Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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, $0.001 par value per share | |
Trading Symbol | LUNG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,152,553 | |
Entity Central Index Key | 0001127537 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 63,464 | $ 83,547 |
Restricted cash | 257 | 237 |
Short-term marketable securities | 51,081 | 33,555 |
Accounts receivable, net | 11,080 | 12,105 |
Inventory | 16,980 | 16,743 |
Prepaid expenses and other current assets | 3,297 | 4,235 |
Total current assets | 146,159 | 150,422 |
Long-term marketable securities | 0 | 14,390 |
Long-term inventory | 2,300 | 2,580 |
Property and equipment, net | 2,830 | 4,028 |
Goodwill | 2,333 | 2,333 |
Intangible assets, net | 0 | 31 |
Right of use assets | 18,490 | 3,406 |
Other long-term assets | 515 | 591 |
Total assets | 172,627 | 177,781 |
Current liabilities | ||
Accounts payable | 3,181 | 1,497 |
Accrued liabilities | 11,783 | 16,234 |
Income taxes payable | 66 | 93 |
Deferred revenue | 107 | 104 |
Short-term debt | 93 | 2,155 |
Current lease liabilities | 1,071 | 3,074 |
Total current liabilities | 16,301 | 23,157 |
Deferred tax liability | 118 | 114 |
Long-term lease liabilities | 17,914 | 1,106 |
Long-term debt | 37,110 | 35,089 |
Total liabilities | 71,443 | 59,466 |
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, 2024 and December 31, 2023 | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 39,151,861 shares issued and outstanding as of June 30, 2024 and 38,516,383 shares issued and outstanding as of December 31, 2023 | 39 | 39 |
Additional paid-in capital | 539,408 | 526,797 |
Accumulated other comprehensive income | 1,973 | 2,640 |
Accumulated deficit | (440,236) | (411,161) |
Total stockholders’ equity | 101,184 | 118,315 |
Total liabilities and stockholders’ equity | $ 172,627 | $ 177,781 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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) | 39,151,861 | 38,516,383 |
Common stock, shares outstanding (in shares) | 39,151,861 | 38,516,383 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue | $ 20,783 | $ 17,194 | $ 39,637 | $ 31,729 |
Cost of goods sold | 5,476 | 4,460 | 10,252 | 8,406 |
Gross profit | 15,307 | 12,734 | 29,385 | 23,323 |
Operating expenses | ||||
Research and development | 5,615 | 5,710 | 9,825 | 9,963 |
Selling, general and administrative | 25,314 | 23,463 | 49,718 | 46,199 |
Total operating expenses | 30,929 | 29,173 | 59,543 | 56,162 |
Loss from operations | (15,622) | (16,439) | (30,158) | (32,839) |
Interest income | 1,306 | 1,410 | 2,747 | 2,537 |
Interest expense | (891) | (864) | (1,774) | (1,435) |
Other (expense) income, net | (35) | (162) | 380 | (54) |
Net loss before tax | (15,242) | (16,055) | (28,805) | (31,791) |
Income tax expense | 84 | 140 | 270 | 264 |
Net loss | (15,326) | (16,195) | (29,075) | (32,055) |
Other comprehensive income (loss) | ||||
Currency translation adjustment | 40 | 170 | (509) | 242 |
Change in unrealized (losses) gains on marketable securities | (30) | (34) | (158) | 139 |
Total other comprehensive income (loss) | 10 | 136 | (667) | 381 |
Comprehensive loss | $ (15,316) | $ (16,059) | $ (29,742) | $ (31,674) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.39) | $ (0.43) | $ (0.75) | $ (0.85) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.39) | $ (0.43) | $ (0.75) | $ (0.85) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 38,943,066 | 37,818,256 | 38,789,548 | 37,696,001 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 38,943,066 | 37,818,256 | 38,789,548 | 37,696,001 |
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, 2022 | 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 (losses) gains 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 | ||||
Beginning balance at Dec. 31, 2022 | 154,007 | $ 38 | 502,712 | 1,575 | (350,318) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Currency translation adjustment | 242 | ||||
Change in unrealized (losses) gains on marketable securities | 139 | ||||
Net loss | (32,055) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 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 (losses) gains on marketable securities | (34) | (34) | |||
Net loss | (16,195) | (16,195) | |||
Ending balance (in shares) at Jun. 30, 2023 | 38,016,671 | ||||
Ending balance at Jun. 30, 2023 | $ 133,952 | $ 38 | 514,331 | 1,956 | (382,373) |
Beginning balance (in shares) at Dec. 31, 2023 | 38,516,383 | 38,516,383 | |||
Beginning balance at Dec. 31, 2023 | $ 118,315 | $ 39 | 526,797 | 2,640 | (411,161) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 177,610 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 28,116 | ||||
Issuance of common stock upon exercise of stock options | 57 | 57 | |||
Issuance of shares pursuant to employee stock purchase plan (in shares) | 90,066 | ||||
Issuance of shares pursuant to employee stock purchase plan | 808 | 808 | |||
Stock-based compensation expense | 5,744 | 5,744 | |||
Currency translation adjustment | (549) | (549) | |||
Change in unrealized (losses) gains on marketable securities | (128) | (128) | |||
Net loss | (13,749) | (13,749) | |||
Ending balance (in shares) at Mar. 31, 2024 | 38,812,175 | ||||
Ending balance at Mar. 31, 2024 | $ 110,498 | $ 39 | 533,406 | 1,963 | (424,910) |
Beginning balance (in shares) at Dec. 31, 2023 | 38,516,383 | 38,516,383 | |||
Beginning balance at Dec. 31, 2023 | $ 118,315 | $ 39 | 526,797 | 2,640 | (411,161) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 39,466 | ||||
Currency translation adjustment | $ (509) | ||||
Change in unrealized (losses) gains on marketable securities | (158) | ||||
Net loss | $ (29,075) | ||||
Ending balance (in shares) at Jun. 30, 2024 | 39,151,861 | 39,151,861 | |||
Ending balance at Jun. 30, 2024 | $ 101,184 | $ 39 | 539,408 | 1,973 | (440,236) |
Beginning balance (in shares) at Mar. 31, 2024 | 38,812,175 | ||||
Beginning balance at Mar. 31, 2024 | 110,498 | $ 39 | 533,406 | 1,963 | (424,910) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 328,336 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 11,350 | ||||
Issuance of common stock upon exercise of stock options | 22 | 22 | |||
Stock-based compensation expense | 5,980 | 5,980 | |||
Currency translation adjustment | 40 | 40 | |||
Change in unrealized (losses) gains on marketable securities | (30) | (30) | |||
Net loss | $ (15,326) | (15,326) | |||
Ending balance (in shares) at Jun. 30, 2024 | 39,151,861 | 39,151,861 | |||
Ending balance at Jun. 30, 2024 | $ 101,184 | $ 39 | $ 539,408 | $ 1,973 | $ (440,236) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (29,075) | $ (32,055) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation expense | 11,593 | 10,500 |
Loss on disposal of fixed assets | 0 | 1 |
Impairment of capitalized software development costs | 1,717 | 0 |
Change in allowance for credit losses | 40 | (1) |
Inventory write-downs | 284 | 380 |
Depreciation and amortization expense | 823 | 846 |
Amortization of debt discount and debt issuance costs | 30 | 22 |
Net accretion of discounts on marketable securities | (871) | (437) |
Non-cash lease expense | 1,211 | 1,324 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | 792 | (184) |
Inventory | (672) | (267) |
Prepaid expenses and other current assets | 622 | 25 |
Other assets | 66 | 17 |
Accounts payable | 1,630 | 350 |
Accrued liabilities | (4,246) | 501 |
Income taxes payable | (22) | 19 |
Lease liabilities | (1,492) | (1,550) |
Deferred revenue | 5 | (26) |
Net cash used in operating activities | (17,565) | (20,535) |
Cash flows from investing activities | ||
Purchases of investments | (20,837) | (25,624) |
Maturities of investments | 18,415 | 25,500 |
Purchases of property and equipment and internal software development costs | (920) | (115) |
Net cash used in investing activities | (3,342) | (239) |
Cash flows from financing activities | ||
Proceeds from borrowing under term loan | 0 | 20,000 |
Repayment of credit agreement | (46) | (47) |
Proceeds from exercise of common stock options | 80 | 183 |
Proceeds from issuance of common stock under the employee stock purchase plan | 808 | 676 |
Net cash provided by financing activities | 842 | 20,812 |
Effect of exchange rate changes on cash and cash equivalents | 2 | 42 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (20,063) | 80 |
Cash, cash equivalents, and restricted cash at beginning of the period | 83,784 | 101,967 |
Cash, cash equivalents, and restricted cash at end of the period | 63,721 | 102,047 |
Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets: | ||
Cash and cash equivalents | 63,464 | 101,581 |
Restricted cash | 257 | 466 |
Cash, cash equivalents, and restricted cash in consolidated balance sheets | 63,721 | 102,047 |
Supplemental non-cash items: | ||
Lapse in repurchase rights of common stock | 0 | 103 |
Purchases of property and equipment in accounts payable and accrued liabilities | 169 | 450 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 276 | 206 |
Cash paid for interest | $ 1,778 | $ 1,235 |
Formation and Business of the C
Formation and Business of the Company | 6 Months Ended |
Jun. 30, 2024 | |
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”, which is called the LungTraX Platform in the United States), 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 $440.2 million as of June 30, 2024. During the six months ended June 30, 2024 and June 30, 2023, the Company used $17.6 million and $20.5 million of cash in its operating activities, respectively. As of June 30, 2024, the Company had cash, cash equivalents and marketable securities of $114.5 million. Historically, the Company’s activities have been financed through the sale of equity securities, debt financing arrangements and sales of its products. The Company’s unaudited interim 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, 2024 | |
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 unaudited interim 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, 2023 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The accompanying unaudited interim condensed consolidated financial statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and June 30, 2023, 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 fiscal year ended December 31, 2023 and notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 27, 2024. 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, 2024 and condensed consolidated results of operations for the three and six months ended June 30, 2024 and June 30, 2023 and condensed consolidated cash flows for the six months ended June 30, 2024 and June 30, 2023 have been made. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2024. 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, 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, 2024 and December 31, 2023, the Company also had cash on deposit with foreign banks of approximately $5.7 million and $4.7 million, respectively, that was not federally insured. The Company earns revenue primarily 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, 2024 and June 30, 2023. 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, 2024 and December 31, 2023, no customer accounted for more than 10% of accounts receivable. For the three and six months ended June 30, 2024 and June 30, 2023, 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 less than $0.1 million and $0.2 million during the three months ended June 30, 2024 and June 30, 2023, respectively, and $(0.5) million and $0.2 million during the six months ended June 30, 2024 and June 30, 2023, respectively. Foreign currency transaction gains and losses are included in other (expense) income, net in the condensed consolidated statements of operations and comprehensive loss and was less than $(0.1) million and $(0.2) million during the three months ended June 30, 2024 and June 30, 2023, respectively, and $0.3 million and $(0.2) million during the six months ended June 30, 2024 and June 30, 2023, respectively. 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, 2024 and December 31, 2023, accounts receivable is presented net of an allowance for credit losses of less than $0.1 million and $0, 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in the update and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the disclosure requirements related to the new standard. 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, 2024 | |
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. 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, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 6,191 $ — $ — $ 6,191 Total cash equivalents $ 6,191 $ — $ — $ 6,191 Marketable securities: U.S. Government agency bonds $ 8,565 $ 19,686 $ — $ 28,251 Corporate debt securities — 2,929 — 2,929 Commercial paper — 19,901 — 19,901 Total marketable securities 8,565 42,516 — 51,081 Total financial assets $ 14,756 $ 42,516 $ — $ 57,272 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 25,129 $ — $ — $ 25,129 Total cash equivalents $ 25,129 $ — $ — $ 25,129 Marketable securities: U.S. Government agency bonds $ 5,798 $ 29,466 $ — $ 35,264 Commercial paper — 12,681 — 12,681 Total marketable securities 5,798 42,147 — 47,945 Total financial assets $ 30,927 $ 42,147 $ — $ 73,074 There were no liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2024 and December 31, 2023. The following table summarizes the cost, unrealized gains and losses and fair value of marketable securities (in thousands): June 30, 2024 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 28,304 $ (53) $ — $ 28,251 Corporate debt securities 2,932 (3) — 2,929 Commercial paper 19,918 (19) 2 19,901 Total $ 51,154 $ (75) $ 2 $ 51,081 December 31, 2023 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 35,194 $ (26) $ 96 $ 35,264 Commercial paper 12,667 (1) 15 12,681 Total $ 47,861 $ (27) $ 111 $ 47,945 The following table summarizes the marketable securities with unrealized losses as of June 30, 2024 and December 31, 2023, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands): June 30, 2024 Less than 12 months 12 months or greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agency bonds $ 25,260 $ (42) $ 2,991 $ (11) $ 28,251 $ (53) Corporate debt securities 2,929 (3) — — 2,929 (3) Commercial paper 11,219 (19) — — 11,219 (19) Total $ 39,408 $ (64) $ 2,991 $ (11) $ 42,399 $ (75) December 31, 2023 Less than 12 months 12 months or greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agency bonds $ 11,888 $ (23) $ 1,745 $ (3) $ 13,633 $ (26) Commercial paper 996 (1) — — 996 (1) Total $ 12,884 $ (24) $ 1,745 $ (3) $ 14,629 $ (27) The unrealized losses for marketable securities relate to changes in interest rates. No allowance for credit losses was recorded as of June 30, 2024 and December 31, 2023, and no impairment losses were recognized for the three and six months ended June 30, 2024 and June 30, 2023. Accrued interest receivable on marketable securities of $0.2 million and $0.4 million as of June 30, 2024 and December 31, 2023, respectively, is included in prepaid expenses and other current assets on the condensed consolidated balance sheet. The Company elected to exclude accrued interest receivable from the estimation of expected credit losses on its marketable securities and reverse accrued interest receivable through interest income (expense) when amounts are determined to be uncollectible. The Company did not write off any accrued interest receivable during the three and six months ended June 30, 2024 and June 30, 2023. Contractual Maturities The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): June 30, 2024 Amortized Cost Fair Value Due within one year $ 51,154 $ 51,081 Due in one year to five years — — Total $ 51,154 $ 51,081 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 Cash $ 57,273 $ 58,418 Cash equivalents: Money market funds 6,191 25,129 Total cash and cash equivalents $ 63,464 $ 83,547 Inventory Inventory consists of the following (in thousands): June 30, December 31, 2024 2023 Raw materials $ 3,032 $ 2,924 Work in process 387 427 Finished goods 15,861 15,972 Total inventory $ 19,280 $ 19,323 Reported as: Inventory $ 16,980 $ 16,743 Long-term inventory 2,300 2,580 Total inventory $ 19,280 $ 19,323 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2024 2023 Prepaid expenses $ 1,996 $ 1,910 Prepaid insurance 424 906 VAT and other receivable 700 915 Other current assets 177 504 Total prepaid expenses and other current assets $ 3,297 $ 4,235 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, 2024 and December 31, 2023, the Company has capitalized less than $0.1 million and $0.1 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, 2024, the capitalized costs of less than $0.1 million were included in prepaid expenses and other current assets. Amortization expense, which was included in selling, general and administrative expenses, was less than $0.1 million and $0.1 million for the three months ended June 30, 2024 and June 30, 2023, respectively, and $0.1 million and $0.2 million for the six months ended June 30, 2024 and June 30, 2023, respectively. Property and Equipment, Net Property and equipment, net consist of the following (in thousands): June 30, December 31, 2024 2023 Machinery and equipment $ 2,352 $ 2,271 Computer equipment and software 2,476 1,872 Furniture and fixtures 295 264 Leasehold improvements 2,277 2,277 Construction in progress 1,002 2,199 Total 8,402 8,883 Less: accumulated depreciation (5,572) (4,855) Property and equipment, net $ 2,830 $ 4,028 In the second quarter of 2024, the Company recorded a non-cash impairment charge of $1.7 million related to certain previously capitalized software development costs that reduced the carrying value of those assets to zero. The impairment charge was recorded in research and development expenses on the Company’s condensed consolidated statements of operations and comprehensive loss. This impairment charge was primarily driven by the Company’s strategic decision to adopt a more cost-efficient solution in place of completing the development of the internally developed software. Depreciation expense was $0.3 million for each of the three months ended June 30, 2024 and June 30, 2023. Depreciation expense was $0.7 million for each of the six months ended June 30, 2024 and June 30, 2023. Goodwill Goodwill was $2.3 million as of June 30, 2024 and December 31, 2023. There were no acquisitions or dispositions of goodwill in the six months ended June 30, 2024 and June 30, 2023. The Company assesses goodwill for impairment annually, or more frequently, when events or changes in circumstances indicate there may be impairment. Through June 30, 2024, 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, 2024. Intangible Assets Amortization expense relating to intangibles was $0 and less than $0.1 million during each of the three months ended June 30, 2024 and June 30, 2023, respectively. Amortization expense relating to intangibles was less than $0.1 million and $0.1 million during each of the six months ended June 30, 2024 and June 30, 2023, respectively. The intangible assets were fully amortized as of June 30, 2024. Intangible assets as of December 31, 2023 consist of the following (in thousands): December 31, 2023 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,630) $ 28 Trademarks 191 (188) 3 Total intangible assets $ 1,849 $ (1,818) $ 31 Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, December 31, 2024 2023 Accrued employee bonuses and commissions $ 3,682 $ 7,875 Accrued vacation 2,579 2,400 Other accrued personnel related expenses 2,298 2,859 Accrued professional fees 2,003 1,705 Sales taxes, franchise tax and VAT 772 763 Other 449 632 Total accrued liabilities $ 11,783 $ 16,234 |
Long Term Debt
Long Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
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 would 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 which has the same interest rate and repayment terms as Tranche A of the CIBC Loan. In May 2024, as a result of the Company satisfying certain conditions set forth in the Third Amendment, the Company extended the interest-only period of the CIBC Loan from 24 months to 36 months. Principal repayment will begin in November 2025. There was no change to the loan interest rate, maturity date, or other terms of the loan. 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 as defined in the Amended and Restated CIBC Agreement 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, 2024, 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, 2024, the CIBC Loan had an annual effective interest rate of 10.1% per year. The CIBC Loan consists of the following (in thousands): June 30, December 31, 2024 2023 Term loan $ 37,000 $ 37,000 Less: debt issuance costs (121) (152) Term loan $ 36,879 $ 36,848 Reported as: Short-term debt $ — $ 2,056 Long-term debt 36,879 34,792 Total term loan $ 36,879 $ 36,848 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, 2024 and June 30, 2023, the Company recorded interest expense related to debt discount and debt issuance costs of the CIBC Loan of less than $0.1 million and less than $0.1 million, respectively. During the six months ended June 30, 2024 and June 30, 2023, the Company recorded interest expense related to debt discount and debt issuance costs of the CIBC Loan of less than $0.1 million and less than $0.1 million, respectively. Interest expense on the CIBC Loan was $0.9 million during each of the three months ended June 30, 2024 and June 30, 2023. Interest expense on the CIBC Loan was $1.8 million and $1.4 million during the six months ended June 30, 2024 and June 30, 2023, respectively. Credit Agreement In May 2020, Pulmonx International Sàrl, a wholly owned subsidiary of the Company, received 0.5 million Swiss Francs ($0.5 million U.S. dollar equivalent) from a COVID-19 Credit Agreement under a Swiss Federal Government program designed to mitigate the economic impact of the spread of the coronavirus. The COVID-19 Credit Agreement 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. Interest expense was immaterial during the three and six months ended June 30, 2024 and June 30, 2023. As of June 30, 2024, Pulmonx International Sàrl has repaid $0.2 million to the lender. Contractual Maturities of Financing Obligations As of June 30, 2024, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): Fiscal Year Ending December 31, Amount 2024 (remaining six months) $ 1,821 2025 6,675 2026 21,005 2027 16,177 Total 45,678 Less: unamortized debt discount (121) Less: interest (8,354) Term loan and credit agreement $ 37,203 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023, respectively. The deferred revenue as of December 31, 2023 of $0.1 million was recognized as revenue during the six months ended June 30, 2024. 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, 2024 | |
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, which consists of approximately 24,591 square feet of office space (the “existing premises”) and was scheduled to expire on July 31, 2025 (the “Office Lease”). The Company leases additional facilities in Redwood City, California, under a sublease agreement, which consist of approximately 25,254 square feet of office space (the “expansion premises”) and was scheduled to expire on September 30, 2024 (the “Sublease”). In May 2024, the Company entered into a third amendment to Sublease (the “Third Amendment to Sublease”) to extend the lease term of the expansion premises through May 31, 2028. The Third Amendment to Sublease contains a rent-free period between November 1, 2024 and February 28, 2025, after which rent is approximately $0.1 million per month and is subject to an annual increase of approximately 3%. The Company also entered into a third amendment to Office Lease (the “Third Amendment to Office Lease”) to extend the lease term of the existing premises through July 31, 2035. The Third Amendment to Office Lease contains a rent-free period between August 1, 2025 and November 30, 2025, after which rent is approximately $0.1 million per month and is subject to an annual increase of approximately 3.5%. Additionally, under the Third Amendment to Office Lease, the Company and the landlord have agreed to expand the existing premises to include the expansion premises, effective as of June 1, 2028, through July 31, 2035 (conterminous with the existing premises as referenced above). Commencing on June 1, 2028, the monthly base rent for the expansion premises will be $0.1 million per month and is subject to an annual increase of approximately 3.5%. Under the Third Amendment to Office Lease, the Company has two options to extend the lease term on the leased premises for a period of five years, respectively. The Company did not include the renewal options in the lease terms for calculating lease liability, as it was not reasonably certain that the Company will exercise these renewal options. The amendments were accounted for as modifications that resulted in additional right of use assets in exchange for lease liabilities of $16.3 million. In 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 June 2024, with the intention of seeking other premises, the Company provided notice to the landlord to terminate the lease, effective June 30, 2025. As of June 30, 2024, the Company has leases on fourteen vehicles with an average lease term of 3.0 years. Operating lease cost consists of the following (in thousands): Six Months Ended June 30, 2024 2023 Operating lease cost $ 1,538 $ 1,442 Short-term lease cost 20 18 Variable lease cost 387 320 Total lease cost $ 1,945 $ 1,780 The following table summarizes a maturity analysis of the Company’s lease liabilities showing the aggregate lease payments as of June 30, 2024 (in thousands): Fiscal Year Ending December 31, Amount 2024 (remaining six months) $ 1,573 2025 2,176 2026 2,569 2027 2,611 2028 2,729 Thereafter 20,624 Total minimum lease payments 32,282 Less: Amount of lease payments representing interest 13,297 Present value of future minimum lease payments $ 18,985 Less: Current lease liabilities 1,071 Long-term lease liabilities $ 17,914 The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted average data): June 30, December 31, 2024 2023 Right of use asset $ 18,490 $ 3,406 Weighted average remaining lease term (years) 10.99 1.35 Weighted average discount rate 10.5 % 6.7 % The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 1,821 $ 1,748 Right-of-use assets obtained in exchange for lease liabilities $ 16,360 $ 224 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 a three-year period. From inception of the agreement through June 30, 2024, the Company recorded $1.2 million of expense for services related to this agreement in cost of goods sold. In June 2024, the Company amended the agreement with the service provider, which eliminated the minimum purchase obligations. 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, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax expense for the three months ended June 30, 2024 and June 30, 2023 was $0.1 million and $0.1 million, respectively. The income tax expense for the six months ended June 30, 2024 and June 30, 2023 was $0.3 million and $0.3 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, 2024 and June 30, 2023 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, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock As of June 30, 2024 and December 31, 2023, 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 Company’s 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. In March and May 2024, the Company granted stock-based awards outside of the existing stock plans to its new Chief Executive Officer and new Chief Financial Officer, respectively. These awards were granted as a material inducement for accepting employment with the Company, in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement awards consisted of a total of 997,681 shares of the Company’s common stock, which includes an aggregate of 331,156 shares of common stock issuable upon the vesting of restricted stock unit awards and 666,525 shares of common stock issuable upon the exercise of nonqualified stock option grants generally subject to the same terms and conditions as grants that are made under the 2020 Equity Incentive Plan. Shares Reserved for Future Issuance The Company has reserved shares of common stock for future issuances as follows: June 30, December 31, 2024 2023 Common stock options issued and outstanding 3,766,402 3,142,981 Common stock restricted stock units issued and outstanding 3,197,736 2,244,903 Common stock available for future grants 2,951,051 2,541,438 Common stock available for employee stock purchase plan 1,731,920 1,436,823 Total 11,647,109 9,366,145 Stock Option Plan A summary of stock option activity for the existing stock plans and the inducement awards for the six months ended June 30, 2024 is set forth below: Outstanding Options Number of Shares Weighted Average Exercise Price Balance, January 1, 2024 3,142,981 $ 16.40 Options granted 895,125 9.09 Options exercised (39,466) 2.02 Options canceled (232,238) 21.85 Balance, June 30, 2024 3,766,402 $ 14.48 The aggregate intrinsic value of options outstanding as of June 30, 2024 was $3.7 million. June 30, 2024 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested and exercisable 1,954,036 $ 15.32 6.45 Options vested and expected to vest 3,766,402 $ 14.48 7.64 Total aggregate intrinsic value of options vested and exercisable as of June 30, 2024 was $3.5 million. Restricted Stock Units A summary of restricted stock units activity for the existing stock plans and the inducement awards for the six months ended June 30, 2024 is set forth below: Number of Shares Underlying Outstanding Restricted Stock Weighted Average Grant Date Fair Value Unvested, January 1, 2024 2,244,903 $ 15.74 Granted 1,705,208 8.89 Vested (505,946) 16.10 Canceled (246,429) 14.75 Unvested, June 30, 2024 3,197,736 $ 12.11 The aggregate intrinsic value of restricted stock units outstanding as of June 30, 2024 was $20.3 million. The fair value as of the respective vesting dates of restricted stock units that vested during the three months ended June 30, 2024 and June 30, 2023 was $2.6 million and $2.7 million, respectively. The fair value as of the respective vesting dates of restricted stock units that vested during the six months ended June 30, 2024 and June 30, 2023 was $4.2 million and $3.5 million, respectively. 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, 2024 2023 2024 2023 Cost of goods sold $ 435 $ 391 $ 816 $ 614 Research and development 714 760 1,487 1,326 Selling, general and administrative 4,771 4,711 9,290 8,560 Total $ 5,920 $ 5,862 $ 11,593 $ 10,500 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, 2024 2023 2024 2023 Stock options and restricted stock units $ 5,818 $ 5,799 $ 11,299 $ 10,339 Employee stock purchase plan 102 63 294 161 Total $ 5,920 $ 5,862 $ 11,593 $ 10,500 Stock-based compensation of $0.5 million and $0.4 million was capitalized into inventory for the three months ended June 30, 2024 and June 30, 2023, respectively. Stock-based compensation of $0.9 million and $0.8 million was capitalized into inventory for the six months ended June 30, 2024 and June 30, 2023, respectively. Stock-based compensation capitalized in prior periods of $0.4 million and $0.4 million was recognized as cost of sales in the three months ended June 30, 2024 and June 30, 2023, respectively. Stock-based compensation capitalized in prior periods of $0.8 million and $0.6 million was recognized as cost of sales in the six months ended June 30, 2024 and June 30, 2023, respectively. As of June 30, 2024, there was $50.6 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 2.7 years. As of June 30, 2024, the Company had unrecognized stock-based compensation relating to the employee stock purchase plan of less than $0.1 million, which is expected to be recognized over a weighted-average period of 0.1 years. Stock Modification In February 2024, the Company’s former Chief Executive Officer, Glendon French, resigned as President and Chief Executive Officer, effective as of March 15, 2024. Following this date, Mr. French continued as a full-time employee of the Company in the capacity of Senior Advisor to the new President and Chief Executive Officer until May 1, 2024, when his employment ceased. Thereafter, Mr. French has continued to serve as a member of the Company’s board of directors, and his outstanding equity awards have continued to vest in accordance with their terms, subject to his continued service to the Company as a member of the board of directors . The Company evaluated the change in status in accordance with ASC 718 and determined that there was a modification to the unvested awards expected to vest after March 15, 2024. The total stock-based compensation expense related to the modification, evaluated as of the modification date, was $6.3 million, to be recognized over the remaining vesting periods. The Company recorded $0.7 million and $1.1 million in stock-based compensation expenses related to the modification for the three and six months ended June 30, 2024. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 Numerator Net loss attributable to common stockholders $ (15,326) $ (16,195) $ (29,075) $ (32,055) Denominator Weighted-average common stock outstanding 38,943,110 37,846,019 38,789,609 37,738,775 Less: weighted-average common shares subject to repurchase (44) (27,763) (61) (42,774) Weighted-average common shares used to compute basic and diluted net loss per share 38,943,066 37,818,256 38,789,548 37,696,001 Net loss per share attributable to common stockholders, basic and diluted $ (0.39) $ (0.43) $ (0.75) $ (0.85) 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 2024 2023 Options to purchase common stock 3,766,402 3,201,912 Unvested restricted stock units 3,197,736 2,556,721 Unvested early exercised common stock options 23 20,055 Shares committed under employee stock purchase plan 51,487 49,220 Total 7,015,648 5,827,908 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The chief operating decision maker for the Company is the Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single reportable and operating segment structure. The Company’s Chief Executive Officer evaluates performance based primarily on revenue in the geographic locations in which the Company operates. Revenue by geographic area is based on the billing address of the customer. The following table sets forth the Company’s revenue by geographic area (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 United States $ 13,881 $ 11,022 $ 26,750 $ 20,359 Europe, Middle-East and Africa (“EMEA”) 5,961 5,312 11,077 9,843 Asia Pacific 802 792 1,500 1,388 Other International 139 68 310 139 Total $ 20,783 $ 17,194 $ 39,637 $ 31,729 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, 2024 2023 United States $ 2,736 $ 3,962 EMEA 45 54 Asia Pacific 49 12 Total $ 2,830 $ 4,028 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net loss | $ (15,326) | $ (13,749) | $ (16,195) | $ (15,860) | $ (29,075) | $ (32,055) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 shares | Jun. 30, 2024 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 10, 2024, Glendon French, a current member of our board of directors and former chief executive officer, adopted a new Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act for the sale of up to 300,000 shares of our common stock. The trading arrangement will expire on August 23, 2025, or earlier if all transactions under the trading arrangement are completed or if the trading arrangement is otherwise terminated according to its terms. | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Glendon French [Member] | ||
Trading Arrangements, by Individual | ||
Name | Glendon French | |
Title | board of directors and former chief executive officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 10, 2024 | |
Expiration Date | August 23, 2025 | |
Arrangement Duration | 439 days | |
Aggregate Available | 300,000 | 300,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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 unaudited interim 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, 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 |
Foreign Currency Translation and Transaction Gains and Losses | Foreign Currency Translation and Transaction Gains and Losses |
Credit Losses—Accounts Receivable | Credit Losses — Accounts Receivable |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options and common stock subject to repurchase related to early exercise of stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities. The Company considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities, because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of the shares issued upon early exercise of stock options subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in the update and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the disclosure requirements related to the new standard. 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 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. 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, 2024 | |
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, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 6,191 $ — $ — $ 6,191 Total cash equivalents $ 6,191 $ — $ — $ 6,191 Marketable securities: U.S. Government agency bonds $ 8,565 $ 19,686 $ — $ 28,251 Corporate debt securities — 2,929 — 2,929 Commercial paper — 19,901 — 19,901 Total marketable securities 8,565 42,516 — 51,081 Total financial assets $ 14,756 $ 42,516 $ — $ 57,272 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 25,129 $ — $ — $ 25,129 Total cash equivalents $ 25,129 $ — $ — $ 25,129 Marketable securities: U.S. Government agency bonds $ 5,798 $ 29,466 $ — $ 35,264 Commercial paper — 12,681 — 12,681 Total marketable securities 5,798 42,147 — 47,945 Total financial assets $ 30,927 $ 42,147 $ — $ 73,074 There were no liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2024 and December 31, 2023. |
Schedule of Marketable Securities | The following table summarizes the cost, unrealized gains and losses and fair value of marketable securities (in thousands): June 30, 2024 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 28,304 $ (53) $ — $ 28,251 Corporate debt securities 2,932 (3) — 2,929 Commercial paper 19,918 (19) 2 19,901 Total $ 51,154 $ (75) $ 2 $ 51,081 December 31, 2023 Amortized Cost Unrealized Losses Unrealized Gains Fair Value U.S. Government agency bonds $ 35,194 $ (26) $ 96 $ 35,264 Commercial paper 12,667 (1) 15 12,681 Total $ 47,861 $ (27) $ 111 $ 47,945 The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): June 30, 2024 Amortized Cost Fair Value Due within one year $ 51,154 $ 51,081 Due in one year to five years — — Total $ 51,154 $ 51,081 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes the marketable securities with unrealized losses as of June 30, 2024 and December 31, 2023, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands): June 30, 2024 Less than 12 months 12 months or greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agency bonds $ 25,260 $ (42) $ 2,991 $ (11) $ 28,251 $ (53) Corporate debt securities 2,929 (3) — — 2,929 (3) Commercial paper 11,219 (19) — — 11,219 (19) Total $ 39,408 $ (64) $ 2,991 $ (11) $ 42,399 $ (75) December 31, 2023 Less than 12 months 12 months or greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agency bonds $ 11,888 $ (23) $ 1,745 $ (3) $ 13,633 $ (26) Commercial paper 996 (1) — — 996 (1) Total $ 12,884 $ (24) $ 1,745 $ (3) $ 14,629 $ (27) |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 Cash $ 57,273 $ 58,418 Cash equivalents: Money market funds 6,191 25,129 Total cash and cash equivalents $ 63,464 $ 83,547 |
Schedule of Inventory | Inventory consists of the following (in thousands): June 30, December 31, 2024 2023 Raw materials $ 3,032 $ 2,924 Work in process 387 427 Finished goods 15,861 15,972 Total inventory $ 19,280 $ 19,323 Reported as: Inventory $ 16,980 $ 16,743 Long-term inventory 2,300 2,580 Total inventory $ 19,280 $ 19,323 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2024 2023 Prepaid expenses $ 1,996 $ 1,910 Prepaid insurance 424 906 VAT and other receivable 700 915 Other current assets 177 504 Total prepaid expenses and other current assets $ 3,297 $ 4,235 |
Schedule of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): June 30, December 31, 2024 2023 Machinery and equipment $ 2,352 $ 2,271 Computer equipment and software 2,476 1,872 Furniture and fixtures 295 264 Leasehold improvements 2,277 2,277 Construction in progress 1,002 2,199 Total 8,402 8,883 Less: accumulated depreciation (5,572) (4,855) Property and equipment, net $ 2,830 $ 4,028 |
Schedule Intangible Assets | Intangible assets as of December 31, 2023 consist of the following (in thousands): December 31, 2023 Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology $ 1,658 $ (1,630) $ 28 Trademarks 191 (188) 3 Total intangible assets $ 1,849 $ (1,818) $ 31 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): June 30, December 31, 2024 2023 Accrued employee bonuses and commissions $ 3,682 $ 7,875 Accrued vacation 2,579 2,400 Other accrued personnel related expenses 2,298 2,859 Accrued professional fees 2,003 1,705 Sales taxes, franchise tax and VAT 772 763 Other 449 632 Total accrued liabilities $ 11,783 $ 16,234 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The CIBC Loan consists of the following (in thousands): June 30, December 31, 2024 2023 Term loan $ 37,000 $ 37,000 Less: debt issuance costs (121) (152) Term loan $ 36,879 $ 36,848 Reported as: Short-term debt $ — $ 2,056 Long-term debt 36,879 34,792 Total term loan $ 36,879 $ 36,848 |
Schedule of Contractual Maturities of Financing Obligations | As of June 30, 2024, the aggregate future payments under the CIBC Loan and Credit Agreement (including interest payments) are as follows (in thousands): Fiscal Year Ending December 31, Amount 2024 (remaining six months) $ 1,821 2025 6,675 2026 21,005 2027 16,177 Total 45,678 Less: unamortized debt discount (121) Less: interest (8,354) Term loan and credit agreement $ 37,203 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 Operating lease cost $ 1,538 $ 1,442 Short-term lease cost 20 18 Variable lease cost 387 320 Total lease cost $ 1,945 $ 1,780 The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted average data): June 30, December 31, 2024 2023 Right of use asset $ 18,490 $ 3,406 Weighted average remaining lease term (years) 10.99 1.35 Weighted average discount rate 10.5 % 6.7 % The following table summarizes other supplemental information related to the Company’s operating leases (in thousands): Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities $ 1,821 $ 1,748 Right-of-use assets obtained in exchange for lease liabilities $ 16,360 $ 224 |
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, 2024 (in thousands): Fiscal Year Ending December 31, Amount 2024 (remaining six months) $ 1,573 2025 2,176 2026 2,569 2027 2,611 2028 2,729 Thereafter 20,624 Total minimum lease payments 32,282 Less: Amount of lease payments representing interest 13,297 Present value of future minimum lease payments $ 18,985 Less: Current lease liabilities 1,071 Long-term lease liabilities $ 17,914 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 Common stock options issued and outstanding 3,766,402 3,142,981 Common stock restricted stock units issued and outstanding 3,197,736 2,244,903 Common stock available for future grants 2,951,051 2,541,438 Common stock available for employee stock purchase plan 1,731,920 1,436,823 Total 11,647,109 9,366,145 |
Schedule of Summary of Stock Option Activity | A summary of stock option activity for the existing stock plans and the inducement awards for the six months ended June 30, 2024 is set forth below: Outstanding Options Number of Shares Weighted Average Exercise Price Balance, January 1, 2024 3,142,981 $ 16.40 Options granted 895,125 9.09 Options exercised (39,466) 2.02 Options canceled (232,238) 21.85 Balance, June 30, 2024 3,766,402 $ 14.48 |
Schedule of Options Vested and Expected to Vest | The aggregate intrinsic value of options outstanding as of June 30, 2024 was $3.7 million. June 30, 2024 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (in Years) Options vested and exercisable 1,954,036 $ 15.32 6.45 Options vested and expected to vest 3,766,402 $ 14.48 7.64 |
Schedule of Activity with Respect to Restricted Stock Units | A summary of restricted stock units activity for the existing stock plans and the inducement awards for the six months ended June 30, 2024 is set forth below: Number of Shares Underlying Outstanding Restricted Stock Weighted Average Grant Date Fair Value Unvested, January 1, 2024 2,244,903 $ 15.74 Granted 1,705,208 8.89 Vested (505,946) 16.10 Canceled (246,429) 14.75 Unvested, June 30, 2024 3,197,736 $ 12.11 |
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, 2024 2023 2024 2023 Cost of goods sold $ 435 $ 391 $ 816 $ 614 Research and development 714 760 1,487 1,326 Selling, general and administrative 4,771 4,711 9,290 8,560 Total $ 5,920 $ 5,862 $ 11,593 $ 10,500 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, 2024 2023 2024 2023 Stock options and restricted stock units $ 5,818 $ 5,799 $ 11,299 $ 10,339 Employee stock purchase plan 102 63 294 161 Total $ 5,920 $ 5,862 $ 11,593 $ 10,500 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 Numerator Net loss attributable to common stockholders $ (15,326) $ (16,195) $ (29,075) $ (32,055) Denominator Weighted-average common stock outstanding 38,943,110 37,846,019 38,789,609 37,738,775 Less: weighted-average common shares subject to repurchase (44) (27,763) (61) (42,774) Weighted-average common shares used to compute basic and diluted net loss per share 38,943,066 37,818,256 38,789,548 37,696,001 Net loss per share attributable to common stockholders, basic and diluted $ (0.39) $ (0.43) $ (0.75) $ (0.85) |
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 2024 2023 Options to purchase common stock 3,766,402 3,201,912 Unvested restricted stock units 3,197,736 2,556,721 Unvested early exercised common stock options 23 20,055 Shares committed under employee stock purchase plan 51,487 49,220 Total 7,015,648 5,827,908 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 United States $ 13,881 $ 11,022 $ 26,750 $ 20,359 Europe, Middle-East and Africa (“EMEA”) 5,961 5,312 11,077 9,843 Asia Pacific 802 792 1,500 1,388 Other International 139 68 310 139 Total $ 20,783 $ 17,194 $ 39,637 $ 31,729 |
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, 2024 2023 United States $ 2,736 $ 3,962 EMEA 45 54 Asia Pacific 49 12 Total $ 2,830 $ 4,028 |
Formation and Business of the_2
Formation and Business of the Company (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 440,236 | $ 411,161 | |
Cash used in operating activities | 17,565 | $ 20,535 | |
Cash, cash equivalents and marketable securities | $ 114,500 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accounting Policies [Abstract] | |||||||
Cash on deposit with foreign banks | $ 5,700,000 | $ 5,700,000 | $ 4,700,000 | ||||
Foreign currency transaction gains and (losses) (less than for 3 mo June 30, 2024) | (100,000) | $ (200,000) | 300,000 | $ (200,000) | |||
Accounts receivable, allowance for credit loss (less than for June 30, 2024) | 100,000 | 100,000 | $ 0 | ||||
Accounting Policies Disclosure [Line Items] | |||||||
Other comprehensive (loss) income, foreign currency translation adjustments (less than for 3 mo June 30, 2024) | 40,000 | $ (549,000) | $ 170,000 | $ 72,000 | $ (509,000) | $ 242,000 | |
Maximum | |||||||
Accounting Policies Disclosure [Line Items] | |||||||
Other comprehensive (loss) income, foreign currency translation adjustments (less than for 3 mo June 30, 2024) | $ 100,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets: | ||
Marketable securities: | $ 51,081 | $ 47,945 |
U.S. Government agency bonds | ||
Assets: | ||
Marketable securities: | 28,251 | 35,264 |
Corporate debt securities | ||
Assets: | ||
Marketable securities: | 2,929 | |
Recurring Basis | ||
Assets: | ||
Cash equivalents: | 6,191 | 25,129 |
Marketable securities: | 51,081 | 47,945 |
Total financial assets | 57,272 | 73,074 |
Recurring Basis | U.S. Government agency bonds | ||
Assets: | ||
Marketable securities: | 28,251 | 35,264 |
Recurring Basis | Corporate debt securities | ||
Assets: | ||
Marketable securities: | 2,929 | |
Recurring Basis | Commercial paper | ||
Assets: | ||
Marketable securities: | 19,901 | 12,681 |
Recurring Basis | Money market funds | ||
Assets: | ||
Cash equivalents: | 6,191 | 25,129 |
Recurring Basis | Level 1 | ||
Assets: | ||
Cash equivalents: | 6,191 | 25,129 |
Marketable securities: | 8,565 | 5,798 |
Total financial assets | 14,756 | 30,927 |
Recurring Basis | Level 1 | U.S. Government agency bonds | ||
Assets: | ||
Marketable securities: | 8,565 | 5,798 |
Recurring Basis | Level 1 | Corporate debt securities | ||
Assets: | ||
Marketable securities: | 0 | |
Recurring Basis | Level 1 | Commercial paper | ||
Assets: | ||
Marketable securities: | 0 | 0 |
Recurring Basis | Level 1 | Money market funds | ||
Assets: | ||
Cash equivalents: | 6,191 | 25,129 |
Recurring Basis | Level 2 | ||
Assets: | ||
Cash equivalents: | 0 | 0 |
Marketable securities: | 42,516 | 42,147 |
Total financial assets | 42,516 | 42,147 |
Recurring Basis | Level 2 | U.S. Government agency bonds | ||
Assets: | ||
Marketable securities: | 19,686 | 29,466 |
Recurring Basis | Level 2 | Corporate debt securities | ||
Assets: | ||
Marketable securities: | 2,929 | |
Recurring Basis | Level 2 | Commercial paper | ||
Assets: | ||
Marketable securities: | 19,901 | 12,681 |
Recurring Basis | Level 2 | Money market funds | ||
Assets: | ||
Cash equivalents: | 0 | 0 |
Recurring Basis | Level 3 | ||
Assets: | ||
Cash equivalents: | 0 | 0 |
Marketable securities: | 0 | 0 |
Total financial assets | 0 | 0 |
Recurring Basis | Level 3 | U.S. Government agency bonds | ||
Assets: | ||
Marketable securities: | 0 | 0 |
Recurring Basis | Level 3 | Corporate debt securities | ||
Assets: | ||
Marketable securities: | 0 | |
Recurring Basis | Level 3 | Commercial paper | ||
Assets: | ||
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | |||||
Allowance for credit loss | $ 0 | $ 0 | $ 0 | ||
Impairment losses | 0 | $ 0 | 0 | $ 0 | |
Accrued interest receivable on marketable securities | 200,000 | 200,000 | 400,000 | ||
Accrued interest | 0 | $ 0 | 0 | $ 0 | |
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, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 51,154 | $ 47,861 |
Unrealized Losses | (75) | (27) |
Unrealized Gains | 2 | 111 |
Marketable securities: | 51,081 | 47,945 |
U.S. Government agency bonds | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 28,304 | 35,194 |
Unrealized Losses | (53) | (26) |
Unrealized Gains | 0 | 96 |
Marketable securities: | 28,251 | 35,264 |
Corporate debt securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 2,932 | |
Unrealized Losses | (3) | |
Unrealized Gains | 0 | |
Marketable securities: | 2,929 | |
Commercial paper | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 19,918 | 12,667 |
Unrealized Losses | (19) | (1) |
Unrealized Gains | 2 | 15 |
Marketable securities: | $ 19,901 | $ 12,681 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Marketable Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value | ||
Less than 12 months | $ 39,408 | $ 12,884 |
12 months or greater | 2,991 | 1,745 |
Total | 42,399 | 14,629 |
Unrealized Losses | ||
Unrealized Losses | (64) | (24) |
12 months or greater | (11) | (3) |
Total | (75) | (27) |
U.S. Government agency bonds | ||
Fair Value | ||
Less than 12 months | 25,260 | 11,888 |
12 months or greater | 2,991 | 1,745 |
Total | 28,251 | 13,633 |
Unrealized Losses | ||
Unrealized Losses | (42) | (23) |
12 months or greater | (11) | (3) |
Total | (53) | (26) |
Corporate debt securities | ||
Fair Value | ||
Less than 12 months | 2,929 | |
12 months or greater | 0 | |
Total | 2,929 | |
Unrealized Losses | ||
Unrealized Losses | (3) | |
12 months or greater | 0 | |
Total | (3) | |
Commercial paper | ||
Fair Value | ||
Less than 12 months | 11,219 | 996 |
12 months or greater | 0 | 0 |
Total | 11,219 | 996 |
Unrealized Losses | ||
Unrealized Losses | (19) | (1) |
12 months or greater | 0 | 0 |
Total | $ (19) | $ (1) |
Fair Value Measurements - Contr
Fair Value Measurements - Contractual Maturities of the Company’s Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Amortized cost, due within one year | $ 51,154 | |
Amortized cost, due in one year to five years | 0 | |
Amortized Cost | 51,154 | $ 47,861 |
Fair value, due within one year | 51,081 | |
Fair value, due in one year to five years | 0 | |
Fair Value | $ 51,081 | $ 47,945 |
Balance Sheet Components - Cash
Balance Sheet Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash | $ 57,273 | $ 58,418 | |
Cash equivalents: | |||
Money market funds | 6,191 | 25,129 | |
Total cash and cash equivalents | $ 63,464 | $ 83,547 | $ 101,581 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 3,032 | $ 2,924 |
Work in process | 387 | 427 |
Finished goods | 15,861 | 15,972 |
Total inventory | 19,280 | 19,323 |
Inventory | 16,980 | 16,743 |
Long-term inventory | $ 2,300 | $ 2,580 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 1,996 | $ 1,910 |
Prepaid insurance | 424 | 906 |
VAT and other receivable | 700 | 915 |
Other current assets | 177 | 504 |
Total prepaid expenses and other current assets | $ 3,297 | $ 4,235 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||||
Capitalized costs (less than for June 30, 2024) | $ 0.1 | $ 0.1 | $ 0.1 | ||
Amortization period | 3 years | ||||
Amortization expense (less than for 3 mo June 30, 2024) | 0.1 | $ 0.1 | $ 0.1 | $ 0.2 | |
Prepaid Expenses and Other Current Assets | |||||
Property, Plant and Equipment [Line Items] | |||||
Capitalized costs (less than for June 30, 2024) | $ 0.1 | $ 0.1 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 8,402 | $ 8,883 |
Less: accumulated depreciation | (5,572) | (4,855) |
Property and equipment, net | 2,830 | 4,028 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 2,352 | 2,271 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 2,476 | 1,872 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 295 | 264 |
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 | $ 1,002 | $ 2,199 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | |||||
Impairment of capitalized software development costs | $ 1,700,000 | $ 1,717,000 | $ 0 | ||
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 for 3 mo June 30, 2023 and 6 mo June 30, 2024) | 0 | $ 100,000 | 100,000 | 100,000 | |
Emphasys Medical, Inc | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 2,300,000 | 2,300,000 | $ 2,300,000 | ||
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, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 1,849 | |
Accumulated Amortization | (1,818) | |
Net Carrying Value | $ 0 | 31 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,658 | |
Accumulated Amortization | (1,630) | |
Net Carrying Value | 28 | |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 191 | |
Accumulated Amortization | (188) | |
Net Carrying Value | $ 3 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued employee bonuses and commissions | $ 3,682 | $ 7,875 |
Accrued vacation | 2,579 | 2,400 |
Other accrued personnel related expenses | 2,298 | 2,859 |
Accrued professional fees | 2,003 | 1,705 |
Sales taxes, franchise tax and VAT | 772 | 763 |
Other | 449 | 632 |
Total accrued liabilities | $ 11,783 | $ 16,234 |
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 ($) | May 31, 2024 | Feb. 28, 2023 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2021 | Mar. 31, 2021 USD ($) | Apr. 30, 2020 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2022 payment | |
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowing under term loan | $ 0 | $ 20,000,000 | ||||||||||
Amortization of debt discount and debt issuance costs | 30,000 | 22,000 | ||||||||||
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 | |||||||||||
New interest only period | 36 months | 24 months | ||||||||||
New interest only extension period | 12 months | |||||||||||
Basis spread on variable rate | 1% | |||||||||||
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) | 10.10% | 10.10% | ||||||||||
Amortization of debt discount and debt issuance costs | $ 100,000 | $ 100,000 | $ 100,000 | 100,000 | ||||||||
Interest expense | $ 900,000 | $ 900,000 | $ 1,800,000 | $ 1,400,000 | ||||||||
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, 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, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Term loan | $ 45,678 | |
Less: debt issuance costs | (121) | |
Term loan and credit agreement | 37,203 | |
Long-term debt | 37,110 | $ 35,089 |
CIBC Agreement | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Term loan | 37,000 | 37,000 |
Less: debt issuance costs | (121) | (152) |
Term loan and credit agreement | 36,879 | 36,848 |
Short-term debt | 0 | 2,056 |
Long-term debt | $ 36,879 | $ 34,792 |
Long Term Debt - Credit Agreeme
Long Term Debt - Credit Agreement Narrative (Details) - Pulmonx International Sarl - Line of Credit $ in Millions | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) | Apr. 01, 2023 | Mar. 31, 2022 installment | May 31, 2020 CHF (SFr) | May 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||
Repayments of debt | $ | $ 0.2 | ||||
COVID-19 Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | SFr 500,000 | $ 0.5 | |||
Stated interest rate | 1.50% | ||||
Number of installments | installment | 12 |
Long Term Debt - Contractual Ma
Long Term Debt - Contractual Maturities of Financing Obligations (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2024 (remaining six months) | $ 1,821 |
2025 | 6,675 |
2026 | 21,005 |
2027 | 16,177 |
Total | 45,678 |
Less: unamortized debt discount | (121) |
Less: interest | (8,354) |
Term loan and credit agreement | $ 37,203 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |||
Deferred revenue | $ 0.1 | $ 0.1 | |
Revenue recognized | $ 0.1 | $ 0.1 |
Commitments and Contingencies -
Commitments and Contingencies - Leases, Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 27 Months Ended | ||||
May 31, 2024 USD ($) term | Apr. 30, 2020 | Jun. 30, 2024 USD ($) lease | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) ft² lease | Jun. 30, 2023 USD ($) | Dec. 31, 2013 | Jun. 30, 2024 USD ($) lease | Apr. 30, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||||||
Lease payment | $ 1,821 | $ 1,748 | |||||||
Option to terminate, notice period | 12 months | ||||||||
Number of vehicle leases | lease | 14 | 14 | 14 | ||||||
Cost of goods sold | $ 5,476 | $ 4,460 | $ 10,252 | $ 8,406 | |||||
Service Agreements | |||||||||
Lessee, Lease, Description [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 | ||||||||
Period | 3 years | ||||||||
Cost of goods sold | $ 1,200 | ||||||||
Office Facilities | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease term | 5 years | ||||||||
Vehicles | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease term | 3 years | 3 years | 3 years | ||||||
California | Office Building | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Number of options to extend lease term | term | 2 | ||||||||
Lease term | 5 years | ||||||||
Right-of-use asset obtained in exchange for finance lease liability | $ 16,300 | ||||||||
California | Office Building | Monthly, From December 1, 2025 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease payment | $ 100 | ||||||||
Annual increase rate | 3.50% | ||||||||
California | Existing Premises | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Leased area | ft² | 24,591 | ||||||||
California | Expansion Premises | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Subleased area | ft² | 25,254 | ||||||||
California | Expansion Premises | Monthly, from March 1, 2025 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease payment | $ 100 | ||||||||
Annual increase rate | 3% | ||||||||
California | Expansion Premises | Monthly, from June 1, 2028 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Lease payment | $ 100 | ||||||||
Annual increase rate | 3.50% |
Commitments and Contingencies_2
Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 1,538 | $ 1,442 |
Short-term lease cost | 20 | 18 |
Variable lease cost | 387 | 320 |
Total lease cost | $ 1,945 | $ 1,780 |
Commitments and Contingencies_3
Commitments and Contingencies - Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2024 (remaining six months) | $ 1,573 | |
2025 | 2,176 | |
2026 | 2,569 | |
2027 | 2,611 | |
2028 | 2,729 | |
Thereafter | 20,624 | |
Total minimum lease payments | 32,282 | |
Less: Amount of lease payments representing interest | 13,297 | |
Present value of future minimum lease payments | 18,985 | |
Less: Current lease liabilities | 1,071 | $ 3,074 |
Long-term lease liabilities | $ 17,914 | $ 1,106 |
Commitments and Contingencies_4
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Right of use asset | $ 18,490 | $ 3,406 |
Weighted average remaining lease term (years) | 10 years 11 months 26 days | 1 year 4 months 6 days |
Weighted average discount rate | 10.50% | 6.70% |
Commitments and Contingencies_5
Commitments and Contingencies - Other Supplemental Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities included in cash flows used in operating activities | $ 1,821 | $ 1,748 |
Right-of-use assets obtained in exchange for lease liabilities | $ 16,360 | $ 224 |
Commitments and Contingencies_6
Commitments and Contingencies - Service Agreement (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 27 Months Ended | |||
Apr. 30, 2020 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Apr. 30, 2022 | |
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | |||||||
Cost of goods sold | $ 5,476 | $ 4,460 | $ 10,252 | $ 8,406 | |||
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 | ||||||
Period | 3 years | ||||||
Cost of goods sold | $ 1,200 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 84 | $ 140 | $ 270 | $ 264 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||||
Mar. 15, 2024 USD ($) | Jun. 30, 2024 USD ($) vote shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) vote shares | Jun. 30, 2023 USD ($) | Dec. 31, 2023 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 granted (in shares) | shares | 895,125 | |||||
Options exercisable, aggregate intrinsic value | $ 3,700,000 | $ 3,700,000 | ||||
Options vested and expenses to vest, intrinsic value | 3,500,000 | 3,500,000 | ||||
Options vested and expenses to vest, intrinsic value Exercisable | 3,500,000 | 3,500,000 | ||||
Stock-based compensation capitalized into inventory | 500,000 | $ 400,000 | 900,000 | $ 800,000 | ||
Stock-based compensation expense | 11,593,000 | 10,500,000 | ||||
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 | 400,000 | 800,000 | 600,000 | ||
Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 700,000 | $ 1,100,000 | ||||
Share-based compensation, stock modification | $ 6,300,000 | |||||
Inducement Grants | Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares | shares | 997,681 | 997,681 | ||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares | shares | 3,197,736 | 3,197,736 | 2,244,903 | |||
Options outstanding, aggregate intrinsic value | $ 20,300,000 | $ 20,300,000 | ||||
Fair value of shares vested | $ 2,600,000 | $ 2,700,000 | $ 4,200,000 | $ 3,500,000 | ||
Restricted Stock Units (RSUs) | Inducement Grants | Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares | shares | 331,156 | 331,156 | ||||
Stock Options And Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation costs | $ 50,600,000 | $ 50,600,000 | ||||
Weighted-average period for recognition of compensation costs | 2 years 8 months 12 days | |||||
Employee stock purchase plan | ||||||
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 (less than) | $ 100,000 | $ 100,000 | ||||
Nonqualified Stock Option | Inducement Grants | Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares | shares | 666,525 | 666,525 |
Stockholders' Equity - Shares R
Stockholders' Equity - Shares Reserved for Future Issuance (Details) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 11,647,109 | 9,366,145 |
Common stock options issued and outstanding | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 3,766,402 | 3,142,981 |
Common stock restricted stock units issued and outstanding | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 3,197,736 | 2,244,903 |
Common stock available for future grants | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 2,951,051 | 2,541,438 |
Common stock available for employee stock purchase plan | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 1,731,920 | 1,436,823 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Number of Shares | |
Balance, beginning of period (in shares) | shares | 3,142,981 |
Options granted (in shares) | shares | 895,125 |
Options exercised (in shares) | shares | (39,466) |
Options canceled (in shares) | shares | (232,238) |
Balance, end of period (in shares) | shares | 3,766,402 |
Weighted Average Exercise Price | |
Balance, beginning of period (in dollars per share) | $ / shares | $ 16.40 |
Options granted (in dollars per share) | $ / shares | 9.09 |
Options exercised (in dollars per share) | $ / shares | 2.02 |
Options canceled (in dollars per share) | $ / shares | 21.85 |
Balance, end of period (in dollars per share) | $ / shares | $ 14.48 |
Stockholders' Equity - Options
Stockholders' Equity - Options Vested and Expected to Vest (Details) | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Number of Shares | |
Options vested (in shares) | shares | 1,954,036 |
Options vested Exercisable, (in shares) | shares | 1,954,036 |
Options vested and expected to vest (in shares) | shares | 3,766,402 |
Weighted Average Exercise Price | |
Options vested (in dollars per share) | $ / shares | $ 15.32 |
Options vested Exercisable, (in dollars per share) | $ / shares | 15.32 |
Options vested and expected to vest (in dollars per share) | $ / shares | $ 14.48 |
Weighted Average Contractual Life (in Years) | |
Options vested and exercisable | 6 years 5 months 12 days |
Options vested and exercisable year | 6 years 5 months 12 days |
Options vested and expected to vest | 7 years 7 months 20 days |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Number of Shares Underlying Outstanding Restricted Stock | |
Unvested, beginning of period (in shares) | shares | 2,244,903 |
Granted (in shares) | shares | 1,705,208 |
Vested (in shares) | shares | (505,946) |
Canceled (in shares) | shares | (246,429) |
Unvested, end of period (in shares) | shares | 3,197,736 |
Weighted Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 15.74 |
Granted (in dollars per share) | $ / shares | 8.89 |
Vested (in dollars per share) | $ / shares | 16.10 |
Canceled (in dollars per share) | $ / shares | 14.75 |
Unvested, end of period (in dollars per share) | $ / shares | $ 12.11 |
Stockholders' Equity - Total St
Stockholders' Equity - Total Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 5,920 | $ 5,862 | $ 11,593 | $ 10,500 |
Stock options and restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 5,818 | 5,799 | 11,299 | 10,339 |
Employee stock purchase plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 102 | 63 | 294 | 161 |
Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 435 | 391 | 816 | 614 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 714 | 760 | 1,487 | 1,326 |
Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 4,771 | $ 4,711 | $ 9,290 | $ 8,560 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator | ||||
Net loss attributable to common stockholders, basic | $ (15,326) | $ (16,195) | $ (29,075) | $ (32,055) |
Net loss attributable to common stockholders, diluted | $ (15,326) | $ (16,195) | $ (29,075) | $ (32,055) |
Denominator | ||||
Weighted-average common stock outstanding (in shares) | 38,943,110 | 37,846,019 | 38,789,609 | 37,738,775 |
Less: weighted-average common shares subject to repurchase (in shares) | (44) | (27,763) | (61) | (42,774) |
Weighted-average common shares used to compute, basic net loss per share (in shares) | 38,943,066 | 37,818,256 | 38,789,548 | 37,696,001 |
Weighted-average common shares used to compute, diluted net loss per share (in shares) | 38,943,066 | 37,818,256 | 38,789,548 | 37,696,001 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.39) | $ (0.43) | $ (0.75) | $ (0.85) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.39) | $ (0.43) | $ (0.75) | $ (0.85) |
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, 2024 | Jun. 30, 2023 | |
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) | 7,015,648 | 5,827,908 |
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) | 3,766,402 | 3,201,912 |
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) | 3,197,736 | 2,556,721 |
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) | 23 | 20,055 |
Shares committed under employee stock purchase plan | ||
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) | 51,487 | 49,220 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Number of operating segments | 1 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 20,783 | $ 17,194 | $ 39,637 | $ 31,729 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 13,881 | 11,022 | 26,750 | 20,359 |
Europe, Middle-East and Africa (“EMEA”) | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 5,961 | 5,312 | 11,077 | 9,843 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 802 | 792 | 1,500 | 1,388 |
Other International | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 139 | $ 68 | $ 310 | $ 139 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 2,830 | $ 4,028 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 2,736 | 3,962 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 45 | 54 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 49 | $ 12 |