Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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, $0.001 par value per share | |
Trading Symbol | LUNG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,748,083 | |
Entity Central Index Key | 0001127537 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 110,407 | $ 101,736 |
Restricted cash | 231 | 231 |
Short-term marketable securities | 42,429 | 39,402 |
Accounts receivable, net | 8,171 | 8,677 |
Inventory | 15,588 | 14,564 |
Prepaid expenses and other current assets | 4,472 | 4,343 |
Total current assets | 181,298 | 168,953 |
Long-term marketable securities | 2,637 | 5,924 |
Long-term inventory | 4,774 | 5,283 |
Property and equipment, net | 4,490 | 4,694 |
Goodwill | 2,333 | 2,333 |
Intangible assets, net | 123 | 154 |
Right of use assets | 5,152 | 5,806 |
Other long-term assets | 465 | 529 |
Total assets | 201,272 | 193,676 |
Current liabilities | ||
Accounts payable | 2,890 | 1,758 |
Accrued liabilities | 10,632 | 13,276 |
Income taxes payable | 60 | 19 |
Deferred revenue | 107 | 120 |
Short-term debt | 91 | 90 |
Current lease liabilities | 3,299 | 3,229 |
Total current liabilities | 17,079 | 18,492 |
Deferred tax liability | 71 | 94 |
Long-term lease liabilities | 3,015 | 3,849 |
Long-term debt | 37,173 | 17,234 |
Total liabilities | 57,338 | 39,669 |
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, 2023 and December 31, 2022 | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 37,730,676 shares issued and outstanding as of March 31, 2023 and 37,555,565 shares issued and outstanding as of December 31, 2022 | 38 | 38 |
Additional paid-in capital | 508,254 | 502,712 |
Accumulated other comprehensive income | 1,820 | 1,575 |
Accumulated deficit | (366,178) | (350,318) |
Total stockholders’ equity | 143,934 | 154,007 |
Total liabilities and stockholders’ equity | $ 201,272 | $ 193,676 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Stockholders’ equity | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 37,730,676 | 37,555,565 |
Common stock, shares outstanding (in shares) | 37,730,676 | 37,555,565 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 14,535 | $ 10,785 |
Cost of goods sold | 3,946 | 2,674 |
Gross profit | 10,589 | 8,111 |
Operating expenses | ||
Research and development | 4,253 | 3,534 |
Selling, general and administrative | 22,736 | 20,245 |
Total operating expenses | 26,989 | 23,779 |
Loss from operations | (16,400) | (15,668) |
Interest income | 1,127 | 105 |
Interest expense | (571) | (198) |
Other income (expense), net | 108 | 0 |
Net loss before tax | (15,736) | (15,761) |
Income tax expense | 124 | 67 |
Net loss | (15,860) | (15,828) |
Other comprehensive income | ||
Currency translation adjustment | 72 | (24) |
Change in unrealized gain (loss) on marketable securities | 173 | (245) |
Total other comprehensive income (loss) | 245 | (269) |
Comprehensive loss | $ (15,615) | $ (16,097) |
Net loss per share attributable common stockholders, basic (in dollars per share) | $ (0.42) | $ (0.43) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.42) | $ (0.43) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 37,572,382 | 36,805,366 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 37,572,382 | 36,805,366 |
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, 2021 | 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 shares) | 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 gains (losses) on marketable securities | (245) | (245) | |||
Net loss | (15,828) | (15,828) | |||
Ending balance (in shares) at Mar. 31, 2022 | 37,098,421 | ||||
Ending balance at Mar. 31, 2022 | $ 182,145 | $ 37 | 487,888 | 1,443 | (307,223) |
Beginning balance (in shares) at Dec. 31, 2022 | 37,555,565 | 37,555,565 | |||
Beginning balance at Dec. 31, 2022 | $ 154,007 | $ 38 | 502,712 | 1,575 | (350,318) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 66,895 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 23,006 | 23,006 | |||
Issuance of common stock upon exercise of stock options | $ 46 | 46 | |||
Issuance of shares pursuant to Employee Stock Purchase Plan (in shares) | 85,210 | ||||
Issuance of shares pursuant to Employee Stock Purchase Plan | 676 | 676 | |||
Change in shares subject to repurchase | 56 | 56 | |||
Stock-based compensation expense | 4,764 | 4,764 | |||
Currency translation adjustment | 72 | 72 | |||
Change in unrealized gains (losses) on marketable securities | 173 | 173 | |||
Net loss | $ (15,860) | (15,860) | |||
Ending balance (in shares) at Mar. 31, 2023 | 37,730,676 | 37,730,676 | |||
Ending balance at Mar. 31, 2023 | $ 143,934 | $ 38 | $ 508,254 | $ 1,820 | $ (366,178) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (15,860) | $ (15,828) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation expense | 4,638 | 3,513 |
Loss on disposal of fixed assets | 1 | 0 |
Inventory write-downs | 273 | 46 |
Depreciation and amortization expense | 437 | 368 |
Amortization of debt discount and debt issuance costs | 10 | 18 |
Amortization of premiums and discounts on marketable securities | (203) | 21 |
Non-cash lease expense | 654 | 614 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | 531 | (277) |
Inventory | (604) | (2,021) |
Prepaid expenses and other current assets | (168) | (406) |
Other assets | (5) | 17 |
Accounts payable | 868 | 1,261 |
Accrued liabilities | (2,478) | (2,313) |
Income taxes payable | 40 | (2) |
Lease liabilities | (765) | (7) |
Deferred revenue | (13) | (30) |
Net cash used in operating activities | (12,644) | (15,026) |
Cash flows from investing activities | ||
Purchases of investments | (13,115) | (9,308) |
Maturities of short-term marketable securities | 13,750 | 4,250 |
Purchases of property and equipment | (61) | (564) |
Net cash provided by (used in) investing activities | 574 | (5,622) |
Cash flows from financing activities | ||
Proceeds from borrowing under term loan | 20,000 | 0 |
Proceeds from exercise of common stock options | 44 | 207 |
Proceeds from issuance of common stock under the employee stock purchase plan | 676 | 1,108 |
Net cash provided by financing activities | 20,720 | 1,315 |
Effect of exchange rate changes on cash and cash equivalents | 21 | 21 |
Net increase (decrease) in cash and cash equivalents | 8,671 | (19,312) |
Cash, cash equivalents and restricted cash, at beginning of the period | 101,967 | 148,711 |
Cash, cash equivalents and restricted cash, at end of the period | 110,638 | 129,399 |
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: | ||
Cash and cash equivalents | 110,407 | 129,168 |
Restricted cash | 231 | 231 |
Cash, cash equivalents and restricted cash in consolidated balance sheets | 110,638 | 129,399 |
Supplemental non-cash items: | ||
Lapse in repurchase rights of common stock | 56 | 59 |
Purchases of property and equipment in accounts payable and accrued liabilities | 469 | 456 |
Amount receivable from exercise of common stock options | 2 | 24 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 92 | 29 |
Cash paid for interest | $ 356 | $ 178 |
Formation and Business of the C
Formation and Business of the Company | 3 Months Ended |
Mar. 31, 2023 | |
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, Hong Kong and Japan. Liquidity and Going Concern The Company has incurred operating losses and negative cash flows from operations to date and has an accumulated deficit of $366.2 million as of March 31, 2023. During the three months ended March 31, 2023 and 2022, the Company used $12.6 million and $15.0 million of cash in its operating activities, respectively. As of March 31, 2023, the Company had cash, cash equivalents and marketable securities of $155.5 million. Historically, the Company’s activities have been financed through the sale of equity securities, debt financing arrangements and sales of its products. 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 The COVID-19 pandemic has delayed clinical trials and the U.S. Food and Drug Administration operations and adversely impacted the number of procedures performed using our products. 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. While the Company has seen a recovery in procedure volumes in the U.S. and some international markets, other international markets continue to be hampered by a slower recovery. The Company may continue to see regional variations in procedure volumes in the U.S. and international markets due to 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 procedure volumes in many regions have stabilized, 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, 2023 | |
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 condensed 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, 2022 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, 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 U.S. 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, 2022 and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on March 1, 2023. 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, 2023 and condensed consolidated results of operations and cash flows for the three months ended March 31, 2023 and 2022 have been made. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023. Use of Estimates The preparation of unaudited interim condensed consolidated financial statements in conformity with U.S. 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, classification of short-term and long-term inventories, the recoverability of long-term assets, 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 1 and Level 2 inputs (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, 2023 and December 31, 2022, the Company also had cash on deposit with foreign banks of approximately $3.8 million and $4.5 million, respectively, that was not federally insured. The Company earns revenue from the sale of its products to hospitals and other customers such as distributors. Sales of Zephyr Valves and delivery catheters accounted for most of the Company’s revenue for the three months ended March 31, 2023 and 2022. The Company’s accounts receivable are derived from revenue earned from customers. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. At March 31, 2023 and December 31, 2022, no customer accounted for more than 10% of accounts receivable. For the three months ended March 31, 2023 and 2022, no customer 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 subsidiaries in Italy and Japan is the Euro and Yen, respectively. Accordingly, asset and liability accounts of Switzerland, France, Germany, Australia, the United Kingdom, Italy, Hong Kong and Japan 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 $0.1 million and less than $(0.1) million during the three months ended March 31, 2023 and 2022, 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 less than $(0.1) million during the three months ended March 31, 2023 and 2022, respectively. Credit Losses — Marketable Securities For marketable securities in an unrealized loss position, the Company periodically assesses its portfolio for impairment. The assessment first considers the intent or requirement to sell the marketable security. If either of these criteria are met, the amortized cost basis is written down to fair value through earnings. Beginning January 1, 2023, if the criteria above are not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the marketable security by a rating agency, and any adverse conditions specifically related to the marketable security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the marketable security is compared to the amortized cost basis of the marketable security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss. Credit Losses — Accounts Receivable Accounts receivable are recorded at the amounts billed less estimated allowances for credit losses for any potential uncollectible amounts. The Company continually monitors customer payments and maintains an allowance for estimated losses resulting from a customer’s inability to make required payments. The Company considers factors such as historical experience, credit quality, age of the accounts receivable balances, geographic related risks and economic conditions that may affect a customer’s ability to pay. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success. As of March 31, 2023 and December 31, 2022, accounts receivable is presented net of an allowance for credit losses of $0.1 million and $0.1 million, 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 losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. Inventories Inventories are valued at the lower of cost to purchase or manufacture the inventory or net realizable value. Cost is determined using the first-in, first-out method (“FIFO”) for all inventories. Net realizable value is determined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company records write-downs of inventories which are obsolete or in excess of anticipated demand or market value based on consideration of product lifecycle stage, technology trends, product development plans and assumptions about future demand and market conditions. Inventory write-downs reduce the carrying value of inventory to its net realizable value. The Company reviews its inventories for classification purposes. The value of inventories not expected to be realized in cash, sold or consumed during the next 12 months are classified as long-term inventory. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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. The Company adopted ASU 2016-13 as of January 1, 2023 and the adoption did not have a material impact on the Company’s unaudited interim condensed consolidated financial statements and related disclosures. 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, 2023 | |
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. The fair value of the term loan is estimated using Level 2 inputs. 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, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 25,457 $ — $ — $ 25,457 Cash equivalents 25,457 — — 25,457 U.S. Government agency bonds 9,144 19,336 — 28,480 Commercial paper — 16,586 — 16,586 Marketable securities 9,144 35,922 — 45,066 Total financial assets $ 34,601 $ 35,922 $ — $ 70,523 There were no liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2023. December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 4,647 $ — $ — $ 4,647 Cash equivalents 4,647 — — 4,647 U.S. Government agency bonds 14,743 15,872 — 30,615 Commercial paper — 14,711 — 14,711 Marketable securities 14,743 30,583 — 45,326 Total financial assets $ 19,390 $ 30,583 $ — $ 49,973 There were no liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2022. The following table summarizes the cost, unrealized gains and losses and fair value of marketable securities (in thousands): March 31, 2023 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 28,597 $ (119) $ 2 $ 28,480 Commercial paper 16,607 (23) 2 16,586 Marketable securities $ 45,204 $ (142) $ 4 $ 45,066 Amounts recognized on the consolidated balance sheet Short-term marketable securities 42,429 Long-term marketable securities 2,637 Marketable securities $ 45,066 December 31, 2022 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 30,897 $ (282) $ — $ 30,615 Commercial paper 14,740 (29) — 14,711 Marketable securities $ 45,637 $ (311) $ — $ 45,326 Amounts recognized on the consolidated balance sheet Short-term marketable securities 39,402 Long-term marketable securities 5,924 Marketable securities $ 45,326 The unrealized losses for marketable securities relate to changes in interest rates. No allowance for credit losses was recorded as of March 31, 2023 and December 31, 2022, and no impairment losses were recognized for the three months ended March 31, 2023. Accrued interest receivable on marketable securities of $0.2 million and $0.1 million as of March 31, 2023 and December 31, 2022, respectively, is included in prepaid expenses and other current assets |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Cash $ 84,950 $ 97,089 Cash equivalents: Money market funds 25,457 4,647 Total cash and cash equivalents $ 110,407 $ 101,736 Inventory Inventory consists of the following (in thousands): March 31, December 31, 2023 2022 Raw materials $ 3,483 $ 3,820 Work in process 473 386 Finished goods 16,406 15,641 Total inventory $ 20,362 $ 19,847 Reported as: Inventory $ 15,588 $ 14,564 Long-term inventory 4,774 5,283 Total inventory $ 20,362 $ 19,847 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2023 2022 Prepaid expenses $ 2,607 $ 2,044 Prepaid insurance 1,044 1,407 VAT and other receivable 674 602 Other current assets 147 290 Total prepaid expenses and other current assets $ 4,472 $ 4,343 Capitalized Implementation Costs of a Hosting Arrangement The Company has several software systems that are cloud-based hosting arrangements with service contracts. The Company accounts for costs incurred in connection with the implementation of these various software systems under ASU 2018-15, Intangibles—Goodwill and Other—Internal Use Software (Subtopic 350–40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The Company expenses all costs (internal and external) that are incurred in the planning and post-implementation operation stages. As of March 31, 2023 and December 31, 2022, the Company has capitalized approximately $0.5 million and $0.5 million in implementation costs, net of amortization, respectively. The capitalized costs are amortized on a straight-line basis over the non-cancelable contract terms, which are generally three years. As of March 31, 2023, approximately $0.4 million and $0.1 million capitalized costs were included in prepaid expenses and other current assets, and other long-term assets, respectively. Amortization expense, which was included in selling, general and administrative expenses, was $0.1 million and $0 for the three months ended March 31, 2023 and 2022, respectively. Property and Equipment, Net Property and equipment, net consist of the following (in thousands): March 31, December 31, 2023 2022 Machinery and equipment $ 2,167 $ 2,112 Computer equipment and software 1,828 1,773 Furniture and fixtures 263 263 Leasehold improvements 2,277 2,277 Construction in progress 1,872 1,825 Total 8,407 8,250 Less: accumulated depreciation (3,917) (3,556) Property and equipment, net $ 4,490 $ 4,694 Depreciation expense for the three months ended March 31, 2023 and 2022 was $0.3 million and $0.3 million, respectively. Goodwill Goodwill was $2.3 million as of March 31, 2023 and December 31, 2022 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 the three months ended March 31, 2023 and 2022. The Company assesses goodwill for impairment annually, or more frequently, when events or changes in circumstances indicate there may be impairment. Through March 31, 2023, 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, 2023. Intangible Assets Intangible assets consist of the following (in thousands): March 31, 2023 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,548) $ 110 Trademarks 191 (178) 13 Total intangible assets $ 1,849 $ (1,726) $ 123 December 31, 2022 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,520) $ 138 Trademarks 191 (175) 16 Total intangible assets $ 1,849 $ (1,695) $ 154 Amortization expense relating to the intangibles totaled less than $0.1 million during each of the three months ended March 31, 2023 and 2022, respectively. Future amortization expense is as follows as of March 31, 2023 (in thousands): 2023 (remaining nine months) $ 92 2024 31 Total amortization expense $ 123 Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, December 31, 2023 2022 Accrued employee bonuses and commissions $ 2,803 $ 4,973 Accrued vacation 2,341 2,113 Other accrued personnel related expenses 1,615 2,513 Accrued professional fees 2,701 2,366 Sales taxes, franchise tax and VAT 676 627 Liability for early exercise of stock options 89 145 Accrued inventory purchases 160 167 Other 247 372 Total accrued liabilities $ 10,632 $ 13,276 |
Long Term Debt
Long Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Long Term Debt CIBC Loan On February 20, 2020, the Company executed a Loan and Security Agreement with Canadian Imperial Bank of Commerce (“CIBC”), which the Company subsequently amended on April 17, 2020 and December 28, 2020 (as amended, the “CIBC Agreement”). The CIBC Agreement originally provided the Company with the ability to borrow 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 draw 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 Tranche C was drawn before the option expired. 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. 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 Loan and Security Agreement with CIBC (as amended, the “Amended and Restated CIBC Agreement”) which, among other things, extended the loan maturity date of the CIBC Loan 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 CIBC 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 CIBC Agreement 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 CIBC Agreement, 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. In October 2022, the Company entered into a Third Amendment to the Amended and Restated CIBC Agreement (the “Third Amendment”) with CIBC, which amended certain provisions of the CIBC Loan. The amendment provided the option to draw up to an additional $20.0 million (“Amended Tranche B”) on or prior to October 31, 2023, which can be drawn in increments of at least $5.0 million. Upon request by the Company, CIBC may, in its sole discretion, make additional term loans of up to $10.0 million (“Amended Tranche C”) at any time. The Third Amendment extended the maturity date of the CIBC Loan from February 20, 2025 to October 31, 2027 and provided for a new interest only period of 24 months from the signing date of the Third Amendment, with the possibility of an additional extension of such interest only period of up to 12 months, subject to satisfaction of certain conditions set forth in the Third Amendment. The Company paid a commitment fee of less than $0.1 million in connection with the Third Amendment. The amendment was accounted for as a debt modification and no gain or loss was recognized. In February 2023, the Company drew $20.0 million of the Amended Tranche B of the CIBC Loan. The Amended Tranche B bears interest at a floating rate equal to 1.0% above the Wall Street Journal Prime Rate and has the same repayment terms as the Tranche A. Upon draw of the Amended Tranche B, the financial covenants in the Amended and Restated 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 the greater of $20.0 million and the Adjusted EBITDA loss as defined in the Amended and Restated CIBC Agreement for the six-month period ending on any date of determination. As of March 31, 2023, the Company was in compliance with all covenants contained in Amended and Restated CIBC Agreement. 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 borrowings under the Amended and Restated CIBC Agreement, subject to certain conditions, including a prepayment fee equal to 2.0% of the principal amount repaid during the first year after the effective date of the Third Amendment or 1.0% of the principal amount prepaid during the second year after the effective date of the Third Amendment. As of March 31, 2023, the CIBC Loan had an annual effective interest rate of 9.6% per year. The CIBC Loan consists of the following (in thousands): March 31, December 31, 2023 2022 Term loan $ 37,000 $ 17,000 Less: debt issuance costs (191) (127) Term loan $ 36,809 $ 16,873 The Company paid $0.5 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 the three months ended March 31, 2023 and 2022, 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 $0.6 million and $0.2 million during the three months ended March 31, 2023 and 2022, 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 initially bore no interest through March 31, 2023. Beginning April 1, 2023, the COVID-19 Credit Agreement bears interest at a rate of 1.5% per year payable at the end of each calendar quarter. The loan principal is being repaid in twelve equal installments, paid semi-annually, which began in March of 2022. As of March 31, 2023, Pulmonx International Sàrl repaid $0.1 million to the lender. Contractual Maturities of Financing Obligations As of March 31, 2023, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): 2023 (remaining nine months) $ 2,600 2024 5,469 2025 15,058 2026 13,948 2027 10,790 Total 47,865 Less: unamortized debt discount (191) Less: interest (10,410) Term loan and credit agreement $ 37,264 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
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 $0.1 million as of March 31, 2023 and December 31, 2022, respectively. The deferred revenue as of December 31, 2022 of $0.1 million was recognized as revenue during the three months ended March 31, 2023.The Company disaggregates its revenue by major geographic region, which has been disclosed in Note 12, “Segment Information.” |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases 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. 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 the 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 ten vehicles with an average lease term of 2.9 years. Operating lease cost consists of the following (in thousands): Three Months Ended March 31, 2023 2022 Operating lease cost $ 721 $ 724 Short-term lease cost 8 9 Variable lease cost 154 147 Total lease cost $ 883 $ 880 The following table summarizes a maturity analysis of the Company’s lease liabilities showing the aggregate lease payments as of March 31, 2023 (in thousands): 2023 (remaining nine months) $ 2,675 2024 2,970 2025 1,044 Total minimum lease payments 6,689 Less: Amount of lease payments representing interest 375 Present value of future minimum lease payments $ 6,314 Less: Current lease liabilities 3,299 Long-term lease liabilities $ 3,015 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 $ 5,152 $ 5,806 Weighted average remaining lease term (years) 1.83 2.08 Weighted average discount rate (percent) 6.0 % 6.0 % The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 872 $ 131 Right-of-use assets obtained in exchange for lease liabilities $ — $ 56 Service Agreement In April 2022, the Company entered into an agreement with a service provider which requires total minimum purchases of $0.6 million, $0.4 million, and $0.4 million over the next three years. From inception of the agreement through March 31, 2023, the Company recorded $0.6 million of expense for services related to this agreement in cost of goods sold. Contingencies From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determinable that such a liability for litigation and contingencies are both probable and reasonably estimable. In December 2022, the Company received a civil investigative demand (“CID”) from the U.S. Department of Justice, Civil Division in connection with an investigation under the Anti-Kickback Statute and False Claims Act (the “Investigation”). The CID requests information and documents regarding the Company’s relationships with certain health care providers, medical practices, and hospitals in connection with the sales and marketing of the Zephyr Valves and related products and services. The Company is fully cooperating with the Investigation. The |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax expense for the three months ended March 31, 2023 and 2022 was $0.1 million and $0.1 million, respectively. 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 state income taxes, foreign income taxes, and non-recognition of US tax benefit because of a full valuation allowance against US deferred tax assets. The income tax expense for the three months ended March 31, 2023 and 2022 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, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock As of March 31, 2023 and December 31, 2022, the Company’s certificate of incorporation authorized the Company to issue up to 200,000,000 shares of common stock. 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, 2023 2022 Common stock options issued and outstanding 3,278,913 2,495,528 Common stock restricted stock units issued and outstanding 2,696,843 998,473 Common stock available for future grants 2,681,944 3,765,706 Common stock available for ESPP 1,502,455 1,212,109 Total 10,160,155 8,471,816 Stock Option Plan A summary of stock option activity for the three months ended March 31, 2023 is set forth below: Outstanding Options Number of Shares Weighted Average Exercise Price Balance, January 1, 2023 2,495,528 $ 17.35 Options granted 835,400 11.48 Options exercised (23,006) 2.02 Options canceled (29,009) 17.29 Balance, March 31, 2023 3,278,913 $ 15.97 The aggregate intrinsic value of options outstanding as of March 31, 2023 was $9.6 million. March 31, 2023 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested 1,248,108 $ 14.21 6.95 Options vested and expected to vest 3,278,913 $ 15.97 8.19 Total intrinsic value of options vested as of March 31, 2023 was $6.3 million. Early Exercise of Stock Options Under the terms of the individual option grants, 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, 2023 and 2022, the Company did not repurchase shares of common stock. As of March 31, 2023 and December 31, 2022, 46,012 and 77,782 shares, respectively, were subject to repurchase, with an aggregate exercise price of $0.1 million and $0.1 million, respectively, and were recorded in other current liabilities. Restricted Stock Units Activity with respect to restricted stock units was as follows: Number of Shares Underlying Outstanding Restricted Stock Weighted Average Grant Date Fair Value Unvested, January 1, 2023 998,473 $ 27.72 Granted 1,800,120 11.48 Vested (66,895) 32.08 Canceled (34,855) 22.68 Unvested, March 31, 2023 2,696,843 $ 16.84 The aggregate intrinsic value of restricted stock units outstanding as of March 31, 2023 was $30.2 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, 2023 2022 Cost of goods sold $ 223 $ 147 Research and development 566 421 Selling, general and administrative 3,849 2,945 Total $ 4,638 $ 3,513 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended March 31, 2023 2022 Stock options and restricted stock units $ 4,540 $ 3,312 ESPP 98 201 Total $ 4,638 $ 3,513 Stock-based compensation of $0.3 million and $0.2 million was capitalized into inventory for the three months ended March 31, 2023 and 2022, respectively. Stock-based compensation capitalized in prior periods of $0.2 million and $0.1 million was recognized as cost of sales in the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, there was $63.5 million of unrecognized compensation costs related to unvested common stock options and restricted stock units, expected to be recognized over a weighted-average period of 3.1 years. The total grant date fair value of shares vested during the three months ended March 31, 2023 and 2022 was $4.0 million and $2.7 million, respectively. As of March 31, 2023, the Company had unrecognized employee stock-based compensation relating to ESPP awards of approximately $0.1 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, 2023 | |
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, 2023 2022 Numerator Net loss attributable to common stockholders $ (15,860) $ (15,828) Denominator Weighted-average common stock outstanding 37,630,339 37,007,527 Less: weighted-average common shares subject to repurchase (57,957) (202,161) Weighted-average common shares used to compute basic and diluted net loss per share 37,572,382 36,805,366 Net loss per share attributable to common stockholders, basic and diluted $ (0.42) $ (0.43) 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, 2023 2022 Options to purchase common stock 3,278,913 2,687,031 Unvested restricted stock units 2,696,843 1,110,887 Unvested early exercised common stock options 46,012 189,266 Shares committed under ESPP 20,155 24,252 Total 6,041,923 4,011,436 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The 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, 2023 2022 United States $ 9,337 $ 6,013 Europe, Middle-East and Africa (“EMEA”) 4,531 4,053 Asia Pacific 596 719 Other International 71 — Total $ 14,535 $ 10,785 Revenue from Germany and France represented 8% and 8%, respectively, of total revenue for the three months ended March 31, 2023. Revenue from Germany and France represented 13% and 8%, respectively, of total revenue for the three months ended March 31, 2022. 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, 2023 2022 United States $ 4,434 $ 4,634 EMEA 55 58 Asia Pacific 1 2 Total $ 4,490 $ 4,694 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 |
Principles of Consolidation | Principles of Consolidation The condensed 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 U.S. 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, classification of short-term and long-term inventories, the recoverability of long-term assets, 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 1 and Level 2 inputs (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 |
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 subsidiaries in Italy and Japan is the Euro and Yen, respectively. Accordingly, asset and liability accounts of Switzerland, France, Germany, Australia, the United Kingdom, Italy, Hong Kong and Japan 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 $0.1 million and less than $(0.1) million during the three months ended March 31, 2023 and 2022, respectively. |
Credit Losses | Credit Losses — Marketable Securities For marketable securities in an unrealized loss position, the Company periodically assesses its portfolio for impairment. The assessment first considers the intent or requirement to sell the marketable security. If either of these criteria are met, the amortized cost basis is written down to fair value through earnings. Beginning January 1, 2023, if the criteria above are not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the marketable security by a rating agency, and any adverse conditions specifically related to the marketable security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the marketable security is compared to the amortized cost basis of the marketable security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss. Credit Losses — Accounts Receivable |
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 losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. |
Inventories | Inventories Inventories are valued at the lower of cost to purchase or manufacture the inventory or net realizable value. Cost is determined using the first-in, first-out method (“FIFO”) for all inventories. Net realizable value is determined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company records write-downs of inventories which are obsolete or in excess of anticipated demand or market value based on consideration of product lifecycle stage, technology trends, product development plans and assumptions about future demand and market conditions. Inventory write-downs reduce the carrying value of inventory to its net realizable value. The Company reviews its inventories for classification purposes. The value of inventories not expected to be realized in cash, sold or consumed during the next 12 months are classified as long-term inventory. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements 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. The Company adopted ASU 2016-13 as of January 1, 2023 and the adoption did not have a material impact on the Company’s unaudited interim condensed consolidated financial statements and related disclosures. 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 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. The fair value of the term loan is estimated using Level 2 inputs. 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, 2023 | |
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, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 25,457 $ — $ — $ 25,457 Cash equivalents 25,457 — — 25,457 U.S. Government agency bonds 9,144 19,336 — 28,480 Commercial paper — 16,586 — 16,586 Marketable securities 9,144 35,922 — 45,066 Total financial assets $ 34,601 $ 35,922 $ — $ 70,523 There were no liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2023. December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 4,647 $ — $ — $ 4,647 Cash equivalents 4,647 — — 4,647 U.S. Government agency bonds 14,743 15,872 — 30,615 Commercial paper — 14,711 — 14,711 Marketable securities 14,743 30,583 — 45,326 Total financial assets $ 19,390 $ 30,583 $ — $ 49,973 There were no liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2022. |
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, 2023 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 28,597 $ (119) $ 2 $ 28,480 Commercial paper 16,607 (23) 2 16,586 Marketable securities $ 45,204 $ (142) $ 4 $ 45,066 Amounts recognized on the consolidated balance sheet Short-term marketable securities 42,429 Long-term marketable securities 2,637 Marketable securities $ 45,066 December 31, 2022 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 30,897 $ (282) $ — $ 30,615 Commercial paper 14,740 (29) — 14,711 Marketable securities $ 45,637 $ (311) $ — $ 45,326 Amounts recognized on the consolidated balance sheet Short-term marketable securities 39,402 Long-term marketable securities 5,924 Marketable securities $ 45,326 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Cash $ 84,950 $ 97,089 Cash equivalents: Money market funds 25,457 4,647 Total cash and cash equivalents $ 110,407 $ 101,736 |
Schedule of Inventory | Inventory consists of the following (in thousands): March 31, December 31, 2023 2022 Raw materials $ 3,483 $ 3,820 Work in process 473 386 Finished goods 16,406 15,641 Total inventory $ 20,362 $ 19,847 Reported as: Inventory $ 15,588 $ 14,564 Long-term inventory 4,774 5,283 Total inventory $ 20,362 $ 19,847 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2023 2022 Prepaid expenses $ 2,607 $ 2,044 Prepaid insurance 1,044 1,407 VAT and other receivable 674 602 Other current assets 147 290 Total prepaid expenses and other current assets $ 4,472 $ 4,343 |
Schedule of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): March 31, December 31, 2023 2022 Machinery and equipment $ 2,167 $ 2,112 Computer equipment and software 1,828 1,773 Furniture and fixtures 263 263 Leasehold improvements 2,277 2,277 Construction in progress 1,872 1,825 Total 8,407 8,250 Less: accumulated depreciation (3,917) (3,556) Property and equipment, net $ 4,490 $ 4,694 |
Schedule Intangible Assets | Intangible assets consist of the following (in thousands): March 31, 2023 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,548) $ 110 Trademarks 191 (178) 13 Total intangible assets $ 1,849 $ (1,726) $ 123 December 31, 2022 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,520) $ 138 Trademarks 191 (175) 16 Total intangible assets $ 1,849 $ (1,695) $ 154 |
Schedule of Future Amortization Expense | Future amortization expense is as follows as of March 31, 2023 (in thousands): 2023 (remaining nine months) $ 92 2024 31 Total amortization expense $ 123 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): March 31, December 31, 2023 2022 Accrued employee bonuses and commissions $ 2,803 $ 4,973 Accrued vacation 2,341 2,113 Other accrued personnel related expenses 1,615 2,513 Accrued professional fees 2,701 2,366 Sales taxes, franchise tax and VAT 676 627 Liability for early exercise of stock options 89 145 Accrued inventory purchases 160 167 Other 247 372 Total accrued liabilities $ 10,632 $ 13,276 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The CIBC Loan consists of the following (in thousands): March 31, December 31, 2023 2022 Term loan $ 37,000 $ 17,000 Less: debt issuance costs (191) (127) Term loan $ 36,809 $ 16,873 |
Schedule of Contractual Maturities of Financing Obligations | As of March 31, 2023, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): 2023 (remaining nine months) $ 2,600 2024 5,469 2025 15,058 2026 13,948 2027 10,790 Total 47,865 Less: unamortized debt discount (191) Less: interest (10,410) Term loan and credit agreement $ 37,264 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Cost and Additional Information | Operating lease cost consists of the following (in thousands): Three Months Ended March 31, 2023 2022 Operating lease cost $ 721 $ 724 Short-term lease cost 8 9 Variable lease cost 154 147 Total lease cost $ 883 $ 880 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 $ 5,152 $ 5,806 Weighted average remaining lease term (years) 1.83 2.08 Weighted average discount rate (percent) 6.0 % 6.0 % The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 872 $ 131 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, 2023 (in thousands): 2023 (remaining nine months) $ 2,675 2024 2,970 2025 1,044 Total minimum lease payments 6,689 Less: Amount of lease payments representing interest 375 Present value of future minimum lease payments $ 6,314 Less: Current lease liabilities 3,299 Long-term lease liabilities $ 3,015 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Common stock options issued and outstanding 3,278,913 2,495,528 Common stock restricted stock units issued and outstanding 2,696,843 998,473 Common stock available for future grants 2,681,944 3,765,706 Common stock available for ESPP 1,502,455 1,212,109 Total 10,160,155 8,471,816 |
Schedule of Summary of Stock Option Activity | A summary of stock option activity for the three months ended March 31, 2023 is set forth below: Outstanding Options Number of Shares Weighted Average Exercise Price Balance, January 1, 2023 2,495,528 $ 17.35 Options granted 835,400 11.48 Options exercised (23,006) 2.02 Options canceled (29,009) 17.29 Balance, March 31, 2023 3,278,913 $ 15.97 |
Schedule of Options Vested and Expected to Vest | March 31, 2023 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested 1,248,108 $ 14.21 6.95 Options vested and expected to vest 3,278,913 $ 15.97 8.19 |
Schedule of Activity with Respect to Restricted Stock Units | Activity with respect to restricted stock units was as follows: Number of Shares Underlying Outstanding Restricted Stock Weighted Average Grant Date Fair Value Unvested, January 1, 2023 998,473 $ 27.72 Granted 1,800,120 11.48 Vested (66,895) 32.08 Canceled (34,855) 22.68 Unvested, March 31, 2023 2,696,843 $ 16.84 |
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, 2023 2022 Cost of goods sold $ 223 $ 147 Research and development 566 421 Selling, general and administrative 3,849 2,945 Total $ 4,638 $ 3,513 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended March 31, 2023 2022 Stock options and restricted stock units $ 4,540 $ 3,312 ESPP 98 201 Total $ 4,638 $ 3,513 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Numerator Net loss attributable to common stockholders $ (15,860) $ (15,828) Denominator Weighted-average common stock outstanding 37,630,339 37,007,527 Less: weighted-average common shares subject to repurchase (57,957) (202,161) Weighted-average common shares used to compute basic and diluted net loss per share 37,572,382 36,805,366 Net loss per share attributable to common stockholders, basic and diluted $ (0.42) $ (0.43) |
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, 2023 2022 Options to purchase common stock 3,278,913 2,687,031 Unvested restricted stock units 2,696,843 1,110,887 Unvested early exercised common stock options 46,012 189,266 Shares committed under ESPP 20,155 24,252 Total 6,041,923 4,011,436 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 United States $ 9,337 $ 6,013 Europe, Middle-East and Africa (“EMEA”) 4,531 4,053 Asia Pacific 596 719 Other International 71 — Total $ 14,535 $ 10,785 |
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, 2023 2022 United States $ 4,434 $ 4,634 EMEA 55 58 Asia Pacific 1 2 Total $ 4,490 $ 4,694 |
Formation and Business of the_2
Formation and Business of the Company (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 366,178 | $ 350,318 | |
Cash used in operating activities | 12,644 | $ 15,026 | |
Cash, cash equivalents and marketable securities | $ 155,500 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||
Cash on deposit with foreign banks | $ 3,800 | $ 4,500 | |
Foreign currency transaction gains and (losses) | 100 | $ (100) | |
Accounts receivable, allowance for credit loss | 100 | $ 100 | |
Accounting Policies Disclosure [Line Items] | |||
Other comprehensive income loss, foreign currency translation adjustments | $ 72 | (24) | |
Maximum | |||
Accounting Policies Disclosure [Line Items] | |||
Other comprehensive income loss, foreign currency translation adjustments | $ (100) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Short-term marketable securities | $ 45,066 | $ 45,326 |
U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 28,480 | 30,615 |
Recurring Basis | ||
Assets: | ||
Cash equivalents | 25,457 | 4,647 |
Short-term marketable securities | 45,066 | 45,326 |
Total financial assets | 70,523 | 49,973 |
Recurring Basis | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 28,480 | 30,615 |
Recurring Basis | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 16,586 | 14,711 |
Recurring Basis | Money market funds | ||
Assets: | ||
Cash equivalents | 25,457 | 4,647 |
Recurring Basis | Level 1 | ||
Assets: | ||
Cash equivalents | 25,457 | 4,647 |
Short-term marketable securities | 9,144 | 14,743 |
Total financial assets | 34,601 | 19,390 |
Recurring Basis | Level 1 | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 9,144 | 14,743 |
Recurring Basis | Level 1 | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 0 | 0 |
Recurring Basis | Level 1 | Money market funds | ||
Assets: | ||
Cash equivalents | 25,457 | 4,647 |
Recurring Basis | Level 2 | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Short-term marketable securities | 35,922 | 30,583 |
Total financial assets | 35,922 | 30,583 |
Recurring Basis | Level 2 | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 19,336 | 15,872 |
Recurring Basis | Level 2 | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 16,586 | 14,711 |
Recurring Basis | Level 2 | Money market funds | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Recurring Basis | Level 3 | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Short-term marketable securities | 0 | 0 |
Total financial assets | 0 | 0 |
Recurring Basis | Level 3 | U.S. Government agency bonds | ||
Assets: | ||
Short-term marketable securities | 0 | 0 |
Recurring Basis | Level 3 | Commercial paper | ||
Assets: | ||
Short-term marketable securities | 0 | 0 |
Recurring Basis | Level 3 | Money market funds | ||
Assets: | ||
Cash equivalents | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Allowance for credit losses | $ 0 | $ 0 |
Impairment losses | 0 | |
Accrued interest receivable on marketable securities | 200,000 | $ 100,000 |
Accrued interest | $ 0 | |
Debt securities, available-for-sale, accrued interest, after allowance for credit loss, statement of financial position [extensible enumeration] | Prepaid expenses and other current assets | Prepaid expenses and other current assets |
Fair Value, Recurring | ||
Derivative [Line Items] | ||
Liabilities measured at fair value on a recurring and non-recurring | $ 0 | $ 0 |
Fair Value, Nonrecurring | ||
Derivative [Line Items] | ||
Liabilities measured at fair value on a recurring and non-recurring | $ 0 | $ 0 |
Fair Value Measurements - Cost,
Fair Value Measurements - Cost, Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 45,204 | $ 45,637 |
Unrealized Losses | (142) | (311) |
Unrealized Gains | 4 | 0 |
Fair Value | 45,066 | 45,326 |
Amounts recognized on the consolidated balance sheet | ||
Short-term marketable securities | 42,429 | 39,402 |
Long-term marketable securities | 2,637 | 5,924 |
Marketable securities | 45,066 | 45,326 |
U.S. Government agency bonds | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 28,597 | 30,897 |
Unrealized Losses | (119) | (282) |
Unrealized Gains | 2 | 0 |
Fair Value | 28,480 | 30,615 |
Commercial paper | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 16,607 | 14,740 |
Unrealized Losses | (23) | (29) |
Unrealized Gains | 2 | 0 |
Fair Value | $ 16,586 | $ 14,711 |
Balance Sheet Components - Cash
Balance Sheet Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash | $ 84,950 | $ 97,089 | |
Cash equivalents: | |||
Money market funds | 25,457 | 4,647 | |
Total cash and cash equivalents | $ 110,407 | $ 101,736 | $ 129,168 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 3,483 | $ 3,820 |
Work in process | 473 | 386 |
Finished goods | 16,406 | 15,641 |
Total inventory | 20,362 | 19,847 |
Inventory | 15,588 | 14,564 |
Long-term inventory | $ 4,774 | $ 5,283 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 2,607 | $ 2,044 |
Prepaid insurance | 1,044 | 1,407 |
VAT and other receivable | 674 | 602 |
Other current assets | 147 | 290 |
Total prepaid expenses and other current assets | $ 4,472 | $ 4,343 |
Balance Sheet Components - Capi
Balance Sheet Components - Capitalized Implementation Costs of a Hosting Arrangement (Details) - Software and Software Development Costs - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized costs | $ 0.5 | $ 0.5 | |
Amortization period | 3 years | ||
Amortization expense | $ 0.1 | $ 0 | |
Prepaid Expenses and Other Current Assets | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized costs | 0.4 | ||
Other Noncurrent Assets | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized costs | $ 0.1 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 8,407 | $ 8,250 |
Less: accumulated depreciation | (3,917) | (3,556) |
Property and equipment, net | 4,490 | 4,694 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 2,167 | 2,112 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,828 | 1,773 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 263 | 263 |
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 | $ 1,872 | $ 1,825 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Depreciation expense | $ 300,000 | $ 300,000 | |
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, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 1,849 | $ 1,849 |
Accumulated Amortization | (1,726) | (1,695) |
Net Carrying Value | 123 | 154 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,658 | 1,658 |
Accumulated Amortization | (1,548) | (1,520) |
Net Carrying Value | 110 | 138 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 191 | 191 |
Accumulated Amortization | (178) | (175) |
Net Carrying Value | $ 13 | $ 16 |
Balance Sheet Components - Futu
Balance Sheet Components - Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 (remaining nine months) | $ 92 | |
2024 | 31 | |
Net Carrying Value | $ 123 | $ 154 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued employee bonuses and commissions | $ 2,803 | $ 4,973 |
Accrued vacation | 2,341 | 2,113 |
Other accrued personnel related expenses | 1,615 | 2,513 |
Accrued professional fees | 2,701 | 2,366 |
Sales taxes, franchise tax and VAT | 676 | 627 |
Liability for early exercise of stock options | 89 | 145 |
Accrued inventory purchases | 160 | 167 |
Other | 247 | 372 |
Total accrued liabilities | $ 10,632 | $ 13,276 |
Long Term Debt - CIBC Loan Narr
Long Term Debt - CIBC Loan Narrative (Details) | 1 Months Ended | 3 Months Ended | ||||||
Feb. 20, 2020 USD ($) | Feb. 28, 2023 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2021 | Mar. 31, 2021 USD ($) | Apr. 30, 2020 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) payment | |
Debt Instrument [Line Items] | ||||||||
Proceeds from borrowing under term loan | $ 20,000,000 | $ 0 | ||||||
Amortization of debt discount and debt issuance costs | 10,000 | $ 18,000 | ||||||
Medium-term Notes | CIBC Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Revenue threshold for interest period extension term option | $ 5,000,000 | |||||||
CIBC Agreement | Medium-term Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount including accordion feature | $ 32,000,000 | |||||||
Proceeds from borrowing under term loan | $ 20,000,000 | |||||||
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 | |||||||
Number of periodic payments | payment | 36 | |||||||
Payment of fees to lender and third parties (less than) | 100,000 | $ 100,000 | $ 500,000 | |||||
Increase in loan interest rate | 0 | |||||||
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% | |||||||
Cash and cash equivalents trigger for revenue requirement (less than) | $ 20,000,000 | |||||||
Unrestricted cash requirement period | 6 months | |||||||
Effective interest rate (as a percent) | 9.60% | |||||||
Amortization of debt discount and debt issuance costs | $ 100,000 | $ 100,000 | ||||||
Interest expense | $ 600,000 | $ 200,000 | ||||||
CIBC Agreement | Medium-term Notes | Repaid During First Year After Third Amendment's Effective Date | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Prepayment Fee, Percent of Principal Amount | 2% | |||||||
CIBC Agreement | Medium-term Notes | Repaid During Second Year After Third Amendment's Effective Date | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Prepayment Fee, Percent of Principal Amount | 1% | |||||||
CIBC Agreement | Medium-term Notes | Prime Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1% | |||||||
CIBC Agreement, Tranche A | Medium-term Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from borrowing under term loan | $ 17,000,000 | |||||||
CIBC Agreement, Tranche B | Medium-term Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Accordion feature on face amount of debt | 8,000,000 | 20,000,000 | ||||||
Gain loss on amendment of debt instrument | $ 0 | $ 0 | ||||||
CIBC Agreement, Tranche C | Medium-term Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Accordion feature on face amount of debt | $ 7,000,000 | $ 10,000,000 |
Long Term Debt - CIBC Loan Comp
Long Term Debt - CIBC Loan Components Of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Term loan | $ 47,865 | |
Less: debt issuance costs | (191) | |
Term loan | 37,264 | |
CIBC Agreement | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Term loan | 37,000 | $ 17,000 |
Less: debt issuance costs | (191) | (127) |
Term loan | $ 36,809 | $ 16,873 |
Long Term Debt - Credit Agreeme
Long Term Debt - Credit Agreement Narrative (Details) - Pulmonx International Sarl - Line of Credit SFr in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |||
May 31, 2020 CHF (SFr) | May 31, 2020 USD ($) | Mar. 31, 2023 USD ($) | Apr. 30, 2020 CHF (SFr) installment | Apr. 30, 2020 USD ($) installment | |
Debt Instrument [Line Items] | |||||
Repayments of debt | $ | $ 0.1 | ||||
COVID-19 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | SFr 0.5 | $ 0.5 | |||
Proceeds from line of credit | SFr 0.5 | $ 0.5 | |||
Stated interest rate | 1.50% | ||||
Number of installments for repayment | installment | 12 | 12 |
Long Term Debt - Contractual Ma
Long Term Debt - Contractual Maturities of Financing Obligations (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 (remaining nine months) | $ 2,600 |
2024 | 5,469 |
2025 | 15,058 |
2026 | 13,948 |
2027 | 10,790 |
Total | 47,865 |
Less: unamortized debt discount | (191) |
Less: interest | (10,410) |
Term loan and credit agreement | $ 37,264 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 0.1 | $ 0.1 |
Revenue recognized | $ 0.1 |
Commitments and Contingencies -
Commitments and Contingencies - Leases, Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 USD ($) | Aug. 31, 2020 USD ($) | Apr. 30, 2020 USD ($) | Dec. 31, 2013 | Mar. 31, 2023 lease | |
Lessee, Lease, Description [Line Items] | |||||
Lease renewal term | 5 years | ||||
Monthly base rent | $ 0.1 | ||||
Annual increase rate | 3.50% | ||||
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 | $ 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 | 10 | ||||
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 |
Commitments and Contingencies_2
Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 721 | $ 724 |
Short-term lease cost | 8 | 9 |
Variable lease cost | 154 | 147 |
Total lease cost | $ 883 | $ 880 |
Commitments and Contingencies_3
Commitments and Contingencies - Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 (remaining nine months) | $ 2,675 | |
2024 | 2,970 | |
2025 | 1,044 | |
Total minimum lease payments | 6,689 | |
Less: Amount of lease payments representing interest | 375 | |
Present value of future minimum lease payments | 6,314 | |
Less: Current lease liabilities | 3,299 | $ 3,229 |
Long-term lease liabilities | $ 3,015 | $ 3,849 |
Commitments and Contingencies_4
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Right of use asset | $ 5,152 | $ 5,806 |
Weighted average remaining lease term (years) | 1 year 9 months 29 days | 2 years 29 days |
Weighted average discount rate (percent) | 6% | 6% |
Commitments and Contingencies_5
Commitments and Contingencies - Other Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities | $ 872 | $ 131 |
Right-of-use assets obtained in exchange for lease liabilities | $ 0 | $ 56 |
Commitments and Contingencies_6
Commitments and Contingencies - Service Agreement (Details) - USD ($) $ in Thousands | 3 Months Ended | 11 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Apr. 30, 2022 | |
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
Cost of goods sold | $ 3,946 | $ 2,674 | ||
Service Agreements | ||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||
Purchase obligation, to be paid, year one | $ 600 | |||
Purchase obligation, to be paid, year two | 400 | |||
Purchase obligation, to be paid, year three | $ 400 | |||
Cost of goods sold | $ 600 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 124 | $ 67 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 USD ($) vote shares | Mar. 31, 2022 USD ($) shares | Jun. 30, 2022 shares | Dec. 31, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares 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 exercisable, aggregate intrinsic value | $ 9,600,000 | |||
Options vested and expenses to vest, intrinsic value | $ 6,300,000 | |||
Repurchase of early exercised common stock options (in shares) | shares | 0 | 0 | ||
Aggregate exercise price of shares subject to repurchase | $ 100,000 | $ 100,000 | ||
Cost Of Goods And Services Sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation capitalized into inventory | 200,000 | $ 100,000 | ||
Inventory, Net | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation capitalized into inventory | $ 300,000 | 200,000 | ||
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 | 46,012 | 77,782 | ||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, aggregate intrinsic value | $ 30,200,000 | |||
Stock Options And Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 63,500,000 | |||
Weighted-average period for recognition of compensation costs | 3 years 1 month 6 days | |||
Fair value of shares vested | $ 4,000,000 | $ 2,700,000 | ||
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average period for recognition of compensation costs | 4 months 24 days | |||
Non-option unrecognized compensation costs | $ 100,000 |
Stockholders' Equity - Shares R
Stockholders' Equity - Shares Reserved for Future Issuance (Details) - shares | Mar. 31, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 10,160,155 | 8,471,816 |
Common stock options issued and outstanding | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 3,278,913 | 2,495,528 |
Common stock restricted stock units issued and outstanding | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 2,696,843 | 998,473 |
Common stock available for future grants | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 2,681,944 | 3,765,706 |
Common stock available for ESPP | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 1,502,455 | 1,212,109 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Number of Shares | |
Balance, beginning of period (in shares) | shares | 2,495,528 |
Options granted (in shares) | shares | 835,400 |
Options exercised (in shares) | shares | (23,006) |
Options canceled (in shares) | shares | (29,009) |
Balance, end of period (in shares) | shares | 3,278,913 |
Weighted Average Exercise Price | |
Balance, beginning of period (in dollars per share) | $ / shares | $ 17.35 |
Options granted (in dollars per share) | $ / shares | 11.48 |
Options exercised (in dollars per share) | $ / shares | 2.02 |
Options canceled (in dollars per share) | $ / shares | 17.29 |
Balance, end of period (in dollars per share) | $ / shares | $ 15.97 |
Stockholders' Equity - Options
Stockholders' Equity - Options Vested and Expected to Vest (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Number of Shares | |
Options vested (in shares) | shares | 1,248,108 |
Options vested and expected to vest (in shares) | shares | 3,278,913 |
Weighted Average Exercise Price | |
Options vested (in dollars per share) | $ / shares | $ 14.21 |
Options vested and expected to vest (in dollars per share) | $ / shares | $ 15.97 |
Weighted Average Contractual Life (in Years) | |
Options vested | 6 years 11 months 12 days |
Options vested and expected to vest | 8 years 2 months 8 days |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Number of Shares Underlying Outstanding Restricted Stock | |
Unvested, beginning of period (in shares) | shares | 998,473 |
Granted (in shares) | shares | 1,800,120 |
Vested (in shares) | shares | (66,895) |
Canceled (in shares) | shares | (34,855) |
Unvested, end of period (in shares) | shares | 2,696,843 |
Weighted Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 27.72 |
Granted (in dollars per share) | $ / shares | 11.48 |
Vested (in dollars per share) | $ / shares | 32.08 |
Canceled (in dollars per share) | $ / shares | 22.68 |
Unvested, end of period (in dollars per share) | $ / shares | $ 16.84 |
Stockholders' Equity - Total St
Stockholders' Equity - Total Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 4,638 | $ 3,513 |
Stock Options And Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 4,540 | 3,312 |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 98 | 201 |
Cost of goods sold | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 223 | 147 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 566 | 421 |
Selling, general and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 3,849 | $ 2,945 |
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, 2023 | Mar. 31, 2022 | |
Numerator | ||
Net loss attributable to common stockholders, basic | $ (15,860) | $ (15,828) |
Net loss attributable to common stockholders, diluted | $ (15,860) | $ (15,828) |
Denominator | ||
Weighted-average common stock outstanding (in shares) | 37,630,339 | 37,007,527 |
Less: weighted-average common shares subject to repurchase (in shares) | (57,957) | (202,161) |
Weighted-average common shares used to compute, basic net loss per share (in shares) | 37,572,382 | 36,805,366 |
Weighted-average common shares used to compute, diluted net loss per share (in shares) | 37,572,382 | 36,805,366 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.42) | $ (0.43) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.42) | $ (0.43) |
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, 2023 | Mar. 31, 2022 | |
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) | 6,041,923 | 4,011,436 |
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) | 3,278,913 | 2,687,031 |
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) | 2,696,843 | 1,110,887 |
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) | 46,012 | 189,266 |
Shares committed under 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) | 20,155 | 24,252 |
Segment Information - Narrative
Segment Information - Narrative (Details) - segment | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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] | ||
Concentration risk, percentage | 8% | 13% |
FRANCE | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 8% | 8% |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 14,535 | $ 10,785 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 9,337 | 6,013 |
Europe, Middle-East and Africa (“EMEA”) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 4,531 | 4,053 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 596 | 719 |
Other International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 71 | $ 0 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 4,490 | $ 4,694 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 4,434 | 4,634 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 55 | 58 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1 | $ 2 |