Impinj (PI) 10-Q 27 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 15, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	IMPINJ, INC.
Entity Central Index Key	0001114995
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Incorporation, State or Country Code	DE
Entity Common Stock, Shares Outstanding		24,430,926
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Transition Report	false
Document Quarterly Report	true
Trading Symbol	PI
Entity Address, State or Province	WA
Entity File Number	001-37824
Entity Tax Identification Number	91-2041398
Entity Address, Address Line One	400 Fairview Avenue North
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Seattle
Entity Address, Postal Zip Code	98109
City Area Code	206
Local Phone Number	517-5300
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 65,190	$ 23,636
Short-term investments	48,153	82,453
Accounts receivable, net	27,045	25,003
Inventory, net	18,434	36,329
Prepaid expenses and other current assets	4,238	3,943
Total current assets	163,060	171,364
Property and equipment, net	28,638	16,531
Operating lease right-of-use assets	12,241	13,761
Other non-current assets	2,573	2,079
Goodwill	3,881	3,881
Total assets	210,393	207,616
Current liabilities:
Accounts payable	8,439	10,144
Accrued compensation and employee related benefits	6,283	5,529
Accrued and other current liabilities	3,634	1,468
Current portion of operating lease liabilities	3,990	3,641
Current portion of long-term debt	84,140
Current portion of deferred revenue	729	6,811
Total current liabilities	107,215	27,593
Long-term debt, net of current portion		54,556
Operating lease liabilities, net of current portion	12,843	15,266
Other long-term liabilities	804	805
Deferred revenue, net of current portion	253	277
Total liabilities	121,115	98,497
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.001 par value — 5,000 shares authorized, no shares issued and outstanding at September 30, 2021 and December 31, 2020
Common stock, $0.001 par value — 495,000 shares authorized, 24,409 and 23,350 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	24	23
Additional paid-in capital	431,727	423,759
Accumulated other comprehensive income	(3)	3
Accumulated deficit	(342,470)	(314,666)
Total stockholders' equity	89,278	109,119
Total liabilities and stockholders' equity	$ 210,393	$ 207,616

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	495,000,000	495,000,000
Common stock, shares issued	24,409,000	23,350,000
Common stock, shares outstanding	24,409,000	23,350,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 45,193	$ 28,196	$ 137,709	$ 102,475
Cost of revenue	22,180	14,824	67,938	54,749
Gross profit	23,013	13,372	69,771	47,726
Operating expenses:
Research and development	16,789	11,901	46,480	33,619
Sales and marketing	8,736	6,964	24,577	20,577
General and administrative	9,860	7,527	27,012	26,215
Restructuring costs			1,263
Total operating expenses	35,385	26,392	99,332	80,411
Loss from operations	(12,372)	(13,020)	(29,561)	(32,685)
Other income, net	2	49	21	584
Interest expense	(526)	(1,360)	(1,576)	(4,021)
Loss before income taxes	(12,896)	(14,331)	(31,116)	(36,122)
Income tax expense	(28)	(15)	(130)	(84)
Net loss	$ (12,924)	$ (14,346)	$ (31,246)	$ (36,206)
Net loss per share — basic and diluted	$ (0.53)	$ (0.63)	$ (1.30)	$ (1.60)
Weighted-average shares outstanding — basic and diluted	24,330	22,931	24,040	22,686

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (12,924)	$ (14,346)	$ (31,246)	$ (36,206)
Other comprehensive loss, net of tax:
Unrealized loss on investments	(7)	(46)	(6)	(22)
Total other comprehensive loss	(7)	(46)	(6)	(22)
Comprehensive loss	$ (12,931)	$ (14,392)	$ (31,252)	$ (36,228)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss	$ (31,246)	$ (36,206)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	3,171	3,402
Stock-based compensation	28,951	15,501
Accretion of discount or amortization of premium on short-term investments	694	85
Amortization of debt issuance costs and debt discount	283	2,719
Changes in operating assets and liabilities:
Accounts receivable	(2,042)	6,005
Inventory	17,895	(3,829)
Prepaid expenses and other assets	(758)	(1,637)
Deferred revenue	(6,106)	449
Accounts payable	(1,831)	2,608
Accrued compensation and employee related benefits	754	(1,797)
Operating lease right-of-use assets	2,218	2,029
Operating lease liabilities	(2,772)	(2,509)
Accrued and other liabilities	1,196	(372)
Net cash provided by (used in) operating activities	10,407	(13,552)
Investing activities:
Purchases of investments	(36,431)	(57,298)
Proceeds from maturities of investments	70,000	41,675
Purchases of property and equipment	(14,181)	(2,336)
Net cash provided by (used in) investing activities	19,388	(17,959)
Financing activities:
Principal payments on finance lease obligations	(2)	(240)
Proceeds from exercise of stock options and employee stock purchase plan	11,761	4,916
Net cash provided by financing activities	11,759	4,676
Net increase (decrease) in cash and cash equivalents	41,554	(26,835)
Cash and cash equivalents
Beginning of period	23,636	66,898
End of period	65,190	40,063
Supplemental disclosure of cashflow information:
Cash paid for interest	863	858
Purchases of property and equipment not yet paid	$ 2,173	$ 544

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative-effect Adjustment from Adoption of ASU 2020-06	Common Stock	Additional Paid-In-Capital	Additional Paid-In-CapitalCumulative-effect Adjustment from Adoption of ASU 2020-06	Accumulated Deficit	Accumulated DeficitCumulative-effect Adjustment from Adoption of ASU 2020-06	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2019	$ 125,239		$ 22	$ 387,926		$ (262,743)		$ 34
Beginning balance, shares at Dec. 31, 2019			22,217
Issuance of common stock	2,014		$ 1	2,013
Issuance of common stock, shares			460
Stock-based compensation	5,221			5,221
Net loss	(4,326)					(4,326)
Other comprehensive income	71							71
Ending balance at Mar. 31, 2020	128,219		$ 23	395,160		(267,069)		105
Ending balance, shares at Mar. 31, 2020			22,677
Beginning balance at Dec. 31, 2019	125,239		$ 22	387,926		(262,743)		34
Beginning balance, shares at Dec. 31, 2019			22,217
Net loss	(36,206)
Other comprehensive income	(22)
Ending balance at Sep. 30, 2020	109,428		$ 23	408,342		(298,949)		12
Ending balance, shares at Sep. 30, 2020			23,001
Beginning balance at Mar. 31, 2020	128,219		$ 23	395,160		(267,069)		105
Beginning balance, shares at Mar. 31, 2020			22,677
Issuance of common stock	1,015			1,015
Issuance of common stock, shares			109
Stock-based compensation	4,597			4,597
Net loss	(17,534)					(17,534)
Other comprehensive income	(47)							(47)
Ending balance at Jun. 30, 2020	116,250		$ 23	400,772		(284,603)		58
Ending balance, shares at Jun. 30, 2020			22,786
Issuance of common stock	1,887			1,887
Issuance of common stock, shares			215
Stock-based compensation	5,683			5,683
Net loss	(14,346)					(14,346)
Other comprehensive income	(46)							(46)
Ending balance at Sep. 30, 2020	109,428		$ 23	408,342		(298,949)		12
Ending balance, shares at Sep. 30, 2020			23,001
Beginning balance at Dec. 31, 2020	109,119	$ (29,301)	$ 23	423,759	$ (32,743)	(314,666)	$ 3,442	3
Beginning balance, shares at Dec. 31, 2020			23,350
Issuance of common stock	8,524		$ 1	8,523
Issuance of common stock, shares			702
Stock-based compensation	7,449			7,449
Net loss	(9,416)					(9,416)
Ending balance at Mar. 31, 2021	86,375		$ 24	406,988		(320,640)		3
Ending balance, shares at Mar. 31, 2021			24,052
Beginning balance at Dec. 31, 2020	109,119	$ (29,301)	$ 23	423,759	$ (32,743)	(314,666)	$ 3,442	3
Beginning balance, shares at Dec. 31, 2020			23,350
Net loss	(31,246)
Other comprehensive income	(6)
Ending balance at Sep. 30, 2021	89,278		$ 24	431,727		(342,470)		(3)
Ending balance, shares at Sep. 30, 2021			24,409
Beginning balance at Mar. 31, 2021	86,375		$ 24	406,988		(320,640)		3
Beginning balance, shares at Mar. 31, 2021			24,052
Issuance of common stock	719			719
Issuance of common stock, shares			202
Stock-based compensation	10,582			10,582
Net loss	(8,906)					(8,906)
Other comprehensive income	1							1
Ending balance at Jun. 30, 2021	88,771		$ 24	418,289		(329,546)		4
Ending balance, shares at Jun. 30, 2021			24,254
Issuance of common stock	2,518			2,518
Issuance of common stock, shares			155
Stock-based compensation	10,920			10,920
Net loss	(12,924)					(12,924)
Other comprehensive income	(7)							(7)
Ending balance at Sep. 30, 2021	$ 89,278		$ 24	$ 431,727		$ (342,470)		$ (3)
Ending balance, shares at Sep. 30, 2021			24,409

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include Impinj, Inc. and its wholly owned subsidiaries. We have eliminated intercompany balances and transactions in consolidation. We have prepared these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or 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 consolidated financial statements and accompanying notes as of and for the year ended December 31, 2020 included in Impinj, Inc.’s Annual Report on Form 10-K, which was filed with the SEC on February 17, 2021. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited consolidated 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, results of operations, and our cash flows for the periods presented. Interim results are not necessarily indicative of the results for a full year or for any other future period. Use of Estimates Preparing financial statements in conformity with GAAP requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures as of 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, sales incentives, estimates to complete development contracts, deferred revenue, inventory excess and obsolescence, income taxes, determination of the fair value of stock awards and 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. Covid-19 has introduced significant additional uncertainty with respect to estimates, judgments and assumptions about current and forecasted demand, which may materially impact the estimates previously listed, among others. Recently Adopted Accounting Standards In August 2020, the FASB issued guidance on debt with conversion and other options, or ASU 2020-06. This guidance eliminates the beneficial- and cash-conversion accounting models for convertible instruments and amends the derivative scope exception for contracts in an entity’s own equity. Additionally, this guidance requires the application of the “if-converted” method to calculate the impact of convertible instruments on diluted earnings per share. We adopted ASU 2020-06 on January 1, 2021 using the modified retrospective transition method and accounted for our convertible notes due 2026, or the 2019 Notes, on a whole-instrument basis. Upon adoption, we recorded a $29.3 million increase to long-term debt, a $32.7 million decrease to additional paid-in capital and a $3.4 million decrease to accumulated deficit on January 1, 2021. Interest expense decreased for the three and nine months ended September 30, 2021 compared with the three and nine months ended September 30, 2020, respectively, as we no longer separate an equity component of the 2019 Notes and incurred amortization of debt discount. We had no changes to net deferred tax liabilities with a decrease in deferred tax liability offset by a corresponding increase in valuation allowance upon adoption. We use the “if-converted” method to calculate the impact of convertible instruments on diluted earnings per share for the three and nine months ended September 30, 2021, upon adoption of this guidance. The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2021, are presented under ASU 2020-06, while comparative prior reporting periods presented are not adjusted and continue to be reported in accordance with our historical accounting policy. Recently Issued Accounting Standards Not Yet Adopted Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not have, or are not expected to have, a material impact on our present or future consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 2. 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. We applied the following methods and assumptions in estimating our fair value measurements: Cash Equivalents — Cash equivalents consist of highly liquid investments, including money market funds with original maturities of less than three months at the acquisition date. We record the fair value measurement of these assets based on quoted market prices in active markets. Investments — Our investments consist of fixed income securities, which typically include U.S. government agency securities, treasury bills, commercial paper, money market funds, corporate notes and bonds and asset-backed securities. 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 — See Note 6 for the carrying amount and estimated fair value of our convertible senior notes due 2026. The following table presents the balances of assets measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 51,851 $ — $ 51,851 $ 12,425 $ — $ 12,425 Total cash equivalents 51,851 — 51,851 12,425 — 12,425 Short-term investments: U.S. government agency securities — 5,017 5,017 — 20,293 20,293 Corporate notes and bonds — 14,172 14,172 — 13,185 13,185 Commercial paper — 16,482 16,482 — 23,983 23,983 Treasury bill — 5,000 5,000 — 24,992 24,992 Asset-backed securities — 7,482 7,482 — — — Total short-term investments — 48,153 48,153 — 82,453 82,453 Total $ 51,851 $ 48,153 $ 100,004 $ 12,425 $ 82,453 $ 94,878 We did not have any Level 3 assets or did not measure any liabilities at fair value as of September 30, 2021 or December 31, 2020. The gross unrealized gains or losses on cash equivalents and short-term investments as of September 30, 2021 or December 31, 2020 were not material.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventory	N ote 3. Inventory The following table presents the detail of inventories as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Raw materials $ 5,047 $ 5,275 Work-in-process 7,223 9,815 Finished goods 6,164 21,239 Total inventory $ 18,434 $ 36,329 For the three and nine months ended September 30, 2021, . These sales occurred primarily in the first and third quarters and were primarily endpoint integrated circuits (“ IC s ”) included in the excess and obsolescence charge noted below and , to a lesser extent , readers . For the nine months ended September 30, 2020, we recorded inventory excess and obsolescence charges which had an unfavorable net gross margin impact of 3.2 %. Inventory excess and obsolescence charges to gross margin were no t material for the three months ended September 30, 2020.

Stock-Based Awards

Stock-Based Awards	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Awards	Note 4. Stock-Based Awards Stock Options The following table summarizes stock option activity for the nine months ended September 30, 2021 (in thousands): Number of Underlying Shares Outstanding at December 31, 2020 3,061 Granted 10 Exercised (453 ) Forfeited or expired (57 ) Outstanding at September 30, 2021 2,561 Vested and exercisable at September 30, 2021 1,676 Restricted Stock Units We grant (i) RSUs with a service condition, (ii) RSUs with performance and service conditions (“PSUs”), and (iii) RSUs with market and service conditions (“MSUs”) as further explained below. The number of annual PSUs that ultimately vest depends on us attaining financial metrics for the fiscal year as well as on the employee’s continued employment through the vesting date. The compensation committee and board of directors typically certify PSU attainment in the first quarter of each year. On April 12, 2021 and May 20, 2021, we granted a total of 83,750 shares of MSUs, to certain executives. The MSUs are eligible to vest based on our total stockholder return (“TSR”) relative to the TSR of the constituents comprising the S&P Semiconductor Select Industry Index over two measurement periods. Half of the MSUs are eligible to vest based on our relative TSR during the period from January 1, 2021 through December 31, 2022, and half of the MSUs are eligible to vest based on our relative TSR during the period from January 1, 2021 through December 31, 2023. We use a Monte Carlo simulation in estimating the fair value at grant date and recognize compensation cost over the implied service period. The aggregate grant-date fair value of these shares was estimated to be $6.4 million using the Monte Carlo simulation valuation method. The following table summarizes activity for RSUs, PSUs, and MSUs, for the nine months ended September 30, 2021 (in thousands): Number of Underlying Shares RSUs MSUs PSUs Outstanding at December 31, 2020 836 — 251 Granted 654 84 265 Vested (264 ) — (241 ) Forfeited (34 ) — (13 ) Outstanding at September 30, 2021 1,192 84 262 We recorded $716,000 and $1.3 million of stock-based compensation expense related to the MSUs for the three and nine months ended September 30, 2021. Stock-Based Compensation Expense The following table presents stock-based compensation expense included in our condensed consolidated statements of operations for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue $ 506 $ 212 $ 1,266 $ 595 Research and development expense 4,610 2,088 12,288 5,749 Sales and marketing expense 2,617 1,451 6,739 4,023 General and administrative expense 3,187 1,932 8,658 5,134 Total stock-based compensation expense $ 10,920 $ 5,683 $ 28,951 $ 15,501

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5. Commitments and Contingencies For information on our commitments and contingencies, see Part II, Item 8 (Financial Statements and Supplementary Data, Note 11. Commitments and Contingencies) of our Annual Report on Form 10-K for the year ended December 31, 2020. There have been no material changes to our commitments and contingencies, outside of the ordinary course of our business, as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020, except for “Obligations with Third-Parties” and “Litigation” as discussed below. Obligations with Third Parties We have certain non-cancelable obligations, which include obligations with third-party manufacturers who manufacture our products. We are committed to purchase $28.9 million of inventory as of September 30, 2021. Litigation From time to time, we are subject to various legal proceedings or claims that arise in the ordinary course of business. We accrue a liability when management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. As of September 30, 2021 and December 31, 2020, we did not have accrued contingency liabilities. The following is a description of our significant legal proceedings. Although we believe that resolving these claims, individually or in aggregate, will not have a material adverse impact on our financial statements, these matters are subject to inherent uncertainties. Shareholder Derivative Actions On October 26, 2018, two shareholder derivative actions were filed in the U.S. District Court for the District of Delaware against our chief executive officer, former chief operating officer, former chief financial officer and certain of our directors. We were a nominal defendant. On November 8, 2018, a third shareholder derivative action was filed in this same court against the same defendants. Captioned Weiss v. Diorio, et al Fotouhi v. Diorio, et al and De la Fuente v. Diorio, et al. On July 10, 2020, following a private settlement mediation, the parties in this action executed a stipulation of settlement to settle and resolve the claims asserted in this consolidated derivative action. The settlement required us to implement certain corporate governance changes and the payment of up to $900,000 to plaintiffs’ counsel for attorneys’ fees and expenses. Our insurers have agreed to contribute up to $900,000 to plaintiffs’ counsel for attorneys’ fees and expenses. The proposed settlement is subject to preliminary and, following notice to shareholders, final approval by the U.S. District Court for the District of Delaware. On August 5, 2020, at the court’s request, the parties filed supplemental briefing in respect of their joint motion for preliminary approval of the settlement. On February 26, 2021, the court entered an order preliminarily approving the settlement. On May 11, 2021, the court held a final approval hearing. The court has not yet entered a final order with respect to the proposed settlement. Patent Infringement Claims and Counterclaims Impinj Patent Infringement Claims Against NXP in California On June 6, 2019, we filed a patent infringement lawsuit against NXP USA, Inc., a Delaware corporation and subsidiary of NXP Semiconductors N.V., or NXP, in the U.S. District Court for the Northern District of California, or the Court. The original complaint alleged that certain NXP integrated circuit products infringe 26 of our U.S. patents. At the order of the Court, we filed an amended complaint limited to eight of the original 26 patents. We subsequently elected to go forward with asserting infringement of six of those eight patents. We are seeking, among other things, past damages, including lost profits, but no less than a reasonable royalty; enhanced damages for willful infringement; and reasonable attorneys’ fees and costs for infringement of the asserted patents. We are also seeking an injunction against NXP making, selling, using, offering for sale or importing the RAIN RFID endpoint IC product NXP introduced in 2017. Defendants responded to our complaint on September 30, 2019 citing numerous defenses including denying infringement, claiming our asserted patents are invalid, and that the infringed patents were licensed on a royalty-free basis under Impinj’s commitments to GS1 EPCglobal. In February 2020, NXP filed inter partes On September 24, 2020, the Court lifted the stay on two of the four patents in suit, and on July 23, 2021, the Court held a claim construction hearing for eight disputed claim terms in those two patents. On September 16, 2021, the Court issued an order rejecting all of NXP’s positions and adopting most of Impinj’s positions relating to those disputed claim terms. On August 26, 2021, Impinj moved to add NXP’s latest family of integrated circuit products, UCODE9, to the suit. After initially objecting to the motion, NXP later dropped its opposition and the Court entered an order adding UCODE9 to Impinj’s patent infringement lawsuit. On September 3, 2021, the Court lifted the stay on the other two of the four patents in suit and scheduled a claim construction hearing for those two patents on March 4, 2022. As of now, no trial date has been set for this case. NXP Patent Infringement Claims Against Impinj in Washington On October 4, 2019, NXP USA, Inc. and NXP, filed a patent infringement lawsuit against us in the U.S. District Court for the District of Delaware. The complaint alleges that certain of our products infringe eight U.S. patents owned by NXP or NXP USA, Inc. The plaintiffs are seeking, among other things, past damages adequate to compensate them for our alleged infringement of each of the patents-in-suit, and reasonable attorneys’ fees and costs. They are also seeking an injunction against us, enjoining continuing acts of infringement of the patents-in-suit. We have denied that we are infringing any of the patents, and we have asserted that we are licensed under four of them and that all eight are invalid. On September 23, 2020, the District of Delaware granted Impinj’s motion to transfer the case to the U.S. District Court for the Western District of Washington in Seattle. On December 11, 2020, we also moved to stay the case with respect to six of the eight patents in suit pending final resolution of petitions that we filed for IPR review by the PTAB. On February 12, 2021, the Court granted our motion to stay the case as to these six patents. The PTAB instituted IPRs on two of the six challenged patents but denied them on the other four. The Court subsequently removed the stay on the four against which IPRs were not instituted. On March 9, 2021, we moved for summary judgment of noninfringement on the four patents to which we assert a license, including the two patents that were not subject to a stay. That motion was fully briefed and is pending. On July 28, 2021, the Court deferred ruling on our motion for summary judgment pending further discovery. On September 17, 2021, the Court struck all scheduled dates for the case pending reassignment to a new judge. The Court has not yet re-assigned the case or set a new schedule. Impinj Patent Infringement Claims Against NXP in Texas On May 25, 2021, we filed a new patent infringement lawsuit against NXP in the United States District Court for the Western District of Texas (Waco), asserting that NXP has infringed nine of our patents, including seven that were originally asserted in the Northern California case. We are seeking among other things, past damages, including lost profits, but no less than a reasonable royalty; enhanced damages for willful infringement; and reasonable attorney’s fees and costs for infringement of the asserted patents. We are also seeking an injunction against NXP making, selling, using, offering for sale or importing its UCODE 7, 8, and 9 endpoint ICs. On July 26, 2021, NXP filed an answer to our complaint and counterclaimed that we infringe nine patents, one of which NXP owns and eight of which NXP recently exclusively licensed from a third party. A claim construction hearing has been tentatively scheduled for January 31, 2022, with general fact discovery to open on February 1, 2022. A dispositive motion deadline has been tentatively scheduled for November 15, 2022, with a trial date of February 21, 2023. NXP Patent Infringement Claims Against Impinj in China On December 7, 2020, Impinj Radio Frequency Technology (Shanghai) Co., Ltd., or Impinj Shanghai, was served with patent infringement lawsuits filed in the Intellectual Property Court in Shanghai, China, or Shanghai Intellectual Property Court, in which NXP asserts that certain of our products infringe three Chinese patents owned by NXP, which closely correspond to three of the eight U.S. patents NXP has already asserted in U.S. District Court described above. The plaintiffs are seeking, among other things, past damages, and reasonable attorneys’ fees and costs. They are also seeking an injunction against us, enjoining continuing acts of infringement of the patents-in-suit. Impinj Shanghai objected to the jurisdiction of the Shanghai Intellectual Property Court and filed a motion to stay the proceedings. The jurisdictional challenge was rejected by the Shanghai court in March 2021; a subsequent appeal filed by Impinj Shanghai was denied before the IP Tribunal of the Supreme People’s Court in third-quarter 2021. Impinj, Inc. was formally served in July 2021, officially adding Impinj, Inc. to the suit. Impinj Shanghai also filed invalidity requests against all three Chinese patents before the China National Intellectual Property Administration, or CNIPA. In July 2021, the CNIPA issued decisions upholding the validity of the three Chinese patents. In October 2021, Impinj Shanghai has filed for review of all of the CNIPA decisions by the Beijing Intellectual Property Court. The Court has set a trial date of May 22, 2022 for all three patents.

Debt Facilities

Debt Facilities	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt Facilities	Note 6. Debt Facilities Convertible Senior Notes In December 2019, we issued convertible senior notes due 2026, or the 2019 Notes, in an aggregate principal amount of $86.3 million. The 2019 Notes are our senior unsecured obligations and are governed by the indenture for the 2019 Notes. The 2019 Notes accrue interest at a fixed rate of 2.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning June 15, 2020. Upon conversion, the 2019 Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election. The 2019 Notes will mature on December 15, 2026, unless earlier repurchased, redeemed, or converted in accordance with the terms of the indenture. Our net proceeds from issuing the 2019 Notes were approximately $83.5 million after deducting fees and expenses. We used a portion of the proceeds to pay the cost of the capped-call transactions described below and repay our prior senior credit facility. The 2019 Notes are convertible at an initial conversion rate of 28.9415 shares of our common stock per $1,000 principal amount of the 2019 Notes, which is equal to an initial conversion price of approximately $34.55 per share of our common stock, subject to adjustment under certain circumstances in accordance with the indenture. Prior to the close of business on the business day immediately preceding September 15, 2026, holders of the 2019 Notes may convert all or a portion of their 2019 Notes under the following circumstances: • during any fiscal quarter commencing after the fiscal quarter ended March 31, 2020 (and only during such fiscal quarter), if the last reported sale price of our common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day • during the five-business day period after any five consecutive trading-day period in which the trading price per $1,000 principal amount of the 2019 Notes for each trading day was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day • prior to the close of business on the second scheduled trading day immediately preceding the redemption date if we call the 2019 Notes for redemption; or • upon the occurrence of specified corporate events, as described in the indenture. On or after September 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of the 2019 Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. We may redeem the 2019 Notes for cash, at our option, on or after December 20, 2023, if the last reported sale price of our common stock has been at least 130% of the conversion price at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period at a redemption price equal to 100% of the principal amount of the 2019 Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. Holders of the 2019 Notes who convert their 2019 Notes in connection with certain corporate events that constitute a make-whole fundamental change (as defined in the indenture) are, under certain circumstances, entitled to an increase in the conversion rate. Additionally, in the event of a corporate event constituting a fundamental change (as defined in the indenture), holders of the 2019 Notes may require us to repurchase all or a portion of their 2019 Notes at a repurchase price equal to 100% of the principal amount of the 2019 Notes being repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date. The last reported sale price of our common stock exceeded 130% of the conversion price of the 2019 Notes for more than 20 trading days during the 30 consecutive trading days ended September 30, 2021 57.13 We incurred $2.8 million in issuance costs for the 2019 Notes which is amortized to interest expense over the respective term of the 2019 Notes using the effective interest rate method. The effective interest rate on the 2019 Notes is 2.50%. As of September 30, 2021 The following table presents the interest expense related to the 2019 Notes for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Amortization of debt discount (1) $ — $ 897 $ — $ 2,637 Amortization of debt issuance costs 95 30 282 83 Cash interest expense 431 433 1,294 1,301 Total interest expense $ 526 $ 1,360 $ 1,576 $ 4,021 (1) We adopted ASU 2020-06 on January 1, 2021 using modified retrospective transition method and accounted for the 2019 Notes on a whole-instrument basis. Accordingly, we no longer incurred amortization of debt discount related to the 2019 Notes for the three and nine months ended September 30, 2021. For further information on adoption of ASU 2020-06, please refer to Note 1. Our estimated fair value of the 2019 Notes was $158.3 million and $118.7 million as of September 30, 2021 December 31, 2020 The following table presents the outstanding principal amount and carrying value of the 2019 Notes as of the date presented (in thousands): September 30, 2021 December 31, 2020 Outstanding principal amount $ 86,250 $ 86,250 Unamortized debt discount and debt issuance costs (1) (2,110 ) (31,694 ) Carrying value $ 84,140 $ 54,556 (1) We adopted ASU 2020-06 on January 1, 2021 using modified retrospective transition method and accounted for the 2019 Notes on a whole-instrument basis. Accordingly, we no longer had unamortized debt discount related to the equity component of the 2019 Notes as of September 30, 2021. For further information on adoption of ASU 2020-06, please refer to Note 1. In connection with the issuance of the 2019 Notes, we entered into privately negotiated capped-call transactions with certain financial counterparties. The capped-call transactions are generally designed to reduce the potential dilution to our common stock upon any conversion or settlement of the 2019 Notes, or to offset any cash payments we are required to make in excess of the principal amount upon conversion of the 2019 Notes, as the case may be, with such reduction or offset subject to a cap based on the cap price. If, however, the market price per share of our common stock exceeds the cap price of the capped-call transactions then our stock would experience some dilution and/or the capped call would not fully offset the potential cash payments, in each case, to the extent the then-market price per share of our common stock exceeds the cap price. The initial cap price of the capped-call transactions is $54.20 per share, which represents a 100% premium over the last reported sale price of our common stock of $27.10 per share on December 11, 2019 subject to certain adjustments under the terms of the capped-call transactions. The capped-call transactions expire over 40 consecutive scheduled trading days ending on December 11, 2026. The capped-call transactions meet the criteria for classification in equity, are not accounted for as derivatives, and are not remeasured each reporting period. We paid $ capped-call transactions recorded as a reduction to additional paid-in-capital within shareholders’ equity.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Note 7. Leases The following table presents the components of lease expense Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease costs (a) Single lease costs $ 1,038 $ 1,043 $ 3,114 $ 3,089 Variable lease costs 469 428 1,436 1,311 Sublease income (b) (475 ) (475 ) (1,425 ) (1,425 ) Total operating lease costs $ 1,032 $ 996 $ 3,125 $ 2,975 (a) Includes short-term lease costs, which are immaterial. (b) Sublease income is related to unused office space that we sublet as part of the restructuring in fiscal 2018 where we continue to have the primary obligations. The following table presents supplemental cash-flow information related to operating leases for the periods presented (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used $ 3,668 $ 3,561 Lease liabilities arising from remeasurement of right-of-use assets Operating leases $ 698 $ — The following table presents weighted-average remaining lease term and weighted-average discount rate related to operating leases as of the dates presented: September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years) 4.6 5.3 Weighted-average discount rate 6.7 % 6.9 % The following table presents future lease payments under operating leases as of September 30, 2021 (in thousands): Operating Leases Lease Payments Sublease Income Net 2021 $ 1,231 $ (359 ) $ 872 2022 5,018 (1,457 ) 3,561 2023 3,573 (123 ) 3,450 2024 3,289 — 3,289 2025 3,315 — 3,315 Thereafter 3,415 — 3,415 Total lease payments $ 19,841 $ (1,939 ) $ 17,902 Less: Imputed interest (3,008 ) Present value of lease liabilities 16,833 Less: Current portion of lease liabilities 3,990 Lease liabilities, net of current portion $ 12,843

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	Note 8. Net Loss Per Share We used the treasury stock method for calculating any potential dilutive effect of the conversion of the 2019 Notes on diluted net loss per share for the three and nine months ended September 30, 2020. Upon us adopting ASU 2020-06 using the modified retrospective transition method on January 1, 2021, we applied the “if-converted” method for calculating any potential dilutive effect of the conversion of the 2019 Notes on diluted net loss per share for the three and nine months ended September 30, 2021. The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss per share for the periods presented (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ (12,924 ) $ (14,346 ) $ (31,246 ) $ (36,206 ) Denominator: Weighted-average shares outstanding — basic and diluted 24,330 22,931 24,040 22,686 Net loss per share — basic and diluted $ (0.53 ) $ (0.63 ) $ (1.30 ) $ (1.60 ) The following table presents the outstanding shares of our common stock equivalents and the potential dilutive effect of the conversion of the 2019 Notes excluded from the computation of diluted net loss per share as of the dates presented because their effect would have been antidilutive (in thousands): Three and Nine Months Ended September 30, 2021 2020 Stock options 2,561 3,419 RSUs, MSUs, and PSUs 1,538 1,127 Employee stock purchase plan shares 42 72 2019 Notes 2,496 —

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	Note 9. Segment Information We have one reportable operating segment, which is the development and sale of our RAIN RFID products and services. We identify this one reportable segment based on how our chief operating decision-maker manages our business, makes decisions and evaluates our operating performance. Our chief executive officer is the chief operating decision-maker and reviews financial and operational information on an entity-wide basis as one business activity. We do not have segment managers who are separately accountable for operations, operating results or plans. Accordingly, we determined that we have a single reportable operating segment. The chief executive officer reviews information about our revenue categories, which are endpoint ICs and systems. We define systems as reader ICs, readers, gateways and software. The following table presents our revenue categories for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Endpoint ICs $ 31,960 $ 21,586 $ 100,826 $ 73,806 Systems 13,233 6,610 36,883 28,669 Total revenue $ 45,193 $ 28,196 $ 137,709 $ 102,475

Deferred Revenue

Deferred Revenue	9 Months Ended
	Sep. 30, 2021
Deferred Revenue Disclosure [Abstract]
Deferred Revenue	N ote 10. Deferred Revenue Deferred revenue, comprising individually immaterial amounts for extended warranty, enhanced maintenance and advance payments on non-recurring engineering services contracts, represents contracted revenue that has not yet been recognized. Deferred revenue as of December 31, 2020, included a $6.0 million advance payment for a system order, which we recognized as revenue for the nine months ended September 30, 2021. The following table presents the changes in deferred revenue for the periods presented (in thousands): Nine Months Ended September 30, 2021 2020 Balance at beginning of period $ 7,088 $ 764 Deferral of revenue 956 1,086 Recognition of deferred revenue (7,062 ) (637 ) Balance at end of period $ 982 $ 1,213 We recognized $6.7 million of revenue related to amounts included in deferred revenue as of December 31, 2020 for the nine months ended September 30, 2021. We recognized $411,000 of revenue related to amounts included in deferred revenue as of December 31, 2019 for the nine months ended September 30, 2020

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	Note 11. Related-Party Transactions We have a consulting agreement with a limited liability company owned by Cathal Phelan, a member of our board of directors, pursuant to which Mr. Phelan provides advisory and consulting services. The term of the consulting agreement began in May 2020 through December 2020, which was extended by an additional 12 months to December 2021 as mutually agreed upon by Mr. Phelan and us. We recognized $135,000 and $384,000 of consulting fee expense to Mr. Phelan, or the limited liability company owned by Mr. Phelan, for the three and nine months ended September 30, 2021, respectively. We recognized $134,000 and $315,000 of consulting fee expense to Mr. Phelan, or the limited liability company owned by Mr. Phelan, for the three and nine months ended September 30, 2020, respectively.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2021
Restructuring And Related Activities [Abstract]
Restructuring	Note 12. Restructuring On February 2, 2021, we restructured our go-to-market organization to strategically align our global sales, product, partner development and marketing teams. As part of the restructuring, we eliminated approximately seven full-time positions within our go-to-market organization, representing about 2% of our workforce. We incurred restructuring charges of $1.2 million for employee termination benefits as well as $50,000 in other associated costs for legal expenses September by June 30, 2021 A summary of accrued restructuring costs as of September 30, 2021, is shown in the table below (in thousands): Employee Termination Benefits Other Associated Costs Total Restructuring costs $ 1,213 $ 50 $ 1,263 Cash payments (1,080 ) (50 ) (1,130 ) Accrued restructuring costs as of September 30, 2021 $ 133 $ — $ 133

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include Impinj, Inc. and its wholly owned subsidiaries. We have eliminated intercompany balances and transactions in consolidation. We have prepared these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or 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 consolidated financial statements and accompanying notes as of and for the year ended December 31, 2020 included in Impinj, Inc.’s Annual Report on Form 10-K, which was filed with the SEC on February 17, 2021. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited consolidated 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, results of operations, and our cash flows for the periods presented. Interim results are not necessarily indicative of the results for a full year or for any other future period.
Use of Estimates	Use of Estimates Preparing financial statements in conformity with GAAP requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures as of 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, sales incentives, estimates to complete development contracts, deferred revenue, inventory excess and obsolescence, income taxes, determination of the fair value of stock awards and 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. Covid-19 has introduced significant additional uncertainty with respect to estimates, judgments and assumptions about current and forecasted demand, which may materially impact the estimates previously listed, among others.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In August 2020, the FASB issued guidance on debt with conversion and other options, or ASU 2020-06. This guidance eliminates the beneficial- and cash-conversion accounting models for convertible instruments and amends the derivative scope exception for contracts in an entity’s own equity. Additionally, this guidance requires the application of the “if-converted” method to calculate the impact of convertible instruments on diluted earnings per share. We adopted ASU 2020-06 on January 1, 2021 using the modified retrospective transition method and accounted for our convertible notes due 2026, or the 2019 Notes, on a whole-instrument basis. Upon adoption, we recorded a $29.3 million increase to long-term debt, a $32.7 million decrease to additional paid-in capital and a $3.4 million decrease to accumulated deficit on January 1, 2021. Interest expense decreased for the three and nine months ended September 30, 2021 compared with the three and nine months ended September 30, 2020, respectively, as we no longer separate an equity component of the 2019 Notes and incurred amortization of debt discount. We had no changes to net deferred tax liabilities with a decrease in deferred tax liability offset by a corresponding increase in valuation allowance upon adoption. We use the “if-converted” method to calculate the impact of convertible instruments on diluted earnings per share for the three and nine months ended September 30, 2021, upon adoption of this guidance. The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2021, are presented under ASU 2020-06, while comparative prior reporting periods presented are not adjusted and continue to be reported in accordance with our historical accounting policy.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not have, or are not expected to have, a material impact on our present or future consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Assets Measured at Fair Value on Recurring Basis	The following table presents the balances of assets measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 51,851 $ — $ 51,851 $ 12,425 $ — $ 12,425 Total cash equivalents 51,851 — 51,851 12,425 — 12,425 Short-term investments: U.S. government agency securities — 5,017 5,017 — 20,293 20,293 Corporate notes and bonds — 14,172 14,172 — 13,185 13,185 Commercial paper — 16,482 16,482 — 23,983 23,983 Treasury bill — 5,000 5,000 — 24,992 24,992 Asset-backed securities — 7,482 7,482 — — — Total short-term investments — 48,153 48,153 — 82,453 82,453 Total $ 51,851 $ 48,153 $ 100,004 $ 12,425 $ 82,453 $ 94,878

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	The following table presents the detail of inventories as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Raw materials $ 5,047 $ 5,275 Work-in-process 7,223 9,815 Finished goods 6,164 21,239 Total inventory $ 18,434 $ 36,329

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Options Activity	The following table summarizes stock option activity for the nine months ended September 30, 2021 (in thousands): Number of Underlying Shares Outstanding at December 31, 2020 3,061 Granted 10 Exercised (453 ) Forfeited or expired (57 ) Outstanding at September 30, 2021 2,561 Vested and exercisable at September 30, 2021 1,676
Summary of Restricted Stock Units	The following table summarizes activity for RSUs, PSUs, and MSUs, for the nine months ended September 30, 2021 (in thousands): Number of Underlying Shares RSUs MSUs PSUs Outstanding at December 31, 2020 836 — 251 Granted 654 84 265 Vested (264 ) — (241 ) Forfeited (34 ) — (13 ) Outstanding at September 30, 2021 1,192 84 262
Summary of Stock-Based Compensation Expense	The following table presents stock-based compensation expense included in our condensed consolidated statements of operations for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue $ 506 $ 212 $ 1,266 $ 595 Research and development expense 4,610 2,088 12,288 5,749 Sales and marketing expense 2,617 1,451 6,739 4,023 General and administrative expense 3,187 1,932 8,658 5,134 Total stock-based compensation expense $ 10,920 $ 5,683 $ 28,951 $ 15,501

Debt Facilities (Tables)

Debt Facilities (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Interest Expense	The following table presents the interest expense related to the 2019 Notes for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Amortization of debt discount (1) $ — $ 897 $ — $ 2,637 Amortization of debt issuance costs 95 30 282 83 Cash interest expense 431 433 1,294 1,301 Total interest expense $ 526 $ 1,360 $ 1,576 $ 4,021 (1) We adopted ASU 2020-06 on January 1, 2021 using modified retrospective transition method and accounted for the 2019 Notes on a whole-instrument basis. Accordingly, we no longer incurred amortization of debt discount related to the 2019 Notes for the three and nine months ended September 30, 2021. For further information on adoption of ASU 2020-06, please refer to Note 1.
Summary of Outstanding Principal Amount and Carrying Value	The following table presents the outstanding principal amount and carrying value of the 2019 Notes as of the date presented (in thousands): September 30, 2021 December 31, 2020 Outstanding principal amount $ 86,250 $ 86,250 Unamortized debt discount and debt issuance costs (1) (2,110 ) (31,694 ) Carrying value $ 84,140 $ 54,556 (1) We adopted ASU 2020-06 on January 1, 2021 using modified retrospective transition method and accounted for the 2019 Notes on a whole-instrument basis. Accordingly, we no longer had unamortized debt discount related to the equity component of the 2019 Notes as of September 30, 2021. For further information on adoption of ASU 2020-06, please refer to Note 1.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Components of Lease Expense	The following table presents the components of lease expense Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease costs (a) Single lease costs $ 1,038 $ 1,043 $ 3,114 $ 3,089 Variable lease costs 469 428 1,436 1,311 Sublease income (b) (475 ) (475 ) (1,425 ) (1,425 ) Total operating lease costs $ 1,032 $ 996 $ 3,125 $ 2,975 (a) Includes short-term lease costs, which are immaterial. (b) Sublease income is related to unused office space that we sublet as part of the restructuring in fiscal 2018 where we continue to have the primary obligations.
Supplemental Cash Flow Information Related to Operating Leases	The following table presents supplemental cash-flow information related to operating leases for the periods presented (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used $ 3,668 $ 3,561 Lease liabilities arising from remeasurement of right-of-use assets Operating leases $ 698 $ —
Schedule of Weighted-Average Remaining Lease Terms and Weighted-Average Discount Rate Related to Operating Leases	The following table presents weighted-average remaining lease term and weighted-average discount rate related to operating leases as of the dates presented: September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years) 4.6 5.3 Weighted-average discount rate 6.7 % 6.9 %
Schedule of Future Lease Payments under Operating Leases	The following table presents future lease payments under operating leases as of September 30, 2021 (in thousands): Operating Leases Lease Payments Sublease Income Net 2021 $ 1,231 $ (359 ) $ 872 2022 5,018 (1,457 ) 3,561 2023 3,573 (123 ) 3,450 2024 3,289 — 3,289 2025 3,315 — 3,315 Thereafter 3,415 — 3,415 Total lease payments $ 19,841 $ (1,939 ) $ 17,902 Less: Imputed interest (3,008 ) Present value of lease liabilities 16,833 Less: Current portion of lease liabilities 3,990 Lease liabilities, net of current portion $ 12,843

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator used in Computing Basic and Diluted Net Loss Per Share	The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss per share for the periods presented (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ (12,924 ) $ (14,346 ) $ (31,246 ) $ (36,206 ) Denominator: Weighted-average shares outstanding — basic and diluted 24,330 22,931 24,040 22,686 Net loss per share — basic and diluted $ (0.53 ) $ (0.63 ) $ (1.30 ) $ (1.60 )
Computation of Diluted Net Loss Per Share Effect in Antidilutive	The following table presents the outstanding shares of our common stock equivalents and the potential dilutive effect of the conversion of the 2019 Notes excluded from the computation of diluted net loss per share as of the dates presented because their effect would have been antidilutive (in thousands): Three and Nine Months Ended September 30, 2021 2020 Stock options 2,561 3,419 RSUs, MSUs, and PSUs 1,538 1,127 Employee stock purchase plan shares 42 72 2019 Notes 2,496 —

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summary of Revenue Categories	The following table presents our revenue categories for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Endpoint ICs $ 31,960 $ 21,586 $ 100,826 $ 73,806 Systems 13,233 6,610 36,883 28,669 Total revenue $ 45,193 $ 28,196 $ 137,709 $ 102,475

Deferred Revenue (Tables)

Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Deferred Revenue Disclosure [Abstract]
Summary of Changes in Deferred Revenue	The following table presents the changes in deferred revenue for the periods presented (in thousands): Nine Months Ended September 30, 2021 2020 Balance at beginning of period $ 7,088 $ 764 Deferral of revenue 956 1,086 Recognition of deferred revenue (7,062 ) (637 ) Balance at end of period $ 982 $ 1,213

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2021
Restructuring And Related Activities [Abstract]
Summary of Accrued Restructuring Costs	A summary of accrued restructuring costs as of September 30, 2021, is shown in the table below (in thousands): Employee Termination Benefits Other Associated Costs Total Restructuring costs $ 1,213 $ 50 $ 1,263 Cash payments (1,080 ) (50 ) (1,130 ) Accrued restructuring costs as of September 30, 2021 $ 133 $ — $ 133

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jan. 01, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Long-term debt			$ 54,556
Additional paid in capital	$ (431,727)		(423,759)
Accumulated deficit	$ 342,470		$ 314,666
ASU 2020-06
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect		false
ASU 2020-06 | Change in Accounting Method Accounted for as Change in Estimate | Revision of Prior Period, Accounting Standards Update, Adjustment
Significant Accounting Policies [Line Items]
Long-term debt		$ 29,300
Additional paid in capital		32,700
Accumulated deficit		$ 3,400

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurements Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 100,004,000	$ 94,878,000
Liabilities measured at fair value	0	0
Fair Value Measurements Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0
2019 Convertible Senior Notes due 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, maturity year	2026

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 100,004	$ 94,878
Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	51,851	12,425
Cash Equivalents | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	51,851	12,425
Short-term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	48,153	82,453
Short-term Investments | U.S. Government Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	5,017	20,293
Short-term Investments | Corporate Notes and Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	14,172	13,185
Short-term Investments | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	16,482	23,983
Short-term Investments | Treasury Bill
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	5,000	24,992
Short-term Investments | Asset-backed Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	7,482
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	51,851	12,425
Level 1 | Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	51,851	12,425
Level 1 | Cash Equivalents | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	51,851	12,425
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	48,153	82,453
Level 2 | Short-term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	48,153	82,453
Level 2 | Short-term Investments | U.S. Government Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	5,017	20,293
Level 2 | Short-term Investments | Corporate Notes and Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	14,172	13,185
Level 2 | Short-term Investments | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	16,482	23,983
Level 2 | Short-term Investments | Treasury Bill
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	5,000	$ 24,992
Level 2 | Short-term Investments | Asset-backed Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 7,482

Inventory - Schedule of Invento

Inventory - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 5,047	$ 5,275
Work-in-process	7,223	9,815
Finished goods	6,164	21,239
Total inventory	$ 18,434	$ 36,329

Inventory - Additional Informat

Inventory - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventory excess and obsolescence charges, favorable impact on gross margin percentage	2.00%		1.40%
Inventory excess and obsolescence charges, unfavorable impact on gross margin percentage		0.00%		3.20%

Stock-Based Awards - Summary of

Stock-Based Awards - Summary of Stock Options Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2021shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Underlying Shares, Outstanding, Beginning balance	3,061
Number of Underlying Shares, Granted	10
Number of Underlying Shares, Exercised	(453)
Number of Underlying Shares, Forfeited or expired	(57)
Number of Underlying Shares, Outstanding, Ending balance	2,561
Number of Underlying Shares, Vested and exercisable	1,676

Stock-Based Awards - Additional

Stock-Based Awards - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May 20, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense		$ 10,920,000	$ 5,683,000	$ 28,951,000	$ 15,501,000
MSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shares granted	83,750			84,000
Aggregate estimated grant-date fair value				$ 6,400,000
Stock based compensation expense		$ 716,000		$ 1,300,000

Stock-Based Awards - Summary _2

Stock-Based Awards - Summary of Restricted Stock Units (Details) - shares	1 Months Ended	9 Months Ended
	May 20, 2021	Sep. 30, 2021
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Underlying Shares Outstanding, Balance		836,000
Number of Underlying Shares, Granted		654,000
Number of Underlying Shares, Vested		(264,000)
Number of Underlying Shares, Forfeited		(34,000)
Number of Underlying Shares Outstanding, Balance		1,192,000
Market and Service Conditions Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Underlying Shares, Granted	83,750	84,000
Number of Underlying Shares Outstanding, Balance		84,000
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Underlying Shares Outstanding, Balance		251,000
Number of Underlying Shares, Granted		265,000
Number of Underlying Shares, Vested		(241,000)
Number of Underlying Shares, Forfeited		(13,000)
Number of Underlying Shares Outstanding, Balance		262,000

Stock-Based Awards - Summary _3

Stock-Based Awards - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 10,920	$ 5,683	$ 28,951	$ 15,501
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	506	212	1,266	595
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	4,610	2,088	12,288	5,749
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,617	1,451	6,739	4,023
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 3,187	$ 1,932	$ 8,658	$ 5,134

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)

Sep. 03, 2021Patent

Jul. 26, 2021Patent

May 25, 2021Patent

Dec. 11, 2020

Dec. 07, 2020Patent

Oct. 27, 2020Patent

Sep. 24, 2020Patent

Jul. 10, 2020USD ($)

Oct. 04, 2019Patent

Jun. 06, 2019Patent

Feb. 29, 2020Patent

Sep. 30, 2020Patent

Sep. 30, 2021USD ($)

Mar. 09, 2021Patent

Feb. 12, 2021Patent

Dec. 31, 2020USD ($)

Commitments And Contingencies [Line Items]

Inventory purchase commitment, amount | $

$ 28,900,000

Number of infringement patents

1

Patent Infringement Claims

Commitments And Contingencies [Line Items]

Number of patents allegedly infringed

3

8

26

Number of patents, complaint filed

8

Number of patents found

6

Number of patents filed inter parties review with patent trail and appeal board

6

12

Number patents currently at issue

6

Number patents declined institute review

4

Stay lifted for number of patents

2

2

Amended complaint to remove without prejudice for number patents

2

Number of patents leaving in suit

4

Number of asserted patents

7

3

4

Number of asserted patents Invalid

3

8

Number of patents in suit pending final resolution of petitions

8

Number of patents on for IPRs

2

Number of patents denied for IPRs

4

Stay removed on number of patents

4

Number of non-Infringement patents

4

Number of infringement patents

9

9

Number of infringement patents exclusively licensed

8

Maximum | Shareholder Derivative Actions

Commitments And Contingencies [Line Items]

Payment to plaintiffs counsel for attorneys fees and expenses | $

$ 900,000

Maximum | Insurance Settlement | Shareholder Derivative Actions

Commitments And Contingencies [Line Items]

Payment to plaintiffs counsel for attorneys fees and expenses | $

$ 900,000

Accrued Liabilities

Commitments And Contingencies [Line Items]

Contingent liabilities | $

$ 0

$ 0

Debt Facilities - Convertible S

Debt Facilities - Convertible Senior Notes - Additional Information (Details)	Dec. 11, 2019$ / shares	Dec. 31, 2019USD ($)d$ / sharesshares	Sep. 30, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Debt instrument, threshold trading days | d		5
Number of business day | d		5
Conversion value of common stock			$ 56,400,000
Common stock sale price per share last reported | $ / shares			$ 57.13
Payment for capped call transactions		$ 10,100,000
2019 Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Aggregate principal amount		$ 86,300,000
Debt instrument, Interest rate		2.00%
Debt instrument, maturity date		Dec. 15, 2026
Debt Instrument, frequency of periodic payment			The 2019 Notes accrue interest at a fixed rate of 2.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning June 15, 2020.
Net proceeds from issuing notes		$ 83,500,000
Debt instrument convertible common stock conversion shares per 1000 principal amount of notes | shares		28.9415
Debt instrument, initial conversion ratio		0.0289415
Debt instrument, initial conversion price | $ / shares		$ 34.55
Debt instrument, threshold consecutive trading days | d		30
Debt instrument, threshold percentage of stock price trigger		130.00%
Debt instrument, terms of conversion feature			On or after September 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of the 2019 Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances.
Percentage of repurchase price of principal amount		100.00%
Common stock sale price per share last reported | $ / shares	$ 27.10
Total issuance costs incurred		$ 2,800,000
Effective interest rate		2.50%
Accrued interest			$ 508,000
Cap price of the capped call transactions | $ / shares		$ 54.20
Premium percentage on sale price of common stock	100.00%
Capped call transactions expiration consecutive days | d		40
Capped call transaction expiring date	Dec. 11, 2026
2019 Convertible Senior Notes due 2026 | Level 2
Debt Instrument [Line Items]
Estimated fair value			$ 158,300,000	$ 118,700,000
2019 Convertible Senior Notes due 2026 | Minimum
Debt Instrument [Line Items]
Debt instrument, threshold trading days | d		20
2019 Convertible Senior Notes due 2026 | Maximum
Debt Instrument [Line Items]
Debt instrument, threshold percentage of stock price trigger		98.00%

Debt Facilities - Schedule of I

Debt Facilities - Schedule of Interest Expense (Details) - 2019 Convertible Senior Notes due 2026 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Amortization of debt discount		$ 897		$ 2,637
Amortization of debt issuance costs	$ 95	30	$ 282	83
Cash interest expense	431	433	1,294	1,301
Total interest expense	$ 526	$ 1,360	$ 1,576	$ 4,021

Debt Facilities - Summary of Ou

Debt Facilities - Summary of Outstanding Principal Amount and Carrying Value (Details) - 2019 Convertible Senior Notes due 2026 - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding principal amount	$ 86,250	$ 86,250
Unamortized debt discount and debt issuance costs	(2,110)	(31,694)
Carrying value	$ 84,140	$ 54,556

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating lease costs
Single lease costs	$ 1,038	$ 1,043	$ 3,114	$ 3,089
Variable lease costs	469	428	1,436	1,311
Sublease income:
Sublease income	(475)	(475)	(1,425)	(1,425)
Total operating lease costs	$ 1,032	$ 996	$ 3,125	$ 2,975

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used	$ 3,668	$ 3,561
Lease liabilities arising from remeasurement of right-of-use assets
Operating leases	$ 698

Leases - Schedule of Weighted-A

Leases - Schedule of Weighted-Average Remaining Lease Terms and Weighted-Average Discount Rate Related to Operating Leases (Details)	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term (years)	4 years 7 months 6 days	5 years 3 months 18 days
Weighted-average discount rate	6.70%	6.90%

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Leases, Lease Payments, 2021	$ 1,231
Operating Leases, Lease Payments, 2022	5,018
Operating Leases, Lease Payments, 2023	3,573
Operating Leases, Lease Payments, 2024	3,289
Operating Leases, Lease Payments, 2025	3,315
Operating Leases, Lease Payments, Thereafter	3,415
Operating Leases, Lease Payments, Total lease payments	19,841
Less: Imputed interest	(3,008)
Present value of lease liabilities	16,833
Current portion of operating lease liabilities	3,990	$ 3,641
Operating lease liabilities, net of current portion	12,843	$ 15,266
Operating Leases, Sublease Income, 2021	(359)
Operating Leases, Sublease Income, 2022	(1,457)
Operating Leases, Sublease Income, 2023	(123)
Operating Leases, Sublease Income, Total lease payments	(1,939)
Operating Leases, Net, 2021	872
Operating Leases, Net, 2022	3,561
Operating Leases, Net, 2023	3,450
Operating Leases, Net, 2024	3,289
Operating Leases, Net, 2025	3,315
Operating Leases, Net, Thereafter	3,415
Operating Leases, Net, Total lease payments	$ 17,902

Net Loss Per Share - Reconcilia

Net Loss Per Share - Reconciliation of the Numerator and Denominator used in Computing Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (12,924)	$ (8,906)	$ (9,416)	$ (14,346)	$ (17,534)	$ (4,326)	$ (31,246)	$ (36,206)
Denominator:
Weighted-average shares outstanding — basic and diluted	24,330			22,931			24,040	22,686
Net loss per share — basic and diluted	$ (0.53)			$ (0.63)			$ (1.30)	$ (1.60)

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Diluted Net Loss Per Share Effect in Antidilutive (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,561	3,419
RSUs, MSUs, and PSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,538	1,127
Employee Stock Purchase Plan Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	42	72
2019 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,496

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021Segment
Segment Reporting [Abstract]
Number of reportable operating segment	1

Segment Information - Summary o

Segment Information - Summary of Revenue Categories (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 45,193	$ 28,196	$ 137,709	$ 102,475
Endpoint ICs
Segment Reporting Information [Line Items]
Total revenue	31,960	21,586	100,826	73,806
Systems
Segment Reporting Information [Line Items]
Total revenue	$ 13,233	$ 6,610	$ 36,883	$ 28,669

Deferred Revenue - Additional I

Deferred Revenue - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Deferred Revenue Disclosure [Abstract]
Remaining performance obligation	$ 6,000,000
Recognition of deferred revenue	$ 6,700,000	$ 411,000

Deferred Revenue - Summary of C

Deferred Revenue - Summary of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Deferred Revenue Disclosure [Abstract]
Balance at beginning of period	$ 7,088	$ 764
Deferral of revenue	956	1,086
Recognition of deferred revenue	(7,062)	(637)
Balance at end of period	$ 982	$ 1,213

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Details) - Cathal Phelan - Advisory and Consulting Services - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Consulting agreement extended term			12 months
Consulting fee expense recognized and paid	$ 135,000	$ 134,000	$ 384,000	$ 315,000

Restructuring - Additional Info

Restructuring - Additional Information (Details)	1 Months Ended	9 Months Ended
	Feb. 02, 2021Position	Sep. 30, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related activities, description		On February 2, 2021, we restructured our go-to-market organization to strategically align our global sales, product, partner development and marketing teams. As part of the restructuring, we eliminated approximately seven full-time positions within our go-to-market organization, representing about 2% of our workforce. We incurred restructuring charges of $1.2 million for employee termination benefits as well as $50,000 in other associated costs for legal expenses for the nine months ended September 30, 2021. We substantially completed our restructuring by June 30, 2021
Number of positions eliminated | Position	7
Number of positions eliminated, percent	2.00%
Restructuring charges		$ 1,263,000
Restructuring and related activities, completion date	Jun. 30, 2021
Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges		1,213,000
Other Associated Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 50,000

Restructuring - Summary of Accr

Restructuring - Summary of Accrued Restructuring Costs (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,263,000
Cash payments	(1,130,000)
Accrued restructuring costs as of September 30, 2021	133,000
Employee Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,213,000
Cash payments	(1,080,000)
Accrued restructuring costs as of September 30, 2021	133,000
Other Associated Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	50,000
Cash payments	$ (50,000)