in Billions	Dec. 31, 2020	Feb. 25, 2021	Jun. 26, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-38879
Entity Registrant Name	BEYOND MEAT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-4087597
Entity Address, Address Line One	119 Standard Street
Entity Address, City or Town	El Segundo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90245
City Area Code	866
Local Phone Number	756-4112
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	BYND
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			$ 8.3
Entity Common Stock, Shares Outstanding		62,940,338
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2021 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2020 are incorporated herein by reference in Part III where indicated.
Entity Central Index Key	0001655210
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	$ 159,127	$ 275,988
Accounts receivable	35,975	40,080
Inventory	121,717	81,596
Prepaid expenses and other current assets	15,407	5,930
Total current assets	332,226	403,594
Property, plant, and equipment, net	115,299	47,474
Operating lease right-of-use assets	14,570
Other non-current assets, net	5,911	855
Total assets	468,006	451,923
Current liabilities:
Accounts payable	53,071	26,923
Wages payable	2,843	1,768
Accrued bonus	57	4,129
Current portion of operating lease liabilities	3,095
Accrued expenses and other current liabilities	4,830	3,805
Short-term borrowings under revolving credit facility	25,000	0
Short-term borrowings under revolving credit line and bank term loan	0	11,000
Short-term finance lease liabilities	71
Short-term finance lease liabilities		72
Total current liabilities	88,967	47,697
Long-term liabilities:
Long-term portion of bank term loan, net	0	14,637
Equipment loan, net	0	4,932
Operating lease liabilities, net of current portion	11,793
Finance lease obligations and other long term liabilities	149	567
Total long-term liabilities	11,942	20,136
Commitments and Contingencies (Note 11)
Stockholders’ equity:
Preferred stock, par value $0.0001 per share—500,000 shares authorized, none issued and outstanding	0	0
Common stock, par value $0.0001 per share—500,000,000 shares authorized at December 31, 2020 and 2019; 62,820,351 and 61,576,494 shares issued and outstanding at December 31, 2020 and 2019, respectively	6	6
Additional paid-in capital	560,210	526,199
Accumulated deficit	(194,867)	(142,115)
Accumulated other comprehensive income	1,748	0
Total stockholders’ equity	367,097	384,090
Total liabilities and stockholders’ equity	$ 468,006	$ 451,923

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	500,000	500,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	62,820,351	61,576,494
Common stock, outstanding (in shares)	62,820,351	61,576,494

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net revenues	$ 406,785	$ 297,897	$ 87,934
Cost of goods sold	284,510	198,141	70,360
Gross profit	122,275	99,756	17,574
Research and development expenses	31,535	20,650	9,587
Selling, general and administrative expenses	133,655	74,726	34,461
Restructuring expenses	6,430	4,869	1,515
Total operating expenses	171,620	100,245	45,563
Loss from operations	(49,345)	(489)	(27,989)
Other expense, net:
Interest expense	(2,576)	(3,071)	(1,128)
Remeasurement of warrant liability	0	(12,503)	(1,120)
Other, net	(759)	3,629	352
Total other expense, net	(3,335)	(11,945)	(1,896)
Loss before taxes	(52,680)	(12,434)	(29,885)
Income tax expense	72	9	1
Net loss	$ (52,752)	$ (12,443)	$ (29,886)
Net loss per share available to common stockholders—basic and diluted (in dollars per share)	$ (0.85)	$ (0.29)	$ (4.75)
Weighted average common shares outstanding—basic and diluted (in shares)	62,290,445	42,274,777	6,287,172

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (52,752)	$ (12,443)	$ (29,886)
Other comprehensive income, net of tax:
Foreign currency translation gain, net of tax	1,748	0	0
Comprehensive loss, net of tax	$ (51,004)	$ (12,443)	$ (29,886)

- 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 Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Loans to Related Parties	Accumulated Deficit	Accumulated Comprehensive Income	IPO	IPO Common Stock	IPO Additional Paid-in Capital	Secondary Offering	Secondary Offering Common Stock	Secondary Offering Additional Paid-in Capital	Series G	Series H
Beginning balance (in shares) at Dec. 31, 2017	39,361,211
Beginning balance at Dec. 31, 2017	$ 148,194
Preferred Stock
Issuance of Series G preferred stock, net of issuance costs (in shares)													125,684	2,075,216
Issuance of Series G preferred stock, net of issuance costs													$ 1,347	$ 49,999
Ending balance (in shares) at Dec. 31, 2018	41,562,111
Ending balance at Dec. 31, 2018	$ 199,540
Beginning balance (in shares) at Dec. 31, 2017		5,724,506
Beginning balance at Dec. 31, 2017	(95,913)	$ 1	$ 4,823	$ (951)	$ (99,786)	$ 0
Common Stock
Net loss	(29,886)				(29,886)
Issuance of common stock, net	0
Reclassification of warrant liability to additional paid-in capital upon closing of the initial public offering	$ 0
Exercise of common stock options (in shares)	1,139,962	1,139,962
Exercise of common stock options	$ 1,369		1,369
Share-based compensation for equity-classified awards	2,241		2,241
Re-purchase of common stock (in shares)		(48,909)
Re-purchase of common stock	(514)		(514)
Grant of restricted stock (in shares)		135,791
Grant of restricted stock	2		2
Payoff of promissory notes receivable for restricted stock purchase	951			951
Foreign currency translation gain, net of tax	0
Ending balance (in shares) at Dec. 31, 2018		6,951,350
Ending balance at Dec. 31, 2018	$ (121,750)	$ 1	7,921	0	(129,672)	0
Preferred Stock
Issuance of common stock upon conversion of convertible preferred stock (in shares)	(41,562,111)
Issuance of common stock upon conversion of convertible preferred stock	$ (199,540)
Ending balance (in shares) at Dec. 31, 2019	0
Ending balance at Dec. 31, 2019	$ 0
Common Stock
Net loss	(12,443)				(12,443)
Issuance of common stock, net (in shares)		41,562,111						11,068,750			250,000
Issuance of common stock, net	199,540	$ 4	199,536				$ 252,453	$ 1	$ 252,452	$ 37,394		$ 37,394
Issuance of common stock upon exercise of common stock warrants (in shares)		214,875
Reclassification of warrant liability to additional paid-in capital upon closing of the initial public offering	$ 14,421		14,421
Exercise of common stock options (in shares)	1,429,756	1,529,408
Exercise of common stock options	$ 2,669		2,669
Share-based compensation for equity-classified awards	11,806		11,806
Foreign currency translation gain, net of tax	0
Ending balance (in shares) at Dec. 31, 2019		61,576,494
Ending balance at Dec. 31, 2019	$ 384,090	$ 6	526,199	0	(142,115)	0
Ending balance (in shares) at Dec. 31, 2020	0
Ending balance at Dec. 31, 2020	$ 0
Common Stock
Net loss	(52,752)				(52,752)
Issuance of common stock under equity incentive plans, net (in shares)		1,243,857
Issuance of common stock under equity incentive plans, net	6,732		6,732
Issuance of common stock, net	0
Reclassification of warrant liability to additional paid-in capital upon closing of the initial public offering	$ 0
Exercise of common stock options (in shares)	1,163,374
Share-based compensation for equity-classified awards	$ 27,279		27,279
Foreign currency translation gain, net of tax	1,748					1,748
Ending balance (in shares) at Dec. 31, 2020		62,820,351
Ending balance at Dec. 31, 2020	$ 367,097	$ 6	$ 560,210	$ 0	$ (194,867)	$ 1,748

Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
IPO
Stock offering costs	$ 4,900
Series G
Temporary equity, issuance costs	27
Series H
Temporary equity, issuance costs	$ 284

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (52,752)	$ (12,443)	$ (29,886)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,299	8,106	4,921
Non-cash lease expense	2,341
Share-based compensation expense	27,279	12,807	2,241
Loss on sale of fixed assets	222	93	76
Amortization of debt issuance costs	256	181	109
Loss on extinguishment of debt	1,538	0	0
Change in preferred and common stock warrant liabilities	0	12,503	1,120
Net change in operating assets and liabilities:
Accounts receivable	4,516	(27,454)	(9,045)
Inventories	(38,863)	(51,339)	(22,113)
Prepaid expenses and other assets	(9,699)	(2,362)	325
Accounts payable	16,027	10,149	10,455
Accrued expenses and other current liabilities	(1,965)	2,743	3,798
Operating lease liabilities	(2,194)
Long-term liabilities	0	21	278
Net cash used in operating activities	(39,995)	(46,995)	(37,721)
Cash flows used in investing activities:
Purchases of property, plant and equipment	(57,696)	(23,795)	(22,228)
Asset acquisition	(15,482)	0	0
Proceeds from sale of fixed assets	0	0	67
Purchases of property, plant and equipment held for sale	(2,288)	(2,123)	(1,022)
Proceeds from sale of assets held for sale	599	299	0
Payment of security deposits	(33)	(545)	(59)
Net cash used in investing activities	(74,900)	(26,164)	(23,242)
Cash flows from financing activities:
Proceeds from issuance of common stock pursuant to the initial public offering, net of issuance costs	0	254,868	0
Proceeds from issuance of common stock pursuant to the secondary public offering, net of issuance costs	0	37,394	0
Proceeds from revolving credit facility	50,000	0	0
Proceeds from revolving credit line	0	0	6,000
Proceeds from term loan borrowing	0	0	20,000
Proceeds from equipment loan borrowing	0	0	5,000
Proceeds from payoff of notes receivable for restricted stock purchase	0	0	951
Debt issuance costs	(1,224)	0	(437)
Debt extinguishment costs	(1,200)	0	0
Repayments on revolving credit facility	(25,000)	0	0
Repayments on revolving credit line	(6,000)	0	(2,500)
Repayment on term loan	(20,000)	0	(1,000)
Repayment of equipment loan	(5,000)	0	0
Repayment of Missouri Note	0	0	(1,450)
Principal payments under finance lease obligations	(70)
Principal payments under finance lease obligations		(55)	(153)
Proceeds from exercise of stock options	9,007	2,669	1,369
Proceeds from restricted stock exercise	0	0	2
Payments of minimum withholding taxes on net share settlement of equity awards	(2,275)	0	0
Payments of deferred offering costs	0	0	(2,415)
Payment for repurchase of common stock	0	0	(514)
Net cash (used in) provided by financing activities	(1,762)	294,876	76,199
Net (decrease) increase in cash and cash equivalents	(116,657)	221,717	15,236
Cash and cash equivalents at the beginning of the period	275,988	54,271	39,035
Effect of exchange rate changes on cash	(204)	0	0
Cash and cash equivalents at the end of the period	159,127	275,988	54,271
Cash paid during the period for:
Interest	2,564	3,019	924
Taxes	18	9	4
Non-cash investing and financing activities:
Finance lease obligations for the purchase of property, plant and equipment	0	225	85
Issuance of convertible preferred stock warrants in connection with debt	0	0	248
Non-cash additions to property, plant and equipment	10,719	1,418	1,146
Offering costs, accrued not yet paid	0	0	745
Operating lease right-of-use assets obtained in exchange for lease liabilities	4,706
Note receivable from sale of assets held for sale	4,558	0	0
Reclassification of warrant liability to additional paid-in capital in connection with the initial public offering	0	14,421	0
Conversion of convertible preferred stock to common stock upon initial public offering	0	199,540	0
Series H
Cash flows from financing activities:
Proceeds from preferred stock offering, net of offering costs	0	0	49,999
Series G
Cash flows from financing activities:
Proceeds from preferred stock offering, net of offering costs	$ 0	$ 0	$ 1,347

Introduction	12 Months Ended
Introduction	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Introduction	Introduction The Company Beyond Meat, Inc., a Delaware corporation (the “Company”), is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary plant-based meats. The Company builds meat directly from plants, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating the Company’s plant-based meat products. The Company’s brand commitment, “Eat What You Love,” represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based meat, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. On September 7, 2018, the Company changed its name from Savage River, Inc. to Beyond Meat, Inc. On January 14, 2020, the Company registered its subsidiary, Beyond Meat EU B.V., in the Netherlands. On April 28, 2020, the Company registered its subsidiary, Beyond Meat (Jiaxing) Food Co., Ltd. (“BYND JX”), in the Zhejiang Province in China. The Company’s primary production facilities are located in Columbia, Missouri, and research and development and administrative offices are located in El Segundo, California. In addition to its own production facilities, the Company uses co-manufacturers in various locations in the United States, Canada and the Netherlands. In the second quarter of 2020, the Company acquired its first manufacturing facility in Europe located in Enschede, the Netherlands. This facility completed operational testing of dry blend production in late 2020 and is expected to begin commercial trial runs in the second quarter of 2021. In addition, in June 2020 the Company announced the official opening of a new co-manufacturing facility to be used for Beyond Meat production built by the Company’s distributor in the Netherlands. In the third quarter of 2020, the Company and BYND JX entered into an investment agreement and related factory leasing contract to design and develop manufacturing facilities in the Jiaxing Economic & Technological Development Zone to manufacture plant-based meat products under the Beyond Meat brand in China. Renovations in the leased facility commenced at the end of 2020 with trial production expected in the first quarter of 2021 and full-scale end-to-end production expected by the end of the second quarter of 2021. The Company sells to a variety of customers in the retail and foodservice channels throughout the United States and internationally primarily through distributors who purchase, store, sell, and deliver the Company’s products. In addition, the Company sells directly to customers in the retail and foodservice channels who handle their own distribution. In the third quarter of 2020, the Company launched an e-commerce site to sell its products direct to consumers. As of December 31, 2020, approximately 90% of the Company’s long-lived assets were located in the United States. Initial Public Offering On May 6, 2019, the Company completed its initial public offering (“IPO”) of common stock in which it sold 11,068,750 shares. The shares began trading on the Nasdaq Global Select Market on May 2, 2019. The shares were sold at a public offering price of $25.00 per share for net proceeds of approximately $252.4 million, after deducting underwriting discounts and commissions of $19.4 million and issuance costs of approximately $4.9 million payable by the Company. Upon the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock automatically converted into 41,562,111 shares of common stock on a one-for-one basis, and warrants exercisable for convertible preferred stock were automatically converted into warrants exercisable for a total of 160,767 shares of common stock. Secondary Public Offering On August 5, 2019, the Company completed a secondary public offering (“Secondary Offering”) of common stock in which it sold 250,000 shares and the selling stockholders sold 3,487,500 shares. The shares were sold at a public offering price of $160.00 per share for net proceeds to the Company of approximately $37.4 million, after deducting underwriting discounts and commissions of $1.5 million and issuance costs of approximately $1.1 million payable by the Company. Total Secondary Offering issuance costs paid in 2019 were approximately $2.2 million, of which approximately $1.1 million was capitalized to reflect the costs associated with the issuance of new shares and offset against proceeds from the Secondary Offering. The Company did not receive any proceeds from the sale of common stock by the selling stockholders. COVID-19 On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. The global spread and unprecedented impact of COVID-19 continues to create significant volatility, uncertainty and economic disruption. The Company’s operations and its financial results including net revenues, gross profit, gross margin and operating expenses were negatively impacted by COVID-19 in 2020. The extent of COVID-19’s effect on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic (including any resurgences), impact of the new COVID-19 variants and the rollout of COVID-19 vaccines, and the level of social and economic restrictions imposed in the United States and abroad in an effort to curb the spread of the virus, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on the Company’s business, results of operations, financial condition or liquidity. While the ultimate economic impact of COVID-19 continues to be uncertain, the Company expects that the adverse impact of COVID-19 on its business operations and results of operations, including its net revenues, gross profit, gross margin, earnings and cash flows, will continue into 2021. Future events and effects related to COVID-19 cannot be determined with precision and actual results could significantly differ from estimates or forecasts. Emerging Growth Company Status Upon the completion of the Company’s IPO, the Company elected to be an Emerging Growth Company (“EGC”), as defined in the Jumpstart Our Business Startups Act (“JOBS Act”). Effective December 31, 2020, the Company lost its EGC status and is now categorized as a Large Accelerated Filer based upon the current market capitalization of the Company according to Rule 12b-2 of the Exchange Act. As a result, the Company must comply with all financial disclosure and governance requirements applicable to Large Accelerated Filers.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and include the accounts of the Company and its subsidiaries. All inter-company balances and transactions have been eliminated.

Fiscal Year

The Company operates on a fiscal calendar year, and each interim quarter is comprised of one 5-week period and two 4-week periods, with each week ending on a Saturday. The Company’s fiscal year

always begins on January 1 and ends on December 31. As a result, the Company’s first and fourth fiscal quarters may have more or fewer days included than a traditional 91-day fiscal quarter.

Segment Information

The Company has one operating segment and one reportable segment, as the Company’s chief operating decision maker, who is the Company’s Chief Executive Officer, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.

Management’s Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates made by the Company include trade promotion accruals; useful lives of property, plant and equipment; valuation of deferred tax assets; valuation of inventory; incremental borrowing rate used to determine operating lease right-of-use assets and operating lease liabilities; assessment of contract-based factors, asset-based factors, entity-based factors and market-based factors to determine the lease term impacting right-of-use assets and lease liabilities; the valuation of the fair value of stock options used to determine share-based compensation expense; and the valuation of the fair value of common stock and preferred stock used in the remeasurement of warrants and liabilities. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates and such differences may be material to the financial statements.

Reverse Stock Split

On January 2, 2019, the Company effected a 3-to-2 reverse stock split of its outstanding common stock and convertible preferred stock, including outstanding stock options and common and convertible preferred stock warrants. The reverse stock split did not result in an adjustment to par value. All references in the accompanying financial statements and related notes to the number of shares of common stock, convertible preferred stock, warrants and options to purchase common stock and per share data reflect the effect of the reverse stock split.

Comprehensive Loss

Comprehensive loss includes unrealized gains (losses) on the Company’s foreign currency translation adjustments for the year ended December 31, 2020. During the years ended December 31, 2019 and 2018, the Company had no foreign operations, and as a result, comprehensive loss was equal to net loss for the years ended December 31, 2019 and 2018. Income taxes on the unrealized losses are not material.

Foreign Currency

The Company’s foreign entities use their local currency as the functional currency. For these entities, the Company translates net assets into U.S. dollars at period end exchange rates, while revenue and expense accounts are translated at average exchange rates prevailing during the periods being reported. Resulting currency translation adjustments are included in accumulated other comprehensive income and foreign currency transaction gains and losses are included in other, net. Transaction gains and losses on long-term intra-entity transactions are recorded as a component of other comprehensive income. Transactions denominated in a currency other than the reporting entity’s functional currency may give rise to transaction gains and losses that impact the Company’s results of operations.

Unrealized translation gains, net of tax, reported as cumulative translation adjustments through other comprehensive income were $1.7 million as of December 31, 2020. Foreign currency transaction losses included in other, net were $0.2 million, $0 and $0 during the years ended December 31, 2020, 2019 and 2018, respectively.

Fair Value of Financial Instruments

The fair value measurement accounting guidance creates a fair value hierarchy to prioritize the inputs used to measure fair value into three categories. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement, where Level 1 is the highest and Level 3 is the lowest.

The three levels are defined as follows:

•Level 1—Unadjusted quoted prices in active markets accessible by the reporting entity for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant value drivers are observable.

•Level 3—Valuations derived from valuation techniques in which significant value drivers are unobservable.

The Company’s financial instruments include cash equivalents, accounts receivable, accounts payable, and accrued expenses, for which the carrying amounts approximate fair value due to the short-term maturity of these financial instruments. Based on the borrowing rates currently available to the Company for debt with similar terms, the carrying value of the Company’s revolving credit facility approximates fair value as well.

The Company had no financial instruments measured at fair value on a recurring basis as of December 31, 2020 and 2019. other than the liability classified share-settled obligation to one of the Company’s executive officers as discussed in Note 10 which represents a Level 1 financial instrument.

Prior to the IPO, the stock warrant liability was measured at fair value using Level 3 inputs upon issuance and at each reporting date. Inputs used to determine the estimated fair value of the warrant liability as of the valuation date included expected term of the warrants, the risk-free interest rate, volatility, and the fair value of underlying shares. There were no transfers of financial assets or liabilities into or out of Level 1, Level 2 or Level 3 for 2020, 2019 or 2018.

The key assumptions used in the Black-Scholes option-pricing model for the valuation of the preferred stock warrant liability upon re-measurement were as follows:


			Year Ended December 31, 2018
Expected term (in years)			2.0
Fair value of underlying shares			$19.02
Volatility			55.0%
Risk-free interest rate			2.48%
Dividend yield			—

Generally, increases or decreases in the fair value of the underlying convertible preferred stock or common stock would result in a directionally similar impact in the fair value measurement of the associated warrant liability.

The following table sets forth a summary of the changes in the fair value of the preferred and common stock warrant liabilities:


	Year Ended December 31, 2019
(in thousands)
Beginning balance	$	1,918
Fair value of warrants issued during the period	—
Change in fair value of warrant liability	12,503
Reclassification of warrant liability to additional paid-in capital in connection with the IPO	(14,421)
Ending balance	$	—

The Company remeasured and reclassified the common stock warrant liability to additional paid-in-capital in connection with the IPO. The final re-measurement of the preferred stock warrant was based upon the publicly available stock price on the conversion date. Subsequent to the closing of the IPO, all outstanding warrants to purchase shares of common stock were cashless exercised and no warrants were outstanding as of December 31, 2020 and 2019.

Cash and Cash Equivalents

The Company maintains cash balances at two financial institutions in the United States. The cash balances may, at times, exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation or FDIC up to $250,000. The Company considers all highly liquid investments with original maturity dates of 90 days or less to be cash equivalents. Cash equivalents comprise of approximately 80% in demand deposits and approximately 20% in money market accounts.

Accounts Receivable

The Company records accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any anticipated losses on the accounts receivable balances and recorded in allowance for doubtful accounts. Allowance for doubtful accounts is calculated based on the Company’s history of write-offs, level of past due accounts, and relationships with and economic status of the Company’s distributors or customers. The Company had no allowance for doubtful accounts as of December 31, 2020 or 2019.

Inventories and Cost of Goods Sold

Inventories are recorded at lower of cost or net realizable value. The Company accounts for inventory using the weighted average cost method. In addition to product cost, inventory costs include expenditures such as direct labor and certain supply and overhead expenses including in-bound shipping and handling costs incurred in bringing the inventory to its existing condition and location. Inventories are comprised primarily of raw materials, direct labor, and overhead costs. Weighted average cost method is used to absorb raw materials, direct labor, and overhead into inventory. The Company reviews inventory quantities on hand and records a provision for excess and obsolete inventory based primarily on historical demand, and the age of the inventory, among other factors.

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and are depreciated using the straight-line method over the following estimated useful lives:


Land						Not amortized
Buildings						30 years
Leasehold improvements						Shorter of lease term or estimated useful life
Furniture and fixtures						3 years
Manufacturing equipment						5 to 10 years
Research and development equipment						5 to 10 years
Software and computer equipment						3 years
Vehicles						5 years

Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the asset or the remaining lease term. When assets are sold or retired, the asset and related accumulated depreciation are removed from the respective account balances and any gain or loss on disposal is included in loss from operations. Expenditures for repairs and maintenance are charged directly to expense when incurred. See Note 7.

Accounting for Acquisition

The Company follows the guidance in ASC 805, Business Combinations, for determining whether an acquisition meets the definition of a business combination or asset acquisition. The acquired assets may include, but are not limited to land, building, building improvements, manufacturing equipment and assembled work force.

For acquisitions that are accounted for as acquisitions of assets, the Company records the acquired tangible and intangible assets and assumed liabilities, if any, based on each asset’s and liability's relative fair value at the acquisition date to the total purchase price plus capitalized acquisition costs. The method for determining relative fair value varies depending on the type of asset.

The Company has completed one acquisition to date. See Note 5.

Impairment of Long-Lived Assets

Long-lived assets, including property and equipment, are reviewed by management for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. When events or circumstances indicate that impairment may be present, management evaluates the probability that future undiscounted net cash flows received will be less than the carrying amount of the asset. If projected future undiscounted cash flows are less than the carrying value of an asset, then such assets are written down to their fair values. Other than the write off of certain property, plant and equipment in connection with the restructuring efforts disclosed in Note 3, the Company concluded that no long-lived assets were impaired during the fiscal years ended December 31, 2020, 2019 and 2018.

Deferred Offering Costs

Offering costs, consisting primarily of legal, accounting, printing and filing services, and other direct fees and costs related to the IPO, were capitalized and offset against proceeds from the IPO. Total IPO issuance costs were $4.9 million, of which $2.4 million was incurred and paid as of December 31, 2018 and an additional $2.5 million was incurred and paid in 2019. Total Secondary Offering costs paid in 2019 were approximately $2.2 million, of which approximately $1.1 million was capitalized to reflect the costs associated with the issuance of new shares and offset against proceeds from the Secondary Offering. The remainder of the Secondary Offering costs were associated with the expense of selling existing shares by the selling stockholders and were recorded in SG&A expenses in the statement of operations for 2019. There were no unpaid IPO issuance costs or Secondary Offering issuance costs in accounts payable or prepaid IPO issuance costs in prepaid expenses as of December 31, 2020.

Stock Warrant Liability

The Company accounted for freestanding warrants outstanding to purchase shares of its common stock or, prior to its IPO, its convertible preferred stock or common stock, as a liability, as the underlying shares of convertible preferred stock and common stock were contingently redeemable and, therefore, could have obligated the Company to transfer assets at some point in the future. The warrants were recorded at fair value upon issuance and were subject to remeasurement at each balance sheet date. Any change in fair value has been recognized in the statements of operations in total other expense, net.

Prior to the IPO, the Company had outstanding warrants to purchase an aggregate of 60,002 shares of its common stock at an exercise price of $3.00 per share, 121,694 shares of its Series B convertible preferred stock at an exercise price of $1.07 per share and 39,073 shares of its Series E convertible preferred stock at an exercise price of $3.68 per share. On May 6, 2019, in connection with the IPO, the warrants exercisable for convertible preferred stock were automatically converted into warrants exercisable for a total of 160,767 shares of common stock at the same respective exercise price per share. Subsequent to the closing of the IPO, all outstanding warrants to purchase shares of common stock were cashless exercised.

Income Taxes

The Company is subject to federal and state income taxes. The Company uses the asset and liability method of accounting for income taxes as set forth in the authoritative guidance for accounting for income taxes. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the respective carrying amounts and tax basis of assets and liabilities. A valuation allowance is established against the portion of deferred tax assets that the Company believes will not be realized on a more likely than not basis.

With respect to uncertain tax positions, the Company recognizes in its financial statements those tax positions determined to be more likely than not of being sustained upon examination, based on the

technical merits of the positions. The Company’s policy is to recognize, when applicable, interest and penalties on uncertain tax positions as part of income tax expense. See Note 12.

Leases

The Company leases certain equipment used for research and development and operations under both capital and operating lease agreements. An asset and a corresponding liability for the finance lease obligations are established for the cost of a finance lease. Finance lease assets are included in property, plant and equipment, net in the Company’s consolidated balance sheets.

Operating leases include lease arrangements for the Company’s corporate offices, the Manhattan Beach Project Innovation Center, manufacturing facilities and, to a lesser extent, equipment. Operating leases with a term greater than one year are recorded on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities at the commencement date. The Company records these balances initially at the present value of future minimum lease payments calculated using the Company’s incremental borrowing rate and expected lease term. Certain adjustments to the operating lease right-of-use assets may be required for items such as initial direct costs paid or incentives received. Upon adoption of ASU 2016-02, the Company elected to combine lease and non-lease components on all new or modified leases into a single lease component, for all classes of assets other than the co-manufacturing class of assets, which we recognize over the expected term on a straight-line expense basis. The Company elected to separate the lease and non-lease components on all new or modified operating leases for the co-manufacturing class of assets for the purpose of recording operating lease right-of-use assets and operating lease liabilities. Prior to fiscal 2020, the Company accounted for leases under ASC 840 and did not record operating leases on its consolidated balance sheets. See Note 4.

Contingencies

The Company is subject to a range of claims, lawsuits, and administrative proceedings that arise in the ordinary course of business. The Company accrues a liability (which amount includes litigation costs expected to be incurred) and charges operations for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated, in accordance with the recognition criteria of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 450, Contingencies. Estimating liabilities and costs associated with these matters require significant judgment based upon the professional knowledge and experience of management and its legal counsel. See Note 11.

Revenue Recognition

In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which, along with subsequent ASUs, amended the existing accounting standards for revenue recognition (“Topic 606”). This guidance is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled to receive when products are transferred to customers. ASU 2014-09 was effective for the Company beginning January 1, 2019. The majority of the Company’s contracts with customers generally consist of a single performance obligation to transfer promised goods. Based on the Company’s evaluation and review of its contracts with customers, the timing and amount of revenue recognized based on ASU 2014-09 is consistent with the Company’s revenue recognition policy under previous guidance. The Company has therefore concluded that the adoption of ASU 2014-09 did not have a material impact on its financial position, results of operations, or cash flows.

Revenue is recognized at the point in which the performance obligation under the terms of a contract with the customer have been satisfied and control has transferred. The Company’s performance obligation is typically defined as the accepted purchase order, the direct-to-consumer order, or the contract with the customer which requires the Company to deliver the requested products at agreed upon

prices at the time and location of the customer’s choice. The Company does not offer warranties or a right to return on the products it sells except in the instance of a product recall.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for fulfilling the performance obligation. Sales and other taxes the Company collects concurrent with the sale of products are excluded from revenue. The Company's normal payment terms vary by the type and location of its customers and the products offered. The time between invoicing and when payment is due is not significant. None of the Company's customer contracts as of December 31, 2020 contains a significant financing component.

The Company routinely offers sales discounts and promotions through various programs to its customers and consumers. These programs include rebates, temporary on shelf price reductions, buy-one-get-one free programs, off invoice discounts, retailer advertisements, product coupons and other trade activities. Provision for discounts and incentives are recorded in the same period in which the related revenues are recognized. At the end of each accounting period, the Company recognizes a liability for estimated sales discounts that have been incurred but not paid which totaled $3.6 million and $1.6 million as of December 31, 2020 and 2019, respectively. The offsetting charge is recorded as a reduction of revenues in the same period when the expense is incurred.

The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. The incremental cost to obtain contracts was not material.

Presentation of Net Revenues by Channel

Effective January 1, 2020, the Company began presenting net revenues by geography and distribution channel as follows:


Distribution Channel						Description
U.S. Retail						Net revenues from retail sales to the U.S. market(1)
U.S. Foodservice						Net revenues from restaurant and foodservice sales to the U.S. market
International Retail						Net revenues from retail sales to international markets, including Canada
International Foodservice						Net revenues from restaurant and foodservice sales to international markets, including Canada

____________

(1) Includes net revenues from direct-to-consumer sales.

Net revenues from sales to the Canadian market, previously included with net revenues from sales to the U.S. market, have been reclassified to International net revenues. Prior period amounts have been recast to conform to the current period presentation. The foregoing change in presentation had no impact on the Company’s net revenues, results of operations or cash flows.

Effective January 1, 2020, the Company also eliminated the presentation of net revenues by platform as it is no longer material to an understanding of the Company’s financial results. Previously, the Company presented net revenues by platform for its “ready-to-cook” or fresh platform, and “ready-to-heat” or frozen platform. Gross revenues from sales of products in the Company’s frozen platform were 5.5% of gross revenues in the year ended December 31, 2019, as compared to 16.3% of gross revenues in the year ended December 31, 2018.

The following table presents the Company’s net revenues by channel:


	Year Ended December 31,
	2020		2019		2018
(in thousands)
U.S.:
Retail	$	264,111	$	129,383	$	49,772
Foodservice	60,763		70,372		20,717
U.S. net revenues	324,874		199,755		70,489
International:
Retail	36,472		15,426		1,007
Foodservice	45,439		82,716		16,438
International net revenues	81,911		98,142		17,445
Net revenues	$	406,785	$	297,897	$	87,934

One customer accounted for approximately 13% of the Company’s gross revenues in 2020; two distributors accounted for approximately 17% and 16%, respectively, of the Company’s gross revenues in 2019; and three distributors accounted for approximately 32%, 21% and 13%, respectively, of the Company’s gross revenues in 2018. No other distributor or customer accounted for more than 10% of the Company’s gross revenues in 2020, 2019 or 2018.

Earnings (Loss) Per Share

Earnings (loss) per share (“EPS”) represents net income available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS represents net income available to common stockholders divided by the weighted-average number of common shares outstanding, inclusive of the dilutive impact of potential common shares outstanding during the period. Such potential common shares include options, unvested restricted stock, restricted stock units (“RSUs”), contracts classified as assets or liabilities that are required or assumed to be share-settled under the two-class method, warrants and convertible preferred stock.

The Company calculates basic and diluted EPS available to common stockholders in conformity with the two-class method required for companies with participating securities. The Company considers all series of convertible preferred stock issued and outstanding prior to the IPO to be participating securities. Under the two-class method, the net loss available to common stockholders was not allocated to the convertible preferred stock as the holders of convertible preferred stock issued and outstanding prior to the IPO did not have a contractual obligation to share in losses. Computation of EPS for the years ended December 31, 2020 and 2019 also excludes adjustments under the two-class method relating to a liability classified, share-settled obligation to an executive officer to deliver a variable number of shares based on a fixed monetary amount because the shares to be delivered are not participating securities as they do not have voting rights and are not entitled to participate in dividends until they are issued.

Nonvested restricted stock awards (referred to as participating securities) are excluded from the dilutive impact of common equivalent shares outstanding in accordance with authoritative guidance under the two-class method. The nonvested restricted stockholders are entitled to participate in dividends declared on common stock as if the shares were fully vested and hence nonvested restricted stock shares are deemed to be participating securities. Under the two-class method, net income, but not net loss, available to nonvested restricted stockholders is excluded from net income available to common

stockholders for purposes of calculating basic and diluted EPS. Net loss available to common stockholders is not allocated to unvested restricted stock as the holders of unvested restricted stock do not have a contractual obligation to share in losses. In periods when the Company records net loss, all potential common shares are excluded in the computation of EPS because their inclusion would be anti-dilutive. See Note 13.

Prepaid Expenses

Prepaid expenses primarily include prepaid rent and insurance, which are expensed in the period to which they relate.

Selling, General and Administrative (“SG&A”) Expenses

SG&A expenses are primarily comprised of selling, marketing expenses and administrative expenses, share-based compensation, outbound shipping and handling costs, non-manufacturing rent expense, depreciation and amortization expense on non-manufacturing assets and other non-production operating expenses. Selling and marketing expenses include share-based compensation awards to brand ambassadors, advertising costs, costs associated with consumer promotions, product samples and sales aids incurred to acquire new customers, retain existing customers and build brand awareness. Administrative expenses include the expenses related to management, accounting, legal, IT, and other office functions. Advertising costs are expensed as incurred. Advertising costs in the years ended December 31, 2020, 2019 and 2018 were $0.3 million, $0.3 million and $62,000, respectively. Non-advertising related components of the Company’s total marketing expenditures primarily include costs associated with consumer promotions, product sampling, and sales aids, which are also included in SG&A.

Shipping and Handling Costs

The Company does not bill its distributors or customers shipping and handling fees. The Company’s products are predominantly shipped to its distributors or customers as “FOB Destination,” with control of the products transferred to the customer at the destination. In-bound shipping and handling costs incurred in manufacturing a product are included in inventory and reflected in cost of goods sold when the sale of that product is recognized. Outbound shipping and handling costs, including shipping and handling costs related to direct-to-consumer sales, are considered as fulfillment costs and are recorded in SG&A expenses. Outbound shipping and handling costs included in SG&A expenses in 2020, 2019 and 2018 were $11.9 million, $10.9 million and $6.1 million, respectively.

Research and Development

Research and development costs, which includes enhancements to existing products and new product development, are expensed in the period incurred. Research and development expenses primarily consist of personnel and related expenses for the Company’s research and development staff, including salaries, benefits, bonuses, and share-based compensation, scale-up expenses, and depreciation and amortization expense on research and development assets. Research and development expenses in the years ended December 31, 2020, 2019 and 2018, were $31.5 million, $20.7 million and $9.6 million, respectively.

Share-Based Compensation

The Company measures all share-based compensation cost at the grant date, based on the fair values of the awards that are ultimately expected to vest, and recognizes that cost as an expense in its statements of operations over the requisite service period. The Company estimates the fair value of option awards using the Black-Scholes option valuation model, which requires management to make certain assumptions for estimating the fair value of stock options at the date of grant including the fair value and projected volatility of the underlying common stock and the expected term of the award. The

In addition, the Company estimates the expected impact of forfeited awards and recognizes share-based compensation cost only for those awards ultimately expected to vest. If actual forfeiture rates differ materially from the Company’s estimates, share-based compensation expense could differ significantly from the amounts the Company has recorded in the current period. The Company periodically reviews actual forfeiture experience and will revise its estimates, as necessary. The Company will recognize as compensation cost the cumulative effect of the change in estimated forfeiture rates on current and prior periods in earnings of the period of revision. As a result, if the Company revises its assumptions and estimates, the Company’s share-based compensation expense could change materially in the future. See Note 10.

Employee Benefit Plan

On January 1, 2017 the Company initiated a 401(k) retirement saving plan (“401-K Plan”) for the benefit of eligible employees. Under terms of this plan, eligible employees are able to make contributions of their wages on a tax-deferred basis. The Company has incurred $0.7 million, $0.2 million and $0 in matching contribution to the 401-K Plan in 2020, 2019 and 2018, respectively.

Restructuring Plan

The Company accounts for exit or disposal of activities in accordance with ASC 420, Exit or Disposal Cost Obligations. The Company defines a business restructuring as an exit or disposal activity that includes but is not limited to a program which is planned and controlled by management and materially changes either the scope of a business or the manner in which that business is conducted. Business restructuring charges may include (i) contract termination costs and (ii) other related costs associated with exit or disposal activities.

Contract termination costs include costs to terminate a contract or costs that will continue to be incurred under the contract without benefit to the Company. A liability is recognized and measured at its fair value when the Company either terminates the contract or ceases using the rights conveyed by the contract. See Note 3.

Related-Party Transactions

Seth Goldman

The Company entered into a consulting agreement with Seth Goldman, the Company’s Executive Chair, on March 2, 2016, which was amended and restated on November 15, 2018 and further amended on April 8, 2019. Pursuant to the consulting agreement, the Company paid Mr. Goldman $20,210.33 per month for services rendered under the consulting agreement.

Effective February 27, 2020, Seth Goldman resigned as Executive Chair of the Company. Upon such resignation, Mr. Goldman continued to serve in his capacity as a Class I director and Chair of the Board of the Company. In connection with Mr. Goldman’s resignation as Executive Chair, the Company and Mr. Goldman terminated the consulting agreement effective as of February 27, 2020. Total consulting fees paid to Mr. Goldman under the consulting agreement prior to its termination in 2020, 2019 and 2018 were $60,631, $265,548 and $189,583, respectively. In addition, Mr. Goldman was entitled to receive a bonus for service in 2019 in the amount of $121,260, which was paid in the first quarter of 2020.

Bernhard van Lengerich

The Company first entered into an advisor agreement with Food System Strategies, LLC in October 2015. Bernhard van Lengerich. Ph.D., a member of the Company’s Board of Directors, is the Chief Executive Officer of Food System Strategies, LLC. Pursuant to this advisor agreement, the Company paid Food System Strategies, LLC $4,000 for each day Dr. van Lengerich provided services. In February 2016, the Company entered into a new advisor agreement with Food System Strategies, LLC, which superseded the original agreement and provided for a $25,000 monthly retainer and a non-qualified stock option covering 532,590 shares of common stock, which vested in equal monthly installments over three years in consideration of Dr. van Lengerich providing services as the Company’s interim Chief Technical Officer and head of research and development, and the increased time commitment associated with these roles. In December 2016, the advisor agreement was amended to provide for a $10,000 monthly retainer to reflect the fact that Dr. van Lengerich would only be providing advisory services five to six days a month going forward.

Effective December 31, 2019, the Company and Food System Strategies, LLC agreed that the term of the advisor agreement would end. Total advisor fees paid to Food System Strategies, LLC for the services of Mr. van Lengerich in 2019 and 2018 were $120,000 (including amounts paid in 2020) and $140,000, respectively.

Donald Thompson

In 2018, the Company reimbursed Cleveland Avenue, LLC, a venture capital investment company, led by Don Thompson, for certain costs that were incurred by Cleveland Avenue, LLC in connection with Company presentations and the hosting of Company meetings. Cleveland Avenue, LLC received $121,546 in reimbursements for staff time, food, food preparation and facility rental costs. The Company did not incur any such costs in 2020 or 2019.

Michael Pucker

Michael A. Pucker, a partner of Latham & Watkins LLP, is a former member of the Company’s board of directors and the spouse of Gigi Pritzker Pucker. Ms. Pucker may be deemed to be a holder of more than 5% of the Company’s outstanding common stock. In the years ended December 31, 2020 and 2019, the Company made aggregate payments of approximately $11.1 million and $70,695 to Latham & Watkins LLP for legal services. As of December 31, 2020, the Company had billed and unbilled fees for legal services of $1.0 million due to Latham & Watkins LLP.

Recently Adopted Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to ASC 840. ASU 2016-02 requires that a lessee recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.

On January 1, 2020, the Company adopted ASU 2016-02 using the modified retrospective approach, which permits application of this new guidance at the beginning of the period of adoption, with comparative periods continuing to be reported under ASC 840. The Company also elected the package of practical expedients permitted under the transition guidance within ASU 2016-02, which among other things, permits the Company to not reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight practical expedient or the practical expedient pertaining to land easements, the latter not being applicable to the Company. As part of this adoption, the Company elected not to record operating right-of-use assets or operating lease liabilities for leases with an initial term of 12 months or less. Payments on those leases will be recognized on a straight-line basis through the Company’s consolidated

statements of operations over the lease term. The Company elected to separate the lease and non-lease components on all new or modified operating leases for the co-manufacturing class of assets for the purpose of recording operating lease right-of-use assets and operating lease liabilities and to combine lease and non-lease components on all new or modified operating leases into a single lease component for all other classes of assets. See Note 4.

On March 12, 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). The amendments in ASU 2020-04 provide temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions to ease the potential accounting and financial reporting burden associated with transitioning away from reference rates that are expected to be discontinued, including the London Interbank Offered Rate (LIBOR). ASU 2020-04 is effective for the Company as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 has not had and is not expected to have a material impact on the Company’s financial position, results of operations, or cash flows.

New Accounting Pronouncements

In December 18, 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740)” (“ASU 2019-12”). ASU 2019-12 eliminates the need for an organization to analyze whether the following apply in a given period (1) exception to the incremental approach for intra-period tax allocation (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is permitted, including adoption in any interim period for public business entities for periods for which financial statements have not yet been issued. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. ASU 2019-12 is effective for the Company beginning on January 1, 2021. Adoption of ASU 2019-12 is not expected to result in any material changes to the way the tax provision is prepared and is not expected to have a material impact on the Company’s financial position, results of operations, or cash flows.

In August 2020, the FASB issued ASU No. 2020-06 (“ASU 2020-06”), Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ("ASU 2020-06"). The amendments in ASU 2020-06 simplify accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share ("EPS") and the treasury stock method will no longer be available. ASU 2020-06 is effective for interim and annual reporting periods beginning after December 15, 2021, with early adoption permitted. The Company will evaluate the impact of ASU 2020-06 on the Company's financial position, results of operations or cash flows, if applicable.

Restructuring	12 Months Ended
Restructuring	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring	RestructuringIn May 2017, management approved a plan to terminate the Company’s exclusive supply agreement (the “Agreement”) with one of its co-manufacturers, due to non-performance under the Agreement and on May 23, 2017, the Company notified the co-manufacturer of its decision to terminate the Agreement. In accordance with the Company’s policy of reviewing long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable, the Company determined that as of May 23, 2017, the date the Company notified the co-manufacturer of its decision to terminate the Agreement, the assets held in possession of the co-manufacturer were no longer recoverable. In 2020, 2019 and 2018, the Company recorded $6.4 million, $4.9 million and $1.5 million, respectively, in restructuring expenses related to this dispute, which consisted primarily of legal and other expenses. See Note 11 for further information. As of December 31, 2020 and 2019, the Company had $0.8 million and $1.1 million, respectively, in accrued unpaid liabilities associated with this contract termination.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

The Company’s operating and finance leases generally have original lease terms between two and 11 years, and often include one or more options to renew. Some leases also include early termination options, which can be exercised under specific conditions. The Company includes options to extend the lease term if the options are reasonably certain of being exercised. The Company currently considers its renewal options to be reasonably certain to be exercised. The Company does not have residual value guarantees or material restrictive covenants associated with its leases.

Operating lease assets represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments arising from the lease. The Company calculates the present value of its operating leases using an estimated incremental borrowing rate, which requires judgment. The Company estimates the incremental borrowing rate for each operating lease based on prevailing market rates for collateralized debt in a similar economic environment with similar payment terms and maturity dates commensurate with the terms of the lease. Certain leases contain variable payments, which are expensed as incurred and not included in the Company’s operating lease right-of-use assets and operating lease liabilities. These amounts primarily include payments for maintenance, utilities, taxes, and insurance on the Company’s corporate, research and development, and manufacturing facilities and warehouse leases and are excluded from the present value of the Company’s lease obligations.

Previously designated capital leases under ASC 840 are now considered finance leases under ASC 842. The Company calculates the present value of its finance leases using the interest rate implicit in the lease agreement.

Upon adoption of ASU 2016-02, the Company recognized operating lease right-of-use assets of $11.9 million adjusted for $0.3 million previously recorded as deferred rent and $0.2 million previously recorded as prepaid rent on the Company’s consolidated balance sheets. The Company also recorded $1.4 million in current operating lease liabilities and $10.6 million in operating lease liabilities, net of current portion.

As part of this adoption, the Company elected to not record operating lease right-of-use assets or operating lease liabilities for leases with an initial term of 12 months or less.

Subsequent to the year ended December 31, 2020, on January 14, 2021, the Company entered into a 12-year lease with two 5-year renewal options to house its corporate headquarters, lab and innovation space in El Segundo, California. See Note 14.


(in thousands)	Statement of Operations Location	Year Ended December 31, 2020
Operating lease cost:
Lease cost	Cost of goods sold	$	1,570
Lease cost	Research and development expenses	621
Lease cost	Selling, general and administrative expenses	569
Variable lease cost (1)	Cost of goods sold	17
Operating lease cost		$	2,777
Short-term lease cost	Selling, general and administrative expenses	$	311
Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	75
Interest on lease liabilities	Interest expense	13
Finance lease cost		$	88
Total lease cost		$	3,176

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

Supplemental balance sheet information as of December 31, 2020 related to leases are as follows:

(in thousands)

Balance Sheet Location

December 31, 2020

Assets

Operating leases

Operating lease right-of-use assets

14,570

Finance leases, net

Property, plant and equipment, net

212

Total lease assets

14,782

Liabilities

Current:

Operating lease liabilities

Current portion of operating lease liabilities

3,095

Finance lease liabilities

Current portion of finance lease liabilities

Long-term:

Operating lease liabilities

Operating lease liabilities, net of current portion

11,793

Finance lease liabilities

Finance lease obligations and other long-term liabilities

149

Total lease liabilities

15,108

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of December 31, 2020:


	December 31, 2020
(in thousands)	Operating Leases		Finance Leases
2021	$	3,455	$	80
2022	3,290		70
2023	2,703		58
2024	1,662		30
2025	1,301		—
Thereafter	3,914		—

Total undiscounted future minimum lease payments	16,325		238
Less imputed interest	(1,437)		(18)
Total discounted future minimum lease payments	$	14,888	$	220

Weighted average remaining lease terms and weighted average discount rates were:


	December 31, 2020
	Operating Leases		Finance Leases
Weighted average remaining lease term (years)	6.6		3.2
Weighted average discount rate	2.7	%	5.3	%

A schedule of the future minimum rental commitments under the Company’s capital lease agreements and non-cancelable operating lease agreements with an initial or remaining term in excess of one year as of December 31, 2019, in accordance with ASC 840 were as follows:


	December 31, 2019
(in thousands)	Capital Lease Obligations		Operating Lease Obligations
2020	$	86	$	1,878
2021	80		1,813
2022	71		1,817
2023	58		1,840
2024	30		1,353
Thereafter	—		5,167
Total minimum lease payments			$	13,868
Total minimum lease payments	$	325
Less: imputed interest (4.1% to 15.9%)	(34)
Total capital lease obligations	$	291
Less: current portion of capital lease obligations	(72)
Long-term capital lease obligations	$	219

Leases

As part of this adoption, the Company elected to not record operating lease right-of-use assets or operating lease liabilities for leases with an initial term of 12 months or less.


(in thousands)	Statement of Operations Location	Year Ended December 31, 2020
Operating lease cost:
Lease cost	Cost of goods sold	$	1,570
Lease cost	Research and development expenses	621
Lease cost	Selling, general and administrative expenses	569
Variable lease cost (1)	Cost of goods sold	17
Operating lease cost		$	2,777
Short-term lease cost	Selling, general and administrative expenses	$	311
Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	75
Interest on lease liabilities	Interest expense	13
Finance lease cost		$	88
Total lease cost		$	3,176

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

Supplemental balance sheet information as of December 31, 2020 related to leases are as follows:

(in thousands)

Balance Sheet Location

December 31, 2020

Assets

Operating leases

Operating lease right-of-use assets

14,570

Finance leases, net

Property, plant and equipment, net

212

Total lease assets

14,782

Liabilities

Current:

Operating lease liabilities

Current portion of operating lease liabilities

3,095

Finance lease liabilities

Current portion of finance lease liabilities

Long-term:

Operating lease liabilities

Operating lease liabilities, net of current portion

11,793

Finance lease liabilities

Finance lease obligations and other long-term liabilities

149

Total lease liabilities

15,108

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of December 31, 2020:


	December 31, 2020
(in thousands)	Operating Leases		Finance Leases
2021	$	3,455	$	80
2022	3,290		70
2023	2,703		58
2024	1,662		30
2025	1,301		—
Thereafter	3,914		—

Total undiscounted future minimum lease payments	16,325		238
Less imputed interest	(1,437)		(18)
Total discounted future minimum lease payments	$	14,888	$	220

Weighted average remaining lease terms and weighted average discount rates were:


	December 31, 2020
	Operating Leases		Finance Leases
Weighted average remaining lease term (years)	6.6		3.2
Weighted average discount rate	2.7	%	5.3	%


	December 31, 2019
(in thousands)	Capital Lease Obligations		Operating Lease Obligations
2020	$	86	$	1,878
2021	80		1,813
2022	71		1,817
2023	58		1,840
2024	30		1,353
Thereafter	—		5,167
Total minimum lease payments			$	13,868
Total minimum lease payments	$	325
Less: imputed interest (4.1% to 15.9%)	(34)
Total capital lease obligations	$	291
Less: current portion of capital lease obligations	(72)
Long-term capital lease obligations	$	219

Asset Acquisition

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Asset Acquisition

On October 30, 2020, the Company acquired certain assets including land, building and improvements, manufacturing equipment, and assembled workforce from one of its former co-manufacturers (the “Seller”). The Company did not assume any liabilities of the Seller. The Company is using this manufacturing facility primarily for the production of its finished goods. Acquisition of these assets is expected to allow the Company to reduce manufacturing and packaging costs through vertical integration and provide opportunities for the Company to test new processes and scale new products more quickly.

The total purchase consideration of $15.5 million was comprised of cash consideration of $14.5 million, subject to adjustment for customary prorations, transfer taxes, escrow holdbacks and other adjustments, and $1.0 million in acquisition-related expenses. As part of this transaction, the Company hired approximately 180 employees who were previously employed by the Seller. The Company accounted for this transaction as an asset acquisition and recorded the acquired tangible and intangible assets based on each asset’s relative fair value at the acquisition date to the total purchase price plus capitalized acquisition costs. Fair value of building and land were determined by a real estate appraisal prepared by an independent real estate appraiser. Fair value of assembled workforce was based on estimated replacement costs that utilize available market information and discount and/or capitalization rates as appropriate.

The following table details the purchase price allocation of the acquired assets based on their relative fair values as of the acquisition date:


(in thousands)
Manufacturing equipment	$	1,273
Building	9,576
Land	2,774
Assembled workforce(1)	1,859
Total	$	15,482

_____________

(1) Assembled workforce is recorded in Other non-current assets, net in the consolidated balance sheet and will be amortized over an estimated useful life of approximately 2.0 years.

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Major classes of inventory were as follows:


	December 31,
(in thousands)	2020		2019
Raw materials and packaging	$	83,702	$	36,884
Work in process	12,887		17,958
Finished goods	25,128		26,754
Total	$	121,717	$	81,596

The Company wrote off $10.8 million, $6.4 million and $0.8 million in excess and obsolete inventories and recognized that expense in cost of goods sold in its statements of operations for the years ended

December 31, 2020, 2019 and 2018, respectively. There was no write down of inventory to lower of cost or net realizable value at December 31, 2020 or 2019.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant, and equipment are stated at cost and finance lease assets are included. A summary of property, plant, and equipment as of December 31, 2020 and 2019, is as follows:


	December 31,
(in thousands)	2020		2019
Manufacturing equipment	$	62,521	$	37,939
Research and development equipment	12,342		8,933
Leasehold improvements	9,277		7,620
Building	12,569		—
Finance leases	212		1,108
Software	402		274
Furniture and fixtures	614		433
Vehicles	377		210
Land	3,995		—
Assets not yet placed in service	46,148		11,666
Total property, plant and equipment	$	148,457	$	68,183
Less: accumulated depreciation and amortization	33,158		20,709
Property, plant and equipment, net	$	115,299	$	47,474

Depreciation and amortization expense in 2020, 2019, and 2018 was $13.3 million, $8.1 million, and $4.9 million, respectively. Of the total depreciation and amortization expense in 2020, 2019 and 2018, $10.1 million, $5.7 million and $3.7 million, respectively, were recorded in cost of goods sold, $3.1 million, $2.4 million and $1.2 million, respectively, were recorded in research and development expenses, and $0.1 million, $71,000 and $13,000, respectively, were recorded in SG&A expenses, in the Company’s consolidated statements of operations.

The Company had no property, plant and equipment concluded to meet the criteria for assets held for sale in prepaid expenses and other current assets on the consolidated balance sheet as of December 31, 2020. For the year ended 2019, the Company had $2.6 million in property, plant and equipment concluded to meet the criteria for assets held for sale in prepaid expenses and other current assets on the consolidated balance sheets. Amounts previously classified as assets held for sale were sold for amounts that approximated book value for which a note receivable of $4.6 million, net of payments received, was recorded as of December 31, 2020, of which $2.4 million is included in prepaid expenses and other current assets and $2.2 million is included in other non-current assets.

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

On April 21, 2020, the Company entered into a $150.0 million five-year secured revolving credit agreement (“2020 Credit Agreement”) by and among the Company, the lenders party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as the administrative agent (the “Administrative Agent”). JPMorgan Chase Bank, N.A. and Silicon Valley Bank acted as joint bookrunners and joint lead arrangers under the 2020 Credit Agreement. The 2020 Credit Agreement includes an accordion feature for up to an additional $200.0 million. Capitalized terms used below but not defined have the meanings ascribed to such terms in the 2020 Credit Agreement.

Concurrently with the effectiveness of the 2020 Credit Agreement, on April 21, 2020, the Company terminated the SVB Credit Facilities (a revolving credit facility and a term loan facility with Silicon Valley

Bank) and the Equipment Loan Facility (an equipment loan from Structural Capital), and incurred an aggregate of $1.2 million of termination, prepayment, and related fees in connection with such terminations.

Amounts available under the 2020 Credit Agreement are for working capital needs, for general corporate purposes and to refinance certain existing indebtedness, as the Company deems necessary. Borrowings under the 2020 Credit Agreement will bear interest, at the Company’s option, calculated according to an Alternate Base Rate or LIBO Rate, as the case may be, plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 1.25% to 1.75% per annum, and the applicable margin for LIBO Rate loans will range from 2.25% to 2.75% per annum, in each case, based on the Company’s total leverage ratio at the end of each quarter.

The Company is required to pay an unused commitment fee of 0.375% per annum, which shall accrue at the applicable rate on the daily amount of the undrawn portion of the commitment of each Lender. Letters of credit issued under the 2020 Credit Agreement are subject to customary letter of credit fees. The Company’s obligations under the 2020 Credit Agreement are secured by substantially all of its assets, subject to customary exceptions set forth in the 2020 Credit Agreement. In addition, to the extent the Company forms or acquires any domestic subsidiaries, such domestic subsidiaries will be required to guarantee the Company’s obligations under the 2020 Credit Agreement and provide a security interest over substantially all of their assets.

The 2020 Credit Agreement contains customary representations, warranties and covenants for a transaction of this type, including maintenance of (i) a maximum total leverage ratio of 3.00 to 1.00 and (ii) a minimum fixed charge coverage ratio of 1.25 to 1.00, in each case, tested on the last day of each fiscal quarter. The Company is permitted to declare and pay up to $10.0 million per year in dividends on its capital stock (and, subject to meeting certain leverage requirements and minimum liquidity thresholds, additional dividends), provided, among other things, no event of default exists or would result therefrom and the Company is in compliance with certain financial covenants contained in the 2020 Credit Agreement. The 2020 Credit Agreement also provides for customary events of default, including (among others) nonpayment, covenant defaults, breaches of representations or warranties, bankruptcy and insolvency events and a change of control. If an event of default occurs, the Administrative Agent shall, at the request of, or may, with the consent of, the required Lenders, declare the obligations under the 2020 Credit Agreement immediately due and payable and the commitments of the Lenders may be terminated. For certain events of default relating to insolvency, the commitments of the Lenders are automatically terminated and all outstanding obligations become due and payable. The revolving credit facility matures on April 21, 2025.

The Company’s debt balances are detailed below:


	December 31,
(in thousands)	2020		2019
Revolving credit facility	$	25,000	$	—
Revolving credit line (SVB)	—		6,000
Term loan facility	—		20,000
Equipment financing loan	—		5,000
Debt issuance costs	—		(431)
Total debt outstanding	$	25,000	$	30,569
Less: current portion of long-term debt	25,000		11,000
Long-term debt	$	—	$	19,569

The Company records debt issuance costs on the revolving credit facility in prepaid and other current assets, net in the accompanying consolidated balance sheet as of December 31, 2020. Debt issuance costs on the revolving credit line and term loan, net of amortization, were recorded as a reduction of carrying value of the debt in the accompanying consolidated balance sheet as of December 31, 2019. Debt issuance costs, net of amortization, totaled $1.1 million and $0.4 million as of December 31, 2020 and December 31, 2019, respectively. Debt issuance costs are amortized as interest expense over the term of the loan for which amortization of $0.3 million, $0.2 million and $0.1 million was recorded in the years ended December 31, 2020, 2019 and 2018, respectively.

In the years ended December 31, 2020, 2019 and 2018, the Company incurred $2.1 million, $2.2 million and $0.9 million, respectively, in interest expense related to its bank credit facilities. In the years ended December 31, 2020, 2019 and 2018, the Company recorded $0.2 million, $0.6 million and $0.2 million, respectively, in interest expense related to the Equipment Loan Facility.

As of December 31, 2020, the Company had outstanding borrowings of $25.0 million and had no excess availability under the revolving credit facility. The interest rate on outstanding borrowings at December 31, 2020 was 3.5%. The Company exceeded the maximum permitted total leverage ratio financial covenant in the 2020 Credit Agreement for the fiscal quarter and year ended December 31, 2020. Subsequent to the year ended December 31, 2020, on February 25, 2021, the Company paid down the outstanding borrowings and had no borrowings outstanding under the revolving credit facility. Subsequent to the year ended December 31, 2020, concurrent with the Company’s execution of the campus headquarters lease, as a security deposit, the Company delivered to the landlord a letter of credit under the revolving credit facility in the amount of $12.5 million. See Note 14.

Amended and Restated Loan and Security Agreement

As of December 31, 2019, the Company had $6.0 million and $20.0 million in borrowings on the revolving credit facility and term loan facility, respectively, with Silicon Valley Bank (collectively, the “SVB Credit Facilities”) and had no availability to borrow under these facilities. Concurrently with the effectiveness of the 2020 Credit Agreement, on April 21, 2020, the Company terminated the SVB Credit Facilities. The Company was in compliance with the financial covenants in the SVB Credit Facilities at the time of termination.

Equipment Loan Facility

The Company had $5.0 million in borrowings outstanding as of December 31, 2019 under the equipment loan facility with Structural Capital Investments II, LP, as Lender, and Ocean II, PLC, LLC, as collateral agent and administrative agent (the “Equipment Loan Facility”). Concurrently with the effectiveness of the 2020 Credit Agreement, on April 21, 2020, the Company terminated the Equipment Loan Facility.The Company was in compliance with the financial covenants contained in the Equipment Loan Facility at the time of termination.

Stock Warrant Liability

In connection with its financing arrangements, the Company issued warrants to purchase shares of its convertible preferred stock. For one of the financing arrangements, the Company issued warrants to purchase 121,694 shares of Series B convertible preferred stock at an exercise price of $1.07 per share. For a separate financing arrangement, the Company issued warrants to purchase 39,073 shares of Series E convertible preferred stock at an exercise price of $3.68 per share. In connection with the Company’s refinancing of its credit facilities with SVB, the Company issued to SVB and its affiliates warrants to purchase an aggregate of 60,002 shares of its common stock at an exercise price of $3.00 per share. Upon the closing of the IPO, the warrants exercisable for convertible preferred stock were automatically converted into warrants exercisable for a total of 160,767 shares of common stock at the

same respective exercise price per share. Subsequent to the closing of the IPO, all outstanding warrants to purchase shares of common stock were cashless exercised and no warrants were outstanding as of December 31, 2020 and 2019. See Note 2 for further information on the warrant liabilities.

Stockholders’ Equity (Deficit) and Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders’ Equity (Deficit) and Convertible Preferred Stock	Stockholders’ Equity (Deficit) and Convertible Preferred Stock Upon the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock automatically converted into 41,562,111 shares of common stock on a one-for-one basis. On May 6, 2019, the Company filed a Restated Certificate of Incorporation authorizing the Company to issue 500,000,000 shares of common stock, $0.0001 par value per share, and $500,000 shares of undesignated preferred stock, $0.0001 par value per share, with rights and preferences determined by the Company’s Board of Directors at the time of issuance of such shares. On August 5, 2019, the Company completed its Secondary Offering of common stock, in which it sold 250,000 shares of common stock, $0.0001 par value. As of December 31, 2020, the Company had 62,820,351 shares of common stock issued and outstanding. As of December 31, 2019, the Company had 61,576,494 shares of common stock issued and outstanding. The Company has not declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series of its capital stock.

Share-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

On April 11, 2011, the Company’s stockholders approved the 2011 Equity Incentive Plan (“2011 Plan”), and most recently amended the 2011 Plan on April 10, 2019. The 2011 Plan was amended, restated and re-named the 2018 Equity Incentive Plan (“2018 Plan”), which became effective as of April 30, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The remaining shares available for issuance under the 2011 Plan were added to the shares reserved for issuance under the 2018 Plan.

The 2018 Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance units, and performance shares to the Company’s employees, directors, and consultants. As of December 31, 2020, the maximum aggregate number of shares that may be issued under the 2018 Plan was 16,626,877 shares of the Company’s common stock. In addition, the number of shares reserved for issuance under the 2018 Plan will be increased automatically on the first day of each fiscal year beginning with the 2020 fiscal year, by a number equal to the least of: (i) 2,144,521 shares; (ii) 4.0% of the shares of common stock outstanding on the last day of the prior fiscal year; or (iii) such number of shares determined by the Company’s Board of Directors. As of January 1, 2021, the maximum aggregate number of shares that may be issued under the 2018 Plan increased to 18,771,398 shares.

The 2018 Plan may be amended, suspended or terminated by the Company’s Board of Directors at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the 2018 Plan as required by applicable law or listing requirements. Unless sooner terminated by the Company’s Board of Directors, the 2018 Plan will automatically terminate on November 14, 2028.

The following table summarizes the shares available for grant under the 2018 Plan:


			Shares Available for Grant
Balance - December 31, 2019			3,297,638
Authorized			2,144,521
Granted			(512,945)
Shares withheld to cover taxes			16,742
Forfeited			75,314
Balance - December 31, 2020			5,021,270

As of December 31, 2020 and 2019, there were 4,218,278 and 5,170,976 shares, respectively, issuable under stock options outstanding, 275,989 and 149,004 shares, respectively, issuable under unvested RSUs outstanding, 7,127,079 and 5,864,738 shares, respectively, issued for stock option exercises, RSU settlement, and restricted stock grants.

Stock Options

Following are the assumptions used in the Black-Scholes valuation model for options granted during the periods shown below:


	Year Ended December 31,
	2020	2019	2018
Risk-free interest rate	1.3%	2.3%	2.8%
Average expected term (years)	7.0	6.1	5.8
Expected volatility	55.0%	55.0%	55.0%
Dividend yield	—	—	—

•Risk-Free Interest Rate: The yield on actively traded non-inflation indexed US Treasury notes with the same maturity as the expected term of the underlying options was used as the average risk-free interest rate.

•Expected Term: As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, the Company’s expected term is based on the simplified method, generally calculated as the mid-point between the vesting date and the end of the contractual term.

•Expected Volatility: As the Company has only been a public entity since May 2, 2019, there is not a substantive share price history to calculate volatility and, as such, the Company has elected to use an approximation based on the volatility of other comparable public companies, which compete directly with the Company, over the expected term of the options.

•Dividend Yield: The Company has not issued regular dividends on common shares in the past nor does the Company expect to issue dividends in the future.

Forfeiture Rate: The Company estimates the forfeiture rate at the time of grant based on past awards canceled, the number of awards granted, and vesting terms and adjusted, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The cumulative effect on current and prior periods of a change in the estimated number of awards likely to vest is recognized in compensation cost in the period of the change.

The 2018 Plan generally provides that the Board of Directors may set the vesting schedule applicable to grants approved under the 2018 Plan. The Company has not granted equity awards with performance-based vesting conditions.

Option grants to new employees in 2020 generally vest 25% of the total award on the first anniversary of the vesting commencement date, and thereafter ratably vesting monthly over the remaining three-year period, subject to continued employment through the vesting date. Option grants to continuing employees in 2020 generally vest monthly over a 48-month period, subject to continued employment through the vesting date. Option grants in 2019 generally vest 25% of the total award on the first anniversary of the vesting commencement date, and thereafter ratably vesting monthly over the remaining three-year period, subject to continued employment through the vesting date. The stock option grant to one executive officer on August 1, 2019 vests monthly over a 48-month period. The stock option grant to another executive officer on October 31, 2019 begins vesting on the second anniversary of the vesting commencement date and vests monthly thereafter over a 24-month period. Options granted in the year ended December 31, 2018 and prior have a variety of different vesting schedules and have a contractual life of 10 years.

The following table summarizes the Company’s stock option activity during the period from December 31, 2017 through December 31, 2020:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)(1)




Outstanding at December 31, 2017	4,207,029	$	0.88	7.2	$	8,936
Granted	2,136,012	$	6.49	—	$	—
Exercised	(1,139,962)	$	1.20	—	$	5,722
Cancelled/Forfeited	(82,786)	$	2.03	—	$	—
Outstanding at December 31, 2018	5,120,293	$	3.13	7.3	$	81,371
Granted	1,571,925	$	39.01	—	$	—
Exercised	(1,429,756)	$	1.87	—	$	121,591
Cancelled/Forfeited	(91,486)	$	9.33	—	$	—
Outstanding at December 31, 2019	5,170,976	$	14.28	7.5	$	329,879
Granted	268,193	$	99.74	—	$	—
Exercised	(1,163,374)	$	7.75	—	$	132,935
Cancelled/Forfeited	(57,517)	$	37.14	—	$	—
Outstanding at December 31, 2020	4,218,278	$	21.20	6.6	$	443,595
Vested and exercisable at December 31, 2020	2,634,631	$	9.74	5.7	$	305,890
Vested and expected to vest at December 31, 2020	3,869,597	$	18.26	6.5	$	417,857

__________

(1) Aggregate intrinsic value is calculated as the difference between the value of common stock on the transaction date and the exercise price multiplied by the number of shares issuable under the stock option. Aggregate intrinsic value of shares outstanding at the beginning and end of the reporting period is calculated as the difference between the value of common stock on the beginning and end dates, respectively, and the exercise price multiplied by the number of shares outstanding.

During the years ended December 31, 2020, 2019 and 2018, the Company recorded in aggregate $13.1 million, $6.3 million and $1.5 million, respectively, of share-based compensation expense related to

options. The share-based compensation expense is included in cost of goods sold, research and development expenses and SG&A expenses in the Company’s consolidated statements of operations.

As of December 31, 2020, there was $16.4 million in unrecognized compensation expense related to nonvested stock option awards which is expected to be recognized over a weighted average period of 2.0 years.

Restricted Stock Units

RSU grants to new employees in 2020 and 2019 generally vest 25% of the total award on the first anniversary of the vesting commencement date, and thereafter ratably vesting quarterly over the remaining three years of the award, subject to continued employment through the vesting date. RSU grants in 2020 include fully vested RSUs granted to an executive officer issued in settlement of the obligation discussed in Note 10 under Share-Settled Obligation. RSU grants to continuing employees in 2020 and 2019 vest quarterly over 16 quarters, subject to continued employment through the vesting date. RSU grants to non-employee directors in 2020 vest monthly over 12 months, subject to continued service through the vesting date. RSU grants to consultants and brand ambassadors in 2020 have a variety of different vesting schedules.

The following table summarizes the Company’s RSU activity from January 1, 2019 through December 31, 2020:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at January 1, 2019	—	$	—
Granted	173,196	$	126.29
Vested	(23,552)	$	84.84
Cancelled/Forfeited	(640)	$	—
Unvested at December 31, 2019	149,004	$	132.73
Granted	244,752	$	109.61
Vested	(99,970)	$	127.71
Cancelled/Forfeited	(17,797)	$	—
Unvested at December 31, 2020	275,989	$	114.99

During the years ended December 31, 2020, 2019 and 2018, the Company recorded in aggregate $9.8 million, $3.7 million, and $0, respectively, of share-based compensation expense related to RSUs. The share-based compensation expense is included in cost of goods sold, research and development expense and SG&A expenses in the Company’s consolidated statements of operations.

As of December 31, 2020, there was $14.9 million in unrecognized compensation expense related to nonvested RSUs which is expected to be recognized over a weighted average period of 1.8 years.

Share-Settled Obligation

Share-based compensation expense in 2020 and 2019 includes $3.0 million and $1.0 million, respectively, for a liability classified, share-settled obligation to an executive officer related to a sign-on award pursuant to the terms of the executive officer’s offer letter with the Company. The share-based compensation expense related to this share-settled obligation is included in SG&A expenses in the Company’s consolidated statements of operations. Financing activities in the statement of cash flows for the year ended December 31, 2020 includes a $3.0 million noncash reclassification of the share-settled obligation from other current liabilities to additional paid-in capital.

The Company is obligated to deliver a variable number of shares based on a fixed monetary amount on the first annual anniversary of the executive officer’s commencement date and on each quarterly anniversary thereafter through the second annual anniversary. The liability classified award is considered unearned until the requirements for issuance of the shares are met and is included in Accrued expenses and other current liabilities in each of the Company’s consolidated balance sheets as of December 31, 2020 and 2019 in the amount of $1.0 million. As of December 31, 2020, there was $2.5 million in unrecognized compensation expense related to this share-settled obligation which is expected to be recognized over 0.7 years.

In the fourth quarter of 2020, the first annual award related to this obligation was earned, and the Company delivered to this executive officer 23,666 fully vested RSUs with a settlement date fair value of $3.0 million.

Restricted Stock to Nonemployees

In 2020, the Company issued no restricted stock. In April 2019, the Company’s Board of Directors approved the issuance of 99,433 shares of restricted stock with a fair value of $20.02 per share and a purchase price of $0.01 per share to nonemployees serving as the Company’s brand ambassadors. The Company has the right to repurchase the unvested shares upon a voluntary or involuntary termination of a brand ambassador’s service; however, as shares vest monthly over 24 months, they are being released from the repurchase option and all such shares will be released from the repurchase option by May 18, 2021.

In October 2018, the Company’s Board of Directors approved the issuance of 135,791 shares of restricted stock with a fair value of $17.03 per share and a purchase price of $0.02 per share to nonemployees serving as the Company’s brand ambassadors. The Company had the right to repurchase the unvested shares upon a voluntary or involuntary termination of a brand ambassador’s service; however, as shares vested monthly over 12 to 24 months, they were released from the repurchase option and all such shares were released from the repurchase option by November 1, 2020.

The following table summarizes the Company’s restricted stock activity:


	Number of Shares of Restricted Stock	Weighted Average Remaining Contractual Life (Years)	Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2017	—	—	$	—
Granted	135,791	—	$	17.03
Vested/Released	(35,664)	—	$	17.03
Cancelled/Forfeited	—	—	$	—
Unvested at December 31, 2018	100,127	1.6	$	17.03
Granted	99,433	—	$	20.02
Vested/Released	(87,239)	—	$	19.21
Cancelled/Forfeited	(23,333)	—	$	—
Unvested at December 31, 2019	88,988	1.2	$	19.49
Granted	—	—	$	—
Vested/Released	(76,804)	—	$	19.97
Cancelled/Forfeited	—	—	$	—
Unvested at December 31, 2020	12,184	0.3	$	20.02

As of December 31, 2020, 12,184 shares of restricted stock had been purchased by nonemployee brand ambassadors which remained subject to vesting requirements and repurchase pursuant to restricted stock purchase agreements.

During 2020, 2019 and 2018, the Company recorded in aggregate $1.4 million, $1.8 million, and $0.7 million, respectively, of share-based compensation expense related to restricted stock issued to nonemployee brand ambassadors, which is included in SG&A expenses in the Company’s consolidated statements of operations.

As of December 31, 2020, there was $0.2 million in unrecognized compensation expense related to nonvested restricted stock, which is expected to be recognized over 0.3 years.

Employee Stock Purchase Plan

On November 15, 2018, the Company’s Board of Directors adopted its 2018 Employee Stock Purchase Plan (“2018 ESPP”), which was subsequently approved by the Company’s stockholders and became effective on April 30, 2019, the day immediately prior to the effectiveness of the registration statement filed in connection with the IPO. The 2018 ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code (the “Code”) for U.S. employees. In addition, the 2018 ESPP authorizes grants of purchase rights that do not comply with Section 423 of the Code under a separate non-423 component for non-U.S. employees and certain non-U.S. service providers. As of December 31, 2020, the Company has reserved 1,340,325 shares of common stock for issuance under the 2018 ESPP. In addition, the number of shares reserved for issuance under the 2018 ESPP will be increased automatically on the first day of each fiscal year for a period of up to ten years, starting with the 2020 fiscal year, by a number equal to the least of: (i) 536,130 shares; (ii) 1.0% of the shares of common stock outstanding on the last day of the prior fiscal year; or (iii) such lesser number of shares determined by the Company’s Board of Directors. As of January 1, 2021, the maximum aggregate number of shares that may be issued under the 2018 ESPP increased to 1,876,455 shares. The 2018 ESPP is expected to be implemented through a series of offerings under which participants are granted purchase rights to purchase shares of the Company’s common stock on specified dates during such offerings. The administrator has not yet approved an offering under the 2018 ESPP.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases On March 16, 2020, the Company amended an operating lease for its manufacturing facility in Columbia, Missouri, to extend the lease term for two years to June 30, 2022. Effective May 22, 2020, the Company amended an operating lease for one of its leased manufacturing facilities to include land adjacent to the facility upon which the landlord will construct a parking lot. Effective May 26, 2020, the Company entered into an agreement, assignment and assumption of lease and first amendment to lease pursuant to which the Company assumed an operating lease under which the Company is leasing certain real property and a building consisting of approximately 142,317 square feet in Columbia, Missouri, for a term expiring on April 30, 2023 with no renewal options. See Note 4. Subsequent to the year ended December 31, 2020, on January 14, 2021, the Company entered into 12-year lease with two renewal options, to house the Company’s corporate headquarters, lab and innovation space in El Segundo, California. See Note 14. China Investment and Lease Agreement On September 22, 2020, the Company and BYND JX entered into an investment agreement with the Administrative Committee (the “JX Committee”) of the Jiaxing Economic & Technological Development Zone (the “JXEDZ”) pursuant to which, among other things, BYND JX has agreed to make certain investments in the JXEDZ in two phases of development, and the Company has agreed to guarantee certain repayment obligations of BYND JX under such agreement. During Phase 1, the Company has agreed to invest $10.0 million in the JXEDZ through an intercompany investment in BYND JX and BYND JX has agreed to lease a facility in the JXEDZ in return for certain subsidies, rewards and other preferential rights granted by the JX Committee and its affiliates. In connection with such agreement, BYND JX entered into a factory leasing contract on September 11, 2020 with an affiliate of the JX Committee, pursuant to which BYND JX has agreed to lease and renovate a facility in the JXEDZ for a minimum of two (2) years. Renovations in the leased facility commenced at the end of 2020 with trial production expected in the first quarter of 2021 and full-scale end-to-end production expected by the end of the second quarter of 2021. In the event that the Company and BYND JX determine, in their sole discretion, to proceed with the Phase 2 development in the JXEDZ, BYND JX has agreed in the first stage of Phase 2 to invest $30.0 million to acquire the land use right to a state-owned land plot in the JXEDZ to conduct development and construction of a new production facility. Following the first stage of Phase 2, the Company and BYND JX may determine, in their sole discretion, to permit BYND JX to invest an additional $10.0 million to obtain a second state-owned land plot in the JXEDZ in order to construct an additional facility thereon. Each of the land use rights acquired during Phase 2 (if any) will be valid for fifty (50) years. Purchase Commitments On January 10, 2020, the Company and Roquette Frères (“Roquette”) entered into a multi-year sales agreement pursuant to which Roquette will provide the Company with plant-based protein. The agreement expires on December 31, 2022; however it can be terminated after 18 months under certain circumstances. This agreement increases the amount of plant-based protein to be supplied by Roquette in each of 2020, 2021 and 2022 compared to the amount supplied 2019. The plant-based protein sourced under the supply agreement is secured on a purchase order basis regularly, per specified minimum monthly and semi-annual quantities, throughout the term. The Company is not required to purchase plant based protein in amounts in excess of such specified minimum quantities; however the Company has the option to increase such minimum quantities for delivery in each of 2021 and 2022. The total annual amount purchased each year by the Company must be at least the minimum amount specified in the agreement, which totals in the aggregate $154.1 million over the term of the agreement. The Company also has the right to be indemnified by Roquette in certain circumstances. As of December 31, 2020, the Company had committed to purchase pea protein inventory totaling $141.9 million, approximately $83.4 million in 2021 and $58.5 million in 2022. In addition, as of December 31, 2020, the Company had approximately $19.5 million in purchase order commitments for capital expenditures primarily to purchase machinery and equipment. Payments for these purchases will be due within twelve months. Litigation Don Lee Farms On May 25, 2017, Don Lee Farms, a division of Goodman Food Products, Inc., filed a complaint against the Company in the Superior Court of the State of California for the County of Los Angeles asserting claims for breach of contract, misappropriation of trade secrets, unfair competition under the California Business and Professions Code, money owed and due, declaratory relief and injunctive relief, each arising out of the Company’s decision to terminate an exclusive supply agreement between the Company and Don Lee Farms. The Company denied all of these claims and filed counterclaims on July 27, 2017, alleging breach of contract, unfair competition under the California Business and Professions Code and conversion. In October 2018, the former co-manufacturer filed an amended complaint that added one of the Company’s current contract manufacturers as a defendant, principally for claims arising from the current contract manufacturer’s alleged use of the former co-manufacturer’s alleged trade secrets, and for replacing the former co-manufacturer as one of the Company’s current co-manufacturers. The current contract manufacturer filed an answer denying all of Don Lee Farms’ claims and a cross-complaint against Beyond Meat asserting claims of total and partial equitable indemnity, contribution, and repayment. On March 11, 2019, Don Lee Farms filed a second amended complaint to add claims of fraud and negligent misrepresentation against the Company. On May 30, 2019, the judge denied the Company’s motion to dismiss the fraud and negligent misrepresentation claims, allowing the claims to proceed. On June 19, 2019, the Company filed an answer denying Don Lee Farms' claims. On January 24, 2020, a writ judge granted Don Lee Farms a right to attach in the amount of $628,689 on the grounds that Don Lee Farms had established a “probable validity” of its claim that the Company owes it money for a small batch of unpaid invoices. This determination was not made by the trial judge. The trial judge has yet to determine the legitimacy or merits of Don Lee Farms’ claims. On January 27, 2020, Don Lee Farms filed a third amended complaint to add three individual defendants, all of whom are current or former employees of the Company, including Mark Nelson, the Company’s Chief Financial Officer and Treasurer, to Don Lee Farms’ existing fraud claims alleging that those individuals were involved in the alleged fraudulent misrepresentations. On June 23, 2020, the judge denied Beyond Meat and the individual defendants’ motion to dismiss the fraud and negligent misrepresentation claims, allowing the claims to proceed. On July 6, 2020, the Company and the individual defendants filed an answer denying all of Don Lee Farms’ claims, including denying all allegations of fraud and negligent misrepresentation. On August 11, 2020, the Company filed an amended cross-complaint against Don Lee Farms, its parent Goodman Food Products, Inc. and its owners and employees, Donald, Daniel, and Brandon Goodman. Among other claims, the amended cross-complaint alleges that Don Lee Farms defrauded Beyond Meat, misappropriated its trade secrets, and infringed its trademarks. On January 28, 2021, Don Lee Farms filed a motion for summary adjudication on its breach of contract and money owed claims and on Beyond Meat’s breach of contract claims. The trial judge has yet to determine the merits of this motion, and the hearing is currently scheduled for April 16, 2021. On February 18, 2021, Don Lee Farms and Donald, Daniel and Brandon Goodman filed a motion for summary adjudication on Beyond Meat’s fraud, negligent misrepresentation, and conversion claims. The trial judge has yet to determine the merits of these motions, and the hearing is currently scheduled for May 7, 2021. On February 16, 2021, the Court entered an order consolidating this action with an action that Don Lee Farms filed against CLW Foods, LLC, a current Beyond Meat contract manufacturer. On February 22, 2021, CLW Foods, LLC requested a continuance of the trial date. The previous trial date, June 14, 2021, was continued. Trial is currently set for September 27, 2021. Don Lee Farms is seeking from Beyond Meat, the individual defendants, and the current contract manufacturer unspecified compensatory and punitive damages, declaratory and injunctive relief, including the prohibition of Beyond Meat’s use or disclosure of the alleged trade secrets, and attorneys’ fees and costs. The Company is seeking from Don Lee Farms monetary damages, restitution of monies paid to Don Lee Farms, injunctive relief, including the prohibition of Don Lee Farms’ use or disclosure of Beyond Meat’s trade secrets and the prohibition of Don Lee Farms’ infringing use of Beyond Meat’s trademarks, and attorneys’ fees and costs. The current contract manufacturer is seeking indemnity, contribution, or repayment from the Company of any or all damages that the current contract manufacturer may be found liable to Don Lee Farms, and attorneys’ fees and costs. The Company believes it was justified in terminating the supply agreement with Don Lee Farms, that the Company did not misappropriate Don Lee Farms’ alleged trade secrets, that the Company is not liable for the fraud or negligent misrepresentation alleged in the third amended complaint, that Don Lee Farms is liable for the conduct alleged in the Company’s amended cross-complaint, and that the Company is not liable to the current contract manufacturer for any indemnity, contribution, or repayment, including for any damages or attorneys’ fees and costs. Conversely, as alleged in the Company’s amended cross-complaint, the Company believes Don Lee Farms misappropriated the Company’s trade secrets, defrauded the Company, and ultimately has infringed the Company’s trademarks. The Company is currently in the process of litigating this matter and intends to vigorously defend itself and its current and former employees against the claims and to prosecute the Company’s own claims. The Company cannot assure you that Don Lee Farms or the current contract manufacturer will not prevail in all or some of their claims against the Company or the individual defendants, or that the Company will prevail in some or all of its claims against Don Lee Farms. For example, if Don Lee Farms succeeds in the lawsuit, the Company could be required to pay damages, including but not limited to contract damages reasonably calculated at what the Company would have paid Don Lee Farms to produce the Company’s products through 2019, the end of the contract term, and Don Lee Farms could also claim some ownership in the intellectual property associated with the production of certain of the Company’s products or in the products themselves, and thus claim a stake in the value the Company has derived and will derive from the use of that intellectual property after the Company terminated its supply agreement with Don Lee Farms. Based on the Company’s current knowledge, the Company has determined that the amount of any material loss or range of any losses that is reasonably possible to result from this lawsuit is not estimable. Securities Related Litigation On January 30, 2020, Larry Tran, a purported shareholder of Beyond Meat, filed a putative securities class action lawsuit in the United States District Court for the Central District of California against Beyond Meat and two of the Company’s executive officers, the Company’s President and CEO, Ethan Brown, and the Company’s Chief Financial Officer and Treasurer, Mark Nelson. The lawsuit asserts claims under Sections 10(b) and 20(a) of the Exchange Act and is premised on allegedly false or misleading statements, and alleged non-disclosure of material facts, related to the Company’s public disclosures regarding the Company’s ongoing litigation with Don Lee Farms during the proposed class period of May 2, 2019 to January 27, 2020. The Court appointed a lead plaintiff and lead counsel on May 18, 2020, and a First Amended Complaint (“FAC”) was filed on July 1, 2020. The FAC names the same defendants, proposes the same class period, and similarly asserts claims under Sections 10(b) and 20(a) of the Exchange Act premised on allegedly false or misleading statements, and alleged non-disclosure of material facts, related to the Company’s public disclosures regarding the Company’s ongoing litigation with Don Lee Farms. The Company filed a motion to dismiss on behalf of all defendants on July 31, 2020. On October 8, 2020, the Court entered an opinion and order granting defendants’ motion to dismiss with leave to amend. Plaintiffs did not file an amended complaint by the deadline set by the Court. As a result, on October 27, 2020, the Court entered an order dismissing the action with prejudice, except for the class allegations of absent putative class members, which were dismissed without prejudice. The dismissal is final, and the appeal period has now expired. On March 16, 2020, Eric Weiner, a purported shareholder of Beyond Meat, filed a shareholder derivative lawsuit in the United States District Court for the Central District of California, putatively on behalf of the Company, against two of the Company’s executive officers, the Company’s President and CEO, Ethan Brown, and the Company’s Chief Financial Officer and Treasurer, Mark Nelson, and each of the Company’s directors, including one former director, who signed the Company’s initial public offering registration statement. The lawsuit asserts claims under Sections 10(b) and 21D of the Exchange Act, claims of breaches of fiduciary duty as directors and/or officers of Beyond Meat, and claims of unjust enrichment and waste of corporate assets, all relating to the Company’s ongoing litigation with Don Lee Farms, related actions taken by Beyond Meat and the named individuals during the period of May 2, 2019 to March 16, 2020, and the securities case brought against the Company. On March 18, 2020, Kimberly Brink and Melvyn Klein, purported shareholders of Beyond Meat, filed a shareholder derivative lawsuit in the United States District Court for the Central District of California, putatively on behalf of the Company, against two of the Company’s executive officers, the Company’s President and CEO, Ethan Brown, and the Company’s Chief Financial Officer and Treasurer, Mark Nelson, and each of the Company’s directors, including one former director, who signed the Company’s initial public offering registration statement. The lawsuit asserts claims under Sections 10(b) and 21D of the Exchange Act, claims of breaches of fiduciary duty as directors and/or officers of Beyond Meat, and claims of unjust enrichment and waste of corporate assets, all relating to the Company’s ongoing litigation with Don Lee Farms, related actions taken by Beyond Meat and the named individuals during the period of May 2, 2019 to March 18, 2020, and the securities case brought against the Company. On April 1, 2020, the United States District Court for the Central District of California entered an order consolidating the Weiner action and the Brink action for all purposes and designated the consolidated case In re: Beyond Meat, Inc. Derivative Litigation. On April 13, 2020, the Court entered an order appointing co-lead counsel for the consolidated derivative action. On June 23, 2020, the Court entered an order approving a Joint Stipulation Regarding Stay of Actions. Under the terms of the stay approval order, all proceedings in the consolidated derivative case are stayed until (1) the securities class action is dismissed, with prejudice, and all appeals related thereto have been exhausted; or (2) any motion to dismiss the securities class action is denied in whole or in part. The Company believes the claims are without merit and intends to vigorously defend all claims asserted. The Company is unable to estimate potential losses, if any, related to this lawsuit. On May 27, 2020, Kevin Chew, a purported shareholder of Beyond Meat, filed a shareholder derivative lawsuit in the United States District Court of the District of Delaware, putatively on behalf of the Company, against two of the Company’s executive officers, the Company’s President and CEO, Ethan Brown, and the Company’s Chief Financial Officer and Treasurer, Mark Nelson, and each of the Company’s directors, including one former director, who signed the Company’s initial public offering registration statement. The lawsuit asserts claims under Sections 10(b) and 21D of the Exchange Act and claims of breaches of fiduciary duty, relating to the Company’s ongoing litigation with Don Lee Farms, related actions taken by Beyond Meat and the named individuals during the period of May 2, 2019 to May 27, 2020. On June 16, 2020, the Court entered an order staying all proceedings in the derivative action until (1) the securities class action is dismissed, with prejudice, and all appeals related thereto have been exhausted; or (2) any motion to dismiss the securities class action is denied in whole or in part. On June 17, 2020, the Court entered an order administratively closing the derivative case based on the stay order. The Company believes the claims are without merit and intends to vigorously defend all claims asserted. The Company is unable to estimate potential losses, if any, related to this lawsuit. On June 17, 2020, James Janolek, a purported shareholder of Beyond Meat, filed a shareholder derivative lawsuit in the United States District Court of the District of Delaware, putatively on behalf of the Company, against two of the Company’s executive officers, the Company’s President and CEO, Ethan Brown, and the Company’s Chief Financial Officer and Treasurer, Mark Nelson, and each of the Company’s directors, including one former director, who signed the Company’s initial public offering registration statement. The lawsuit asserts claims under Sections 14(a) and 20(a) of the Exchange Act, claims of breaches of fiduciary duty as directors and/or officers of Beyond Meat, and claims of unjust enrichment and waste of corporate assets, all relating to the Company’s ongoing litigation with Don Lee Farms, related actions taken by Beyond Meat and the named individuals during the period of May 2, 2019 to June 17, 2020. On July 10, 2020, the Court entered an order staying all proceedings in the derivative action until (1) the securities class action is dismissed, with prejudice, and all appeals related thereto have been exhausted; or (2) any motion to dismiss the securities class action is denied in whole or in part. On July 10, 2020, the Court entered an order administratively closing the derivative case based on the stay order. On November 9, 2020, Plaintiff filed a Notice of Voluntary Dismissal without prejudice and without costs or attorney fees to either party. The Company is involved in various other legal proceedings, claims, and litigation arising in the ordinary course of business. Based on the facts currently available, the Company does not believe that the disposition of such matters that are pending or asserted will have a material effect on its financial statements.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The provision for income taxes was as follows:


(in thousands)	Year Ended December 31,
Current:	2020		2019		2018
Federal	$	—	$	—	$	—
State	72		9		1
	$	72	$	9	$	1

Deferred:
Federal	$	—	$	—	$	—
State	—		—		—
	$	—	$	—	$	—

Provision for income tax	$	72	$	9	$	1

The Company has provided a 100% valuation allowance on its deferred tax assets. Provision for income taxes in 2020, 2019 and 2018 is primarily for taxes payable to the states.

A reconciliation of income tax expense from continuing operations to the amount computed by applying the statutory federal income tax rate to the net loss from continuing operations is summarized as follows:


	Year Ended December 31,
(in thousands)	2020		2019		2018
U.S. income tax at federal statutory rate	$	(11,063)	$	(2,611)	$	(6,276)
State income tax, net of federal benefits	(1,962)		(2,550)		(1,072)
Foreign rate differential	(54)		—		—
Stock warrant liability	—		2,626		—
Share-based compensation	(21,007)		(21,236)		(615)
Research and development credits	(10)		(8)		(6)
Return to provision and other	—		—		29
Change in tax rates	2,989		73		668
Other	529		(98)		363
Change in valuation allowance	30,650		23,813		6,910
Provision for income tax	$	72	$	9	$	1

Significant components of the Company's deferred tax assets and liabilities as of December 31, 2020, and 2019 are shown below. A valuation allowance has been recorded to offset the net deferred tax assets as of December 31, 2020 and 2019, as the realization of such assets does not meet the more-likely-than-not threshold.


	December 31,
(in thousands)	2020		2019
Deferred Tax Assets:
Net operating loss (NOL)	$	78,464	$	50,663
Intangibles	1,495		1,252
Share-based compensation	3,295		2,704
Interest	311		—
Inventory reserve	2,262		1,509
Other	2,024		204
Total gross deferred tax assets	87,851		56,332

Deferred Tax liabilities:
Property, plant and equipment	1,773		904
Other	—		—
Total gross deferred tax liabilities	1,773		904

Valuation allowance	86,078		55,428
Net deferred tax assets (liabilities)	$	—	$	—

As of December 31, 2020, and 2019, management assessed the realizability of deferred tax assets and evaluated the need for an amount of a valuation allowance for deferred tax assets on a jurisdictional basis. This evaluation utilizes the framework contained in ASC 740, Income Taxes, pursuant to which management analyzed all positive and negative evidence available at the balance sheet date to determine whether all or some portion of the deferred tax assets will not be realized. Under this guidance, a valuation allowance must be established for deferred tax assets when it is more likely than not (a probability level of more than 50%) that they will not be realized.

In concluding on the evaluation, management placed significant emphasis on guidance in ASC 740, which states that “a cumulative loss in recent years is a significant piece of negative evidence that is difficult to overcome.” Based upon available evidence, it was concluded on a more-likely-than-not basis that certain deferred tax assets were not realizable as of December 31, 2020. Accordingly, a valuation allowance of $86.1 million has been recorded to offset these deferred tax assets. The change in valuation allowance for the year ended December 31, 2020 from 2019 was an increase of $30.7 million.

As of December 31, 2019, the Company has accumulated federal and state net operating loss carryforwards of approximately $209.5 million and $143.8 million, respectively. As of December 31, 2020, the Company has accumulated federal, state and foreign net operating loss carryforwards of approximately $344.2 million, $92.5 million and $1.3 million, respectively. Approximately $252.4 million of the federal net operating losses do not expire and the remaining federal, state and foreign tax loss carryforwards begin to expire in 2031, 2032 and 2025 respectively, unless previously utilized.

Pursuant to Internal Revenue Code (IRC) Sections 382 and 383, annual use of the Company's net operating loss (NOLs) and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has completed a section 382 analysis through December 31, 2019 and concluded ownership changes occurred in 2011, 2013 and 2015. However, these ownership changes are not expected to result in a material limitation on future use of the Company’s NOLs and credit carryforwards generated prior to these ownership changes pursuant. Changes may have occurred in 2020 and may occur in the future that could limit the Company's ability to utilize tax attributes. Any adjustment to the Company's tax attributes as a result of such ownership changes will result in a corresponding decrease to the valuation allowance recorded against the Company's deferred tax assets.

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits at the beginning and end of the years ended December 31, 2020 and 2019:


	Year Ended December 31,
	2020		2019
Gross unrecognized tax benefits at the beginning of the year	$	3,336	$	1,846
Increases related to current year positions	2,063		1,695
Increases/Decreases related to prior year positions	—		(205)

Gross unrecognized tax benefits at the end of the year	$	5,399	$	3,336

As of December 31, 2020 and 2019, the Company had $4.9 million and $3.1 million, respectively, of unrecognized tax benefits from research and development tax credits, none of which, if recognized, would affect the Company’s effective tax rate.

The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2020, 2019 and 2018, interest and penalties recognized were insignificant. The Company does not expect any significant increases or decreases to its unrecognized tax benefits within the next 12 months.

The Company files U.S. federal and state income tax returns in jurisdictions with varying statute of limitations. The Company’s tax years from 2011 (inception) are subject to examination by the United States and state authorities due to the carry forward of unutilized net operating losses and research and development credits.

With respect to the income of its foreign subsidiaries, The Company takes the position that the undistributed earnings of its foreign subsidiaries are permanently invested in that jurisdiction. As a result,

no additional income taxes have been provided on the possible repatriation of these earnings to the parent company. The Company does not have any unremitted earnings as of December 31, 2020.

- 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

Net Loss Per Share Available to Common Stockholders (“EPS”)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Loss Per Share Available to Common Stockholders (“EPS”)

The Company calculates basic and diluted net loss per share available to common stockholders in conformity with the two-class method required for companies with participating securities. See Note 2.

Computation of EPS for the year ended December 31, 2020 and 2019 excludes the dilutive effect of 4,218,278 and 5,170,976 shares issuable under stock options, respectively, and 275,989 and 149,004 RSUs, respectively, because the Company incurred a net loss and their inclusion would have been antidilutive. Computation of EPS for the year ended December 31, 2020 and 2019 also excludes adjustments under the two-class method relating to a liability classified, share-settled obligation to an executive officer to deliver a variable number of shares based on a fixed monetary amount because the shares to be delivered are not participating securities as they do not have voting rights and are not entitled to participate in dividends until they are issued. Computation of EPS for the year ended December 31, 2018 excludes the dilutive effect of 5,120,293 shares issuable under stock options because the Company incurred a net loss and their inclusion would have been antidilutive.


(in thousands, except share and per share amounts)	Year Ended December 31,
	2020		2019		2018
Numerator:
Net loss available to common stockholders	$	(52,752)	$	(12,443)	$	(29,886)
Denominator:
Weighted average common shares outstanding—basic	62,290,445		42,274,777		6,287,172
Dilutive effect of stock equivalents resulting from stock options, RSUs, common stock warrants, preferred stock warrants and convertible preferred stock (as converted)	—		—		—
Weighted average common shares outstanding—diluted	62,290,445		42,274,777		6,287,172
Net loss per share available to common stockholders—basic and diluted	$	(0.85)	$	(0.29)	$	(4.75)

The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share available to common stockholders for the periods presented because the impact of including them would have been antidilutive:


	Year Ended December 31,
	2020	2019	2018
Options to purchase common stock	4,218,278	5,170,976	—
Restricted stock units	275,989	149,004	—
Convertible preferred stock (as converted)	—	—	39,953,983
Preferred stock warrants	—	—	160,767
Total	4,494,267	5,319,980	40,114,750

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events El Segundo Campus Lease On January 14, 2021, the Company entered into a Lease (the “Lease”) with HC Hornet Way, LLC, a Delaware limited liability company (the “Landlord”), to house the Company’s headquarters offices, lab and innovation space (the “Headquarters”) in El Segundo, California. The initial term of the Lease is twelve (12) years, with two (2) renewal options, each for a period of five (5) years. Under the terms of the Lease, the Company will lease an aggregate of approximately 281,110 rentable square feet in a portion of a building located at 888 Douglas Street, El Segundo, California (the “Premises”), to be built out by Landlord and delivered to the Company in three phases (each, a “Phase”) over a 26-month period. Aggregate payments towards base rent for the Premises over the term of the lease will be approximately $159.3 million. The Company will recognize the lease assets and liabilities for each Phase when the Landlord makes the underlying asset for each Phase available to the Company. Concurrent with the Company’s execution of the Lease, as a security deposit, the Company delivered to the Landlord a letter of credit in the amount of $12.5 million. Joint Venture with PepsiCo On January 26, 2021 PepsiCo, Inc. and the Company announced the formation of The PLANeT Partnership, LLC, a newly created joint venture established to develop, produce and market innovative snack and beverage products made from plant-based protein.

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

The following table presents selected unaudited quarterly financial data for each full quarterly period of 2020 and 2019:



(in thousands)	Mar. 30, 2019			Jun. 29, 2019			Sep. 28, 2019			Dec. 31, 2019			Mar. 30, 2020			Jun. 27, 2020			Sep. 26, 2020			Dec. 31, 2020
Net revenues	$	40,206		$	67,251		$	91,961		$	98,479		$	97,074		$	113,338		$	94,436		$	101,937
Cost of goods sold	29,435			44,510			59,178			65,018			59,383			79,687			68,908			76,532
Gross profit	10,771			22,741			32,783			33,461			37,691			33,651			25,528			25,405
Gross margin	26.8		%	33.8		%	35.6		%	34.0		%	38.8		%	29.7		%	27.0		%	24.9		%
Research and development expenses	4,498			4,212			5,951			5,989			6,194			6,016			8,278			11,047
Selling, general and administrative expenses	11,177			15,515			20,944			27,090			27,315			34,292			33,560			38,488
Restructuring expenses	394			847			2,319			1,309			2,373			1,509			2,146			402
Total operating expenses	16,069			20,574			29,214			34,388			35,882			41,817			43,984			49,937
(Loss) income from operations	(5,298)			2,167			3,569			(927)			1,809			(8,166)			(18,456)			(24,532)
Other (expense) income:
Interest expense	(733)			(741)			(855)			(742)			(705)			(569)			(689)			(613)
Remeasurement of warrant liability	(759)			(11,744)			—			—			—			—			—			—
Other, net	141			898			1,385			1,205			710			(1,454)			(85)			70
Total other (expense) income, net	(1,351)			(11,587)			530			463			5			(2,023)			(774)			(543)
(Loss) income before taxes	(6,649)			(9,420)			4,099			(464)			1,814			(10,189)			(19,230)			(25,075)
Income tax expense (benefit)	—			21			—			(12)			(1)			16			55			2
Net (loss) income	$	(6,649)		$	(9,441)		$	4,099		$	(452)		$	1,815		$	(10,205)		$	(19,285)		$	(25,077)
Net (loss) income per share available to common stockholders:
Basic	$	(0.95)		$	(0.24)		$	0.07		$	(0.01)		$	0.03		$	(0.16)		$	(0.31)		$	(0.40)
Diluted	$	(0.95)		$	(0.24)		$	0.06		$	(0.01)		$	0.03		$	(0.16)		$	(0.31)		$	(0.40)

______________

(1)The sum of quarterly amounts, including per share amounts, may not equal amounts reported for year-to-date periods. This is due to the effects of rounding and changes in the number of weighted-average shares outstanding for each period.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Basis of PresentationThe consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and include the accounts of the Company and its subsidiaries. All inter-company balances and transactions have been eliminated.

Fiscal Year

The Company operates on a fiscal calendar year, and each interim quarter is comprised of one 5-week period and two 4-week periods, with each week ending on a Saturday. The Company’s fiscal year

always begins on January 1 and ends on December 31. As a result, the Company’s first and fourth fiscal quarters may have more or fewer days included than a traditional 91-day fiscal quarter.

Segment Information

Management’s Use of Estimates

Management’s Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates made by the Company include trade promotion accruals; useful lives of property, plant and equipment; valuation of deferred tax assets; valuation of inventory; incremental borrowing rate used to determine operating lease right-of-use assets and operating lease liabilities; assessment of contract-based factors, asset-based factors, entity-based factors and market-based factors to determine the lease term impacting right-of-use assets and lease liabilities; the valuation of the fair value of stock options used to determine share-based compensation expense; and the valuation of the fair value of common stock and preferred stock used in the remeasurement of warrants and liabilities. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates and such differences may be material to the financial statements.

Comprehensive Loss

Foreign Currency

Foreign CurrencyThe Company’s foreign entities use their local currency as the functional currency. For these entities, the Company translates net assets into U.S. dollars at period end exchange rates, while revenue and expense accounts are translated at average exchange rates prevailing during the periods being reported. Resulting currency translation adjustments are included in accumulated other comprehensive income and foreign currency transaction gains and losses are included in other, net. Transaction gains and losses on long-term intra-entity transactions are recorded as a component of other comprehensive income. Transactions denominated in a currency other than the reporting entity’s functional currency may give rise to transaction gains and losses that impact the Company’s results of operations.

Fair Value of Financial Instruments

The three levels are defined as follows:

•Level 3—Valuations derived from valuation techniques in which significant value drivers are unobservable.

The key assumptions used in the Black-Scholes option-pricing model for the valuation of the preferred stock warrant liability upon re-measurement were as follows:


			Year Ended December 31, 2018
Expected term (in years)			2.0
Fair value of underlying shares			$19.02
Volatility			55.0%
Risk-free interest rate			2.48%
Dividend yield			—

The following table sets forth a summary of the changes in the fair value of the preferred and common stock warrant liabilities:


	Year Ended December 31, 2019
(in thousands)
Beginning balance	$	1,918
Fair value of warrants issued during the period	—
Change in fair value of warrant liability	12,503
Reclassification of warrant liability to additional paid-in capital in connection with the IPO	(14,421)
Ending balance	$	—

Cash and Cash Equivalents

Accounts Receivable

Accounts ReceivableThe Company records accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any anticipated losses on the accounts receivable balances and recorded in allowance for doubtful accounts. Allowance for doubtful accounts is calculated based on the Company’s history of write-offs, level of past due accounts, and relationships with and economic status of the Company’s distributors or customers.

Inventories and Cost of Goods Sold

Inventories and Cost of Goods SoldInventories are recorded at lower of cost or net realizable value. The Company accounts for inventory using the weighted average cost method. In addition to product cost, inventory costs include expenditures such as direct labor and certain supply and overhead expenses including in-bound shipping and handling costs incurred in bringing the inventory to its existing condition and location. Inventories are comprised primarily of raw materials, direct labor, and overhead costs. Weighted average cost method is used to absorb raw materials, direct labor, and overhead into inventory. The Company reviews inventory quantities on hand and records a provision for excess and obsolete inventory based primarily on historical demand, and the age of the inventory, among other factors.

Inventories and Cost of Goods Sold

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and are depreciated using the straight-line method over the following estimated useful lives:


Land						Not amortized
Buildings						30 years
Leasehold improvements						Shorter of lease term or estimated useful life
Furniture and fixtures						3 years
Manufacturing equipment						5 to 10 years
Research and development equipment						5 to 10 years
Software and computer equipment						3 years
Vehicles						5 years

Accounting for Acquisition

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets Long-lived assets, including property and equipment, are reviewed by management for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. When events or circumstances indicate that impairment may be present, management evaluates the probability that future undiscounted net cash flows received will be less than the carrying amount of the asset. If projected future undiscounted cash flows are less than the carrying value of an asset, then such assets are written down to their fair values.

Deferred Offering Costs

Deferred Offering CostsOffering costs, consisting primarily of legal, accounting, printing and filing services, and other direct fees and costs related to the IPO, were capitalized and offset against proceeds from the IPO.

Stock Warrant Liability

Stock Warrant LiabilityThe Company accounted for freestanding warrants outstanding to purchase shares of its common stock or, prior to its IPO, its convertible preferred stock or common stock, as a liability, as the underlying shares of convertible preferred stock and common stock were contingently redeemable and, therefore, could have obligated the Company to transfer assets at some point in the future. The warrants were recorded at fair value upon issuance and were subject to remeasurement at each balance sheet date. Any change in fair value has been recognized in the statements of operations in total other expense, net.

Income Taxes

With respect to uncertain tax positions, the Company recognizes in its financial statements those tax positions determined to be more likely than not of being sustained upon examination, based on the

technical merits of the positions. The Company’s policy is to recognize, when applicable, interest and penalties on uncertain tax positions as part of income tax expense.

Leases

Contingencies

ContingenciesThe Company is subject to a range of claims, lawsuits, and administrative proceedings that arise in the ordinary course of business. The Company accrues a liability (which amount includes litigation costs expected to be incurred) and charges operations for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated, in accordance with the recognition criteria of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 450, Contingencies. Estimating liabilities and costs associated with these matters require significant judgment based upon the professional knowledge and experience of management and its legal counsel.

Revenue Recognition

prices at the time and location of the customer’s choice. The Company does not offer warranties or a right to return on the products it sells except in the instance of a product recall.

Presentation of Net Revenues by Channel

Shipping and Handling CostsThe Company does not bill its distributors or customers shipping and handling fees. The Company’s products are predominantly shipped to its distributors or customers as “FOB Destination,” with control of the products transferred to the customer at the destination. In-bound shipping and handling costs incurred in manufacturing a product are included in inventory and reflected in cost of goods sold when the sale of that product is recognized. Outbound shipping and handling costs, including shipping and handling costs related to direct-to-consumer sales, are considered as fulfillment costs and are recorded in SG&A expenses.

Earnings (Loss) Per Share

Prepaid Expenses

Prepaid expenses primarily include prepaid rent and insurance, which are expensed in the period to which they relate.

Selling, General and Administrative Expenses

Selling, General and Administrative (“SG&A”) ExpensesSG&A expenses are primarily comprised of selling, marketing expenses and administrative expenses, share-based compensation, outbound shipping and handling costs, non-manufacturing rent expense, depreciation and amortization expense on non-manufacturing assets and other non-production operating expenses. Selling and marketing expenses include share-based compensation awards to brand ambassadors, advertising costs, costs associated with consumer promotions, product samples and sales aids incurred to acquire new customers, retain existing customers and build brand awareness. Administrative expenses include the expenses related to management, accounting, legal, IT, and other office functions. Advertising costs are expensed as incurred. Advertising costs in the years ended December 31, 2020, 2019 and 2018 were $0.3 million, $0.3 million and $62,000, respectively. Non-advertising related components of the Company’s total marketing expenditures primarily include costs associated with consumer promotions, product sampling, and sales aids, which are also included in SG&A.

Research and Development

Research and DevelopmentResearch and development costs, which includes enhancements to existing products and new product development, are expensed in the period incurred. Research and development expenses primarily consist of personnel and related expenses for the Company’s research and development staff, including salaries, benefits, bonuses, and share-based compensation, scale-up expenses, and depreciation and amortization expense on research and development assets.

Share-Based Compensation

Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Because the Company’s stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimates, in management’s opinion, the existing models may not necessarily provide a reliable single measure of the fair value of the Company’s stock options. Although the fair value of stock options is determined using an option valuation model, that value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction.In addition, the Company estimates the expected impact of forfeited awards and recognizes share-based compensation cost only for those awards ultimately expected to vest. If actual forfeiture rates differ materially from the Company’s estimates, share-based compensation expense could differ significantly from the amounts the Company has recorded in the current period. The Company periodically reviews actual forfeiture experience and will revise its estimates, as necessary. The Company will recognize as compensation cost the cumulative effect of the change in estimated forfeiture rates on current and prior periods in earnings of the period of revision. As a result, if the Company revises its assumptions and estimates, the Company’s share-based compensation expense could change materially in the future.

Employee Benefit Plan

Employee Benefit PlanOn January 1, 2017 the Company initiated a 401(k) retirement saving plan (“401-K Plan”) for the benefit of eligible employees. Under terms of this plan, eligible employees are able to make contributions of their wages on a tax-deferred basis.

Restructuring Plan

Recently Adopted and New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

New Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of fair value valuation

The key assumptions used in the Black-Scholes option-pricing model for the valuation of the preferred stock warrant liability upon re-measurement were as follows:


			Year Ended December 31, 2018
Expected term (in years)			2.0
Fair value of underlying shares			$19.02
Volatility			55.0%
Risk-free interest rate			2.48%
Dividend yield			—

Schedule of changes in fair value

The following table sets forth a summary of the changes in the fair value of the preferred and common stock warrant liabilities:


	Year Ended December 31, 2019
(in thousands)
Beginning balance	$	1,918
Fair value of warrants issued during the period	—
Change in fair value of warrant liability	12,503
Reclassification of warrant liability to additional paid-in capital in connection with the IPO	(14,421)
Ending balance	$	—

Schedule of property, plant, and equipment

Property, plant and equipment are carried at cost less accumulated depreciation and are depreciated using the straight-line method over the following estimated useful lives:


Land						Not amortized
Buildings						30 years
Leasehold improvements						Shorter of lease term or estimated useful life
Furniture and fixtures						3 years
Manufacturing equipment						5 to 10 years
Research and development equipment						5 to 10 years
Software and computer equipment						3 years
Vehicles						5 years

A summary of property, plant, and equipment as of December 31, 2020 and 2019, is as follows:


	December 31,
(in thousands)	2020		2019
Manufacturing equipment	$	62,521	$	37,939
Research and development equipment	12,342		8,933
Leasehold improvements	9,277		7,620
Building	12,569		—
Finance leases	212		1,108
Software	402		274
Furniture and fixtures	614		433
Vehicles	377		210
Land	3,995		—
Assets not yet placed in service	46,148		11,666
Total property, plant and equipment	$	148,457	$	68,183
Less: accumulated depreciation and amortization	33,158		20,709
Property, plant and equipment, net	$	115,299	$	47,474

Summary of disaggregation of revenue

Effective January 1, 2020, the Company began presenting net revenues by geography and distribution channel as follows:


Distribution Channel						Description
U.S. Retail						Net revenues from retail sales to the U.S. market(1)
U.S. Foodservice						Net revenues from restaurant and foodservice sales to the U.S. market
International Retail						Net revenues from retail sales to international markets, including Canada
International Foodservice						Net revenues from restaurant and foodservice sales to international markets, including Canada

____________

(1) Includes net revenues from direct-to-consumer sales.

The following table presents the Company’s net revenues by channel:


	Year Ended December 31,
	2020		2019		2018
(in thousands)
U.S.:
Retail	$	264,111	$	129,383	$	49,772
Foodservice	60,763		70,372		20,717
U.S. net revenues	324,874		199,755		70,489
International:
Retail	36,472		15,426		1,007
Foodservice	45,439		82,716		16,438
International net revenues	81,911		98,142		17,445
Net revenues	$	406,785	$	297,897	$	87,934

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of lease


(in thousands)	Statement of Operations Location	Year Ended December 31, 2020
Operating lease cost:
Lease cost	Cost of goods sold	$	1,570
Lease cost	Research and development expenses	621
Lease cost	Selling, general and administrative expenses	569
Variable lease cost (1)	Cost of goods sold	17
Operating lease cost		$	2,777
Short-term lease cost	Selling, general and administrative expenses	$	311
Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	75
Interest on lease liabilities	Interest expense	13
Finance lease cost		$	88
Total lease cost		$	3,176

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

Weighted average remaining lease terms and weighted average discount rates were:


	December 31, 2020
	Operating Leases		Finance Leases
Weighted average remaining lease term (years)	6.6		3.2
Weighted average discount rate	2.7	%	5.3	%

Schedule of supplemental balance sheet information

Supplemental balance sheet information as of December 31, 2020 related to leases are as follows:

(in thousands)

Balance Sheet Location

December 31, 2020

Assets

Operating leases

Operating lease right-of-use assets

14,570

Finance leases, net

Property, plant and equipment, net

212

Total lease assets

14,782

Liabilities

Current:

Operating lease liabilities

Current portion of operating lease liabilities

3,095

Finance lease liabilities

Current portion of finance lease liabilities

Long-term:

Operating lease liabilities

Operating lease liabilities, net of current portion

11,793

Finance lease liabilities

Finance lease obligations and other long-term liabilities

149

Total lease liabilities

15,108

Schedule of future maturities of operating lease liabilities

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of December 31, 2020:


	December 31, 2020
(in thousands)	Operating Leases		Finance Leases
2021	$	3,455	$	80
2022	3,290		70
2023	2,703		58
2024	1,662		30
2025	1,301		—
Thereafter	3,914		—

Total undiscounted future minimum lease payments	16,325		238
Less imputed interest	(1,437)		(18)
Total discounted future minimum lease payments	$	14,888	$	220

Schedule of future maturities of finance lease liabilities

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of December 31, 2020:


	December 31, 2020
(in thousands)	Operating Leases		Finance Leases
2021	$	3,455	$	80
2022	3,290		70
2023	2,703		58
2024	1,662		30
2025	1,301		—
Thereafter	3,914		—

Total undiscounted future minimum lease payments	16,325		238
Less imputed interest	(1,437)		(18)
Total discounted future minimum lease payments	$	14,888	$	220

Schedule of future maturities of operating lease liabilities (Topic 840)


	December 31, 2019
(in thousands)	Capital Lease Obligations		Operating Lease Obligations
2020	$	86	$	1,878
2021	80		1,813
2022	71		1,817
2023	58		1,840
2024	30		1,353
Thereafter	—		5,167
Total minimum lease payments			$	13,868
Total minimum lease payments	$	325
Less: imputed interest (4.1% to 15.9%)	(34)
Total capital lease obligations	$	291
Less: current portion of capital lease obligations	(72)
Long-term capital lease obligations	$	219

Schedule of future maturities of capital lease liabilities (Topic 840)


	December 31, 2019
(in thousands)	Capital Lease Obligations		Operating Lease Obligations
2020	$	86	$	1,878
2021	80		1,813
2022	71		1,817
2023	58		1,840
2024	30		1,353
Thereafter	—		5,167
Total minimum lease payments			$	13,868
Total minimum lease payments	$	325
Less: imputed interest (4.1% to 15.9%)	(34)
Total capital lease obligations	$	291
Less: current portion of capital lease obligations	(72)
Long-term capital lease obligations	$	219

Asset Acquisition (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of asset acquisition

The following table details the purchase price allocation of the acquired assets based on their relative fair values as of the acquisition date:


(in thousands)
Manufacturing equipment	$	1,273
Building	9,576
Land	2,774
Assembled workforce(1)	1,859
Total	$	15,482

_____________

(1) Assembled workforce is recorded in Other non-current assets, net in the consolidated balance sheet and will be amortized over an estimated useful life of approximately 2.0 years.

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of major classes of inventory

Major classes of inventory were as follows:


	December 31,
(in thousands)	2020		2019
Raw materials and packaging	$	83,702	$	36,884
Work in process	12,887		17,958
Finished goods	25,128		26,754
Total	$	121,717	$	81,596

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property, plant, and equipment

Property, plant and equipment are carried at cost less accumulated depreciation and are depreciated using the straight-line method over the following estimated useful lives:


Land						Not amortized
Buildings						30 years
Leasehold improvements						Shorter of lease term or estimated useful life
Furniture and fixtures						3 years
Manufacturing equipment						5 to 10 years
Research and development equipment						5 to 10 years
Software and computer equipment						3 years
Vehicles						5 years

A summary of property, plant, and equipment as of December 31, 2020 and 2019, is as follows:


	December 31,
(in thousands)	2020		2019
Manufacturing equipment	$	62,521	$	37,939
Research and development equipment	12,342		8,933
Leasehold improvements	9,277		7,620
Building	12,569		—
Finance leases	212		1,108
Software	402		274
Furniture and fixtures	614		433
Vehicles	377		210
Land	3,995		—
Assets not yet placed in service	46,148		11,666
Total property, plant and equipment	$	148,457	$	68,183
Less: accumulated depreciation and amortization	33,158		20,709
Property, plant and equipment, net	$	115,299	$	47,474

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt balances

The Company’s debt balances are detailed below:


	December 31,
(in thousands)	2020		2019
Revolving credit facility	$	25,000	$	—
Revolving credit line (SVB)	—		6,000
Term loan facility	—		20,000
Equipment financing loan	—		5,000
Debt issuance costs	—		(431)
Total debt outstanding	$	25,000	$	30,569
Less: current portion of long-term debt	25,000		11,000
Long-term debt	$	—	$	19,569

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of shares available for grant

The following table summarizes the shares available for grant under the 2018 Plan:


			Shares Available for Grant
Balance - December 31, 2019			3,297,638
Authorized			2,144,521
Granted			(512,945)
Shares withheld to cover taxes			16,742
Forfeited			75,314
Balance - December 31, 2020			5,021,270

Schedule of fair value assumptions

Following are the assumptions used in the Black-Scholes valuation model for options granted during the periods shown below:


	Year Ended December 31,
	2020	2019	2018
Risk-free interest rate	1.3%	2.3%	2.8%
Average expected term (years)	7.0	6.1	5.8
Expected volatility	55.0%	55.0%	55.0%
Dividend yield	—	—	—

Schedule of stock option activity

The following table summarizes the Company’s stock option activity during the period from December 31, 2017 through December 31, 2020:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)(1)




Outstanding at December 31, 2017	4,207,029	$	0.88	7.2	$	8,936
Granted	2,136,012	$	6.49	—	$	—
Exercised	(1,139,962)	$	1.20	—	$	5,722
Cancelled/Forfeited	(82,786)	$	2.03	—	$	—
Outstanding at December 31, 2018	5,120,293	$	3.13	7.3	$	81,371
Granted	1,571,925	$	39.01	—	$	—
Exercised	(1,429,756)	$	1.87	—	$	121,591
Cancelled/Forfeited	(91,486)	$	9.33	—	$	—
Outstanding at December 31, 2019	5,170,976	$	14.28	7.5	$	329,879
Granted	268,193	$	99.74	—	$	—
Exercised	(1,163,374)	$	7.75	—	$	132,935
Cancelled/Forfeited	(57,517)	$	37.14	—	$	—
Outstanding at December 31, 2020	4,218,278	$	21.20	6.6	$	443,595
Vested and exercisable at December 31, 2020	2,634,631	$	9.74	5.7	$	305,890
Vested and expected to vest at December 31, 2020	3,869,597	$	18.26	6.5	$	417,857

__________

Schedule of RSU activity

The following table summarizes the Company’s RSU activity from January 1, 2019 through December 31, 2020:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at January 1, 2019	—	$	—
Granted	173,196	$	126.29
Vested	(23,552)	$	84.84
Cancelled/Forfeited	(640)	$	—
Unvested at December 31, 2019	149,004	$	132.73
Granted	244,752	$	109.61
Vested	(99,970)	$	127.71
Cancelled/Forfeited	(17,797)	$	—
Unvested at December 31, 2020	275,989	$	114.99

Schedule of restricted stock activity

The following table summarizes the Company’s restricted stock activity:


	Number of Shares of Restricted Stock	Weighted Average Remaining Contractual Life (Years)	Weighted Average Grant Date Fair Value Per Share
Unvested at December 31, 2017	—	—	$	—
Granted	135,791	—	$	17.03
Vested/Released	(35,664)	—	$	17.03
Cancelled/Forfeited	—	—	$	—
Unvested at December 31, 2018	100,127	1.6	$	17.03
Granted	99,433	—	$	20.02
Vested/Released	(87,239)	—	$	19.21
Cancelled/Forfeited	(23,333)	—	$	—
Unvested at December 31, 2019	88,988	1.2	$	19.49
Granted	—	—	$	—
Vested/Released	(76,804)	—	$	19.97
Cancelled/Forfeited	—	—	$	—
Unvested at December 31, 2020	12,184	0.3	$	20.02

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense

The provision for income taxes was as follows:


(in thousands)	Year Ended December 31,
Current:	2020		2019		2018
Federal	$	—	$	—	$	—
State	72		9		1
	$	72	$	9	$	1

Deferred:
Federal	$	—	$	—	$	—
State	—		—		—
	$	—	$	—	$	—

Provision for income tax	$	72	$	9	$	1

Schedule of effective income tax rate reconciliation


	Year Ended December 31,
(in thousands)	2020		2019		2018
U.S. income tax at federal statutory rate	$	(11,063)	$	(2,611)	$	(6,276)
State income tax, net of federal benefits	(1,962)		(2,550)		(1,072)
Foreign rate differential	(54)		—		—
Stock warrant liability	—		2,626		—
Share-based compensation	(21,007)		(21,236)		(615)
Research and development credits	(10)		(8)		(6)
Return to provision and other	—		—		29
Change in tax rates	2,989		73		668
Other	529		(98)		363
Change in valuation allowance	30,650		23,813		6,910
Provision for income tax	$	72	$	9	$	1

Schedule of deferred tax assets and liabilities

A valuation allowance has been recorded to offset the net deferred tax assets as of December 31, 2020 and 2019, as the realization of such assets does not meet the more-likely-than-not threshold.


	December 31,
(in thousands)	2020		2019
Deferred Tax Assets:
Net operating loss (NOL)	$	78,464	$	50,663
Intangibles	1,495		1,252
Share-based compensation	3,295		2,704
Interest	311		—
Inventory reserve	2,262		1,509
Other	2,024		204
Total gross deferred tax assets	87,851		56,332

Deferred Tax liabilities:
Property, plant and equipment	1,773		904
Other	—		—
Total gross deferred tax liabilities	1,773		904

Valuation allowance	86,078		55,428
Net deferred tax assets (liabilities)	$	—	$	—

Schedule of unrecognized tax benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits at the beginning and end of the years ended December 31, 2020 and 2019:


	Year Ended December 31,
	2020		2019
Gross unrecognized tax benefits at the beginning of the year	$	3,336	$	1,846
Increases related to current year positions	2,063		1,695
Increases/Decreases related to prior year positions	—		(205)

Gross unrecognized tax benefits at the end of the year	$	5,399	$	3,336

Net Loss Per Share Available to Common Stockholders (“EPS”) (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per common share


(in thousands, except share and per share amounts)	Year Ended December 31,
	2020		2019		2018
Numerator:
Net loss available to common stockholders	$	(52,752)	$	(12,443)	$	(29,886)
Denominator:
Weighted average common shares outstanding—basic	62,290,445		42,274,777		6,287,172
Dilutive effect of stock equivalents resulting from stock options, RSUs, common stock warrants, preferred stock warrants and convertible preferred stock (as converted)	—		—		—
Weighted average common shares outstanding—diluted	62,290,445		42,274,777		6,287,172
Net loss per share available to common stockholders—basic and diluted	$	(0.85)	$	(0.29)	$	(4.75)

Schedule of antidilutive securities excluded from computation of earnings per share


	Year Ended December 31,
	2020	2019	2018
Options to purchase common stock	4,218,278	5,170,976	—
Restricted stock units	275,989	149,004	—
Convertible preferred stock (as converted)	—	—	39,953,983
Preferred stock warrants	—	—	160,767
Total	4,494,267	5,319,980	40,114,750

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial data

The following table presents selected unaudited quarterly financial data for each full quarterly period of 2020 and 2019:



(in thousands)	Mar. 30, 2019			Jun. 29, 2019			Sep. 28, 2019			Dec. 31, 2019			Mar. 30, 2020			Jun. 27, 2020			Sep. 26, 2020			Dec. 31, 2020
Net revenues	$	40,206		$	67,251		$	91,961		$	98,479		$	97,074		$	113,338		$	94,436		$	101,937
Cost of goods sold	29,435			44,510			59,178			65,018			59,383			79,687			68,908			76,532
Gross profit	10,771			22,741			32,783			33,461			37,691			33,651			25,528			25,405
Gross margin	26.8		%	33.8		%	35.6		%	34.0		%	38.8		%	29.7		%	27.0		%	24.9		%
Research and development expenses	4,498			4,212			5,951			5,989			6,194			6,016			8,278			11,047
Selling, general and administrative expenses	11,177			15,515			20,944			27,090			27,315			34,292			33,560			38,488
Restructuring expenses	394			847			2,319			1,309			2,373			1,509			2,146			402
Total operating expenses	16,069			20,574			29,214			34,388			35,882			41,817			43,984			49,937
(Loss) income from operations	(5,298)			2,167			3,569			(927)			1,809			(8,166)			(18,456)			(24,532)
Other (expense) income:
Interest expense	(733)			(741)			(855)			(742)			(705)			(569)			(689)			(613)
Remeasurement of warrant liability	(759)			(11,744)			—			—			—			—			—			—
Other, net	141			898			1,385			1,205			710			(1,454)			(85)			70
Total other (expense) income, net	(1,351)			(11,587)			530			463			5			(2,023)			(774)			(543)
(Loss) income before taxes	(6,649)			(9,420)			4,099			(464)			1,814			(10,189)			(19,230)			(25,075)
Income tax expense (benefit)	—			21			—			(12)			(1)			16			55			2
Net (loss) income	$	(6,649)		$	(9,441)		$	4,099		$	(452)		$	1,815		$	(10,205)		$	(19,285)		$	(25,077)
Net (loss) income per share available to common stockholders:
Basic	$	(0.95)		$	(0.24)		$	0.07		$	(0.01)		$	0.03		$	(0.16)		$	(0.31)		$	(0.40)
Diluted	$	(0.95)		$	(0.24)		$	0.06		$	(0.01)		$	0.03		$	(0.16)		$	(0.31)		$	(0.40)

______________

Introduction (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Aug. 05, 2019	May 06, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Payments of deferred offering costs			$ 0	$ 0	$ 2,415
U.S. net revenues \| Long-lived assets \| Geographic Concentration Risk
Subsidiary, Sale of Stock [Line Items]
Concentration risk			90.00%
Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares converted (in shares)				41,562,111
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction		11,068,750
Sale of stock, price per share (in dollars per share)		$ 25.00
Proceeds from IPO, net		$ 252,400
Underwriting discounts and commissions		19,400
Sale of stock, issuance costs		$ 4,900
Number of common stock shares converted (in shares)		41,562,111
Number of shares issued for each share of convertible preferred stock converted (in shares)		1
Payments of deferred offering costs				$ 2,500	2,400
Deferred offering costs				$ 4,900	$ 4,900
IPO \| Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares converted (in shares)				11,068,750
Number of shares able to purchase (in shares)		160,767
Secondary Offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollars per share)	$ 160.00
Proceeds from IPO, net	$ 37,400
Underwriting discounts and commissions	1,500
Sale of stock, issuance costs	$ 1,100
Number of shares issued	3,487,500
Payments of deferred offering costs				$ 2,200
Deferred offering costs				$ 1,100
Secondary Offering \| Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares converted (in shares)				250,000
Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	250,000

Summary of Significant Accounting Policies - Narrative (Details)			1 Months Ended			3 Months Ended								12 Months Ended
	Apr. 08, 2019 USD ($)	Jan. 02, 2019	Dec. 31, 2016 USD ($)	Feb. 28, 2016 USD ($) shares	Oct. 31, 2015 USD ($)	Dec. 31, 2020 USD ($) $ / shares shares	Sep. 26, 2020 USD ($)	Jun. 27, 2020 USD ($)	Mar. 28, 2020 USD ($)	Dec. 31, 2019 USD ($) shares	Sep. 28, 2019 USD ($)	Jun. 29, 2019 USD ($)	Mar. 30, 2019 USD ($)	Dec. 31, 2020 USD ($) segment $ / shares shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	May 06, 2019 shares	May 05, 2019 $ / shares shares
Class of Warrant or Right [Line Items]
Number of operating segments \| segment														1
Number of reportable segments \| segment														1
Stock split, conversion ratio		1.5
Unrealized translation gains, net of tax						$ 1,700,000								$ 1,700,000
Foreign currency transaction losses														$ 200,000	$ 0	$ 0
Warrants outstanding (in shares) \| shares						0				0				0	0
Allowance for doubtful accounts						$ 0				$ 0				$ 0	$ 0
Deferred offering costs, incurred and paid														0	0	2,415,000
Accrued stock issuance costs														0
Liability for estimated sales discounts						3,600,000				1,600,000				3,600,000	1,600,000
Advertising costs														300,000	300,000	62,000
Cost of goods sold						76,532,000	$ 68,908,000	$ 79,687,000	$ 59,383,000	65,018,000	$ 59,178,000	$ 44,510,000	$ 29,435,000	284,510,000	198,141,000	70,360,000
Research and development expenses						$ 11,047,000	$ 8,278,000	$ 6,016,000	$ 6,194,000	5,989,000	$ 5,951,000	$ 4,212,000	$ 4,498,000	31,535,000	20,650,000	9,587,000
Matching contribution														$ 700,000	$ 200,000	$ 0
Stock options granted (in shares) \| shares														268,193	1,571,925	2,136,012
Gigi Pritzker Pucker \| Beyond Meat, Inc
Class of Warrant or Right [Line Items]
Ownership interest														5.00%
Demand Deposits
Class of Warrant or Right [Line Items]
Cash equivalents, concentration						80.00%								80.00%
Money Market Accounts
Class of Warrant or Right [Line Items]
Cash equivalents, concentration						20.00%								20.00%
Series B
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares) \| shares						121,694								121,694				121,694
Exercise price (in dollars per share) \| $ / shares						$ 1.07								$ 1.07				$ 1.07
Series E
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares) \| shares						39,073								39,073				39,073
Exercise price (in dollars per share) \| $ / shares						$ 3.68								$ 3.68				$ 3.68
IPO
Class of Warrant or Right [Line Items]
Deferred offering costs										4,900,000					$ 4,900,000	$ 4,900,000
Deferred offering costs, incurred and paid															2,500,000	2,400,000
IPO \| Common Stock
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares) \| shares																	160,767
Secondary Offering
Class of Warrant or Right [Line Items]
Deferred offering costs										$ 1,100,000					1,100,000
Deferred offering costs, incurred and paid															2,200,000
Shipping and Handling
Class of Warrant or Right [Line Items]
Cost of goods sold														$ 11,900,000	$ 10,900,000	$ 6,100,000
Product Concentration Risk \| Revenue Benchmark \| Frozen
Class of Warrant or Right [Line Items]
Concentration risk															5.50%	16.30%
Customer One \| Customer Concentration Risk \| Revenue Benchmark
Class of Warrant or Right [Line Items]
Concentration risk														13.00%
Distributor One \| Customer Concentration Risk \| Revenue Benchmark
Class of Warrant or Right [Line Items]
Concentration risk															17.00%	32.00%
Distributor Two \| Customer Concentration Risk \| Revenue Benchmark
Class of Warrant or Right [Line Items]
Concentration risk															16.00%	21.00%
Distributor Three \| Customer Concentration Risk \| Revenue Benchmark
Class of Warrant or Right [Line Items]
Concentration risk																13.00%
Consulting Agreement \| Executive Chair
Class of Warrant or Right [Line Items]
Monthly transaction amount	$ 20,210.33
Consulting fees, related party														$ 60,631	$ 265,548	$ 189,583
Bonus \| Executive Chair
Class of Warrant or Right [Line Items]
Consulting fees, related party															121,260
Advisor Agreement \| Affiliated Entity
Class of Warrant or Right [Line Items]
Daily transaction amount					$ 4,000
Amended Advisor Agreement \| Affiliated Entity
Class of Warrant or Right [Line Items]
Monthly transaction amount			$ 10,000	$ 25,000
Consulting fees, related party															120,000	140,000
Legal Services \| Affiliated Entity
Class of Warrant or Right [Line Items]
Consulting fees, related party														11,100,000	70,695
Due to affiliate						$ 1,000,000.0								1,000,000.0
Presentations and Meetings, Reimbursements \| Affiliated Entity
Class of Warrant or Right [Line Items]
Consulting fees, related party														$ 0	$ 0	$ 121,546
Non-qualified Stock Option \| Amended Advisor Agreement \| Affiliated Entity
Class of Warrant or Right [Line Items]
Stock options granted (in shares) \| shares				532,590
Vesting period				3 years
Minimum \| Amended Advisor Agreement \| Affiliated Entity
Class of Warrant or Right [Line Items]
Days of service			5 days
Maximum \| Amended Advisor Agreement \| Affiliated Entity
Class of Warrant or Right [Line Items]
Days of service			6 days
SVB Credit Facilities \| Common Stock \| Line of Credit
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares) \| shares						60,002								60,002				60,002
Exercise price (in dollars per share) \| $ / shares						$ 3.00								$ 3.00				$ 3.00

Summary of Significant Accounting Policies - Schedule of fair value valuation (Details)	Dec. 31, 2018 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	2 years
Fair value of underlying shares (in dollars per share)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	19.02
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.550
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0248
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0

Summary of Significant Accounting Policies - Summary of changes in fair value (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance				$ 0				$ 1,918	$ 0	$ 1,918
Fair value of warrants issued during the period										0
Change in fair value of warrant liability	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 11,744	$ 759	$ 0	12,503	$ 1,120
Reclassification of warrant liability to additional paid-in capital in connection with the IPO										(14,421)
Ending balance					$ 0					$ 0	$ 1,918

Summary of Significant Accounting Policies - Schedule of property, plant, and equipment (Details)	12 Months Ended
	Dec. 31, 2020
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Manufacturing equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Manufacturing equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Research and development equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Research and development equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Software
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Summary of Significant Accounting Policies - Schedule of net revenues by platform and channel (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net revenues	$ 101,937	$ 94,436	$ 113,338	$ 97,074	$ 98,479	$ 91,961	$ 67,251	$ 40,206	$ 406,785	$ 297,897	$ 87,934
U.S. net revenues
Disaggregation of Revenue [Line Items]
Net revenues									324,874	199,755	70,489
International net revenues
Disaggregation of Revenue [Line Items]
Net revenues									81,911	98,142	17,445
Retail \| U.S. net revenues
Disaggregation of Revenue [Line Items]
Net revenues									264,111	129,383	49,772
Retail \| International net revenues
Disaggregation of Revenue [Line Items]
Net revenues									36,472	15,426	1,007
Foodservice \| U.S. net revenues
Disaggregation of Revenue [Line Items]
Net revenues									60,763	70,372	20,717
Foodservice \| International net revenues
Disaggregation of Revenue [Line Items]
Net revenues									$ 45,439	$ 82,716	$ 16,438

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6.4	$ 4.9	$ 1.5
Contract Termination
Restructuring Cost and Reserve [Line Items]
Accrued unpaid liabilities, contract termination	$ 0.8	$ 1.1

Leases - Narrative (Details) $ in Thousands	Jan. 14, 2021 renewalOption	May 26, 2020 contract	Dec. 31, 2020 USD ($)	Mar. 16, 2020	Jan. 01, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets			$ 14,570
Current portion of operating lease liabilities			3,095
Operating lease liabilities			$ 11,793
Number of renewal options \| contract		0
Renewal term				2 years
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease, initial term	12 years
Number of renewal options \| renewalOption	2
Renewal term	5 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease, initial term			2 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease, initial term			11 years
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets					$ 11,900
Decrease in deferred rent					300
Decrease in prepaid rent					200
Current portion of operating lease liabilities					1,400
Operating lease liabilities					$ 10,600

Leases - Components of lease (Details) $ in Thousands	12 Months Ended
Leases - Components of lease (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Lease Cost
Variable lease cost	$ 17
Operating lease cost	2,777
Short-term lease cost	311
Amortization of right-of use assets	75
Interest on lease liabilities	13
Finance lease cost	88
Total lease cost	$ 3,176
Operating Leases
Weighted average remaining lease term (years)	6 years 7 months 6 days
Weighted average discount rate	2.70%
Finance Leases
Weighted average remaining lease term (years)	3 years 2 months 12 days
Weighted average discount rate	5.30%
Cost of goods sold
Lease Cost
Lease cost	$ 1,570
Research and development expenses
Lease Cost
Lease cost	621
Selling, general and administrative expenses
Lease Cost
Lease cost	$ 569

Leases - Schedule of supplemental balance sheet information (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Assets
Operating lease right-of-use assets	$ 14,570
Finance leases, net	212
Total lease assets	14,782
Current:
Current portion of operating lease liabilities	3,095
Finance lease liabilities	71
Long-term:
Operating lease liabilities	11,793
Finance lease obligations and other long term liabilities	149
Total lease liabilities	$ 15,108
Finance lease liability, noncurrent, statement of financial position	us-gaap:OtherLiabilitiesNoncurrent

Leases - Schedule of future maturities of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021	$ 3,455
2022	3,290
2023	2,703
2024	1,662
2025	1,301
Thereafter	3,914
Total undiscounted future minimum lease payments	16,325
Less imputed interest	(1,437)
Total discounted future minimum lease payments	14,888
Finance Leases
2021	80
2022	70
2023	58
2024	30
2025	0
Thereafter	0
Total undiscounted future minimum lease payments	238
Less imputed interest	(18)
Total discounted future minimum lease payments	$ 220
Capital Lease Obligations
2020		$ 86
2021		80
2022		71
2023		58
2024		30
Thereafter		0
Total minimum lease payments		325
Less: imputed interest (4.1% to 15.9%)		(34)
Total capital lease obligations		291
Less: current portion of capital lease obligations		(72)
Long-term capital lease obligations		219
Operating Lease Obligations
2020		1,878
2021		1,813
2022		1,817
2023		1,840
2024		1,353
Thereafter		5,167
Total minimum lease payments		$ 13,868
Minimum
Capital Lease Obligations
Interest rate		4.10%
Maximum
Capital Lease Obligations
Interest rate		15.90%

Asset Acquisition - Narrative (Details) $ in Thousands		12 Months Ended
Asset Acquisition - Narrative (Details) $ in Thousands	Oct. 30, 2020 USD ($) employee	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business Combinations [Abstract]
Consideration transferred	$ 15,500
Payments to acquire productive assets	14,500	$ 15,482	$ 0	$ 0
Acquisition costs	$ 1,000
Number of employees hired \| employee	180

Asset Acquisition - Schedule of allocation of purchase consideration (Details) $ in Thousands	Oct. 30, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Assembled workforce	$ 1,859
Total	$ 15,482
Assembled workforce, useful life	2 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Tangible assets	$ 1,273
Building
Property, Plant and Equipment [Line Items]
Tangible assets	9,576
Land
Property, Plant and Equipment [Line Items]
Tangible assets	$ 2,774

Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 83,702	$ 36,884
Work in process	12,887	17,958
Finished goods	25,128	26,754
Total	121,717	81,596
Inventory write-down	$ 10,800	$ 6,400	$ 800

Property, Plant and Equipment - Summary of property, plant, and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property, plant and equipment		$ 68,183
Finance leases	$ 212
Total property, plant and equipment	148,457
Less: accumulated depreciation and amortization	33,158
Less: accumulated depreciation and amortization		20,709
Property, plant and equipment, net	115,299
Property, plant and equipment, net	115,299	47,474
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	62,521	37,939
Research and development equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	12,342	8,933
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	9,277	7,620
Buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	12,569	0
Finance leases
Property, Plant and Equipment [Line Items]
Total property, plant and equipment		1,108
Software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	402	274
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	614	433
Vehicles
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	377	210
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	3,995	0
Assets not yet placed in service
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 46,148	$ 11,666

Property, Plant and Equipment - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 13,299,000	$ 8,106,000	$ 4,921,000
Assets held-for-sale	0	2,600,000
Note receivable	4,600,000
Prepaid and Other Current Assets
Property, Plant and Equipment [Line Items]
Note receivable	2,400,000
Other non-current assets
Property, Plant and Equipment [Line Items]
Note receivable	2,200,000
Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation and amortization	10,100,000	5,700,000	3,700,000
Research and development expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	3,100,000	2,400,000	1,200,000
Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 100,000	$ 71,000	$ 13,000

Debt - Narrative (Details)		12 Months Ended
Debt - Narrative (Details)	Apr. 21, 2020 USD ($)	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Feb. 25, 2021 USD ($)	Jan. 14, 2021 USD ($)	May 06, 2019 shares	May 05, 2019 $ / shares shares
Debt Instrument [Line Items]
Maximum annual dividend payment	$ 10,000,000.0
Debt issuance costs		$ 0	$ 431,000
Amortization of debt issuance costs		$ 256,000	$ 181,000	$ 109,000
Warrants outstanding (in shares) \| shares		0	0
Repayments on revolving credit facility		$ 25,000,000	$ 0	0
Series B
Debt Instrument [Line Items]
Number of warrants issued (in shares) \| shares		121,694						121,694
Exercise price (in dollars per share) \| $ / shares		$ 1.07						$ 1.07
Series E
Debt Instrument [Line Items]
Number of warrants issued (in shares) \| shares		39,073						39,073
Exercise price (in dollars per share) \| $ / shares		$ 3.68						$ 3.68
Common Stock \| IPO
Debt Instrument [Line Items]
Number of warrants issued (in shares) \| shares							160,767
Prepaid and Other Current Assets
Debt Instrument [Line Items]
Debt issuance costs		$ 1,100,000
Letter of credit \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 12,500,000
Line of Credit
Debt Instrument [Line Items]
Early termination fee amount	1,200,000
Interest expense		2,100,000	2,200,000	900,000
Line of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Debt, face amount	$ 150,000,000.0
Debt term	5 years
Maximum additional borrowing capacity	$ 200,000,000.0
Unused commitment fee	0.375%
Maximum leverage ratio	3.00
Minimum fixed charge coverage ratio	1.25
Debt, outstanding balance		25,000,000	0
Available borrowing capacity		$ 0
Interest rate		3.50%
Line of Credit \| Revolving credit facility \| Subsequent Event
Debt Instrument [Line Items]
Debt, outstanding balance					$ 0
Line of Credit \| Revolving credit facility \| Alternate Base Rate \| Minimum
Debt Instrument [Line Items]
Variable annual interest rate	1.25%
Line of Credit \| Revolving credit facility \| Alternate Base Rate \| Maximum
Debt Instrument [Line Items]
Variable annual interest rate	1.75%
Line of Credit \| Revolving credit facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Variable annual interest rate	2.25%
Line of Credit \| Revolving credit facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Variable annual interest rate	2.75%
Line of Credit \| Revolving credit facility \| SVB Credit Facilities
Debt Instrument [Line Items]
Debt, outstanding balance		$ 0	6,000,000
Line of Credit \| Equipment financing loan
Debt Instrument [Line Items]
Interest expense		200,000	600,000	$ 200,000
Debt, outstanding balance		0	5,000,000
Line of Credit \| Term loan facility
Debt Instrument [Line Items]
Debt, outstanding balance		$ 0	$ 20,000,000
Line of Credit \| SVB Credit Facilities \| Common Stock
Debt Instrument [Line Items]
Number of warrants issued (in shares) \| shares		60,002						60,002
Exercise price (in dollars per share) \| $ / shares		$ 3.00						$ 3.00

Debt - Schedule of debt balances (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt issuance costs	$ 0	$ (431)
Total debt outstanding	25,000	30,569
Less: current portion of long-term debt	25,000	11,000
Long-term debt	0	19,569
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Debt, outstanding balance	25,000	0
Revolving credit facility \| Line of Credit \| SVB Credit Facilities
Debt Instrument [Line Items]
Debt, outstanding balance	0	6,000
Term loan facility \| Line of Credit
Debt Instrument [Line Items]
Debt, outstanding balance	0	20,000
Equipment financing loan \| Line of Credit
Debt Instrument [Line Items]
Debt, outstanding balance	$ 0	$ 5,000

Stockholders’ Equity (Deficit) and Convertible Preferred Stock (Details) - $ / shares	May 06, 2019	Dec. 31, 2020	Dec. 31, 2019	Aug. 05, 2019
Class of Stock [Line Items]
Common stock, authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Convertible preferred stock, authorized (in shares)	500,000
Convertible preferred stock, par value (in dollars per share)	$ 0.0001
Common stock, issued (in shares)		62,820,351	61,576,494
Common stock, outstanding (in shares)		62,820,351	61,576,494
IPO
Class of Stock [Line Items]
Number of common stock shares converted (in shares)	41,562,111
Number of shares issued for each share of convertible preferred stock converted (in shares)	1
Over-allotment option
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.0001
Number of shares issued				250,000

Share-Based Compensation - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2019	Aug. 01, 2019	Apr. 30, 2019	Oct. 31, 2018	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2021	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)					4,218,278	4,218,278	5,170,976	5,120,293		4,207,029
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, unvested (in shares)					275,989	275,989	149,004	0
Share-based compensation expense						$ 9,800,000	$ 3,700,000	$ 0
Unrecognized compensation expense, period of recognition						1 year 9 months 18 days
Unrecognized share-based compensation expense					$ 14,900,000	$ 14,900,000
Vested (in shares)						99,970	23,552
Granted (in shares)						244,752	173,196
Restricted stock price (in dollars per share)						$ 109.61	$ 126.29
Fair value per share (in dollars per share)					$ 114.99	$ 114.99	$ 132.73	$ 0
Restricted stock units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						4 years	4 years
Restricted stock units \| Nonemployee \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						12 months
Restricted stock units \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						25.00%	25.00%
Restricted stock units \| Thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								10 years
Share-based compensation expense						$ 13,100,000	$ 6,300,000	$ 1,500,000
Unrecognized compensation expense					$ 16,400,000	$ 16,400,000
Unrecognized compensation expense, period of recognition						2 years
Employee Stock Options \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						48 months
Employee Stock Options \| Employee \| Executive Chair
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	24 months	48 months
Employee Stock Options \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						25.00%	25.00%
Employee Stock Options \| Thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years	3 years
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period of recognition							8 months 12 days
Unrecognized share-based compensation expense							$ 2,500,000
Share-based compensation expense accrued, not issued						$ 3,000,000.0	1,000,000.0
Share-based compensation expense accrued, amount reclassified to APIC						3,000,000.0
Share-based compensation liability					$ 1,000,000.0	$ 1,000,000.0	$ 1,000,000.0
Vested (in shares)					23,666
Fair value of shares vested					$ 3,000,000.0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, unvested (in shares)					12,184	12,184	88,988	100,127		0
Vesting period			24 months
Share-based compensation expense						$ 1,400,000	$ 1,800,000	$ 700,000
Unrecognized share-based compensation expense					$ 200,000	$ 200,000
Vested (in shares)						76,804	87,239	35,664
Granted (in shares)				135,791		0	99,433	135,791
Restricted stock price (in dollars per share)						$ 0	$ 20.02	$ 17.03
Purchase price (in dollars per share)			$ 0.01	$ 0.02
Fair value per share (in dollars per share)				$ 17.03	$ 20.02	$ 20.02	$ 19.49	$ 17.03		$ 0
Shares of restricted stock purchased by nonemployees (in shares)					12,184	12,184
Weighted average remaining contractual life						3 months 18 days	1 year 2 months 12 days	1 year 7 months 6 days
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				12 months
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				24 months
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)					16,626,877	16,626,877
Additional shares authorized annually (in shares)						2,144,521
Percent of common stock outstanding, per year						4.00%
Shares issued (in shares)						7,127,079	5,864,738
2018 Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)									18,771,398
2018 Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, unvested (in shares)					275,989	275,989
2018 ESPP \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)					1,340,325	1,340,325
Additional shares authorized annually (in shares)						536,130
Percent of common stock outstanding, per year						1.00%
Period of additional shares authorized						10 years
2018 ESPP \| Employee Stock \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)									1,876,455

Share-Based Compensation - Summary of shares available for grant (Details) - 2018 Plan	12 Months Ended
	Dec. 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award, Shares Available for Grant, Number of Shares [Roll Forward]
Shares available for grant, beginning balance (in shares)	3,297,638
Authorized (in shares)	2,144,521
Granted (in shares)	(512,945)
Shares withheld to cover taxes (in shares)	16,742
Forfeited (in shares)	75,314
Shares available for grant, ending balance (in shares)	5,021,270

Share-Based Compensation - Schedule of fair value assumptions (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	1.30%	2.30%	2.80%
Average expected term (years)	7 years	6 years 1 month 6 days	5 years 9 months 18 days
Expected volatility	55.00%	55.00%	55.00%
Dividend yield	0.00%	0.00%	0.00%

Share-Based Compensation - Schedule of stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Stock Options
Outstanding, beginning balance (in shares)	5,170,976	5,120,293	4,207,029
Granted (in shares)	268,193	1,571,925	2,136,012
Exercised (in shares)	(1,163,374)	(1,429,756)	(1,139,962)
Cancelled/Forfeited (in shares)	(57,517)	(91,486)	(82,786)
Outstanding, ending balance (in shares)	4,218,278	5,170,976	5,120,293	4,207,029
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 14.28	$ 3.13	$ 0.88
Granted (in dollars per share)	99.74	39.01	6.49
Exercised (in dollars per share)	7.75	1.87	1.20
Cancelled/Forfeited (in dollars per share)	37.14	9.33	2.03
Outstanding, ending balance (in dollars per share)	$ 21.20	$ 14.28	$ 3.13	$ 0.88
Weighted Average Remaining Contractual Life (Years)
Weighted average remaining contractual life, outstanding	6 years 7 months 6 days	7 years 6 months	7 years 3 months 18 days	7 years 2 months 12 days
Weighted average remaining contractual life, vested and exercisable	5 years 8 months 12 days
Weighted average remaining contractual life, vested and expected to vest	6 years 6 months
Aggregate Intrinsic Value
Outstanding, beginning balance	$ 329,879	$ 81,371	$ 8,936
Exercised	132,935	121,591	5,722
Outstanding, ending balance	$ 443,595	$ 329,879	$ 81,371	$ 8,936
Number of Stock Options, Vested and exercisable (in shares)	2,634,631
Number of Stock Options, Vested and expected to vest (in shares)	3,869,597
Weighted Average Exercise Price, Vested and exercisable (in dollars per share)	$ 9.74
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share)	$ 18.26
Aggregate intrinsic value, vested and exercisable	$ 305,890
Aggregate intrinsic value, vested and expected to vest	$ 417,857

Share-Based Compensation - Schedule of restricted stock and RSU activity (Details) - $ / shares	1 Months Ended	12 Months Ended
	Oct. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted stock units
Number of Shares of Restricted Stock
Unvested, beginning balance (in shares)		149,004	0
Granted (in shares)		244,752	173,196
Vested (in shares)		99,970	23,552
Cancelled/Forfeited (in shares)		(17,797)	(640)
Unvested, ending balance (in shares)		275,989	149,004	0
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share)		$ 132.73	$ 0
Granted (in dollars per share)		109.61	126.29
Vested/Released (in dollars per share)		127.71	84.84
Cancelled/Forfeited (in dollars per share)		0	0
Unvested, ending balance (in dollars per share)		$ 114.99	$ 132.73	$ 0
Restricted Stock
Number of Shares of Restricted Stock
Unvested, beginning balance (in shares)		88,988	100,127	0
Granted (in shares)	135,791	0	99,433	135,791
Vested (in shares)		76,804	87,239	35,664
Cancelled/Forfeited (in shares)		0	(23,333)	0
Unvested, ending balance (in shares)		12,184	88,988	100,127
Weighted Average Remaining Contractual Life (Years)
Weighted Average Remaining Contractual Life, Unvested (Years)		3 months 18 days	1 year 2 months 12 days	1 year 7 months 6 days
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share)		$ 19.49	$ 17.03	$ 0
Granted (in dollars per share)		0	20.02	17.03
Vested/Released (in dollars per share)		19.97	19.21	17.03
Cancelled/Forfeited (in dollars per share)		0	0	0
Unvested, ending balance (in dollars per share)	$ 17.03	$ 20.02	$ 19.49	$ 17.03

Commitments and Contingencies (Details)							1 Months Ended
Commitments and Contingencies (Details)	Jan. 14, 2021 renewalOption	Sep. 22, 2020 USD ($)	May 26, 2020 ft² contract	Jan. 27, 2020 defendant	Jan. 24, 2020 USD ($)	Jan. 10, 2020 USD ($)	Oct. 31, 2018 defendant	Dec. 31, 2020 USD ($)	Mar. 16, 2020
Loss Contingencies [Line Items]
Renewal term									2 years
Area leased (in square feet) \| ft²			142,317
Number of renewal options \| contract			0
Purchase commitment term						18 months
Purchase commitments						$ 154,100,000		$ 141,900,000
Purchase commitments, due 2021								83,400,000
Purchase commitments, due 2022								$ 58,500,000
Subsequent Event
Loss Contingencies [Line Items]
Renewal term	5 years
Number of renewal options \| renewalOption	2
Lease, initial term	12 years
Minimum
Loss Contingencies [Line Items]
Lease, initial term								2 years
JXEDZ
Loss Contingencies [Line Items]
Investment agreement, expected amount		$ 10,000,000.0
Investment agreement, additional amount to acquire land		30,000,000.0
Investment agreement, additional amount to acquire second land plot		$ 10,000,000.0
Investment agreement, land use right period		50 years
JXEDZ \| Minimum
Loss Contingencies [Line Items]
Lease, initial term		2 years
Former Co-manufacturer Complaint \| Pending Litigation
Loss Contingencies [Line Items]
Number of defendants \| defendant				3			1
Damages sought, value					$ 628,689
Machinery and equipment
Loss Contingencies [Line Items]
Purchase order commitment								$ 19,500,000

Income Taxes - Schedule of components of income tax expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal									$ 0	$ 0	$ 0
State									72	9	1
Total current									72	9	1
Deferred:
Federal									0	0	0
State									0	0	0
Total deferred									0	0	0
Provision for income tax	$ 2	$ 55	$ 16	$ (1)	$ (12)	$ 0	$ 21	$ 0	$ 72	$ 9	$ 1

- Definition

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

+ References + Details

Income Taxes - Schedule of effective income tax rate reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. income tax at federal statutory rate									$ (11,063)	$ (2,611)	$ (6,276)
State income tax, net of federal benefits									(1,962)	(2,550)	(1,072)
Foreign rate differential									(54)	0	0
Stock warrant liability									0	2,626	0
Share-based compensation									(21,007)	(21,236)	(615)
Research and development credits									(10)	(8)	(6)
Return to provision and other									0	0	29
Change in tax rates									2,989	73	668
Other									529	(98)	363
Change in valuation allowance									30,650	23,813	6,910
Provision for income tax	$ 2	$ 55	$ 16	$ (1)	$ (12)	$ 0	$ 21	$ 0	$ 72	$ 9	$ 1

Income Taxes - Schedule of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets:
Net operating loss (NOL)	$ 78,464	$ 50,663
Intangibles	1,495	1,252
Share-based compensation	3,295	2,704
Interest	311	0
Inventory reserve	2,262	1,509
Other	2,024	204
Total gross deferred tax assets	87,851	56,332
Deferred Tax liabilities:
Property, plant and equipment	1,773	904
Other	0	0
Total gross deferred tax liabilities	1,773	904
Valuation allowance	86,078	55,428
Net deferred tax assets (liabilities)	$ 0	$ 0

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tax Credit Carryforward [Line Items]
Valuation allowance	$ 86,078	$ 55,428
Increase in valuation allowance	30,700
Unrecognized tax benefits	5,399	3,336	$ 1,846
Research and development tax credits
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	4,900	3,100
Federal
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	344,200	209,500
Operating loss carryforwards, not subject to expiration	252,400
State
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	92,500	$ 143,800
Foreign
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	$ 1,300

Income Taxes - Schedule of unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits at the beginning of the year	$ 3,336	$ 1,846
Increases related to current year positions	2,063	1,695
Increases/Decreases related to prior year positions	0	(205)
Gross unrecognized tax benefits at the end of the year	$ 5,399	$ 3,336

Net Loss Per Share Available to Common Stockholders (“EPS”) - Narrative (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]
Antidilutive securities excluded from computation	4,494,267	5,319,980	40,114,750
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation	4,218,278	5,170,976	5,120,293
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation	275,989	149,004

Net Loss Per Share Available to Common Stockholders (“EPS”) - Schedule of basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss available to common stockholders	$ (25,077)	$ (19,285)	$ (10,205)	$ 1,815	$ (452)	$ 4,099	$ (9,441)	$ (6,649)	$ (52,752)	$ (12,443)	$ (29,886)
Denominator:
Weighted average common shares outstanding—basic (in shares)									62,290,445	42,274,777	6,287,172
Dilutive effect of stock equivalents resulting from stock options, RSUs, common stock warrants, preferred stock warrants and convertible preferred stock (as converted) (in shares)									0	0	0
Weighted average common shares outstanding—diluted (in shares)									62,290,445	42,274,777	6,287,172
Net loss per share available to common stockholders—basic and diluted (in dollars per share)									$ (0.85)	$ (0.29)	$ (4.75)

- Definition

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

+ References

+ Details

Net Loss Per Share Available to Common Stockholders (“EPS”) - Schedule of antidilutive securities excluded from computation of earnings per share (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	4,494,267	5,319,980	40,114,750
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,218,278	5,170,976	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	275,989	149,004	0
Convertible preferred stock (as converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	0	39,953,983
Preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	0	160,767

Subsequent Events (Details)	Jan. 14, 2021 USD ($) ft² renewalOption	May 26, 2020 contract	Dec. 31, 2020 USD ($)	Mar. 16, 2020
Subsequent Event [Line Items]
Number of renewal options \| contract		0
Renewal term				2 years
Future minimum lease payments			$ 16,325,000
Subsequent Event
Subsequent Event [Line Items]
Lease, initial term	12 years
Number of renewal options \| renewalOption	2
Renewal term	5 years
Total area leased \| ft²	281,110
Building phase period	26 months
Future minimum lease payments	$ 159,300,000
Subsequent Event \| Letter of credit
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 12,500,000

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Dec. 31, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 101,937	$ 94,436	$ 113,338	$ 97,074	$ 98,479	$ 91,961	$ 67,251	$ 40,206	$ 406,785	$ 297,897	$ 87,934
Cost of goods sold	76,532	68,908	79,687	59,383	65,018	59,178	44,510	29,435	284,510	198,141	70,360
Gross profit	$ 25,405	$ 25,528	$ 33,651	$ 37,691	$ 33,461	$ 32,783	$ 22,741	$ 10,771	122,275	99,756	17,574
Gross margin	24.90%	27.00%	29.70%	38.80%	34.00%	35.60%	33.80%	26.80%
Research and development expenses	$ 11,047	$ 8,278	$ 6,016	$ 6,194	$ 5,989	$ 5,951	$ 4,212	$ 4,498	31,535	20,650	9,587
Selling, general and administrative expenses	38,488	33,560	34,292	27,315	27,090	20,944	15,515	11,177	133,655	74,726	34,461
Restructuring expenses	402	2,146	1,509	2,373	1,309	2,319	847	394	6,430	4,869	1,515
Total operating expenses	49,937	43,984	41,817	35,882	34,388	29,214	20,574	16,069	171,620	100,245	45,563
Loss from operations	(24,532)	(18,456)	(8,166)	1,809	(927)	3,569	2,167	(5,298)	(49,345)	(489)	(27,989)
Other (expense) income:
Interest expense	(613)	(689)	(569)	(705)	(742)	(855)	(741)	(733)	(2,576)	(3,071)	(1,128)
Remeasurement of warrant liability	0	0	0	0	0	0	(11,744)	(759)	0	(12,503)	(1,120)
Other, net	70	(85)	(1,454)	710	1,205	1,385	898	141	(759)	3,629	352
Total other expense, net	(543)	(774)	(2,023)	5	463	530	(11,587)	(1,351)	(3,335)	(11,945)	(1,896)
Loss before taxes	(25,075)	(19,230)	(10,189)	1,814	(464)	4,099	(9,420)	(6,649)	(52,680)	(12,434)	(29,885)
Income tax expense (benefit)	2	55	16	(1)	(12)	0	21	0	72	9	1
Net loss	$ (25,077)	$ (19,285)	$ (10,205)	$ 1,815	$ (452)	$ 4,099	$ (9,441)	$ (6,649)	$ (52,752)	$ (12,443)	$ (29,886)
Net (loss) income per share available to common stockholders:
Basic (in dollars per share)	$ (0.40)	$ (0.31)	$ (0.16)	$ 0.03	$ (0.01)	$ 0.07	$ (0.24)	$ (0.95)
Diluted (in dollars per share)	$ (0.40)	$ (0.31)	$ (0.16)	$ 0.03	$ (0.01)	$ 0.06	$ (0.24)	$ (0.95)