Pulmonx (LUNG) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39562
Entity Registrant Name	PULMONX CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0424412
Entity Address, Address Line One	700 Chesapeake Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
Country Region	1
City Area Code	650
Local Phone Number	364-0400
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LUNG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,116,596
Entity Central Index Key	0001127537
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 129,168	$ 148,480
Restricted cash	231	231
Short-term marketable securities	40,914	31,561
Accounts receivable, net	6,810	6,562
Inventory	18,304	16,285
Prepaid expenses and other current assets	5,298	4,883
Total current assets	200,725	208,002
Long-term marketable securities	6,379	10,941
Property and equipment, net	4,918	4,814
Goodwill	2,333	2,333
Intangible assets, net	247	277
Right of use assets	7,518	8,075
Other long-term assets	729	731
Total assets	222,849	235,173
Current liabilities
Accounts payable	2,803	1,582
Accrued liabilities	10,872	13,366
Income taxes payable	143	147
Deferred revenue	132	163
Short-term debt	798	91
Current lease liabilities	2,967	2,201
Total current liabilities	17,715	17,550
Deferred tax liability	53	37
Long-term lease liabilities	6,128	6,844
Long-term debt	16,629	17,324
Other long-term liabilities	179	179
Total liabilities	40,704	41,934
Commitments and contingencies (Note 8)
Stockholders’ equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value, 200,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 37,098,421 shares issued and outstanding as of March 31, 2022 and 36,931,762 shares issued and outstanding as December 31, 2021	37	37
Additional paid-in capital	487,888	482,885
Accumulated other comprehensive income	1,443	1,712
Accumulated deficit	(307,223)	(291,395)
Total stockholders’ equity	182,145	193,239
Total liabilities and stockholders’ equity	$ 222,849	$ 235,173

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Stockholders’ equity
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	37,098,421	36,931,762
Common stock, outstanding (in shares)	37,098,421	36,931,762

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 10,785	$ 9,244
Cost of goods sold	2,674	2,633
Gross profit	8,111	6,611
Operating expenses
Research and development	3,534	3,034
Selling, general and administrative	20,245	16,071
Total operating expenses	23,779	19,105
Loss from operations	(15,668)	(12,494)
Interest income	105	105
Interest expense	(198)	(217)
Other income, net	0	161
Net loss before tax	(15,761)	(12,445)
Income tax expense	67	67
Net loss	(15,828)	(12,512)
Other comprehensive income
Currency translation adjustment	(24)	(272)
Change in unrealized losses on marketable securities	(245)	(3)
Total other comprehensive loss	(269)	(275)
Comprehensive loss	$ (16,097)	$ (12,787)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.43)	$ (0.35)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.43)	$ (0.35)
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	36,805,366	35,370,760
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	36,805,366	35,370,760

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		35,693,753
Beginning balance at Dec. 31, 2020	$ 226,134	$ 36	$ 467,147	$ 1,685	$ (242,734)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		122,856
Issuance of common stock upon exercise of stock options	273		273
Issuance of common stock upon exercise of stock options (in shares)		(12,945)
Change in shares subject to repurchase	66		66
Stock-based compensation expense	2,462		2,462
Currency translation adjustment	(272)			(272)
Change in unrealized losses on marketable securities	(3)			(3)
Net loss	(12,512)				(12,512)
Ending balance (in shares) at Mar. 31, 2021		35,803,664
Ending balance at Mar. 31, 2021	$ 216,148	$ 36	469,948	1,410	(255,246)
Beginning balance (in shares) at Dec. 31, 2021	36,931,762	36,931,762
Beginning balance at Dec. 31, 2021	$ 193,239	$ 37	482,885	1,712	(291,395)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon vesting of restricted stock units (in share)		21,392
Issuance of common stock upon exercise of stock options (in shares)		99,265
Issuance of common stock upon exercise of stock options	221		221
Issuance of shares pursuant to employee stock purchase plan (in shares)		46,002
Issuance of shares pursuant to Employee Stock Purchase Plan	1,108		1,108
Change in shares subject to repurchase	59		59
Stock-based compensation expense	3,615		3,615
Currency translation adjustment	(24)			(24)
Change in unrealized losses on marketable securities	(245)			(245)
Net loss	$ (15,828)				(15,828)
Ending balance (in shares) at Mar. 31, 2022	37,098,421	37,098,421
Ending balance at Mar. 31, 2022	$ 182,145	$ 37	$ 487,888	$ 1,443	$ (307,223)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Cash flows from operating activities
Net loss	$ (15,828)	$ (12,512)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	3,513	2,268
Allowance for doubtful accounts	0	(1)
Inventory write-downs	46	453
Depreciation and amortization expense	368	141
Amortization of debt discount and debt issuance costs	18	39
Amortization of premiums and discounts on short-term marketable securities	21	4
Non-cash lease expense	614	572
Net changes in operating assets and liabilities:
Accounts receivable	(277)	(1,014)
Inventory	(2,021)	(1,630)
Prepaid expenses and other current assets	(406)	404
Other assets	17	8
Accounts payable	1,261	302
Accrued liabilities	(2,313)	1,742
Income taxes payable	(2)	30
Lease liabilities	(7)	(496)
Deferred tax liability	0	10
Deferred revenue	(30)	8
Net cash used in operating activities	(15,026)	(9,672)
Cash flows from investing activities
Purchases of investments	(9,308)	(12,289)
Maturities of short-term marketable securities	4,250	0
Purchases of property and equipment	(564)	(242)
Net cash used in investing activities	(5,622)	(12,531)
Cash flows from financing activities
Payment of debt issuance cost	0	(30)
Proceeds from exercise of common stock options	207	69
Proceeds from issuance of common stock under the employee stock purchase plan	1,108	0
Payments for repurchase of early exercised common stock options	0	(26)
Net cash provided by financing activities	1,315	13
Effect of exchange rate changes on cash and cash equivalents	21	(88)
Net decrease in cash and cash equivalents	(19,312)	(22,278)
Cash, cash equivalents and restricted cash, at beginning of the period	148,711	231,792
Cash, cash equivalents and restricted cash, at end of the period	129,399	209,514
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets:
Cash and cash equivalents	129,168	209,283
Restricted cash	231	231
Cash, cash equivalents and restricted cash in consolidated balance sheets	129,399	209,514
Supplemental non-cash items:
Lapse in repurchase rights of common stock	59	66
Purchases of property and equipment in accounts payable	456	144
Amount receivable from exercise of common stock options	24	204
Supplemental disclosure of cash flow information:
Cash paid for income taxes	29	23
Cash paid for interest	$ 178	$ 178

Formation and Business of the C

Formation and Business of the Company	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Business of the Company	Formation and Business of the Company The Company Pulmonx Corporation (the “Company”) was incorporated in the state of California in December 1995 as Pulmonx and reincorporated in the state of Delaware in December 2013. The Company is a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease (“COPD”). The Company’s solution, which is comprised of the Zephyr Endobronchial Valve (“Zephyr Valve”), the Chartis Pulmonary Assessment System (“Chartis System”) and the StratX Lung Analysis Platform (“StratX Platform”), is designed to treat a broad pool of patients for whom medical management has reached its limits and either do not want or are ineligible for surgical approaches. The Company has subsidiaries in Germany, Switzerland, Australia, the United Kingdom, Italy, France and Hong Kong. Liquidity and Going Concern The Company has incurred operating losses and negative cash flows from operations to date and has an accumulated deficit of $307.2 million as of March 31, 2022. During the three months ended March 31, 2022 and March 31, 2021, the Company used $15.0 million and $9.7 million of cash in its operating activities, respectively. As of March 31, 2022, the Company had cash, cash equivalents and marketable securities of $176.5 million. Historically, the Company’s activities have been financed through private placements of equity securities, debt and sale of common stock in the IPO. The Company’s condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for the next 12 months. Management believes that the Company’s existing cash, cash equivalents and marketable securities will allow the Company to continue its planned operations for at least the next 12 months from the date of the issuance of these unaudited interim condensed consolidated financial statements. Impact of the COVID-19 Pandemic There continues to be widespread significant impact from the COVID-19 pandemic, which has delayed clinical trials and FDA operations and adversely impacted the number of procedures performed using our products. In the markets in which we operate, elective, specialty and other procedures and appointments have been, and continue to be, suspended or canceled to avoid non-essential patient exposure to medical environments and potential infection with COVID-19 and to focus limited resources and personnel capacity toward the treatment of COVID-19 patients. As a result, the COVID-19 pandemic and the measures taken by many countries in response have materially adversely affected, and could in the future materially adversely affect, our business, financial condition and results of operations, as well as the price of our common stock, from a decrease and delay of procedures involving our products. In the first quarter of 2022, procedure volumes in our U.S. and international markets were adversely affected by the Omicron variant, followed by a recovery as treatment centers began to reschedule and conduct procedures later in the quarter. We may continue to see regional variations in procedure volumes in our U.S. and international markets from the COVID-19 pandemic and its variants. The Company’s unaudited interim condensed consolidated financial statements reflect judgments and estimates that could change in the future as a result of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted the Company’s business, financial condition and results of operations by decreasing and delaying procedures performed using its products. While many regions begin to stabilize with improvements in procedure volumes, there continues to be variability and uncertainty as variants of the virus emerge. The Company can make no assurance regarding any future level of demand for the Company’s products, and COVID-19 may adversely impact the results of operations and financial condition.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2021 was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2021 and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on March 1, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2022 and condensed consolidated results of operations and cash flows for the three months ended March 31, 2022 and 2021 have been made. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022. Use of Estimates The preparation of unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Significant estimates and assumptions include reserves and write-downs related to inventories, the recoverability of long term assets, valuation of common stock, stock-based compensation, intangible assets, goodwill, debt and related features, deferred tax assets and related valuation allowances and impact of contingencies. Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Based on the borrowing rates currently available to the Company for debt with similar terms and consideration of default and credit risk, the carrying value of the term loan approximates their fair value. The fair value of marketable debt securities is estimated using Level 2 inputs based on their quoted market values (Note 4). Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents balances with established financial institutions and, at times, such balances with any one financial institution may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits. As of March 31, 2022 and December 31, 2021, the Company also had cash on deposit with foreign banks of approximately $2.8 million and $4.6 million, respectively, that was not federally insured. The Company earns revenue from the sale of its products to distributors and other customers such as hospitals. Sales of Zephyr Valves and delivery catheters accounted for most of the Company’s revenue for the three months ended March 31, 2022 and 2021. The Company’s accounts receivable are derived from revenue earned from distributors and customers. The Company performs ongoing credit evaluations of its customers’ and distributors’ financial condition and generally requires no collateral from its customers and distributors. At March 31, 2022 and December 31, 2021, no customer or distributor accounted for more than 10% of accounts receivable. During the three months ended March 31, 2022 and March 31, 2021, no customer or distributor accounted for more than 10% of revenue. The Company relies on single source suppliers for the components, sub-assemblies and materials for its products. These components, sub-assemblies and materials are critical and there are no or relatively few alternative sources of supply. The Company’s suppliers have generally met the Company’s demand for their products and services on a timely basis in the past. Foreign Currency Translation and Transaction Gains and Losses The functional currencies of the Company’s wholly owned subsidiaries in Switzerland, Germany, Australia, the United Kingdom, France and Hong Kong are the Swiss franc. The functional currency of the Company’s subsidiary in Italy is the Euro. Accordingly, asset and liability accounts of Switzerland, Germany, Australia, the United Kingdom, Italy and Hong Kong operations are translated into U.S. dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into U.S. dollars using historical rates. The revenues and expenses are translated using the average exchange rates in effect during the period, and gains and losses from foreign currency translation adjustments are included as a component of accumulated other comprehensive income in the condensed consolidated balance sheet. Foreign currency translation adjustments are recorded in other comprehensive income (loss) in the condensed consolidated statements of operations and comprehensive loss and was less than $(0.1) million and $(0.3) million during the three months ended March 31, 2022 and 2021, respectively. Foreign currency transaction gains and losses are included in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss and was less than $(0.1) million and $0.2 million during the three months ended March 31, 2022 and 2021, respectively. Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options, and common stock subject to repurchase related to early exercise of stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities. The Company considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities, because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of the shares issued upon early exercise of stock options subject to repurchase do not have a contractual obligation to share in the Company’s

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning an interim period that includes or is subsequent to March 12, 2020, or prospectively from the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company may elect to apply ASU 2020-04 as its contracts referenced in London Interbank Offered Rate (“LIBOR”) are impacted by reference rate reform. The Company is currently evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses . This new guidance will require financial instruments to be measured at amortized cost, and trade accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. In November 2019, the FASB issued ASU 2019-10, according to which, the new standard is effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies (“SRC”) as defined by the SEC, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, including the Company, the new standard is effective for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; Level 3—Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis —Financial assets and liabilities held by the Company measured at fair value on a recurring basis include money market funds and marketable securities. Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis —The Company determines the fair value of long-lived assets held and used, such as intangible assets, by reference to independent appraisals, quoted market prices (e.g. an offer to purchase) and other factors. An impairment charge is recorded when the carrying value of the asset exceeds its fair value. As noted above, there have been no impairment charges recorded to date. Based on the borrowing rates currently available to the Company for debt with similar terms and consideration of default and credit risk, the carrying value of the term loan approximates the fair value and is classified as a Level 2 liability. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The following tables summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 250 $ — $ — $ 250 Commercial paper — 1,996 — 1,996 Cash equivalents 250 1,996 — 2,246 U.S. Government agency bonds 23,323 4,995 — 28,318 Corporate bonds — 2,151 — 2,151 Commercial paper — 16,824 — 16,824 Marketable securities 23,323 23,970 — 47,293 Total financial assets $ 23,573 $ 25,966 $ — $ 49,539 There were no liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2022. December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 831 $ — $ — $ 831 Commercial paper — 2,000 — 2,000 Corporate bonds — 4,410 — 4,410 Cash equivalents 831 6,410 — 7,241 U.S. Government agency bonds 14,977 5,504 — 20,481 Commercial paper — 19,107 — 19,107 Corporate bonds — 2,914 — 2,914 Marketable securities 14,977 27,525 — 42,502 Total financial assets $ 15,808 $ 33,935 $ — $ 49,743 There were no liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2021. The following table summarizes the cost, unrealized gains and losses and fair value of marketable securities (in thousands): March 31, 2022 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 28,548 $ (230) $ — $ 28,318 Corporate bonds 2,152 (1) — 2,151 Commercial paper 16,863 (39) — 16,824 Marketable securities $ 47,563 $ (270) $ — $ 47,293 Amounts recognized on the consolidated balance sheet Short-term marketable securities 40,914 Long-term marketable securities 6,379 Marketable securities $ 47,293 December 31, 2021 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 20,509 $ (28) $ — $ 20,481 Corporate bonds 2,915 (1) — 2,914 Commercial paper 19,102 — 5 19,107 Marketable securities $ 42,526 $ (29) $ 5 $ 42,502 Amounts recognized on the consolidated balance sheet Short-term marketable securities 31,561 Long-term marketable securities 10,941 Marketable securities $ 42,502 Accrued interest on marketable securities of less than $0.1 million and less than $0.1 million as of March 31, 2022 and December 31, 2021, respectively, is included in prepaid expenses and other current assets on the condensed consolidated balance sheet.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Balance Sheet Components Cash and Cash Equivalents The Company’s cash and cash equivalents consist of the following (in thousands): March 31, December 31, 2022 2021 Cash $ 126,922 $ 141,239 Cash equivalents: Money market funds 250 831 Commercial paper 1,996 2,000 Corporate bonds — 4,410 Total cash and cash equivalents $ 129,168 $ 148,480 Inventory Inventory consists of the following (in thousands): March 31, December 31, 2022 2021 Raw materials $ 3,752 $ 3,738 Work in process 750 518 Finished goods 13,802 12,029 Total inventory $ 18,304 $ 16,285 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2022 2021 Prepaid expenses $ 2,658 $ 1,869 Prepaid insurance 1,661 2,305 VAT receivable 277 362 Other current assets 702 347 Total prepaid expenses and other current assets $ 5,298 $ 4,883 Property and Equipment, Net Property and equipment, net consist of the following (in thousands): March 31, December 31, 2022 2021 Machinery and equipment $ 1,804 $ 1,635 Computer equipment and software 1,634 1,561 Furniture and fixtures 257 252 Leasehold improvements 2,277 2,277 Construction in progress 1,516 1,332 Total 7,488 7,057 Less: accumulated depreciation (2,570) (2,243) Property and equipment, net $ 4,918 $ 4,814 Depreciation expense for the three months ended March 31, 2022 and March 31, 2021 was $0.3 million and $0.1 million, respectively. Goodwill Goodwill was $2.3 million as of March 31, 2022 and December 31, 2021 arising from the Company’s acquisition of Emphasys Medical, Inc, in March 2009. No goodwill impairment losses have been recognized since the acquisition. There were no acquisitions or dispositions of goodwill in three months ended March 31, 2022 and 2021. The Company assesses goodwill for impairment annually, or more frequently, when events or changes in circumstances indicate there may be impairment. Through March 31, 2022, there have been no events or changes in circumstances that indicated that the carrying value of goodwill may not be recoverable. As a result, no impairment charge was recorded during the three months ended March 31, 2022. Intangible Assets Intangible assets consist of the following (in thousands): March 31, 2022 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,436) $ 222 Trademarks 191 (166) 25 Total intangible assets $ 1,849 $ (1,602) $ 247 December 31, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,410) $ 248 Trademarks 191 (162) 29 Total intangible assets $ 1,849 $ (1,572) $ 277 Amortization expense relating to the intangibles totaled less than $0.1 million during each of the three months ended March 31, 2022 and March 31, 2021, respectively. Future amortization expense is as follows as of March 31, 2022 (in thousands): 2022 (remaining nine months) $ 93 2023 123 2024 31 Total amortization expense $ 247 Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Accrued employee bonuses and commissions $ 2,504 $ 4,741 Accrued vacation 2,137 1,850 Other accrued personnel related expenses 1,844 2,145 Accrued professional fees 2,747 2,420 Sales taxes, franchise tax and VAT 511 730 Liability for early exercise of stock options 340 399 Accrued inventory purchases 134 258 Other 655 823 Total accrued liabilities $ 10,872 $ 13,366

Long Term Debt and Convertible

Long Term Debt and Convertible Notes	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long Term Debt and Convertible Notes	Long Term Debt and Convertible Notes Term Loan CIBC Loan On February 20, 2020, the Company executed a Loan and Security Agreement (the “CIBC Agreement”) with Canadian Imperial Bank of Commerce (“CIBC”) to raise up to $32.0 million in debt financing (“CIBC Loan”) consisting of $17.0 million advanced at the closing of the agreement (“Tranche A”), with the option to drawing up to an additional $8.0 million (“Tranche B”) and an additional financing tranche (“Tranche C”) of up to $7.0 million on or prior to February 20, 2022. Neither Tranche B nor Tranch C was drawn before the expiration date. The CIBC Loan originally had a five-year term maturing on February 20, 2025, which included 24 months of interest only payments followed by 36 months of equal payments of principal and interest. The CIBC Loan bears interest at a floating rate equal to 1.0% above the Wall Street Journal Prime Rate at any time. The CIBC Loan is collateralized by substantially all of the Company’s assets, including cash and cash equivalents, accounts receivable, intellectual property and equipment. The Company may prepay the loan, subject to certain requirements. The CIBC Agreement includes customary restrictive covenants, financial covenants, events of default and other customary terms and conditions. In April 2020, the Company entered into a First Amendment to CIBC Agreement that changed the maturity date to March 15, 2022, which would be automatically extended to February 20, 2025 if the maturity of all outstanding convertible notes was extended to a date no earlier than May 21, 2025 or all convertible notes converted into convertible preferred stock of the Company. An amendment fee of $0.2 million was paid. The amendment was accounted for as a debt modification and no gain or loss was recognized. In December 2020, to address certain post-close covenants for which the Company was not in compliance, the Company entered into a Second Amendment to the CIBC Agreement that extended the compliance of such covenants to June 30, 2021. In March 2021, the Company entered into an Amended and Restated Agreement which extended the maturity date from March 15, 2022 to February 20, 2025, and modified certain financial covenants. Per the amended terms, 36 equal payments of principal plus accrued interest would be due beginning March 31, 2022. In connection with the Amended and Restated agreement, the Company paid fees to CIBC of less than $0.1 million which were recorded as a discount on the CIBC Loan and are being accreted over the life of the term loan using the effective interest method. The amendment was accounted for as a debt modification and no gain or loss was recognized. In June 2021, the Company entered into a First Amendment to the Amended and Restated Loan and Security agreement with CIBC that extended the compliance of certain post-close covenants to March 31, 2022. In October 2021, the Company entered into a Second Amendment to the Amended and Restated Loan and Security Agreement with CIBC, which extended the interest only period of the loan from 24 months to 36 months. Under the amended terms, principal repayment will begin in February 2023. There was no change to the loan interest rate or maturity date. As of March 31, 2022, the CIBC Loan had an annual effective interest rate of 4.71% per year. The financial covenants in the CIBC Agreement require that, when the cash and cash equivalents of the Company is less than $100.0 million, the Company have revenue for the trailing three-month period ending on the last day of each fiscal quarter of not less than 80.0% of the revenue for the trailing three-month period, as set forth in the annual projections delivered to the CIBC. Further, the Company is required to maintain unrestricted cash in an aggregate amount equal to or greater than the Adjusted EBITDA loss as defined in the CIBC Agreement for the four-month period ending on any date of determination. As of March 31, 2022, the Company was in compliance with all covenants contained in CIBC Agreement. The CIBC Loan consists of the following (in thousands): March 31, December 31, 2022 2021 Term loan $ 17,000 $ 17,000 Less: debt issuance costs (113) (131) Term loan $ 16,887 $ 16,869 The Company paid $0.4 million fees to the lender and third parties which is reflected as a discount on the CIBC Loan and is being accreted over the life of the term loan using the effective interest method. During three months ended March 31, 2022 and 2021, the Company recorded interest expense related to debt discount and debt issuance costs of CIBC Loan of less than $0.1 million and less than $0.1 million, respectively. Interest expense on the CIBC Loan amounted $0.2 million and $0.2 million during the three months ended March 31, 2022 and 2021, respectively. Credit Agreement In April 2020, Pulmonx International Sàrl, a wholly-owned subsidiary of the Company, entered into a COVID-19 Credit Agreement with UBS Switzerland AG to receive up to 0.5 million Swiss Francs ($0.5 million U.S. dollar equivalent) under Swiss Federal Government program to mitigate the economic impact of the spread of the coronavirus. In May 2020, Pulmonx International Sàrl received $0.5 million Swiss Francs ($0.5 million U.S. dollar equivalent) under the COVID-19 Credit Agreement. The COVID-19 Credit Agreement bears no interest and is being repaid in twelve equal installments, paid semi-annually, beginning in March of 2022. As of March 31, 2022, Pulmonx International Sàrl paid less than $0.1 million to the lender. Contractual Maturities of Financing Obligations As of March 31, 2022, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): 2022 (remaining nine months) $ 635 2023 7,782 2024 8,846 2025 1,513 2026 90 2027 90 Total 18,956 Less: unamortized debt discount (113) Less: interest (1,416) Term loan and credit agreement $ 17,427

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue RecognitionThe Company’s contract liabilities consist of deferred revenue for remaining performance obligations by the Company to the customer after delivery, which was $0.1 million and $0.2 million as of March 31, 2022 and December 31, 2021, respectively. The deferred revenue as of December 31, 2020 was $0.1 million, which was recognized as revenue during the year ended December 31, 2021. The deferred revenue as of December 31, 2021 was $0.2 million, which was recognized as revenue during the three months ended March 31, 2022. The Company disaggregates its revenue by major geographic region, which is disclosed in Note 12, “Segment Information”.

Leases, Lease Commitments and C

Leases, Lease Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases, Lease Commitments and Contingencies	Leases, Lease Commitments and Contingencies The Company has a lease for its headquarters location in Redwood City, California. In October 2019, the Company renewed its lease for the headquarters location in Redwood City, California for an additional five years commencing in August 2020 and expiring in July 2025. The monthly base rent during the renewed term is $0.1 million and is subject to an annual increase of 3.5%. The Company is responsible for its share of real estate taxes, common area maintenance and management fees. The Company is eligible to receive a tenant improvement allowance of $0.2 million on commencement of the renewal term in August 2020. During 2013, the Company entered into a five-year lease for office facilities in Switzerland. The Company had an option to extend the lease through January 2022, which was not exercised by the Company. Per the lease terms, in the event the option to extend is not exercised, the lease remains in force and can be terminated with 12-months’ notice. In April 2020, the Company executed a sublease for another office facility in Redwood City, California for a three-year term commencing on June 1, 2020. The lease agreement provides for early termination if the Company or Sublandlord elects to terminate the lease by providing the other party at least 180 days prior written notice. The early termination may only occur on or after the expiration of the 18th full calendar month of the sublease term. The monthly base rent during the term is less than $0.1 million and is subject to an annual increase of 3.5%. The Company is responsible for its share of real estate taxes, common area maintenance and management fees. In September 2020, the Company amended a sublease agreement entered into in April 2020, to include additional facility space in Redwood City, California for a four-year term. The amendment was accounted as a separate sublease agreement. The sublease agreement contained a rent free period through February 14, 2021, after which rent is approximately $0.1 million per month and is subject to an annual increase of 3.5%. The Company is responsible for its share of real estate taxes, common area maintenance and management fees. The Company is eligible to receive a tenant improvement allowance of $0.7 million to fund facility enhancements. The sublease agreement can be extended for an additional twelve month period, at the Company’s option. For accounting purposes, the lease term is 4 years as it is not reasonably certain that the Company will exercise the renewal option. The amendment also changed the lease term entered into in April 2020, which was extended until May 31, 2024, but left the early termination clause unchanged. In September 2021, the Company became reasonably certain that the early termination clause would not be exercised as capital expenditures on the facility build-out created sufficient disincentive to terminate the lease early. The lease term was reevaluated and extended from November 30, 2021 to May 31, 2024. The Company has leases on six vehicles with an average term of 2.9 years. Operating lease cost consists of the following (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 724 $ 728 Short-term lease cost 9 3 Variable lease cost 147 147 Total lease cost $ 880 $ 878 The following table summarizes a maturity analysis of the Company’s lease liabilities showing the aggregate lease payments as of March 31, 2022 (in thousands): 2022 (remaining nine months) $ 2,544 2023 3,429 2024 2,895 2025 1,009 Total minimum lease payments 9,877 Less: Amount of lease payments representing interest 782 Present value of future minimum lease payments $ 9,095 Less: Current lease liabilities 2,967 Long-term lease liabilities $ 6,128 The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted average data): March 31, December 31, Right of use asset $ 7,518 $ 8,075 Weighted average remaining lease term (years) 2.66 3.17 Weighted average discount rate (percent) 5.9 6.0 The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 131 $ 541 Right-of-use assets obtained in exchange for lease liabilities $ 56 $ — Contingencies

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe income tax expense for each of the three months ended March 31, 2022 and 2021 was less than $0.1 million. The income tax expense was determined based upon estimates of the Company’s effective income tax rates in various jurisdictions. The difference between the Company’s effective income tax rate and the U.S. federal statutory rate is primarily attributable to unrecognized US federal and state tax benefit because of a full valuation allowance the Company has established against its Federal and state deferred tax assets and foreign tax rate differential from US federal statutory rate.The income tax expense for the three months ended March 31, 2022 and 2021 relates primarily to state minimum income tax and income tax on the Company’s earnings in foreign jurisdictions.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of March 31, 2022 and December 31, 2021, the Company’s certificate of incorporation authorized the Company to issue up to 200,000,000 and 200,000,000 shares of common stock, respectively. Common stockholders are entitled to dividends as and when declared by the Board of Directors, subject to the rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date. The holder of each share of common stock is entitled to one vote. Shares Reserved for Future Issuance The Company has reserved shares of common stock for future issuances as follows: March 31 December 31, 2022 2021 Common stock options issued and outstanding 2,687,031 2,145,131 Common stock restricted stock units issued and outstanding 1,110,887 442,428 Common stock available for future grants 3,909,758 3,751,115 Common stock available for ESPP 1,255,773 932,458 Total 8,963,449 7,271,132 Stock Option Plan A summary of stock option activity for the three months ended March 31, 2022 is set forth below: Outstanding Options Number of Shares Weighted Average Exercise Price Balance, January 1, 2022 2,145,131 $ 13.44 Granted 655,200 26.56 Exercised (99,265) 2.23 Canceled (14,035) 23.30 Balance, March 31, 2022 2,687,031 $ 17.00 The aggregate intrinsic value of options outstanding at March 31, 2022 was $30.6 million. March 31, 2022 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested 790,519 $ 9.37 7.21 Options vested and expected to vest 2,687,031 $ 17.00 8.46 Total intrinsic value of options vested as of March 31, 2022 was $13.8 million. Early Exercise of Stock Options Under the terms of the individual option grants, all options are fully exercisable on the grant date, subject to the Company’s repurchase right at the original exercise price. Accordingly, options may be exercised prior to vesting. The shares are subject to the Company’s lapsing repurchase right upon termination of employment or over the options’ vesting period of generally four years at the original purchase price. The proceeds initially are recorded in other liabilities from the early exercise of stock options and are reclassified to additional paid-in capital as the Company’s repurchase right lapses. During the three months ended March 31, 2022, the Company did not repurchase any shares of common stock. During the three months ended March 31, 2021, the Company repurchased 12,945 shares of common stock for less than $0.1 million. As of March 31, 2022 and December 31, 2021, 189,266 and 223,195 shares, respectively, were subject to repurchase, with an aggregate exercise price of $0.3 million and $0.4 million, respectively, and were recorded in other current liabilities. Restricted Stock Units Activity with respect to restricted stock units was as follows: Outstanding Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Unvested, January 1, 2022 442,428 $ 42.36 Granted 701,250 26.56 Vested (21,392) 44.54 Canceled (11,399) 37.24 Unvested, March 31, 2022 1,110,887 $ 32.40 The aggregate intrinsic value of restricted stock units outstanding as of March 31, 2022 was $27.6 million. Total Stock-Based Compensation Stock-based compensation expense is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of goods sold $ 147 $ 90 Research and development 421 318 Selling, general and administrative 2,945 1,860 Total $ 3,513 $ 2,268 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended March 31, 2022 2021 Stock options and restricted stock units $ 3,312 $ 1,039 ESPP 201 1,229 Total $ 3,513 $ 2,268 Stock-based compensation of $0.2 million and $0.3 million was capitalized into inventory for the three months ended March 31, 2022 and 2021, respectively. Stock-based compensation capitalized in prior periods of $0.1 million and $0.1 million was recognized as cost of sales in the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was $56.2 million of unrecognized compensation costs related to non-vested common stock options and restricted stock units, expected to be recognized over a weighted-average period of 3.38 years. The total grant date fair value of shares vested during the quarter ended March 31, 2022 was $2.7 million. As of March 31, 2022, the Company had unrecognized employee stock-based compensation relating to ESPP awards of approximately $0.2 million, which is expected to be recognized over a weighted-average period of 0.4 years.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders which excludes shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net loss attributable to common stockholders $ (15,828) $ (12,512) Denominator Weighted-average common stock outstanding 37,007,527 35,702,465 Less: weighted-average common shares subject to repurchase (202,161) (331,705) Weighted-average common shares used to compute basic and diluted net loss per share 36,805,366 35,370,760 Net loss per share attributable to common stockholders, basic and diluted $ (0.43) $ (0.35) The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an antidilutive impact due to the Company’s net loss, in common stock equivalent shares: As of March 31, 2022 2021 Options to purchase common stock 2,687,031 2,759,165 Unvested restricted stock units 1,110,887 — Unvested early exercised common stock options 189,266 223,195 Shares committed under ESPP 24,252 99,144 Total 4,011,436 3,081,504

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment InformationThe chief operating decision maker for the Company is the Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single reportable and operating segment structure. The Company’s Chief Executive Officer evaluates performance based primarily on revenue in the geographic locations in which the Company operates. Revenue by geographic area is based on the billing address of the customer. The following table sets forth the Company’s revenue by geographic area (in thousands): Three Months Ended March 31, 2022 2021 United States $ 6,013 $ 4,289 Europe, Middle-East and Africa (“EMEA”) 4,053 4,044 Asia Pacific 719 911 Total $ 10,785 $ 9,244 Revenue from Germany and France represented 13% and 8%, respectively of total revenue for the three months ended March 31, 2022. Revenue from Germany and France represented 12% and 11%, respectively of total revenue for the three months ended March 31, 2021. Long-lived assets by geographic area are based on physical location of those assets. The following table sets forth the Company’s long-lived assets by geographic area (in thousands): March 31 December 31, 2022 2021 United States $ 4,865 $ 4,767 EMEA 49 42 Asia Pacific 4 5 Total $ 4,918 $ 4,814

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Significant estimates and assumptions include reserves and write-downs related to inventories, the recoverability of long term assets, valuation of common stock, stock-based compensation, intangible assets, goodwill, debt and related features, deferred tax assets and related valuation allowances and impact of contingencies.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Based on the borrowing rates currently available to the Company for debt with similar terms and consideration of default and credit risk, the carrying value of the term loan approximates their fair value. The fair value of marketable debt securities is estimated using Level 2 inputs based on their quoted market values (Note 4).
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents balances with established financial institutions and, at times, such balances with any one financial institution may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits.
Foreign Currency Translation and Transaction Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses The functional currencies of the Company’s wholly owned subsidiaries in Switzerland, Germany, Australia, the United Kingdom, France and Hong Kong are the Swiss franc. The functional currency of the Company’s subsidiary in Italy is the Euro. Accordingly, asset and liability accounts of Switzerland, Germany, Australia, the United Kingdom, Italy and Hong Kong operations are translated into U.S. dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into U.S. dollars using historical rates. The revenues and expenses are translated using the average exchange rates in effect during the period, and gains and losses from foreign currency translation adjustments are included as a component of accumulated other comprehensive income in the condensed consolidated balance sheet. Foreign currency translation adjustments are recorded in other comprehensive income (loss) in the condensed consolidated statements of operations and comprehensive loss and was less than $(0.1) million and $(0.3) million during the three months ended March 31, 2022 and 2021, respectively.
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options, and common stock subject to repurchase related to early exercise of stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities. The Company considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities, because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of the shares issued upon early exercise of stock options subject to repurchase do not have a contractual obligation to share in the Company’s
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning an interim period that includes or is subsequent to March 12, 2020, or prospectively from the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company may elect to apply ASU 2020-04 as its contracts referenced in London Interbank Offered Rate (“LIBOR”) are impacted by reference rate reform. The Company is currently evaluating the impact of the adoption of this ASU on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses . This new guidance will require financial instruments to be measured at amortized cost, and trade accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. In November 2019, the FASB issued ASU 2019-10, according to which, the new standard is effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies (“SRC”) as defined by the SEC, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, including the Company, the new standard is effective for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.
Assets and Liabilities Measured at Fair Value	Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; Level 3—Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis —Financial assets and liabilities held by the Company measured at fair value on a recurring basis include money market funds and marketable securities. Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis —The Company determines the fair value of long-lived assets held and used, such as intangible assets, by reference to independent appraisals, quoted market prices (e.g. an offer to purchase) and other factors. An impairment charge is recorded when the carrying value of the asset exceeds its fair value. As noted above, there have been no impairment charges recorded to date. Based on the borrowing rates currently available to the Company for debt with similar terms and consideration of default and credit risk, the carrying value of the term loan approximates the fair value and is classified as a Level 2 liability. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 250 $ — $ — $ 250 Commercial paper — 1,996 — 1,996 Cash equivalents 250 1,996 — 2,246 U.S. Government agency bonds 23,323 4,995 — 28,318 Corporate bonds — 2,151 — 2,151 Commercial paper — 16,824 — 16,824 Marketable securities 23,323 23,970 — 47,293 Total financial assets $ 23,573 $ 25,966 $ — $ 49,539 There were no liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2022. December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 831 $ — $ — $ 831 Commercial paper — 2,000 — 2,000 Corporate bonds — 4,410 — 4,410 Cash equivalents 831 6,410 — 7,241 U.S. Government agency bonds 14,977 5,504 — 20,481 Commercial paper — 19,107 — 19,107 Corporate bonds — 2,914 — 2,914 Marketable securities 14,977 27,525 — 42,502 Total financial assets $ 15,808 $ 33,935 $ — $ 49,743 There were no liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2021.
Schedule of Cost, Unrealized Gains and Losses and Fair Value of Marketable Securities	The following table summarizes the cost, unrealized gains and losses and fair value of marketable securities (in thousands): March 31, 2022 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 28,548 $ (230) $ — $ 28,318 Corporate bonds 2,152 (1) — 2,151 Commercial paper 16,863 (39) — 16,824 Marketable securities $ 47,563 $ (270) $ — $ 47,293 Amounts recognized on the consolidated balance sheet Short-term marketable securities 40,914 Long-term marketable securities 6,379 Marketable securities $ 47,293 December 31, 2021 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 20,509 $ (28) $ — $ 20,481 Corporate bonds 2,915 (1) — 2,914 Commercial paper 19,102 — 5 19,107 Marketable securities $ 42,526 $ (29) $ 5 $ 42,502 Amounts recognized on the consolidated balance sheet Short-term marketable securities 31,561 Long-term marketable securities 10,941 Marketable securities $ 42,502

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	The Company’s cash and cash equivalents consist of the following (in thousands): March 31, December 31, 2022 2021 Cash $ 126,922 $ 141,239 Cash equivalents: Money market funds 250 831 Commercial paper 1,996 2,000 Corporate bonds — 4,410 Total cash and cash equivalents $ 129,168 $ 148,480
Schedule of Inventory	Inventory consists of the following (in thousands): March 31, December 31, 2022 2021 Raw materials $ 3,752 $ 3,738 Work in process 750 518 Finished goods 13,802 12,029 Total inventory $ 18,304 $ 16,285
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2022 2021 Prepaid expenses $ 2,658 $ 1,869 Prepaid insurance 1,661 2,305 VAT receivable 277 362 Other current assets 702 347 Total prepaid expenses and other current assets $ 5,298 $ 4,883
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): March 31, December 31, 2022 2021 Machinery and equipment $ 1,804 $ 1,635 Computer equipment and software 1,634 1,561 Furniture and fixtures 257 252 Leasehold improvements 2,277 2,277 Construction in progress 1,516 1,332 Total 7,488 7,057 Less: accumulated depreciation (2,570) (2,243) Property and equipment, net $ 4,918 $ 4,814
Schedule Intangible Assets	Intangible assets consist of the following (in thousands): March 31, 2022 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,436) $ 222 Trademarks 191 (166) 25 Total intangible assets $ 1,849 $ (1,602) $ 247 December 31, 2021 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,410) $ 248 Trademarks 191 (162) 29 Total intangible assets $ 1,849 $ (1,572) $ 277
Schedule of Future Amortization Expense	Future amortization expense is as follows as of March 31, 2022 (in thousands): 2022 (remaining nine months) $ 93 2023 123 2024 31 Total amortization expense $ 247
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Accrued employee bonuses and commissions $ 2,504 $ 4,741 Accrued vacation 2,137 1,850 Other accrued personnel related expenses 1,844 2,145 Accrued professional fees 2,747 2,420 Sales taxes, franchise tax and VAT 511 730 Liability for early exercise of stock options 340 399 Accrued inventory purchases 134 258 Other 655 823 Total accrued liabilities $ 10,872 $ 13,366

Long Term Debt and Convertibl_2

Long Term Debt and Convertible Notes (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The CIBC Loan consists of the following (in thousands): March 31, December 31, 2022 2021 Term loan $ 17,000 $ 17,000 Less: debt issuance costs (113) (131) Term loan $ 16,887 $ 16,869
Schedule of Contractual Maturities of Financing Obligations	As of March 31, 2022, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): 2022 (remaining nine months) $ 635 2023 7,782 2024 8,846 2025 1,513 2026 90 2027 90 Total 18,956 Less: unamortized debt discount (113) Less: interest (1,416) Term loan and credit agreement $ 17,427

Leases, Lease Commitments and_2

Leases, Lease Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Operating Lease Cost and Additional Information	Operating lease cost consists of the following (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 724 $ 728 Short-term lease cost 9 3 Variable lease cost 147 147 Total lease cost $ 880 $ 878 The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted average data): March 31, December 31, Right of use asset $ 7,518 $ 8,075 Weighted average remaining lease term (years) 2.66 3.17 Weighted average discount rate (percent) 5.9 6.0 The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 131 $ 541 Right-of-use assets obtained in exchange for lease liabilities $ 56 $ —
Schedule of Maturity Analysis of Lease Liabilities	The following table summarizes a maturity analysis of the Company’s lease liabilities showing the aggregate lease payments as of March 31, 2022 (in thousands): 2022 (remaining nine months) $ 2,544 2023 3,429 2024 2,895 2025 1,009 Total minimum lease payments 9,877 Less: Amount of lease payments representing interest 782 Present value of future minimum lease payments $ 9,095 Less: Current lease liabilities 2,967 Long-term lease liabilities $ 6,128

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Shares Reserved for Future Issuance	The Company has reserved shares of common stock for future issuances as follows: March 31 December 31, 2022 2021 Common stock options issued and outstanding 2,687,031 2,145,131 Common stock restricted stock units issued and outstanding 1,110,887 442,428 Common stock available for future grants 3,909,758 3,751,115 Common stock available for ESPP 1,255,773 932,458 Total 8,963,449 7,271,132
Schedule of Summary of Stock Option Activity	A summary of stock option activity for the three months ended March 31, 2022 is set forth below: Outstanding Options Number of Shares Weighted Average Exercise Price Balance, January 1, 2022 2,145,131 $ 13.44 Granted 655,200 26.56 Exercised (99,265) 2.23 Canceled (14,035) 23.30 Balance, March 31, 2022 2,687,031 $ 17.00
Schedule of Options Vested and Expected to Vest	March 31, 2022 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested 790,519 $ 9.37 7.21 Options vested and expected to vest 2,687,031 $ 17.00 8.46
Schedule of Activity with Respect to Restricted Stock Units	Activity with respect to restricted stock units was as follows: Outstanding Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Unvested, January 1, 2022 442,428 $ 42.36 Granted 701,250 26.56 Vested (21,392) 44.54 Canceled (11,399) 37.24 Unvested, March 31, 2022 1,110,887 $ 32.40
Schedule of Total Stock-Based Compensation	Stock-based compensation expense is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of goods sold $ 147 $ 90 Research and development 421 318 Selling, general and administrative 2,945 1,860 Total $ 3,513 $ 2,268 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended March 31, 2022 2021 Stock options and restricted stock units $ 3,312 $ 1,039 ESPP 201 1,229 Total $ 3,513 $ 2,268

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders which excludes shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net loss attributable to common stockholders $ (15,828) $ (12,512) Denominator Weighted-average common stock outstanding 37,007,527 35,702,465 Less: weighted-average common shares subject to repurchase (202,161) (331,705) Weighted-average common shares used to compute basic and diluted net loss per share 36,805,366 35,370,760 Net loss per share attributable to common stockholders, basic and diluted $ (0.43) $ (0.35)
Schedule of Potentially Dilutive Securities Outstanding	The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an antidilutive impact due to the Company’s net loss, in common stock equivalent shares: As of March 31, 2022 2021 Options to purchase common stock 2,687,031 2,759,165 Unvested restricted stock units 1,110,887 — Unvested early exercised common stock options 189,266 223,195 Shares committed under ESPP 24,252 99,144 Total 4,011,436 3,081,504

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Revenue by Geographic Area	The following table sets forth the Company’s revenue by geographic area (in thousands): Three Months Ended March 31, 2022 2021 United States $ 6,013 $ 4,289 Europe, Middle-East and Africa (“EMEA”) 4,053 4,044 Asia Pacific 719 911 Total $ 10,785 $ 9,244
Schedule of Long-lived Assets by Geographic Area	The following table sets forth the Company’s long-lived assets by geographic area (in thousands): March 31 December 31, 2022 2021 United States $ 4,865 $ 4,767 EMEA 49 42 Asia Pacific 4 5 Total $ 4,918 $ 4,814

Formation and Business of the_2

Formation and Business of the Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 307,223		$ 291,395
Cash used in operating activities	15,026	$ 9,672
Cash, cash equivalents and marketable securities	$ 176,500

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accounting Policies [Abstract]
Cash on deposit with foreign banks	$ 2,800		$ 4,600
Other comprehensive (loss) foreign currency translation adjustments	(24)	$ (272)
Foreign currency transaction gains and (losses)	$ (100)	$ 200

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Impairment charges	$ 0
Accrued interest on marketable securities	100,000	$ 100,000
Fair Value, Nonrecurring
Derivative [Line Items]
Liabilities measured at fair value on a recurring and non-recurring	0	0
Recurring Basis
Derivative [Line Items]
Liabilities measured at fair value on a recurring and non-recurring	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Short-term marketable securities	$ 47,293	$ 42,502
U.S. Government agency bonds
Assets:
Short-term marketable securities	28,318	20,481
Corporate bonds
Assets:
Short-term marketable securities	2,151	2,914
Recurring Basis
Assets:
Cash equivalents	2,246	7,241
Short-term marketable securities	47,293	42,502
Total financial assets	49,539	49,743
Recurring Basis | U.S. Government agency bonds
Assets:
Short-term marketable securities	28,318	20,481
Recurring Basis | Corporate bonds
Assets:
Cash equivalents		4,410
Short-term marketable securities	2,151	2,914
Recurring Basis | Commercial paper
Assets:
Short-term marketable securities	16,824	19,107
Level 1 | Recurring Basis
Assets:
Cash equivalents	250	831
Short-term marketable securities	23,323	14,977
Total financial assets	23,573	15,808
Level 1 | Recurring Basis | U.S. Government agency bonds
Assets:
Short-term marketable securities	23,323	14,977
Level 1 | Recurring Basis | Corporate bonds
Assets:
Cash equivalents		0
Short-term marketable securities	0	0
Level 1 | Recurring Basis | Commercial paper
Assets:
Short-term marketable securities	0	0
Level 2 | Recurring Basis
Assets:
Cash equivalents	1,996	6,410
Short-term marketable securities	23,970	27,525
Total financial assets	25,966	33,935
Level 2 | Recurring Basis | U.S. Government agency bonds
Assets:
Short-term marketable securities	4,995	5,504
Level 2 | Recurring Basis | Corporate bonds
Assets:
Cash equivalents		4,410
Short-term marketable securities	2,151	2,914
Level 2 | Recurring Basis | Commercial paper
Assets:
Short-term marketable securities	16,824	19,107
Level 3 | Recurring Basis
Assets:
Cash equivalents	0	0
Short-term marketable securities	0	0
Total financial assets	0	0
Level 3 | Recurring Basis | U.S. Government agency bonds
Assets:
Short-term marketable securities	0	0
Level 3 | Recurring Basis | Corporate bonds
Assets:
Cash equivalents		0
Short-term marketable securities	0	0
Level 3 | Recurring Basis | Commercial paper
Assets:
Short-term marketable securities	0	0
Money market funds | Recurring Basis
Assets:
Cash equivalents	250	831
Money market funds | Level 1 | Recurring Basis
Assets:
Cash equivalents	250	831
Money market funds | Level 2 | Recurring Basis
Assets:
Cash equivalents	0	0
Money market funds | Level 3 | Recurring Basis
Assets:
Cash equivalents	0	0
Commercial paper | Recurring Basis
Assets:
Cash equivalents	1,996	2,000
Commercial paper | Level 1 | Recurring Basis
Assets:
Cash equivalents	0	0
Commercial paper | Level 2 | Recurring Basis
Assets:
Cash equivalents	1,996	2,000
Commercial paper | Level 3 | Recurring Basis
Assets:
Cash equivalents	$ 0	$ 0

Fair Value Measurements - Unrea

Fair Value Measurements - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 47,563	$ 42,526
Unrealized Losses	(270)	(29)
Unrealized Gains	0	5
Fair Value	47,293	42,502
Amounts recognized on the consolidated balance sheet
Short-term marketable securities	40,914	31,561
Long-term marketable securities	6,379	10,941
Marketable securities	47,293	42,502
U.S. Government agency bonds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	28,548	20,509
Unrealized Losses	(230)	(28)
Unrealized Gains	0	0
Fair Value	28,318	20,481
Corporate bonds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	2,152	2,915
Unrealized Losses	(1)	(1)
Unrealized Gains	0	0
Fair Value	2,151	2,914
Commercial paper
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	16,863	19,102
Unrealized Losses	(39)	0
Unrealized Gains	0	5
Fair Value	$ 16,824	$ 19,107

Balance Sheet Components - Cash

Balance Sheet Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	$ 126,922	$ 141,239
Cash equivalents:
Money market funds	250	831
Commercial paper	1,996	2,000
Corporate bonds	0	4,410
Total cash and cash equivalents	$ 129,168	$ 148,480	$ 209,283

Balance Sheet Components - Inve

Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 3,752	$ 3,738
Work in process	750	518
Finished goods	13,802	12,029
Total inventory	$ 18,304	$ 16,285

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 2,658	$ 1,869
Prepaid insurance	1,661	2,305
VAT receivable	277	362
Other current assets	702	347
Total prepaid expenses and other current assets	$ 5,298	$ 4,883

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 7,488	$ 7,057
Less: accumulated depreciation	(2,570)	(2,243)
Property and equipment, net	4,918	4,814
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,804	1,635
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,634	1,561
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	257	252
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2,277	2,277
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,516	$ 1,332

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 300,000	$ 100,000
Goodwill	2,333,000		$ 2,333,000
Goodwill, accumulated impairment loss	0
Goodwill acquired	0	0
Goodwill disposed of	0	0
Goodwill, impairment loss	0
Amortization expense related to intangibles, less than	$ 100,000	$ 100,000

Balance Sheet Components - Inta

Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,849	$ 1,849
Accumulated Amortization	(1,602)	(1,572)
Net Carrying Value	247	277
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,658	1,658
Accumulated Amortization	(1,436)	(1,410)
Net Carrying Value	222	248
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	191	191
Accumulated Amortization	(166)	(162)
Net Carrying Value	$ 25	$ 29

Balance Sheet Components - Futu

Balance Sheet Components - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022 (remaining nine months)	$ 93
2023	123
2024	31
Net Carrying Value	$ 247	$ 277

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued employee bonuses and commissions	$ 2,504	$ 4,741
Accrued vacation	2,137	1,850
Other accrued personnel related expenses	1,844	2,145
Accrued professional fees	2,747	2,420
Sales taxes, franchise tax and VAT	511	730
Liability for early exercise of stock options	340	399
Accrued inventory purchases	134	258
Other	655	823
Total accrued liabilities	$ 10,872	$ 13,366

Long Term Debt and Convertibl_3

Long Term Debt and Convertible Notes - CIBC Loan Narrative (Details)	Feb. 20, 2020USD ($)payment	Oct. 31, 2021	Mar. 31, 2021USD ($)	Apr. 30, 2020USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Payment of fees to lender and third parties					$ 0	$ 30,000
Amortization of debt discount and debt issuance costs					$ 18,000	39,000
CIBC Agreement | Medium-term Notes
Debt Instrument [Line Items]
Debt instrument, face amount including accordion feature	$ 32,000,000
Debt term	5 years
Interest payments term	24 months	24 months
Principal and interest payments term	36 months	36 months
Fee amount				$ 200,000
Gain (loss) on amendment of debt instrument			$ 0	$ 0
Number of periodic payments | payment	36
Payment of fees to lender and third parties	$ 400,000		$ 100,000
Increase in loan interest rate		0
Effective interest rate					4.71%
Cash and cash equivalents trigger for revenue requirement	$ 100,000,000
Minimum percentage of revenue requirement, trailing period of revenue	3 months
Minimum percentage of revenue requirement	80.00%
Unrestricted cash requirement period	4 months
Amortization of debt discount and debt issuance costs					$ 100,000	100,000
Interest expense					$ 200,000	$ 200,000
CIBC Agreement | Medium-term Notes | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
CIBC Agreement, Tranche A | Medium-term Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 17,000,000
CIBC Agreement, Tranche B | Medium-term Notes
Debt Instrument [Line Items]
Accordion feature on face amount of debt	8,000,000
CIBC Agreement, Tranche C | Medium-term Notes
Debt Instrument [Line Items]
Accordion feature on face amount of debt	$ 7,000,000

Long Term Debt and Convertibl_4

Long Term Debt and Convertible Notes - CIBC Loan Components Of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Term loan	$ 18,956
Less: debt issuance costs	(113)
Term loan and credit agreement	17,427
CIBC Agreement | Medium-term Notes
Debt Instrument [Line Items]
Term loan	17,000	$ 17,000
Less: debt issuance costs	(113)	(131)
Term loan and credit agreement	$ 16,887	$ 16,869

Long Term Debt and Convertibl_5

Long Term Debt and Convertible Notes - Credit Agreement and Paycheck Protection Program Narrative (Details) - Line of Credit - Pulmonx International Sarl	1 Months Ended		3 Months Ended
	May 31, 2020CHF (SFr)	May 31, 2020USD ($)	Mar. 31, 2022USD ($)	Apr. 30, 2020CHF (SFr)installment	Apr. 30, 2020USD ($)installment
Debt Instrument [Line Items]
Repayments of debt | $			$ 100,000
COVID-19 Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity				SFr 500,000	$ 500,000
Proceeds from line of credit	SFr 500,000	$ 500,000
Number of installments for repayment | installment				12	12

Long Term Debt and Convertibl_6

Long Term Debt and Convertible Notes - Contractual Maturities of Financing Obligations (Details) $ in Thousands	Mar. 31, 2022USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2022 (remaining nine months)	$ 635
2023	7,782
2024	8,846
2025	1,513
2026	90
2027	90
Total	18,956
Less: unamortized debt discount	(113)
Less: interest	(1,416)
Long-term debt	$ 17,427

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Mar. 31, 2022	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue		$ 0.2	$ 0.1	$ 0.1
Revenue recognized	$ 0.2	$ 0.1

Leases, Lease Commitments and_3

Leases, Lease Commitments and Contingencies - Narrative (Details) $ in Millions	1 Months Ended			12 Months Ended
	Sep. 30, 2020USD ($)	Aug. 31, 2020USD ($)	Apr. 30, 2020USD ($)	Dec. 31, 2013	Mar. 31, 2022lease
Lessee, Lease, Description [Line Items]
Lease renewal term		5 years
Monthly base rent		$ 0.1
Annual increase rate		3.50%
Tenant improvement allowance, receivable upon lease renewal		$ 0.2
Option to terminate, notice period				12 months
Sublease term	4 years		3 years
Sublease, option to terminate, notice period			180 days
Sublease, period for option to terminate			18 months
Sublease monthly rent (less than)	$ 0.1		$ 0.1
Sublease, expense, annual increase rate	3.50%		3.50%
Sublease, tenant improvement allowance, receivable upon lease renewal	$ 0.7
Sublease renewal term	12 months
Number of vehicle leases | lease					6
Office Facilities
Lessee, Lease, Description [Line Items]
Lease term				5 years
Vehicles
Lessee, Lease, Description [Line Items]
Lease term					2 years 10 months 24 days

Leases, Lease Commitments and_4

Leases, Lease Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 724	$ 728
Short-term lease cost	9	3
Variable lease cost	147	147
Total lease cost	$ 880	$ 878

Leases, Lease Commitments and_5

Leases, Lease Commitments and Contingencies - Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022 (remaining nine months)	$ 2,544
2023	3,429
2024	2,895
2025	1,009
Total minimum lease payments	9,877
Less: Amount of lease payments representing interest	782
Present value of future minimum lease payments	9,095
Less: Current lease liabilities	2,967	$ 2,201
Long-term lease liabilities	$ 6,128	$ 6,844

Leases, Lease Commitments and_6

Leases, Lease Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use asset	$ 7,518	$ 8,075
Weighted average remaining lease term (years)	2 years 7 months 28 days	3 years 2 months 1 day
Weighted average discount rate (percent)	5.90%	6.00%

Leases, Lease Commitments and_7

Leases, Lease Commitments and Contingencies - Other Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities	$ 131	$ 541
Right-of-use assets obtained in exchange for lease liabilities	$ 56	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (less than)	$ 67	$ 67

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)voteshares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares) | shares	200,000,000		200,000,000
Dividends declared	$ 0
Number of votes for each share of common stock held | vote	1
Options outstanding, aggregate intrinsic value	$ 30,600,000
Options vested and expenses to vest, intrinsic value	$ 13,800,000
Repurchase of early exercised common stock options (in shares) | shares	0	12,945
Common stock, shares repurchased, less than (in shares)		$ 100,000
Aggregate exercise price of shares subject to repurchase	$ 300,000		$ 400,000
Unrecognized compensation costs	56,200,000
Fair value of shares vested	2,700,000
Cost Of Goods And Services Sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation capitalized into inventory	100,000	100,000
Inventory, Net
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation capitalized into inventory	$ 200,000	$ 300,000
Options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Shares subject to repurchase (in shares) | shares	189,266		223,195
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, aggregate intrinsic value	$ 27,600,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 200,000
Weighted-average period for recognition of compensation costs	4 months 24 days
Stock Options And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of compensation costs	3 years 4 months 17 days

Stockholders' Equity - Shares R

Stockholders' Equity - Shares Reserved for Future Issuance (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	8,963,449	7,271,132
Common stock options issued and outstanding
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	2,687,031	2,145,131
Common stock restricted stock units issued and outstanding
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	1,110,887	442,428
Common stock available for future grants
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	3,909,758	3,751,115
Common stock available for ESPP
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	1,255,773	932,458

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Shares
Balance, beginning of period (in shares) | shares	2,145,131
Options granted (in shares) | shares	655,200
Options exercised (in shares) | shares	(99,265)
Options canceled (in shares) | shares	(14,035)
Balance, end of period (in shares) | shares	2,687,031
Weighted Average Exercise Price
Balance, beginning of period (in dollars per share) | $ / shares	$ 13.44
Options granted (in dollars per share) | $ / shares	26.56
Options exercised (in dollars per share) | $ / shares	2.23
Options canceled (in dollars per share) | $ / shares	23.30
Balance, end of period (in dollars per share) | $ / shares	$ 17

Stockholders' Equity - Options

Stockholders' Equity - Options Vested and Expected to Vest (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Shares
Options vested (in shares) | shares	790,519
Options vested and expected to vest (in shares) | shares	2,687,031
Weighted Average Exercise Price
Options vested (in dollars per share) | $ / shares	$ 9.37
Options vested and expected to vest (in dollars per share) | $ / shares	$ 17
Weighted Average Contractual Life (in Years)
Options vested	7 years 2 months 15 days
Options vested and expected to vest	8 years 5 months 15 days

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Shares
Unvested, beginning of period (in shares) | shares	442,428
Granted (in shares) | shares	701,250
Vested (in share) | shares	(21,392)
Canceled (in share) | shares	(11,399)
Unvested, end of period (in shares) | shares	1,110,887
Weighted Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 42.36
Granted (in dollars per share) | $ / shares	26.56
Vested (in dollars per share) | $ / shares	44.54
Canceled (in dollars per share) | $ / shares	37.24
Unvested, end of period (in dollars per share) | $ / shares	$ 32.40

Stockholders' Equity - Total St

Stockholders' Equity - Total Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,513	$ 2,268
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	201	1,229
Stock Options And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,312	1,039
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	147	90
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	421	318
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,945	$ 1,860

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net loss attributable to common stockholders, basic	$ (15,828)	$ (12,512)
Net loss attributable to common stockholders, diluted	$ (15,828)	$ (12,512)
Denominator
Weighted-average common stock outstanding (in shares)	37,007,527	35,702,465
Less: weighted-average common shares subject to repurchase (in shares)	(202,161)	(331,705)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	36,805,366	35,370,760
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	36,805,366	35,370,760
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.43)	$ (0.35)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.43)	$ (0.35)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholders - Excluded Potentially Dilutive Securities Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	4,011,436	3,081,504
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	2,687,031	2,759,165
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	1,110,887	0
Unvested early exercised common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	189,266	223,195
Common stock available for ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	24,252	99,144

Segment Information - Narrative

Segment Information - Narrative (Details) - segment	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Concentration Risk [Line Items]
Number of reportable segments	1
Number of operating segments	1
GERMANY | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Concentration Risk [Line Items]
Customer concentration risk percentage	13.00%	12.00%
FRANCE | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Concentration Risk [Line Items]
Customer concentration risk percentage	8.00%	11.00%

Segment Information - Revenue b

Segment Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 10,785	$ 9,244
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	6,013	4,289
Europe, Middle-East and Africa (“EMEA”)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	4,053	4,044
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 719	$ 911

Segment Information - Long-Live

Segment Information - Long-Lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 4,918	$ 4,814
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	4,865	4,767
Europe, Middle-East and Africa (“EMEA”)
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	49	42
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 4	$ 5