TheRealReal, Inc.

For the period ended Sep 30, 2025. Filed Nov 10, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 10, 2025

REAL$14.91+1.8%Stored close · as of Nov 10, 2026

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Contents

Condensed Statements of Stockholders’Deficit as of and

Condensed Statements of Stockholders’ Deficit

(In thousands, except share amounts)

Common Stock · Additional Paid-in Capital · Accumulated Deficit · Total Stockholders’ Deficit
Shares · Amount
Balance as of December 31, 2024	111,242,479	$1	$846,450	$(1,253,827)		$(407,376)
Settlement of Capped Calls	—	—	1,499	—		1,499
Issuance of common stock upon exercise of options	8,424	—	24	—		24
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	1,843,176	—	(54)	—		(54)
Stock-based compensation expense	—	—	7,438	—		7,438
Net income (loss)	—	—	—	62,400		62,400
Balance as of March 31, 2025	113,094,079	$1	$855,357	$(1,191,427)		$(336,069)
Issuance of common stock upon exercise of options	26,050	—	90	—		90
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	1,868,888	—	(29)	—		(29)
Issuance of common stock for exercises under ESPP	247,259	—	838	—		838
Stock-based compensation expense	—	—	8,292	—		8,292
Net income (loss)	—	—	—	(11,366)		(11,366)
Balance as of June 30, 2025	115,236,276	$1	$864,548	$(1,202,793)		$(338,244)
Settlement of Capped Calls	—	—	408	—		408
Issuance of common stock upon exercise of options	56,044	—	196		196
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	1,382,419	—	(37)		(37)
Stock-based compensation expense	—	—	6,676		6,676
Net income (loss)	—	—	—	(54,051)		(54,051)
Balance as of September 30, 2025	116,674,739	$1	$871,791	$(1,256,844)		$(385,052)

Condensed Statements of Stockholders’ Deficit

(In thousands, except share amounts)

Common Stock · Additional Paid-in Capital · Accumulated Deficit · Total Stockholders’ Deficit
Shares · Amount
Balance as of December 31, 2023	104,670,500	$1	$816,325	$(1,119,625)	$(303,299)
Settlement of Capped Calls	—	—	396	—	396
Issuance of common stock upon exercise of options	14,873	—	7	—	7
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	1,232,416	—	(316)	—	(316)
Stock-based compensation expense	—	—	7,260	—	7,260
Net income (loss)	—	—	—	(31,101)	(31,101)
Balance as of March 31, 2024	105,917,789	$1	$823,672	$(1,150,726)	$(327,053)
Issuance of common stock upon exercise of options	23,870	—	105	—	105
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	2,220,293	—	(48)	—	(48)
Issuance of common stock for exercises under ESPP	333,753	—	624	—	624
Stock-based compensation expense	—	—	7,826	—	7,826
Net income (loss)	—	—	—	(16,708)	(16,708)
Balance as of June 30, 2024	108,495,705	$1	$832,179	$(1,167,434)	$(335,254)
Issuance of common stock upon exercise of options	2,500	—	6	—	6
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	1,191,741	—	(103)	—	(103)
Stock-based compensation expense	—	—	7,876	—	7,876
Net income (loss)	—	—	—	(17,938)	(17,938)
Balance as of September 30, 2024	109,689,946	$1	$839,958	$(1,185,372)	$(345,413)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.