0000950170-23-060316 | 10-Q | XBRL Viewer

Marketable Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Note 3 Marketable Securities

Below is a detail of marketable securities (in thousands):


	September 30, 2023		December 31, 2022
Marketable securities	$	1,638	$	285
Total	$	1,638	$	285

At September 30, 2023 and December 31, 2022, the Company’s marketable securities consisted of investments in a publicly traded money market mutual fund with a ticker symbol SSPXX. The underlying money market instruments were primarily comprised of certificates of deposit and financial company asset backed commercial paper. At September 30, 2023 the investment portfolio had a weighted-average maturity of 45 days. At December 31, 2022 the investment portfolio had a weighted-average maturity of 48 days. The gain recognized in connection with the investment in marketable securities for the three and nine months ended September 30, 2023 was $0.04 million and $0.4 million, respectively, and recorded as a component of interest income in the unaudited condensed consolidated statements of operations. The gain recognized in connection with the investment in marketable securities for the three and nine months ended September 30, 2022 was $0.1 million and $0.4 million, respectively, and recorded as a component of interest income in the unaudited condensed consolidated statements of operations.

Debt Facility - Additional Information (Detail) - Senior Secured Loan Facility			9 Months Ended	12 Months Ended
	Sep. 13, 2023 USD ($)	Jan. 31, 2021 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Third Amendment
Debt Instrument [Line Items]
Debt instruments gurantied by assets	$ 25,000,000
Victory Park Management, LLC
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000
Debt instrument maturity month and year		2025-01
Proceeds from sale of productive assets			$ 250,000
Percentage of prepayment of loans from proceeds			100
Proceeds from lines of credit			$ 75,000,000	$ 75,000,000
Victory Park Management, LLC \| Third Amendment
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	150,000,000
Increase in borrwing capacity	$ 50,000,000
Debt instrument maturity month and year	2026-12
Debt modification, financing costs capitalized			400,000
Gain or loss of debt instrument modification			$ 0
Line of Credit \| Victory Park Management, LLC
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis		6.95% annually plus a base rate defined as the greater of the three-month London interbank offered rate ("LIBOR") as of the last business day of each calendar month and 2.55%
Debt instrument, basis spread on variable rate description		three-month London interbank offered rate ("LIBOR")
Debt instrument, basis spread on variable rate		2.55%
Debt instrument covenant amount		$ 8,000,000
Line of Credit \| Victory Park Management, LLC \| Third Amendment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate description	SOFR for such date for a 3-month tenor
Debt instrument, basis spread on variable rate	3.00%
Debt instrument covenant amount	$ 15,000,000
When Aggregate Outstanding Principal Balance Less Than or Equal to $75 Million \| Victory Park Management, LLC \| Third Amendment
Debt Instrument [Line Items]
Debt instrument, interest rate addition to variable rate	5.00%
When Aggregate Outstanding Principal Balance Greater than $75 Million \| Victory Park Management, LLC \| Third Amendment
Debt Instrument [Line Items]
Debt instrument, interest rate addition to variable rate	4.50%
Base Rate \| Victory Park Management, LLC
Debt Instrument [Line Items]
Line of credit facility, interest rate during period		6.95%

Short-term investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Accrued interest	$ 1.0	$ 1.0	$ 1.4
Interest Income [Member]
Debt Securities, Available-for-Sale [Line Items]
Gain (loss) in short-term investments	$ 0.2	$ 0.5

- 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Organization and Nature of Business - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023 USD ($)
Bank Charges	$ 34
Bank Overdrafts	5
Extra cash product for additional liquidity amount	500
Daves Advance Service [Member]
Due to Related Parties	$ 500,000

Member Cash Advances, Net

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Member Cash Advances, Net

Note 5 Member Cash Advances, Net

Below is a detail of Member cash advances, net as of September 30, 2023 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Credit Losses			Member Advances, Net
1-10	$	86,578	$	(2,578	)	$	84,000
11-30		10,842		(2,650	)		8,192
31-60		7,159		(4,612	)		2,547
61-90		5,829		(4,507	)		1,322
91-120		6,474		(5,411	)		1,063
Total	$	116,882	$	(19,758	)	$	97,124

Below is a detail of Member cash advances, net as of December 31, 2022 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Credit Losses			Member Advances, Net
1-10	$	91,121	$	(2,224	)	$	88,897
11-30		10,683		(2,582	)		8,101
31-60		9,022		(5,529	)		3,493
61-90		8,865		(6,702	)		2,163
91-120		8,993		(7,464	)		1,529
Total	$	128,684	$	(24,501	)	$	104,183

Member advances, net, represent outstanding advances, tips, and processing fees, net of direct origination costs, less an allowance for credit losses.

The roll-forward of the allowance for credit losses is as follows (in thousands):


Opening allowance balance at January 1, 2023	$	24,501
Plus: provision for credit losses		43,861
Plus: amounts recovered		9,422
Less: amounts written-off		(58,026	)
Ending allowance balance at September 30, 2023	$	19,758

Opening allowance balance at January 1, 2022	$	11,995
Plus: provision for credit losses		45,995
Plus: amounts recovered		6,662
Less: amounts written-off		(42,536	)
Ending allowance balance at September 30, 2022	$	22,116

Convertible Note Payable - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Mar. 21, 2022	Sep. 30, 2023
Debt Instrument [Line Items]
Debt instrument interest rate		3.01%
Conversion price	$ 320
Redemption price percentage	100.00%
Paid-in-Kind Interest		$ 104.7
Purchase Agreement [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 100.0
Debt instrument interest rate	3.00%
Debt instrument term	48 months
Minimum [Member]
Debt Instrument [Line Items]
Number of consecutive trading days for preceding the delivery	20 days
Maximum [Member]
Debt Instrument [Line Items]
Number of consecutive trading days for preceding the delivery	30 days
FTX Ventures Ltd [Member]
Debt Instrument [Line Items]
Percentage of ownership of common stock	175.00%

Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2 Significant Accounting Policies

Basis of Presentation

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

On January 4, 2023, the Board approved an amendment to the Company’s certificate of incorporation to complete a 1-for-32 reverse stock split effective January 5, 2023. At a special meeting held on December 16, 2022, stockholders approved the reverse stock split. The primary goal of the reverse stock split was to bring the Company’s stock price above the share bid price requirement for continued listing on Nasdaq. The effects of the reverse stock split have been reflected in the unaudited condensed consolidated financial statements and the footnotes.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and a variable interest entity (“VIE”). All intercompany transactions and balances have been eliminated upon consolidation.

In accordance with the provisions of Accounting Standards Codification (“ASC”) 810, Consolidation, the Company consolidates any VIE of which the Company is the primary beneficiary. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. ASC 810 requires a variable interest holder to consolidate a VIE if that party has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate a VIE in which it has a majority ownership interest when it is not considered the primary beneficiary. The Company evaluates its relationships with its VIEs on an ongoing basis to ensure that the Company continues to be the primary beneficiary. The Company is considered the primary beneficiary of Dave OD Funding I, LLC (“Dave OD”), as it has the power over the activities that most significantly impact the economic performance of Dave OD and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant, in accordance with accounting guidance. As a result, the Company consolidated Dave OD and all intercompany accounts have been eliminated. The carrying value of Dave OD’s assets and liabilities, after elimination of any intercompany transactions and balances are shown in the unaudited condensed consolidated balance sheets. The assets of Dave OD are restricted and its creditors have full recourse against the Company for its liabilities.

Use of Estimates

The preparation of these unaudited condensed consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported revenues and expenses incurred during the reporting periods. The Company’s estimates are based on its historical experience and on various other factors that the Company believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company’s critical accounting estimates and assumptions are evaluated on an ongoing basis including those related to the:

(i) Fair value of warrant liabilities;

(ii) Fair value of earnout liabilities;

(iii) Allowance for credit losses; and

(iv) Income taxes.

Actual results may differ from these estimates under different assumptions or conditions.

Revenue Recognition

Below is detail of operating revenues (in thousands):


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Service based revenue, net
Processing fees, net	$	39,166	$	29,793	$	108,153	$	74,624
Tips		14,548		17,496		41,447		45,991
Subscriptions		5,119		5,192		16,150		13,691
Other		346		314		990		748
Transaction based revenue, net		6,632		4,012		19,234		10,109
Total	$	65,811	$	56,807	$	185,974	$	145,163

Service Based Revenue, Net

Service based revenue, net primarily consists of optional tips, optional processing fees, and subscriptions charged to Members, net of processor costs associate with advance disbursements. Member advances are treated as financial receivables under ASC 310 Receivables (“ASC 310”) and processing fees, net and tips are also accounted for in accordance with ASC 310.

Processing Fees, Net:

Processing fees apply when a Member requests an expedited cash advance. At the Member’s election, the Company expedites the funding of advance funds within eight hours of the advance approval, as opposed to the customary two or three business days. Processing fees are nonrefundable loan origination fees and are recognized as revenues over the average expected contractual term of its advances.

Costs incurred by the Company to fund cash advances are treated as direct loan origination costs. These direct loan origination costs are netted against advance-related income over the average expected contractual term of its advances. Direct origination costs recognized as a reduction of advance-related income during the three and nine months ended September 30, 2023 were approximately $0.7 million and $2.7 million, respectively. During the three and nine months ended September 30, 2022, the Company recognized direct origination costs as a reduction of advance-related income of approximately $1.5 million and $3.6 million, respectively.

Tips:

The Company encourages, but does not contractually require its Members who receive a cash advance to leave a discretionary tip. The Company treats tips as an adjustment of yield to the advances and are recognized over the average expected contractual term of its advances.

Subscriptions:

The Company accounts for subscriptions in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company must identify the contract with a Member, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the Company satisfies the performance obligations. For revenue sources that are within the scope of Topic 606, the Company fully satisfies its performance obligations and recognizes revenue in the period it is earned as services are rendered. Transaction prices are typically fixed, charged on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying ASC 606 that significantly affects the determination of the amount and timing of revenue from contracts with the Company’s Members. Sources of revenue from contracts with Members that are in the scope of ASC 606 include subscription fees, lead generation fees and reward program fees.

Subscription fees of $1 are received on a monthly basis from Members who subscribe to the Company’s application. The Company continually fulfills its obligation to each Member over the subscription term. The series of distinct services represents a single

performance obligation that is satisfied over time. The Company recognizes revenue ratably as the Member receives and consumes the benefits of the platform throughout the contract period.

Price concessions granted to Members who have insufficient funds when subscription fees are due and not collected are forms of variable consideration under the Company’s contracts with Members. For price concessions, the Company has elected, as an accounting policy, to account for price concessions for the month at the end of the reporting month based on the actual amount of concessions granted.

Other service based revenue consists of lead generation fees from the Company’s Side Hustle advertising partners and revenue share from its survey partners.

Transaction Based Revenue, Net:

Transaction based revenue, net primarily consists of interchange and ATM revenues from the Company’s Checking Product, net of certain interchange and ATM-related fees, fees earned from funding and withdrawal-related transactions, volume support from a certain co-branded agreement, fees earned related to the Rewards Product for Members who make debit card spending transactions at participating merchants, and deposit referrals and are recognized at the point in time the transactions occur, as the performance obligations are satisfied and the variable consideration is not constrained. The Company earns interchange fees from Members spend on Dave-branded debit cards, which are reduced by interchange-related costs payable to fulfillment partners. Interchange revenue is remitted by merchants and represents a percentage of the underlying transaction value processed through a payment network. ATM fees earned from the Member’s usage of out-of-network ATMs reduced by related ATM transaction costs during the three and nine months ended September 30, 2023, were $0.5 million and $1.3 million, respectively. ATM-related fees recognized as a reduction of transaction based revenue during the three and nine months ended September 30, 2022 were $0.3 million and $0.5 million, respectively.

Processing and Servicing Costs

Processing costs consist of amounts paid to third party processors for the recovery of advances, tips, processing fees, and subscriptions. These costs also include fees paid for services to connect Member’s bank accounts to the Company’s application. Except for processing and service costs associated with advance disbursements, which are recorded net against revenue, all other processing and service costs are expensed as incurred.

Cash and Cash Equivalents

The Company classifies all highly liquid instruments with an original maturity of three months or less as cash equivalents.

Restricted Cash

Restricted cash primarily represents cash held at financial institutions that is pledged as collateral for specific accounts that may become overdrawn.

Marketable Securities

Marketable securities consist of a money market mutual fund. The fair value of marketable securities is determined by quoted prices in active markets and changes in fair value are recorded in other (income) expense in the unaudited condensed consolidated statements of operations.

Short-Term Investments

Short-term investments consist of corporate bonds and notes, asset backed securities, and government securities and are classified as “available-for-sale”, as the sale of such securities may be required prior to maturity to implement the Company’s strategies. The fair value of short-term investments is determined by quoted prices in active markets with unrealized gains and losses (other than credit related impairment) reported as a separate component of other comprehensive income. For securities with unrealized losses, inclusive of any accrued interest, any credit related portion of the loss is recognized in earnings. If it is more likely than not that the Company will be unable or does not intend to hold the security to recovery of the non-credit related unrealized loss, the loss is recognized in earnings. Realized gains and losses are determined using the specific identification method and recognized in the unaudited condensed

consolidated statements of comprehensive income. Any related amounts recorded in accumulated other comprehensive income are reclassified to earnings (on a pretax basis).

Member Advances

Member advances include ExtraCash advances, fees, and tips, net of certain direct origination costs and allowance for credit losses. Management’s intent is to hold advances until the earlier of repayment or payoff date. Members’ cash advances are treated as financial receivables under ASC 310.

Advances to Members are not interest-bearing. The Company recognizes these advances at the advanced amount and does not use discounting techniques to determine present value of advances due to their short-term nature.

The Company does not provide modifications to advances and does not charge late fees.

Allowance for Credit Losses

Member advances from contracts with Members as of the balance sheet dates are recorded at their original advance amounts, inclusive of outstanding processing fees and tips, and reduced by an allowance for expected credit losses. The Company pools its Member advances, all of which are short-term (average term of approximately 11 days) in nature and arise from contracts with Members, based on shared risk characteristics to assess their risk of loss, even when that risk is remote. The Company uses an aging method and historical loss rates as a basis for estimating the percentage of current and delinquent Member advances balances that will result in credit losses to derive the allowance for credit losses. The Company considers whether the conditions at the measurement date and reasonable and supportable forecasts about future conditions warrant an adjustment to its historical loss experience. In assessing such adjustments, the Company primarily evaluates current economic conditions, expectations of near-term economic trends and changes in customer payment terms, collection trends and cash collections subsequent to the balance sheet date. For the measurement dates presented herein, given its methods of collecting funds, and that the Company has not observed meaningful changes in its customers’ payment behavior, it determined that its historical loss rates remained most indicative of its lifetime expected losses. The Company immediately recognizes an allowance for expected credit losses upon the origination of the advance. Adjustments to the allowance each period for changes in the estimate of lifetime expected credit losses are recognized in operating expenses—provision for credit losses in the unaudited condensed consolidated statements of operations.

When the Company determines that a Member advance is not collectible, the uncollectible amount is written-off as a reduction to both the allowance and the gross asset balance. Subsequent recoveries are recorded when received and are recorded as a recovery of the allowance for expected credit losses. Any change in circumstances related to a specific Member advance may result in an additional allowance for expected credit losses being recognized in the period in which the change occurs.

Internally Developed Software

Internally developed software is capitalized when preliminary development efforts are successfully completed, management has authorized and committed project funding, it is probable that the project will be completed, and the software will be used as intended. Capitalized costs consist of salaries and other compensation costs for employees incurred for time spent on upgrades and enhancements to add functionality to the software and fees paid to third-party consultants who are directly involved in development efforts. These capitalized costs are included on the unaudited condensed consolidated balance sheets as intangible assets, net. Other costs are expensed as incurred and included within other operating expenses in the unaudited condensed consolidated statements of operations. Capitalized costs for the three and nine months ended September 30, 2023, were $1.8 million and $5.9 million, respectively. Additionally, $7.7 million related to the Company's legacy advance application software asset has been fully amortized and written off as of June 2023. Capitalized costs for the three and nine months ended September 30, 2022, were $2.0 million and $6.4 million, respectively.

Amortization of internally developed software commences when the software is ready for its intended use (i.e., after all substantial testing is complete). Internally developed software is amortized over its estimated useful life of three years.

The Company’s accounting policy is to perform annual reviews of capitalized internally developed software projects to determine whether any impairment indicators are present as of December 31, or whenever a change in circumstances suggests an impairment indicator is present. If any impairment indicators are present, the Company will perform a recoverability test by comparing the sum of the estimated undiscounted cash flows attributed to the asset group to their carrying value. If the undiscounted cash flows expected to result from the remaining use of the asset (i.e., cash flows when testing recoverability) are less than the asset group’s carrying value,

the Company will determine the fair value of the asset group and recognize an impairment loss as the amount by which the carrying value of the asset group exceeds its fair value. If based on the results of the recoverability test, no impairment is indicated as the remaining undiscounted cash flows exceed the carrying value of the software asset group, the carrying value of the asset group as of the assessment date is deemed fully recoverable. In addition, the Company evaluates the remaining useful life of an intangible asset that is being amortized each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying value of the intangible asset shall be amortized prospectively over that revised remaining useful life.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Property and equipment are recorded at cost and depreciated over the estimated useful lives ranging from three to seven years using the straight-line method. Maintenance and repair costs are charged to operations as incurred and included within other operating expenses in the unaudited condensed consolidated statements of operations.

Impairment of Long-Lived Assets

The Company assesses the impairment of long-lived assets, primarily property and equipment and amortizable intangible assets, whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. If the sum of the expected undiscounted future cash flows from an asset is less than the carrying amount of the asset, the Company estimates the fair value of the assets. The Company measures the loss as the amount by which the carrying amount exceeds its fair value calculated using the present value of estimated net future cash flows.

Fair Value of Financial Instruments

ASC 820, Fair Value Measurement (“ASC 820”), provides a single definition of fair value and a common framework for measuring fair value as well as disclosure requirements for fair value measurements used in the unaudited condensed consolidated financial statements. Under ASC 820, fair value is determined based upon the exit price that would be received by a company to sell an asset or paid by a company to transfer a liability in an orderly transaction between market participants, exclusive of any transaction costs. Fair value measurements are determined by either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. Absent a principal market to measure fair value, the Company uses the most advantageous market, which is the market from which the Company would receive the highest selling price for the asset or pay the lowest price to settle the liability, after considering transaction costs. However, when using the most advantageous market, transaction costs are only considered to determine which market is the most advantageous and these costs are then excluded when applying a fair value measurement. ASC 820 creates a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below, with Level 1 having the highest priority and Level 3 having the lowest.

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

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

Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Concentration of Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash and cash equivalents, restricted cash, Member cash advances, and short-term investments. The Company’s cash and cash equivalents and restricted cash in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits were $42.8 million at September 30, 2023 and $20.7 million at December 31, 2022, respectively. The Company’s payment processors also collect cash on the Company’s behalf and will hold these cash balances temporarily until they are settled the next business day. Also, the Company does not believe

its marketable securities are exposed to any significant credit risk due to the quality and nature of the securities in which the money is held.

No Member individually exceeded 10% or more of the Company’s Member cash advances balances as of September 30, 2023 or December 31, 2022.

Leases

ASC 842, Leases (“ASC 842”) requires lessees to recognize most leases on the unaudited condensed consolidated balance sheet with a corresponding right-of-use asset. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. Leases are classified as financing or operating which will drive the expense recognition pattern. Lease payments on short-term leases are recognized as expense on a straight-line basis over the lease term. At the time of a lease abandonment, the operating lease right-of-use asset is derecognized, while the corresponding lease liability is evaluated by the Company based any remaining contractual obligations as of the lease abandonment date.

The Company leases office space under two separate leases, both of which are considered operating leases. Options to extend or terminate a lease are considered as part of calculating the lease term to the extent that the option is reasonably certain of exercise. The leases do not include the options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Covenants imposed by the leases include letters of credit required to be obtained by the lessee.

The incremental borrowing rate (“IBR”) represents the rate of interest the Company would expect to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. When determinable, the Company uses the rate implicit in the lease to determine the present value of lease payments. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.

Stock-Based Compensation

Stock Option Awards:

ASC 718, Compensation-Stock Compensation (“ASC 718”), requires the estimate of the fair value of all stock-based payments to employees, including grants of stock options, to be recognized in the statement of operations over the requisite service period. Under ASC 718, employee option grants are generally valued at the grant date and those valuations do not change once they have been established. The fair value of each option award is estimated on the grant date using the Black-Scholes Option Pricing Model. As allowed by ASC 718, the Company’s estimate of expected volatility is based on its peer company average volatilities, including industry, stage of life cycle, size, and financial leverage. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant valuation. The Company recognizes forfeitures as they occur. Subsequent modifications to outstanding awards result in incremental cost if the fair value is increased as a result of the modification.

Restricted Stock Unit Awards:

Restricted stock units (“RSUs”) are valued on the grant date. The fair value of the RSUs that vest based solely on a service condition is equal to the estimated fair value of the Company’s Common Stock on the grant date. This compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. For RSUs that contain both a market condition and a service condition, market volatility and other factors are taken into consideration in determining the grant date fair value and the related compensation expense is recognized on a straight-line basis over the requisite service period of each separately vesting tranche, regardless of whether the market condition is satisfied, provided that the requisite service has been provided. These costs are a component of stock-based compensation expense, presented within compensation and benefits in the unaudited condensed consolidated statements of operations. The Company recognizes forfeitures as they occur.

Restricted Stock Awards:

Restricted stock awards (“RSAs”) are valued on the grant date. The fair value of the RSAs is equal to the estimated fair value of the Company’s Common Stock on the grant date. This compensation cost is recognized over the requisite service period as a component of stock-based compensation expense, presented within compensation and benefits in the unaudited condensed consolidated statements of operations. The Company recognizes forfeitures as they occur.

RSAs Issued to Non-Employees:

The Company issued shares of restricted stock to consultants for various advisory and consulting-related services. The Company recognized this expense, measured as the estimated value of the shares issued, as a component of stock-based compensation expense, presented within compensation and benefits in the unaudited condensed consolidated statements of operations.

Advertising Costs

Advertising costs are expensed as incurred. Advertising costs for the three and nine months ended September 30, 2023, were $13.9 million and $38.4 million, respectively, and are presented within advertising and marketing within the unaudited condensed consolidated statements of operations. Advertising costs for the three and nine months ended September 30, 2022, were $24.1 million and $57.1 million, respectively.

Income Taxes

The Company follows ASC 740, Income Taxes (“ASC 740”), which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the unaudited condensed consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the unaudited condensed consolidated financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more-likely-than-not that the asset will not be realized.

The effective tax rate used for interim periods is the estimated annual effective tax rate, based on the current estimate of full year results, except that those taxes related to specific discrete events, if any, are recorded in the interim period in which they occur. The annual effective tax rate is based upon several significant estimates and judgments, including the estimated annual pre-tax income of the Company in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, the Company’s tax expense can be impacted by changes in tax rates or laws and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.

ASC 740 provides that a tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not that the position will be sustained in a court of last resort, based on the technical merits. If more-likely-than-not, the amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination, including compromise settlements. For tax positions not meeting the more-likely-than-not threshold, no tax benefit is recorded. The Company has estimated $1.1 million and $0.9 million of uncertain tax positions as of September 30, 2023 and December 31, 2022, respectively, related to state income taxes. and federal and state research tax credits.

The Company’s policy is to recognize interest expense and penalties accrued on any unrecognized tax benefits as a component of income tax expense within the statement of operations. The Company recognized $0.005 million and $0.003 million of interest expense and penalties as a component of income tax expense during the nine months ended September 30, 2023 and 2022, respectively.

Segment Information

The Company determines its operating segments based on how its chief operating decision makers manage operations, make operating decisions, and evaluate operating performance. The Company has determined that the Chief Operating Decision Maker (“CODM”) is a joint role shared by the Chief Executive Officer and Chief Financial Officer. Based upon the way the CODM reviews financial information and makes operating decisions and considering that the CODM reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance, the service-based and transaction-based operations constitute a single operating segment and reportable segment.

Net Loss Per Share Attributable to Stockholders

The Company has two classes of participating securities (Class A Common Stock and Class V Common Stock) issued and outstanding as of September 30, 2023.

Basic net loss attributable to holders of Common Stock per share is calculated by dividing net loss attributable to holders of Common Stock by the weighted-average number of shares outstanding, excluding shares issued in relation to unvested restricted stock awards and vested early exercise options funded by non-recourse notes (refer to Note 16, Related-Party Transactions for further details on the Company’s Loans to Stockholders).

Diluted net loss per share attributable to holders of common stock adjusts the basic net loss per share attributable to stockholders and the weighted- average number of shares outstanding for the potentially dilutive impact of stock options, warrants, and restricted stock using the treasury stock method and convertible preferred stock using the as-if-converted method.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to holders of common stock (in thousands, except share data):


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2023			2022			2023			2022
Numerator
Net loss	$	(12,053	)	$	(47,504	)	$	(48,696	)	$	(107,414	)
Less: noncumulative dividend to convertible preferred stockholders		-			-			-			-
Less: undistributed earnings to participating securities		-			-			-			-
Net loss attributed to common stockholders—basic		(12,053	)		(47,504	)		(48,696	)		(107,414	)
Add: undistributed earnings reallocated to common stockholders		-			-			-			-
Net loss attributed to common stockholders—diluted	$	(12,053	)	$	(47,504	)	$	(48,696	)	$	(107,414	)

Denominator
Weighted-average shares of common stock—basic		11,960,078			11,702,147			11,887,199			11,525,164
Dilutive effect of convertible preferred stock		-			-			-			-
Dilutive effect of equity incentive awards		-			-			-			-
Weighted-average shares of common stock—diluted		11,960,078			11,702,147			11,887,199			11,525,164

Net loss per share
Basic	$	(1.01	)	$	(4.06	)	$	(4.10	)	$	(9.32	)
Diluted	$	(1.01	)	$	(4.06	)	$	(4.10	)	$	(9.32	)

The following potentially dilutive shares were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
		2023	2022		2023	2022
Equity incentive awards		2,408,298	1,493,939		2,408,298	1,493,939
Convertible debt		312,500	312,500		312,500	312,500
Total		2,720,798	1,806,439		2,720,798	1,806,439

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Recently Adopted Accounting Pronouncements:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 introduced a new credit loss methodology, the Current Expected Credit Losses (“CECL”) methodology, which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to maturity debt securities, trade receivables and other receivables measured at amortized cost at the time the financial asset is originated or acquired. Subsequent to the issuance of ASU 2016-13, the FASB issued several additional ASUs to clarify implementation guidance, provide narrow-scope

improvements and provide additional disclosure guidance. The Company adopted this ASU on January 1, 2023 and determined that ASU 2016-13 had no material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for accounting for contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848. The amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company has evaluated the effect that the updated standard had on its internal processes, unaudited condensed consolidated financial statements, and related disclosures, and has determined that the adoption did not have a significant impact on its unaudited condensed consolidated financial statements and related disclosures.

Significant Accounting Policies - Summary of Operating Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue Recognition [Line Items]
Revenues	$ 65,811	$ 56,807	$ 185,974	$ 145,163
Processing fees, net
Revenue Recognition [Line Items]
Revenues	39,166	29,793	108,153	74,624
Tips [Member]
Revenue Recognition [Line Items]
Revenues	14,548	17,496	41,447	45,991
Subscriptions [Member]
Revenue Recognition [Line Items]
Revenues	5,119	5,192	16,150	13,691
Other [Member]
Revenue Recognition [Line Items]
Revenues	346	314	990	748
Transaction based revenue, net [Member]
Revenue Recognition [Line Items]
Revenues	$ 6,632	$ 4,012	$ 19,234	$ 10,109

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock [Member] Common stock Class A [Member]	Common stock [Member] Common stock Class V [Member]	Additional paid-in capital [Member]	Loans to stockholders [Member]	Treasury Stock [Member]	Accumulated other comprehensive loss [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ 38,737	$ 1		$ 86,830	$ (15,192)	$ (5)		$ (32,897)
Beginning balance, Shares at Dec. 31, 2021		9,283,010	1,514,082
Issuance of Class A common stock in connection with stock plans (Value)	1,655			1,655
Issuance of Class A common stock in connection with stock plans (Shares)		228,879
Issuance of Class A common stock pursuant to the PIPE financing	210,000			210,000
Issuance of Class A common stock pursuant to the PIPE financing (Shares)		656,247
Issuance of Class A common stock pursuant to the Merger Agreement (Shares)		211,415
Issuance of Class A common stock pursuant to the Merger Agreement (Value)	(26,701)			(26,701)
Exercise of Series B-1 preferred stock warrants, net of settlement (Value)	3,365			3,365
Exercise of Series B-1 preferred stock warrants, net of settlement (Shares)		14,087
Conversion of 2019 convertible notes and accrued interest to Class A common stock (Value)	720			720
Conversion of 2019 convertible notes and accrued interest to Class A common stock (Shares)		7,040
Repurchase of Class A common stock, (Value)	(1,583)			(1,588)		5
Repurchase of Class A common stock (Shares)		(6,203)
Exercise of warrant for Class A common stock (Shares)		3
Stockholder loans interest	(12)				(12)
Exercise of derivative asset and paydown of stockholder loans (Value)	(29,682)			(44,886)	15,204
Exercise of derivative asset and paydown of stockholder loans (Shares)		(187,945)
Extinguishment of liability	3,150			3,150
Extinguishment of liability (in Shares)		42,613
Stock-based compensation	34,016			34,016
Unrealized gain (loss) on available-for-sale securities	3,026						$ 3,026
Net loss	(107,414)							(107,414)
Ending balance at Sep. 30, 2022	123,225	$ 1		266,561			(3,026)	(140,311)
Ending balance, Shares at Sep. 30, 2022		10,249,146	1,514,082
Beginning balance at Dec. 31, 2021	38,737	$ 1		86,830	$ (15,192)	$ (5)		(32,897)
Beginning balance, Shares at Dec. 31, 2021		9,283,010	1,514,082
Ending balance at Dec. 31, 2022	106,560	$ 1		270,037			(1,675)	(161,803)
Ending balance, Shares at Dec. 31, 2022		10,284,657	1,514,082
Beginning balance at Jun. 30, 2022	163,272	$ 1		258,508			(2,430)	(92,807)
Beginning balance, Shares at Jun. 30, 2022		10,126,489	1,514,082
Issuance of Class A common stock in connection with stock plans (Value)	87			87
Issuance of Class A common stock in connection with stock plans (Shares)		122,656
Stock-based compensation	7,966			7,966
Unrealized gain (loss) on available-for-sale securities	596						596
Net loss	(47,504)							(47,504)
Ending balance at Sep. 30, 2022	123,225	$ 1		266,561			(3,026)	(140,311)
Ending balance, Shares at Sep. 30, 2022		10,249,146	1,514,082
Beginning balance at Dec. 31, 2022	106,560	$ 1		270,037			(1,675)	(161,803)
Beginning balance, Shares at Dec. 31, 2022		10,284,657	1,514,082
Issuance of Class A common stock in connection with stock plans (Value)	17			17
Issuance of Class A common stock in connection with stock plans (Shares)		253,068
Payment for fractional shares after reverse stock split	(13)			(13)
Stock-based compensation	20,146			20,146
Unrealized gain (loss) on available-for-sale securities	1,167						1,167
Net loss	(48,696)							(48,696)
Ending balance at Sep. 30, 2023	79,181	$ 1		290,187			(508)	(210,499)
Ending balance, Shares at Sep. 30, 2023		10,537,725	1,514,082
Beginning balance at Jun. 30, 2023	84,118	$ 1		283,432			(869)	(198,446)
Beginning balance, Shares at Jun. 30, 2023		10,421,151	1,514,082
Issuance of Class A common stock in connection with stock plans (Value)	15			15
Issuance of Class A common stock in connection with stock plans (Shares)		116,574
Stock-based compensation	6,740			6,740
Unrealized gain (loss) on available-for-sale securities	361						361
Net loss	(12,053)							(12,053)
Ending balance at Sep. 30, 2023	$ 79,181	$ 1		$ 290,187			$ (508)	$ (210,499)
Ending balance, Shares at Sep. 30, 2023		10,537,725	1,514,082

Fair Value of Financial Instruments - Summary of Roll-Forward of the Level 3 Public Warrant Liability (Detail) (Details) - Public Placement Warrants [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	$ 209
Change in fair value during the period	(107)
Ending value	$ 103

Accrued Expenses and Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Deferred transaction costs	$ 3,150	$ 3,150
Other	549	1,161
Total	$ 3,699	$ 4,311

Short-term investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Short-term investments

Note 4 Short-Term Investments

Below is a summary of short-term investments, which are measured at fair value as of September 30, 2023 (in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	90,860	$	257	$	(937	)	$	90,180
Asset-backed securities		1,276		9		(4	)		1,281
Government securities		32,953		204		(37	)		33,120
Total	$	125,089	$	470	$	(978	)	$	124,581

Below is a summary of short-term investments, which are measured at fair value as of December 31, 2022 (in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	151,245	$	100	$	(1,769	)	$	149,576
Asset-backed securities		16,269		31		(46	)		16,254
Government securities		2,950		9		-			2,959
Total	$	170,464	$	140	$	(1,815	)	$	168,789

The gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows (in thousands):


	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
September 30, 2023
Corporate bonds	$	19,628	$	(151	)	$	36,484	$	(786	)	$	56,113	$	(937	)
Asset-backed securities		-		-			482		(4	)		482		(4	)
Government securities		4,538		(37	)		-		-			4,538		(37	)
Total	$	24,166	$	(188	)	$	36,966	$	(790	)	$	61,133	$	(978	)

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2022
Corporate bonds	$	129,573	$	(1,769	)	$	-	$	-		$	129,573	$	(1,769	)
Asset-backed securities		11,000		(46	)		-		-			11,000		(46	)
Government securities		-		-			-		-			-		-
Total	$	140,573	$	(1,815	)	$	-	$	-		$	140,573	$	(1,815	)

The gain recorded in connection with the investment in short-term investments for the three and nine months ended September 30, 2023, was $0.2 million and $0.5 million, respectively, and was recorded as a component of interest income in the condensed consolidated statements of operations. The gain or loss in connection with the investment in short-term investments for the three and nine months ended September 30, 2022 was insignificant. Accrued interest of $1.0 million and $1.4 million is included in short-term investments within the unaudited condensed consolidated balance sheets for the period ended September 30, 2023 and December 31, 2022, respectively.

Unrealized losses on the available-for-sale investment securities as of September 30, 2023 and December 31, 2022 are primarily the result of increases in interest rates as a significant portion of the investments were purchased prior to the Federal reserve commenced interest rate increases in 2022. The Company does not intend to sell nor anticipate that it will be required to sell these investments before recovery of the amortized cost basis. As such, unrealized losses were determined not to be related to credit losses and the Company did not record any credit-related impairment losses on the available-for-sale investment securities during the three and nine months ended September 30, 2023 and 2022.

As of September 30, 2023, the contractual maturities of available-for-sale investment securities were as follows (in thousands):


	Amortized Cost		Fair Value
Due in one year or less	$	91,418	$	91,629
Due after one year through five years	$	33,671	$	32,952
Total	$	125,089	$	124,581

Intangible Assets, Net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Note 6 Intangible Assets, Net

The Company’s intangible assets, net consisted of the following (in thousands):


		September 30, 2023							December 31, 2022
	Weighted Average Useful Lives	Gross Carrying Value		Accumulated Amortization			Net Book Value		Gross Carrying Value		Accumulated Amortization			Net Book Value
Internally developed software	3.0 Years	$	19,931	$	(7,274	)	$	12,657	$	21,694	$	(11,605	)	$	10,089
Domain name	15.0 Years		121		(53	)		68		121		(47	)		74
Intangible assets, net		$	20,052	$	(7,327	)	$	12,725	$	21,815	$	(11,652	)	$	10,163

The future estimated amortization expenses as of September 30, 2023, were as follows (in thousands):


2023 (remaining)	$	1,344
2024		5,627
2025		3,770
2026		1,942
2027		8
Thereafter		34
Total future amortization	$	12,725

Amortization expense for the three and nine months ended September 30, 2023, was $1.2 million and $3.3 million, respectively. Amortization expense for the three and nine months ended September 30, 2022, was $2.3 million and $4.9 million, respectively. No impairment charges were recognized related to long-lived assets for the for the three and nine months ended September 30, 2023 and 2022.

Amortization expense related to change in useful life of a certain definite-lived intangible asset for the three and nine months ended September 30, 2023, was $0 and $0.3 million, respectively. Amortization expense related to change in useful life of a certain definite-lived intangible asset for the three and nine months ended September 30, 2022, was $1.5 million and 2.1 million, respectively.

Fair Value of Financial Instruments - Schedule of Level 3 Earnout Shares liability (Detail) - Founder Holder Earnout Shares Liability [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	$ 53
Change in fair value during the period	(35)
Ending value	$ 18

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Member advances, Allowance for credit losses	$ 19,758	$ 24,501
Related party lease right of use assets	541	735
Related Party Short term lease liabilities	250	273
Related Party long term lease liabilities	$ 362	$ 550
Class A common stock [Member]
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	10,587,288	10,334,220
Common Stock, Shares, Outstanding	10,537,725	10,284,657
Common Class V [Member]
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	1,514,082	1,514,082
Common Stock, Shares, Outstanding	1,514,082	1,514,082

Member Cash Advances, Net (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Summary of Member Cash Advances, Net

Below is a detail of Member cash advances, net as of September 30, 2023 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Credit Losses			Member Advances, Net
1-10	$	86,578	$	(2,578	)	$	84,000
11-30		10,842		(2,650	)		8,192
31-60		7,159		(4,612	)		2,547
61-90		5,829		(4,507	)		1,322
91-120		6,474		(5,411	)		1,063
Total	$	116,882	$	(19,758	)	$	97,124

Below is a detail of Member cash advances, net as of December 31, 2022 (in thousands):


Days From Origination	Gross Member Advances		Allowance for Credit Losses			Member Advances, Net
1-10	$	91,121	$	(2,224	)	$	88,897
11-30		10,683		(2,582	)		8,101
31-60		9,022		(5,529	)		3,493
61-90		8,865		(6,702	)		2,163
91-120		8,993		(7,464	)		1,529
Total	$	128,684	$	(24,501	)	$	104,183

Summary of Allowance for Credit Losses

The roll-forward of the allowance for credit losses is as follows (in thousands):


Opening allowance balance at January 1, 2023	$	24,501
Plus: provision for credit losses		43,861
Plus: amounts recovered		9,422
Less: amounts written-off		(58,026	)
Ending allowance balance at September 30, 2023	$	19,758

Opening allowance balance at January 1, 2022	$	11,995
Plus: provision for credit losses		45,995
Plus: amounts recovered		6,662
Less: amounts written-off		(42,536	)
Ending allowance balance at September 30, 2022	$	22,116

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Leasing Activities

The Company’s leasing activities are as follows (in thousands):


	For the Nine Months Ended
	9/30/2023		9/30/2022
Operating lease cost	$	247	$	2,058
Short-term lease cost		8		26
Total lease cost	$	255	$	2,084


	For the Nine Months Ended
	9/30/2023			9/30/2022
Other information:
Cash paid for operating leases	$	263		$	1,457
Weighted-average remaining lease term - operating lease		2.23			3.08
Weighted-average discount rate - operating lease		10	%		10	%

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease payments as of September 30, 2023, were as follows (in thousands):


Year	Related-Party Commitment
2023 (remaining)	$	76
2024		295
2025		310
Thereafter		-
Total minimum lease payments	$	681
Less: imputed interest		(69	)
Total lease liabilities	$	612

Fair Value of Financial Instruments - Schedule of Earnout Shares liability (Detail) - Founder Holder Earnout Shares Liability [Member]	Sep. 30, 2023
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	400
Exercise price \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	480
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	91.6
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	4.8
Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Remaining term	3 years 3 months 7 days
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net loss	$ (48,696)	$ (107,414)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,863	5,549
Provision for credit losses	43,861	45,995
Changes in fair value of derivative asset on loans to stockholders	0	5,572
Changes in fair value of earnout liabilities	(35)	(9,616)
Changes in fair value of warrant liabilities	(239)	(14,232)
Gain on extinguishment of liability	0	(4,290)
Stock-based compensation	20,146	34,074
Non-cash interest	2,320	1,534
Non-cash lease expense	(17)	(99)
Changes in fair value of marketable securities and short-term investments	211	776
Changes in operating assets and liabilities:
Member advances, service based revenue	(2,534)	(5,351)
Prepaid income taxes	18	690
Prepaid expenses and other current assets	603	(5,276)
Accounts payable	(2,334)	3,565
Accrued expenses	3,460	3,057
Legal settlement accrual	(2,035)	6,349
Other current liabilities	(612)	(275)
Other non-current liabilities	4	0
Other non-current assets	137	0
Net cash provided by (used in) operating activities	18,121	(40,944)
Investing activities
Payments for internally developed software costs	(5,888)	(6,442)
Purchase of property and equipment	(658)	(510)
Net disbursements and collections of Member advances	(34,268)	(77,629)
Purchase of short-term investments	(92,024)	(197,799)
Sale and maturity of short-term investments	137,193	10,249
Purchase of marketable securities	(34,385)	(300,641)
Sale of marketable securities	33,027	308,844
Net cash provided by (used in) investing activities	2,997	(263,928)
Financing activities
Proceeds from PIPE offering	0	195,000
Proceeds from escrow account	0	29,688
Payment of issuance costs	0	(23,005)
Payment for fractional shares on reverse stock split	(13)	0
Proceeds from issuance of common stock for stock option exercises	17	1,660
Repurchase of common stock	0	(1,583)
Proceeds from borrowings on convertible debt	0	100,000
Proceeds from borrowings on debt and credit facilities		10,000
Net cash provided by financing activities	4	311,760
Net increase in cash and cash equivalents and restricted cash	21,122	6,888
Cash and cash equivalents and restricted cash, beginning of the period	23,677	32,372
Cash and cash equivalents and restricted cash, end of the period	44,799	39,260
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases in accounts payable and accrued liabilities	7	4
Conversion of convertible preferred stock to Class A common stock in connection with the reverse recapitalization	0	72,173
Recapitalization transaction costs liability incurred	0	7,500
Conversion of convertible notes and accrued interest to Class A common stock in connection with the reverse recapitalization	0	720
Conversion of B-1 warrants to Class A common stock in connection with the reverse recapitalization	0	3,365
Discharge of PIPE promissory note in connection with the reverse recapitalization	0	15,000
Supplemental disclosure of cash paid (received) for:
Income taxes	4	(644)
Interest	3,608	3,761
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the condensed consolidated balance sheet with the same as shown in the condensed consolidated statement of cash flows
Cash and cash equivalents	43,608	38,558
Restricted cash	1,191	702
Total cash, cash equivalents, and restricted cash, end of the period	$ 44,799	$ 39,260

Warrant Liabilities

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Warrant Liabilities

Note 9 Warrant Liabilities

As of September 30, 2023, there were 6,344,021 public warrants (“Public Warrants”) outstanding and 5,100,214 private placement warrants (“Private Warrants”) outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants were issued upon separation of the units into their component parts upon the closing of the Business Combination and only whole Public Warrants trade. The Public Warrants are exercisable, provided that the Company continues to have an effective registration statement under the Securities Act covering the shares of Class A Common Stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). Following the 1-for-32 reverse stock split effective January 5, 2023, a total of 32 Public Warrants or Private Warrants would need to be exercised for one share of Class A Common Stock.

The Company filed a registration statement covering the shares of Class A Common Stock issuable upon exercise of the Public Warrants and the Private Warrants. If the Company’s shares of Class A Common Stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

The Public Warrants and the Private Warrants have an exercise price of $368 per share, subject to adjustments and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation.

Redemption of Public Warrants when the price per share of Class A Common Stock equals or exceeds $576.00:

Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants for cash:

• in whole and not in part;

• at a price of $0.01 per warrant;

• upon a minimum of 30 days prior written notice of redemption; and if, and only if, the closing price of Class A Common Stock equals or exceeds $576.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

The Company will not redeem the Public Warrants as described above unless an effective registration statement under the Securities Act covering the Class A Common Stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A Common Stock is available throughout the 30-day redemption period.

Redemption of Public Warrants for when the price per share of Class A Common Stock equals or exceeds $320.00:

Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:

• in whole and not in part;

• at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” (as defined below) of the Class A Common Stock; and

• if, and only if, the closing price of Class A Common Stock equals or exceeds $320.00 per Public Share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends notice of redemption to the warrant holders.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Class A Common Stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the Public Warrants will not be adjusted for issuance of Class A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants.

The Private Warrants are identical to the Public Warrants, except that the Private Placement Warrants will be non-redeemable so long as they are held by VPC Impact Acquisition Holdings Sponsor III, LLC, which was the sponsor of VPCC and an affiliate of certain of VPCC’s officers and directors prior to the Business Combination, (the “Sponsor”) or its permitted transferees. If the Private Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Contemporaneously with the execution of the Debt Facility, the Company issued warrants to the Lenders as consideration for entering into the Debt Facility, representing a loan commitment fee. The warrants vest and become exercisable based on the Company’s aggregated draw on the Debt Facility in incremental $10.0 million tranches and terminate upon the earliest to occur of (i) the fifth anniversary of the occurrence of a qualified financing event and (ii) the consummation of a liquidity event. The holders of the warrants have the ability to exercise their right to acquire a number of common shares equal to 0.2% of the fully diluted equity of the Company as of the closing date (“Equity Closing Date”) of the Company’s next equity financing with proceeds of at least $40.0 million (“Qualified Financing Event”) or immediately prior to the consummation of a liquidity event. The exercise price of the warrants is the greater of (i) 80% of the fair market value of each share of Common Stock at the Equity Closing Date and (ii) $120.0656 per share, subject to certain down-round adjustments. The warrants meet the definition of a derivative under ASC 815 and will be accounted for as a liability at fair value and subsequently remeasured to fair value at the end of each reporting period with the changes in fair value recorded in the unaudited condensed consolidated statement of operations. The initial offsetting entry to the warrant liability was an asset recorded to reflect the loan commitment fee. The loan commitment fee asset will be amortized to interest expense over the commitment period of four years. The Company estimated the fair value of the warrants at the issuance date to be $0.1 million using the Black-Scholes option-pricing model. Determining the fair value of these warrants under this model requires subjective assumptions. These estimates involve inherent uncertainties and the application of management’s judgment.

Immediately prior to the close of the Business Combination, all, or 1,664,394 of the vested warrants were exercised and net settled for 14,087 shares of Legacy Dave’s Class A Common Stock after applying the exchange ratio for the Business Combination.

Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The Company’s intangible assets, net consisted of the following (in thousands):


		September 30, 2023							December 31, 2022
	Weighted Average Useful Lives	Gross Carrying Value		Accumulated Amortization			Net Book Value		Gross Carrying Value		Accumulated Amortization			Net Book Value
Internally developed software	3.0 Years	$	19,931	$	(7,274	)	$	12,657	$	21,694	$	(11,605	)	$	10,089
Domain name	15.0 Years		121		(53	)		68		121		(47	)		74
Intangible assets, net		$	20,052	$	(7,327	)	$	12,725	$	21,815	$	(11,652	)	$	10,163

Summary of Estimated Amortization Expenses

The future estimated amortization expenses as of September 30, 2023, were as follows (in thousands):


2023 (remaining)	$	1,344
2024		5,627
2025		3,770
2026		1,942
2027		8
Thereafter		34
Total future amortization	$	12,725

Stockholders' Equity - Additional Information (Detail)	9 Months Ended
Stockholders' Equity - Additional Information (Detail)	Sep. 30, 2023 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Preferred stock shares outstanding	0	0
Common Class A [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	10,587,288	10,334,220
Common Stock, Shares, Outstanding	10,537,725	10,284,657
Voting right description	Class A Common Stock have one vote per share
Common stock, conversion basis	Shares of Class V Common Stock are convertible into shares of Class A Common Stock on a one-to-one basis at the option of the holders of Class V Common Stock at any time upon written notice to the Company.
Class V common stock conversion ratio	1
Common Class V [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	1,514,082	1,514,082
Common Stock, Shares, Outstanding	1,514,082	1,514,082
Voting right description	Class V Common Stock have 10 votes per share

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of assets and liabilities measured at fair value on a recurring basis

The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3) (in thousands):


September 30, 2023	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	1,638	$	—	$	—	$	1,638
Short-term investments		—		124,581		—		124,581
Total assets	$	1,638	$	124,581	$	—	$	126,219
Liabilities
Warrant liabilities - public warrants	$	103	$	—	$	—	$	103
Warrant liabilities - private warrants		-		—		120		120
Earnout liabilities		-		—		18		18
Total liabilities	$	103	$	—	$	138	$	241


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	285	$	—	$	—	$	285
Short-term investments		—		168,789		—		168,789
Total assets	$	285	$	168,789	$	—	$	169,074
Liabilities
Warrant liabilities - public warrants	$	209	$	—	$	—	$	209
Warrant liabilities - private warrants		-		—		254		254
Earnout liabilities		-		—		53		53
Total liabilities	$	209	$	—	$	307	$	516

Summary of roll-forward of the Level 3 public warrant liability

A roll-forward of the Level 1 public warrant liability is as follows (dollars in thousands):


Opening value at January 1, 2023	$	209
Change in fair value during the period		(107	)
Ending value at September 30, 2023	$	103

Summary of roll-forward of the Level 3 private warrant liability

A roll-forward of the Level 3 private warrant liability is as follows (dollars in thousands):


Opening value at January 1, 2023	$	253
Change in fair value during the period		(133	)
Ending value at September 30, 2023	$	120

Black Scholes Option Pricing Model [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of roll-forward of the Level 3 private warrant liability

The following table presents the assumptions used to value the private warrant liability for the nine months ended September 30, 2023:


Exercise price	$	368.00
Expected volatility		117.1	%
Risk-free interest rate		4.8	%
Remaining term	3.26 years
Dividend yield		0	%

Earnout Shares Liability [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Summary of roll-forward of the Level 3 derivative asset and liability on loans

A roll-forward of the Level 3 Founder Holder Earnout Shares liability is as follows (dollars in thousands):


Opening value at January 1, 2023	$	53
Change in fair value during the period		(35	)
Ending value at September 30, 2023	$	18

Summary of fair value of the derivative asset and liability

The following table presents the assumptions used to value the Founder Holder Earnout Shares liability for the period ended September 30, 2023:


Exercise price	$400-$480
Expected volatility		91.6	%
Risk-free interest rate		4.8	%
Remaining term	3.27 years
Dividend yield		0	%

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 25, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Dave Inc./DE
Entity Central Index Key	0001841408
Entity Tax Identification Number	86-1481509
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-40161
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1265 South Cochran Ave
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90019
City Area Code	844
Local Phone Number	857-3283
Document Transition Report	false
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $368 per share
Trading Symbol	DAVEW
Security Exchange Name	NASDAQ
Class A common stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001
Trading Symbol	DAVE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		10,587,288
Class V common stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,514,082

Related-Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

Note 16 Related-Party Transactions

Leasing Arrangements:

During the three and nine months ended September 30, 2023, the Company paid $0.1 million and $0.2 million, respectively, under lease agreements with PCJW, which is controlled by Company's founders (including the Company's current CEO), for general office space in Los Angeles, California, and during the three and nine months ended September 30, 2022, the Company paid $0.1 million and $0.2 million, respectively.

The following is a schedule of future minimum rental payments as of September 30, 2023 under Company’s sub-lease for the properties located in Los Angeles, California signed with PCJW (in thousands):


Year	Related-Party Commitment
2023	$	76
2024		295
2025		310
Thereafter		-
Total minimum lease payments	$	681
Less: imputed interest		(69	)
Total lease liabilities	$	612

The related-party components of the lease right-of-use assets, lease liabilities, short-term, and lease liabilities, long-term are presented as part of the right-of-use asset and lease liability on the unaudited condensed consolidated balance sheets.

Debt Facility

A Senior Partner at Victory Park Capital Advisors, LLC, an affiliate of Victory Park Management, LLC which is the provider of the Debt Facility, joined the board of directors of the Company upon closing of the Business Combination. For more information about the Debt Facility, refer to Note 10, Debt Facility.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Significant Accounting Policies - Additional Information (Detail)		3 Months Ended		9 Months Ended
	Jan. 04, 2023	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Reverse stock split, description	1-for-32 reverse stock split effective January 5, 2023			1-for-32 reverse stock split effective January 5, 2023
Reverse stock split, conversion ratio	0.03125			0.0003125
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued		$ 1,100,000		$ 1,100,000			$ 900,000
Interest expense and penalties				5,000.000	$ 3,000.000
FDIC Insured Amount		42,800,000		42,800,000			$ 20,700,000
Loan origination costs		700,000	$ 1,500,000	2,700,000	3,600,000
Subscription fees Received				$ 1
Allowance for credit losses average term				11 days
Capitalized costs for internally developed software		1,800,000	2,000,000	$ 5,900,000	6,400,000
Legacy advance application software asset fully amortized and written off						$ 7,700,000
Advertising costs		13,900,000	24,100,000	$ 38,400,000	57,100,000
Effective Income Tax Rate				50.00%
ATM-related fees		$ 500,000	$ 300,000	$ 1,300,000	$ 500,000
Minimum [Member]
Property, Plant and Equipment, Useful Life		3 years		3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life		7 years		7 years
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life		3 years		3 years

Related-Party Transactions - Summary of Future Minimum Rental Payments (Detail) - PCJW Properties LLC [Member] $ in Thousands	Sep. 30, 2023 USD ($)
Related Party Lessee Operating Lease Liability Maturity [Line Items]
2023	$ 76
2024	295
2025	310
Total minimum lease payments	681
Less: imputed interest	(69)
Total lease liabilities	$ 612

Fair Value of Financial Instruments - Summary of Roll-Forward of the Level 3 Private Warrant Liability (Detail) - Private Placement Warrants [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Opening value	$ 253
Change in fair value during the period	(133)
Ending value	$ 120

Debt Facility

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt Facility

Note 10 Debt Facility

In January 2021, Dave OD Funding I, LLC (“Borrower”) entered into a delayed draw senior secured loan facility (the “Debt Facility”) with Victory Park Management, LLC (“Agent”), and allowed the Borrower to draw up to $100 million from various lenders (the “Lenders”) associated with Victory Park Management, LLC. The Debt Facility had an interest rate of 6.95% annually plus a base rate defined as the greater of the three-month London interbank offered rate ("LIBOR") as of the last business day of each calendar month and 2.55%. Interest is payable monthly in arrears. The Debt Facility contained certain financial covenants, including a requirement to maintain a minimum cash, cash equivalents, or marketable securities balance of $8.0 million.

On September 13, 2023, the Company executed the Third Amendment to the Debt Facility with the existing Lenders. The Third Amendment, among other things: (i) increases the secured loan facility commitment amount by $50 million to a total of $150 million; (ii) extends the maturity date of the Debt Facility from January 2025 to December 2026; (iii) adds a liquidity trigger threshold, measured as of the last day of any calendar month, equal to the lesser of (a) the trailing six-month EBITDA as of such date, (b) the product of (A) the trailing three-month EBITDA as of such date, multiplied by (B) two (2), and (c) zero ($0)[1] ; (iv) increases the minimum liquidity threshold, a requirement to maintain a minimum cash, cash equivalents, or marketable securities balance, from $8.0 million to $15 million (v) replaces LIBOR with the secured overnight financing rate ("SOFR") and updates interest rates to the base rate (or if greater, SOFR for such date for a 3-month tenor and 3.00%) plus 5.00% per annum on that portion of the aggregate outstanding principal balance that is less than or equal to $75 million, plus the base rate plus 4.50% per annum on that portion of the aggregate outstanding principal balance, if any, that is greater than $75 million; (vi) updates prepayment premiums for early or voluntary principal repayments and (vii) the Company's guaranty (the limited guaranty was secured by a first-priority lien against substantially all of the Company's assets) of up to $25,000,000 of the Borrower's obligations under the Debt Facility has been terminated.

Payments of the loan draws are due at the following dates: (i) within five business days after the date of receipt by the Borrower of any net cash proceeds in excess of $0.25 million in the aggregate during any fiscal year from any asset sales (other than certain permitted dispositions), Borrower must prepay the loans or remit such net cash proceeds in an aggregate amount equal to 100% of such net cash proceeds; (ii) within five business days after the date of receipt by Borrower, or the Agent as loss payee, of any net cash proceeds from any destruction or taking, the Borrower must prepay the loans or remit such net cash proceeds in an aggregate amount equal to 100% of such net cash proceeds; (iii) within three business days after the date of receipt by Borrower of any net cash proceeds from the incurrence of any indebtedness of Borrower (other than with respect to permitted borrower indebtedness), the Borrower will prepay the loans or remit such net cash proceeds in an aggregate amount equal to 100% of such net cash proceeds; and (iv) (a) if extraordinary receipts are received by Borrower in the aggregate amount in any fiscal year in excess of $0.25 million or (b) if an event of default has occurred and is continuing at any time when any extraordinary receipts are received by Borrower, then within five business days of the receipt by Borrower of any such extraordinary receipts, the Borrower must prepay the loans or remit such net cash proceeds in an aggregate amount equal to (x) 100% of such extraordinary receipts in excess of $0.25 million in respect of clause (a) above and (y) 100% of such extraordinary receipts in respect of clause (b) above.

As of September 30, 2023 and December 31, 2022, the Company had drawn $75.0 million on the Debt Facility and had made no repayments.

The Third Amendment was accounted for as a debt modification and, accordingly, the Company capitalized $0.4 million of financing costs which will be recognized within the statement of operations evenly through maturity date of the Debt Facility, no gain or loss was recognized. As of September 30, 2023, the Company was in compliance with all covenants.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leases - Schedule of Leasing Activities (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 247	$ 2,058
Short-term lease cost	8	26
Total lease cost	255	2,084
Cash paid for operating leases	$ 263	$ 1,457
Weighted-average remaining lease term - operating lease	2 years 2 months 23 days	3 years 29 days
Weighted-average discount rate - operating lease	10.00%	10.00%

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Options outstanding	904,220
Granted	335,502
Exercised	(4,778)
Forfeited	(140,950)
Expired	(317,854)
Ending Options outstanding	776,140	904,220
Nonvested options, Shares	428,165
Vested and exercisable, Shares	347,975
Beginning Weighted- Average Exercise Price Options outstanding	$ 21.04
Weighted- Average Exercise Price Granted	6.41
Weighted- Average Exercise Price Exercised	2.44
Weighted- Average Exercise Price Forfeited	21.89
Weighted- Average Exercise Price Expired	22.83
Ending Weighted- Average Exercise Price Options outstanding	13.93	$ 21.04
Nonvested options, Weighted- Average Exercise Price	20.42
Vested and exercisable, Weighted- Average Exercise Price	$ 5.96
Weighted- Average Remaining Contractual Term (years)	6 years 7 months 6 days	7 years 3 months 18 days
Nonvested options, Weighted- Average Remaining Contractual Term (years)	7 years 4 months 24 days
Vested and exercisable, Weighted- Average Remaining Contractual Term (years)	5 years 7 months 6 days
Aggregate Intrinsic Value	$ 523	$ 655
Nonvested options, Aggregate Intrinsic Value	28
Vested and exercisable, Aggregate Intrinsic Value	$ 495

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Note 12 Leases

In December 2018, the Company entered into a sublease agreement with PCJW Properties LLC (“PCJW”), controlled by Company’s founders (including the Company’s current CEO), for general office space next door to its other leased property in Los Angeles, California, detailed below. The lease term is five years subject to early termination by either party, beginning November 2018 and ending October 2023. The current monthly lease payment is $0.006 million, subject to an annual escalation of 4%.

In January 2019, the Company entered into a lease agreement with PCJW for office space located in Los Angeles, California. The lease term is seven years, beginning January 1, 2019 and ending December 31, 2025. The current monthly lease payment is $0.02 million, subject to an annual escalation of 5%.

All leases were classified as operating and operating lease expenses are presented within Other operating expenses in the unaudited condensed consolidated statements of operations. The Company does not have any finance leases or sublease arrangements where the Company is the sublessor. The Company’s leasing activities are as follows (in thousands):


	For the Nine Months Ended
	9/30/2023		9/30/2022
Operating lease cost	$	247	$	2,058
Short-term lease cost		8		26
Total lease cost	$	255	$	2,084


	For the Nine Months Ended
	9/30/2023			9/30/2022
Other information:
Cash paid for operating leases	$	263		$	1,457
Weighted-average remaining lease term - operating lease		2.23			3.08
Weighted-average discount rate - operating lease		10	%		10	%

The future minimum lease payments as of September 30, 2023, were as follows (in thousands):


Year	Related-Party Commitment
2023 (remaining)	$	76
2024		295
2025		310
Thereafter		-
Total minimum lease payments	$	681
Less: imputed interest		(69	)
Total lease liabilities	$	612

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Summary of Accrued Expenses

The Company’s accrued expenses consisted of the following (dollars in thousands):


	September 30, 2023		December 31, 2022
Accrued charitable contributions	$	3,752	$	3,067
Accrued compensation		2,686		1,534
Sales tax payable		1,577		1,357
Accrued professional and program fees		5,369		4,008
Other		1,042		999
Total	$	14,426	$	10,965

Summary of Other Current Liabilities

The Company’s other current liabilities consisted of the following (dollars in thousands):


	September 30, 2023		December 31, 2022
Deferred transaction costs	$	3,150	$	3,150
Other		549		1,161
Total	$	3,699	$	4,311

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 18 Subsequent Events

Subsequent events are events or transactions that occur after the unaudited condensed consolidated balance sheet date, but before the unaudited condensed consolidated financial statements are available to be issued. The Company recognizes in the unaudited condensed consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the unaudited condensed consolidated balance sheet, including the estimates inherent in the process of preparing the unaudited condensed consolidated financial statements. The Company’s unaudited condensed consolidated financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the date of the unaudited condensed consolidated balance sheet but arose after the unaudited condensed consolidated balance sheet date and before the unaudited condensed consolidated financial statements were available to be issued.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Basis of Presentation

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation

Use of Estimates

(i) Fair value of warrant liabilities;

(ii) Fair value of earnout liabilities;

(iii) Allowance for credit losses; and

(iv) Income taxes.

Actual results may differ from these estimates under different assumptions or conditions.

Revenue Recognition

Below is detail of operating revenues (in thousands):


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Service based revenue, net
Processing fees, net	$	39,166	$	29,793	$	108,153	$	74,624
Tips		14,548		17,496		41,447		45,991
Subscriptions		5,119		5,192		16,150		13,691
Other		346		314		990		748
Transaction based revenue, net		6,632		4,012		19,234		10,109
Total	$	65,811	$	56,807	$	185,974	$	145,163

Service Based Revenue, Net

Processing Fees, Net

Processing Fees, Net:

Tips

Tips:

Subscriptions

Subscriptions:

performance obligation that is satisfied over time. The Company recognizes revenue ratably as the Member receives and consumes the benefits of the platform throughout the contract period.

Other service based revenue consists of lead generation fees from the Company’s Side Hustle advertising partners and revenue share from its survey partners.

Transaction Based Revenue, Net:

Processing and Servicing Fees

Processing and Servicing Costs

Cash and Cash Equivalents

The Company classifies all highly liquid instruments with an original maturity of three months or less as cash equivalents.

Restricted Cash

Restricted cash primarily represents cash held at financial institutions that is pledged as collateral for specific accounts that may become overdrawn.

Marketable Securities

Short-Term Investments

consolidated statements of comprehensive income. Any related amounts recorded in accumulated other comprehensive income are reclassified to earnings (on a pretax basis).

Member Advances

The Company does not provide modifications to advances and does not charge late fees.

Allowance for Credit Losses

Internally Developed Software

Property and Equipment

Impairment of Long-Lived Assets

Fair Value of Financial Instruments

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

Concentration of Risk

its marketable securities are exposed to any significant credit risk due to the quality and nature of the securities in which the money is held.

No Member individually exceeded 10% or more of the Company’s Member cash advances balances as of September 30, 2023 or December 31, 2022.

Leases

Stock-Based Compensation

Stock Option Awards:

Restricted Stock Unit Awards:

Restricted Stock Awards:

RSAs Issued to Non-Employees:

Advertising Costs

Income Taxes

Segment Information

Net Loss Per Share Attributable to Stockholders

The Company has two classes of participating securities (Class A Common Stock and Class V Common Stock) issued and outstanding as of September 30, 2023.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to holders of common stock (in thousands, except share data):


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2023			2022			2023			2022
Numerator
Net loss	$	(12,053	)	$	(47,504	)	$	(48,696	)	$	(107,414	)
Less: noncumulative dividend to convertible preferred stockholders		-			-			-			-
Less: undistributed earnings to participating securities		-			-			-			-
Net loss attributed to common stockholders—basic		(12,053	)		(47,504	)		(48,696	)		(107,414	)
Add: undistributed earnings reallocated to common stockholders		-			-			-			-
Net loss attributed to common stockholders—diluted	$	(12,053	)	$	(47,504	)	$	(48,696	)	$	(107,414	)

Denominator
Weighted-average shares of common stock—basic		11,960,078			11,702,147			11,887,199			11,525,164
Dilutive effect of convertible preferred stock		-			-			-			-
Dilutive effect of equity incentive awards		-			-			-			-
Weighted-average shares of common stock—diluted		11,960,078			11,702,147			11,887,199			11,525,164

Net loss per share
Basic	$	(1.01	)	$	(4.06	)	$	(4.10	)	$	(9.32	)
Diluted	$	(1.01	)	$	(4.06	)	$	(4.10	)	$	(9.32	)

The following potentially dilutive shares were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
		2023	2022		2023	2022
Equity incentive awards		2,408,298	1,493,939		2,408,298	1,493,939
Convertible debt		312,500	312,500		312,500	312,500
Total		2,720,798	1,806,439		2,720,798	1,806,439

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Recently Adopted Accounting Pronouncements:

Convertible Note Payable

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Convertible Note Payable

Note 8 Convertible Note Payable

On March 21, 2022, the Company entered into a Convertible Note Purchase Agreement (“Purchase Agreement”) with FTX Ventures Ltd., (the “Purchaser”) owner of FTX US (“FTX”), providing for the purchase and sale of a convertible note in the initial principal amount of $100.0 million (the “Note”). The Note bears interest at a rate of 3.00% per year (compounded semiannually), payable

semi-annually in arrears on June 30th and December 31st of each year. Interest may be paid in-kind or in cash, at the Company’s option. Forty-eight months (the “Maturity Date”) after the date of the initial issuance of the Note (the “Issuance Date”), the Company will pay the Purchaser the sum of (i) the outstanding principal amount of the Note, plus (ii) all accrued but unpaid interest thereon, plus (iii) all expenses incurred by the Purchaser (the “Redemption Price”). Payment of the Redemption Price on the Maturity Date will constitute a redemption of the Note in whole.

During the term of the Note, the Note will be convertible into shares of the Company’s Class A Common Stock, at the option of the Purchaser, upon delivery on one or more occasions of a written notice to the Company electing to convert the Note or all of any portion of the outstanding principal amount of the Note. The initial conversion price of the Note is $320.00 per share of Common Stock (the “Conversion Price”). The Conversion Price of the Note is subject to adjustment for stock splits, dividends or distributions, recapitalizations, spinoffs or similar transactions. The Note and the shares of Common Stock issuable upon conversion of the Note have not been registered under the Securities Act and may not be offered or sold absent registration or an applicable exemption from registration requirements.

Beginning on the 24-month anniversary of the Issuance Date continuing until the Maturity Date, if the closing price of the Common Stock equals or exceeds 175% of the Conversion Price for 20 out of the 30 consecutive trading days ending immediately preceding the delivery of the notice of the Company’s election to convert the Note, the Note will be convertible into shares of Class A Common Stock at the option of the Company, upon delivery of a written notice to the Purchaser electing to convert the Note or all or any portion of the outstanding principal amount of the Note.

At any time prior to the Maturity Date, the Company may, in its sole discretion and upon delivery of a written notice to the Purchaser electing to prepay the Note, prepay the Note without penalty by paying the Purchaser 100% of the Redemption Price. Once the Redemption Price has been delivered to the Purchaser, the Note will be canceled and retired.

The effective interest rate as of September 30, 2023 was 3.01%. As of September 30, 2023, the outstanding balance of the Note, including paid in-kind interest, was approximately $104.7 million.

Organization and Nature of Business

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

Note 1 Organization and Nature of Business

Overview:

Dave Inc. (“Dave” or the “Company”), a Delaware corporation, with headquarters located in Los Angeles, California, is a financial services company. Dave was originally incorporated in the State of Delaware on January 14, 2021 as a special purpose acquisition company under the name VPC Impact Acquisition Holdings III, Inc. (“VPCC”) and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On January 5, 2022, the Company consummated the transactions contemplated by that certain Agreement and Plan of Merger, dated as of June 7, 2021 among VPCC, Dave Inc., a Delaware corporation (“Legacy Dave”), and other entities (the “Business Combination”). In connection with the closing of the Business Combination, the Company changed its name from “VPC Impact Acquisition Holdings III, Inc.” to “Dave Inc.”

Dave offers a suite of innovative financial products aimed at helping Members improve their financial health. To help Members avoid punitive overdraft fees and access short-term liquidity, Dave offers cash advances through its flagship 0% interest ExtraCash product. Through Dave Banking, the Company provides a digital checking account experience with valuable tools for building long-term financial health. Dave also helps Members generate extra income for spending or emergencies through Dave’s Side Hustle product and Surveys, where Dave presents Members with supplemental work and income opportunities.

ExtraCash:

Many Americans are often unable to maintain a positive balance between paychecks, driving a reliance on overdraft, payday loans, auto title loans and other forms of expensive credit to put food on the table, gas in their car or pay for unexpected emergencies. For example, traditional banks charge up to $34 for access to as little as $5 of overdraft, and many others in the financial services sector do not allow for overdraft at all. Dave invented a short-term liquidity alternative called ExtraCash, which allows Members to advance funds to their account and avoid a fee altogether. Members may receive an advance of up to $500 and may only have one advance outstanding at any given time.

Dave Banking:

Dave offers a full-service digital checking account through its partnership with Evolve Bank and Trust (“Evolve”). The Dave Spending Account does not have overdraft or minimum balance fees.

Budget:

Dave’s automated financial management tool leverages historical bank account data to help Members understand both recurring and commonly occurring charges. Budget notifies Members when there is a chance of an overdraft and allows Members to qualify for Dave’s ExtraCash product for up to $500 of additional liquidity.

Side Hustle:

Dave seeks to help Members improve their financial health by presenting new job opportunities to them. Through Dave’s partnership with leading employers, Members can quickly submit applications to improve their income with flexible employment.

Surveys:

Dave’s Surveys product allows for additional income earning opportunities, allowing Members to take paid surveys anytime within the Dave mobile application. This functionality drives engagement within the Dave ecosystem and deepens the Company’s relationship to its Members’ financial wellbeing.

Intangible Assets, Net - Summary of Estimated Amortization Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
2023 (remaining)	$ 1,344
2024	5,627
2025	3,770
2026	1,942
2027	8
Thereafter	34
Intangible Assets, net	$ 12,725	$ 10,163

Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Financing receivable weighted average maturity			45 days		48 days
Marketable securities, gain	$ 40	$ 100	$ 400	$ 400

Significant Accounting Policies - Schedule of Earnings Per Share Basic And Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net loss	$ (12,053)	$ (47,504)	$ (48,696)	$ (107,414)
Less: noncumulative dividend to convertible preferred stockholders	0	0	0	0
Less: undistributed earnings to participating securities	0	0	0	0
Net loss attributed to common stockholders—basic	(12,053)	(47,504)	(48,696)	(107,414)
Add: undistributed earnings reallocated to common stockholders	0	0	0	0
Net loss attributed to common stockholders—diluted	$ (12,053)	$ (47,504)	$ (48,696)	$ (107,414)
Denominator
Weighted-average shares of common stock—basic	11,960,078	11,702,147	11,887,199	11,525,164
Dilutive effect of convertible preferred stock	0	0	0	0
Dilutive effect of equity incentive awards	0	0	0	0
Weighted-average shares of common stock—diluted	11,960,078	11,702,147	11,887,199	11,525,164
Net loss per share:
Basic	$ (1.01)	$ (4.06)	$ (4.1)	$ (9.32)
Diluted	$ (1.01)	$ (4.06)	$ (4.1)	$ (9.32)

Member Cash Advances, Net - Summary of Member Cash Advances, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Gross Member Advances	$ 116,882		$ 128,684
Allowance for Credit Losses	(19,758)	$ (19,758)	(24,501)	$ (22,116)	$ (11,995)
Member Advances, Net	97,124		104,183
1-10 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	86,578		91,121
Allowance for Credit Losses	(2,578)		(2,224)
Member Advances, Net	84,000		88,897
11-30 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	10,842		10,683
Allowance for Credit Losses	(2,650)		(2,582)
Member Advances, Net	8,192		8,101
31-60 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	7,159		9,022
Allowance for Credit Losses	(4,612)		(5,529)
Member Advances, Net	2,547		3,493
61-90 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	5,829		8,865
Allowance for Credit Losses	(4,507)		(6,702)
Member Advances, Net	1,322		2,163
91-120 [Member]
Financing Receivable, Past Due [Line Items]
Gross Member Advances	6,474		8,993
Allowance for Credit Losses	(5,411)		(7,464)
Member Advances, Net	$ 1,063		$ 1,529

Member Cash Advances, Net - Summary of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract]
Beginning balance	$ 19,758		$ 24,501	$ 11,995
Plus: provision for credit losses	15,983	$ 18,353	43,861	45,995
Plus: amounts recovered			9,422	6,662
Less: amounts written-off			(58,026)	(42,536)
Ending balance	$ 19,758	$ 22,116	$ 19,758	$ 22,116

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 43,608	$ 22,889
Marketable securities	1,638	285
Member advances, net of allowance for credit losses	97,124	104,183
Short-term investments	124,581	168,789
Prepaid income taxes	813	831
Prepaid expenses and other current assets	10,605	11,591
Total current assets	278,369	308,568
Property and equipment, net	1,266	1,026
Lease right-of-use assets (related-party of $541 and $735 as of September 30, 2023 and December 31, 2022, respectively)	541	735
Intangible assets, net	12,725	10,163
Debt facility commitment fee, long-term	355	75
Restricted cash	1,191	788
Other non-current assets	0	137
Total assets	294,447	321,492
Current liabilities:
Accounts payable	9,091	11,418
Accrued expenses	14,426	10,965
Lease liabilities, short-term (related-party of $250 and $273 as of September 30, 2023 and December 31, 2022, respectively)	250	273
Legal settlement accrual	7,415	9,450
Other current liabilities	3,699	4,311
Total current liabilities	34,881	36,417
Lease liabilities, long-term (related-party of $362 and $550 as of September 30, 2023 and December 31, 2022, respectively)	362	550
Debt facility, long-term	75,000	75,000
Convertible debt, long-term	104,654	102,325
Warrant and earnout liabilities	241	516
Other non-current liabilities	128	124
Total liabilities	215,266	214,932
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, par value per share $0.0001, 10,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2023 and December 31, 2022	0	0
Additional paid-in capital	290,187	270,037
Accumulated other comprehensive loss	(508)	(1,675)
Accumulated deficit	(210,499)	(161,803)
Total stockholders' equity	79,181	106,560
Total liabilities, and stockholders' equity	294,447	321,492
Dave OD Funding I, LLC
Current assets:
Cash and cash equivalents	39,657	12,030
Member advances, net of allowance for credit losses	80,407	71,545
Short-term investments	26,305	0
Debt facility commitment fee, current	135	62
Debt facility commitment fee, long-term	354	75
Total assets	146,858	83,712
Current liabilities:
Accounts payable	748	531
Debt facility, long-term	75,000	75,000
Total liabilities	75,748	75,531
Class A common stock [Member]
Stockholders' equity:
Common stock	1	1
Class V common stock [Member]
Stockholders' equity:
Common stock	$ 0	$ 0

Marketable Securities - Summary of Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable securities	$ 1,638	$ 285

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 14 Stockholders’ Equity

As of September 30, 2023, no shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock.

Pursuant to the terms of the Company’s amended and restated certificate of incorporation, shares of preferred stock may be issued from time to time in one or more series. The Company’s Board of Directors is authorized to fix the voting rights, if any, designations, powers and preferences, the relative, participating, optional or other special rights, and any qualifications, limitations and restrictions thereof, applicable to the shares of each series of preferred stock. The Company’s Board of Directors is able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of the Company’s Board of Directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control or the removal of existing management.

Class A and Class V Common Stock:

The Company’s Board of Directors has authorized two classes of common stock, Class A Common Stock and Class V Common Stock. The Company had authorized 500,000,000 and 100,000,000 shares of Class A Common Stock and Class V Common Stock,

respectively. Shares of Class V Common Stock have 10 votes per share, while shares of Class A Common Stock have one vote per share. The holders of shares of Class A Common Stock and Class V Common Stock will at all times vote together as a single class on all matters (including the election of directors) submitted to a vote of the Company’s stockholders. Shares of Class V Common Stock are convertible into shares of Class A Common Stock on a one-to-one basis at the option of the holders of Class V Common Stock at any time upon written notice to the Company. As of September 30, 2023, the Company had 10,587,288 and 1,514,082 shares of Class A Common Stock and Class V Common Stock issued, respectively. As of September 30, 2023, the Company had 10,537,725 and 1,514,082 shares of Class A Common Stock and Class V Common Stock outstanding, respectively.

- 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
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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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+ Details

Fair Value of Financial Instruments - Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Marketable securities	$ 1,638	$ 285
Short-term investments	124,581	168,789
Total assets	126,219	169,074
Liabilities
Earnout liabilities	18	53
Total liabilities	241	516
Public Warrants [Member]
Liabilities
Warrant Liability	103	209
Private Placement Warrants [Member]
Liabilities
Warrant Liability	120	254
Level 1
Assets
Marketable securities	1,638	285
Total assets	1,638	285
Liabilities
Total liabilities	103	209
Level 1 \| Public Warrants [Member]
Liabilities
Warrant Liability	103	209
Level 2
Assets
Short-term investments	124,581	168,789
Total assets	124,581	168,789
Level 3
Liabilities
Earnout liabilities	18	53
Total liabilities	138	307
Level 3 \| Private Placement Warrants [Member]
Liabilities
Warrant Liability	$ 120	$ 254

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net loss	$ (12,053)	$ (47,504)	$ (48,696)	$ (107,414)
Unrealized gain (loss) on available-for-sale securities	362	(596)	1,167	(3,026)
Comprehensive loss	$ (11,691)	$ (48,100)	$ (47,529)	$ (110,440)

- 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

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 13 Fair Value of Financial Instruments


September 30, 2023	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	1,638	$	—	$	—	$	1,638
Short-term investments		—		124,581		—		124,581
Total assets	$	1,638	$	124,581	$	—	$	126,219
Liabilities
Warrant liabilities - public warrants	$	103	$	—	$	—	$	103
Warrant liabilities - private warrants		-		—		120		120
Earnout liabilities		-		—		18		18
Total liabilities	$	103	$	—	$	138	$	241


December 31, 2022	Level 1		Level 2		Level 3		Total
Assets
Marketable securities	$	285	$	—	$	—	$	285
Short-term investments		—		168,789		—		168,789
Total assets	$	285	$	168,789	$	—	$	169,074
Liabilities
Warrant liabilities - public warrants	$	209	$	—	$	—	$	209
Warrant liabilities - private warrants		-		—		254		254
Earnout liabilities		-		—		53		53
Total liabilities	$	209	$	—	$	307	$	516

The Company had no assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2023 and December 31, 2022.

The Company also has the following financial instruments not measured at fair value. The Company has evaluated cash (Level 1), restricted cash (Level 1), Member advances (Level 2), accounts payable (Level 2) and accrued expenses (Level 2), and believes the carrying value approximates the fair value due to the short-term nature of these balances. The fair value of the debt facility (Level 2) and convertible note payable (level 2) approximate their carrying values.

Marketable Securities:

The Company evaluated the quoted market prices in active markets for its marketable securities and has classified its securities as Level 1. The Company’s investments in marketable securities are exposed to price fluctuations. The fair value measurements for the securities are based upon the quoted prices of similar items in active markets multiplied by the number of securities owned.

Short-Term Investments:

The following describes the valuation techniques used by the Company to measure the fair value of short-term investments held as of September 30, 2023 and December 31, 2022.

U.S. Government Securities

The fair value of U.S. government securities is estimated by independent pricing services who use computerized valuation formulas to calculate current values. U.S. government securities are categorized in Level 2 of the fair value hierarchy.

Corporate Bonds and Notes

The fair value of corporate bonds and notes is estimated by independent pricing services who use computerized valuation formulas to calculate current values. These securities are generally categorized in Level 2 of the fair value hierarchy or in Level 3 when market-based transaction activity is unavailable and significant unobservable inputs are used.

Asset-Backed Securities

The fair value of these asset-backed securities is estimated by independent pricing services who use computerized valuation formulas to calculate current values. These securities are generally categorized in Level 2 of the fair value hierarchy or in Level 3 when market-based transaction activity is unavailable and significant unobservable inputs are used.

Public Warrants:

As discussed further in Note 9, Warrant Liabilities, in January 2022, upon completion of the Business Combination, public warrants were automatically converted to warrants to purchase Common Stock of the Company. These public warrants met the definition of a derivative under ASC 815, and due to the terms of the warrants, were required to be liability classified. This warrant liability was initially recorded as a liability at fair value, with the offsetting entry recorded as a non-cash expense within the statement of operations. The derivative liability was subsequently recorded at fair value at each reporting period, with changes in fair value reflected in earnings. The gain related to the change in fair value of the public warrant liability for three and nine months ended September 30, 2023 were both $0.1 million, which is presented within changes in fair value of public warrant liabilities in the unaudited condensed consolidated statements of operations.

A roll-forward of the Level 1 public warrant liability is as follows (dollars in thousands):


Opening value at January 1, 2023	$	209
Change in fair value during the period		(107	)
Ending value at September 30, 2023	$	103

Private Warrants:

As discussed further in Note 9, Warrant Liabilities, in January 2022, upon completion of the Business Combination, private warrants were automatically converted to warrants to purchase Class A Common Stock of the Company. These private warrants met the definition of a derivative under ASC 815, and due to the terms of the warrants, were required to be liability classified. This warrant liability was initially recorded as a liability at fair value, with the offsetting entry recorded as a non-cash expense within the unaudited condensed consolidated statement of operations. The derivative liability was subsequently recorded at fair value at each reporting period, with changes in fair value reflected in earnings. The gain related to the change in fair value of the private warrant liability for the three and nine months ended September 30, 2023 was $0.2 million and $0.1 million, respectively, which is presented within changes in fair value of private warrant liabilities in the unaudited condensed consolidated statements of operations.

A roll-forward of the Level 3 private warrant liability is as follows (dollars in thousands):


Opening value at January 1, 2023	$	253
Change in fair value during the period		(133	)
Ending value at September 30, 2023	$	120

The Company used a Black-Scholes option pricing model to determine the fair value of the private warrant liability. The following table presents the assumptions used to value the private warrant liability for the nine months ended September 30, 2023:


Exercise price	$	368.00
Expected volatility		117.1	%
Risk-free interest rate		4.8	%
Remaining term	3.26 years
Dividend yield		0	%

Earnout Shares Liability:

As part of the reverse recapitalization, 49,563 shares of Class A Common Stock held by founders of VPCC are subject to forfeiture if the vesting condition is not met over the five year term following the closing date of the Business Combination (“Founder Holder Earnout Shares”). These Founder Holder Earnout Shares were initially recorded as a liability at fair value and subsequently recorded at fair value at each reporting period, with changes in fair value reflected in earnings. The (loss)/gain related to the change in fair value of the Founder Holder Earnout Shares liabilities for the three and nine months ended September 30, 2023 was ($0.002) million and $0.04 million, respectively, which are presented within changes in fair value of earnout liabilities in the unaudited condensed consolidated statements of operations.

A roll-forward of the Level 3 Founder Holder Earnout Shares liability is as follows (dollars in thousands):


Opening value at January 1, 2023	$	53
Change in fair value during the period		(35	)
Ending value at September 30, 2023	$	18

The Company used a Monte Carlo Simulation Method to determine the fair value of the Founder Holder Earnout Shares liability. The following table presents the assumptions used to value the Founder Holder Earnout Shares liability for the period ended September 30, 2023:


Exercise price	$400-$480
Expected volatility		91.6	%
Risk-free interest rate		4.8	%
Remaining term	3.27 years
Dividend yield		0	%

There were no other assets or liabilities that were required to be measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022.

- 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

Leases - Schedule Of Future Minimum Rental Payments For Operating Leases (Detail) - Related-Party Commitment [Member] $ in Thousands	Sep. 30, 2023 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]
2023 (remaining)	$ 76
2024	295
2025	310
Total minimum lease payments	681
Less: imputed interest	(69)
Total lease liabilities	$ 612

Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross	$ 20,052	$ 21,815
Accumulated Amortization	(7,327)	(11,652)
Intangible Assets, net	12,725	10,163
Internally developed software [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross	19,931	21,694
Accumulated Amortization	(7,274)	(11,605)
Intangible Assets, net	$ 12,657	10,089
Weighted Average Useful Lives	3 years
Domain name [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, gross	$ 121	121
Accumulated Amortization	(53)	(47)
Intangible Assets, net	$ 68	$ 74
Weighted Average Useful Lives	15 years

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 15 Stock-Based Compensation

In 2017, the Company’s Board of Directors adopted the Dave Inc. 2017 Stock Plan (the “2017 Plan”). The 2017 Plan authorized the award of stock options, restricted stock, and restricted stock units. On January 4, 2022, the stockholders of the Company approved the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan was previously approved, subject to stockholder approval, by the Company’s Board of Directors on January 4, 2022. Upon the consummation of the Business Combination with VPCC, the 2017 Plan was terminated and replaced by the 2021 Plan. The maximum term of stock options granted under the 2021 Plan is 10 years and the awards generally vest over a four-year period.

On January 4, 2022, the stockholders of the Company approved the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan was previously approved, subject to stockholder approval, by the Company’s Board of Directors on January 4, 2022. The 2021 Plan became effective immediately upon the completion of the Business Combination.

The Company recognized approximately $6.7 million and $20.1 million of stock-based compensation expense arising from stock option and restricted stock unit grants which is recorded as a component of compensation and benefits in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2023, respectively. The Company recognized $8.0 million and $34.1 million of stock-based compensation expense arising from stock option and restricted stock unit grants for the three and nine months ended September 30, 2022, respectively.

Stock Option Repricing:

In April 2023, the Company’s Board of Directors approved a repricing of certain previously granted and still outstanding vested and unvested stock option awards held by eligible employees, which was approved by stockholders on June 9, 2023. As a result, the exercise price for these awards was lowered to $5.18 per share, which was the average per share closing price of the Company’s Class A Common Stock as reported on the Nasdaq Global Stock Market for the 30 trading days ending on and including June 9, 2023. No other terms of the repriced stock options were modified, and the repriced stock options will continue to vest according to their original vesting schedules and will retain their original expiration dates. As a result of the repricing, 134,931 vested and unvested stock options outstanding as of June 9, 2023, with original exercise prices ranging from $22.09 to $23.18, were repriced.

The repricing on June 9, 2023 resulted in incremental stock-based compensation expense of $0.2 million, of which $0.14 million related to vested stock option awards was expensed on the repricing date. The remaining $0.06 million related to unvested stock option awards is being amortized on a straight-line basis over the weighted-average vesting period of those awards of approximately 1.3 years as of June 9, 2023.

In September 2023, the Company’s Board of Directors approved a repricing of certain previously granted and still outstanding vested and unvested stock option awards held by eight remaining eligible employees excluded from the aforementioned June 9th repricing. As a result, the exercise price for these awards was lowered to $7.23 per share, which was the average per share closing price of the Company’s Class A Common Stock as reported on the Nasdaq Global Stock Market for the 30 trading days ending on and including September 13, 2023. No other terms of the repriced stock options were modified, and the repriced stock options will continue to vest according to their original vesting schedules and will retain their original expiration dates. As a result of the repricing, 200,571 vested and unvested stock options outstanding as of September 13, 2023, with original exercise prices ranging from $22.09 to $23.18, were repriced.

The repricing on September 13, 2023 resulted in incremental stock-based compensation expense of $0.2 million, of which $0.17 million related to vested stock option awards was expensed on the repricing date. The remaining $0.07 million related to unvested stock option awards is being amortized on a straight-line basis over the weighted-average vesting period of those awards of approximately 1.0 years as of September 13, 2023.

Stock Options:

Management has valued stock options at their date of grant utilizing the Black-Scholes option pricing model. The fair value of the underlying shares was estimated by using a number of inputs, including recent arm’s length transactions involving the sale of the Company’s common stock.

Expected term—The expected term represents the period of time that options are expected to be outstanding. As the Company does not have sufficient historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its vesting period.

Risk free interest rate—The risk-free interest rate is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options depending on the date of the grant and expected life of the options.

Expected dividend yield—The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends.

Expected volatility—Due to the Company’s limited operating history and lack of company-specific historical or implied volatility, the expected volatility assumption is based on historical volatilities of a peer group of similar companies whose share prices are publicly available. The Company identified a group of peer companies and considered their historical stock prices. In identifying peer companies, the Company considered the industry, stage of life cycle, size, and financial leverage of such other entities.

Activity with respect to stock options is summarized as follows:


	Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Options outstanding, January 1, 2023		904,220		$	21.04		7.3	$	655
Granted		335,502		$	6.41
Exercised		(4,778	)	$	2.44
Forfeited		(140,950	)	$	21.89
Expired		(317,854	)	$	22.83
Options outstanding, September 30, 2023		776,140		$	13.93		6.6	$	523
Nonvested options, September 30, 2023		428,165		$	20.42		7.4	$	28
Vested and exercisable, September 30, 2023		347,975		$	5.96		5.6	$	495

At September 30, 2023, total estimated unrecognized stock-based compensation cost related to unvested stock options prior to that date was approximately $7.8 million, which is expected to be recognized over a weighted-average remaining period of 3.3 years.

The Company allowed certain stock option holders to exercise unvested options to purchase shares of Common Stock. Shares received from such early exercises are subject to repurchase in the event of the optionee’s employment termination, at the original issuance price, until the options are fully vested. As of September 30, 2023 and September 30, 2022, 0 and 8,332 shares of Common Stock were subject to repurchase at a weighted-average prices of $22.09 per share, respectively. The shares issued pursuant to unvested options have been included in shares issued and outstanding on the unaudited condensed consolidated balance sheets as such shares are considered legally outstanding.

On March 3, 2021, the Company granted the Chief Executive Officer stock options to purchase up to 358,001 shares of Common Stock in nine tranches. Each of the nine tranches contain service, market and performance conditions. The market conditions relate to the achievement of certain specified price targets. Vesting commences on the grant date; however, no compensation charges are recognized until the service and performance condition are probable, which is upon the completion of a liquidity event, the achievement of specified price targets for each tranche of shares, and continuous employment. Upon the completion of the Business Combination, the performance condition was met and the Company recorded a cumulative stock-based compensation expense of $1.9 million. The options have a strike price of $23.18 per share. The Company determined the fair value of the options on the grant date to be $10.5 million using a Monte Carlo simulation with key inputs and assumptions such as stock price, term, dividend yield, risk-free interest rate, and volatility. The derived service periods determined by the valuation for each of the nine tranches range from approximately three years to approximately seven years. Each tranche will be expensed monthly over the derived service period unless vesting conditions for a particular tranche are met, at which point all remaining compensation charges related to that particular tranche will be expensed in the period in which the vesting conditions were met.

The following table presents the key inputs and assumptions used to value the options granted to the Chief Executive Officer on the grant date:


Remaining term	10.0 years
Risk-free interest rate		1.5	%
Expected dividend yield		0.0	%
Expected volatility		40.0	%

Restricted Stock Units:

Activity with respect to RSUs is summarized as follows:


	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at January 1, 2023		508,506		$	122.27
Granted		1,735,135		$	5.10
Vested		(248,290	)	$	68.15
Forfeited		(363,193	)	$	26.33
Nonvested shares at September 30, 2023		1,632,158		$	27.29

At September 30, 2023, total estimated unrecognized stock-based compensation cost related to nonvested RSUs was approximately $44.0 million, which is expected to be recognized over a weighted-average period of 2.2 years.

During the quarter ended March 31, 2023, the Company granted 629,454 RSUs to certain employees in six tranches. Each of the six tranches contain service and market conditions. The market conditions relate to the achievement of certain specified price targets. Vesting commences on the grant date and the Company determined the fair value of the RSUs on the grant date to be approximately $3.0 million using a Monte Carlo simulation with key inputs and assumptions such as stock price, term, risk-free interest rate, and volatility. The derived service periods determined by the valuation for each of the six tranches range from approximately two years to approximately three years. Each tranche will be expensed monthly over the derived service period unless vesting conditions for a particular tranche are met, at which point all remaining compensation charges related to that particular tranche will be expensed in the period in which the vesting conditions were met.

The following table presents the key inputs and assumptions used to value the RSUs that contain service and market conditions on the grant date:


Remaining term	5.0 years
Risk-free interest rate		3.5	%
Expected volatility		79.7	%

Short-term investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Short-term Investments

Below is a summary of short-term investments, which are measured at fair value as of September 30, 2023 (in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	90,860	$	257	$	(937	)	$	90,180
Asset-backed securities		1,276		9		(4	)		1,281
Government securities		32,953		204		(37	)		33,120
Total	$	125,089	$	470	$	(978	)	$	124,581

Below is a summary of short-term investments, which are measured at fair value as of December 31, 2022 (in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate bonds	$	151,245	$	100	$	(1,769	)	$	149,576
Asset-backed securities		16,269		31		(46	)		16,254
Government securities		2,950		9		-			2,959
Total	$	170,464	$	140	$	(1,815	)	$	168,789

Schedule of Gross Unrealized Losses and Fair Values of Available-for-sale Investment Securities that were in Unrealized Loss Positions

The gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows (in thousands):


	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
September 30, 2023
Corporate bonds	$	19,628	$	(151	)	$	36,484	$	(786	)	$	56,113	$	(937	)
Asset-backed securities		-		-			482		(4	)		482		(4	)
Government securities		4,538		(37	)		-		-			4,538		(37	)
Total	$	24,166	$	(188	)	$	36,966	$	(790	)	$	61,133	$	(978	)

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2022
Corporate bonds	$	129,573	$	(1,769	)	$	-	$	-		$	129,573	$	(1,769	)
Asset-backed securities		11,000		(46	)		-		-			11,000		(46	)
Government securities		-		-			-		-			-		-
Total	$	140,573	$	(1,815	)	$	-	$	-		$	140,573	$	(1,815	)

Schedule of Contractual Maturities of Available-for-sale Investment Securities

As of September 30, 2023, the contractual maturities of available-for-sale investment securities were as follows (in thousands):


	Amortized Cost		Fair Value
Due in one year or less	$	91,418	$	91,629
Due after one year through five years	$	33,671	$	32,952
Total	$	125,089	$	124,581

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance, Shares \| shares	508,506
Granted, Shares \| shares	1,735,135
Vested, Shares \| shares	(248,290)
Forfeited, Shares \| shares	(363,193)
Ending Balance, Shares \| shares	1,632,158
Beginning Balance, Weighted Average Grant-Date Fair Value \| $ / shares	$ 122.27
Granted, Weighted Average Grant-Date Fair Value \| $ / shares	5.1
Vested, Weighted Average Grant-Date Fair Value \| $ / shares	68.15
Forfeited, Weighted Average Grant-Date Fair Value \| $ / shares	26.33
Ending Balance, Weighted Average Grant-Date Fair Value \| $ / shares	$ 27.29

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2023	Sep. 30, 2023	Jan. 31, 2023	Dec. 31, 2022
Stoffers v. Dave Inc. [Member]
Commitments And Contingencies [Line Items]
Loss contingency lawsuit filing date		September 16, 2020
Martinsek v. Dave Inc. [Member]
Commitments And Contingencies [Line Items]
Loss contingency lawsuit filing date		January 9, 2020
Legal Settlement Expense [Member]
Commitments And Contingencies [Line Items]
Loss contingency estimate of possible loss		$ 3.1	$ 6.0	$ 3.1
Legal Settlement Expense [Member] \| July 2020 Data Breach [Member]
Commitments And Contingencies [Line Items]
Loss contingency estimate of possible loss		$ 4.3
Subsequent Events [Member] \| Legal Settlement Expense [Member] \| July 2020 Data Breach [Member]
Commitments And Contingencies [Line Items]
Legal settlement expense	$ 3.3

Warrant Liabilities - Additional Information (Detail) $ / shares in Units, $ in Millions			9 Months Ended
	Jan. 04, 2023	Nov. 30, 2021 USD ($) $ / shares	Sep. 30, 2023 $ / shares shares
Subsidiary or Equity Method Investee [Line Items]
Reverse stock split, conversion ratio	0.03125		0.0003125
Reverse stock split, description	1-for-32 reverse stock split effective January 5, 2023		1-for-32 reverse stock split effective January 5, 2023
Fair value of the warrants at the issuance date \| $		$ 0.1
Amended Senior Secured Loan Facility [Member] \| Victory Park Management, LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Proceeds from lines of credit \| $		$ 10.0
Percentage right to acquire a number of common shares on fully diluted equity		0.20%
Proceeds from issuance of equity \| $		$ 40.0
Percentage of fair market value of each share of common stock		80.00%
Fair market value of each share of common stock per share		$ 120.0656
Private Placement Warrants [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of Warrants outstanding \| shares			5,100,214
Public Warrants [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of Warrants outstanding \| shares			6,344,021
Warrant Liability Related To Debt Facility [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights excercised during the period units \| shares			1,664,394
Stock issued during the period exercise of warrants \| shares			14,087
After The Completion Of A Business Combination Or Earlier Upon Redemption Or Liquidation [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights term			5 years
Exercise price			$ 368
Triggering Share Price One [Member] \| Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price			$ 576
Number of days of notice to be given for the redemption of warrants			30 days
Number of consecutive trading days for determining the share price			20 days
Number of trading days for determining the share price			30 days
Number of days prior to the date of notifying the warrant holders for determining the total trading period			3 days
Triggering Share Price One [Member] \| Minimum [Member] \| Warrant Redemption Price One [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights redemption price			$ 0.01
Triggering Share Price Two [Member] \| Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Share Price			$ 320
Number of days of notice to be given for the redemption of warrants			30 days
Number of consecutive trading days for determining the share price			20 days
Number of trading days for determining the share price			30 days
Number of days prior to the date of notifying the warrant holders for determining the total trading period			3 days
Triggering Share Price Two [Member] \| Minimum [Member] \| Warrant Redemption Price Two [Member]
Subsidiary or Equity Method Investee [Line Items]
Class of warrants or rights redemption price			$ 0.1

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11 Commitments and Contingencies

From time to time, the Company is subject to various legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business.

Although the outcome of the various legal proceedings and claims cannot be predicted with certainty, management does not believe that any of these proceedings or claims will have a significant adverse effect on the Company’s business, financial condition, results of operations, or cash flows.

1. Martinsek v. Dave Inc. (filed January 9, 2020 in the California Superior Court for the County of Los Angeles)

In January 2020, a former employee of the Company filed a complaint in the California Superior Court for the County of Los Angeles against the Company and the Company’s Chief Executive Officer, asserting claims for, among other things, breach of contract, breach of fiduciary duty, conversion, and breach of the implied covenant of good faith and fair dealing. The Company settled this matter in January 2023 for approximately $6.0 million which was included in the Legal settlement accrual within the unaudited condensed consolidated balance sheet for the period ended December 31, 2022.

2. Stoffers v. Dave Inc. (filed September 16, 2020 in LA County Superior Court)

This is a purported class action lawsuit filed in connection with a July 2020 data breach. The Company is in the process of settling this matter and the estimated settlement amount of approximately $3.1 million is included in the Legal settlement accrual within the unaudited condensed consolidated balance sheets for the period ended September 30, 2023 and December 31, 2022.

The Company has recorded an estimated legal settlement expense in the amount of $4.3 million relating to individual claims arising from the July 2020 data breach. This accrual is also included in the Legal settlement accrual within the unaudited condensed consolidated balance sheet for the period ended September 30, 2023. In October 2023, the Company paid $3.3 million of the estimated $4.3 million in legal settlement expense. The Company will settle the remaining amounts at a later time.

Stock-Based Compensation - Summary of Assumptions in the Binomial Option-Pricing Model Used to Determine The Fair Value of Stock Options (Detail)	9 Months Ended
	Sep. 30, 2023
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining term	10 years
Risk-free interest rate	1.50%
Expected dividend yield	0.00%
Expected volatility	40.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining term	5 years
Risk-free interest rate	3.50%
Expected volatility	79.70%

- 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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

401(k) Savings Plan - Additional Information (Detail) - 401(k) Savings Plan [Member] - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jan. 01, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, maximum annual contributions per employee, percent	100.00%			90.00%
Defined contribution plan, employer matching contribution percent	4.00%
Defined contribution plan, employer contribution		$ 0.5	$ 0.5	$ 1.6	$ 1.4

Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
PCJW Properties LLC [Member] \| Leasing Arrangements [Member]
Related Party Transaction [Line Items]
Operating lease expense	$ 0.1	$ 0.2

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Summary of operating revenues

Below is detail of operating revenues (in thousands):


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Service based revenue, net
Processing fees, net	$	39,166	$	29,793	$	108,153	$	74,624
Tips		14,548		17,496		41,447		45,991
Subscriptions		5,119		5,192		16,150		13,691
Other		346		314		990		748
Transaction based revenue, net		6,632		4,012		19,234		10,109
Total	$	65,811	$	56,807	$	185,974	$	145,163

Schedule of Earnings Per Share Basic And Diluted

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to holders of common stock (in thousands, except share data):


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2023			2022			2023			2022
Numerator
Net loss	$	(12,053	)	$	(47,504	)	$	(48,696	)	$	(107,414	)
Less: noncumulative dividend to convertible preferred stockholders		-			-			-			-
Less: undistributed earnings to participating securities		-			-			-			-
Net loss attributed to common stockholders—basic		(12,053	)		(47,504	)		(48,696	)		(107,414	)
Add: undistributed earnings reallocated to common stockholders		-			-			-			-
Net loss attributed to common stockholders—diluted	$	(12,053	)	$	(47,504	)	$	(48,696	)	$	(107,414	)

Denominator
Weighted-average shares of common stock—basic		11,960,078			11,702,147			11,887,199			11,525,164
Dilutive effect of convertible preferred stock		-			-			-			-
Dilutive effect of equity incentive awards		-			-			-			-
Weighted-average shares of common stock—diluted		11,960,078			11,702,147			11,887,199			11,525,164

Net loss per share
Basic	$	(1.01	)	$	(4.06	)	$	(4.10	)	$	(9.32	)
Diluted	$	(1.01	)	$	(4.06	)	$	(4.10	)	$	(9.32	)

Summary of computation of diluted net loss (income) per share

The following potentially dilutive shares were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
		2023	2022		2023	2022
Equity incentive awards		2,408,298	1,493,939		2,408,298	1,493,939
Convertible debt		312,500	312,500		312,500	312,500
Total		2,720,798	1,806,439		2,720,798	1,806,439

Short-term Investments - Schedule of Gross Unrealized Losses and Fair Values of Available-for-sale Investment Securities that were in Unrealized Loss Positions (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	$ 24,166	$ 140,573
Less Than 12 Months, Unrealized Loss	(188)	(1,815)
12 Months or More, Fair Value	36,966	0
12 Months or More, Unrealized Loss	(790)	0
Total, Fair Value	61,133	140,573
Total, Unrealized Loss	(978)	(1,815)
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	19,628	129,573
Less Than 12 Months, Unrealized Loss	(151)	(1,769)
12 Months or More, Fair Value	36,484	0
12 Months or More, Unrealized Loss	(786)	0
Total, Fair Value	56,113	129,573
Total, Unrealized Loss	(937)	(1,769)
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value		11,000
Less Than 12 Months, Unrealized Loss		(46)
12 Months or More, Fair Value	482	0
12 Months or More, Unrealized Loss	(4)	0
Total, Fair Value	482	11,000
Total, Unrealized Loss	(4)	(46)
Government securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Less Than 12 Months, Fair Value	4,538	0
Less Than 12 Months, Unrealized Loss	(37)	0
12 Months or More, Fair Value		0
12 Months or More, Unrealized Loss		0
Total, Fair Value	4,538	0
Total, Unrealized Loss	$ (37)	$ 0

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

Below is a detail of marketable securities (in thousands):


	September 30, 2023		December 31, 2022
Marketable securities	$	1,638	$	285
Total	$	1,638	$	285

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Accrued charitable contributions	$ 3,752	$ 3,067
Accrued compensation	2,686	1,534
Sales tax payable	1,577	1,357
Accrued professional and program fees	5,369	4,008
Other	1,042	999
Total	$ 14,426	$ 10,965

Related-Party Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Summary of future minimum rental payments


Year	Related-Party Commitment
2023	$	76
2024		295
2025		310
Thereafter		-
Total minimum lease payments	$	681
Less: imputed interest		(69	)
Total lease liabilities	$	612

Leases - Additional information (Detail) - PCJW Properties [Member] - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2019	Nov. 30, 2018
Lessee, Lease, Description [Line Items]
Initial lease term of contract	7 years	5 years
Current monthly lease payment	$ 20	$ 6
Annual lease escalation percentage	5.00%	4.00%

Accrued Expenses and Other Current Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Deferred transaction costs	$ 3,150		$ 3,150		$ 3,150
Unearned revenue	200		200		$ 700
Asset Pledged as Collateral [Member]
Debt Instrument, Collateral Fee	$ 900	$ 900	$ 4,200	$ 2,900

Stock-Based Compensation - Additional information (Detail) $ / shares in Units, $ in Thousands			3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 13, 2023 USD ($) $ / shares shares	Jun. 09, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) Tranche shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) Tranche $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022
Share-based payment arrangement, expense			$ 6,700		$ 8,000	$ 20,100	$ 34,100
Stock options granted during period \| shares						335,502
Option Strike Price \| $ / shares						$ 23.18
Share based compensation by share award non vested options subject to forfeiture \| shares			0		8,332	0	8,332
Share based compensation by share based award non vested options subject to forfeiture weighted average exercise price \| $ / shares			$ 22.09		$ 22.09	$ 22.09	$ 22.09
Weighted-average vesting period						6 years 7 months 6 days		7 years 3 months 18 days
Chief Executive Officer [Member]
Share-based payment arrangement, expense						$ 1,900
Granted, Shares \| shares						358,001
Fair value of the options on the grant date						$ 10,500
Chief Executive Officer [Member] \| Minimum [Member]
Derived service periods						3 years
Chief Executive Officer [Member] \| Maximum [Member]
Derived service periods						7 years
Employee Stock Option [Member] \| Chief Executive Officer [Member]
Share based payment arrangement number of tranches \| Tranche						9
Restricted Stock [Member]
Granted, Shares \| shares						1,735,135
Restricted Stock Units (RSUs) [Member]
Share based payment arrangement number of tranches \| Tranche				6
Granted, Shares \| shares				629,454
Fair value of the options on the grant date				$ 3,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			$ 44,000			$ 44,000
Unrecognized stock-based compensation cost period for recognition						2 years 2 months 12 days
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Derived service periods						3 years
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Derived service periods						2 years
Stock Compensation Plan [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			$ 7,800			$ 7,800
Unrecognized stock-based compensation cost period for recognition						3 years 3 months 18 days
Stock Compensation Plan [Member] \| Dave Two Thousand and Seventeen Plan [Member]
Expiration period						10 years
Vesting period						4 years
Stock Option Repricing [Member]
Share-based payment arrangement, expense	$ 200	$ 200
Repricing vested and unvested stock options outstanding \| shares	200,571	134,931
Minimum exercise price for repriced options \| $ / shares	$ 22.09	$ 22.09
Maximum exercise price for repriced options \| $ / shares	$ 23.18	$ 23.18
Incremental stock compensation expense for option repricing for vested stock option	$ 170	$ 140
Incremental stock compensation expense for option repricing for unvested stock options	$ 70	$ 60
Weighted-average vesting period	1 year	1 year 3 months 18 days
Stock Option Repricing [Member] \| Dave Two Thousand and Seventeen Plan [Member]
Excercise price for repriced options \| $ / shares	$ 7.23	$ 5.18

Short-term investments - Summary of Short-term Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 125,089		$ 125,089		$ 170,464
Gross Unrealized Losses	(361)	$ (596)	(1,167)	$ (3,026)
Fair Value	124,581		124,581		168,789
Short-Term Investments [Member]
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Gains			470		140
Gross Unrealized Losses			(978)		(1,815)
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Cost	90,860		90,860		151,245
Fair Value	90,180		90,180		149,576
Corporate Debt Securities [Member] \| Short-Term Investments [Member]
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Gains			257		100
Gross Unrealized Losses			(937)		(1,769)
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Cost	1,276		1,276		16,269
Fair Value	1,281		1,281		16,254
Asset-Backed Securities [Member] \| Short-Term Investments [Member]
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Gains			9		31
Gross Unrealized Losses			(4)		(46)
Government securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Cost	32,953		32,953		2,950
Fair Value	$ 33,120		33,120		2,959
Government securities [Member] \| Short-Term Investments [Member]
Debt Securities, Available-for-Sale [Line Items]
Gross Unrealized Gains			204		9
Gross Unrealized Losses			$ (37)		$ 0

- 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

401(k) Savings Plan

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

401(k) Savings Plan

Note 17 401(k) Savings Plan

The Company maintains a 401(k) savings plan for the benefit of its employees. Employees can defer up to 90% of their compensation subject to fixed annual limits. All current employees are eligible to participate in the 401(k) savings plan. Beginning January 2021, the Company began matching contributions to the 401(k) savings plan equal to 100% of the first 4% of wages deferred by each participating employee. The Company incurred expenses for employer matching contributions of $0.5 million and $1.6 million for the three and nine months ended September 30, 2023, respectively, and $0.5 million and $1.4 million for the three and nine months ended September 30, 2022 respectively.

Short-term Investments - Schedule of Contractual Maturities of Available-for-sale Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 91,418
Due after one year through five years	33,671
Total	125,089	$ 170,464
Fair Value
Due in one year or less	91,629
Due after one year through five years	32,952
Total	$ 124,581	$ 168,789

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating revenues:
Revenues	$ 65,811	$ 56,807	$ 185,974	$ 145,163
Operating expenses:
Provision for credit losses	15,983	18,353	43,861	45,995
Processing and servicing costs	7,064	9,494	21,414	23,627
Advertising and marketing	13,914	24,090	38,370	57,087
Compensation and benefits	23,081	24,294	71,380	81,326
Other operating expenses	16,343	18,498	54,922	50,738
Total operating expenses	76,385	94,729	229,947	258,773
Other (income) expenses:
Interest income	(1,332)	(1,171)	(4,009)	(1,831)
Interest expense	3,057	2,403	8,982	6,246
Legal settlement and litigation expenses	0	6,845		6,845
Other strategic financing and transactional expenses	0	2,209	0	5,040
Changes in fair value of earnout liabilities	2	18	(35)	(9,616)
Gain on extinguishment of liability	0		0	(4,290)
Changes in fair value of derivative asset on loans to stockholders	0	0	0	5,572
Changes in fair value of public and private warrant liabilities	(257)	(748)	(239)	(14,232)
Total other expense (income), net	1,470	9,556	4,699	(6,266)
Net loss before provision for income taxes	(12,044)	(47,478)	(48,672)	(107,344)
Provision for income taxes	9	26	24	70
Net loss	$ (12,053)	$ (47,504)	$ (48,696)	$ (107,414)
Net loss per share:
Basic	$ (1.01)	$ (4.06)	$ (4.1)	$ (9.32)
Diluted	$ (1.01)	$ (4.06)	$ (4.1)	$ (9.32)
Weighted-average shares used to compute net loss per share
Basic	11,960,078	11,702,147	11,887,199	11,525,164
Diluted	11,960,078	11,702,147	11,887,199	11,525,164
Service based revenue, net [Member]
Operating revenues:
Revenues	$ 59,179	$ 52,795	$ 166,740	$ 135,054
Transaction based revenue, net [Member]
Operating revenues:
Revenues	$ 6,632	$ 4,012	$ 19,234	$ 10,109

Significant Accounting Policies - Summary Of Computation Of Diluted Net Loss (Income) Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,720,798	1,806,439	2,720,798	1,806,439
Equity incentive awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,408,298	1,493,939	2,408,298	1,493,939
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	312,500	312,500	312,500	312,500

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

Note 7 Accrued Expenses and Other Current Liabilities

Accrued Expenses

The Company’s accrued expenses consisted of the following (dollars in thousands):


	September 30, 2023		December 31, 2022
Accrued charitable contributions	$	3,752	$	3,067
Accrued compensation		2,686		1,534
Sales tax payable		1,577		1,357
Accrued professional and program fees		5,369		4,008
Other		1,042		999
Total	$	14,426	$	10,965

Accrued charitable contributions includes amounts the Company has pledged related to charitable meal donations. The Company uses a portion of tips received to make a charitable cash donation to a third party who uses the funds to provide meals to those in need. For the three and nine months ended September 30, 2023, the Company pledged approximately $0.9 million and $4.2 million related to charitable donations, respectively. For the three and nine months ended September 30, 2022, the Company pledged approximately $0.9 million and $2.9 million related to charitable donations, respectively. These costs are expensed as incurred and are presented within other operating expenses in the unaudited condensed consolidated statements of operations.

Other Current Liabilities

The Company’s other current liabilities consisted of the following (dollars in thousands):


	September 30, 2023		December 31, 2022
Deferred transaction costs	$	3,150	$	3,150
Other		549		1,161
Total	$	3,699	$	4,311

Other current liabilities includes $3.2 million in deferred transaction costs associated with the Business Combination. These transaction costs were also capitalized and included within APIC in the unaudited condensed consolidated balance sheets. Other current liabilities also includes approximately $0.2 million and $0.7 million in unearned revenue as of September 30, 2023 and December 31, 2022, respectively.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Assumptions in the Binomial Option-Pricing Model Used to Determine The Fair Value of Stock Options

The following table presents the key inputs and assumptions used to value the RSUs that contain service and market conditions on the grant date:


Remaining term	5.0 years
Risk-free interest rate		3.5	%
Expected volatility		79.7	%

Summary of Stock Option Activity

Activity with respect to stock options is summarized as follows:


	Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Options outstanding, January 1, 2023		904,220		$	21.04		7.3	$	655
Granted		335,502		$	6.41
Exercised		(4,778	)	$	2.44
Forfeited		(140,950	)	$	21.89
Expired		(317,854	)	$	22.83
Options outstanding, September 30, 2023		776,140		$	13.93		6.6	$	523
Nonvested options, September 30, 2023		428,165		$	20.42		7.4	$	28
Vested and exercisable, September 30, 2023		347,975		$	5.96		5.6	$	495

Chief Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Assumptions in the Binomial Option-Pricing Model Used to Determine The Fair Value of Stock Options

The following table presents the key inputs and assumptions used to value the options granted to the Chief Executive Officer on the grant date:


Remaining term	10.0 years
Risk-free interest rate		1.5	%
Expected dividend yield		0.0	%
Expected volatility		40.0	%

Summary of Restricted Stock Activity

Activity with respect to RSUs is summarized as follows:


	Shares			Weighted-Average Grant-Date Fair Value
Nonvested shares at January 1, 2023		508,506		$	122.27
Granted		1,735,135		$	5.10
Vested		(248,290	)	$	68.15
Forfeited		(363,193	)	$	26.33
Nonvested shares at September 30, 2023		1,632,158		$	27.29

- 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

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jan. 05, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of public and private warrant liabilities		$ (257,000)	$ (748,000)	$ (239,000)	$ (14,232,000)
Loss on change in fair value of earnout shares		2,000.000
Gain on change in fair value of earnout shares				40,000.00
Class A common stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares subject to forfeiture	49,563
Period over which vesting conditions shall be met	5 years
Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of public and private warrant liabilities		100,000		100,000
Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value of public and private warrant liabilities		200,000		100,000
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net Asset (Liability)		$ 0		$ 0		$ 0

Fair Value of Financial Instruments - Summary of Unobservable Inputs in Measurement of Private Warrants (Detail)	Sep. 30, 2023
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	368
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	117.1
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.8
Remaining term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Remaining term	3 years 3 months 3 days
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0

Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortization of Intangible Assets	$ 1.2	$ 2.3	$ 3.3	$ 4.9
Impairment charges	0.0	0.0	0.0	0.0
Intangible Assets, Amortization Period [Member]
Amortization of Intangible Assets	$ 0.0	$ 1.5	$ 0.3	$ 2.1