0001564590-21-041560 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2021	Aug. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	SiTime Corporation
Entity Central Index Key	0001451809
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock Shares Outstanding		19,060,787
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	SITM
Security Exchange Name	NASDAQ
Entity File Number	001-39135
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	02-0713868
Entity Address, Address Line One	5451 Patrick Henry Drive
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	408
Local Phone Number	328-4400
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 253,538	$ 73,525
Accounts receivable, net	25,270	23,920
Related party accounts receivable	2,411	736
Inventories	18,494	12,350
Prepaid expenses and other current assets	2,844	2,649
Total current assets	302,557	113,180
Property and equipment, net	20,772	11,708
Intangible assets, net	2,475	2,069
Right-of-use assets, net	8,417	8,892
Other assets	162	162
Total assets	334,383	136,011
Current liabilities:
Accounts payable	9,932	6,182
Accrued expenses and other current liabilities	13,807	12,963
Total current liabilities	23,739	19,145
Lease liabilities	6,718	6,986
Total liabilities	30,457	26,131
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.0001 par value - 200,000 shares authorized; 19,061 and 17,150 shares issued and outstanding at June 30, 2021 and December 31, 2020	2	2
Additional paid-in capital	368,862	173,274
Accumulated deficit	(64,938)	(63,396)
Total stockholders’ equity	303,926	109,880
Total liabilities and stockholders’ equity	$ 334,383	$ 136,011

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	19,061,000	17,150,000
Common stock, shares, outstanding	19,061,000	17,150,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 44,496	$ 21,473	$ 80,038	$ 43,215
Cost of revenue	17,669	11,490	34,393	23,256
Gross profit	26,827	9,983	45,645	19,959
Operating expenses:
Research and development	12,067	7,398	23,247	14,422
Selling, general and administrative	12,686	7,856	23,809	15,664
Total operating expenses	24,753	15,254	47,056	30,086
Income (loss) from operations	2,074	(5,271)	(1,411)	(10,127)
Interest expense		(313)		(616)
Other income (expense), net	(28)	(20)	(68)	48
Income (loss) before income taxes	2,046	(5,604)	(1,479)	(10,695)
Income tax (expense) benefit	(23)	1	(63)	(1)
Net income (loss)	2,023	(5,603)	(1,542)	(10,696)
Net income (loss) attributable to common stockholders and comprehensive loss	$ 2,023	$ (5,603)	$ (1,542)	$ (10,696)
Net income (loss) per share attributable to common stockholders, basic	$ 0.11	$ (0.36)	$ (0.08)	$ (0.70)
Net income (loss) per share attributable to common stockholders, diluted	$ 0.10	$ (0.36)	$ (0.08)	$ (0.70)
Weighted-average shares used to compute basic net income (loss) per share	18,942	15,371	18,408	15,191
Weighted-average shares used to compute diluted net income (loss) per share	20,893	15,371	18,408	15,191

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Follow-on Public Offering	Common Stock	Common Stock Follow-on Public Offering	Additional Paid-in Capital	Additional Paid-in Capital Follow-on Public Offering	Accumulated Deficit
Beginning Balance at Dec. 31, 2019	$ 62,140		$ 2		$ 116,162		$ (54,024)
Beginning Balance, Shares at Dec. 31, 2019			14,968
Stock-based compensation expense	5,831				5,831
Net income (loss)	(10,696)						(10,696)
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offering costs		$ 45,789				$ 45,789
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offerings costs, Shares				1,525
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(3,495)				(3,495)
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares			223
Ending Balance at Jun. 30, 2020	99,569		$ 2		164,287		(64,720)
Ending Balance, Shares at Jun. 30, 2020			16,716
Beginning Balance at Mar. 31, 2020	58,014		$ 2		117,129		(59,117)
Beginning Balance, Shares at Mar. 31, 2020			15,061
Stock-based compensation expense	3,076				3,076
Net income (loss)	(5,603)						(5,603)
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offering costs		45,789				45,789
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offerings costs, Shares				1,525
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(1,707)				(1,707)
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares			130
Ending Balance at Jun. 30, 2020	99,569		$ 2		164,287		(64,720)
Ending Balance, Shares at Jun. 30, 2020			16,716
Beginning Balance at Dec. 31, 2020	$ 109,880		$ 2		173,274		(63,396)
Beginning Balance, Shares at Dec. 31, 2020	17,150		17,150
Stock-based compensation expense	$ 14,000				14,000
Net income (loss)	(1,542)						(1,542)
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offering costs		$ 181,588				$ 181,588
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offerings costs, Shares				1,500
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares			411
Ending Balance at Jun. 30, 2021	$ 303,926		$ 2		368,862		(64,938)
Ending Balance, Shares at Jun. 30, 2021	19,061		19,061
Beginning Balance at Mar. 31, 2021	$ 295,269		$ 2		362,228		(66,961)
Beginning Balance, Shares at Mar. 31, 2021			18,840
Stock-based compensation expense	6,634				6,634
Net income (loss)	2,023						2,023
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares			221
Ending Balance at Jun. 30, 2021	$ 303,926		$ 2		$ 368,862		$ (64,938)
Ending Balance, Shares at Jun. 30, 2021	19,061		19,061

- 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

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (1,542)	$ (10,696)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization expense	3,544	3,696
Stock-based compensation expense	14,149	5,831
Impairment of internal-use software		173
Changes in assets and liabilities:
Accounts receivable, net	(1,350)	4,658
Related party accounts receivable	(1,675)	492
Inventories	(6,143)	(3,054)
Prepaid expenses and other assets	47	4,019
Accounts payable	2,448	491
Accrued expenses and other liabilities	912	758
Lease liabilities		(713)
Net cash provided by operating activities	10,390	5,655
Cash flows from investing activities
Purchase of property and equipment	(11,388)	(1,675)
Cash paid for intangibles	(577)	(1,206)
Net cash used in investing activities	(11,965)	(2,881)
Cash flows from financing activities
Proceeds from public offering, net of underwriting discounts and commissions	181,928	46,116
Payments for offering costs	(340)	(327)
Tax withholding paid on behalf of employees for net share settlement		(3,495)
Proceeds from loans from financial institutions		35,000
Principal payments on loans to financial institutions		(41,000)
Net cash provided by financing activities	181,588	36,294
Net increase in cash and cash equivalents	180,013	39,068
Cash and cash equivalents
Beginning of period	73,525	63,418
End of period	253,538	102,486
Supplemental disclosure of cash flow information
Interest paid during the period		604
Income taxes paid	1	1
Supplemental disclosure of noncash flow information
Unpaid property and equipment	1,644	1,279
Right-of-use assets acquired under operating leases	$ 238	$ 300

The Company and Basis of Presentation

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

The Company and Basis of Presentation

Note 1. The Company and Basis of Presentation

SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a provider of silicon timing systems. The Company primarily supplies oscillator products that comprise a MEMS resonator and clock IC that is integrated into a package, as well as standalone resonators. The Company has also started to sample clock ICs. The Company’s products are designed to address a wide range of applications across a broad array of end markets. The Company operates a fabless business model and leverages its global network of distributors and resellers to address the broad set of end markets that it serves.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments of a normal, recurring nature, which are necessary to state fairly the financial information included therein. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in SiTime Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.

The Company was a wholly-owned subsidiary of MegaChips Corporation (“MegaChips”), a fabless semiconductor company based in Japan and traded on the Tokyo Stock Exchange, until the Company completed its initial public offering in November 2019.

On June 16, 2020, the Company completed a follow-on public offering, in which it issued and sold 1,525,000 shares of its common stock and MegaChips sold 2,500,000 of the Company’s common stock held by them, resulting in net proceeds to the Company of $45.8 million after deducting underwriting discounts and commissions of $2.7 million and deferred offering costs of $0.3 million.

On February 22, 2021, the Company completed an additional follow-on public offering, in which it issued and sold 1,500,000 shares of its common stock and MegaChips sold 1,500,000 of the Company’s common stock held by them, resulting in net proceeds to the Company of $181.6 million after deducting underwriting discounts and commissions of $8.6 million and deferred offering costs of $0.3 million.

MegaChips remains the largest stockholder of the Company and held approximately 31.5% of the Company’s outstanding common stock as of June 30, 2021.

Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”)

On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. To combat the spread of the COVID-19 pandemic, the United States and other foreign countries in which the Company operates have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of the Company’s business as well as those of the third-parties we rely upon for our manufacturing, assembly, testing, shipping and other operations.

The global health crisis caused by the COVID-19 pandemic has negatively impacted business activity across the globe and has impacted the Company's employees and operations. The inputs into the Company’s judgments and estimates consider the economic implications of the COVID-19 pandemic, as the Company knows them, on the Company’s critical and significant accounting estimates. The extent to which the COVID-19 pandemic may impact the Company’s business will depend on future developments, which are highly uncertain, including the future effects of the COVID-19 pandemic on its employees, customers, suppliers, results of operations, financial condition, or liquidity for the remainder of fiscal year 2021.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2020. There had been no changes to these accounting policies except for the recently adopted accounting guidance as discussed below.

Recently Adopted Accounting Guidance

In December 2019, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The adoption of this standard on January 1, 2021 did not have any impact on the Company’s consolidated financial position, results of operations or cash flows.

There are no new accounting pronouncements that are pending to be adopted by the Company.

Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Note 2. Net Income (Loss) Per Share

The following table summarizes the computation of basic and diluted net loss (income) per share attributable to common stockholders of the Company:

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021			2020
	(in thousands, except per share data)
Net income (loss) attributable to common stockholders	$	2,023	$	(5,603	)	$	(1,542	)	$	(10,696	)
Weighted-average shares outstanding
Weighted average shares used to compute basic net income (loss) per share		18,942		15,371			18,408			15,191
Dilutive effect of employee equity incentive plans		1,951		—			—			—
Weighted average shares used to compute diluted net income (loss) per share		20,893		15,371			18,408			15,191
Net income (loss) attributable to common stockholders per share, basic	$	0.11	$	(0.36	)	$	(0.08	)	$	(0.70	)
Net income (loss) attributable to common stockholders per share, diluted	$	0.10	$	(0.36	)	$	(0.08	)	$	(0.70	)

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable, accrued liabilities, short-term debt obligations, and other current liabilities, approximate their fair values due to their short maturities.

At June 30, 2021 and December 31, 2020, cash balances in bank checking and savings accounts of $53.4 million and $18.4 million, respectively, were valued using Level 1 of the fair value hierarchy. At June 30, 2021 and December 31, 2020, highly liquid money market funds of $200.1 million and $55.1 million, respectively, were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in cash equivalents.

- Definition

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

+ References + Details

Balance Sheets Components

6 Months Ended

Jun. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Balance Sheets Components

Note 4. Balance Sheet Components

Accounts Receivable, net

Accounts receivable, net consisted of the following:

	As of
	June 30, 2021			December 31, 2020
	(in thousands)
Accounts receivable, gross	$	25,320		$	23,970
Allowance for credit losses		(50	)		(50	)
Accounts receivable, net	$	25,270		$	23,920

Inventories

Inventories consisted of the following:

	As of
	June 30, 2021		December 31, 2020
	(in thousands)
Raw materials	$	1,619	$	435
Work in progress		13,567		10,184
Finished goods		3,308		1,731
Total inventories	$	18,494	$	12,350

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

	As of
	June 30, 2021		December 31, 2020
	(in thousands)
Advance to suppliers	$	339	$	853
Prepaid expenses		1,700		1,074
Other current assets		805		722
Total prepaid expenses and other current assets	$	2,844	$	2,649

Property and Equipment, Net

Property and equipment, net consisted of the following:

	As of
	June 30, 2021			December 31, 2020
	(in thousands)
Lab and manufacturing equipment	$	32,024		$	21,958
Computer Equipment		1,494			1,121
Furniture and fixtures		292			237
Construction in progress		638			638
Leasehold improvements		4,783			4,134
		39,231			28,088
Accumulated depreciation		(18,459	)		(16,380	)
Total property and equipment, net	$	20,772		$	11,708

Depreciation expense related to property and equipment was $1.4 million, $2.5 million, $0.8 million, and $1.7 million for the three and six months ended June 30, 2021 and 2020, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:

	As of
	June 30, 2021							December 31, 2020
	(in thousands)
	Gross Assets		Accumulated Amortization			Net Assets		Gross Assets		Accumulated Amortization			Net Assets
	(in thousands)
Internal use software	$	9,434	$	(8,504	)	$	930	$	9,377	$	(8,312	)	$	1,065
Purchased intangibles		7,067		(5,522	)		1,545		5,663		(4,659	)		1,004
Intangible assets	$	16,501	$	(14,026	)	$	2,475	$	15,040	$	(12,971	)	$	2,069

Amortization expense for intangible assets was $0.5 million, $1.0 million, $0.9 million, and $2.0 million for the three and six months ended June 30, 2021 and 2020, respectively. In the three and six months ended June 30, 2020, the Company recorded impairment charges of $0.2 million related to cost of software that was in process of development for internal use.

As of June 30, 2021, the Company had $0.8 million of intangibles that were still in development stage and were not being amortized. The estimated aggregate future amortization expense for intangible assets in development stage and subject to amortization as of June 30, 2021 is summarized as below:

	(in thousands)
2021 (remainder)	$	759
2022		816
2023		479
2024		196
2025 and beyond		224
	$	2,475

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of
	June 30, 2021		December 31, 2020
	(in thousands)
Accrued payroll and related benefits	$	5,142	$	5,362
Price adjustment and other revenue reserves		3,850		3,063
Short term lease liability		1,086		1,264
Other accrued expenses		3,729		3,274
Total accrued expenses and other current liabilities	$	13,807	$	12,963

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Note 5. Leases

The Company leases real estate property under operating leases. The Company leases office space in Santa Clara, Michigan, Malaysia, Japan, Taiwan, the Netherlands, and Ukraine all under non-cancellable operating leases with various expiration dates through March 2027. The Company signed an amendment to its Santa Clara office space lease where the lessor paid the Company lease incentives of $0.4 million and extended the term of the lease by three months. The amendment was accounted as a single modified lease and the remaining payments were remeasured using an updated discount rate. The remaining lease terms vary from a few months to 6 years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges.

As of June 30, 2021, the Company did not have any leases that had not yet commenced.

The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of June 30, 2021:

	As of
	June 30, 2021			December 31, 2020
	(in thousands)
Right-of-use assets	$	8,417		$	8,892
Lease liabilities included in accrued expenses and other current liabilities		1,086			1,264
Lease liabilities - non-current		6,718			6,986
Total operating lease liabilities	$	7,804		$	8,250
Weighted-average remaining lease term (years)		5.5			5.9
Weighted-average discount rate		4.6	%		4.2	%

The table below presents certain information related to the lease costs for operating leases for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Operating lease cost	$	567	$	426	$	882	$	851
Short-term lease cost		86		80		164		165
Variable lease cost		82		56		165		156
Total lease cost	$	735	$	562	$	1,211	$	1,172

Cash paid for operating lease liabilities was $0.4 million, $0.4 million, $0.8 million, and $1.6 million, respectively, for the three and six months ended June 30, 2021 and 2020.

Operating Lease Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of June 30, 2021:

	(in thousands)
2021	$	395
2022		1,739
2023		1,585
2024		1,548
2025		1,580
2026 and beyond		2,019
Total minimum lease payments		8,866
Less: amount of lease payments representing interest		(1,062	)
Present value of future minimum lease payments		7,804
Less: current obligations under leases		(1,086	)
Long-term lease liabilities	$	6,718

Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

On February 22, 2021, the Company completed a follow-on public offering, in which it issued and sold 1,500,000 shares of its common stock and MegaChips sold 1,500,000 of the Company’s common stock held by them at a price of $127 per share.

Equity Incentive Plans

The following table summarizes the restricted stock unit award (“RSU”) and cash restricted stock unit award (“CRSU”), activity for the three and six months ended June 30, 2021:

	RSU			Grant Date		CRSU			Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			per share		Shares			per share
Unvested at December 31, 2020		2,735,706		$	22.4		624		$	35.1
Granted		190,838			107.1		3,025			111.9
Vested		(189,460	)		22.8		(3,405	)		101.7
Forfeited		(13,840	)		13.0		—			—
Unvested at March 31, 2021		2,723,244		$	28.2		244		$	58.4
Granted		103,063			100.5		—			—
Vested		(221,049	)		23.1		—			—
Forfeited		(49,880	)		29.6		(244	)		58.4
Unvested at June 30, 2021		2,555,378		$	31.5		—		$	-

On August 4, 2020, the Compensation Committee of the Company adopted and approved the Executive Bonus and Retention Plan (the “Bonus and Retention Plan”) with target bonus amounts and performance goals for the second half of the fiscal year 2020 (the “2020 Goals”). In January 2021, the Compensation Committee approved target bonus amounts and performance goals for the first half of the fiscal year 2021 (the “1H2021 Goals”) and in July 2021 the Compensation Committee approved target bonus amounts and performance goals for the second half of the fiscal year 2021 (the “2H2021 Goals”). The 2020 Goals, the 1H2021 Goals and the 2H2021 Goals are based on the achievement of revenue and Non-GAAP operating profit, as well as individual performance goals. The awards for the actual payouts are granted in the quarter following the end of the performance period. The target bonuses were granted based on a fixed dollar amount to be settled in RSUs on the vesting date and hence the awards have been classified as liability-based awards. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $1.3 million for 1H2021 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet. Actual payouts for 2020 Goals ranged from 119% to 144% of target, and for 1H2021 Goals ranged from 76% to 141% of target, based on performance.

In the six months ended June 30, 2021, the Company granted CRSUs as part of an employee bonus plan. The Company ended such program effective April 1, 2021. Generally, such units were granted quarterly and fully vested at the end of the quarter they were granted except units granted to new hires that had a one-year cliff vesting. Such awards have also been classified as liability-based awards.

Stock-Based Compensation

The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Equity awards	(in thousands)
Cost of revenue	$	428	$	30	$	812	$	86
Research and development		2,531		974		4,987		1,916
Selling, general and administrative		3,675		2,072		7,010		3,829
	$	6,634	$	3,076	$	12,809	$	5,831

Liability-based awards - equity settled
Cost of revenue	$	33	$	—	$	50	$	—
Research and development		328		—		532		—
Selling, general and administrative		494		—		758		—
	$	855	$	—	$	1,340	$	—
Total stock-based compensation - equity settled	$	7,489	$	3,076	$	14,149	$	5,831

Liability-based awards - cash settled
Cost of revenue	$	—	$	40	$	102	$	40
Research and development		37		98		143		98
Selling, general and administrative		—		54		108		54
Total stock-based compensation - cash settled	$	37	$	192	$	353	$	192
Total stock-based compensation expense	$	7,526	$	3,268	$	14,502	$	6,023

As of June 30, 2021, there was $72.6 million and $0.5 million of unrecognized compensation costs related to RSUs granted and liability-based awards granted, respectively. The unrecognized compensation cost is expected to be recognized over a weighted average period of 3.5 years for equity awards and 0.4 years for liability-based awards.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 7. Income Taxes

The quarterly provision for income taxes is based on applying the estimated annual effective tax rate to the year to date pre-tax income (loss), plus any discrete items. The Company updates its estimate of its annual effective tax rate at the end of each quarterly period. The estimate takes into account annual forecasted income (loss) before income taxes, the geographic mix of income (loss) before income taxes and any significant permanent tax items.

The following table presents the provision for income taxes and the effective tax rates for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
	(in thousands)
Income (loss) before income taxes	$	2,046		$	(5,604	)	$	(1,479	)	$	(10,695	)
Provision for (benefit) from income tax		(23	)		1			(63	)		(1	)
Effective tax rate		1.1	%		0	%		4.3	%		0	%

The Company’s effective tax rate may vary from the U.S. federal statutory tax rate due to the change in the mix of earnings in tax jurisdictions with different statutory rates, benefits related to tax credits and the tax impact of non-deductible expenses, existence of full valuation allowance on its deferred tax assets, and other permanent differences between income (loss) before income taxes and taxable income (loss).

A valuation allowance is established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company regularly assesses its valuation allowance against deferred tax assets on a jurisdiction by jurisdiction basis. The Company considers all available positive and negative evidence,

including future reversals of temporary differences, projected future taxable income, tax planning strategies and recent financial results. Based on management’s assessment of the realizability of deferred tax assets, the Company continues to maintain a full valuation reserve on its deferred tax assets as of June 30, 2021.

As of June 30, 2021 and December 31, 2020, the Company had $2.4 million and $2.4 million, respectively, of total unrecognized tax benefits. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefit would reduce the Company’s effective tax rate due to the full valuation allowance on the Company’s deferred tax assets.

The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. For the three and six months ended June 30, 2021 and 2020, the Company had immaterial amounts related to the accrual of interest and penalties.

- Definition

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

+ References + Details

Segment, Geographic and Customer Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment, Geographic and Customer Information

Note 8. Segment, Geographic and Customer Information

The Company operates in one reportable segment related to the design, development, and sale of silicon timing systems solutions.

Revenue by geographic area are presented based upon the ship-to location of the original equipment manufacturers, the contract manufacturers or the distributors who purchased the Company’s products. For sales to the distributors, their geographic location may be different from the geographic locations of the ultimate end customers. The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Taiwan	$	12,009	$	8,143	$	28,501	$	17,973
Hong Kong		17,557		5,878		28,991		10,321
United States		2,808		1,873		4,042		3,675
Other		12,122		5,579		18,504		11,246
Total	$	44,496	$	21,473	$	80,038	$	43,215

The Company’s long-lived assets in the U.S. attributable to operations as of June 30, 2021 and December 31, 2020 were 96% and 97%, respectively, of total property and equipment, intangible assets and right-of-use assets.

Revenue from sales to three of the Company's distributors accounted for 16%, 16%, and 13% of its consolidated revenues for the three months ended June 30, 2021. Revenue from sales to three of the Company's distributors accounted for 24%, 15% and 14% of its consolidated revenues for the six months ended June 30, 2021. Revenue from sales to one end customer through a distributor accounted for 15% and 25% for the three and six months ended June 30, 2021. Our end customers predominantly purchase our products from distributors. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the three and six months ended June 30, 2021.

Revenue from sales to three of the Company's distributors accounted for 21%, 15%, and 14% of its consolidated revenues for the three months ended June 30, 2020. Revenue from sales to three of the Company's distributors accounted for 23%, 18% and 14% of its consolidated revenues for the six months ended June 30, 2020. Revenue from sales to one end customer through a distributor accounted for 26% and 30% for the three and six months ended June 30, 2020. Our end customers predominantly purchase our products from distributors. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the three months ended June 30, 2020.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 31
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt Obligations

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt Obligations

Note 9. Debt Obligations

On August 31, 2015, the Company entered into a bank transaction agreement with The Bank of Tokyo-Mitsubishi (“MUFG”). The credit facility was cancelled when the Company paid down its outstanding loans. As of June 30, 2021 and December 31, 2020, the Company had no outstanding borrowings.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10. Commitments and Contingencies

Legal Matters

From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determined that such a liability for litigation and contingencies are both probable and reasonably estimable.

In March 2019, VTT Technical Research Centre of Finland, Ltd. ("VTT") filed suit in the United States District Court for the Northern District of California (“the Court”) alleging infringement by the Company of a patent relating to specific combinations of features set forth in U.S. Patent No. 8,558,643. The complaint sought unspecified monetary damages and injunctive relief. On January 22, 2020, the Company participated in a mediation that had been ordered by the Court. The case was not resolved at the mediation. A

Markman Hearing was held on May 15, 2020 relating to a number of different disputed claim terms, and on July 9, 2020 the Court issued a Markman Order relating to those disputed claim terms. Among its determinations, the Court found that one of the disputed claim terms was indefinite, as well as any claim that had this claim term in it. On July 17, 2020, the Court issued a judgment finding all claims of U.S. Patent No. 8,558,643 invalid, based upon its Markman Order. VTT filed a Notice of Appeal of the Court's judgment with the US Court of Appeals for the Federal Circuit (“CAFC”) and filed its opening brief on November 19, 2020 and the Company filed its response brief on January 28, 2021. VTT filed its reply on March 4, 2021. On June 9, 2021, a hearing was held at the CAFC and on June 10, 2021 the CAFC affirmed the Court’s judgment.

Indemnification

The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify other parties to such agreements with respect to certain matters. Typically, these obligations arise in the context of contracts that the Company has entered into, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants or terms and conditions related to such matters as the sale and/or delivery of its products, title to assets sold, certain intellectual property claims, defective products, specified environmental matters, and certain income taxes. Further, the Company’s obligations under these agreements may be limited in terms of time, amount, or the scope of its responsibility and in some instances, the Company may have recourse against third-parties for certain payments made under these agreements. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, the Company has had no material indemnification claims under these agreements.

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

Note 11. Related Party Transactions

The Company entered into an agreement with MegaChips, whereby the Company appointed MegaChips as the exclusive sales representative of its products in Japan. The Company sells products through MegaChips to distributors, resellers, or direct customers in Japan. The Company pays MegaChips a fixed percentage of the revenue as sales commission, which is recorded as commission expense and included in sales and marketing in the consolidated statements of operations and comprehensive loss. The Company has also entered into a service and secondment agreement with MegaChips LSI USA Corporation, a wholly owned subsidiary of MegaChips.

MegaChips is the largest stockholder of the Company and held approximately 31.5% and 43.7% of the Company’s outstanding common stock as of June 30, 2021 and December 31, 2020, respectively.

In May 2021, the Company signed a consulting agreement with Akira Takata, a member of the Board of Directors of the Company. As a consultant, Mr. Takata will provide sales consulting services through December 31, 2021, for which he will receive monthly cash fees of $5,000, reimbursement of expenses, and an equity award of 500 RSUs that vest on November 20, 2021.

The following is a summary of significant balances, transactions and payments with the related parties and affiliates.

	As of
Balances	June 30, 2021		December 31, 2020
	(in thousands)
MegaChips
Accounts receivable	$	2,411	$	736
Property and equipment, net		—		209

	Three Months Ended June 30,				Six Months Ended June 30,
Transactions	2021		2020		2021		2020
	(in thousands)
MegaChips
Sales through distribution agreement	$	4,415	$	1,584	$	6,270	$	2,730
License expense		—		80		—		148
Commission expense		184		65		261		112
Affiliates
Consulting fees		38		58		125		175

	Three Months Ended June 30,				Six Months Ended June 30,
Payments	2021		2020		2021		2020
	(in thousands)				(in thousands)
MegaChips
Cash paid for commissions	$	184	$	65	$	261	$	112
Cash paid for licenses		—		8		—		25
Affiliates
Cash paid for consulting fees		38		58		125		175

The Company and Basis of Presentation (Policies)	6 Months Ended
The Company and Basis of Presentation (Policies)	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Outbreak of Coronavirus Disease 2019 ("the COVID-19 pandemic")	Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”) On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. To combat the spread of the COVID-19 pandemic, the United States and other foreign countries in which the Company operates have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of the Company’s business as well as those of the third-parties we rely upon for our manufacturing, assembly, testing, shipping and other operations. The global health crisis caused by the COVID-19 pandemic has negatively impacted business activity across the globe and has impacted the Company's employees and operations. The inputs into the Company’s judgments and estimates consider the economic implications of the COVID-19 pandemic, as the Company knows them, on the Company’s critical and significant accounting estimates. The extent to which the COVID-19 pandemic may impact the Company’s business will depend on future developments, which are highly uncertain, including the future effects of the COVID-19 pandemic on its employees, customers, suppliers, results of operations, financial condition, or liquidity for the remainder of fiscal year 2021.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2020. There had been no changes to these accounting policies except for the recently adopted accounting guidance as discussed below.
Accounting Standards Recently Adopted/Not Yet Adopted	Recently Adopted Accounting Guidance In December 2019, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The adoption of this standard on January 1, 2021 did not have any impact on the Company’s consolidated financial position, results of operations or cash flows. There are no new accounting pronouncements that are pending to be adopted by the Company.

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss (Income) per Share

The following table summarizes the computation of basic and diluted net loss (income) per share attributable to common stockholders of the Company:

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021			2020
	(in thousands, except per share data)
Net income (loss) attributable to common stockholders	$	2,023	$	(5,603	)	$	(1,542	)	$	(10,696	)
Weighted-average shares outstanding
Weighted average shares used to compute basic net income (loss) per share		18,942		15,371			18,408			15,191
Dilutive effect of employee equity incentive plans		1,951		—			—			—
Weighted average shares used to compute diluted net income (loss) per share		20,893		15,371			18,408			15,191
Net income (loss) attributable to common stockholders per share, basic	$	0.11	$	(0.36	)	$	(0.08	)	$	(0.70	)
Net income (loss) attributable to common stockholders per share, diluted	$	0.10	$	(0.36	)	$	(0.08	)	$	(0.70	)

Balance Sheets Components (Tables)

6 Months Ended

Jun. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:

	As of
	June 30, 2021			December 31, 2020
	(in thousands)
Accounts receivable, gross	$	25,320		$	23,970
Allowance for credit losses		(50	)		(50	)
Accounts receivable, net	$	25,270		$	23,920

Schedule of Inventory

Inventories consisted of the following:

	As of
	June 30, 2021		December 31, 2020
	(in thousands)
Raw materials	$	1,619	$	435
Work in progress		13,567		10,184
Finished goods		3,308		1,731
Total inventories	$	18,494	$	12,350

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

	As of
	June 30, 2021		December 31, 2020
	(in thousands)
Advance to suppliers	$	339	$	853
Prepaid expenses		1,700		1,074
Other current assets		805		722
Total prepaid expenses and other current assets	$	2,844	$	2,649

Schedule of Property and Equipment Net

Property and equipment, net consisted of the following:

	As of
	June 30, 2021			December 31, 2020
	(in thousands)
Lab and manufacturing equipment	$	32,024		$	21,958
Computer Equipment		1,494			1,121
Furniture and fixtures		292			237
Construction in progress		638			638
Leasehold improvements		4,783			4,134
		39,231			28,088
Accumulated depreciation		(18,459	)		(16,380	)
Total property and equipment, net	$	20,772		$	11,708

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:

	As of
	June 30, 2021							December 31, 2020
	(in thousands)
	Gross Assets		Accumulated Amortization			Net Assets		Gross Assets		Accumulated Amortization			Net Assets
	(in thousands)
Internal use software	$	9,434	$	(8,504	)	$	930	$	9,377	$	(8,312	)	$	1,065
Purchased intangibles		7,067		(5,522	)		1,545		5,663		(4,659	)		1,004
Intangible assets	$	16,501	$	(14,026	)	$	2,475	$	15,040	$	(12,971	)	$	2,069

Schedule of Future Amortization Expense for Intangible Assets

The estimated aggregate future amortization expense for intangible assets in development stage and subject to amortization as of June 30, 2021 is summarized as below:

	(in thousands)
2021 (remainder)	$	759
2022		816
2023		479
2024		196
2025 and beyond		224
	$	2,475

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of
	June 30, 2021		December 31, 2020
	(in thousands)
Accrued payroll and related benefits	$	5,142	$	5,362
Price adjustment and other revenue reserves		3,850		3,063
Short term lease liability		1,086		1,264
Other accrued expenses		3,729		3,274
Total accrued expenses and other current liabilities	$	13,807	$	12,963

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Summary of Lease Related Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of June 30, 2021:

	As of
	June 30, 2021			December 31, 2020
	(in thousands)
Right-of-use assets	$	8,417		$	8,892
Lease liabilities included in accrued expenses and other current liabilities		1,086			1,264
Lease liabilities - non-current		6,718			6,986
Total operating lease liabilities	$	7,804		$	8,250
Weighted-average remaining lease term (years)		5.5			5.9
Weighted-average discount rate		4.6	%		4.2	%

Summary of Lease Costs

The table below presents certain information related to the lease costs for operating leases for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Operating lease cost	$	567	$	426	$	882	$	851
Short-term lease cost		86		80		164		165
Variable lease cost		82		56		165		156
Total lease cost	$	735	$	562	$	1,211	$	1,172

Summary of Undiscounted Cash Flows

	(in thousands)
2021	$	395
2022		1,739
2023		1,585
2024		1,548
2025		1,580
2026 and beyond		2,019
Total minimum lease payments		8,866
Less: amount of lease payments representing interest		(1,062	)
Present value of future minimum lease payments		7,804
Less: current obligations under leases		(1,086	)
Long-term lease liabilities	$	6,718

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations

The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Equity awards	(in thousands)
Cost of revenue	$	428	$	30	$	812	$	86
Research and development		2,531		974		4,987		1,916
Selling, general and administrative		3,675		2,072		7,010		3,829
	$	6,634	$	3,076	$	12,809	$	5,831

Liability-based awards - equity settled
Cost of revenue	$	33	$	—	$	50	$	—
Research and development		328		—		532		—
Selling, general and administrative		494		—		758		—
	$	855	$	—	$	1,340	$	—
Total stock-based compensation - equity settled	$	7,489	$	3,076	$	14,149	$	5,831

Liability-based awards - cash settled
Cost of revenue	$	—	$	40	$	102	$	40
Research and development		37		98		143		98
Selling, general and administrative		—		54		108		54
Total stock-based compensation - cash settled	$	37	$	192	$	353	$	192
Total stock-based compensation expense	$	7,526	$	3,268	$	14,502	$	6,023

RSU and CRSU

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Restricted Stock Unit Award ("RSU") and Cash Restricted Stock Unit Award (''CRSU'') Activity (Details)

The following table summarizes the restricted stock unit award (“RSU”) and cash restricted stock unit award (“CRSU”), activity for the three and six months ended June 30, 2021:

	RSU			Grant Date		CRSU			Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			per share		Shares			per share
Unvested at December 31, 2020		2,735,706		$	22.4		624		$	35.1
Granted		190,838			107.1		3,025			111.9
Vested		(189,460	)		22.8		(3,405	)		101.7
Forfeited		(13,840	)		13.0		—			—
Unvested at March 31, 2021		2,723,244		$	28.2		244		$	58.4
Granted		103,063			100.5		—			—
Vested		(221,049	)		23.1		—			—
Forfeited		(49,880	)		29.6		(244	)		58.4
Unvested at June 30, 2021		2,555,378		$	31.5		—		$	-

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes and Effective Tax Rates

The following table presents the provision for income taxes and the effective tax rates for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
	(in thousands)
Income (loss) before income taxes	$	2,046		$	(5,604	)	$	(1,479	)	$	(10,695	)
Provision for (benefit) from income tax		(23	)		1			(63	)		(1	)
Effective tax rate		1.1	%		0	%		4.3	%		0	%

Segment, Geographic and Customer Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Revenue by Country

The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Taiwan	$	12,009	$	8,143	$	28,501	$	17,973
Hong Kong		17,557		5,878		28,991		10,321
United States		2,808		1,873		4,042		3,675
Other		12,122		5,579		18,504		11,246
Total	$	44,496	$	21,473	$	80,038	$	43,215

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates

The following is a summary of significant balances, transactions and payments with the related parties and affiliates.

	As of
Balances	June 30, 2021		December 31, 2020
	(in thousands)
MegaChips
Accounts receivable	$	2,411	$	736
Property and equipment, net		—		209

	Three Months Ended June 30,				Six Months Ended June 30,
Transactions	2021		2020		2021		2020
	(in thousands)
MegaChips
Sales through distribution agreement	$	4,415	$	1,584	$	6,270	$	2,730
License expense		—		80		—		148
Commission expense		184		65		261		112
Affiliates
Consulting fees		38		58		125		175

	Three Months Ended June 30,				Six Months Ended June 30,
Payments	2021		2020		2021		2020
	(in thousands)				(in thousands)
MegaChips
Cash paid for commissions	$	184	$	65	$	261	$	112
Cash paid for licenses		—		8		—		25
Affiliates
Cash paid for consulting fees		38		58		125		175

The Company and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions	Feb. 22, 2021	Jun. 16, 2020	Jun. 30, 2021
Follow-on Public Offering
Significant Accounting Policies [Line Items]
Proceeds from public offering, net of underwriting discounts and commissions	$ 181.6	$ 45.8
Payments for underwriting discounts and commissions	8.6	2.7
Deferred offering costs	$ 0.3	$ 0.3
Si Time Corporation \| Follow-on Public Offering
Significant Accounting Policies [Line Items]
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares	1,500,000	1,525,000
MegaChips \| Follow-on Public Offering
Significant Accounting Policies [Line Items]
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares	1,500,000	2,500,000
MegaChips \| Si Time Corporation
Significant Accounting Policies [Line Items]
Percentage of outstanding common stock held			31.50%

Net Income (Loss) Per Share - Summary of Computation of Basic and Diluted Net Loss (Income) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 2,023	$ (5,603)	$ (1,542)	$ (10,696)
Weighted-average shares outstanding
Weighted average shares used to compute basic net income (loss) per share	18,942	15,371	18,408	15,191
Dilutive effect of employee equity incentive plans	1,951
Weighted average shares used to compute diluted net income (loss) per share	20,893	15,371	18,408	15,191
Net income (loss) attributable to common stockholders per share, basic	$ 0.11	$ (0.36)	$ (0.08)	$ (0.70)
Net income (loss) attributable to common stockholders per share, diluted	$ 0.10	$ (0.36)	$ (0.08)	$ (0.70)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

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

+ References

+ Details

Fair Value Measurements - Additional Information (Details) - Level 1 - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash balances in bank	$ 53.4	$ 18.4
Highly liquid money market funds	$ 200.1	$ 55.1

Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts Receivable Net Current [Abstract]
Accounts receivable, gross	$ 25,320	$ 23,970
Allowance for credit losses	(50)	(50)
Accounts receivable, net	$ 25,270	$ 23,920

Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 1,619	$ 435
Work in progress	13,567	10,184
Finished goods	3,308	1,731
Total inventories	$ 18,494	$ 12,350

Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Prepaid Expense And Other Assets Current [Abstract]
Advance to suppliers	$ 339	$ 853
Prepaid expenses	1,700	1,074
Other current assets	805	722
Total prepaid expenses and other current assets	$ 2,844	$ 2,649

Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 39,231	$ 28,088
Accumulated depreciation	(18,459)	(16,380)
Total property and equipment, net	20,772	11,708
Lab and Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	32,024	21,958
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,494	1,121
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	292	237
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	638	638
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 4,783	$ 4,134

Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 1,400	$ 2,500	$ 800	$ 1,700
Amortization expense for intangible assets	500	1,000	900	2,000
Impairment of internal-use software		$ 173		$ 173
Intangibles Assets not amortized	$ 800		$ 800

Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Assets	$ 16,501	$ 15,040
Accumulated Amortization	(14,026)	(12,971)
Net Assets	2,475	2,069
Internal use software
Finite Lived Intangible Assets [Line Items]
Gross Assets	9,434	9,377
Accumulated Amortization	(8,504)	(8,312)
Net Assets	930	1,065
Purchased intangibles
Finite Lived Intangible Assets [Line Items]
Gross Assets	7,067	5,663
Accumulated Amortization	(5,522)	(4,659)
Net Assets	$ 1,545	$ 1,004

Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
2021 (remainder)	$ 759
2022	816
2023	479
2024	196
2025 and beyond	224
Net Assets	$ 2,475	$ 2,069

Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Aug. 04, 2020
Payables And Accruals [Abstract]
Accrued payroll and related benefits	$ 5,142	$ 5,362
Price adjustment and other revenue reserves	3,850	3,063
Short term lease liability	1,086	1,264
Other accrued expenses	3,729	3,274
Total accrued expenses and other current liabilities	$ 13,807	$ 12,963	$ 1,300

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease Disclosure [Line Items]
Leases not yet commenced			Company did not have any leases that had not yet commenced.
Cash paid for operating lease liabilities	$ 0.4	$ 0.4	$ 0.8	$ 1.6
Office Space
Lease Disclosure [Line Items]
Lease term expiration date			Mar. 31, 2027
Lease option to extend			The remaining lease terms vary from a few months to 6 years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years.
Option to extend			true
Lease incentives received			$ 0.4
Extended term of leases			3 months
Office Space \| Maximum
Lease Disclosure [Line Items]
Lease term	6 years		6 years
Operating lease, renewal term	5 years		5 years
Office Space \| Minimum
Lease Disclosure [Line Items]
Operating lease, renewal term	1 year		1 year

Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Right-of-use assets, net	$ 8,417	$ 8,892
Lease liabilities included in accrued expenses and other current liabilities	1,086	1,264
Lease liabilities - non-current	6,718	6,986
Total operating lease liabilities	$ 7,804	$ 8,250
Weighted-average remaining lease term (years)	5 years 6 months	5 years 10 months 24 days
Weighted-average discount rate	4.60%	4.20%

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 567	$ 426	$ 882	$ 851
Short-term lease cost	86	80	164	165
Variable lease cost	82	56	165	156
Total lease cost	$ 735	$ 562	$ 1,211	$ 1,172

Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021	$ 395
2022	1,739
2023	1,585
2024	1,548
2025	1,580
2026 and beyond	2,019
Total minimum lease payments	8,866
Less: amount of lease payments representing interest	(1,062)
Total operating lease liabilities	7,804	$ 8,250
Less: current obligations under leases	(1,086)	(1,264)
Long-term lease liabilities	$ 6,718	$ 6,986

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Feb. 22, 2021	Jun. 16, 2020	Jun. 30, 2021	Dec. 31, 2020	Aug. 04, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities			$ 13,807	$ 12,963	$ 1,300
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs			72,600
Liability-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs			$ 500
Unrecognized compensation cost is expected weighted average period			4 months 24 days
Equity Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost is expected weighted average period			3 years 6 months
New Hires \| Cash Restricted Stock Unit Award CRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage actual payouts			76.00%		119.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage actual payouts			141.00%		144.00%
Si Time Corporation \| Follow-on Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares	1,500,000	1,525,000
MegaChips \| Follow-on Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares	1,500,000
MegaChips \| Si Time Corporation \| Follow-on Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued price per share	$ 127

Stockholders' Equity - Schedule of Restricted Stock Unit Award ("RSU") and Cash Restricted Stock Unit Award (''CRSU'') Activity (Details) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested Beginning Balance	2,723,244	2,735,706
Number of Shares, Granted	103,063	190,838
Number of Shares, Vested	(221,049)	(189,460)
Number of Shares, Forfeited	(49,880)	(13,840)
Number of Shares, Unvested Ending Balance	2,555,378	2,723,244
Grant Date Fair Value per share, Unvested Beginning Balance	$ 28.2	$ 22.4
Grant Date Fair Value per share, Granted	100.5	107.1
Grant Date Fair Value per share, Vested	23.1	22.8
Grant Date Fair Value per share, Forfeited	29.6	13.0
Grant Date Fair Value per share, Unvested Ending Balance	$ 31.5	$ 28.2
Cash Restricted Stock Unit Award CRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested Beginning Balance	244	624
Number of Shares, Granted		3,025
Number of Shares, Vested		(3,405)
Number of Shares, Forfeited	(244)
Number of Shares, Unvested Ending Balance		244
Grant Date Fair Value per share, Unvested Beginning Balance	$ 58.4	$ 35.1
Grant Date Fair Value per share, Granted		111.9
Grant Date Fair Value per share, Vested		101.7
Grant Date Fair Value per share, Forfeited	$ 58.4
Grant Date Fair Value per share, Unvested Ending Balance		$ 58.4

Stockholders' Equity - Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 7,526	$ 3,268	$ 14,502	$ 6,023
Equity Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	6,634	3,076	12,809	5,831
Equity Awards \| Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	428	30	812	86
Equity Awards \| Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	3,675	2,072	7,010	3,829
Equity Awards \| Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	2,531	974	4,987	1,916
Liability-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	855		1,340
Liability-based Awards \| Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	33		50
Liability-based Awards \| Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	494		758
Liability-based Awards \| Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	328		532
Equity Awards and Liability Based Awards - Equity Settled
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	7,489	3,076	14,149	5,831
Liability Based Awards - Cash Settled
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	37	192	353	192
Liability Based Awards - Cash Settled \| Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		40	102	40
Liability Based Awards - Cash Settled \| Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		54	108	54
Liability Based Awards - Cash Settled \| Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 37	$ 98	$ 143	$ 98

Income Taxes - Schedule of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 2,046	$ (5,604)	$ (1,479)	$ (10,695)
Provision for (benefit) from income tax	$ (23)	$ 1	$ (63)	$ (1)
Effective tax rate	1.10%	0.00%	4.30%	0.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References + Details

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 2.4	$ 2.4

Segment, Geographic and Customer Information - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021 Distributor Customer	Jun. 30, 2020 Distributor Customer	Jun. 30, 2021 Segment Distributor Customer	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			1
Percentage of long lived assets		96.00%		96.00%	97.00%
Revenue Benchmark \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Number of distributors accounted for 10% or more of revenues \| Distributor	0	0	0
Revenue Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	15.00%	26.00%	25.00%	30.00%
Number of customers accounted for 10% or more of revenues \| Customer	0	0	0
Revenue Benchmark \| Distributor One \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	16.00%	21.00%	24.00%	23.00%
Revenue Benchmark \| Distributor Two \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	16.00%	15.00%	15.00%	18.00%
Revenue Benchmark \| Distributor Three \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	13.00%	14.00%	14.00%	14.00%

Segment, Geographic and Customer Information - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 44,496	$ 21,473	$ 80,038	$ 43,215
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	44,496	21,473	80,038	43,215
Taiwan \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	12,009	8,143	28,501	17,973
Hong Kong \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	17,557	5,878	28,991	10,321
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	2,808	1,873	4,042	3,675
Other \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	$ 12,122	$ 5,579	$ 18,504	$ 11,246

- Definition

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

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+ Details

Debt Obligations - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Outstanding borrowings	$ 0	$ 0

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Restricted Stock Units RSU
Related Party Transaction [Line Items]
Equity award, granted		103,063	190,838
MegaChips \| Si Time Corporation
Related Party Transaction [Line Items]
Percentage of outstanding common stock held		31.50%		43.70%
Akira Takata
Related Party Transaction [Line Items]
Sales consulting services fee	$ 5,000
Akira Takata \| Restricted Stock Units RSU
Related Party Transaction [Line Items]
Equity award, granted	500
Equity award, vesting date	Nov. 20, 2021

Related Party Transactions - Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party accounts receivable	$ 2,411		$ 2,411		$ 736
MegaChips
Related Party Transaction [Line Items]
Related party accounts receivable	2,411		2,411		736
Property and equipment, net					$ 209
Sales through distribution agreement	4,415	$ 1,584	6,270	$ 2,730
License expense		80		148
Commission expense	184	65	261	112
Cash paid for commissions	184	65	261	112
Cash paid for licenses		8		25
Affliates
Related Party Transaction [Line Items]
Consulting fees	38	58	125	175
Cash paid for consulting fees	$ 38	$ 58	$ 125	$ 175