Pulmonx (LUNG) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		38,027,722
Entity Central Index Key	0001127537
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 101,581	$ 101,736
Restricted cash	466	231
Short-term marketable securities	33,571	39,402
Accounts receivable, net	8,941	8,677
Inventory	15,636	14,564
Prepaid expenses and other current assets	4,233	4,343
Total current assets	164,428	168,953
Long-term marketable securities	12,454	5,924
Long-term inventory	4,434	5,283
Property and equipment, net	4,218	4,694
Goodwill	2,333	2,333
Intangible assets, net	92	154
Right of use assets	4,706	5,806
Other long-term assets	448	529
Total assets	193,113	193,676
Current liabilities
Accounts payable	2,377	1,758
Accrued liabilities	13,562	13,276
Income taxes payable	41	19
Deferred revenue	95	120
Short-term debt	93	90
Current lease liabilities	3,353	3,229
Total current liabilities	19,521	18,492
Deferred tax liability	94	94
Long-term lease liabilities	2,399	3,849
Long-term debt	37,147	17,234
Total liabilities	59,161	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 June 30, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value, 200,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 38,016,671 shares issued and outstanding as of June 30, 2023 and 37,555,565 shares issued and outstanding as of December 31, 2022	38	38
Additional paid-in capital	514,331	502,712
Accumulated other comprehensive income	1,956	1,575
Accumulated deficit	(382,373)	(350,318)
Total stockholders’ equity	133,952	154,007
Total liabilities and stockholders’ equity	$ 193,113	$ 193,676

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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)	38,016,671	37,555,565
Common stock, shares outstanding (in shares)	38,016,671	37,555,565

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 17,194	$ 13,950	$ 31,729	$ 24,735
Cost of goods sold	4,460	3,532	8,406	6,206
Gross profit	12,734	10,418	23,323	18,529
Operating expenses
Research and development	5,710	3,594	9,963	7,128
Selling, general and administrative	23,463	21,235	46,199	41,480
Total operating expenses	29,173	24,829	56,162	48,608
Loss from operations	(16,439)	(14,411)	(32,839)	(30,079)
Interest income	1,410	199	2,537	304
Interest expense	(864)	(223)	(1,435)	(421)
Other income (expense), net	(162)	(165)	(54)	(165)
Net loss before tax	(16,055)	(14,600)	(31,791)	(30,361)
Income tax expense	140	40	264	107
Net loss	(16,195)	(14,640)	(32,055)	(30,468)
Other comprehensive income
Currency translation adjustment	170	6	242	(18)
Change in unrealized gain (loss) on marketable securities	(34)	(92)	139	(337)
Total other comprehensive income (loss)	136	(86)	381	(355)
Comprehensive loss	$ (16,059)	$ (14,726)	$ (31,674)	$ (30,823)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.43)	$ (0.40)	$ (0.85)	$ (0.83)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.43)	$ (0.40)	$ (0.85)	$ (0.83)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	37,818,256	37,003,443	37,696,001	36,904,952
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	37,818,256	37,003,443	37,696,001	36,904,952

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, 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]
Currency translation adjustment	(18)
Change in unrealized gains (losses) on marketable securities	(337)
Net loss	(30,468)
Ending balance (in shares) at Jun. 30, 2022		37,266,030
Ending balance at Jun. 30, 2022	172,182	$ 37	492,651	1,357	(321,863)
Beginning balance (in shares) at Mar. 31, 2022		37,098,421
Beginning balance at Mar. 31, 2022	182,145	$ 37	487,888	1,443	(307,223)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon vesting of restricted stock units (in shares)		93,988
Issuance of common stock upon exercise of stock options (in shares)		73,621
Issuance of common stock upon exercise of stock options	151		151
Change in shares subject to repurchase	58		58
Stock-based compensation expense	4,554		4,554
Currency translation adjustment	6			6
Change in unrealized gains (losses) on marketable securities	(92)			(92)
Net loss	(14,640)				(14,640)
Ending balance (in shares) at Jun. 30, 2022		37,266,030
Ending balance at Jun. 30, 2022	$ 172,182	$ 37	492,651	1,357	(321,863)
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
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
Ending balance at Mar. 31, 2023	$ 143,934	$ 38	508,254	1,820	(366,178)
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 exercise of stock options (in shares)	86,509
Currency translation adjustment	$ 242
Change in unrealized gains (losses) on marketable securities	139
Net loss	$ (32,055)
Ending balance (in shares) at Jun. 30, 2023	38,016,671	38,016,671
Ending balance at Jun. 30, 2023	$ 133,952	$ 38	514,331	1,956	(382,373)
Beginning balance (in shares) at Mar. 31, 2023		37,730,676
Beginning balance at Mar. 31, 2023	143,934	$ 38	508,254	1,820	(366,178)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon vesting of restricted stock units (in shares)		222,598
Issuance of common stock upon exercise of stock options (in shares)		63,503
Issuance of common stock upon exercise of stock options	139		139
Change in shares subject to repurchase	47		47
Repurchase of early exercised common stock options (in shares)		(106)
Stock-based compensation expense	5,891		5,891
Currency translation adjustment	170			170
Change in unrealized gains (losses) on marketable securities	(34)			(34)
Net loss	$ (16,195)				(16,195)
Ending balance (in shares) at Jun. 30, 2023	38,016,671	38,016,671
Ending balance at Jun. 30, 2023	$ 133,952	$ 38	$ 514,331	$ 1,956	$ (382,373)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (32,055)	$ (30,468)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	10,500	7,896
Loss on disposal of fixed assets	1	1
Allowance for doubtful accounts	(1)	1
Inventory write-downs	380	111
Depreciation and amortization expense	846	744
Amortization of debt discount and debt issuance costs	22	32
Amortization of premiums and discounts on marketable securities	(437)	19
Non-cash lease expense	1,324	1,226
Net changes in operating assets and liabilities:
Accounts receivable	(184)	(1,073)
Inventory	(267)	(3,030)
Prepaid expenses and other current assets	25	1,065
Other assets	17	6
Accounts payable	350	1,062
Accrued liabilities	501	(1,296)
Income taxes payable	19	(150)
Lease liabilities	(1,550)	(707)
Deferred revenue	(26)	(29)
Net cash used in operating activities	(20,535)	(24,590)
Cash flows from investing activities
Purchases of investments	(25,624)	(21,959)
Maturities of short-term marketable securities	25,500	19,280
Purchases of property and equipment	(115)	(863)
Net cash used in investing activities	(239)	(3,542)
Cash flows from financing activities
Proceeds from borrowing under term loan	20,000	0
Repayment of Credit Agreement	(47)	(44)
Proceeds from exercise of common stock options	183	382
Proceeds from issuance of common stock under the employee stock purchase plan	676	1,108
Net cash provided by financing activities	20,812	1,446
Effect of exchange rate changes on cash and cash equivalents	42	153
Net increase (decrease) in cash and cash equivalents	80	(26,533)
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	102,047	122,178
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets:
Cash and cash equivalents	101,581	121,947
Restricted cash	466	231
Cash, cash equivalents and restricted cash in consolidated balance sheets	102,047	122,178
Supplemental non-cash items:
Lapse in repurchase rights of common stock	103	117
Purchases of property and equipment in accounts payable and accrued liabilities	450	486
Amount receivable from exercise of common stock options	0	1
Operating lease right of use assets obtained in exchange for new lease liabilities	224	138
Supplemental disclosure of cash flow information:
Cash paid for income taxes	206	228
Cash paid for interest	$ 1,235	$ 375

Formation and Business of the C

Formation and Business of the Company	6 Months Ended
	Jun. 30, 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 $382.4 million as of June 30, 2023. During the six months ended June 30, 2023 and 2022, the Company used $20.5 million and $24.6 million of cash in its operating activities, respectively. As of June 30, 2023, the Company had cash, cash equivalents and marketable securities of $147.6 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 2023 and for the three and six months ended June 30, 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 June 30, 2023 and condensed consolidated results of operations for the three and six months ended June 30, 2023 and 2022 and condensed consolidated cash flows for the six months ended June 30, 2023 and 2022 have been made. The results of operations for the three and six months ended June 30, 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 June 30, 2023 and December 31, 2022, the Company also had cash on deposit with foreign banks of approximately $4.1 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 six months ended June 30, 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. As of June 30, 2023 and December 31, 2022, no customer accounted for more than 10% of accounts receivable. For the three and six months ended June 30, 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 $0.2 million and less than $0.1 million during the three months ended June 30, 2023 and 2022, respectively, and $0.2 million and less than $(0.1) million during the six months ended June 30, 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 $(0.2) million and $(0.2) million during the three months ended June 30, 2023 and 2022, respectively, and $(0.2) million and $(0.2) million during the six months ended June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 24,985 $ — $ — $ 24,985 Cash equivalents 24,985 — — 24,985 U.S. Government agency bonds 2,709 29,784 — 32,493 Commercial paper — 13,532 — 13,532 Marketable securities 2,709 43,316 — 46,025 Total financial assets $ 27,694 $ 43,316 $ — $ 71,010 There were no liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 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): June 30, 2023 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 32,643 $ (151) $ 1 $ 32,493 Commercial paper 13,554 (22) — 13,532 Marketable securities $ 46,197 $ (173) $ 1 $ 46,025 Amounts recognized on the consolidated balance sheet Short-term marketable securities 33,571 Long-term marketable securities 12,454 Marketable securities $ 46,025 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 June 30, 2023 and December 31, 2022, and no impairment losses were recognized for the three and six months ended June 30, 2023. Accrued interest receivable on marketable securities of $0.4 million and $0.1 million as of June 30, 2023 and December 31, 2022, respectively, is included in prepaid expenses and other current assets

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2023 2022 Cash $ 76,596 $ 97,089 Cash equivalents: Money market funds 24,985 4,647 Total cash and cash equivalents $ 101,581 $ 101,736 Inventory Inventory consists of the following (in thousands): June 30, December 31, 2023 2022 Raw materials $ 3,343 $ 3,820 Work in process 636 386 Finished goods 16,091 15,641 Total inventory $ 20,070 $ 19,847 Reported as: Inventory $ 15,636 $ 14,564 Long-term inventory 4,434 5,283 Total inventory $ 20,070 $ 19,847 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2023 2022 Prepaid expenses $ 2,658 $ 2,044 Prepaid insurance 568 1,407 VAT and other receivable 889 602 Other current assets 118 290 Total prepaid expenses and other current assets $ 4,233 $ 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 June 30, 2023 and December 31, 2022, the Company has capitalized approximately $0.4 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 June 30, 2023, approximately $0.3 million and less than $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 less than $0.1 million for the three months ended June 30, 2023 and 2022, respectively, and $0.2 million and $0.1 million for the six months ended June 30, 2023 and 2022, respectively. Property and Equipment, Net Property and equipment, net consist of the following (in thousands): June 30, December 31, 2023 2022 Machinery and equipment $ 2,170 $ 2,112 Computer equipment and software 1,915 1,773 Furniture and fixtures 263 263 Leasehold improvements 2,277 2,277 Construction in progress 1,877 1,825 Total 8,502 8,250 Less: accumulated depreciation (4,284) (3,556) Property and equipment, net $ 4,218 $ 4,694 Depreciation expense for the three months ended June 30, 2023 and 2022 was $0.3 million and $0.3 million, respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was $0.7 million and $0.7 million, respectively. Goodwill Goodwill was $2.3 million as of June 30, 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 six months ended June 30, 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 June 30, 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 six months ended June 30, 2023. Intangible Assets Intangible assets consist of the following (in thousands): June 30, 2023 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,576) $ 82 Trademarks 191 (181) 10 Total intangible assets $ 1,849 $ (1,757) $ 92 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 June 30, 2023 and 2022, respectively. Amortization expense relating to the intangibles totaled $0.1 million during each of the six months ended June 30, 2023 and 2022, respectively. Future amortization expense is as follows as of June 30, 2023 (in thousands): 2023 (remaining six months) $ 61 2024 31 Total amortization expense $ 92 Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, December 31, 2023 2022 Accrued employee bonuses and commissions $ 4,280 $ 4,973 Accrued professional fees 3,444 2,366 Accrued vacation 2,364 2,113 Other accrued personnel related expenses 2,318 2,513 Sales taxes, franchise tax and VAT 735 627 Accrued inventory purchases 77 167 Liability for early exercise of stock options 72 145 Other 272 372 Total accrued liabilities $ 13,562 $ 13,276

Long Term Debt

Long Term Debt	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2023, the CIBC Loan had an annual effective interest rate of 9.9% per year. The CIBC Loan consists of the following (in thousands): June 30, December 31, 2023 2022 Term loan $ 37,000 $ 17,000 Less: debt issuance costs (177) (127) Term loan $ 36,823 $ 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 June 30, 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. During the six months ended June 30, 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 $0.9 million and $0.2 million during the three months ended June 30, 2023 and 2022, respectively. Interest expense on the CIBC Loan amounted $1.4 million and $0.4 million during the six months ended June 30, 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 June 30, 2023, Pulmonx International Sàrl repaid $0.1 million to the lender. Contractual Maturities of Financing Obligations As of June 30, 2023, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): 2023 (remaining six months) $ 1,774 2024 5,569 2025 15,136 2026 13,995 2027 10,804 Total 47,278 Less: unamortized debt discount (177) Less: interest (9,861) Term loan and credit agreement $ 37,240

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The 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 June 30, 2023 and December 31, 2022, respectively. The deferred revenue as of December 31, 2022 of $0.1 million was recognized as revenue during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 “Sublease Agreement”). The Sublease 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 to include additional facility space in Redwood City, California for a four-year term (the “First Amendment to Sublease Agreement”). The First Amendment to Sublease Agreement was accounted as a separate sublease agreement. The First Amendment to 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 First Amendment to 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 First Amendment to Sublease Agreement 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. In April 2023, the Company entered into a Second Amendment to Sublease Agreement (the “Second Amendment to Sublease Agreement”) to remove the early termination clause and extend the lease term by four months to expire contemporaneously with the expiration date as defined in Sublease Agreement. The amendment was accounted for as a modification that resulted in additional right of use assets in exchange for lease liabilities of $0.2 million. The Company has leases on twelve vehicles with an average lease term of 2.9 years. Operating lease cost consists of the following (in thousands): Six Months Ended June 30, 2023 2022 Operating lease cost $ 1,442 $ 1,446 Short-term lease cost 18 16 Variable lease cost 320 290 Total lease cost $ 1,780 $ 1,752 The following table summarizes a maturity analysis of the Company’s lease liabilities showing the aggregate lease payments as of June 30, 2023 (in thousands): 2023 (remaining six months) $ 1,805 2024 3,192 2025 1,073 2026 10 Total minimum lease payments 6,080 Less: Amount of lease payments representing interest 328 Present value of future minimum lease payments $ 5,752 Less: Current lease liabilities 3,353 Long-term lease liabilities $ 2,399 The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted average data): June 30, December 31, Right of use asset $ 4,706 $ 5,806 Weighted average remaining lease term (years) 1.75 2.08 Weighted average discount rate (percent) 6.6 % 6.0 % The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 1,748 $ 966 Right-of-use assets obtained in exchange for lease liabilities $ 224 $ 138 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 June 30, 2023, the Company recorded $0.7 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 Company is unable to express a view at this time regarding the ultimate outcome of the Investigation or estimate an amount or range of reasonably possible loss. Depending on the outcome of the Investigation, there could be a material impact on the Company’s business, results of operations and financial condition.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax expense for the three months ended June 30, 2023 and 2022 was $0.1 million and less than $0.1 million, respectively. The income tax expense for the six months ended June 30, 2023 and 2022 was $0.3 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of June 30, 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: June 30, December 31, 2023 2022 Common stock options issued and outstanding 3,201,912 2,495,528 Common stock restricted stock units issued and outstanding 2,556,721 998,473 Common stock available for future grants 2,607,813 3,765,706 Common stock available for ESPP 1,502,455 1,212,109 Total 9,868,901 8,471,816 Stock Option Plan A summary of stock option activity for the six months ended June 30, 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 (86,509) 2.14 Options canceled (42,507) 19.60 Balance, June 30, 2023 3,201,912 $ 16.20 The aggregate intrinsic value of options outstanding as of June 30, 2023 was $12.3 million. June 30, 2023 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested 1,389,110 $ 14.86 6.90 Options vested and expected to vest 3,201,912 $ 16.20 7.97 Total intrinsic value of options vested as of June 30, 2023 was $7.8 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 six months ended June 30, 2023, the Company repurchased 106 shares of common stock for less than $0.1 million. During the six months ended June 30, 2022, the Company did not repurchase shares of common stock. As of June 30, 2023 and December 31, 2022, 20,055 and 77,782 shares, respectively, were subject to repurchase, with an aggregate exercise price of less than $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 1,931,460 11.52 Vested (289,493) 21.74 Canceled (83,719) 20.61 Unvested, June 30, 2023 2,556,721 $ 16.40 The aggregate intrinsic value of restricted stock units outstanding as of June 30, 2023 was $33.5 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ 391 $ 189 $ 614 $ 336 Research and development 760 556 1,326 977 Selling, general and administrative 4,711 3,638 8,560 6,583 Total $ 5,862 $ 4,383 $ 10,500 $ 7,896 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options and restricted stock units $ 5,799 $ 4,209 $ 10,339 $ 7,521 ESPP 63 174 161 375 Total $ 5,862 $ 4,383 $ 10,500 $ 7,896 Stock-based compensation of $0.4 million and $0.3 million was capitalized into inventory for the three months ended June 30, 2023 and 2022, respectively. Stock-based compensation of $0.8 million and $0.6 million was capitalized into inventory for the six months ended June 30, 2023 and 2022, respectively. Stock-based compensation capitalized in prior periods of $0.4 million and $0.2 million was recognized as cost of sales in the three months ended June 30, 2023 and 2022, respectively. Stock-based compensation capitalized in prior periods of $0.6 million and $0.3 million was recognized as cost of sales in the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, there was $58.2 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 2.9 years. The total grant date fair value of shares vested during the three months ended June 30, 2023 and 2022 was $6.4 million and $4.7 million, respectively. The total grant date fair value of shares vested during the six months ended June 30, 2023 and 2022 was $10.3 million and $7.4 million, respectively.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator Net loss attributable to common stockholders $ (16,195) $ (14,640) $ (32,055) $ (30,468) Denominator Weighted-average common stock outstanding 37,846,019 37,171,893 37,738,775 37,090,164 Less: weighted-average common shares subject to repurchase (27,763) (168,450) (42,774) (185,212) Weighted-average common shares used to compute basic and diluted net loss per share 37,818,256 37,003,443 37,696,001 36,904,952 Net loss per share attributable to common stockholders, basic and diluted $ (0.43) $ (0.40) $ (0.85) $ (0.83) 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 June 30, 2023 2022 Options to purchase common stock 3,201,912 2,600,244 Unvested restricted stock units 2,556,721 1,091,957 Unvested early exercised common stock options 20,055 155,969 Shares committed under ESPP 49,220 33,035 Total 5,827,908 3,881,205

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment InformationThe chief operating decision maker for the Company is the Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single reportable and operating segment structure. The Company’s Chief Executive Officer evaluates performance based primarily on revenue in the geographic locations in which the Company operates. Revenue by geographic area is based on the billing address of the customer. The following table sets forth the Company’s revenue by geographic area (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 United States $ 11,022 $ 8,616 $ 20,359 $ 14,629 Europe, Middle-East and Africa (“EMEA”) 5,312 4,570 9,843 8,623 Asia Pacific 792 724 1,388 1,443 Other International 68 40 139 40 Total $ 17,194 $ 13,950 $ 31,729 $ 24,735 Revenue from Germany represented 9% and 10% of total revenue for the three months ended June 30, 2023 and 2022, respectively. Revenue from Germany represented 9% and 12% of total revenue for the six months ended June 30, 2023 and 2022, respectively. 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): June 30, December 31, 2023 2022 United States $ 4,148 $ 4,634 EMEA 57 58 Asia Pacific 13 2 Total $ 4,218 $ 4,694

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Principles of Consolidation	Principles of Consolidation The 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 Deposit Insurance Corporation (“FDIC”) insured limits.
Foreign Currency Translation and Transaction Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses The functional currencies of the Company’s wholly owned subsidiaries in Switzerland, Germany, Australia, the United Kingdom, France and Hong Kong are the Swiss franc. The functional currency of the Company’s 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 $0.2 million and less than $0.1 million during the three months ended June 30, 2023 and 2022, respectively, and $0.2 million and less than $(0.1) million during the six months ended June 30, 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
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)	6 Months Ended
	Jun. 30, 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): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 24,985 $ — $ — $ 24,985 Cash equivalents 24,985 — — 24,985 U.S. Government agency bonds 2,709 29,784 — 32,493 Commercial paper — 13,532 — 13,532 Marketable securities 2,709 43,316 — 46,025 Total financial assets $ 27,694 $ 43,316 $ — $ 71,010 There were no liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 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): June 30, 2023 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 32,643 $ (151) $ 1 $ 32,493 Commercial paper 13,554 (22) — 13,532 Marketable securities $ 46,197 $ (173) $ 1 $ 46,025 Amounts recognized on the consolidated balance sheet Short-term marketable securities 33,571 Long-term marketable securities 12,454 Marketable securities $ 46,025 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)	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2023 2022 Cash $ 76,596 $ 97,089 Cash equivalents: Money market funds 24,985 4,647 Total cash and cash equivalents $ 101,581 $ 101,736
Schedule of Inventory	Inventory consists of the following (in thousands): June 30, December 31, 2023 2022 Raw materials $ 3,343 $ 3,820 Work in process 636 386 Finished goods 16,091 15,641 Total inventory $ 20,070 $ 19,847 Reported as: Inventory $ 15,636 $ 14,564 Long-term inventory 4,434 5,283 Total inventory $ 20,070 $ 19,847
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2023 2022 Prepaid expenses $ 2,658 $ 2,044 Prepaid insurance 568 1,407 VAT and other receivable 889 602 Other current assets 118 290 Total prepaid expenses and other current assets $ 4,233 $ 4,343
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): June 30, December 31, 2023 2022 Machinery and equipment $ 2,170 $ 2,112 Computer equipment and software 1,915 1,773 Furniture and fixtures 263 263 Leasehold improvements 2,277 2,277 Construction in progress 1,877 1,825 Total 8,502 8,250 Less: accumulated depreciation (4,284) (3,556) Property and equipment, net $ 4,218 $ 4,694
Schedule Intangible Assets	Intangible assets consist of the following (in thousands): June 30, 2023 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,576) $ 82 Trademarks 191 (181) 10 Total intangible assets $ 1,849 $ (1,757) $ 92 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 June 30, 2023 (in thousands): 2023 (remaining six months) $ 61 2024 31 Total amortization expense $ 92
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): June 30, December 31, 2023 2022 Accrued employee bonuses and commissions $ 4,280 $ 4,973 Accrued professional fees 3,444 2,366 Accrued vacation 2,364 2,113 Other accrued personnel related expenses 2,318 2,513 Sales taxes, franchise tax and VAT 735 627 Accrued inventory purchases 77 167 Liability for early exercise of stock options 72 145 Other 272 372 Total accrued liabilities $ 13,562 $ 13,276

Long Term Debt (Tables)

Long Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The CIBC Loan consists of the following (in thousands): June 30, December 31, 2023 2022 Term loan $ 37,000 $ 17,000 Less: debt issuance costs (177) (127) Term loan $ 36,823 $ 16,873
Schedule of Contractual Maturities of Financing Obligations	As of June 30, 2023, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): 2023 (remaining six months) $ 1,774 2024 5,569 2025 15,136 2026 13,995 2027 10,804 Total 47,278 Less: unamortized debt discount (177) Less: interest (9,861) Term loan and credit agreement $ 37,240

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Cost and Additional Information	Operating lease cost consists of the following (in thousands): Six Months Ended June 30, 2023 2022 Operating lease cost $ 1,442 $ 1,446 Short-term lease cost 18 16 Variable lease cost 320 290 Total lease cost $ 1,780 $ 1,752 The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted average data): June 30, December 31, Right of use asset $ 4,706 $ 5,806 Weighted average remaining lease term (years) 1.75 2.08 Weighted average discount rate (percent) 6.6 % 6.0 % The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 1,748 $ 966 Right-of-use assets obtained in exchange for lease liabilities $ 224 $ 138
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 June 30, 2023 (in thousands): 2023 (remaining six months) $ 1,805 2024 3,192 2025 1,073 2026 10 Total minimum lease payments 6,080 Less: Amount of lease payments representing interest 328 Present value of future minimum lease payments $ 5,752 Less: Current lease liabilities 3,353 Long-term lease liabilities $ 2,399

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Shares Reserved for Future Issuance	The Company has reserved shares of common stock for future issuances as follows: June 30, December 31, 2023 2022 Common stock options issued and outstanding 3,201,912 2,495,528 Common stock restricted stock units issued and outstanding 2,556,721 998,473 Common stock available for future grants 2,607,813 3,765,706 Common stock available for ESPP 1,502,455 1,212,109 Total 9,868,901 8,471,816
Schedule of Summary of Stock Option Activity	A summary of stock option activity for the six months ended June 30, 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 (86,509) 2.14 Options canceled (42,507) 19.60 Balance, June 30, 2023 3,201,912 $ 16.20
Schedule of Options Vested and Expected to Vest	June 30, 2023 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested 1,389,110 $ 14.86 6.90 Options vested and expected to vest 3,201,912 $ 16.20 7.97
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 1,931,460 11.52 Vested (289,493) 21.74 Canceled (83,719) 20.61 Unvested, June 30, 2023 2,556,721 $ 16.40
Schedule of Total Stock-Based Compensation	Stock-based compensation expense is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ 391 $ 189 $ 614 $ 336 Research and development 760 556 1,326 977 Selling, general and administrative 4,711 3,638 8,560 6,583 Total $ 5,862 $ 4,383 $ 10,500 $ 7,896 The above stock-based compensation expense related to the following equity-based awards (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options and restricted stock units $ 5,799 $ 4,209 $ 10,339 $ 7,521 ESPP 63 174 161 375 Total $ 5,862 $ 4,383 $ 10,500 $ 7,896

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator Net loss attributable to common stockholders $ (16,195) $ (14,640) $ (32,055) $ (30,468) Denominator Weighted-average common stock outstanding 37,846,019 37,171,893 37,738,775 37,090,164 Less: weighted-average common shares subject to repurchase (27,763) (168,450) (42,774) (185,212) Weighted-average common shares used to compute basic and diluted net loss per share 37,818,256 37,003,443 37,696,001 36,904,952 Net loss per share attributable to common stockholders, basic and diluted $ (0.43) $ (0.40) $ (0.85) $ (0.83)
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 June 30, 2023 2022 Options to purchase common stock 3,201,912 2,600,244 Unvested restricted stock units 2,556,721 1,091,957 Unvested early exercised common stock options 20,055 155,969 Shares committed under ESPP 49,220 33,035 Total 5,827,908 3,881,205

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 United States $ 11,022 $ 8,616 $ 20,359 $ 14,629 Europe, Middle-East and Africa (“EMEA”) 5,312 4,570 9,843 8,623 Asia Pacific 792 724 1,388 1,443 Other International 68 40 139 40 Total $ 17,194 $ 13,950 $ 31,729 $ 24,735
Schedule of Long-lived Assets by Geographic Area	The following table sets forth the Company’s long-lived assets by geographic area (in thousands): June 30, December 31, 2023 2022 United States $ 4,148 $ 4,634 EMEA 57 58 Asia Pacific 13 2 Total $ 4,218 $ 4,694

Formation and Business of the_2

Formation and Business of the Company (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 382,373		$ 350,318
Cash used in operating activities	20,535	$ 24,590
Cash, cash equivalents and marketable securities	$ 147,600

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounting Policies Disclosure [Line Items]
Cash on deposit with foreign banks	$ 4,100				$ 4,100		$ 4,500
Other comprehensive income loss, foreign currency translation adjustments	170	$ 72	$ 6	$ (24)	242	$ (18)
Foreign currency transaction gains and (losses)	(200)		(200)		(200)	(200)
Accounts receivable, allowance for credit loss	$ 100				$ 100		$ 100
Maximum
Accounting Policies Disclosure [Line Items]
Other comprehensive income loss, foreign currency translation adjustments			$ 100			$ (100)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Short-term marketable securities	$ 46,025	$ 45,326
U.S. Government agency bonds
Assets:
Short-term marketable securities	32,493	30,615
Recurring Basis
Assets:
Cash equivalents	24,985	4,647
Short-term marketable securities	46,025	45,326
Total financial assets	71,010	49,973
Recurring Basis | U.S. Government agency bonds
Assets:
Short-term marketable securities	32,493	30,615
Recurring Basis | Commercial paper
Assets:
Short-term marketable securities	13,532	14,711
Recurring Basis | Money market funds
Assets:
Cash equivalents	24,985	4,647
Recurring Basis | Level 1
Assets:
Cash equivalents	24,985	4,647
Short-term marketable securities	2,709	14,743
Total financial assets	27,694	19,390
Recurring Basis | Level 1 | U.S. Government agency bonds
Assets:
Short-term marketable securities	2,709	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	24,985	4,647
Recurring Basis | Level 2
Assets:
Cash equivalents	0	0
Short-term marketable securities	43,316	30,583
Total financial assets	43,316	30,583
Recurring Basis | Level 2 | U.S. Government agency bonds
Assets:
Short-term marketable securities	29,784	15,872
Recurring Basis | Level 2 | Commercial paper
Assets:
Short-term marketable securities	13,532	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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Allowance for credit losses	$ 0	$ 0	$ 0
Impairment losses	0	0
Accrued interest receivable on marketable securities	400,000	400,000	$ 100,000
Accrued interest	$ 0	$ 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	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	$ 0
Fair Value, Nonrecurring
Derivative [Line Items]
Liabilities measured at fair value on a recurring and non-recurring	$ 0	$ 0	$ 0

Fair Value Measurements - Cost,

Fair Value Measurements - Cost, Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 46,197	$ 45,637
Unrealized Losses	(173)	(311)
Unrealized Gains	1	0
Fair Value	46,025	45,326
Amounts recognized on the consolidated balance sheet
Short-term marketable securities	33,571	39,402
Long-term marketable securities	12,454	5,924
Marketable securities	46,025	45,326
U.S. Government agency bonds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	32,643	30,897
Unrealized Losses	(151)	(282)
Unrealized Gains	1	0
Fair Value	32,493	30,615
Commercial paper
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	13,554	14,740
Unrealized Losses	(22)	(29)
Unrealized Gains	0	0
Fair Value	$ 13,532	$ 14,711

Balance Sheet Components - Cash

Balance Sheet Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	$ 76,596	$ 97,089
Cash equivalents:
Money market funds	24,985	4,647
Total cash and cash equivalents	$ 101,581	$ 101,736	$ 121,947

Balance Sheet Components - Inve

Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 3,343	$ 3,820
Work in process	636	386
Finished goods	16,091	15,641
Total inventory	20,070	19,847
Inventory	15,636	14,564
Long-term inventory	$ 4,434	$ 5,283

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 2,658	$ 2,044
Prepaid insurance	568	1,407
VAT and other receivable	889	602
Other current assets	118	290
Total prepaid expenses and other current assets	$ 4,233	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Capitalized costs	$ 0.4		$ 0.4		$ 0.5
Amortization period			3 years
Amortization expense	0.1	$ 0.1	$ 0.2	$ 0.1
Prepaid Expenses and Other Current Assets
Property, Plant and Equipment [Line Items]
Capitalized costs	0.3		0.3
Other Noncurrent Assets
Property, Plant and Equipment [Line Items]
Capitalized costs	$ 0.1		$ 0.1

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 8,502	$ 8,250
Less: accumulated depreciation	(4,284)	(3,556)
Property and equipment, net	4,218	4,694
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2,170	2,112
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,915	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	$ 1,877	$ 1,825

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Depreciation expense	$ 300,000	$ 300,000	$ 700,000	$ 700,000
Goodwill	2,333,000		2,333,000		$ 2,333,000
Amortization expense related to intangibles, less than	100,000	$ 100,000	100,000	100,000
Emphasys Medical, Inc
Business Acquisition [Line Items]
Goodwill	2,300,000		2,300,000		$ 2,300,000
Goodwill, accumulated impairment loss	$ 0		0
Goodwill acquired			0	0
Goodwill disposed of			0	$ 0
Goodwill, impairment loss			$ 0

Balance Sheet Components - Inta

Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,849	$ 1,849
Accumulated Amortization	(1,757)	(1,695)
Net Carrying Value	92	154
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,658	1,658
Accumulated Amortization	(1,576)	(1,520)
Net Carrying Value	82	138
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	191	191
Accumulated Amortization	(181)	(175)
Net Carrying Value	$ 10	$ 16

Balance Sheet Components - Futu

Balance Sheet Components - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023 (remaining six months)	$ 61
2024	31
Net Carrying Value	$ 92	$ 154

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued employee bonuses and commissions	$ 4,280	$ 4,973
Accrued professional fees	3,444	2,366
Accrued vacation	2,364	2,113
Other accrued personnel related expenses	2,318	2,513
Sales taxes, franchise tax and VAT	735	627
Accrued inventory purchases	77	167
Liability for early exercise of stock options	72	145
Other	272	372
Total accrued liabilities	$ 13,562	$ 13,276

Long Term Debt - CIBC Loan Narr

Long Term Debt - CIBC Loan Narrative (Details)		1 Months Ended					3 Months Ended		6 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 ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 payment
Debt Instrument [Line Items]
Proceeds from borrowing under term loan									$ 20,000,000	$ 0
Amortization of debt discount and debt issuance costs									22,000	32,000
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)							9.90%		9.90%
Amortization of debt discount and debt issuance costs							$ 100,000	$ 100,000	$ 100,000	100,000
Interest expense							$ 900,000	$ 200,000	$ 1,400,000	$ 400,000
CIBC Agreement | Medium-term Notes | Repaid During First Year After Third Amendment's Effective Date
Debt Instrument [Line Items]
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]
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	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Term loan	$ 47,278
Less: debt issuance costs	(177)
Term loan	37,240
CIBC Agreement | Medium-term Notes
Debt Instrument [Line Items]
Term loan	37,000	$ 17,000
Less: debt issuance costs	(177)	(127)
Term loan	$ 36,823	$ 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		6 Months Ended
	May 31, 2020 CHF (SFr)	May 31, 2020 USD ($)	Jun. 30, 2023 USD ($)	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	Jun. 30, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2023 (remaining six months)	$ 1,774
2024	5,569
2025	15,136
2026	13,995
2027	10,804
Total	47,278
Less: unamortized debt discount	(177)
Less: interest	(9,861)
Term loan and credit agreement	$ 37,240

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 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
	Apr. 30, 2023 USD ($)	Sep. 30, 2020 USD ($)	Aug. 31, 2020 USD ($)	Apr. 30, 2020 USD ($)	Dec. 31, 2013	Jun. 30, 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
Extended term	4 months
Right-of-use asset obtained in exchange for finance lease liability	$ 0.2
Number of vehicle leases | lease						12
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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,442	$ 1,446
Short-term lease cost	18	16
Variable lease cost	320	290
Total lease cost	$ 1,780	$ 1,752

Commitments and Contingencies_3

Commitments and Contingencies - Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023 (remaining six months)	$ 1,805
2024	3,192
2025	1,073
2026	10
Total minimum lease payments	6,080
Less: Amount of lease payments representing interest	328
Present value of future minimum lease payments	5,752
Less: Current lease liabilities	3,353	$ 3,229
Long-term lease liabilities	$ 2,399	$ 3,849

Commitments and Contingencies_4

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Right of use asset	$ 4,706	$ 5,806
Weighted average remaining lease term (years)	1 year 9 months	2 years 29 days
Weighted average discount rate (percent)	6.60%	6%

Commitments and Contingencies_5

Commitments and Contingencies - Other Supplemental Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 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	$ 1,748	$ 966
Right-of-use assets obtained in exchange for lease liabilities	$ 224	$ 138

Commitments and Contingencies_6

Commitments and Contingencies - Service Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		14 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Apr. 30, 2022
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Cost of goods sold	$ 4,460	$ 3,532	$ 8,406	$ 6,206
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					$ 700

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Tax Credit Carryforward [Line Items]
Income tax expense	$ 140	$ 40	$ 264	$ 107
Maximum
Tax Credit Carryforward [Line Items]
Income tax expense		$ 100

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) vote shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) vote shares	Jun. 30, 2022 USD ($) 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		200,000,000
Dividends declared			$ 0
Number of votes for each share of common stock held | vote	1		1
Options exercisable, aggregate intrinsic value	$ 12,300,000		$ 12,300,000
Options vested and expenses to vest, intrinsic value	7,800,000		7,800,000
Aggregate exercise price of shares subject to repurchase	100,000		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	400,000	$ 200,000	600,000	$ 300,000
Inventory, Net
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation capitalized into inventory	400,000	300,000	$ 800,000	$ 600,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of early exercised common stock options (in shares) | shares			106	0
Common stock, shares repurchased, less than			$ 100,000
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			20,055		77,782
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, aggregate intrinsic value	33,500,000		$ 33,500,000
Stock Options And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	58,200,000		$ 58,200,000
Weighted-average period for recognition of compensation costs			2 years 10 months 24 days
Fair value of shares vested	6,400,000	$ 4,700,000	$ 10,300,000	$ 7,400,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of compensation costs			1 month 6 days
Non-option unrecognized compensation costs	$ 100,000		$ 100,000

Stockholders' Equity - Shares R

Stockholders' Equity - Shares Reserved for Future Issuance (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	9,868,901	8,471,816
Common stock options issued and outstanding
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	3,201,912	2,495,528
Common stock restricted stock units issued and outstanding
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	2,556,721	998,473
Common stock available for future grants
Class of Stock [Line Items]
Shares reserved for future issuance (in shares)	2,607,813	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)	6 Months Ended
	Jun. 30, 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	(86,509)
Options canceled (in shares) | shares	(42,507)
Balance, end of period (in shares) | shares	3,201,912
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	2.14
Options canceled (in dollars per share) | $ / shares	19.60
Balance, end of period (in dollars per share) | $ / shares	$ 16.20

Stockholders' Equity - Options

Stockholders' Equity - Options Vested and Expected to Vest (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares
Options vested (in shares) | shares	1,389,110
Options vested and expected to vest (in shares) | shares	3,201,912
Weighted Average Exercise Price
Options vested (in dollars per share) | $ / shares	$ 14.86
Options vested and expected to vest (in dollars per share) | $ / shares	$ 16.20
Weighted Average Contractual Life (in Years)
Options vested	6 years 10 months 24 days
Options vested and expected to vest	7 years 11 months 19 days

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares Underlying Outstanding Restricted Stock
Unvested, beginning of period (in shares) | shares	998,473
Granted (in shares) | shares	1,931,460
Vested (in shares) | shares	(289,493)
Canceled (in shares) | shares	(83,719)
Unvested, end of period (in shares) | shares	2,556,721
Weighted Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 27.72
Granted (in dollars per share) | $ / shares	11.52
Vested (in dollars per share) | $ / shares	21.74
Canceled (in dollars per share) | $ / shares	20.61
Unvested, end of period (in dollars per share) | $ / shares	$ 16.40

Stockholders' Equity - Total St

Stockholders' Equity - Total Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,862	$ 4,383	$ 10,500	$ 7,896
Stock Options And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	5,799	4,209	10,339	7,521
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	63	174	161	375
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	391	189	614	336
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	760	556	1,326	977
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,711	$ 3,638	$ 8,560	$ 6,583

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net loss attributable to common stockholders, basic	$ (16,195)	$ (14,640)	$ (32,055)	$ (30,468)
Net loss attributable to common stockholders, diluted	$ (16,195)	$ (14,640)	$ (32,055)	$ (30,468)
Denominator
Weighted-average common stock outstanding (in shares)	37,846,019	37,171,893	37,738,775	37,090,164
Less: weighted-average common shares subject to repurchase (in shares)	(27,763)	(168,450)	(42,774)	(185,212)
Weighted-average common shares used to compute, basic net loss per share (in shares)	37,818,256	37,003,443	37,696,001	36,904,952
Weighted-average common shares used to compute, diluted net loss per share (in shares)	37,818,256	37,003,443	37,696,001	36,904,952
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.43)	$ (0.40)	$ (0.85)	$ (0.83)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.43)	$ (0.40)	$ (0.85)	$ (0.83)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholders - Excluded Potentially Dilutive Securities Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 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)	5,827,908	3,881,205
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)	3,201,912	2,600,244
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)	2,556,721	1,091,957
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)	20,055	155,969
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)	49,220	33,035

Segment Information - Narrative

Segment Information - Narrative (Details) - segment	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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	9%	10%	9%	12%

Segment Information - Revenue b

Segment Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 17,194	$ 13,950	$ 31,729	$ 24,735
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	11,022	8,616	20,359	14,629
Europe, Middle-East and Africa (“EMEA”)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	5,312	4,570	9,843	8,623
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	792	724	1,388	1,443
Other International
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 68	$ 40	$ 139	$ 40

Segment Information - Long-Live

Segment Information - Long-Lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 4,218	$ 4,694
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	4,148	4,634
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	57	58
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 13	$ 2