Impinj (PI) 10-Q/A 15 Nov 16 2016 Q3 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 11, 2016
Document And Entity Information [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	As previously disclosed in our prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933 on July 21, 2016, in the course of preparing our annual 2015 consolidated financial statements, we identified a material error related to the presentation of lease incentives in our consolidated cash flow statement for the nine months ended September 30, 2015. Correcting this error resulted in an increase in cash from operating activities, from a use of $3.8 million to cash provided of $500,000, and an associated increase in cash used in investing activities, from a use of $2.6 million to $7.0 million. We determined to correct the error in our future filings that contained the unaudited interim consolidated financial statements for the nine months ended September 30, 2015; however, we inadvertently did not reflect such correction in the statement of cash flows included in our quarterly report on Form 10-Q filed with the SEC on November 7, 2016 (the “Third Quarter 10-Q”) and are filing this amendment to correct such error. Other than the correction in our consolidated cash flow statement and associated discussion in Management’s Discussion and Analysis for Financial Condition and Results of Operations–Cash Flows and Item 4 Controls and Procedures, there are no other amendments to the previously filed Third Quarter 10-Q.
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	PI
Entity Registrant Name	IMPINJ INC
Entity Central Index Key	1,114,995
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		18,783,907

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 47,935	$ 10,121
Short-term investments	14,063
Accounts receivable, net	17,531	12,889
Inventory	20,486	11,837
Prepaid expenses and other current assets	1,628	1,095
Total current assets	101,643	35,942
Property and equipment, net	13,303	12,351
Other non-current assets		637
Goodwill	3,881	3,881
Other intangible assets, net		37
Total assets	118,827	52,848
Current liabilities:
Accounts payable	3,540	3,182
Accrued compensation and employee related benefits	5,374	4,038
Accrued liabilities	4,337	2,895
Current portion of long-term debt	1,419	5,227
Current portion of capital lease obligations	1,103	1,190
Current portion of deferred rent	227	258
Current portion of deferred revenue	413	684
Total current liabilities	16,413	17,474
Long-term debt, net of current portion	9,991	10,683
Capital lease obligations, net of current portion	1,842	2,526
Long-term liabilities—other	747	678
Warrant liability		2,865
Deferred rent, net of current portion	5,094	4,984
Deferred revenue, net of current portion	954	710
Total liabilities	35,041	39,920
Commitment and contingencies
Total redeemable convertible preferred stock		97,963
Stockholders' equity (deficit):
Common stock, $0.001 par value, 495,000 shares authorized; 18,780 and 4,382 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	18	4
Additional paid-in capital	271,074	100,276
Accumulated deficit	(187,306)	(185,315)
Total stockholders' equity (deficit)	83,786	(85,035)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 118,827	52,848
Series 1
Current liabilities:
Total redeemable convertible preferred stock		60,184
Series 2
Current liabilities:
Total redeemable convertible preferred stock		$ 37,779

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Redeemable convertible preferred stock, par value	$ 0.001	$ 0.001
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	495,000,000	495,000,000
Common stock, shares issued	18,780,000	4,382,000
Common stock, shares outstanding	18,780,000	4,382,000
Series 1
Redeemable convertible preferred stock, shares authorized	0	5,334,000
Redeemable convertible preferred stock, shares issued	0	5,334,000
Redeemable convertible preferred stock, shares outstanding		5,334,000
Series 2
Redeemable convertible preferred stock, shares authorized	0	2,979,000
Redeemable convertible preferred stock, shares issued	0	2,557,000
Redeemable convertible preferred stock, shares outstanding		2,557,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Product revenue	$ 30,889	$ 20,299	$ 78,302	$ 55,165
Development, service and licensing revenue	124	365	330	687
Total revenue	31,013	20,664	78,632	55,852
Cost of revenue:
Cost of product revenue	14,574	9,988	37,408	26,889
Cost of development, service and licensing revenue	64	60	159	156
Total cost of revenue	14,638	10,048	37,567	27,045
Gross profit	16,375	10,616	41,065	28,807
Operating expenses:
Research and development	6,622	4,304	17,782	12,488
Sales and marketing	5,584	3,772	15,902	10,151
General and administrative	3,356	1,938	8,214	5,089
Total operating expenses	15,562	10,014	41,898	27,728
Income (loss) from operations	813	602	(833)	1,079
Interest income (expense) and other income (expense), net
Interest expense	(345)	(297)	(1,322)	(742)
Interest income and other income (expense), net	383	(263)	477	(177)
Total interest income (expense) and other income (expense), net	38	(560)	(845)	(919)
Income (loss) before tax expense	851	42	(1,678)	160
Income tax expense	(43)	(29)	(98)	(78)
Net income (loss)	808	13	(1,776)	82
Less: Accretion of preferred stock	(608)	(2,826)	(6,258)	(8,476)
Net income (loss) attributable to common stockholders — basic and diluted	$ 200	$ (2,813)	$ (8,034)	$ (8,394)
Net income (loss) per share attributable to common stockholders — basic and diluted	$ 0.01	$ (0.72)	$ (1.01)	$ (2.20)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic	15,318	3,904	7,991	3,813
Diluted	16,859	3,904	7,991	3,813

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Net income (loss)	$ (1,776)	$ 82
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,143	1,282
Amortization and write-off of debt issuance costs	220	96
Revaluation of warrant liability	(559)	177
Stock-based compensation	1,417	885
Changes in operating assets and liabilities:
Accounts receivable	(4,617)	(2,703)
Inventory	(8,649)	(4,254)
Prepaid expenses and other assets	(479)	(218)
Deferred revenue	(27)	(318)
Deferred rent	79	3,804
Accounts payable	377	217
Accrued compensation and benefits	1,118	1,285
Accrued liabilities	1,254	165
Net cash provided by (used in) operating activities	(9,499)	500
Investing activities:
Purchases of investments	(14,116)
Purchases of property and equipment	(2,327)	(6,953)
Net cash used in investing activities	(16,443)	(6,953)
Financing activities:
Proceeds from initial public offering, net of offering costs	68,808
Payments on capital lease financing obligations	(954)	(550)
Payments on term loans	(65,233)	(2,040)
Proceeds from term loans	60,517	12,021
Proceeds from issuance of common stock upon exercise of stock options	556	344
Proceeds from issuance of preferred stock upon exercise of warrants	62
Payments of deferred offering costs		(59)
Net cash provided by (used in) financing activities	63,756	9,716
Net increase (decrease) in cash and cash equivalents	37,814	3,263
Cash and cash equivalents
Beginning of period	10,121	6,939
End of period	$ 47,935	$ 10,202

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	Note 1. Organization and Description of Business Impinj, Inc. enables wireless connectivity to everyday items, delivering each items’ unique identity, location and authenticity to business and consumer applications. The Impinj Platform, spanning endpoints, connectivity and software provides this wireless item connectivity and information delivery. Impinj derives revenue from selling endpoint integrated circuits, or ICs, that attach-to and uniquely identify items; reader ICs, readers and gateways that enable bidirectional radio connectivity to the items; operating-system software that manages platform resources and delivers services and item data to partner applications via open APIs; as well as from development, service and license agreements. Our integrated platform connects billions of everyday items such as apparel, medical supplies, automobile parts, drivers’ licenses, food and luggage to applications such as inventory management, patient safety, asset tracking and item authentication, delivering real-time information to businesses about items they create, manage, transport and sell.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include Impinj, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes as of and for the year ended December 31, 2015 included our prospectus filed with the SEC on pursuant to Rule 424(b) under the Securities Act of 1933 on July 21, 2016. The condensed consolidated balance sheet as of December 31, 2015, included herein, was derived from the audited financial statements of Impinj, Inc. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary to state fairly our financial position as of September 30, 2016, our results of operations for the three and nine month periods ended September 30, 2016 and 2015, and our cash flows for the nine month periods ended September 30, 2016 and 2015. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the year ended December 31, 2016 or for any other future period. We had no material components of other comprehensive income (loss) during any of the periods presented, as such, a separate consolidated statement of comprehensive income (loss) is not presented. Initial Public Offering On July 26, 2016, we closed our initial public offering of 5,520,000 shares of common stock at an initial price to the public of $14.00 per share, including 720,000 shares of common stock pursuant to the underwriters’ option to purchase additional shares, resulting in aggregate net proceeds to us of $68.5 million after deducting underwriting discounts and commissions and offering costs. Upon the effectiveness of the registration statement related to the initial public offering on July 20, 2016, all of our outstanding shares of redeemable convertible preferred stock and outstanding preferred stock warrants, which automatically net exercised, converted into 8,522,837 shares and 56,409 shares, respectively, of common stock. The related carrying value of the and warrants of $104.2 million and $2.3 million, respectively, were reclassified to common stock and additional paid-in capital. Reverse Stock Split On June 16, 2016, our board of directors and stockholders approved an amendment to our certificate of incorporation to effect a reverse split of our authorized, issued and outstanding common stock and redeemable convertible preferred stock at a 1-for-12 ratio per share. The reverse stock split was effected on July 8, 2016. The par value of our common stock and the par value of our redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All authorized, issued and outstanding shares of common stock and redeemable convertible preferred stock, warrants for common stock and redeemable convertible preferred stock, options to purchase common stock and the related per share amounts contained in these condensed consolidated financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. Reclassifications In the consolidated statements of operations, certain prior year amounts have been reclassified to conform to the current year presentation. During the three and nine months ended September 30, 2015, respectively, cost of product revenue increased $26,000 and $72,000, research and development expenses increased $115,000 and $324,000, sales and marketing expenses increased $48,000 and $134,000 and general and administrative expenses decreased $189,000 and $530,000. There was no change to the net income as a result of the reclassification. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, reserve for returns, collectability of accounts receivable, estimated costs to complete development contracts, warranty obligations, deferred revenue, inventory excess and obsolescence, depreciable lives of fixed assets, the determination of the fair value of stock awards and warrants and accrued liabilities, compensation and employee related benefits. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, our financial statements will be affected. Certain Significant Risks and Uncertainties Inherent in our business are various risks and uncertainties, including that we are developing advanced technologies and new applications in a rapidly changing industry. These risks include the failure to develop and extend our products and the rejection of our products by consumers, as well as other risks and uncertainties. If we do not successfully implement our business plan, certain assets may not be recoverable, certain liabilities may not be paid and investments in our capital stock may not be recoverable. Our success depends upon the acceptance of our technology, development of sales and distribution channels and our ability to generate significant revenue from the use of our technology. Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and other fees and costs related to our initial public offering, are capitalized. The deferred offering costs were offset against proceeds upon the closing of the offering. These costs of approximately $3.4 million were deferred through the completion of the initial public offering and, upon the closing date of July 26, 2016, were reclassified to additional paid-in capital as a reduction of the proceeds. Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board, or FASB, issued guidance on the measurement of credit losses on financial instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, replacing the existing incurred loss impairment model. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019. We have not yet determined our approach to adoption or the impact the adoption of this guidance will have on our financial position, results of operations or cash flows. In March 2016, the FASB issued guidance on several aspects of the accounting for share-based payment transactions, including the income tax consequences, impact of forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, and early adoption is permitted. We elected to early adopt this new guidance in the third quarter of fiscal year 2016. The primary impact of adoption was that we changed the manner in which we account for forfeitures. We now account for forfeitures as they occur, rather than an estimate of expected forfeitures, resulting in the recognition of a net cumulative effect adjustment of $215,000 as an increase to our accumulated deficit as of July 1, 2016. The adoption had no other material impact to any periods presented on our consolidated financial statements. In February 2016, the FASB issued guidance on leases. This standard requires the recognition of a right-of-use asset and lease liability on the balance sheet for all leases. This standard also requires more detailed disclosures to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, and early adoption is permitted. We expect to adopt this guidance on January 1, 2019. We believe adoption of this standard will have a significant impact on our Consolidated Balance Sheets. Although we have not completed our assessment, we do not expect the adoption to change the recognition, measurement or presentation of lease expenses within the Consolidated Statements of Operations and Cash Flows. In January 2016, the FASB issued guidance on the recognition and measurement of financial instruments. This standard requires equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income. This standard also requires the separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, early adoption is permitted, and the guidance must be applied prospectively to equity investments that exist as of the adoption date. We expect to adopt this guidance on January 1, 2018. We have not yet determined our approach to adoption or the impact the adoption of this guidance will have on our financial position, results of operations or cash flows. In November 2015, the FASB issued guidance on the balance sheet classification of deferred taxes. This standard requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, and early adoption is permitted. We adopted this guidance as of January 1, 2016. The adoption of this guidance has no impact on our financial position, results of operations or cash flows. In July 2015, the FASB issued guidance on the measurement of inventory. The amendments require the measurement of inventory at the lower of cost or net realizable value; where net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance is effective for interim and annual reporting periods beginning after December 31, 2016, and early adoption is permitted. We expect to adopt this guidance on January 1, 2017. We have not yet determined our approach to adoption or the impact the adoption of this guidance will have on our financial position, results of operations or cash flows. In August 2014, the FASB issued guidance on the disclosure of uncertainties about an entity’s ability to continue as a going concern. This standard provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The guidance is effective for annual reporting periods ending after December 15, 2016, and early adoption is permitted. We expect to adopt this guidance for the year ending December 31, 2016. We do not expect the adoption of this guidance to have any impact on our financial position, results of operations or cash flows. In May 2014, the FASB issued guidance on revenue recognition. This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The original effective date of this guidance was for interim and annual reporting periods beginning after December 15, 2016, early adoption is not permitted, and the guidance must be applied retrospectively or modified retrospectively. In July 2015, the FASB approved an optional one-year deferral of the effective date. As a result, we expect to adopt this guidance on January 1, 2018. In 2016, the FASB issued final amendments to clarify the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting for licenses of intellectual property. We have not yet determined our approach to adoption or the impact the adoption of this guidance will have on our financial position, results of operations or cash flows, if any.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventory	Note 3. Inventory The following table presents the detail of inventories as of the dates presented (in thousands): September 30, December 31, 2016 2015 Raw materials $ 1,839 $ 852 Work-in-process 5,543 3,269 Finished goods 13,104 7,716 Total Inventory $ 20,486 $ 11,837 We manufacture products with a third-party manufacturer under recurring one year agreements. We were committed to purchase $16.5 million of inventory as of September 30, 2016.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 4. Stock-Based Compensation The following table summarizes option award activity under our equity incentive plans for the nine months ended September 30, 2016 (in thousands, except per share data): Number of Shares Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (Years) Total Intrinsic Value Outstanding at December 31, 2015 1,896 $ 3.72 $ 7.77 $ 8,666 Granted 582 19.62 Exercised (168 ) 3.30 Forfeited or Cancelled (73 ) 5.64 Outstanding at September 30, 2016 2,237 7.84 7.79 66,175 Vested and exercisable at September 30, 2016 1,022 $ 2.48 $ 6.24 $ 35,704 The following table summarizes unvested shares of common stock activity for the nine months ended September 30, 2016 (in thousands, except per share data): Number of Shares Options Weighted-Average Exercise Price Per Share Outstanding at December 31, 2015 136 $ 1.76 Issued 58 5.33 Vested (54 ) 1.70 Outstanding at September 30, 2016 140 3.26 As of September 30, 2016, there was a total of $7.0 million in unrecognized compensation cost related to unvested stock options. The following table presents the effects of stock-based compensation in our condensed consolidated statements of operations during the periods presented (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Cost of revenue $ 28 $ 5 $ 39 $ 26 Research and development expense 282 57 416 241 Sales and marketing expense 343 190 754 507 General and administrative expense 102 33 208 111 Total stock-based compensation expense 755 285 1,417 885

Net Income (Loss) Per Share Att

Net Income (Loss) Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Net Income (Loss) Per Share Attributable to Common Stockholders	Note 5. Net Income (Loss) Per Share Attributable to Common Stockholders For the periods presented, the following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ 808 $ 13 $ (1,776 ) $ 82 Less: Accretion of preferred stock (608 ) (2,826 ) (6,258 ) (8,476 ) Net income (loss) attributable to common stockholders — basic and diluted $ 200 $ (2,813 ) $ (8,034 ) $ (8,394 ) Denominator: Weighted-average common shares outstanding 15,460 4,065 8,117 3,997 Weighted-average unvested shares of common stock subject to repurchase (142 ) (161 ) (126 ) (184 ) Weighted-average shares used to compute net income (loss) per share attributable to common stockholders — basic 15,318 3,904 7,991 3,813 Effects of potentially dilutive securities: Weighted-average unvested shares of common stock subject to repurchase 141 — — — Stock options 1,400 — — — Weighted-average shares used to compute net income (loss) per share attributable to common stockholders — diluted 16,859 3,904 7,991 3,813 Net income (loss) per share attributable to common stockholders: Basic $ 0.01 $ (0.72 ) $ (1.01 ) $ (2.20 ) Diluted $ 0.01 $ (0.72 ) $ (1.01 ) $ (2.20 ) For the periods presented, the following outstanding options, warrants and shares of preferred stock were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because their effect would have been antidilutive (in thousands): Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Redeemable convertible preferred stock — 7,885 — 7,885 Common stock warrants — 25 — 25 Redeemable convertible preferred stock warrants — 264 — 264 Unvested shares of common stock subject to repurchase — 154 141 154 Stock options 35 2,158 2,272 2,158

Debt Facilities

Debt Facilities	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt Facilities	Note 6. Debt Facilities Senior Credit Facility We have a loan and security agreement, which we refer to as our senior credit facility, with Silicon Valley Bank. The senior credit facility provides for (1) a $10.5 million aggregate principal amount of outstanding term borrowings, (2) revolver borrowings up to the lesser of $15.0 million and a borrowing base tied to the amount of our eligible accounts receivable and inventory, (3) a $5.0 million sublimit under the revolver for the issuance of standby letters of credit and (4) a $2.0 million equipment term-loan facility. Interest on term borrowings accrues at a floating rate equal to the lender’s prime rate plus 2.25% during a one year interest-only period and at a floating rate equal to the lender’s prime rate plus 1.75% after expiration of the interest-only period (5.75% at September 30, 2016). Beginning in September 2017, we must begin paying 36 equal monthly installments of principal, plus accrued and unpaid interest. All outstanding principal and accrued and unpaid interest on the term borrowings is due and payable in May 2020. We may at our option prepay the outstanding term loan balance by paying the lender all principal and accrued and unpaid interest, plus a prepayment fee equal to $210,000 if the term-loan is prepaid on or prior to the first anniversary of the May 2016 amendment, and $105,000 if the term loan is prepaid after the first anniversary but on or prior to the second anniversary of the May 2016 amendment. At September 30, 2016, we had $10.5 million of term loan borrowings outstanding. Interest on revolver borrowings is payable monthly and accrues at a floating rate equal to the lender’s prime rate plus 2.25% at all times when our cash held at the bank plus the amount available to borrow on the revolver is less than or equal to $8.5 million, and 1.75% when our cash held at the bank plus the amount available to borrow on the revolver is greater than $8.5 million for a period of at least 60 consecutive days (5.25% at September 30, 2016). The maturity date of the revolver is December 2017. At September 30, 2016, we had no revolver borrowings outstanding. Equipment loans are available for borrowing for one year following the May 2016 amendment date and mature in May 2020. Equipment loans are repaid in 36 equal monthly installments of principal, plus accrued and unpaid interest, following each borrowing and accrue interest at a floating rate equal to the lender’s prime rate plus 1.75% (5.25% at September 30, 2016). We may at our option prepay the outstanding equipment loan balance by paying the lender all outstanding principal and accrued and unpaid interest plus a prepayment fee equal to 2.00% of the principal amount of each equipment loan prepaid if such equipment loan is prepaid on or prior to the first anniversary of the date such equipment loan was borrowed, and 1.00% of the principal amount of each equipment loan prepaid if such equipment loan is prepaid after the first anniversary of the date such equipment loan was borrowed. At September 30, 2016, we had $1.1 million equipment loan borrowings outstanding. At September 30, 2016, $11.6 million of term loan, revolver and equipment loan borrowings were outstanding, excluding unamortized debt issuance costs of $172,000. The weighted average interest rate on these facilities was 5.7% at September 30, 2016. Scheduled principal maturities as of September 30, 2016 were as follows (in thousands): 2016 $ 90 2017 2,402 2018 3,861 2019 3,770 2020 1,459 $ 11,582 The senior credit facility contains customary conditions to borrowing and affirmative and negative covenants, including covenants that restrict our and our subsidiaries’ ability to, among other things, dispose of assets, have a change of control, merge with or acquire other entities, incur indebtedness, grant liens on our assets, make distributions to holders of our capital stock, make investments or engage in transactions with our affiliates. The senior credit facility also requires us to maintain a minimum tangible net worth and liquidity ratio. We were in compliance with all covenants under our senior credit facility as of December 31, 2015 and September 30, 2016. Substantially all of our assets other than intellectual property are pledged as collateral under the senior credit facility. Mezzanine Credit Facility We had a mezzanine loan and security agreement, which we referred to as our mezzanine credit facility, with SG Enterprises II, LLC, which provided for a $5.0 million term loan which was drawn in September 2015. Interest on the term loan accrued at a fixed per-year rate equal to 18.0% and was payable monthly. On July 26, 2016, we repaid without premium or penalty the principal and accrued interest on the $5.0 million term loan pursuant to the mezzanine credit facility and wrote-off unamortized debt discounts and issuance costs of $109,000.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity; instruments valued based on the best available data, some of which is internally developed, and considers risk premiums that a market participant would require. Our assessment of the significance of a particular input to the fair value measurement requires management to make judgments and consider factors specific to the asset or liability. We applied the following methods and assumptions in estimating our fair value measurements: Cash Equivalents — Cash equivalents are comprised of highly liquid investments, including money market funds and certificates of deposit, with original maturities of less than three months. The fair value measurement of these assets is based on quoted market prices in active markets and these assets are recorded at fair value. Investments — Our investments consist of fixed income securities, which include U.S. government agency securities and corporate notes and bonds. The fair value measurement of these assets is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Long-term Debt — The fair values of our long-term debt approximates carrying value based on the borrowing rates currently available to us for loans with similar terms using level 2 inputs. Convertible Preferred Stock Warrants — Our convertible preferred stock contained redemption provisions and therefore our warrants issued to purchase such Series 2 redeemable convertible preferred stock were classified as liabilities and recorded at fair value. These preferred stock warrants were subject to remeasurement at each consolidated balance sheet date and any change in fair value was recognized as a component of other income (expense), net. Upon the effectiveness of the registration statement related to the initial public offering on July 20, 2016, all of our outstanding warrants automatically converted into shares of common stock. Our Series 2 redeemable convertible preferred stock warrant liabilities were categorized as Level 3 because they were valued based on unobservable inputs and our judgment due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments. The following tables present the balances of assets measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the date presented (in thousands), all such balances as of December 31, 2015 were $0: September 30, 2016 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 35,883 $ — $ — Short-term investments: U.S. government agency securities — 5,006 — Corporate notes and bonds — 9,057 — Total assets measured at fair $ 35,883 $ 14,063 $ — The following tables present the balances of liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the date presented (in thousands), all such balances as of September 30, 2016 were $0 : December 31, 2015 Level 1 Level 2 Level 3 Convertible preferred stock warrants $ — $ — $ 2,865 Total liabilities measured at fair value $ — $ — $ 2,865 The following table provides a roll-forward of the fair value of the preferred stock warrant liabilities categorized as Level 3 for the nine months ended September 30, 2016 (in thousands): Balance at December 31, 2015 2,865 Remeasurement of convertible preferred stock warrants (559 ) Exercise of preferred stock warrants (2,306 ) Balance at September 30, 2016 $ —

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	9 Months Ended
	Sep. 30, 2016
Cash Cash Equivalents And Investments [Abstract]
Cash, Cash Equivalents and Investments	Note 8. Cash, Cash Equivalents and Investments Our investments are classified as available-for-sale securities and are carried at fair value with unrealized gains and losses reported, to the extent material, as a component of accumulated other comprehensive income in stockholders’ equity, while realized gains and losses and other-than-temporary impairments are reported as a component of net income (loss) based on specific identification. The following tables present the amortized cost, gross unrealized gains and losses, and fair value of our cash and cash equivalents and available-for-sale investments as of the dates presented (in thousands): September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash $ 12,052 $ — $ — $ 12,052 Cash equivalents: Money market funds 35,883 — — 35,883 Short-term investments: U.S. government agency securities 5,005 1 — 5,006 Corporate notes and bonds 9,062 2 (7 ) 9,057 Total assets measured at fair $ 62,002 $ 3 $ (7 ) $ 61,998 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash $ 10,121 $ — $ — $ 10,121 Cash equivalents: Money market funds — — — — Short-term investments: U.S. government agency securities — — — — Corporate notes and bonds — — — — Total assets measured at fair $ 10,121 $ — $ — $ 10,121 All our available-for-sale investments have contractual maturity dates due in one year or less as of September 30, 2016.

Restatement of Unaudited Interi

Restatement of Unaudited Interim Consolidated Financial Statements	9 Months Ended
	Sep. 30, 2016
Accounting Changes And Error Corrections [Abstract]
Restatement of Unaudited Interim Consolidated Financial Statements	Note 9. Restatement of Unaudited Interim Consolidated Financial Statements In the course of preparing our annual 2015 consolidated financial statements, we identified an error related to the presentation of lease incentives in our consolidated cash flow statement for the nine months ended September 30, 2015. We determined that the error was material to our interim consolidated financial statements for the nine months ended September 30, 2015, but inadvertently did not correct this error when the Form 10-Q was originally filed on November 7, 2016. Correcting this error resulted in an increase in cash from operating activities, from a use of $3.8 million to cash provided of $500,000, and an associated increase in cash used in investing activities, from a use of $2.6 million to $7.0 million.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include Impinj, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes as of and for the year ended December 31, 2015 included our prospectus filed with the SEC on pursuant to Rule 424(b) under the Securities Act of 1933 on July 21, 2016. The condensed consolidated balance sheet as of December 31, 2015, included herein, was derived from the audited financial statements of Impinj, Inc. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary to state fairly our financial position as of September 30, 2016, our results of operations for the three and nine month periods ended September 30, 2016 and 2015, and our cash flows for the nine month periods ended September 30, 2016 and 2015. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the year ended December 31, 2016 or for any other future period. We had no material components of other comprehensive income (loss) during any of the periods presented, as such, a separate consolidated statement of comprehensive income (loss) is not presented.
Initial Public Offering	Initial Public Offering On July 26, 2016, we closed our initial public offering of 5,520,000 shares of common stock at an initial price to the public of $14.00 per share, including 720,000 shares of common stock pursuant to the underwriters’ option to purchase additional shares, resulting in aggregate net proceeds to us of $68.5 million after deducting underwriting discounts and commissions and offering costs. Upon the effectiveness of the registration statement related to the initial public offering on July 20, 2016, all of our outstanding shares of redeemable convertible preferred stock and outstanding preferred stock warrants, which automatically net exercised, converted into 8,522,837 shares and 56,409 shares, respectively, of common stock. The related carrying value of the and warrants of $104.2 million and $2.3 million, respectively, were reclassified to common stock and additional paid-in capital.
Reverse Stock Split	Reverse Stock Split On June 16, 2016, our board of directors and stockholders approved an amendment to our certificate of incorporation to effect a reverse split of our authorized, issued and outstanding common stock and redeemable convertible preferred stock at a 1-for-12 ratio per share. The reverse stock split was effected on July 8, 2016. The par value of our common stock and the par value of our redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All authorized, issued and outstanding shares of common stock and redeemable convertible preferred stock, warrants for common stock and redeemable convertible preferred stock, options to purchase common stock and the related per share amounts contained in these condensed consolidated financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented.
Reclassifications	Reclassifications In the consolidated statements of operations, certain prior year amounts have been reclassified to conform to the current year presentation. During the three and nine months ended September 30, 2015, respectively, cost of product revenue increased $26,000 and $72,000, research and development expenses increased $115,000 and $324,000, sales and marketing expenses increased $48,000 and $134,000 and general and administrative expenses decreased $189,000 and $530,000. There was no change to the net income as a result of the reclassification.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, reserve for returns, collectability of accounts receivable, estimated costs to complete development contracts, warranty obligations, deferred revenue, inventory excess and obsolescence, depreciable lives of fixed assets, the determination of the fair value of stock awards and warrants and accrued liabilities, compensation and employee related benefits. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, our financial statements will be affected.
Certain Significant Risks and Uncertainties	Certain Significant Risks and Uncertainties Inherent in our business are various risks and uncertainties, including that we are developing advanced technologies and new applications in a rapidly changing industry. These risks include the failure to develop and extend our products and the rejection of our products by consumers, as well as other risks and uncertainties. If we do not successfully implement our business plan, certain assets may not be recoverable, certain liabilities may not be paid and investments in our capital stock may not be recoverable. Our success depends upon the acceptance of our technology, development of sales and distribution channels and our ability to generate significant revenue from the use of our technology.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and other fees and costs related to our initial public offering, are capitalized. The deferred offering costs were offset against proceeds upon the closing of the offering. These costs of approximately $3.4 million were deferred through the completion of the initial public offering and, upon the closing date of July 26, 2016, were reclassified to additional paid-in capital as a reduction of the proceeds.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board, or FASB, issued guidance on the measurement of credit losses on financial instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, replacing the existing incurred loss impairment model. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019. We have not yet determined our approach to adoption or the impact the adoption of this guidance will have on our financial position, results of operations or cash flows. In March 2016, the FASB issued guidance on several aspects of the accounting for share-based payment transactions, including the income tax consequences, impact of forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, and early adoption is permitted. We elected to early adopt this new guidance in the third quarter of fiscal year 2016. The primary impact of adoption was that we changed the manner in which we account for forfeitures. We now account for forfeitures as they occur, rather than an estimate of expected forfeitures, resulting in the recognition of a net cumulative effect adjustment of $215,000 as an increase to our accumulated deficit as of July 1, 2016. The adoption had no other material impact to any periods presented on our consolidated financial statements. In February 2016, the FASB issued guidance on leases. This standard requires the recognition of a right-of-use asset and lease liability on the balance sheet for all leases. This standard also requires more detailed disclosures to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, and early adoption is permitted. We expect to adopt this guidance on January 1, 2019. We believe adoption of this standard will have a significant impact on our Consolidated Balance Sheets. Although we have not completed our assessment, we do not expect the adoption to change the recognition, measurement or presentation of lease expenses within the Consolidated Statements of Operations and Cash Flows. In January 2016, the FASB issued guidance on the recognition and measurement of financial instruments. This standard requires equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income. This standard also requires the separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, early adoption is permitted, and the guidance must be applied prospectively to equity investments that exist as of the adoption date. We expect to adopt this guidance on January 1, 2018. We have not yet determined our approach to adoption or the impact the adoption of this guidance will have on our financial position, results of operations or cash flows. In November 2015, the FASB issued guidance on the balance sheet classification of deferred taxes. This standard requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, and early adoption is permitted. We adopted this guidance as of January 1, 2016. The adoption of this guidance has no impact on our financial position, results of operations or cash flows. In July 2015, the FASB issued guidance on the measurement of inventory. The amendments require the measurement of inventory at the lower of cost or net realizable value; where net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance is effective for interim and annual reporting periods beginning after December 31, 2016, and early adoption is permitted. We expect to adopt this guidance on January 1, 2017. We have not yet determined our approach to adoption or the impact the adoption of this guidance will have on our financial position, results of operations or cash flows. In August 2014, the FASB issued guidance on the disclosure of uncertainties about an entity’s ability to continue as a going concern. This standard provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The guidance is effective for annual reporting periods ending after December 15, 2016, and early adoption is permitted. We expect to adopt this guidance for the year ending December 31, 2016. We do not expect the adoption of this guidance to have any impact on our financial position, results of operations or cash flows. In May 2014, the FASB issued guidance on revenue recognition. This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The original effective date of this guidance was for interim and annual reporting periods beginning after December 15, 2016, early adoption is not permitted, and the guidance must be applied retrospectively or modified retrospectively. In July 2015, the FASB approved an optional one-year deferral of the effective date. As a result, we expect to adopt this guidance on January 1, 2018. In 2016, the FASB issued final amendments to clarify the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting for licenses of intellectual property. We have not yet determined our approach to adoption or the impact the adoption of this guidance will have on our financial position, results of operations or cash flows, if any.

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventories	The following table presents the detail of inventories as of the dates presented (in thousands): September 30, December 31, 2016 2015 Raw materials $ 1,839 $ 852 Work-in-process 5,543 3,269 Finished goods 13,104 7,716 Total Inventory $ 20,486 $ 11,837

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	The following table summarizes option award activity under our equity incentive plans for the nine months ended September 30, 2016 (in thousands, except per share data): Number of Shares Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (Years) Total Intrinsic Value Outstanding at December 31, 2015 1,896 $ 3.72 $ 7.77 $ 8,666 Granted 582 19.62 Exercised (168 ) 3.30 Forfeited or Cancelled (73 ) 5.64 Outstanding at September 30, 2016 2,237 7.84 7.79 66,175 Vested and exercisable at September 30, 2016 1,022 $ 2.48 $ 6.24 $ 35,704
Summary of Unvested Shares of Common Stock Activity	The following table summarizes unvested shares of common stock activity for the nine months ended September 30, 2016 (in thousands, except per share data): Number of Shares Options Weighted-Average Exercise Price Per Share Outstanding at December 31, 2015 136 $ 1.76 Issued 58 5.33 Vested (54 ) 1.70 Outstanding at September 30, 2016 140 3.26
Summary of Stock-based Compensation Expense	The following table presents the effects of stock-based compensation in our condensed consolidated statements of operations during the periods presented (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Cost of revenue $ 28 $ 5 $ 39 $ 26 Research and development expense 282 57 416 241 Sales and marketing expense 343 190 754 507 General and administrative expense 102 33 208 111 Total stock-based compensation expense 755 285 1,417 885

Net Income (Loss) Per Share A18

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator used in Computing Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders	For the periods presented, the following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ 808 $ 13 $ (1,776 ) $ 82 Less: Accretion of preferred stock (608 ) (2,826 ) (6,258 ) (8,476 ) Net income (loss) attributable to common stockholders — basic and diluted $ 200 $ (2,813 ) $ (8,034 ) $ (8,394 ) Denominator: Weighted-average common shares outstanding 15,460 4,065 8,117 3,997 Weighted-average unvested shares of common stock subject to repurchase (142 ) (161 ) (126 ) (184 ) Weighted-average shares used to compute net income (loss) per share attributable to common stockholders — basic 15,318 3,904 7,991 3,813 Effects of potentially dilutive securities: Weighted-average unvested shares of common stock subject to repurchase 141 — — — Stock options 1,400 — — — Weighted-average shares used to compute net income (loss) per share attributable to common stockholders — diluted 16,859 3,904 7,991 3,813 Net income (loss) per share attributable to common stockholders: Basic $ 0.01 $ (0.72 ) $ (1.01 ) $ (2.20 ) Diluted $ 0.01 $ (0.72 ) $ (1.01 ) $ (2.20 )
Computation of Diluted Net Income (Loss) Per Share Attributable to Common Stockholders Effect in Antidilutive	For the periods presented, the following outstanding options, warrants and shares of preferred stock were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because their effect would have been antidilutive (in thousands): Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Redeemable convertible preferred stock — 7,885 — 7,885 Common stock warrants — 25 — 25 Redeemable convertible preferred stock warrants — 264 — 264 Unvested shares of common stock subject to repurchase — 154 141 154 Stock options 35 2,158 2,272 2,158

Debt Facilities (Tables)

Debt Facilities (Tables)	9 Months Ended
	Sep. 30, 2016
Senior Credit Facility | Silicon Valley Bank
Line Of Credit Facility [Line Items]
Scheduled Principal Maturities of Debt	Scheduled principal maturities as of September 30, 2016 were as follows (in thousands): 2016 $ 90 2017 2,402 2018 3,861 2019 3,770 2020 1,459 $ 11,582

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Summary of Assets Measured at Fair Value on Recurring Basis	The following tables present the balances of assets measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the date presented (in thousands), all such balances as of December 31, 2015 were $0: September 30, 2016 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 35,883 $ — $ — Short-term investments: U.S. government agency securities — 5,006 — Corporate notes and bonds — 9,057 — Total assets measured at fair $ 35,883 $ 14,063 $ —
Summary of Liabilities Measured at Fair Value on Recurring Basis	The following tables present the balances of liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the date presented (in thousands), all such balances as of September 30, 2016 were $0 : December 31, 2015 Level 1 Level 2 Level 3 Convertible preferred stock warrants $ — $ — $ 2,865 Total liabilities measured at fair value $ — $ — $ 2,865
Roll-Forward of Fair Value of Preferred Stock Warrant Liabilities Categorized as Level 3	The following table provides a roll-forward of the fair value of the preferred stock warrant liabilities categorized as Level 3 for the nine months ended September 30, 2016 (in thousands): Balance at December 31, 2015 2,865 Remeasurement of convertible preferred stock warrants (559 ) Exercise of preferred stock warrants (2,306 ) Balance at September 30, 2016 $ —

Cash, Cash Equivalents and In21

Cash, Cash Equivalents and Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Cash Cash Equivalents And Investments [Abstract]
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Market Value of Cash and Cash Equivalents and Available-for-Sale Investments	The following tables present the amortized cost, gross unrealized gains and losses, and fair value of our cash and cash equivalents and available-for-sale investments as of the dates presented (in thousands): September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash $ 12,052 $ — $ — $ 12,052 Cash equivalents: Money market funds 35,883 — — 35,883 Short-term investments: U.S. government agency securities 5,005 1 — 5,006 Corporate notes and bonds 9,062 2 (7 ) 9,057 Total assets measured at fair $ 62,002 $ 3 $ (7 ) $ 61,998 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash $ 10,121 $ — $ — $ 10,121 Cash equivalents: Money market funds — — — — Short-term investments: U.S. government agency securities — — — — Corporate notes and bonds — — — — Total assets measured at fair $ 10,121 $ — $ — $ 10,121

Summary of Significant Accoun22

Summary of Significant Accounting Policies - Additional Information (Details)	Jul. 26, 2016USD ($)$ / sharesshares	Jun. 16, 2016	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)	Jul. 20, 2016USD ($)shares	Jul. 01, 2016USD ($)	Dec. 31, 2015shares
Significant Accounting Policies [Line Items]
Common stock, shares issued | shares			18,780,000		18,780,000				4,382,000
Aggregate net proceeds from issuance of stock					$ 68,808,000
Reverse split of common stock					On June 16, 2016, our board of directors and stockholders approved an amendment to our certificate of incorporation to effect a reverse split of our authorized, issued and outstanding common stock and redeemable convertible preferred stock at a 1-for-12 ratio per share.
Reverse stock split ratio		0.0833
Cost of product revenue			$ 14,574,000	$ 9,988,000	$ 37,408,000	$ 26,889,000
Research and development expense			6,622,000	4,304,000	17,782,000	12,488,000
Sales and marketing expense			5,584,000	3,772,000	15,902,000	10,151,000
General and administrative expense			3,356,000	1,938,000	8,214,000	5,089,000
Net income			808,000	$ 13,000	(1,776,000)	$ 82,000
Capitalized deferred offering costs	$ 3,400,000
Accounting Standards Update March 2016
Significant Accounting Policies [Line Items]
Adjustment to accumulated deficit								$ 215,000
Reclassifications
Significant Accounting Policies [Line Items]
Cost of product revenue			26,000		72,000
Research and development expense			115,000		324,000
Sales and marketing expense			48,000		134,000
General and administrative expense			(189,000)		(530,000)
Net income			$ 0		$ 0
IPO
Significant Accounting Policies [Line Items]
Initial public offering closing date					Jul. 26, 2016
Common stock, share offering price | $ / shares	$ 14
Common stock, shares issued | shares	720,000
Outstanding shares of redeemable convertible preferred stock converted into common stock | shares							8,522,837
Warrants automatically converted into common stock | shares							56,409
IPO | Common Stock
Significant Accounting Policies [Line Items]
Initial public offering of shares of common | shares	5,520,000
Aggregate net proceeds from issuance of stock	$ 68,500,000
Carrying value of redeemable convertible preferred stock							$ 104,200,000
IPO | Additional Paid-in Capital
Significant Accounting Policies [Line Items]
Carrying value of warrants							$ 2,300,000

Inventory - Schedule of Invento

Inventory - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 1,839	$ 852
Work-in-process	5,543	3,269
Finished goods	13,104	7,716
Total Inventory	$ 20,486	$ 11,837

Inventory - Additional Informat

Inventory - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2016USD ($)
Inventory Disclosure [Abstract]
Inventory purchase commitment, amount	$ 16.5

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares Underlying Options, Outstanding, Beginning balance	1,896
Number of Shares Underlying Options, Granted	582
Number of Shares Underlying Options, Exercised	(168)
Number of Shares Underlying Options, Forfeited or Cancelled	(73)
Number of Shares Underlying Options, Outstanding, Ending balance	2,237	1,896
Number of Shares Underlying Options, Vested and exercisable	1,022
Weighted-Average Exercise Price Per Share, Outstanding, Beginning balance	$ 3.72
Weighted-Average Exercise Price Per Share, Granted	19.62
Weighted-Average Exercise Price Per Share, Exercised	3.30
Weighted-Average Exercise Price Per Share, Forfeited or Cancelled	5.64
Weighted-Average Exercise Price Per Share, Outstanding, Ending balance	7.84	$ 3.72
Weighted-Average Exercise Price Per Share, Vested and exercisable	$ 2.48
Weighted-Average Remaining Contractual Life (Years), Outstanding	7 years 9 months 15 days	7 years 9 months 7 days
Weighted-Average Remaining Contractual Life (Years), Vested and exercisable	6 years 2 months 27 days
Total Intrinsic Value, Outstanding	$ 66,175	$ 8,666
Total Intrinsic Value, Vested and exercisable	$ 35,704

Stock-Based Compensation - Su26

Stock-Based Compensation - Summary of Unvested Shares of Common Stock Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares Underlying Options, Outstanding, Beginning balance | shares	136
Number of Shares Underlying Options, Issued | shares	58
Number of Shares Underlying Options, Vested | shares	(54)
Number of Shares Underlying Options, Outstanding, Ending balance | shares	140
Weighted-Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares	$ 1.76
Weighted-Average Exercise Price Per Share, Issued | $ / shares	5.33
Weighted-Average Exercise Price Per Share, Vested | $ / shares	1.70
Weighted-Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares	$ 3.26

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ in Millions	Sep. 30, 2016USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Unrecognized stock-based compensation cost	$ 7

Stock-Based Compensation - Su28

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 755	$ 285	$ 1,417	$ 885
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	28	5	39	26
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	282	57	416	241
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	343	190	754	507
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 102	$ 33	$ 208	$ 111

Net Income (Loss) Per Share A29

Net Income (Loss) Per Share Attributable to Common Stockholders - Reconciliation of the Numerator and Denominator used in Computing Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net income (loss)	$ 808	$ 13	$ (1,776)	$ 82
Less: Accretion of preferred stock	(608)	(2,826)	(6,258)	(8,476)
Net income (loss) attributable to common stockholders — basic and diluted	$ 200	$ (2,813)	$ (8,034)	$ (8,394)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Weighted-average common shares outstanding	15,460	4,065	8,117	3,997
Weighted-average unvested shares of common stock subject to repurchase	(142)	(161)	(126)	(184)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders — basic	15,318	3,904	7,991	3,813
Effects of potentially dilutive securities:
Weighted-average unvested shares of common stock subject to repurchase	141
Stock options	1,400
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders — diluted	16,859	3,904	7,991	3,813
Net income (loss) per share attributable to common stockholders:
Basic	$ 0.01	$ (0.72)	$ (1.01)	$ (2.20)
Diluted	$ 0.01	$ (0.72)	$ (1.01)	$ (2.20)

Net Income (Loss) Per Share A30

Net Income (Loss) Per Share Attributable to Common Stockholders - Computation of Diluted Net Income (Loss) Per Share Attributable to Common Stockholders Effect in Antidilutive (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		7,885		7,885
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		25		25
Redeemable Convertible Preferred Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		264		264
Unvested Shares of Common Stock Subject to Repurchase
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		154	141	154
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	35	2,158	2,272	2,158

Debt Facilities - Senior Credit

Debt Facilities - Senior Credit Facility - Additional Information (Details) - Silicon Valley Bank	9 Months Ended
	Sep. 30, 2016USD ($)
Term Borrowings
Line Of Credit Facility [Line Items]
Amount of outstanding borrowings	$ 10,500,000
Line of credit facility, interest rate description	Interest on term borrowings accrues at a floating rate equal to the lender’s prime rate plus 2.25% during a one year interest-only period and at a floating rate equal to the lender’s prime rate plus 1.75% after expiration of the interest-only period (5.75% at September 30, 2016).
Line of credit facility, month and year of first required payment	2017-09
Line of credit facility, frequency of payments	36 equal monthly installments
Term Borrowings | Term Loan Prepaid On or Prior To First Anniversary of May 2016 Amendment
Line Of Credit Facility [Line Items]
Prepayment fee	$ 210,000
Term Borrowings | Term Loan Prepaid After First Anniversary but On or Prior To Second Anniversary of May 2016 Amendment
Line Of Credit Facility [Line Items]
Prepayment fee	$ 105,000
Term Borrowings | Prime Rate
Line Of Credit Facility [Line Items]
Line of credit facility, basis spread on variable rate	5.75%
Term Borrowings | Prime Rate | One Year Interest Only Period
Line Of Credit Facility [Line Items]
Line of credit facility, basis spread on variable rate	2.25%
Term Borrowings | Prime Rate | After Expiration of Interest Only Period
Line Of Credit Facility [Line Items]
Line of credit facility, basis spread on variable rate	1.75%
Revolver Borrowings
Line Of Credit Facility [Line Items]
Amount of outstanding borrowings	$ 0
Line of credit facility, maximum borrowing capacity	$ 15,000,000
Line of credit facility, interest rate description	Interest on revolver borrowings is payable monthly and accrues at a floating rate equal to the lender’s prime rate plus 2.25% at all times when our cash held at the bank plus the amount available to borrow on the revolver is less than or equal to $8.5 million, and 1.75% when our cash held at the bank plus the amount available to borrow on the revolver is greater than $8.5 million for a period of at least 60 consecutive days (5.25% at September 30, 2016).
Line of credit facility, amount available to borrow	$ 8,500,000
Standby Letters of Credit
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	5,000,000
Equipment Term Loan Facility
Line Of Credit Facility [Line Items]
Amount of outstanding borrowings	1,100,000
Line of credit facility, maximum borrowing capacity	$ 2,000,000
Line of credit facility, interest rate description	Accrue interest at a floating rate equal to the lender's prime rate plus 1.75%
Line of credit facility, frequency of payments	36 equal monthly installments
Equipment Term Loan Facility | Equipment Loan Prepaid On or Prior To First Anniversary of Date Such Equipment Loan Was Borrowed
Line Of Credit Facility [Line Items]
Percentage of prepayment fee	2.00%
Equipment Term Loan Facility | Equipment Loan Prepaid After First Anniversary of Date Such Equipment Loan Was Borrowed
Line Of Credit Facility [Line Items]
Percentage of prepayment fee	1.00%
Senior Credit Facility
Line Of Credit Facility [Line Items]
Term borrowings, extended maturity date	2017-12
Term loan, revolver and equipment loan borrowings outstanding, excluding unamortized debt issuance costs	$ 11,600,000
Unamortized debt issuance costs	$ 172,000
Credit facility, weighted average interest rate	5.70%
Senior Credit Facility | Term Borrowings
Line Of Credit Facility [Line Items]
Line of credit facility, maturity date	2020-05
Senior Credit Facility | Revolver Borrowings
Line Of Credit Facility [Line Items]
Line of credit facility, basis spread on variable rate	5.25%
Senior Credit Facility | Revolver Borrowings | Cash Held At Bank Plus Amount Available To Borrow on Revolver Is Less Than or Equal To $8.5 Million
Line Of Credit Facility [Line Items]
Line of credit facility, basis spread on variable rate	2.25%
Senior Credit Facility | Revolver Borrowings | Cash Held At Bank plus Amount Available To Borrow on Revolver Is Greater Than $8.5 Million
Line Of Credit Facility [Line Items]
Line of credit facility, basis spread on variable rate	1.75%
Senior Credit Facility | Equipment Term Loan Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maturity date	2020-05
Senior Credit Facility | Equipment Term Loan Facility | Prime Rate
Line Of Credit Facility [Line Items]
Line of credit facility, basis spread on variable rate	1.75%

Debt Facilities - Scheduled Pri

Debt Facilities - Scheduled Principal Maturities of Debt (Details) - Senior Credit Facility - Silicon Valley Bank $ in Thousands	Sep. 30, 2016USD ($)
Line Of Credit Facility [Line Items]
2,016	$ 90
2,017	2,402
2,018	3,861
2,019	3,770
2,020	1,459
Long Term Debt	$ 11,582

Debt Facilities - Mezzanine Cre

Debt Facilities - Mezzanine Credit Facility - Additional Information (Details) - Mezzanine Credit Facility - SG Enterprises II, LLC - Term Loan - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 5,000,000
Line of credit facility, interest rate description	Interest on the term loan accrued at a fixed per-year rate equal to 18.0% and was payable monthly.
Line of credit facility, fixed interest rate	18.00%
Unamortized debt discounts and issuance costs	$ 109,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Assets measured at fair value		$ 0
Liabilities measured at fair value	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value		$ 0
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 35,883
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	14,063
Cash Equivalents | Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	35,883
Short-term Investments | Level 2 | U.S. Government Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	5,006
Short-term Investments | Level 2 | Corporate Notes and Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 9,057

Fair Value Measurements - Sum36

Fair Value Measurements - Summary of Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities measured at fair value	$ 0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities measured at fair value		$ 2,865
Convertible Preferred Stock Warrants | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities measured at fair value		$ 2,865

Fair Value Measurements - Roll-

Fair Value Measurements - Roll-Forward of Fair Value of Preferred Stock Warrant Liabilities Categorized as Level 3 (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Remeasurement of convertible preferred stock warrants	$ 559	$ (177)
Convertible Preferred Stock Warrants
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	2,865
Remeasurement of convertible preferred stock warrants	(559)
Exercise of preferred stock warrants	$ (2,306)

Cash, Cash Equivalents and In38

Cash, Cash Equivalents and Investments - Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Market Value of Cash and Cash Equivalents and Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule Of Cash Cash Equivalents And Investments [Line Items]
Amortized Cost	$ 62,002	$ 10,121
Gross Unrealized Gains	3
Gross Unrealized Losses	(7)
Fair Value	61,998	10,121
Cash
Schedule Of Cash Cash Equivalents And Investments [Line Items]
Amortized Cost	12,052	10,121
Fair Value	12,052	$ 10,121
Cash Equivalents | Money Market Funds
Schedule Of Cash Cash Equivalents And Investments [Line Items]
Amortized Cost	35,883
Fair Value	35,883
Short-term Investments | U.S. Government Agency Securities
Schedule Of Cash Cash Equivalents And Investments [Line Items]
Amortized Cost	5,005
Gross Unrealized Gains	1
Fair Value	5,006
Short-term Investments | Corporate Notes and Bonds
Schedule Of Cash Cash Equivalents And Investments [Line Items]
Amortized Cost	9,062
Gross Unrealized Gains	2
Gross Unrealized Losses	(7)
Fair Value	$ 9,057

Restatement of Unaudited Inte39

Restatement of Unaudited Interim Consolidated Financial Statements - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net cash provided by (used in) operating activities	$ (9,499)	$ 500
Net cash used in investing activities	$ (16,443)	(6,953)
Scenario Previously Reported
Error Corrections And Prior Period Adjustments Restatement [Line Items]
Net cash provided by (used in) operating activities		(3,800)
Net cash used in investing activities		$ (2,600)