0000950170-24-056301 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	169,569,075	168,428,856
Common stock, shares outstanding	169,569,075	168,428,856

Capital Stock	3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Capital Stock	NOTE 6. CAPITAL STOCK The Company’s authorized capital stock consists of (a) 1,000,000,000 shares of common stock, par value $0.0001 per share; and (b) 100,000,000 shares of preferred stock, par value $0.0001 per share. As of March 31, 2024 and December 31, 2023 there were outstanding 12,780,000 Private Placement Warrants and 21,350,000 Public Warrants to purchase the Company’s common stock at an exercise price of $11.50 per share. As of March 31, 2024 and December 31, 2023, no shares of preferred stock were issued or outstanding. On February 22, 2024, the Company announced that its Board of Directors approved a share repurchase program which authorizes the repurchase of up to $15 million of the currently outstanding shares of the Company’s common stock over a period of twenty-four months beginning on March 1, 2024 (the “Repurchase Program”). As of March 31, 2024, no shares have been purchased under the Repurchase Program. The Company may repurchase shares through various methods, including open market purchases and privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”). Such purchases will be at times and in amounts as the Company deems appropriate, based on factors such as price, market conditions, corporate and regulatory requirements, constraints specified in any Rule 10b5-1 trading plans, alternative investment opportunities and other business considerations. All shares purchased will be canceled. The Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares, and may be suspended or terminated at any time.

Capital Stock

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Capital Stock

NOTE 6. CAPITAL STOCK

The Company’s authorized capital stock consists of (a) 1,000,000,000 shares of common stock, par value $0.0001 per share; and (b) 100,000,000 shares of preferred stock, par value $0.0001 per share. As of March 31, 2024 and December 31, 2023 there were outstanding 12,780,000 Private Placement Warrants and 21,350,000 Public Warrants to purchase the Company’s common stock at an exercise price of $11.50 per share. As of March 31, 2024 and December 31, 2023, no shares of preferred stock were issued or outstanding.

On February 22, 2024, the Company announced that its Board of Directors approved a share repurchase program which authorizes the repurchase of up to $15 million of the currently outstanding shares of the Company’s common stock over a period of twenty-four months beginning on March 1, 2024 (the “Repurchase Program”). As of March 31, 2024, no shares have been purchased under the Repurchase Program.

The Company may repurchase shares through various methods, including open market purchases and privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”). Such purchases will be at times and in amounts as the Company deems appropriate, based on factors such as price, market conditions, corporate and regulatory requirements, constraints specified in any Rule 10b5-1 trading plans, alternative investment opportunities and other business considerations. All shares purchased will be canceled. The Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares, and may be suspended or terminated at any time.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2023, have been applied consistently in these unaudited condensed consolidated financial statements, unless otherwise stated. The Company consolidates all subsidiaries in which it has a controlling financial interest, as well as any VIEs where the Company is deemed to be the primary beneficiary. Intercompany transactions and balances have been eliminated in the preparation of the condensed consolidated financial statements.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the condensed consolidated financial statements. The Company’s significant estimates and assumptions used in these condensed consolidated financial statements include, but are not limited to, the recognition and disclosure of revenue recognition, stock-based compensation awards and the fair value of warrant liabilities. The Company bases its estimates on historical factors, current circumstances and the experience and judgment of management. The Company evaluates its assumptions on an ongoing basis. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based on information available at the time they are made. Estimates, by their nature, are based on judgment and available information, therefore, actual results could be materially different from these estimates.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023- 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Fair Value Measurements - Additional Information (Detail) - shares

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Public Warrant [Member]

Warrants outstanding

21,350,000

Private Placement Warrants

Expected volatility

^[1]

56.40%

96.20%

Warrants outstanding

12,780,000

[1]	The expected volatility is based on the back-solved implied volatility of the Company's public warrants as of the valuation date.

Share-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	$ 2,252	$ 2,303
Research and Development, net
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	635	674
Clinical Operations
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	51	120
Sales and Marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	449	391
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	$ 1,117	$ 1,118

Commitments and Contingent Liabilities - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Legal proceedings, claims or litigation	$ 0

Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES ("VIEs")

NOTE 10. VARIABLE INTEREST ENTITIES ("VIEs")

The Company holds a variable interest in Talkspace Provider Network, PA (“TPN”) and eight affiliated professional corporations (“PC entities”). The Company evaluates whether an entity in which it has a variable interest is considered a VIE. VIEs are generally entities that have either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to direct the activities of the entity that most significantly impact the entity's economic performance through voting rights and a right to receive the expected residual returns of the entity or an obligation to absorb the expected losses of the entity). TPN and the PC entities are considered VIEs.

Under the provisions of ASC 810, “Consolidation”, an entity consolidates a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company has determined that it is able to direct the activities of TPN and the PC entities that most significantly impact their economic performance and it funds and absorbs all losses of these VIEs resulting in the Company being the primary beneficiary of these entities. Accordingly, the Company consolidates these VIEs.

The following table details the assets and liabilities of the VIEs as of March 31, 2024 and December 31, 2023. The assets and liabilities in the table below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation.


	March 31, 2024		December 31, 2023
(in thousands)	Unaudited
ASSETS
Cash and cash equivalents	$	603	$	167
Accounts receivable		7,198		4,031
Other assets		9,797		11,493
Total Assets	$	17,598	$	15,691
LIABILITIES
Accrued expenses and other current liabilities		1,691		2,831
Total Liabilities	$	1,691	$	2,831

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 45,416	$ 33,336
Cost of revenues	23,685	16,588
Gross profit	21,731	16,748
Operating expenses:
Research and development	3,739	5,353
Clinical operations, net	1,464	1,601
Sales and marketing	13,009	13,469
General and administrative	5,198	5,364
Total operating expenses	23,410	25,787
Operating loss	(1,679)	(9,039)
Financial (income), net	(378)	(424)
Loss before taxes on income	(1,301)	(8,615)
Taxes on income	165	143
Net loss	$ (1,466)	$ (8,758)
Net loss per share:
Earnings Per Share, Basic	$ (0.01)	$ (0.05)
Earnings Per Share, Diluted	$ (0.01)	$ (0.05)
Weighted average number of common shares used in computing basic and diluted net loss per share:
Basic	168,846,946	161,797,781
Diluted	168,846,946	161,797,781

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

NOTE 7. SHARE-BASED COMPENSATION

In June 2021, the Company adopted the 2021 Incentive Award Plan (the “2021 Plan”) under which the Company may grant cash and equity incentive awards to officers, employees, directors, consultants and service providers in order to attract, motivate and retain talent. The 2021 Plan replaced the Company's previous stock compensation plan.

All stock-based awards are measured based on the grant date fair value and are generally recognized on a straight-line basis in the Company’s condensed consolidated statement of operations over the requisite service period (generally requiring a four-year vesting period).

The following table sets forth the total share-based compensation expense related to stock options and restricted stock units included in the respective components of operating expenses in the condensed consolidated statements of operations:


	Three Months Ended March 31,
	2024		2023
(in thousands)	Unaudited		Unaudited
Research and development	$	635	$	674
Clinical operations, net		51		120
Sales and marketing		449		391
General and administrative		1,117		1,118
Total stock-based compensation expense	$	2,252	$	2,303

Accrued Expenses and Other Current Liabilities - Schedule of accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expense and Other Current Liabilities [Abstract]
Employee compensation	$ 2,073	$ 7,269
User acquisition	1,831	1,525
Professional fees	743	626
Other	2,351	3,048
Accrued expenses and other current liabilities	$ 6,998	$ 12,468

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,466)	$ (8,758)

- 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

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense


	Three Months Ended March 31,
	2024		2023
(in thousands)	Unaudited		Unaudited
Research and development	$	635	$	674
Clinical operations, net		51		120
Sales and marketing		449		391
General and administrative		1,117		1,118
Total stock-based compensation expense	$	2,252	$	2,303

Fair Value Measurements - Summary of Fair Value Measurements (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 3 [Member] \| Private Placement Warrants
Liabilities:
Total Warrant Liabilities	$ 2,988	$ 1,842	$ 1,128	$ 939
Fair Value, Recurring [Member]
Assets:
Cash	446	1,078
Money market funds	119,832	122,830
Total cash and cash equivalents	120,278	123,908
Liabilities:
Total Warrant Liabilities	2,988	1,842
Fair Value, Recurring [Member] \| Private Placement Warrants
Liabilities:
Total Warrant Liabilities	2,988	1,842
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets:
Cash	446	1,078
Money market funds	119,832	122,830
Total cash and cash equivalents	120,278	123,908
Liabilities:
Total Warrant Liabilities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Private Placement Warrants
Liabilities:
Total Warrant Liabilities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Cash	0	0
Money market funds	0	0
Total cash and cash equivalents	0	0
Liabilities:
Total Warrant Liabilities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Private Placement Warrants
Liabilities:
Total Warrant Liabilities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets:
Cash	0	0
Money market funds	0	0
Total cash and cash equivalents	0	0
Liabilities:
Total Warrant Liabilities	2,988	1,842
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Private Placement Warrants
Liabilities:
Total Warrant Liabilities	$ 2,988	$ 1,842

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Revenue Source

The following table presents the Company’s revenues from sales to unaffiliated customers disaggregated by revenue source:


	Three Months Ended March 31,
(in thousands)	2024		2023
Revenues from sales to unaffiliated customers:	Unaudited		Unaudited
Payor	$	28,508	$	14,811
DTE		9,913		8,676
Consumer		6,995		9,849
Total revenue	$	45,416	$	33,336

Description of Organization and Business Operations

3 Months Ended

Mar. 31, 2024

Description Of Organisation And Business Operation [Abstract]

Description of organization and business operations

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Talkspace, Inc. (together with its consolidated subsidiaries, the “Company” or “Talkspace”) is a leading behavioral healthcare company enabled by a purpose-built technology platform. Talkspace provides individuals and licensed therapists, psychologists and psychiatrists with an online platform for one-on-one therapy delivered via messaging, audio and video. The Company offers convenient and affordable access to a fully credentialed network of highly qualified providers. Since its inception, the Company has connected millions of patients with licensed behavioral health providers across a wide and growing spectrum of care through virtual counseling, psychotherapy, and psychiatry.

The Company's principal executive office is located in New York, NY. The Company's subsidiaries are Talkspace LLC and its wholly-owned subsidiary, Talkspace Network LLC, and Groop Internet Platform LTD. In addition, the Company holds a variable interest in one professional association and eight professional corporations, which have been established pursuant to the requirements of their respective domestic jurisdiction governing the corporate practice of medicine. These entities are considered Variable Interest Entities ("VIEs"). See Note 10, “Variable Interest Entities,” in the notes to the condensed consolidated financial statements for further details.

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

NOTE 8. NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented:


	Three Months Ended March 31,
	2024			2023
(in thousands, except share and per share data)	Unaudited			Unaudited
Net loss	$	(1,466	)	$	(8,758	)
Weighted-average shares used to compute net loss per share:
Basic and Diluted		168,846,946			161,797,781
Net loss per share:
Basic and Diluted	$	(0.01	)	$	(0.05	)

For the three months ended March 31, 2024, the following were excluded from the calculation of diluted net loss per share since each would have had an anti-dilutive effect given the Company's net loss: 10,957,900 vested and non-vested stock options outstanding, 9,650,229 non-vested and outstanding restricted stock units, 12,780,000 Private Placement Warrants and 21,350,000 Public Warrants to purchase the Company’s common stock.

For the three months ended March 31, 2023, the following were excluded from the calculation of diluted income per share since each would have had an anti-dilutive effect given the Company's net loss: 14,746,915 vested and non-vested stock options outstanding, 11,549,261 non-vested and outstanding restricted stock units, 12,780,000 Private Placement Warrants and 21,350,000 Public Warrants to purchase the Company’s common stock.

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented:


	Three Months Ended March 31,
	2024			2023
(in thousands, except share and per share data)	Unaudited			Unaudited
Net loss	$	(1,466	)	$	(8,758	)
Weighted-average shares used to compute net loss per share:
Basic and Diluted		168,846,946			161,797,781
Net loss per share:
Basic and Diluted	$	(0.01	)	$	(0.05	)

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 4. FAIR VALUE MEASUREMENTS

The carrying value of the Company’s cash equivalents, accounts receivable, other current assets, accounts payable, and accrued liabilities approximate fair value because of the relatively short-term nature of the underlying assets or liabilities. Money market funds are classified within Level 1 of the fair value hierarchy because these assets are valued based on quoted market prices in active markets.

The Company's Private Placement Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the accompanying consolidated balance sheets. The warrant liabilities were measured at fair value at inception and thereafter on a recurring, quarterly basis, with changes in fair value presented within the statement of operations (financial income, net) line item. The Private Placement Warrants were valued using the Black-Scholes-Merton Model, which is considered to be a Level 3 fair value measurement. The primary unobservable input utilized in determining the fair value of the Private Placement Warrants is the implied volatility from trading prices of the Company's Public Warrants, significant increases (decreases) in this input in isolation would have resulted in a significantly higher (lower) fair value measurement.

The following were the inputs utilized in determining the fair value of the Private Placement Warrants as of March 31, 2024 and 2023:


	March 31,
Unaudited	2024	2023
Dividend yield (1)	0%	0%
Expected volatility (2)	56.40%	96.20%
Risk-free interest rate (3)	4.55%	3.75%
Term to warrant expiration (years)	2.22	3.23

(1) No dividends were paid during the three months ended March 31, 2024 and 2023.

(2) The expected volatility is based on the back-solved implied volatility of the Company's public warrants as of the valuation date.

(3) The risk-free interest rate is based on the yield from U.S. Treasury bonds with an equivalent term to the time to maturity of the warrants.

Assets and Liabilities Measured at Fair Value

The Company's assets and liabilities recorded at fair value on a recurring basis as of March 31, 2024 and 2023, have been categorized based upon the fair value hierarchy as follows:


	Fair Value Measurements as of March 31, 2024
	Unaudited
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash	$	446	$	—	$	—	$	446
Cash equivalents
Money market funds		119,832		—		—		119,832
Total cash and cash equivalents	$	120,278	$	—	$	—	$	120,278
Liabilities
Private Placement Warrants		—		—		2,988		2,988
Total Warrant Liabilities	$	—	$	—	$	2,988	$	2,988

	Fair Value Measurements as of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash	$	1,078	$	—	$	—	$	1,078
Cash equivalents
Money market funds		122,830		—		—		122,830
Total cash and cash equivalents	$	123,908	$	—	$	—	$	123,908
Liabilities
Private Placement Warrants		—		—		1,842		1,842
Total Warrant Liabilities	$	—	$	—	$	1,842	$	1,842

The following table presents changes in Level 3 liabilities measured at fair value on a recurring basis during the three months ended March 31, 2024 and 2023:


	Level 3 Liabilities
			Unaudited
	For the Three Months Ended March 31, 2024
(in thousands)	Beginning Balance		Change in Fair Value		Ending Balance
Private Placement Warrants	$	1,842	$	1,146	$	2,988

	Level 3 Liabilities
			Unaudited
	For the Three Months Ended March 31, 2023
(in thousands)	Beginning Balance		Change in Fair Value		Ending Balance
Private Placement Warrants	$	939	$	189	$	1,128

- 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

Variable Interest Entities -Additional Information (Details)	3 Months Ended
	Mar. 31, 2024
Variable interest in TPN
Variable Interest Entity [Line Items]
Variable Interest Entity, Financial or Other Support, Reasons	The Company holds a variable interest in Talkspace Provider Network, PA (“TPN”) and eight affiliated professional corporations (“PC entities”). The Company evaluates whether an entity in which it has a variable interest is considered a VIE. VIEs are generally entities that have either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to direct the activities of the entity that most significantly impact the entity's economic performance through voting rights and a right to receive the expected residual returns of the entity or an obligation to absorb the expected losses of the entity).

- 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 Measurements - Schedule of determining the fair value assumptions of the private placement warrants (Details) - Private Placement Warrant [Member]

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dividend yield

^[1]

0.00%

Expected volatility

^[2]

56.40%

96.20%

Risk-free interest rate

^[3]

4.55%

3.75%

Term to warrant expiration (years)

2 years 2 months 19 days

3 years 2 months 23 days

[1]	No dividends were paid during the three months ended March 31, 2024 and 2023.
[2]	The expected volatility is based on the back-solved implied volatility of the Company's public warrants as of the valuation date.
[3]	The risk-free interest rate is based on the yield from U.S. Treasury bonds with an equivalent term to the time to maturity of the warrants.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Accrued Expenses and Other Current Liabilities Abstract

Schedule of accrued expenses and other current liabilities

ccrued expenses and other current liabilities as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
(in thousands)	Unaudited
Employee compensation	$	2,073	$	7,269
User acquisition		1,831		1,525
Professional fees		743		626
Other		2,351		3,048
Accrued expenses and other current liabilities	$	6,998	$	12,468

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of determining the fair value assumptions of the private placement warrants

The following were the inputs utilized in determining the fair value of the Private Placement Warrants as of March 31, 2024 and 2023:


	March 31,
Unaudited	2024	2023
Dividend yield (1)	0%	0%
Expected volatility (2)	56.40%	96.20%
Risk-free interest rate (3)	4.55%	3.75%
Term to warrant expiration (years)	2.22	3.23

(1) No dividends were paid during the three months ended March 31, 2024 and 2023.

(2) The expected volatility is based on the back-solved implied volatility of the Company's public warrants as of the valuation date.

(3) The risk-free interest rate is based on the yield from U.S. Treasury bonds with an equivalent term to the time to maturity of the warrants.

Summary of Fair Value Measurements

Assets and Liabilities Measured at Fair Value

The Company's assets and liabilities recorded at fair value on a recurring basis as of March 31, 2024 and 2023, have been categorized based upon the fair value hierarchy as follows:


	Fair Value Measurements as of March 31, 2024
	Unaudited
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash	$	446	$	—	$	—	$	446
Cash equivalents
Money market funds		119,832		—		—		119,832
Total cash and cash equivalents	$	120,278	$	—	$	—	$	120,278
Liabilities
Private Placement Warrants		—		—		2,988		2,988
Total Warrant Liabilities	$	—	$	—	$	2,988	$	2,988

	Fair Value Measurements as of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash	$	1,078	$	—	$	—	$	1,078
Cash equivalents
Money market funds		122,830		—		—		122,830
Total cash and cash equivalents	$	123,908	$	—	$	—	$	123,908
Liabilities
Private Placement Warrants		—		—		1,842		1,842
Total Warrant Liabilities	$	—	$	—	$	1,842	$	1,842

Summary of warrants

The following table presents changes in Level 3 liabilities measured at fair value on a recurring basis during the three months ended March 31, 2024 and 2023:


	Level 3 Liabilities
			Unaudited
	For the Three Months Ended March 31, 2024
(in thousands)	Beginning Balance		Change in Fair Value		Ending Balance
Private Placement Warrants	$	1,842	$	1,146	$	2,988

	Level 3 Liabilities
			Unaudited
	For the Three Months Ended March 31, 2023
(in thousands)	Beginning Balance		Change in Fair Value		Ending Balance
Private Placement Warrants	$	939	$	189	$	1,128

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

NOTE 5. COMMITMENTS AND CONTINGENT LIABILITIES

Litigation

The Company may in the future be involved in various legal proceedings, claims and litigation that arise in the normal course of business. The Company accrues for estimated loss contingencies related to legal matters when available information indicates that it is probable a liability has been incurred and the Company can reasonably estimate the amount of that loss. In many proceedings, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount of any loss. In addition, even where a loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is often not possible to reasonably estimate the size of the possible loss or range of loss or possible additional losses or range of additional losses. As of March 31, 2024, there were no pending material legal proceedings, claims or litigation.

Warranties and Indemnification

The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if there is a breach of a customer’s data or if the Company’s service infringes a third party’s intellectual property rights. To date, the Company has not incurred any material costs as a result of such indemnifications.

The Company has also agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as a director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer liability insurance coverage that would generally enable it to recover a portion of any future amounts paid. The Company may also be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions.

Capital Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2024	Feb. 22, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.5		$ 11.5
Common stock, shares authorized	1,000,000,000		1,000,000,000
Common stock, par value	$ 0.0001		$ 0.0001
Preferred stock, shares authorized	100,000,000
Preferred stock, par value	$ 0.0001
Preferred Stock Shares Issued	0		0
Preferred stock, shares outstanding	0		0
Number of shares repurchase program	0
Board of Directors
Class of Stock [Line Items]
Stock repurchase authorized amount		$ 15
Private Placement Warrants
Class of Stock [Line Items]
Warrants and Rights Outstanding	12,780,000		12,780,000
Public Warrants
Class of Stock [Line Items]
Warrants and Rights Outstanding	21,350,000		21,350,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	There were no “Rule 10b5- 1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as the terms are defined in Item 408(a) of Regulation S-K of the Exchange Act) adopted, modified or terminated during the fiscal quarter ended March 31, 2024 by our directors and Section 16 officers.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

NOTE 3. REVENUE RECOGNITION

The Company recognizes revenue in accordance with ASC 606, “Revenue from Contracts with Customers”, when the Company satisfies its performance obligation to perform its defined contractual obligations to provide virtual behavioral healthcare services. Revenue is recognized in an amount that reflects the consideration that the Company will be entitled in exchange for the service rendered. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that is included in the transaction price. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

Through its platform, Talkspace serves:

•

Health insurance plans and employee assistance programs (“Payor”) who offer their insured members access to the Company's platform at in-network reimbursement rates,

•

Direct-to-Enterprise customers (“DTE”) who offer their enterprise members access to the Company's platform while their enterprise is under an active contract with Talkspace, and

•

Individual subscribers (“Consumer”) who subscribe directly to the Company's platform.

Payor

The Company contracts with health insurance plans and employee assistance programs to provide therapy and psychiatry services to their eligible covered members. Revenue is recognized at a point in time, as virtual therapy or psychiatry sessions are rendered. The transaction price is determined based on contracted rates and includes variable consideration in the form of implicit price concessions. The Company determines the total transaction price, including an estimate of variable consideration, at contract inception and reassesses this estimate at each reporting date. The Company estimates the amount of variable consideration that is included in the transaction price primarily based on actual historical collection experience for each Payor. Revenue is presented net of implicit price concessions. Payor contracts include annual evergreen clauses and generally may be terminated by either party typically upon a minimum 60-day advance notice.

DTE

The Company contracts with enterprises to provide access to the Company's therapist platform for their enterprise members, primarily based on a per-member-per-month access fee model. To the extent the transaction price includes variable consideration, revenue is recognized using the variable consideration allocation exception, or, if the allocation exception is not met, the Company recognizes revenue ratably based on estimates of the variable consideration to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequent resolved. The majority of DTE contracts typically range in length from one to three years and are generally non-cancelable during the initial contractual term.

Consumer

The Company also generates revenues from the sale of monthly, quarterly, bi-annual and annual membership subscriptions to the Company's therapy platform as well as supplementary a la carte offerings directly to individual consumers through a subscription plan. The Company recognizes consumer revenues ratably over the subscription period, beginning when therapy services commence. The Company recognizes revenues from supplementary a la carte offerings at a point in time, as virtual therapy sessions are rendered. Members may cancel their subscription at any time and will receive a pro-rata refund for the subscription price. The transaction price from member subscription revenue and supplementary a la carte offerings includes variable consideration in the form of refunds. Revenue is presented net of refunds. The Company estimates the refund liability for the variable consideration portion of the transaction price primarily based on historical experience. The refund liability is recorded within the “Accrued expenses and other current liabilities” line item in the consolidated balance sheets. The refund liability was immaterial as of March 31, 2024 and December 31, 2023.

The following table presents the Company’s revenues from sales to unaffiliated customers disaggregated by revenue source:


	Three Months Ended March 31,
(in thousands)	2024		2023
Revenues from sales to unaffiliated customers:	Unaudited		Unaudited
Payor	$	28,508	$	14,811
DTE		9,913		8,676
Consumer		6,995		9,849
Total revenue	$	45,416	$	33,336

Accounts Receivable and Allowance for Credit Losses

The Company had receivables related to revenue from DTE customers of $8.3 million and $7.8 million at March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, the balance of receivables related to revenue from Payor customers was $2.7 million and $2.4 million, respectively.

Accounts receivables are stated net of credit losses allowance. The Company’s methodology for estimating credit loss is based on historical collection experience, customer creditworthiness, current and future economic condition and market condition. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Accounts receivables are written off after all reasonable means to collect the full amount have been exhausted. Credit losses were immaterial for the three months ended March 31, 2024 and 2023.

Deferred Revenue

The Company records deferred revenues when cash payments from customers are received in advance of the Company's performance obligation to provide services. As of March 31, 2024 and December 31, 2023, deferred revenue related mainly to consumer subscriptions. The Company expects to satisfy the majority of its performance obligations associated with deferred revenue within one year or less. Revenue recognized in the three months ended March 31, 2024 and 2023, that was included in the deferred revenue balance at the beginning of each reporting period was immaterial.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

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

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (1,466)	$ (8,758)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	201	306
Stock-based compensation	2,252	2,303
Remeasurement of warrant liabilities	1,146	189
Increase in accounts receivable	(861)	(2,820)
Decrease in other current assets	1,301	559
(Decrease) increase in accounts payable	(306)	1,213
Decrease in deferred revenues	(186)	(232)
Decrease in accrued expenses and other current liabilities	(5,470)	(6,702)
Other	(2)	(95)
Net cash used in operating activities	(3,391)	(14,037)
Cash flows from investing activities:
Purchase of property and equipment	(385)	(9)
Proceeds from sale of property and equipment	0	28
Net cash used in investing activities	(385)	19
Cash flows from financing activities:
Proceeds from exercise of stock options	741	621
Payments for employee taxes withheld related to vested stock-based awards	(595)	(65)
Net cash provided by financing activities	146	556
Net decrease in cash and cash equivalents	(3,630)	(13,462)
Cash and cash equivalents at the beginning of the period	123,908	138,545
Cash and cash equivalents at the end of the period	120,278	125,083
Supplemental cash flow data:
Cash paid during the period for income taxes	$ 15	$ 168

Revenue Recognition - Schedule of Disaggregation of Revenue by Revenue Source (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues fom sales to unaffiliated customers:
Total Revenue	$ 45,416	$ 33,336
Payor Revenue
Revenues fom sales to unaffiliated customers:
Total Revenue	28,508	14,811
DTE revenue
Revenues fom sales to unaffiliated customers:
Total Revenue	9,913	8,676
Consumer
Revenues fom sales to unaffiliated customers:
Total Revenue	$ 6,995	$ 9,849

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 11,035	$ 10,174
DTE revenue \| Accounts Receivable [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable, net	8,300	7,800
Payor Revenue
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 2,700	$ 2,400

- 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

Net Loss Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,650,229	11,549,261
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,957,900	14,746,915
Private Placement Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12,780,000	12,780,000
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	21,350,000	21,350,000

Variable Interest Entities - Summary of assets and liabilities of the Company's consolidated VIE (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 120,278	$ 123,908
Accounts receivable	11,035	10,174
Total assets	138,276	142,221
LIABILITIES
Accrued expenses and other current liabilities	6,998	12,468
Variable Interest Entity [Member]
ASSETS
Cash and cash equivalents	603	167
Accounts receivable	7,198	4,031
Other assets	9,797	11,493
Total assets	17,598	15,691
LIABILITIES
Accrued expenses and other current liabilities	1,691	2,831
Total Liabilities	$ 1,691	$ 2,831

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance, value at Dec. 31, 2022	$ 127,536	$ 16	$ 378,722	$ (251,202)
Beginning balance, shares at Dec. 31, 2022		161,155,030
Exercise of stock options	621		621
Exercise of stock options, share		1,739,265
Restricted stock units vested, net of tax	(65)		(65)
Restricted stock units vested, net of tax, shares		225,050
Stock-based compensation	2,303		2,303
Net Income (Loss)	(8,758)			(8,758)
Ending balance, value at Mar. 31, 2023	121,637	$ 16	381,581	(259,960)
Ending balance, shares at Mar. 31, 2023		163,119,345
Beginning balance, value at Dec. 31, 2023	$ 118,646	$ 16	389,014	(270,384)
Beginning balance, shares at Dec. 31, 2023	168,428,856	168,428,856
Exercise of stock options	$ 741		741
Exercise of stock options, share		605,565
Restricted stock units vested, net of tax	(595)		(595)
Restricted stock units vested, net of tax, shares		534,654
Stock-based compensation	2,252		2,252
Net Income (Loss)	(1,466)			(1,466)
Ending balance, value at Mar. 31, 2024	$ 119,578	$ 16	$ 391,412	$ (271,850)
Ending balance, shares at Mar. 31, 2024	169,569,075	169,569,075

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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

Fair Value Measurements - Summary of warrants (Detail) - Private Placement Warrants - Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Warrant or Right [Line Items]
Fair value as of beginning	$ 1,842	$ 939
Change in value	1,146	189
Fair value as of ending	$ 2,988	$ 1,128

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Accrued Expenses and Other Current Liabilities Abstract

Accrued Expenses and Other Current Liabilities

NOTE 9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The following table presents the amounts included within accrued expenses and other current liabilities as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
(in thousands)	Unaudited
Employee compensation	$	2,073	$	7,269
User acquisition		1,831		1,525
Professional fees		743		626
Other		2,351		3,048
Accrued expenses and other current liabilities	$	6,998	$	12,468

Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2023, have been applied consistently in these unaudited condensed consolidated financial statements, unless otherwise stated.

The Company consolidates all subsidiaries in which it has a controlling financial interest, as well as any VIEs where the Company is deemed to be the primary beneficiary. Intercompany transactions and balances have been eliminated in the preparation of the condensed consolidated financial statements.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the condensed consolidated financial statements. The Company’s significant estimates and assumptions used in these condensed consolidated financial statements include, but are not limited to, the recognition and disclosure of revenue recognition, stock-based compensation awards and the fair value of warrant liabilities. The Company bases its estimates on historical factors, current circumstances and the experience and judgment of management. The Company evaluates its assumptions on an ongoing basis. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based on information available at the time they are made. Estimates, by their nature, are based on judgment and available information, therefore, actual results could be materially different from these estimates.

Recently Issued and Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023- 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities

to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Assets and liabilities of the Company's consolidated VIE


	March 31, 2024		December 31, 2023
(in thousands)	Unaudited
ASSETS
Cash and cash equivalents	$	603	$	167
Accounts receivable		7,198		4,031
Other assets		9,797		11,493
Total Assets	$	17,598	$	15,691
LIABILITIES
Accrued expenses and other current liabilities		1,691		2,831
Total Liabilities	$	1,691	$	2,831

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	TALKSPACE, INC.
Entity Central Index Key	0001803901
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		169,684,974
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Securities Act File Number	001-39314
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4636604
Entity Address, Address Line One	622 Third Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	284-7206
Document Quarterly Report	true
Document Transition Report	false
Common stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	TALK
Security Exchange Name	NASDAQ
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	TALKW
Security Exchange Name	NASDAQ

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income (Loss)	$ (1,466)	$ (8,758)
Denominator:
Weighted average number of common shares used in computing basic net loss per share	168,846,946	161,797,781
Weighted average number of common shares used in computing diluted net loss per share	168,846,946	161,797,781
Net loss per share: Basic	$ (0.01)	$ (0.05)
Net loss per share: Diluted	$ (0.01)	$ (0.05)

- 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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- Definition

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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 120,278	$ 123,908
Accounts receivable, net	11,035	10,174
Other current assets	4,417	5,718
Total current assets	135,730	139,800
Other long-term assets	2,546	2,421
Total assets	138,276	142,221
CURRENT LIABILITIES:
Accounts payable	5,805	6,111
Deferred revenues	2,883	3,069
Accrued expenses and other current liabilities	6,998	12,468
Total current liabilities	15,686	21,648
Warrant liabilities	2,988	1,842
Other long-term liabilities	24	85
Total liabilities	18,698	23,575
Commitments and contingencies (Note 5)
STOCKHOLDERS' EQUITY:
Common stock of $0.0001 par value - Authorized: 1,000,000,000 shares at March, 2024 (unaudited) and December 31, 2023; Issued and outstanding: 169,569,075 and 168,428,856 shares at March 31, 2024 (unaudited) and December 31, 2023, respectively	16	16
Additional paid-in capital	391,412	389,014
Accumulated deficit	(271,850)	(270,384)
Total stockholders' equity	119,578	118,646
Total liabilities and stockholders' equity	$ 138,276	$ 142,221