Codexis (CDXS) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34705
Entity Registrant Name	Codexis, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0872999
Entity Address, Address Line One	200 Penobscot Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	421-8100
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CDXS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,557,577
Entity Central Index Key	0001200375
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 58,046	$ 65,116
Restricted cash, current	518	519
Short-term investments	27,469	0
Financial assets:
Accounts receivable	6,240	10,036
Contract assets	2,571	815
Unbilled receivables	5,459	9,142
Total financial assets	14,270	19,993
Less: allowances	(65)	(65)
Total financial assets, net	14,205	19,928
Inventories	2,441	2,685
Prepaid expenses and other current assets	5,269	5,218
Total current assets	107,948	93,466
Restricted cash	1,062	1,062
Investment in non-marketable equity securities	9,700	9,700
Right-of-use assets - Operating leases, net	12,364	13,137
Property and equipment, net	14,668	15,487
Goodwill	2,463	2,463
Other non-current assets	1,354	1,246
Total assets	149,559	136,561
Current liabilities:
Accounts payable	3,465	5,947
Accrued compensation	6,502	11,246
Other accrued liabilities	5,374	4,735
Current portion of lease obligations - Operating leases	3,879	3,781
Deferred revenue	9,860	10,121
Total current liabilities	29,080	35,830
Deferred revenue, net of current portion	630	640
Long-term lease obligations - Operating leases	11,232	12,243
Long-term debt	28,102	0
Other long-term liabilities	1,248	1,233
Total liabilities	70,292	49,946
Commitments and Contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value per share; 5,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.0001 par value per share; 200,000 shares authorized; 70,554 shares and 69,905 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	7	7
Additional paid-in capital	588,311	584,138
Accumulated other comprehensive loss	(16)	0
Accumulated deficit	(509,035)	(497,530)
Total stockholders' equity	79,267	86,615
Total liabilities and stockholders' equity	$ 149,559	$ 136,561

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, issued (in shares)	70,554,000	69,905,000
Common stock, shares outstanding (in shares)	70,554,000	69,905,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 17,073	$ 12,982
Costs and operating expenses:
Cost of product revenue	4,855	4,521
Research and development	11,246	16,655
Selling, general and administrative	12,860	15,399
Restructuring charges	0	72
Total costs and operating expenses	28,961	36,647
Loss from operations	(11,888)	(23,665)
Interest income	909	1,089
Other expense, net	(516)	(25)
Loss before income taxes	(11,495)	(22,601)
Provision for income taxes	10	16
Net loss	$ (11,505)	$ (22,617)
Net loss per share, basic (in dollars per share)	$ (0.16)	$ (0.34)
Net loss per share, diluted (in dollars per share)	$ (0.16)	$ (0.34)
Weighted average common stock shares used in computing net loss per share, basic (in shares)	69,854	65,931
Weighted average common stock shares used in computing net loss per share, diluted (in shares)	69,854	65,931
Product revenue
Revenues:
Total revenues	$ 9,551	$ 8,364
Research and development revenue
Revenues:
Total revenues	$ 7,522	$ 4,618

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,505)	$ (22,617)
Other comprehensive loss:
Unrealized loss on available-for-sale short-term investments, net of tax	(16)	0
Comprehensive loss	$ (11,521)	$ (22,617)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		65,811,000
Beginning balance at Dec. 31, 2022	$ 144,797	$ 6	$ 566,081	$ 0	$ (421,290)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	142,856	143,000
Exercise of stock options	$ 281		281
Release of stock awards (in shares)		479,000
Stock-based compensation	2,809		2,809
Issuance of common stock, net of issuance costs (in shares)		328,000
Issuance of common stock, net of issuance costs	1,150		1,150
Taxes paid related to net share settlement of equity awards (in shares)		(65,000)
Taxes paid related to net share settlement of equity awards	(404)		(404)
Net loss	(22,617)				(22,617)
Ending balance (in shares) at Mar. 31, 2023		66,696,000
Ending balance at Mar. 31, 2023	126,016	$ 6	569,917	0	(443,907)
Beginning balance (in shares) at Dec. 31, 2023		69,905,000
Beginning balance at Dec. 31, 2023	$ 86,615	$ 7	584,138	0	(497,530)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	72,856	73,000
Exercise of stock options	$ 143		143
Release of stock awards (in shares)		576,000
Stock-based compensation	3,171		3,171
Issuance of common stock, net of issuance costs	859		859
Net loss	(11,505)				(11,505)
Other comprehensive loss	(16)			(16)
Ending balance (in shares) at Mar. 31, 2024		70,554,000
Ending balance at Mar. 31, 2024	$ 79,267	$ 7	$ 588,311	$ (16)	$ (509,035)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Costs incurred in connection with offering	$ 390

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (11,505)	$ (22,617)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,252	1,466
Reduction in the carrying amount of right-of-use assets	773	1,249
Stock-based compensation	3,171	2,809
Equity securities earned from research and development activities	0	(50)
Non-cash interest expense	82	0
Amortization of discount on short-term investments	(41)	0
Other non-cash items	(10)	(5)
Changes in operating assets and liabilities:
Financial assets	5,571	20,856
Inventories	244	33
Prepaid expenses and other assets	(146)	586
Accounts payable	(2,038)	694
Accrued compensation and other accrued liabilities	(3,875)	(11,091)
Other long-term liabilities	(996)	(1,415)
Deferred revenue	(271)	(1,727)
Net cash used in operating activities	(7,789)	(9,212)
Investing activities:
Purchase of property and equipment	(1,130)	(2,539)
Proceeds from sale of property and equipment	11	5
Investment in short-term investments	27,444	0
Investment in non-marketable securities	0	(750)
Net cash used in investing activities	(28,563)	(3,284)
Financing activities:
Proceeds from exercises of stock options	281	281
Proceeds from issuance of common stock in connection with public offering	0	1,540
Costs incurred in connection with issuance of common stock at public offering	(60)	(65)
Proceeds from long-term debt	29,521	0
Payment of debt issuance costs	(461)	0
Taxes paid related to net share settlement of equity awards	0	(404)
Net cash provided by financing activities	29,281	1,352
Net decrease in cash, cash equivalents and restricted cash	(7,071)	(11,144)
Cash, cash equivalents and restricted cash at the beginning of the period	66,697	116,026
Cash, cash equivalents and restricted cash at the end of the period	59,626	104,882
Supplemental disclosure of cash flow information:
Interest paid	147	7
Income taxes paid	17	193
Supplemental non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	371	819
Cash reconciliation:
Cash and cash equivalents	58,046	102,831
Restricted cash, current and non-current	1,580	2,051
Total cash, cash equivalents and restricted cash	$ 59,626	$ 104,882

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business In these notes to the unaudited condensed consolidated financial statements, the “Company,” “we,” “us,” and “our” refers to Codexis, Inc. and its subsidiaries on a consolidated basis. We discover, develop, enhance, and commercialize novel, high performance enzymes and other classes of proteins leveraging our proprietary CodeEvolver ® directed evolution technology platform. We previously managed our business as two business segments, Performance Enzymes and Novel Biotherapeutics. During the third and fourth quarters of 2023, we made changes to the structure of our organization in connection with the restructuring of our business that we announced in July 2023, including the discontinuation of investment in certain development programs, primarily in our biotherapeutics business, consolidation of operations to our Redwood City, California headquarters, and headcount reduction. In connection with these organizational structure changes, corresponding changes were made to how our business is managed, how results are reported internally and how our Chief Executive Officer (“CEO”), our chief operating decision maker, assesses performance and allocates resources. As a result of these changes, our previous Performance Enzymes and Novel Biotherapeutics operating segments were combined into a single reportable segment. Effective October 1, 2023, the Company's operations are managed and reported to the CEO on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. We believe that these changes better align internal resources to create a more efficient and effective organizational structure. Under this new organizational and reporting structure, we managed our business as one reportable segment as of December 31, 2023. Comparative prior period disclosures that reflected the previous two segments' information have been revised to conform to this change in our reportable segment.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information but does not include all the information and notes required by GAAP for complete financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. The significant accounting policies used in preparation of the unaudited condensed consolidated financial statements for the three months ended March 31, 2024 and 2023, are consistent with those discussed in Note 2 to the audited consolidated financial statements in the Company’s 2023 Annual Report on Form 10-K and are updated below as necessary. There have been no significant changes in our significant accounting policies or critical accounting estimates since December 31, 2023. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to present fairly our financial position as of March 31, 2024 and results of operations for the interim periods presented. The interim results are not necessarily indicative of the results for any future interim period or for the entire year. The unaudited condensed consolidated financial statements include the accounts of Codexis, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. We regularly assess these estimates which primarily affect revenue recognition, deferred revenue, inventories, valuation of equity investments, goodwill arising out of business acquisitions, accrued liabilities, stock awards, and the valuation allowances associated with deferred tax assets. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. Short-term Investments We classify all marketable debt securities that have effective maturities of three months or less from the date of purchase as cash equivalents and those with effective maturities of greater than three months as short-term investments securities in the condensed consolidated balance sheets. We determine the appropriate classification of our short-term investments at the time of purchase and reevaluate such designation at each balance sheet date. We have classified and accounted for our short-term investments as available-for-sale. After consideration of our risk versus reward objectives, as well as our liquidity requirements, we may sell these debt securities prior to their effective maturities. We carry these short-term investments at fair value, and report the unrealized gains and losses, net of taxes, as a component of stockholders’ equity, except for the changes in allowance for expected credit losses, which are included in “Other expense, net” in the unaudited condensed consolidated statements of operations. We determine any realized gains or losses on the sale of short-term investments on a specific identification method, and we record such gains and losses as a component of other income and expenses. Short-term investments are reviewed periodically for allowances for credit losses and impairment. When evaluating the investments, the Company reviews factors such as the extent to which the fair value of the security is less than the amortized cost basis, adverse conditions specifically related to the security, the financial condition of the issuer, the Company’s intent to sell, and whether it would be more likely than not that the Company would be required to sell the investments before the recovery of the amortized cost basis. Accounting Pronouncements Recently adopted accounting pronouncements Aside from those recently issued accounting pronouncements not yet adopted and described below, there were no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2024, that are of significance or potential significance to us. Recently issued accounting pronouncements not yet adopted In March 2024, the Financial Accounting Standards Board ( “ FASB ” ) issued ASU No. 2024-02 Codification Improvements . The amendments in this ASU amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures. In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in the ASU, which requires public companies, on an annual basis, to provide disclosures of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures. In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The standard 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 standard should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures. In October 2023, FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative . The amendments in the ASU are intended to amend certain disclosure and presentation requirements for a variety of topics within the Accounting Standards Codification ( “ ASC ”) . These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, as announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table provides information about disaggregated revenue from contracts with customers by g eographic regions. The geographic regions that are tracked are the Americas (United States, Canada, and Latin America), EMEA (Europe, Middle East, and Africa), and APAC (Australia, New Zealand, Southeast Asia, and China). Disaggregated information is as follows (in thousands): Three Months Ended March 31, 2024 2023 Primary geographical markets: APAC $ 7,257 $ 7,309 Americas 7,244 2,584 EMEA 2,572 3,089 Total revenues $ 17,073 $ 12,982 Contract Balances The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands): March 31, 2024 December 31, 2023 Contract assets $ 2,571 $ 815 Unbilled receivables 6,372 9,904 Contract liabilities: deferred revenue $ 10,490 $ 10,761 We ha d no a sset impairment charges related to financial assets in the three months ended March 31, 2024 and 2023. The increase in contract assets was primarily due to increases in product revenue from contracts subject to over time revenue recognition. The decrease in unbilled receivables was primarily due to the timing of billings. The decrease in deferred revenue was primarily due to the timing of recognition of revenue. As of March 31, 2024, we have $5.5 million of short-term unbilled receivables presented as unbilled receivables within current assets and $0.9 million of long-term unbilled receivables that is included within the other non-current assets line item in the condensed consolidated balance sheets. As of December 31, 2023 , we had $9.1 million of short-term unbilled receivables presented as unbilled receivables within current assets and $0.8 million of long-term unbilled receivables that is included within the other non-current assets line item in the condensed consolidated balance sheets. We recognized t he following revenues ( in thousands): Three Months Ended March 31, Revenue recognized in the period for: 2024 2023 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied $ 371 $ 1,602 Changes in the period: Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods 189 (216) Performance obligations satisfied from new activities in the period - contract revenue 16,513 11,596 Total revenues $ 17,073 $ 12,982 Performance Obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of March 31, 2024. Th e balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts as of March 31, 2024 (in thousands): Remainder of 2024 2025 2026 2027 and Thereafter Total Product revenue $ 9,850 $ 140 $ 140 $ 360 $ 10,490

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share	N et Loss per S hare Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding, less restricted stock awards (“RSAs”) subject to forfeiture. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock shares outstanding, less RSAs subject to forfeiture, plus all additional common shares that would have been outstanding, assuming dilutive potential common stock shares had been issued for other dilutive securities. For all periods presented, diluted and basic net loss per share are identical since potential common stock shares are excluded from the calculation, as their effect was anti-dilutive. Anti-Dilutive Securities In periods of net loss, the weighted average number of shares outstanding, prior to the application of the treasury stock method, excludes potentially dilutive securities from the computation of diluted net loss per common share because including such shares would have an anti-dilutive effect. The following shares were not considered in the computation of diluted net loss per share because their effect was anti-dilutive (in thousands): Three Months Ended March 31, 2024 2023 Shares issuable under the Equity Incentive Plan and ESPP 13,105 9,397 Warrants (1) 424 — Total potentially dilutive securities 13,529 9,397 (1) Pertains to the warrants issued in connection with the Innovatus Loan. For additional information, see Note 11, “Debt.”

Investments in Non-Marketable S

Investments in Non-Marketable Securities	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Non-Marketable Securities	Investments in Non-Marketable Securities Non-Marketable Equity Securities Our non-marketable equity securities are investments in privately held companies without readily determinable market value and primarily relate to our investments in Molecular Assemblies, Inc. (“MAI”), seqWell Inc. (“seqWell”), and Arzeda Corp. (“Arzeda”). These investments are accounted for under the measurement alternative and are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes for identical or similar securities of the same issuer. Non-marketable equity securities are measured at fair value on a non-recurring basis and classified within Level 2 in the fair value hierarchy when we estimate the fair value of these investments using the observable transaction price paid by third party investors for the same or similar security of the same issuers. The fair value of non-marketable equity securities are classified within Level 3 when we estimate fair value using unobservable inputs such as when we remeasure due to impairment and we use discount rates, market data of comparable companies, and rights and obligations of the securities the Company holds, among others. We adjust the carrying value of non-marketable equity securities which have been remeasured during the period and recognize resulting gains or losses as a component of other expense, net in the unaudited condensed consolidated statements of operations. There was no remeasurement event for our investments in MAI, seqWell, Arzeda, and other non-marketable equity securities that occurred during the three months ended March 31, 2024 and 2023. We recognized no realized gains or losses during the three months ended March 31, 2024 and 2023. The following table presents the carrying value of our non-marketable equity securities (in thousands): March 31, 2024 December 31, 2023 MAI $ 6,693 $ 6,693 seqWell 2,625 2,625 Arzeda 82 82 Other investments in non-marketable equity securities 300 300 Total non-marketable equity securities $ 9,700 $ 9,700

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables show the Company’s cash, cash equivalents, and short-term investments by significant investment category as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Cash $ 11,350 $ — $ — $ 11,350 $ 11,350 $ — Level 1: Money market funds 22,849 — — 22,849 22,849 — Level 2 (1) : Commercial paper 28,713 — (17) 28,696 18,878 9,818 Corporate debt 980 — — 980 — 980 U.S. treasury securities 21,639 2 (1) 21,640 4,969 16,671 Subtotal 51,332 2 (18) 51,316 23,847 27,469 Total $ 85,531 $ 2 $ (18) $ 85,515 $ 58,046 $ 27,469 (1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments uses inputs that are either directly or indirectly observable for the asset through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Cash $ 8,742 $ — $ — $ 8,742 $ 8,742 $ — Level 1: Money market funds 56,374 — — 56,374 56,374 — Total $ 65,116 $ — $ — $ 65,116 $ 65,116 $ — We limit the credit risk associated with our cash equivalents and short-term investments by placing them with banks and institutions we believe are highly credit-worthy and investing in highly-rated investments. As of March 31, 2024, and December 31, 2023, the contractual maturity of all investments held was less than one year. During the three months ended March 31, 2024 and 2023,

Balance Sheets Details

Balance Sheets Details	3 Months Ended
	Mar. 31, 2024
Balance Sheets Details [Abstract]
Balance Sheets Details	Balance Sheets Details Inventories Inventories consisted of the following (in thousands): March 31, 2024 December 31, 2023 Raw materials $ 108 $ 108 Work in process 37 7 Finished goods 2,296 2,570 Total Inventories $ 2,441 $ 2,685 Prepaid expenses and other current assets As of March 31, 2024, prepaid expenses and other current assets consisted of prepaid expenses of $4.7 million and other current assets of $0.5 million. As of December 31, 2023, prepaid expenses and other current assets consisted of prepaid expenses of $4.6 million and other current assets of $0.6 million. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): March 31, 2024 December 31, 2023 Laboratory equipment $ 37,744 $ 37,216 Leasehold improvements 11,901 11,912 Computer equipment and software 2,642 2,565 Office equipment and furniture 1,116 1,469 Construction in progress 1,169 1,636 Property and equipment 54,572 54,798 Less: accumulated depreciation and amortization (39,904) (39,311) Property and equipment, net $ 14,668 $ 15,487 Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations was as follows (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 1,032 $ 1,243 Selling, general and administrative 220 223 Total depreciation expense $ 1,252 $ 1,466 Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 Accrued professional and outside service fees $ 2,482 $ 2,330 Accrued purchases 2,418 1,402 Other 474 1,003 Total other accrued liabilities $ 5,374 $ 4,735

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Employee Stock Purchase Plan In April 2023, the Board approved an employee stock purchase plan (the “ESPP”) which became effective upon approval at the Annual Meeting in June 2023. The ESPP allows eligible employees of the Company to purchase shares of our common stock through payroll deductions over 24-month offering periods. The per share purchase price will be the lower of 85% of the closing trading price per share of our common stock on the first trading date of an offering period in which a participant is enrolled or 85% of the closing trading price per share on the purchase date. Participant purchases are limited to a maximum of $25,000 of fair value of our stock per calendar year. The Company is authorized to grant up to 2,000,000 shares of common stock under the ESPP. The first offering period of the ESPP commenced in December 2023 and as of March 31, 2024, the Company had not issued any shares of common stock under the ESPP. We recognized $0.1 million of stock-based compensation expenses related to the ESPP in the three months ended March 31, 2024. Stock Options Stock options granted to employees generally have a maximum term of ten years and vest over four years from the date of grant, of which 25% vest at the end of one year, and 75% vest monthly over the remaining three years. In January 2024, the Board approved the grants of stock options with a vesting term over three years from the date of grant, of which 33% vest at the end of one year, and 67% vest monthly over the remaining two years. Stock-Based Compensation Expense Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of product revenue $ 115 $ 129 Research and development 820 722 Selling, general and administrative 2,236 1,958 Total $ 3,171 $ 2,809 The following table presents total stock-based compensation expense by security type included in the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2024 2023 Stock options $ 1,514 $ 922 RSUs and RSAs 1,317 1,126 PSUs 247 837 PBOs 16 (76) ESPP 77 — Total $ 3,171 $ 2,809 As of March 31, 2024, unr ecognized stock-based compensation expense, net of expected forfeitures, was $13.3 million related to unvested stock options and $6.5 million related to unvested RSUs and RSAs. Stock-based compensation expense for these awards will be recognized through 2028.

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Capital Stock	Capital Stock Exercise of Options For the three months ended March 31, 2024 and March 31, 2023, we issued 72,856 and 142,856 shares, respectively, upon option exercises at a weighted-average exercise price of $1.97 and $1.97 per share, respectively, with net cash proceeds of $0.1 million and $0.3 million, respectively. Sales Agreements In May 2021, we filed a Registration Statement on Form S-3 with the SEC (the “2021 Registration Statement”), that automatically became effective upon its filing, under which we may sell common stock, preferred stock, debt securities, warrants, purchase contracts, and units from time to time in one or more offerings. On February 27, 2023, we filed a post-effective amendment to the 2021 Registration Statement. Pursuant to that post-effective amendment, we registered an aggregate $200.0 million of securities. In May 2021, we entered into an Equity Distribution Agreement (“EDA”) with Piper Sandler & Co (“PSC”), under which PSC, as our exclusive agent, at our discretion and at such times that we may determine from time to time, may sell over a three-year period from the execution of the EDA up to a maximum of $50.0 million of shares of our common stock. Under the terms of the EDA, PSC may sell the shares at market prices by any method that is deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). We are not required to sell any shares at any time during the term of the EDA. The EDA will terminate upon the earlier of: (i) the issuance and sale of all shares through PSC on the terms and conditions of the EDA, or (ii) the termination of the EDA in accordance with its terms. Either party may terminate the EDA at any time upon written notification to the other party in accordance with the EDA, and upon such notification, the offering will terminate. Under no circumstances shall any shares be sold pursuant to the EDA after the date which is three years after the registration statement is first declared effective by the SEC. We agreed to pay PSC a commission of 3% of the gross sales price of any shares sold pursuant to the EDA. With the exception of certain expenses, we will pay PSC up to 8% of the gross sales price of the shares sold pursuant to the EDA for a combined amount of commission and reimbursement of PSC's expenses and fees. During the three months ended March 31, 2024 and 2023, nil and 327,480 shares, respectively, of our common stock were issued and sold pursuant to the EDA. During the three months ended March 31, 2023, we received gross proceeds of $1.5 million, or $1.2 million in net proceeds after PSC's commissions and direct offering expenses of $0.4 million. As of March 31, 2024, $41.3 million worth of shares remained available for sale under the EDA. The 2021 Registration Statement is set to expire in May 2024. On April 24, 2024, we terminated the EDA.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease and other information The Company has entered into operating leases primarily for office and laboratory space. Lease costs amounts included in the measurement of lease obligations and other information related to non-cancellable operating leases were as follows (in thousands): Three Months Ended March 31, 2024 2023 Operating lease cost (1) $ 1,032 $ 1,830 (1) The Company had no variable lease costs. Other information: Operating Leases Weighted-average remaining lease term (in years) 3.6 years Weighted-average discount rate 6.6 % Three Months Ended March 31, Cash paid (in thousands) : 2024 2023 Operating cash flows from operating leases $ 1,173 $ 1,882 As of March 31, 2024, our maturity analysis of annual undiscounted cash flows of the non-cancellable operating leases are as follows (in thousands): Years Ending December 31, Operating Leases 2024 (remaining 9 months) $ 3,554 2025 4,868 2026 5,014 2027 2,533 2028 760 Thereafter 319 Total minimum lease payments 17,048 Less: imputed interest 1,937 Lease obligations $ 15,111 Reconciliation of operating lease liabilities as shown within the unaudited condensed consolidated balance sheets: Current portion of lease obligations - Operating leases $ 3,879 Long-term lease obligations - Operating leases 11,232 Total operating lease liabilities $ 15,111 Other Commitments We enter into supply and service arrangements in the normal course of business. Supply arrangements are primarily for fixed-price manufacture and supply. Service agreements are primarily for the development of manufacturing processes. Commitments under service agreements are typically subject to cancellation at our discretion which may require payment of certain cancellation fees. The timing of completion of service arrangements is subject to variability in estimates of the time required to complete the work. The following table provides quantitative data regarding our other commitments. Future minimum payments reflect amounts that we expect to pay including potential obligations under services agreements subject to risk of cancellation by us (in thousands): Payments Due by Period Total 2024 (Remaining 9 Months) 2025 and Facility maintenance agreement $ 701 $ 701 $ — Legal Proceedings We may be involved in legal actions in the ordinary course of business, including inquiries and proceedings concerning business practices and intellectual property infringement, employee relations and other claims. We will recognize a loss contingency in the condensed consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. We will disclose any loss contingencies that do not meet both conditions if there is a reasonable possibility that a material loss may have been incurred. Gain contingencies are not recorded until they are realized. Indemnifications We are required to recognize a liability for the fair value of any obligations we assume upon the issuance of a guarantee. We have certain agreements with licensors, licensees and collaborators that contain indemnification provisions. In such provisions, we typically agree to indemnify the licensor, licensee and collaborator against certain types of third-party claims. The maximum amount of the indemnifications is not limited. We accrue for known indemnification issues when a loss is probable and can be reasonably estimated. There were no accruals for expenses related to indemnification issues for any periods presented.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Disclosure	Debt Innovatus Loan Agreement On February 13, 2024 (the “Closing Date”), we entered into a 5 -year term loan and security agreement (the “Loan Agreement”) with Innovatus Life Sciences Lending Fund I, LP (“Innovatus”), an affiliate of Innovatus Capital Partners, LLC, for an aggregate principal amount of up to $40.0 million and with a maturity date of February 13, 2029 (the “Innovatus Loan”). The Innovatus Loan consists of two tranches, of which the first tranche of $30.0 million was funded on February 13, 2024. We will be eligible to draw down the second tranche of $10.0 million upon achievement of certain milestones including pre-specified revenue thresholds. The floating per annum interest rate of the Innovatus Loan is equal to the sum of (a) the greater of (i) prime rate published in the Money Rates section of the Wall Street Journal and (ii) 7.50% , plus (b) 3.25%; provided that, at the election of the the Company, up to 2.0% of such rate shall be payable in-kind until the third anniversary of the closing date. The Company is required to make monthly interest-only payments through February 1, 2027, after which the Company is required to make monthly amortizing payments, with the remaining balance of the principal plus accrued and unpaid interest due at maturity. 2.0% of the interest is payable in-kind for the first three years of the term by increasing the principal balance. Prepayments of the loan, in whole or in part, will be subject to an early prepayment fee which ranges between 3% and 1% and declines each year until the third anniversary date of the Closing Date, after which no prepayment fee is required. The Company is also required to pay an exit fee upon any payment or prepayment equal to 3% of the aggregate principal amount of the tranches funded under the Innovatus Loan. The Innovatus Loan contains customary representations and warranties and covenants, subject to customary carve outs, and includes financial covenants related to liquidity and net product revenue, with the latter beginning with the period ending September 30, 2024. The Company believes it is in compliance with the terms included within the Innovatus Loan as of March 31, 2024. The Innovatus Loan is secured by perfected first priority liens on the Company's assets, including a commitment by the Company to not allow any liens to be placed upon the Company's intellectual property. In connection with the issuance of the Innovatus Loan, we recorded a debt discount of $1.3 million and capitalized debt issuance costs of $0.6 million . The discount and issuance costs will be amortized over the life of the Innovatus Loan. Interest expense for the Innovatus Loan for the three months ended March 31, 2024 was $0.5 million , and is inclusive of non-cash amortization of the debt discount, debt issuance costs, payable in-kind interest, and accretion of final payment. The carrying amount of the Innovatus Loan approximates fair value given its recent issuance. The effective interest rate for the Innovatus Loan was 14.0% as of March 31, 2024 . Additionally, in connection with entering into the Innovatus Loan, we entered into a Warrant Agreement with Innovatus on February 13, 2024 and issued to Innovatus a warrant to purchase an aggregate of 424,028 shares of the Company’s common stock at an exercise price of $2.83 per share. The warrants may be exercised on a cashless basis, and are immediately exercisable through the 10th anniversary of the issuance date. At the time of issuance, the Company determined the estimated fair value of the warrants of $0.9 million using the Black-Scholes model. As the warrants represent a freestanding equity instrument, the Company recorded the fair value of the warrants in additional paid-in capital as of March 31, 2024. The Company accounts for the amortization of the debt discount and issuance costs utilizing the effective interest method. Long-term debt consisted of the following at March 31, 2024 (in thousands): March 31, 2024 Face value of debt $ 30,000 Add: payment in-kind interest 28 Add: amortized exit fee 17 Less: unamortized debt discount (1,313) Less: unamortized debt issuance costs (630) Total long-term debt $ 28,102 The future principal payments under the Innovatus Loan are as follows (in thousands): Years Ending December 31, 2024 $ — 2025 — 2026 — 2027 13,264 2028 15,917 2029 2,653 Total principal payments 31,834 Add: amortized exit fee 17 Less: uncapitalized payment in-kind interest (1,806) Less: unamortized debt issuance fee (1,313) Less: unamortized debt issuance costs (630) Total long-term debt $ 28,102

Segment, Geographical and Other

Segment, Geographical and Other Revenue Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment, Geographical and Other Revenue Information	Segment, Geographical and Other Revenue Information Segment Information We previously managed our business as two business segments, Performance Enzymes and Novel Biotherapeutics. During the third and fourth quarters of 2023, we made changes to the structure of our organization in connection with the restructuring of our business that we announced in July 2023, including the discontinuation of investment in certain development programs, primarily in our biotherapeutics business, consolidation of operations to our Redwood City, California headquarters, and headcount reduction. In connection with these organizational structure changes, corresponding changes were made to how our business is managed, how results are reported internally and how our CEO, our chief operating decision maker, assesses performance and allocates resources. As a result of these changes, our previous Performance Enzymes and Novel Biotherapeutics operating segments were combined into a single reportable segment. Effective October 1, 2023, the Company's operations are managed and reported to the CEO on a consolidated basis. The CEO assesses performance and allocated resources based on the consolidated results of operations. We believe that these changes better align internal resources and external go to market activities in order to create a more efficient and effective organizational structure. Under this new organizational and reporting structure, we managed our business as one reportable segment as of December 31, 2023. Comparative prior period disclosures that reflected the previous two segments' information have been revised to conform to this change in our reportable segment. Significant Customers Customers that each accounted for 10% or more of our total revenues were as follows: Percentage of Total Revenues for the Three Months Ended March 31, 2024 2023 Customer A 35 % * Customer B 15 % 23 % Customer C 10 % * Customer D * 14 % Customer E * 13 % Customer F * 10 % * Percentage was less than 10% Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented as follows: Percentage of Accounts Receivables as of March 31, 2024 December 31, 2023 Customer B 23 % 12 % Customer G 23 % 13 % Customer H * 21 % Customer I * 12 % * Percentage was less than 10% Identifiable long-lived assets by location was as follows (in thousands): March 31, 2024 December 31, 2023 United States $ 27,032 $ 28,624

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (11,505)	$ (22,617)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information but does not include all the information and notes required by GAAP for complete financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. The significant accounting policies used in preparation of the unaudited condensed consolidated financial statements for the three months ended March 31, 2024 and 2023, are consistent with those discussed in Note 2 to the audited consolidated financial statements in the Company’s 2023 Annual Report on Form 10-K and are updated below as necessary. There have been no significant changes in our significant accounting policies or critical accounting estimates since December 31, 2023. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to present fairly our financial position as of March 31, 2024 and results of operations for the interim periods presented. The interim results are not necessarily indicative of the results for any future interim period or for the entire year.
Use of Estimates	Use of Estimates The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. We regularly assess these estimates which primarily affect revenue recognition, deferred revenue, inventories, valuation of equity investments, goodwill arising out of business acquisitions, accrued liabilities, stock awards, and the valuation allowances associated with deferred tax assets. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements.
Short-term Investments	Short-term Investments We classify all marketable debt securities that have effective maturities of three months or less from the date of purchase as cash equivalents and those with effective maturities of greater than three months as short-term investments securities in the condensed consolidated balance sheets. We determine the appropriate classification of our short-term investments at the time of purchase and reevaluate such designation at each balance sheet date. We have classified and accounted for our short-term investments as available-for-sale. After consideration of our risk versus reward objectives, as well as our liquidity requirements, we may sell these debt securities prior to their effective maturities. We carry these short-term investments at fair value, and report the unrealized gains and losses, net of taxes, as a component of stockholders’ equity, except for the changes in allowance for expected credit losses, which are included in “Other expense, net” in the unaudited condensed consolidated statements of operations. We determine any realized gains or losses on the sale of short-term investments on a specific identification method, and we record such gains and losses as a component of other income and expenses. Short-term investments are reviewed periodically for allowances for credit losses and impairment. When evaluating the investments, the Company reviews factors such as the extent to which the fair value of the security is less than the amortized cost basis, adverse conditions specifically related to the security, the financial condition of the issuer, the Company’s intent to sell, and whether it would be more likely than not that the Company would be required to sell the investments before the recovery of the amortized cost basis.
Accounting Pronouncements	Accounting Pronouncements Recently adopted accounting pronouncements Aside from those recently issued accounting pronouncements not yet adopted and described below, there were no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2024, that are of significance or potential significance to us. Recently issued accounting pronouncements not yet adopted In March 2024, the Financial Accounting Standards Board ( “ FASB ” ) issued ASU No. 2024-02 Codification Improvements . The amendments in this ASU amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures. In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in the ASU, which requires public companies, on an annual basis, to provide disclosures of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures. In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The standard 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 standard should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures. In October 2023, FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative . The amendments in the ASU are intended to amend certain disclosure and presentation requirements for a variety of topics within the Accounting Standards Codification ( “ ASC ”) . These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, as announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. We are currently evaluating the effects of the standard on our consolidated financial statements and related disclosures.
Segment Information	Segment Information We previously managed our business as two business segments, Performance Enzymes and Novel Biotherapeutics. During the third and fourth quarters of 2023, we made changes to the structure of our organization in connection with the restructuring of our business that we announced in July 2023, including the discontinuation of investment in certain development programs, primarily in our biotherapeutics business, consolidation of operations to our Redwood City, California headquarters, and headcount reduction. In connection with these organizational structure changes, corresponding changes were made to how our business is managed, how results are reported internally and how our CEO, our chief operating decision maker, assesses performance and allocates resources. As a result of these changes, our previous Performance Enzymes and Novel Biotherapeutics operating segments were combined into a single reportable segment. Effective October 1, 2023, the Company's operations are managed and reported to the CEO on a consolidated basis. The CEO assesses performance and allocated resources based on the consolidated results of operations. We believe that these changes better align internal resources and external go to market activities in order to create a more efficient and effective organizational structure. Under this new organizational and reporting structure, we managed our business as one reportable segment as of December 31, 2023. Comparative prior period disclosures that reflected the previous two segments' information have been revised to conform to this change in our reportable segment.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Disaggregated information is as follows (in thousands): Three Months Ended March 31, 2024 2023 Primary geographical markets: APAC $ 7,257 $ 7,309 Americas 7,244 2,584 EMEA 2,572 3,089 Total revenues $ 17,073 $ 12,982
Contract with customer	The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands): March 31, 2024 December 31, 2023 Contract assets $ 2,571 $ 815 Unbilled receivables 6,372 9,904 Contract liabilities: deferred revenue $ 10,490 $ 10,761 We recognized t he following revenues ( in thousands): Three Months Ended March 31, Revenue recognized in the period for: 2024 2023 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied $ 371 $ 1,602 Changes in the period: Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods 189 (216) Performance obligations satisfied from new activities in the period - contract revenue 16,513 11,596 Total revenues $ 17,073 $ 12,982
Performance obligation, expected timing of satisfaction	The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of March 31, 2024. Th e balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts as of March 31, 2024 (in thousands): Remainder of 2024 2025 2026 2027 and Thereafter Total Product revenue $ 9,850 $ 140 $ 140 $ 360 $ 10,490

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Shares Not Included in Computation of Diluted Net Loss Per Share	The following shares were not considered in the computation of diluted net loss per share because their effect was anti-dilutive (in thousands): Three Months Ended March 31, 2024 2023 Shares issuable under the Equity Incentive Plan and ESPP 13,105 9,397 Warrants (1) 424 — Total potentially dilutive securities 13,529 9,397 (1) Pertains to the warrants issued in connection with the Innovatus Loan. For additional information, see Note 11, “Debt.”

Investments in Non-Marketable_2

Investments in Non-Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Carrying Value of Non-marketable Equity Securities	The following table presents the carrying value of our non-marketable equity securities (in thousands): March 31, 2024 December 31, 2023 MAI $ 6,693 $ 6,693 seqWell 2,625 2,625 Arzeda 82 82 Other investments in non-marketable equity securities 300 300 Total non-marketable equity securities $ 9,700 $ 9,700

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair value, assets measured on recurring basis	The following tables show the Company’s cash, cash equivalents, and short-term investments by significant investment category as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Cash $ 11,350 $ — $ — $ 11,350 $ 11,350 $ — Level 1: Money market funds 22,849 — — 22,849 22,849 — Level 2 (1) : Commercial paper 28,713 — (17) 28,696 18,878 9,818 Corporate debt 980 — — 980 — 980 U.S. treasury securities 21,639 2 (1) 21,640 4,969 16,671 Subtotal 51,332 2 (18) 51,316 23,847 27,469 Total $ 85,531 $ 2 $ (18) $ 85,515 $ 58,046 $ 27,469 (1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments uses inputs that are either directly or indirectly observable for the asset through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Cash $ 8,742 $ — $ — $ 8,742 $ 8,742 $ — Level 1: Money market funds 56,374 — — 56,374 56,374 — Total $ 65,116 $ — $ — $ 65,116 $ 65,116 $ —

Balance Sheets Details (Tables)

Balance Sheets Details (Tables)	3 Months Ended
	Mar. 31, 2024
Balance Sheets Details [Abstract]
Schedule of inventory components	Inventories consisted of the following (in thousands): March 31, 2024 December 31, 2023 Raw materials $ 108 $ 108 Work in process 37 7 Finished goods 2,296 2,570 Total Inventories $ 2,441 $ 2,685
Schedule of property and equipment, net	Property and equipment, net consisted of the following (in thousands): March 31, 2024 December 31, 2023 Laboratory equipment $ 37,744 $ 37,216 Leasehold improvements 11,901 11,912 Computer equipment and software 2,642 2,565 Office equipment and furniture 1,116 1,469 Construction in progress 1,169 1,636 Property and equipment 54,572 54,798 Less: accumulated depreciation and amortization (39,904) (39,311) Property and equipment, net $ 14,668 $ 15,487 Depreciation expense included in both research and development expenses and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations was as follows (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 1,032 $ 1,243 Selling, general and administrative 220 223 Total depreciation expense $ 1,252 $ 1,466
Schedule of other accrued liabilities	Other accrued liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 Accrued professional and outside service fees $ 2,482 $ 2,330 Accrued purchases 2,418 1,402 Other 474 1,003 Total other accrued liabilities $ 5,374 $ 4,735

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of product revenue $ 115 $ 129 Research and development 820 722 Selling, general and administrative 2,236 1,958 Total $ 3,171 $ 2,809
Schedule of stock-based compensation expense by security types	The following table presents total stock-based compensation expense by security type included in the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2024 2023 Stock options $ 1,514 $ 922 RSUs and RSAs 1,317 1,126 PSUs 247 837 PBOs 16 (76) ESPP 77 — Total $ 3,171 $ 2,809

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Lease cost	Lease costs amounts included in the measurement of lease obligations and other information related to non-cancellable operating leases were as follows (in thousands): Three Months Ended March 31, 2024 2023 Operating lease cost (1) $ 1,032 $ 1,830 (1) The Company had no variable lease costs. Other information: Operating Leases Weighted-average remaining lease term (in years) 3.6 years Weighted-average discount rate 6.6 % Three Months Ended March 31, Cash paid (in thousands) : 2024 2023 Operating cash flows from operating leases $ 1,173 $ 1,882
Operating lease maturity	As of March 31, 2024, our maturity analysis of annual undiscounted cash flows of the non-cancellable operating leases are as follows (in thousands): Years Ending December 31, Operating Leases 2024 (remaining 9 months) $ 3,554 2025 4,868 2026 5,014 2027 2,533 2028 760 Thereafter 319 Total minimum lease payments 17,048 Less: imputed interest 1,937 Lease obligations $ 15,111 Reconciliation of operating lease liabilities as shown within the unaudited condensed consolidated balance sheets: Current portion of lease obligations - Operating leases $ 3,879 Long-term lease obligations - Operating leases 11,232 Total operating lease liabilities $ 15,111
Schedule of supply and service commitments	The following table provides quantitative data regarding our other commitments. Future minimum payments reflect amounts that we expect to pay including potential obligations under services agreements subject to risk of cancellation by us (in thousands): Payments Due by Period Total 2024 (Remaining 9 Months) 2025 and Facility maintenance agreement $ 701 $ 701 $ —

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The Company accounts for the amortization of the debt discount and issuance costs utilizing the effective interest method. Long-term debt consisted of the following at March 31, 2024 (in thousands): March 31, 2024 Face value of debt $ 30,000 Add: payment in-kind interest 28 Add: amortized exit fee 17 Less: unamortized debt discount (1,313) Less: unamortized debt issuance costs (630) Total long-term debt $ 28,102
Schedule of maturities of long-term debt	The future principal payments under the Innovatus Loan are as follows (in thousands): Years Ending December 31, 2024 $ — 2025 — 2026 — 2027 13,264 2028 15,917 2029 2,653 Total principal payments 31,834 Add: amortized exit fee 17 Less: uncapitalized payment in-kind interest (1,806) Less: unamortized debt issuance fee (1,313) Less: unamortized debt issuance costs (630) Total long-term debt $ 28,102

Segment, Geographical and Oth_2

Segment, Geographical and Other Revenue Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of customers that contributed 10% or more of total accounts receivable	Significant Customers Customers that each accounted for 10% or more of our total revenues were as follows: Percentage of Total Revenues for the Three Months Ended March 31, 2024 2023 Customer A 35 % * Customer B 15 % 23 % Customer C 10 % * Customer D * 14 % Customer E * 13 % Customer F * 10 % * Percentage was less than 10% Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented as follows: Percentage of Accounts Receivables as of March 31, 2024 December 31, 2023 Customer B 23 % 12 % Customer G 23 % 13 % Customer H * 21 % Customer I * 12 % * Percentage was less than 10%
Schedule of long-lived assets by geographical area	Identifiable long-lived assets by location was as follows (in thousands): March 31, 2024 December 31, 2023 United States $ 27,032 $ 28,624

Description of Business (Detail

Description of Business (Details) - segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1	2

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 17,073	$ 12,982
APAC
Disaggregation of Revenue [Line Items]
Total revenues	7,257	7,309
Americas
Disaggregation of Revenue [Line Items]
Total revenues	7,244	2,584
EMEA
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,572	$ 3,089

Revenue Recognition - Contracts

Revenue Recognition - Contracts with Customer (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 2,571	$ 815
Unbilled receivables	6,372	9,904
Contract liabilities: deferred revenue	$ 10,490	$ 10,761

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Impairment charges related to contract assets	$ 0	$ 0
Short-Term Unbilled Receivables
Disaggregation of Revenue [Line Items]
Unbilled receivables, not billable		5,500,000	$ 9,100,000
Long-Term Unbilled Receivables
Disaggregation of Revenue [Line Items]
Unbilled receivables, not billable		$ 900,000	$ 800,000

Revenue Recognition - Revenue R

Revenue Recognition - Revenue Recognized During Period (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amounts included in contract liabilities at the beginning of the period:
Performance obligations satisfied	$ 371	$ 1,602
Changes in the period:
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods	189	(216)
Performance obligations satisfied from new activities in the period - contract revenue	16,513	11,596
Total revenues	$ 17,073	$ 12,982

Revenue Recognition - Performan

Revenue Recognition - Performance Obligation (Details) - Product revenue $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 10,490
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 9,850
Expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 140
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 140
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	$ 360
Expected timing of satisfaction, period	1 year

Net Loss per Share - Shares Not

Net Loss per Share - Shares Not Included in Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded as anti-dilutive (in shares)	13,529	9,397
Shares issuable under the Equity Incentive Plan and ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded as anti-dilutive (in shares)	13,105	9,397
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded as anti-dilutive (in shares)	424	0

Investments in Non-Marketable_3

Investments in Non-Marketable Securities - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Unrealized or realized gains or losses	$ 0	$ 0

Investments in Non-Marketable_4

Investments in Non-Marketable Securities - Carrying Value of Non-marketable Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Total non-marketable equity securities	$ 9,700	$ 9,700
MAI
Marketable Securities [Line Items]
Total non-marketable equity securities	6,693	6,693
seqWell
Marketable Securities [Line Items]
Total non-marketable equity securities	2,625	2,625
Arzeda
Marketable Securities [Line Items]
Total non-marketable equity securities	82	82
Other investments in non-marketable equity securities
Marketable Securities [Line Items]
Total non-marketable equity securities	$ 300	$ 300

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	$ 11,350	$ 8,742
Unrealized Gains	2	0
Unrealized Losses	(18)	0
Total	85,531	65,116
Total	85,515	65,116
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	11,350	8,742
Total	58,046	65,116
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	0	0
Total	27,469	0
Fair Value, Inputs, Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	22,849	56,374
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	22,849	56,374
Fair Value, Inputs, Level 1 | Money market funds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	22,849	56,374
Fair Value, Inputs, Level 1 | Money market funds | Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	$ 0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	51,332
Unrealized Gains	2
Unrealized Losses	(18)
Fair Value	51,316
Fair Value, Inputs, Level 2 | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	23,847
Fair Value, Inputs, Level 2 | Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	27,469
Fair Value, Inputs, Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	28,713
Unrealized Gains	0
Unrealized Losses	(17)
Fair Value	28,696
Fair Value, Inputs, Level 2 | Commercial paper | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,878
Fair Value, Inputs, Level 2 | Commercial paper | Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,818
Fair Value, Inputs, Level 2 | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	980
Unrealized Gains	0
Unrealized Losses	0
Fair Value	980
Fair Value, Inputs, Level 2 | Corporate debt | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Fair Value, Inputs, Level 2 | Corporate debt | Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	980
Fair Value, Inputs, Level 2 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	21,639
Unrealized Gains	2
Unrealized Losses	(1)
Fair Value	21,640
Fair Value, Inputs, Level 2 | U.S. treasury securities | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,969
Fair Value, Inputs, Level 2 | U.S. treasury securities | Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 16,671

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Convertible Debt - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit losses	$ 0	$ 0
Other-than-temporary impairment losses	$ 0	$ 0

Balance Sheets Details - Invent

Balance Sheets Details - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Inventory Components
Raw materials	$ 108	$ 108
Work in process	37	7
Finished goods	2,296	2,570
Total Inventories	$ 2,441	$ 2,685

Balance Sheets Details - Narrat

Balance Sheets Details - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Balance Sheets Details [Abstract]
Prepaid expense, current	$ 4.7	$ 4.6
Other assets, current	$ 0.5	$ 0.6

Balance Sheets Details - Proper

Balance Sheets Details - Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 54,572		$ 54,798
Less: accumulated depreciation and amortization	(39,904)		(39,311)
Property and equipment, net	14,668		15,487
Total depreciation expense	1,252	$ 1,466
Research and development
Property, Plant and Equipment [Line Items]
Total depreciation expense	1,032	1,243
Selling, general and administrative
Property, Plant and Equipment [Line Items]
Total depreciation expense	220	$ 223
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment	37,744		37,216
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	11,901		11,912
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment	2,642		2,565
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment	1,116		1,469
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,169		$ 1,636

Balance Sheets Details - Other

Balance Sheets Details - Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheets Details [Abstract]
Accrued professional and outside service fees	$ 2,482	$ 2,330
Accrued purchases	2,418	1,402
Other	474	1,003
Total other accrued liabilities	$ 5,374	$ 4,735

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jan. 31, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, noncash expense			$ 3,171,000	$ 2,809,000
Expiration period			10 years
Award vesting period			4 years
One Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Share-based compensation arrangement by share-based payment award, expiration period			25%
Three Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Share-based compensation arrangement by share-based payment award, expiration period			75%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, consecutive offering period		24 months
Purchase price of common stock		85%
Share-based compensation arrangement by share-based payment award, maximum employee subscription amount		$ 25,000
Number of shares authorized (in shares)		2,000,000
Share-based payment arrangement, noncash expense			$ 77,000	0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, noncash expense			1,514,000	922,000
Award vesting period	3 years
Compensation not yet recognized, stock options			13,300,000
Stock options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Award vesting rights	33%
Stock options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Award vesting rights	67%
RSAs and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, noncash expense			1,317,000	$ 1,126,000
Compensation not yet recognized, share-based awards other than options			$ 6,500,000

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 3,171	$ 2,809
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,514	922
RSUs and RSAs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,317	1,126
PSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	247	837
PBOs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	16	(76)
ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	77	0
Cost of product revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	115	129
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	820	722
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 2,236	$ 1,958

Capital Stock (Details)

Capital Stock (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	May 02, 2024 USD ($)	May 31, 2021 USD ($)	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Feb. 27, 2023 USD ($)
Class of Stock [Line Items]
Stock options exercised (in shares) | shares			72,856	142,856
Weighted average exercise price of stock options exercised (in dollars per share) | $ / shares			$ 1.97	$ 1.97
Net proceeds from stock options exercised			$ 100	$ 300
Sale of stock, securities registered aggregate amount					$ 200,000
Sale of stock, consideration received on transaction, gross				1,500
Net proceeds received				1,200
Costs incurred in connection with offering				$ 390
Subsequent Event | Cantor Sales Agreement
Class of Stock [Line Items]
Net proceeds received	$ 75,000
Gross sales commission proceeds, percentage	0.030
Piper Sandler & Co
Class of Stock [Line Items]
Sale of stock, period		3 years
Sale of stock, value of shares for issuance			$ 41,300
Sale of stock, maximum selling period		3 years
Sale of stock, commissions, percentage of gross sales price		3%
Issuance of common stock, net of issuance costs (in shares) | shares			0	327,480
Piper Sandler & Co | Maximum
Class of Stock [Line Items]
Sale of stock, value of shares for issuance		$ 50,000
Sale of stock, commissions and reimbursements, percentage of gross sales price		8%

Commitments and Contingencies -

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease, Cost [Abstract]
Operating lease, cost	$ 1,032	$ 1,830
Variable lease, cost	$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Other Lease Information (Details)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term (in years)	3 years 7 months 6 days
Weighted-average discount rate	6.60%

Commitments and Contingencies_3

Commitments and Contingencies - Cash Paid for Lease Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,173	$ 1,882

Commitments and Contingencies_4

Commitments and Contingencies - Maturity Analysis of Operating Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
2024 (remaining 9 months)	$ 3,554
2025	4,868
2026	5,014
2027	2,533
2028	760
Thereafter	319
Total minimum lease payments	17,048
Less: imputed interest	1,937
Lease obligations	15,111
Current portion of lease obligations - Operating leases	3,879	$ 3,781
Long-term lease obligations - Operating leases	$ 11,232	$ 12,243

Commitments and Contingencies_5

Commitments and Contingencies - Other Commitments (Details) - Facility maintenance agreement $ in Thousands	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Total	$ 701
2024 (Remaining 9 Months)	701
2025 and Thereafter	$ 0

Commitments and Contingencies_6

Commitments and Contingencies - Narrative (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Indemnification Agreement
Schedule of Commitments and Contingencies [Line Items]
Loss contingency accrual	$ 0	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 13, 2024 USD ($) tranche $ / shares shares	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Face value of debt		$ 30,000
Debt instrument, unamortized discount		1,313
Unamortized debt issuance expense		630
Class of warrant or right, fair value		900
Secured Debt | Innovatus Loan Warrants
Debt Instrument [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares	424,028
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares	$ 2.83
Innovatus Loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument, term	5 years
Face value of debt	$ 40,000
Debt instrument, number of tranches | tranche	2
Debt instrument, interest, paid in kind	0.020
Debt instrument, interest payable, term	3 years
Prepayment, aggregate principal amount, percentage	0.03
Debt instrument, unamortized discount	$ 1,300
Unamortized debt issuance expense	$ 600
Interest expense, debt		$ 500
Debt instrument, interest rate, effective percentage	14%
Innovatus Loan | Secured Debt | Maximum
Debt Instrument [Line Items]
Early repayment fee, percentage	0.03
Innovatus Loan | Secured Debt | Minimum
Debt Instrument [Line Items]
Early repayment fee, percentage	0.01
Innovatus Loan | Secured Debt | Prime Rate
Debt Instrument [Line Items]
Interest rate, stated percentage	7.50%
Basis spread on variable rate	3.25%
Innovatus Loan - First Tranche | Secured Debt
Debt Instrument [Line Items]
Face value of debt	$ 30,000
Innovatus Loan - Second Tranche | Secured Debt
Debt Instrument [Line Items]
Face value of debt	$ 10,000

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Instruments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Face value of debt	$ 30,000
Add: payment in-kind interest	28
Add: amortized exit fee	17
Less: unamortized debt discount	(1,313)
Less: unamortized debt issuance costs	(630)
Total long-term debt	$ 28,102

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	0
2027	13,264
2028	15,917
2029	2,653
Total principal payments	31,834
Add: amortized exit fee	17
Less: uncapitalized payment in-kind interest	(1,806)
Less: unamortized debt discount	(1,313)
Less: unamortized debt issuance costs	(630)
Total long-term debt	$ 28,102

Segment, Geographical and Oth_3

Segment, Geographical and Other Revenue Information - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Number of reportable segments	1	2

Segment, Geographical and Oth_4

Segment, Geographical and Other Revenue Information - Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue | Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	35%
Revenue | Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	15%	23%
Revenue | Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Revenue | Customer D
Concentration Risk [Line Items]
Concentration risk, percentage		14%
Revenue | Customer E
Concentration Risk [Line Items]
Concentration risk, percentage		13%
Revenue | Customer F
Concentration Risk [Line Items]
Concentration risk, percentage		10%
Accounts Receivable | Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	23%		12%
Accounts Receivable | Customer G
Concentration Risk [Line Items]
Concentration risk, percentage	23%		13%
Accounts Receivable | Customer H
Concentration Risk [Line Items]
Concentration risk, percentage			21%
Accounts Receivable | Customer I
Concentration Risk [Line Items]
Concentration risk, percentage			12%

Segment, Geographical and Oth_5

Segment, Geographical and Other Revenue Information - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
United States
Geographic Areas, Long-Lived Assets [Abstract]
Long-lived assets	$ 27,032	$ 28,624