0001484778-24-000073 | 10-Q | XBRL Viewer

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table provides information about stock-based compensation expense by financial statement line item:


	Three Months Ended
	March 31, 2024		March 31, 2023
	(in thousands)
Operations, product, and technology	$	2,571	$	3,671
Marketing	202		1,205
Sales, general, and administrative	4,438		4,515
Total stock-based compensation expense	$	7,211	$	9,391

Schedule of Stock Option Activity

The following table summarizes the activities for all stock options under the Company’s share-based compensation plans for the three months ended March 31, 2024:


	Number of Options Outstanding	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value (1)
	(in thousands)				(in thousands)
Outstanding as of December 31, 2023	16,247	$	1.99	4.14 years	$	5,861
Granted	—	$	—
Exercised	(56)	$	1.44
Forfeited or expired	(88)	$	2.29
Outstanding as of March 31, 2024	16,103	$	1.99	3.84 years	$	2,539
Exercisable as of March 31, 2024	14,977	$	1.97	3.65 years	$	2,539

(1)The intrinsic value is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock awards.

Schedule of Restricted Stock Unit Activity

The following table summarizes the activities for all restricted stock units (“RSUs”) under the Company’s share-based compensation plans for the three months ended March 31, 2024:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Outstanding and nonvested as of December 31, 2023	8,538	$	4.39
Granted	5,058	$	1.98
Vested	(1,638)	$	4.25
Forfeited	(970)	$	5.21
Outstanding and nonvested as of March 31, 2024	10,988	$	3.23

Long-Term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

In February 2019, the Company entered into a loan and security agreement (“Term Loan”) with Western Alliance Bank for an aggregate amount of up to $40.0 million.

The Term Loan was subsequently amended several times, with the most recent amendment taking place in December 2023. As amended, the Term Loan matures on July 14, 2027 and provides for an aggregate borrowing amount of up to $48.8 million, of which $22.5 million is designated for the purchase of certain equipment. The Term Loan bears interest at the prime rate published in the Wall Street Journal plus a margin of 1.25%, with a floor of 4.75%.

The Term Loan requires the Company to comply with certain financial covenants, including, among other things, liquidity requirements, minimum cash deposits with Western Alliance Bank, performance metrics, and a debt service coverage ratio. The Term Loan also contains affirmative and negative covenants customary for financings of this type, including, among other things, limitations or prohibitions on repurchasing common shares, declaring and paying dividends and other distributions, redeeming and repurchasing certain other indebtedness, loans and investments, additional indebtedness, liens, mergers, asset sales and transactions with affiliates. In addition, the Term Loan contains customary events of default. As of March 31, 2024 and December 31, 2023, the Company was in compliance with its debt covenants under the Term Loan.

The Term Loan is payable in consecutive monthly installments. Interest is due monthly on amounts outstanding under the Term Loan. The Company is permitted to make voluntary prepayments without penalty or premium at any time.

As of March 31, 2024 and December 31, 2023, the effective interest rate for borrowings under the Term Loan was 10.73%.

During the three months ended March 31, 2024 and 2023, the Company did not make any borrowings under the Term Loan and repaid a total of $1.0 million in each of the periods on amounts outstanding under the Term Loan. As of March 31, 2024 and December 31, 2023, the amounts outstanding under the Term Loan were $25.3 million and $26.3 million, respectively.

The Company incurred $0.7 million of interest costs relating to the Term Loan during each of the three months ended March 31, 2024 and 2023. There was no capitalized interest during the three months ended March 31, 2024, and $0.6 million was capitalized as part of an asset for the three months ended March 31, 2023.

As of March 31, 2024, the future annual principal payments of the Term Loan were as follows:


	Amount
	(in thousands)
2024 (Remaining nine months)	$	3,000
2025	4,000
2026	4,000
2027	14,333

Total principal payments	25,333
Less: unamortized debt discount	(446)
Less: current portion of long-term debt	(3,843)
Non-current portion of long-term debt	$	21,044

- Definition

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

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+ Details

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	$ 136,614	$ 135,553
Less: accumulated depreciation and amortization	(51,531)	(47,881)
Property and equipment, net	85,083	87,672
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	79,166	79,273
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	27,993	27,620
Internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	12,263	11,284
Computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	7,756	8,260
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	6,865	6,542
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, at cost	$ 2,571	$ 2,574

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (16,554)	$ (19,793)

- 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

Common Stock and Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Common Stock Issued and Outstanding

The table below summarizes the Class A common stock and Class B common stock authorized, issued and outstanding as of March 31, 2024 and December 31, 2023:


	March 31, 2024
	Authorized	Issued and Outstanding
	(in thousands)
Class A common stock	1,000,000	80,273
Class B common stock	120,000	29,944
Total	1,120,000	110,217


	December 31, 2023
	Authorized	Issued and Outstanding
	(in thousands)
Class A common stock	1,000,000	78,830
Class B common stock	120,000	29,954
Total	1,120,000	108,784

- Definition

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

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+ Details

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Work in process	$ 1,779	$ 3,333
Finished goods	9,803	12,354
Total	$ 11,582	$ 15,687

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,120,000,000	1,120,000,000
Common stock, shares issued (in shares)	110,217,000	108,784,000
Common stock, shares outstanding (in shares)	110,217,000	108,784,000

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	March 31, 2024		December 31, 2023
	(in thousands)
Property and equipment, at cost:
Machinery and equipment	$	79,166	$	79,273
Leasehold improvements	27,993		27,620
Internal-use software	12,263		11,284
Computers and software	7,756		8,260
Construction in progress	6,865		6,542
Furniture and fixtures	2,571		2,574
Total property and equipment, at cost	136,614		135,553
Less: accumulated depreciation and amortization	(51,531)		(47,881)
Property and equipment, net	$	85,083	$	87,672

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill is primarily attributable to the planned growth in the combined business after the acquisition of Remix Global EAD (“Remix”). Goodwill is reviewed for impairment at least annually, absent any interim indicators of impairment. Goodwill was $11.7 million and $12.0 million as of March 31, 2024 and December 31, 2023, respectively. The change in goodwill during the three months ended March 31, 2024 was due to foreign currency translation adjustments.

The gross carrying amounts and accumulated amortization of the Company’s intangible assets with determinable lives as of March 31, 2024 and December 31, 2023 were as follows:


		March 31, 2024
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(in thousands)
Customer relationships	8	$	4,849	$	(1,498)	$	3,351
Developed technology	3	4,569		(3,776)		793
Trademarks	9	4,389		(1,204)		3,185
Total		$	13,807	$	(6,478)	$	7,329


		December 31, 2023
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(in thousands)
Customer relationships	8	$	4,965	$	(1,386)	$	3,579
Developed technology	3	4,679		(3,482)		1,197
Trademarks	9	4,494		(1,114)		3,380
Total		$	14,138	$	(5,982)	$	8,156

The changes in the gross carrying amounts were due to foreign currency translation adjustments.

Amortization expense related to developed technology, customer relationships, and trademarks is recorded within operations, product, and technology; sales, general, and administrative; and marketing expense, respectively, within the Company’s condensed consolidated statements of operations. Amortization expense of intangible assets with determinable lives was $0.6 million and $0.6 million for the three months ended March 31, 2024 and 2023, respectively.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany account balances and transactions have been eliminated upon consolidation. The unaudited condensed consolidated financial statements were prepared in accordance with the United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Quarterly Report on Form 10‑Q and Article 10 of Regulation S-X. As permitted under those rules, certain footnotes or other financial information may be condensed or omitted.
Use of Estimates	The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and the related disclosures. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to: the useful lives of property and equipment and intangibles, allowance for sales returns, breakage on loyalty points and rewards and gift cards, valuation of inventory, stock-based compensation, lease liabilities, goodwill and acquired intangible assets, and income taxes.
Recently Adopted Accounting Pronouncements	There were no accounting pronouncements adopted during the three months ended March 31, 2024. Accounting Pronouncements Not Yet Effective In October 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” to amend certain disclosure and presentation requirements for a variety of topics within the Accounting Standards Codification (the “ASC”). These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not expect that the application of this standard will have an impact on our consolidated financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. This new guidance is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company is currently assessing the impact of adopting this new accounting standard on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional quantitative and qualitative income tax disclosures to enable financial statements users to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024, which will be the fiscal year ending December 31, 2025 for us. We expect the adoption will result in enhanced income tax disclosures.
Revenue from Loyalty Reward Redemption and Expiration, Gift Cards and Site Credits	The Company has a customer loyalty program, which allows end-customers to earn and accumulate points with each qualifying purchase. Earned points can be redeemed for loyalty rewards, such as non-cashoutable shopping credit, free shipping, or waived restocking fee, which can be applied to future purchases or returns. Unredeemed points expire after one year from the date the points were earned. Reward coupons expire six months from the date the reward is claimed. Points earned on purchases are a material right, representing a separate performance obligation. The allocated consideration for the points earned through qualifying purchase transactions is deferred based on the standalone selling price of the points, adjusted for expected breakage in proportion to the pattern of redemption, and recorded within deferred revenue under accrued and other current liabilities within the Company’s condensed consolidated balance sheets. Revenue is recognized for these performance obligations at a point in time when rewards are redeemed by the end customer or expired. The Company sells ThredUp gift cards on its e-commerce website and may also convert seller payables and site credits to ThredUp gift cards beginning after one year at the discretion of the Company. ThredUp gift cards do not expire or lose value over periods of inactivity. The Company accounts for gift cards by recognizing a gift card liability at the time a gift card is delivered to the customer.The Company issues site credits for returns, which can be applied toward future charges but may not be converted into cash. Site credits may also be converted to ThredUp gift cards beginning after one year at the discretion of the Company. These credits are recognized as revenue when used.
Fair Value Measurements	The Company applies the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures, for its financial and non-financial assets and liabilities. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows: •Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. •Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. •Level 3 inputs are unobservable inputs for the asset or liability. The Company measures certain assets and liabilities at fair value as discussed throughout the notes to its condensed consolidated financial statements. As of March 31, 2024 and December 31, 2023, the carrying amounts of the Company’s accounts receivable, other current assets, other assets, accounts payable, seller payable and accrued and other current liabilities approximated their estimated fair values due to their relatively short maturities. Management believes the terms of its long-term variable-rate debt reflect current market conditions for an instrument with similar terms and maturity, and as such, the carrying value of the Company’s long-term debt approximated its fair value as of March 31, 2024 and December 31, 2023.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 19
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share

The following participating securities have been excluded from the computation of diluted loss per share for the periods presented because including them would have been anti-dilutive:


	March 31, 2024	March 31, 2023
	(in thousands)
Outstanding stock options	16,103	17,569
Restricted stock units	10,988	14,615
Delayed share issuance related to acquisition	—	130
Employee stock purchase plan	216	152
Total	27,307	32,466

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

The following tables provide information about the Company’s financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such values as of March 31, 2024 and December 31, 2023:


	March 31, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	5,067	$	—	$	—	$	5,067
U.S. treasury securities	—		7,647		—		7,647
Commercial paper	—		12,568		—		12,568

Total cash equivalents	5,067		20,215		—		25,282
Marketable securities:

U.S. treasury securities	—		10,419		—		10,419
U.S. government agency bonds	—		1,980		—		1,980
Total marketable securities	—		12,399		—		12,399
Total assets at fair value	$	5,067	$	32,614	$	—	$	37,681


	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	8,028	$	—	$	—	$	8,028
Commercial paper	—		14,954		—		14,954
U.S. treasury securities	—		7,976		—		7,976
U.S. government agency bonds	—		1,108		—		1,108
Total cash equivalents	8,028		24,038		—		32,066
Marketable securities:

U.S. treasury securities	—		7,405		—		7,405
U.S. government agency bonds	—		695		—		695
Total marketable securities	—		8,100		—		8,100
Total assets at fair value	$	8,028	$	32,138	$	—	$	40,166

The following tables summarize the cost, gross unrealized gains, gross unrealized losses and fair value of the marketable securities as of March 31, 2024 and December 31, 2023:


	March 31, 2024
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(in thousands)

U.S. treasury securities	$	10,421	$	—	$	(2)	$	10,419
U.S. government agency bonds	1,983		—		(3)		1,980
Total	$	12,404	$	—	$	(5)	$	12,399


	December 31, 2023
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(in thousands)

U.S. treasury securities	$	7,403	$	2	$	—	$	7,405
U.S. government agency bonds	695		—		—		695
Total	$	8,098	$	2	$	—	$	8,100

As of March 31, 2024 and December 31, 2023, the Company’s cash equivalents approximated their estimated fair value. As such, there were no unrealized gains or losses related to the Company’s cash equivalents.

For the Company’s marketable securities, which were all classified as available-for-sale, the Company utilizes third-party pricing services to obtain fair value. Third-party pricing methodologies incorporate bond terms and conditions, current performance data, proprietary pricing models, real-time quotes from contributing dealers, trade prices and other market data. The Company determined that the declines in the fair value of its marketable securities were not driven by credit-related factors. During the three months ended March 31, 2024 and 2023, the Company did not recognize any losses on its marketable securities due to credit-related factors.

As of March 31, 2024, the Company’s money market funds were valued using Level 1 inputs because they were valued using quoted prices in active markets. The Company’s U.S. treasury securities, commercial paper and U.S. government agency bonds were valued using Level 2 inputs because they were valued using quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

There were no transfers into or out of Level 3 during the three months ended March 31, 2024. As of March 31, 2024, all of the $12.4 million carrying amount of marketable securities had a contractual maturity date of less than one year.

- Definition

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

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (16,554)	$ (19,793)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,933	3,681
Stock-based compensation expense	7,211	9,391
Reduction in carrying amount of right-of-use assets	1,667	1,207
Other	28	41
Changes in operating assets and liabilities:
Accounts receivable, net	815	1,010
Inventory	3,825	(3,157)
Other current and non-current assets	312	22
Accounts payable	(223)	4,102
Accrued and other current liabilities	1,742	(1,851)
Seller payable	(442)	1,696
Operating lease liabilities	(1,986)	(2,062)
Other non-current liabilities	65	1,255
Net cash provided by (used in) operating activities	1,393	(4,458)
Cash flows from investing activities:
Purchases of marketable securities	(8,665)	0
Maturities of marketable securities	4,500	24,579
Purchases of property and equipment	(1,620)	(5,679)
Net cash provided by (used in) investing activities	(5,785)	18,900
Cash flows from financing activities:
Repayment of debt	(1,000)	(1,000)
Proceeds from issuance of stock-based awards	727	446
Payments of withholding taxes on stock-based awards	(1,207)	(638)
Net cash used in financing activities	(1,480)	(1,192)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(115)	(540)
Net change in cash, cash equivalents, and restricted cash	(5,987)	12,710
Cash, cash equivalents, and restricted cash, beginning of period	61,469	44,051
Cash, cash equivalents, and restricted cash, end of period	$ 55,482	$ 56,761

Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 50,112	$ 56,084
Restricted cash included in Other current assets	335	462
Restricted cash included in Other assets	5,035	4,923
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 55,482	$ 61,469	$ 56,761	$ 44,051

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 50,112	$ 56,084
Marketable securities	12,399	8,100
Accounts receivable, net	6,929	7,813
Inventory	11,582	15,687
Other current assets	5,834	6,204
Total current assets	86,856	93,888
Operating lease right-of-use assets	47,138	42,118
Property and equipment, net	85,083	87,672
Goodwill	11,677	11,957
Intangible assets	7,329	8,156
Other assets	6,196	6,176
Total assets	244,279	249,967
Current liabilities:
Accounts payable	9,133	9,457
Accrued and other current liabilities	37,541	35,934
Seller payable	21,037	21,495
Operating lease liabilities, current	5,517	5,949
Current portion of long-term debt	3,843	3,838
Total current liabilities	77,071	76,673
Operating lease liabilities, non-current	49,750	44,621
Long-term debt, net of current portion	21,044	22,006
Other non-current liabilities	2,884	2,750
Total liabilities	150,749	146,050
Commitments and contingencies (Note 10)
Stockholders’ equity:
Class A and B common stock, $0.0001 par value; 1,120,000 shares authorized as of March 31, 2024 and December 31, 2023; 110,217 and 108,784 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	11	11
Additional paid-in capital	592,193	585,156
Accumulated other comprehensive loss	(3,245)	(2,375)
Accumulated deficit	(495,429)	(478,875)
Total stockholders’ equity	93,530	103,917
Total liabilities and stockholders’ equity	$ 244,279	$ 249,967

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 79,588	$ 75,922
Cost of revenue:
Total cost of revenue	24,262	24,829
Gross profit	55,326	51,093
Operating expenses:
Operations, product, and technology	41,051	38,347
Marketing	13,413	16,870
Sales, general, and administrative	17,573	16,059
Total operating expenses	72,037	71,276
Operating loss	(16,711)	(20,183)
Interest expense	(677)	(77)
Other income, net	845	476
Loss before provision for income taxes	(16,543)	(19,784)
Provision for income taxes	11	9
Net loss	$ (16,554)	$ (19,793)
Loss per share, basic (in dollars per share)	$ (0.15)	$ (0.19)
Loss per share, diluted (in dollars per share)	$ (0.15)	$ (0.19)
Weighted-average shares used in computing loss per share, basic (in shares)	109,292	101,984
Weighted-average shares used in computing loss per share, diluted (in shares)	109,292	101,984
Consignment
Revenue:
Total revenue	$ 61,225	$ 46,479
Cost of revenue:
Total cost of revenue	10,502	9,220
Product
Revenue:
Total revenue	18,363	29,443
Cost of revenue:
Total cost of revenue	$ 13,760	$ 15,609

Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Loss Per Share

The following participating securities have been excluded from the computation of diluted loss per share for the periods presented because including them would have been anti-dilutive:


	March 31, 2024	March 31, 2023
	(in thousands)
Outstanding stock options	16,103	17,569
Restricted stock units	10,988	14,615
Delayed share issuance related to acquisition	—	130
Employee stock purchase plan	216	152
Total	27,307	32,466

Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany account balances and transactions have been eliminated upon consolidation. The unaudited condensed consolidated financial statements were prepared in accordance with the United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Quarterly Report on Form 10‑Q and Article 10 of Regulation S-X. As permitted under those rules, certain footnotes or other financial information may be condensed or omitted.

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and the related disclosures. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to: the useful lives of property and equipment and intangibles, allowance for sales returns, breakage on loyalty points and rewards and gift cards, valuation of inventory, stock-based compensation, lease liabilities, goodwill and acquired intangible assets, and income taxes.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the financial position of the Company as of March 31, 2024, and the results of operations and cash flows for the interim periods presented.

The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 10-K”).

Recently Adopted Accounting Pronouncements

There were no accounting pronouncements adopted during the three months ended March 31, 2024.

Accounting Pronouncements Not Yet Effective

In October 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” to amend certain disclosure and presentation requirements for a variety of topics within the Accounting Standards Codification (the “ASC”). These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not expect that the application of this standard will have an impact on our consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. This new guidance is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company is currently assessing the impact of adopting this new accounting standard on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional quantitative and qualitative income tax disclosures to enable financial statements users to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024, which will be the fiscal year ending December 31, 2025 for us. We expect the adoption will result in enhanced income tax disclosures.

Revenue from Loyalty Reward Redemption and Expiration

The Company has a customer loyalty program, which allows end-customers to earn and accumulate points with each qualifying purchase. Earned points can be redeemed for loyalty rewards, such as non-cashoutable shopping credit, free shipping, or waived restocking fee, which can be applied to future purchases or returns. Unredeemed points expire after one year from the date the points were earned. Reward coupons expire six months from the date the reward is claimed. Points earned on purchases are a material right, representing a separate performance obligation.

The allocated consideration for the points earned through qualifying purchase transactions is deferred based on the standalone selling price of the points, adjusted for expected breakage in proportion to the pattern of redemption, and recorded within deferred revenue under accrued and other current liabilities within the Company’s condensed consolidated balance sheets. Revenue is recognized for these performance obligations at a point in time when rewards are redeemed by the end customer or expired.

As of March 31, 2024 and December 31, 2023, the Company had a deferred revenue liability of $1.6 million and $3.1 million, respectively, related to its customer loyalty program, which is included in accrued and other current liabilities within the Company’s condensed consolidated balance sheets. The Company recognized revenue from loyalty reward redemption of $3.7 million and $2.1 million for the three months ended March 31, 2024 and 2023, respectively. As our loyalty points expire in 12 months and coupon rewards expire in six months, the revenue for the remaining performance obligation is expected to be recognized within a 12-month period.

Gift Cards and Site Credits

The Company sells ThredUp gift cards on its e-commerce website and may also convert seller payables and site credits to ThredUp gift cards beginning after one year at the discretion of the Company. ThredUp gift cards do not expire or lose value over periods of inactivity. The Company accounts for gift cards by recognizing a gift card liability at the time a gift card is delivered to the customer. As of March 31, 2024 and December 31, 2023, $6.9 million and $6.6 million, respectively, of gift card liability was included in accrued and other current liabilities within the Company’s condensed consolidated balance sheets. Revenue from gift cards is generally recognized when the gift cards are redeemed by the customer and amounted to $0.3 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively.

The Company recognizes breakage revenue when it determines that the redemption of gift cards is remote. Breakage revenue was $1.3 million for the three months ended March 31, 2024. Breakage revenue was not material for the three months ended March 31, 2023.

The Company issues site credits for returns, which can be applied toward future charges but may not be converted into cash. Site credits may also be converted to ThredUp gift cards beginning after one year at the discretion of the Company. These credits are recognized as revenue when used. As of March 31, 2024 and December 31, 2023, $5.2 million and $4.8 million, respectively, of such customer site credits were included in accrued and other current liabilities within the Company’s condensed consolidated balance sheets. Revenue recognized from the redemption of site credits was $13.5 million and $9.4 million for the three months ended March 31, 2024 and 2023, respectively.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s condensed consolidated balance sheets that sum to the total of the same such amounts shown in the Company’s condensed consolidated statements of cash flows:


	March 31, 2024		December 31, 2023
	(in thousands)
Cash and cash equivalents	$	50,112	$	56,084
Restricted cash included in Other current assets	335		462
Restricted cash included in Other assets	5,035		4,923
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	55,482	$	61,469

Fair Value Measurements

The Company applies the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures, for its financial and non-financial assets and liabilities. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows:

•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•Level 3 inputs are unobservable inputs for the asset or liability.

The Company measures certain assets and liabilities at fair value as discussed throughout the notes to its condensed consolidated financial statements. As of March 31, 2024 and December 31, 2023, the carrying amounts of the Company’s accounts receivable, other current assets, other assets, accounts payable, seller payable and accrued and other current liabilities approximated their estimated fair values due to their relatively short maturities. Management believes the terms of its long-term variable-rate debt reflect current market conditions for an instrument with similar terms and maturity, and as such, the carrying value of the Company’s long-term debt approximated its fair value as of March 31, 2024 and December 31, 2023.

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Maturities of Long-Term Debt

As of March 31, 2024, the future annual principal payments of the Term Loan were as follows:


	Amount
	(in thousands)
2024 (Remaining nine months)	$	3,000
2025	4,000
2026	4,000
2027	14,333

Total principal payments	25,333
Less: unamortized debt discount	(446)
Less: current portion of long-term debt	(3,843)
Non-current portion of long-term debt	$	21,044

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The quarterly income tax provision reflects an estimate of the corresponding quarter’s state taxes in the U.S. The provision for income tax expense for the three months ended March 31, 2024 and 2023 was determined based upon estimates of the Company’s annual effective tax rate for the years ending December 31, 2024 and 2023, respectively. Since the Company is in a full valuation allowance position due to losses incurred since inception, the provision for taxes consists solely of certain state income taxes.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 4.3	$ 3.0

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Options Outstanding
Options outstanding, beginning balance (in shares)	16,247,000
Options granted (in shares)	0
Options exercised (in shares)	(56,000)
Options forfeited or expired (in shares)	(88,000)
Options outstanding, ending balance (in shares)	16,103,000	16,247,000
Options exercisable (in shares)	14,977,000
Weighted-Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 1.99
Options granted (in dollars per share)	0
Options exercised (in dollars per share)	1.44
Options forfeited or expired (in dollars per share)	2.29
Ending balance (in dollars per share)	1.99	$ 1.99
Options exercisable (in dollars per share)	$ 1.97
Weighted-Average Remaining Contractual Life
Options outstanding	3 years 10 months 2 days	4 years 1 month 20 days
Options exercisable	3 years 7 months 24 days
Aggregate Intrinsic Value
Options outstanding	$ 2,539	$ 5,861
Options exercisable	$ 2,539

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 11,677		$ 11,957
Amortization expense	$ 600	$ 600

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from External Customer [Line Items]
Customer liability	$ 12,129		$ 11,407
Coupon Rewards
Revenue from External Customer [Line Items]
Performance obligation, expiration period	6 months
Loyalty Program
Revenue from External Customer [Line Items]
Revenue recognized	$ 3,700	$ 2,100
Loyalty Program \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue from External Customer [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Loyalty Program \| Transferred over Time
Revenue from External Customer [Line Items]
Customer liability	$ 1,600		3,100
Loyalty Points
Revenue from External Customer [Line Items]
Performance obligation, expiration period	12 months
Gift Card
Revenue from External Customer [Line Items]
Customer liability	$ 6,900		6,600
Revenue recognized	$ 300	500
Conversion period	1 year
Gift Card Breakage
Revenue from External Customer [Line Items]
Revenue recognized	$ 1,300	0
Site Credit
Revenue from External Customer [Line Items]
Customer liability	$ 5,200		$ 4,800
Conversion period	1 year
Revenue recognized from the redemption	$ 13,500	$ 9,400

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization of the Company’s intangible assets with determinable lives as of March 31, 2024 and December 31, 2023 were as follows:


		March 31, 2024
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(in thousands)
Customer relationships	8	$	4,849	$	(1,498)	$	3,351
Developed technology	3	4,569		(3,776)		793
Trademarks	9	4,389		(1,204)		3,185
Total		$	13,807	$	(6,478)	$	7,329


		December 31, 2023
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in years)	(in thousands)
Customer relationships	8	$	4,965	$	(1,386)	$	3,579
Developed technology	3	4,679		(3,482)		1,197
Trademarks	9	4,494		(1,114)		3,380
Total		$	14,138	$	(5,982)	$	8,156

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,211	$ 9,391
Operations, product, and technology
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	2,571	3,671
Marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	202	1,205
Sales, general, and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,438	$ 4,515

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 13,807	$ 14,138
Accumulated Amortization	(6,478)	(5,982)
Net Carrying Amount	$ 7,329	$ 8,156
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period	8 years	8 years
Gross Carrying Amount	$ 4,849	$ 4,965
Accumulated Amortization	(1,498)	(1,386)
Net Carrying Amount	$ 3,351	$ 3,579
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization Period	3 years	3 years
Gross Carrying Amount	$ 4,569	$ 4,679
Accumulated Amortization	(3,776)	(3,482)
Net Carrying Amount	$ 793	$ 1,197
Trademarks
Finite-Lived Intangible Assets [Line Items]
Amortization Period	9 years	9 years
Gross Carrying Amount	$ 4,389	$ 4,494
Accumulated Amortization	(1,204)	(1,114)
Net Carrying Amount	$ 3,185	$ 3,380

Common Stock and Stockholders’ Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Common Stock and Stockholders’ Equity

Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible at any time into one share of Class A common stock.

The table below summarizes the Class A common stock and Class B common stock authorized, issued and outstanding as of March 31, 2024 and December 31, 2023:


	March 31, 2024
	Authorized	Issued and Outstanding
	(in thousands)
Class A common stock	1,000,000	80,273
Class B common stock	120,000	29,944
Total	1,120,000	110,217


	December 31, 2023
	Authorized	Issued and Outstanding
	(in thousands)
Class A common stock	1,000,000	78,830
Class B common stock	120,000	29,954
Total	1,120,000	108,784

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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+ Details

Financial Instruments and Fair Value Measurements - Schedule of Amortized Cost, Unrealized Gain (Loss), and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable securities:
Cost or Amortized Cost	$ 12,404	$ 8,098
Unrealized Gains	0	2
Unrealized Losses	(5)	0
Fair Value	12,399	8,100
U.S. treasury securities
Marketable securities:
Cost or Amortized Cost	10,421	7,403
Unrealized Gains	0	2
Unrealized Losses	(2)	0
Fair Value	10,419	7,405
U.S. government agency bonds
Marketable securities:
Cost or Amortized Cost	1,983	695
Unrealized Gains	0	0
Unrealized Losses	(3)	0
Fair Value	$ 1,980	$ 695

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	March 31, 2024		December 31, 2023
	(in thousands)
Cash and cash equivalents	$	50,112	$	56,084
Restricted cash included in Other current assets	335		462
Restricted cash included in Other assets	5,035		4,923
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	55,482	$	61,469

Schedule of Restrictions on Cash and Cash Equivalents


	March 31, 2024		December 31, 2023
	(in thousands)
Cash and cash equivalents	$	50,112	$	56,084
Restricted cash included in Other current assets	335		462
Restricted cash included in Other assets	5,035		4,923
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	55,482	$	61,469

Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Gift card and site credit liabilities	$ 12,129	$ 11,407
Accrued compensation	6,505	4,092
Accrued vendor liabilities	4,937	4,080
Accrued taxes	4,733	4,967
Allowance for returns	4,155	3,817
Deferred revenue	3,730	6,377
Accrued other	1,352	1,194
Total	$ 37,541	$ 35,934

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 12,399	$ 8,100
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 12,399	$ 8,100

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business ThredUp Inc. (“ThredUp” or the “Company”) was formed as a corporation in the State of Delaware in January 2009. ThredUp operates a large resale platform that enables consumers to buy and sell primarily secondhand apparel, shoes, and accessories.

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) \| shares	8,538
Granted (in shares) \| shares	5,058
Vested (in shares) \| shares	(1,638)
Forfeited (in shares) \| shares	(970)
Outstanding at end of period (in shares) \| shares	10,988
Weighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 4.39
Granted (in dollars per share) \| $ / shares	1.98
Vested (in dollars per share) \| $ / shares	4.25
Forfeited (in dollars per share) \| $ / shares	5.21
Outstanding at end of period (in dollars per share) \| $ / shares	$ 3.23

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		101,532,000
Beginning balance at Dec. 31, 2022	$ 140,001	$ 10	$ 551,852	$ (4,234)	$ (407,627)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options and restricted stock units (in shares)		1,484,000
Issuance of common stock from exercise of stock options and restricted stock units	275		275
Stock-based compensation	9,720		9,720
Shares withheld for net share settlement (in shares)		(180,000)
Shares withheld for net share settlement	(270)		(270)
Net loss	(19,793)				(19,793)
Other comprehensive loss	1,154			1,154
Ending balance (in shares) at Mar. 31, 2023		102,836,000
Ending balance at Mar. 31, 2023	$ 131,087	$ 10	561,577	(3,080)	(427,420)
Beginning balance (in shares) at Dec. 31, 2023	108,784,000	108,784,000
Beginning balance at Dec. 31, 2023	$ 103,917	$ 11	585,156	(2,375)	(478,875)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options and restricted stock units (in shares)	56,000	1,694,000
Issuance of common stock from exercise of stock options and restricted stock units	$ 81		81
Stock-based compensation	7,506		7,506
Shares withheld for net share settlement (in shares)		(261,000)
Shares withheld for net share settlement	(550)		(550)
Net loss	(16,554)				(16,554)
Other comprehensive loss	$ (870)			(870)
Ending balance (in shares) at Mar. 31, 2024	110,217,000	110,217,000
Ending balance at Mar. 31, 2024	$ 93,530	$ 11	$ 592,193	$ (3,245)	$ (495,429)

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation capitalized costs	$ 0.0	$ 0.0
Total intrinsic value of stock options exercised	0.0	0.0
Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 0.8
Weighted average period unrecognized stock-based compensation expense	9 months 29 days
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 32.4
Weighted average period unrecognized stock-based compensation expense	1 year 11 months 8 days
Stock-based compensation vesting expense	$ 3.5	$ 8.0
Award vesting period (in years)		3 years	4 years
Accelerated compensation expense		$ 2.4

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value


	March 31, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	5,067	$	—	$	—	$	5,067
U.S. treasury securities	—		7,647		—		7,647
Commercial paper	—		12,568		—		12,568

Total cash equivalents	5,067		20,215		—		25,282
Marketable securities:

U.S. treasury securities	—		10,419		—		10,419
U.S. government agency bonds	—		1,980		—		1,980
Total marketable securities	—		12,399		—		12,399
Total assets at fair value	$	5,067	$	32,614	$	—	$	37,681


	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	8,028	$	—	$	—	$	8,028
Commercial paper	—		14,954		—		14,954
U.S. treasury securities	—		7,976		—		7,976
U.S. government agency bonds	—		1,108		—		1,108
Total cash equivalents	8,028		24,038		—		32,066
Marketable securities:

U.S. treasury securities	—		7,405		—		7,405
U.S. government agency bonds	—		695		—		695
Total marketable securities	—		8,100		—		8,100
Total assets at fair value	$	8,028	$	32,138	$	—	$	40,166

The following tables summarize the cost, gross unrealized gains, gross unrealized losses and fair value of the marketable securities as of March 31, 2024 and December 31, 2023:


	March 31, 2024
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(in thousands)

U.S. treasury securities	$	10,421	$	—	$	(2)	$	10,419
U.S. government agency bonds	1,983		—		(3)		1,980
Total	$	12,404	$	—	$	(5)	$	12,399


	December 31, 2023
	Cost or Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(in thousands)

U.S. treasury securities	$	7,403	$	2	$	—	$	7,405
U.S. government agency bonds	695		—		—		695
Total	$	8,098	$	2	$	—	$	8,100

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (16,554)	$ (19,793)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(864)	544
Unrealized gain (loss) on available-for-sale securities	(6)	610
Total other comprehensive income (loss)	(870)	1,154
Total comprehensive loss	$ (17,424)	$ (18,639)

- Definition

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

+ References

+ Details

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Feb. 28, 2019
Debt Instrument [Line Items]
Repayment of debt		$ 1,000	$ 1,000
Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 48,800
Medium-term Notes \| Equipment
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 22,500
Term Loan \| Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 40,000
Debt instrument, floor percentage	4.75%
Effective interest rate	10.73%	10.73%
Borrowed amount		$ 0	0
Repayment of debt		1,000	1,000
Principal outstanding	$ 26,300	25,300
Interest costs incurred relating to the term loan		700	700
Interest costs capitalized as part of an asset		$ 0	$ 600
Term Loan \| Medium-term Notes \| Prime Rate
Debt Instrument [Line Items]
Variable interest rate	1.25%

Property and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	March 31, 2024		December 31, 2023
	(in thousands)
Property and equipment, at cost:
Machinery and equipment	$	79,166	$	79,273
Leasehold improvements	27,993		27,620
Internal-use software	12,263		11,284
Computers and software	7,756		8,260
Construction in progress	6,865		6,542
Furniture and fixtures	2,571		2,574
Total property and equipment, at cost	136,614		135,553
Less: accumulated depreciation and amortization	(51,531)		(47,881)
Property and equipment, net	$	85,083	$	87,672

Depreciation and amortization expense of property and equipment was $4.3 million and $3.0 million for the three months ended March 31, 2024 and 2023, respectively.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company has stock-based compensation plans, which are more fully described in Note 10, Stock-Based Compensation Plans, to the Consolidated Financial Statements included in the 2023 10-K. During the three months ended March 31, 2024, the Company granted restricted stock units subject to service conditions.

Stock-Based Compensation Expense

The following table provides information about stock-based compensation expense by financial statement line item:


	Three Months Ended
	March 31, 2024		March 31, 2023
	(in thousands)
Operations, product, and technology	$	2,571	$	3,671
Marketing	202		1,205
Sales, general, and administrative	4,438		4,515
Total stock-based compensation expense	$	7,211	$	9,391

Stock-based compensation expense capitalized in internal use software was not material for the three months ended March 31, 2024 and 2023, respectively.

Stock Options

The following table summarizes the activities for all stock options under the Company’s share-based compensation plans for the three months ended March 31, 2024:


	Number of Options Outstanding	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value (1)
	(in thousands)				(in thousands)
Outstanding as of December 31, 2023	16,247	$	1.99	4.14 years	$	5,861
Granted	—	$	—
Exercised	(56)	$	1.44
Forfeited or expired	(88)	$	2.29
Outstanding as of March 31, 2024	16,103	$	1.99	3.84 years	$	2,539
Exercisable as of March 31, 2024	14,977	$	1.97	3.65 years	$	2,539

(1)The intrinsic value is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock awards.

There were no options granted during the three months ended March 31, 2024 and 2023. The total intrinsic value of stock options exercised during the three months ended March 31, 2024 and 2023 was not material.

As of March 31, 2024, the total unrecognized compensation cost related to all nonvested stock options was $0.8 million and the related weighted-average period over which it is expected to be recognized was approximately 0.83 years.

Restricted Stock Units

The following table summarizes the activities for all restricted stock units (“RSUs”) under the Company’s share-based compensation plans for the three months ended March 31, 2024:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Outstanding and nonvested as of December 31, 2023	8,538	$	4.39
Granted	5,058	$	1.98
Vested	(1,638)	$	4.25
Forfeited	(970)	$	5.21
Outstanding and nonvested as of March 31, 2024	10,988	$	3.23

The total vesting date fair value of RSUs that vested during the three months ended March 31, 2024 and 2023 was $3.5 million and $8.0 million, respectively.

During the three months ended March 31, 2023, the Company modified the vesting schedule of substantially all RSUs outstanding as of December 31, 2022 from 4 years to 3 years and recognized compensation expense of $2.4 million related to the acceleration of the vesting schedule.

As of March 31, 2024, the total unrecognized compensation cost related to all nonvested RSUs was $32.4 million and the related weighted-average period over which it is expected to be recognized was approximately 1.94 years.

Common Stock and Stockholders’ Equity - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 vote shares
Class of Stock [Line Items]
Conversion of stock (in shares) \| shares	1
Class A common stock
Class of Stock [Line Items]
Number of votes for each share	1
Class B common stock
Class of Stock [Line Items]
Number of votes for each share	10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Common Stock and Stockholders’ Equity - Schedule of Common Stock Issued and Outstanding (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Authorized (in shares)	1,120,000,000	1,120,000,000
Issued (in shares)	110,217,000	108,784,000
Outstanding (in shares)	110,217,000	108,784,000
Class A common stock
Class of Stock [Line Items]
Authorized (in shares)	1,000,000,000	1,000,000,000
Issued (in shares)	80,273,000	78,830,000
Outstanding (in shares)	80,273,000	78,830,000
Class B common stock
Class of Stock [Line Items]
Authorized (in shares)	120,000,000	120,000,000
Issued (in shares)	29,944,000	29,954,000
Outstanding (in shares)	29,944,000	29,954,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	March 31, 2024		December 31, 2023
	(in thousands)
Work in process	$	1,779	$	3,333
Finished goods	9,803		12,354
Total	$	11,582	$	15,687

Schedule of Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	March 31, 2024		December 31, 2023
	(in thousands)
Gift card and site credit liabilities	$	12,129	$	11,407
Accrued compensation	6,505		4,092
Accrued vendor liabilities	4,937		4,080
Accrued taxes	4,733		4,967
Allowance for returns	4,155		3,817
Deferred revenue	3,730		6,377
Accrued other	1,352		1,194
Total	$	37,541	$	35,934

Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
Loss Per Share (Details) - shares shares in Thousands	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	27,307	32,466
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	16,103	17,569
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	10,988	14,615
Delayed share issuance related to acquisition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	130
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	216	152

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
James Reinhart [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, James Reinhart, Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act for the sale of up to 692,152 shares of the Company’s Class A common stock until June 13, 2024.
Name	James Reinhart
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	90 days
Aggregate Available	692,152
Alon Rotem [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, Alon Rotem, Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act for the sale of up to 310,135 shares of the Company’s Class A common stock until June 13, 2024.
Name	Alon Rotem
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	90 days
Aggregate Available	310,135

Long-Term Debt - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (Remaining nine months)	$ 3,000
2025	4,000
2026	4,000
2027	14,333
Total principal payments	25,333
Less: unamortized debt discount	(446)
Less: current portion of long-term debt	(3,843)	$ (3,838)
Non-current portion of long-term debt	$ 21,044	$ 22,006

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Contingencies The Company is subject to litigation claims and assessments from time to time in the ordinary course of business. The Company’s management does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for limited and customary indemnification obligations. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made.

Financial Instruments and Fair Value Measurements – Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable securities:
Total marketable securities	$ 12,399	$ 8,100
Fair Value, Recurring
Cash equivalents:
Total cash equivalents	25,282	32,066
Marketable securities:
Total marketable securities	12,399	8,100
Total assets at fair value	37,681	40,166
Fair Value, Recurring \| U.S. treasury securities
Marketable securities:
Total marketable securities	10,419	7,405
Fair Value, Recurring \| U.S. government agency bonds
Marketable securities:
Total marketable securities	1,980	695
Fair Value, Recurring \| Money market funds
Cash equivalents:
Total cash equivalents	5,067	8,028
Fair Value, Recurring \| U.S. treasury securities
Cash equivalents:
Total cash equivalents	7,647	7,976
Fair Value, Recurring \| Commercial paper
Cash equivalents:
Total cash equivalents	12,568	14,954
Fair Value, Recurring \| U.S. government agency bonds
Cash equivalents:
Total cash equivalents		1,108
Level 1 \| Fair Value, Recurring
Cash equivalents:
Total cash equivalents	5,067	8,028
Marketable securities:
Total marketable securities	0	0
Total assets at fair value	5,067	8,028
Level 1 \| Fair Value, Recurring \| U.S. treasury securities
Marketable securities:
Total marketable securities	0	0
Level 1 \| Fair Value, Recurring \| U.S. government agency bonds
Marketable securities:
Total marketable securities	0	0
Level 1 \| Fair Value, Recurring \| Money market funds
Cash equivalents:
Total cash equivalents	5,067	8,028
Level 1 \| Fair Value, Recurring \| U.S. treasury securities
Cash equivalents:
Total cash equivalents	0	0
Level 1 \| Fair Value, Recurring \| Commercial paper
Cash equivalents:
Total cash equivalents	0	0
Level 1 \| Fair Value, Recurring \| U.S. government agency bonds
Cash equivalents:
Total cash equivalents		0
Level 2 \| Fair Value, Recurring
Cash equivalents:
Total cash equivalents	20,215	24,038
Marketable securities:
Total marketable securities	12,399	8,100
Total assets at fair value	32,614	32,138
Level 2 \| Fair Value, Recurring \| U.S. treasury securities
Marketable securities:
Total marketable securities	10,419	7,405
Level 2 \| Fair Value, Recurring \| U.S. government agency bonds
Marketable securities:
Total marketable securities	1,980	695
Level 2 \| Fair Value, Recurring \| Money market funds
Cash equivalents:
Total cash equivalents	0	0
Level 2 \| Fair Value, Recurring \| U.S. treasury securities
Cash equivalents:
Total cash equivalents	7,647	7,976
Level 2 \| Fair Value, Recurring \| Commercial paper
Cash equivalents:
Total cash equivalents	12,568	14,954
Level 2 \| Fair Value, Recurring \| U.S. government agency bonds
Cash equivalents:
Total cash equivalents		1,108
Level 3 \| Fair Value, Recurring
Cash equivalents:
Total cash equivalents	0	0
Marketable securities:
Total marketable securities	0	0
Total assets at fair value	0	0
Level 3 \| Fair Value, Recurring \| U.S. treasury securities
Marketable securities:
Total marketable securities	0	0
Level 3 \| Fair Value, Recurring \| U.S. government agency bonds
Marketable securities:
Total marketable securities	0	0
Level 3 \| Fair Value, Recurring \| Money market funds
Cash equivalents:
Total cash equivalents	0	0
Level 3 \| Fair Value, Recurring \| U.S. treasury securities
Cash equivalents:
Total cash equivalents	0	0
Level 3 \| Fair Value, Recurring \| Commercial paper
Cash equivalents:
Total cash equivalents	$ 0	0
Level 3 \| Fair Value, Recurring \| U.S. government agency bonds
Cash equivalents:
Total cash equivalents		$ 0

Balance Sheet Components

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Inventories consisted of the following:


	March 31, 2024		December 31, 2023
	(in thousands)
Work in process	$	1,779	$	3,333
Finished goods	9,803		12,354
Total	$	11,582	$	15,687

Work in process inventory relates to items that are currently undergoing preparation for sale, including itemization, cleaning, and repair.

Accrued and other current liabilities consisted of the following:


	March 31, 2024		December 31, 2023
	(in thousands)
Gift card and site credit liabilities	$	12,129	$	11,407
Accrued compensation	6,505		4,092
Accrued vendor liabilities	4,937		4,080
Accrued taxes	4,733		4,967
Allowance for returns	4,155		3,817
Deferred revenue	3,730		6,377
Accrued other	1,352		1,194
Total	$	37,541	$	35,934

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40249
Entity Registrant Name	ThredUp Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-4009181
Entity Address, Address Line One	969 Broadway
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94607
City Area Code	415
Local Phone Number	402-5202
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	TDUP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001484778
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		80,571,704
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,684,496