Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 05, 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 | 001-34705 | |
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 $0.0001 per share | |
Trading Symbol | CDXS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 70,927,377 | |
Entity Central Index Key | 0001200375 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 18,595 | $ 65,116 |
Restricted cash, current | 517 | 519 |
Short-term investments | 54,604 | 0 |
Financial assets: | ||
Accounts receivable | 4,860 | 10,036 |
Contract assets | 3,213 | 815 |
Unbilled receivables | 4,380 | 9,142 |
Total financial assets | 12,453 | 19,993 |
Less: allowances | (65) | (65) |
Total financial assets, net | 12,388 | 19,928 |
Inventories | 2,232 | 2,685 |
Prepaid expenses and other current assets | 3,062 | 5,218 |
Total current assets | 91,398 | 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 | 11,576 | 13,137 |
Property and equipment, net | 13,966 | 15,487 |
Goodwill | 2,463 | 2,463 |
Other non-current assets | 1,841 | 1,246 |
Total assets | 132,006 | 136,561 |
Current liabilities: | ||
Accounts payable | 3,685 | 5,947 |
Accrued compensation | 7,658 | 11,246 |
Other accrued liabilities | 5,417 | 4,735 |
Current portion of lease obligations - Operating leases | 3,979 | 3,781 |
Deferred revenue | 9,800 | 10,121 |
Total current liabilities | 30,539 | 35,830 |
Deferred revenue, net of current portion | 200 | 640 |
Long-term lease obligations - Operating leases | 10,191 | 12,243 |
Long-term debt | 28,365 | 0 |
Other long-term liabilities | 1,264 | 1,233 |
Total liabilities | 70,559 | 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; 70,914 shares and 69,905 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 7 | 7 |
Additional paid-in capital | 593,253 | 584,138 |
Accumulated other comprehensive loss | (23) | 0 |
Accumulated deficit | (531,790) | (497,530) |
Total stockholders' equity | 61,447 | 86,615 |
Total liabilities and stockholders' equity | $ 132,006 | $ 136,561 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 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) | 70,914,000 | 69,905,000 |
Common stock, shares, outstanding (in shares) | 70,914,000 | 69,905,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues: | ||||
Total revenues | $ 7,979 | $ 21,323 | $ 25,052 | $ 34,305 |
Costs and operating expenses: | ||||
Cost of product revenue | 3,462 | 3,178 | 8,317 | 7,698 |
Research and development | 11,413 | 17,334 | 22,659 | 33,988 |
Selling, general and administrative | 15,671 | 13,365 | 28,531 | 28,765 |
Restructuring charges | 0 | 72 | 0 | 145 |
Asset impairment and other charges | 165 | 0 | 165 | 0 |
Total costs and operating expenses | 30,711 | 33,949 | 59,672 | 70,596 |
Loss from operations | (22,732) | (12,626) | (34,620) | (36,291) |
Interest income | 972 | 1,121 | 1,881 | 2,209 |
Interest and other expense, net | (985) | (9) | (1,500) | (33) |
Loss before income taxes | (22,745) | (11,514) | (34,239) | (34,115) |
Provision for income taxes | 10 | 9 | 21 | 25 |
Net loss | $ (22,755) | $ (11,523) | $ (34,260) | $ (34,140) |
Net loss per share, basic (in dollars per share) | $ (0.32) | $ (0.17) | $ (0.49) | $ (0.51) |
Net loss per share, diluted (in dollars per share) | $ (0.32) | $ (0.17) | $ (0.49) | $ (0.51) |
Weighted average common stock shares used in computing net loss per share, basic (in shares) | 70,376 | 67,573 | 70,115 | 66,756 |
Weighted average common stock shares used in computing net loss per share, diluted (in shares) | 70,376 | 67,573 | 70,115 | 66,756 |
Product revenue | ||||
Revenues: | ||||
Total revenues | $ 6,259 | $ 11,048 | $ 15,810 | $ 19,412 |
Research and development revenue | ||||
Revenues: | ||||
Total revenues | $ 1,720 | $ 10,275 | $ 9,242 | $ 14,893 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (22,755) | $ (11,523) | $ (34,260) | $ (34,140) |
Other comprehensive loss: | ||||
Unrealized loss on available-for-sale short-term investments, net of tax | (7) | 0 | (23) | 0 |
Comprehensive loss | $ (22,762) | $ (11,523) | $ (34,283) | $ (34,140) |
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] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 214,284 | 214,000 | |||
Issuance of common stock upon exercise of stock options | $ 422 | 422 | |||
Issuance of common stock upon release of stock awards (in shares) | 764,000 | ||||
Issuance of common stock in connection with an equity sales agreement, net of issuance costs (shares) | 3,080,000 | ||||
Issuance of common stock in connection with an equity sales agreement, net of issuance costs | 7,931 | 7,931 | |||
Stock-based compensation | 5,525 | 5,525 | |||
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 | (34,140) | (34,140) | |||
Ending balance (in shares) at Jun. 30, 2023 | 69,804,000 | ||||
Ending balance at Jun. 30, 2023 | 124,131 | $ 6 | 579,555 | 0 | (455,430) |
Beginning balance (in shares) at Mar. 31, 2023 | 66,696,000 | ||||
Beginning balance at Mar. 31, 2023 | 126,016 | $ 6 | 569,917 | 0 | (443,907) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 71,000 | ||||
Issuance of common stock upon exercise of stock options | 141 | 141 | |||
Issuance of common stock upon release of stock awards (in shares) | 285,000 | ||||
Issuance of common stock in connection with an equity sales agreement, net of issuance costs (shares) | 2,752,000 | ||||
Issuance of common stock in connection with an equity sales agreement, net of issuance costs | 6,781 | 6,781 | |||
Stock-based compensation | 2,716 | 2,716 | |||
Net loss | (11,523) | (11,523) | |||
Ending balance (in shares) at Jun. 30, 2023 | 69,804,000 | ||||
Ending balance at Jun. 30, 2023 | 124,131 | $ 6 | 579,555 | 0 | (455,430) |
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] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 75,856 | 73,000 | |||
Issuance of common stock upon exercise of stock options | $ 143 | 143 | |||
Issuance of common stock upon release of stock awards (in shares) | 812,000 | ||||
Issuance of common stock warrants in connection with debt issuance | 859 | 859 | |||
Issuance of common stock under employee stock purchase plan (in shares) | 124,000 | ||||
Issuance of common stock under employee stock purchase plan | 260 | 260 | |||
Stock-based compensation | 7,853 | 7,853 | |||
Net loss | (34,260) | (34,260) | |||
Other comprehensive loss | (23) | (23) | |||
Ending balance (in shares) at Jun. 30, 2024 | 70,914,000 | ||||
Ending balance at Jun. 30, 2024 | 61,447 | $ 7 | 593,253 | (23) | (531,790) |
Beginning balance (in shares) at Mar. 31, 2024 | 70,554,000 | ||||
Beginning balance at Mar. 31, 2024 | 79,267 | $ 7 | 588,311 | (16) | (509,035) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon release of stock awards (in shares) | 236,000 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 124,000 | ||||
Issuance of common stock under employee stock purchase plan | 260 | 260 | |||
Stock-based compensation | 4,682 | 4,682 | |||
Net loss | (22,755) | (22,755) | |||
Other comprehensive loss | (7) | (7) | 0 | ||
Ending balance (in shares) at Jun. 30, 2024 | 70,914,000 | ||||
Ending balance at Jun. 30, 2024 | $ 61,447 | $ 7 | $ 593,253 | $ (23) | $ (531,790) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Costs incurred in connection with offering | $ 331 | $ 721 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities: | ||
Net loss | $ (34,260) | $ (34,140) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,516 | 2,946 |
Reduction in the carrying amount of right-of-use assets | 1,561 | 2,517 |
Stock-based compensation | 7,853 | 5,525 |
Asset impairment and other charges | 165 | 0 |
Equity securities earned from research and development activities | 0 | (118) |
Non-cash interest expense | 345 | 0 |
Amortization of discount on short-term investments | (487) | 0 |
Other non-cash items | 14 | (15) |
Changes in operating assets and liabilities: | ||
Financial assets | 7,137 | 19,261 |
Inventories | 453 | (23) |
Prepaid expenses and other assets | 2,402 | 1,324 |
Accounts payable | (2,275) | 631 |
Accrued compensation and other accrued liabilities | (2,598) | (10,373) |
Other long-term liabilities | (2,022) | (2,864) |
Deferred revenue | (761) | (9,970) |
Net cash used in operating activities | (19,957) | (25,299) |
Investing activities: | ||
Purchase of property and equipment | (1,525) | (4,120) |
Proceeds from sale of property and equipment | 15 | 15 |
Investment in short-term investments | (57,140) | 0 |
Proceeds from maturity of short-term investments | 3,000 | 0 |
Investment in non-marketable securities | 0 | (750) |
Net cash used in investing activities | (55,650) | (4,855) |
Financing activities: | ||
Proceeds from exercises of stock options | 281 | 422 |
Proceeds from issuance of stock under employee stock purchase plan | 327 | 0 |
Proceeds from issuance of common stock in connection with equity sales agreement | 0 | 8,652 |
Costs incurred in connection with equity sales agreements | (403) | (395) |
Proceeds from long-term debt | 29,521 | 0 |
Payment of debt issuance costs | (642) | 0 |
Taxes paid related to net share settlement of equity awards | 0 | (404) |
Net cash provided by financing activities | 29,084 | 8,275 |
Net decrease in cash, cash equivalents and restricted cash | (46,523) | (21,879) |
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 | 20,174 | 94,147 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 890 | 10 |
Income taxes paid | 17 | 193 |
Supplemental non-cash investing and financing activities: | ||
Capital expenditures incurred but not yet paid | 768 | 434 |
Transfer from property and equipment to assets held for sale | 59 | 0 |
Cash reconciliation: | ||
Cash and cash equivalents | 18,595 | 92,093 |
Restricted cash, current and non-current | 1,579 | 2,054 |
Total cash, cash equivalents and restricted cash | 20,174 | $ 94,147 |
Short-term investments | 54,604 | |
Cash, cash equivalents, and short-term investments | $ 73,199 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 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,” “Codexis,” “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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 June 30, 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 investment 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 “Interest and 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 interest income. 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. Impairment of Long-Lived Assets We evaluate the carrying values of long-lived assets, which include property and equipment and right-of-use assets, whenever events, changes in business circumstances or our planned use of long-lived assets indicate that their carrying amounts may not be fully recoverable or that their useful lives are no longer appropriate. If these facts and circumstances exist, we assess for recovery by comparing the carrying values of long-lived assets with the future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets Held For Sale The Company classifies assets as held for sale when the following conditions are met: (i) management has committed to a plan to sell, (ii) the assets are available for immediate sale in their present condition, (iii) the Company has initiated an active program to identify a buyer, (iv) it is probable that a sale will occur within one year, (v) the assets are actively marketed for sale at a reasonable price in relation to their current fair value, and (vi) there is a low likelihood of significant changes to the plan or that the plan will be withdrawn. If all of the criteria are met as of the balance sheet date, the assets are presented separately in the consolidated balance sheet as held for sale at the lower of the carrying amount or fair value less costs to sell. The assets are then no longer depreciated or amortized while classified as held for sale. Accounting Pronouncements Recently adopted accounting pronouncements There were no recent accounting pronouncements or changes in accounting pronouncements during the three and six months ended June 30, 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 - Amendments to Remove References to the Concepts Statements . This ASU amends the FASB Accounting Standard Codification (the “ASC”) to remove references to various concepts statements and impacts a variety of topics in the ASC. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. 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 require 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 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 | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Primary geographical markets: Americas $ 1,046 $ 3,937 $ 8,289 $ 6,521 EMEA 1,967 8,349 4,539 11,438 APAC 4,966 9,037 12,224 16,346 Total revenues $ 7,979 $ 21,323 $ 25,052 $ 34,305 Contract Balances The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands): June 30, 2024 December 31, 2023 Contract assets $ 3,213 $ 815 Unbilled receivables $ 5,545 $ 9,904 Contract liabilities: deferred revenue $ 10,000 $ 10,761 We had no asset impairment charges related to financial assets in the three and six months ended June 30, 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 June 30, 2024, we have $4.4 million of short-term unbilled receivables presented as unbilled receivables within current assets and $1.2 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 the following revenues (in thousands): Three Months Ended June 30, Six Months Ended June 30, Revenue recognized in the period for: 2024 2023 2024 2023 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied $ 129 $ 6,107 $ 500 $ 7,814 Changes in the period: Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods (695) 3,356 (543) 3,140 Performance obligations satisfied from new activities in the period - contract revenue 8,545 11,860 25,095 23,351 Total revenues $ 7,979 $ 21,323 $ 25,052 $ 34,305 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 June 30, 2024. The balances in the table below a re partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts as of June 30, 2024 (in thousands): Remainder of 2024 2025 2026 2027 and Thereafter Total Product revenue $ 9,800 $ 100 $ 100 $ — $ 10,000 |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Shares issuable under the Equity Incentive Plan and ESPP 12,893 9,312 12,893 9,312 Warrants (1) 424 — 424 — Total potentially dilutive securities 13,317 9,312 13,317 9,312 (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 | 6 Months Ended |
Jun. 30, 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”) and seqWell, Inc. (“seqWell”). 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 interest and other expense, net in the unaudited condensed consolidated statements of operations. There was no remeasurement event for our investments in MAI, seqWell, and other non-marketable equity securities that occurred during the three and six months ended June 30, 2024 and 2023. We recognized no realized gains or losses during the three and six months ended June 30, 2024 and 2023. The following table presents the carrying value of our non-marketable equity securities (in thousands): June 30, 2024 December 31, 2023 MAI $ 6,693 $ 6,693 seqWell 2,625 2,625 Other investments in non-marketable equity securities 382 382 Total non-marketable equity securities $ 9,700 $ 9,700 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Cash $ 6,195 $ — $ — $ 6,195 $ 6,195 $ — Level 1: Money market funds 12,400 — — 12,400 12,400 — Level 2 (1) : Commercial paper 11,360 — (6) 11,354 — 11,354 Corporate debt 3,934 — (5) 3,929 — 3,929 U.S. treasury securities 39,333 — (12) 39,321 — 39,321 Subtotal 54,627 — (23) 54,604 — 54,604 Total $ 73,222 $ — $ (23) $ 73,199 $ 18,595 $ 54,604 (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 June 30, 2024, and December 31, 2023, the contractual maturity of all investments held was less than one year. During the three and six months ended June 30, 2024 and 2023, we did not recognize any significant credit losses nor other-than-temporary impairment losses on our short-term investments. |
Balance Sheets Details
Balance Sheets Details | 6 Months Ended |
Jun. 30, 2024 | |
Balance Sheets Details [Abstract] | |
Balance Sheets Details | Balance Sheets Details Inventories Inventories consisted of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 108 $ 108 Work-in-process 6 7 Finished goods 2,118 2,570 Total Inventories $ 2,232 $ 2,685 Prepaid expenses and other current assets As of June 30, 2024, prepaid expenses and other current assets consisted of prepaid expenses of $2.1 million, assets held for sale of $0.1 million, and other current assets of $0.9 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): June 30, 2024 December 31, 2023 Laboratory equipment $ 36,547 $ 37,216 Leasehold improvements 11,960 11,912 Computer equipment and software 2,651 2,565 Office equipment and furniture 1,116 1,469 Construction in progress 1,513 1,636 Property and equipment 53,787 54,798 Less: accumulated depreciation and amortization (39,821) (39,311) Property and equipment, net $ 13,966 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development $ 1,020 $ 1,242 $ 2,052 $ 2,486 Selling, general and administrative 219 238 439 460 Total depreciation expense $ 1,239 $ 1,480 $ 2,491 $ 2,946 Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued professional and outside service fees $ 2,766 $ 2,330 Accrued purchases 2,252 1,402 Other 399 1,003 Total other accrued liabilities $ 5,417 $ 4,735 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 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. Offering periods are generally over a 24-month period and begin in May and November of each year. 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. For the three and six months ended June 30, 2024, 123,889 shares of common stock were purchased under the ESPP. As of June 30, 2024, 1,876,111 shares of common stock were available for future issuance under the ESPP. We recognized $72 thousand and $149 thousand of stock-based compensation expenses related to the ESPP for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the total unrecognized stock-based compensation expense, net of expected forfeitures, related to the ESPP was $0.6 million and is expected to be recognized over the remaining offering period. 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. Restricted Stock Units (“RSUs”) We also grant employees RSUs, which generally vest over either a period with 33% of the shares subject to the RSUs vesting on each yearly anniversary of the vesting commencement date, in each case contingent upon such employee’s continued service on such vesting date. We may grant RSUs with different vesting terms from time to time. 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of product revenue $ 101 $ 83 $ 216 $ 212 Research and development 641 806 1,461 1,528 Selling, general and administrative 3,940 1,827 6,176 3,785 Total $ 4,682 $ 2,716 $ 7,853 $ 5,525 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options $ 2,117 $ 1,096 $ 3,631 $ 2,018 RSUs and restricted stock awards (“RSAs”) 1,152 1,373 2,469 2,499 Performance-contingent restricted stock units (“PSUs”) — 279 247 1,116 Performance based options (“PBOs”) 1,341 (32) 1,357 (108) ESPP 72 — 149 — Total $ 4,682 $ 2,716 $ 7,853 $ 5,525 On June 29, 2024, we entered into an Advisory Services Agreement with a former executive of the Company. Pursuant to the advisory agreement, the exercise period for the former executive’s vested stock options and performance-based options was also extended. The modification resulted in a stock-based compensation expense of $2.0 million recognized in selling, general and administrative expenses for the three and six months ended June 30, 2024. |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Exercise of Options For the six months ended June 30, 2024 and June 30, 2023, we issued 75,856 and 214,284 shares, respectively, upon option exercises at a weighted-average exercise price of $1.97 per share, with net cash proceeds of $0.1 million and $0.4 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. No shares of our common stock were issued and sold pursuant to the EDA during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, 2,751,941 and 3,079,421 shares of our common stock, respectively, were issued and sold pursuant to the EDA and we received gross proceeds of $7.1 million and $8.7 million, or $6.8 million and $7.9 million in net proceeds after PSC's commissions and direct offering expenses of $0.3 million and $0.7 million, respectively. On April 24, 2024, we terminated the EDA. On May 2, 2024, we entered into a Controlled Equity Offering℠ Sales Agreement (the “Cantor Sales Agreement”) with Cantor Fitzgerald & Co., as sales agent (“Cantor”), under which Cantor, at our discretion and at such times that we may determine from time to time, may sell up to a maximum of $75.0 million of shares of our common stock. Under the terms of the Cantor Sales Agreement, Cantor 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. On May 2, 2024, we filed a registration statement on Form S-3 registering the offer and sale of these shares under the Securities Act which became effective on May 14, 2024. We will pay a commission of up to 3.0% of gross sales proceeds of any common stock sold under the Cantor Sales Agreement. We have made no sales under the Cantor Sales Agreement and as of June 30, 2024, $75.0 million of shares remained available for sale under the Cantor Sales Agreement. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 cost 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease costs (1) $ 1,033 $ 1,830 $ 2,065 $ 3,660 (1) The Company had no variable lease costs. Other information: Operating Leases Weighted-average remaining lease term (in years) 3.4 years Weighted-average discount rate 6.6 % Six Months Ended June 30, Cash paid (in thousands): 2024 2023 Operating cash flows from operating leases $ 2,357 $ 3,775 As of June 30, 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 6 months) $ 2,369 2025 4,868 2026 5,014 2027 2,533 2028 760 Thereafter 318 Total minimum lease payments 15,862 Less: imputed interest 1,692 Lease obligations $ 14,170 Reconciliation of operating lease liabilities as shown within the unaudited condensed consolidated balance sheets (in thousands): Current portion of lease obligations - Operating leases $ 3,979 Long-term lease obligations - Operating leases 10,191 Total operating lease liabilities $ 14,170 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 6 Months) 2025 and Thereafter Facility maintenance agreement $ 281 $ 281 $ — 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 | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt Innovatus Loan Agreement On February 13, 2024 (the “Closing Date”), we entered into a five -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 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 June 30, 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 and six months ended June 30, 2024 was $1.0 million and $1.5 million respectively, 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 and the interest rate is based on the prime rate. The effective interest rate for the Innovatus Loan was 14.0% as of June 30, 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 during the first quarter of 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 June 30, 2024 (in thousands): June 30, 2024 Face value of debt $ 30,000 Add: payment in-kind interest 180 Add: amortized exit fee 52 Less: unamortized debt discount (1,261) Less: unamortized debt issuance costs (605) Total long-term debt $ 28,365 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 52 Less: uncapitalized payment in-kind interest (1,655) Less: unamortized debt issuance fee (1,261) Less: unamortized debt issuance costs (605) Total long-term debt $ 28,365 |
Segment, Geographical and Other
Segment, Geographical and Other Revenue Information | 6 Months Ended |
Jun. 30, 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. Com parative 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Customer A 18 % * 16 % 11 % Customer B 18 % * * * Customer C 18 % * * * Customer D 15 % * * * Customer E * 28 % * 17 % Customer F * 18 % * 11 % Customer G * 11 % * * Customer H * * 24 % * Customer I * * * 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 June 30, 2024 December 31, 2023 Customer A 31 % 12 % Customer D 23 % * Customer F * 21 % Customer J 12 % * Customer K * 13 % Customer L * 12 % * Percentage was less than 10% Identifiable long-lived assets by location was as follows (in thousands): June 30, 2024 December 31, 2023 United States $ 25,878 $ 28,624 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net loss | $ (22,755) | $ (11,523) | $ (34,260) | $ (34,140) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 June 30, 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 investment 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 “Interest and 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 interest income. 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. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Assets Held For Sale | Assets Held For Sale The Company classifies assets as held for sale when the following conditions are met: (i) management has committed to a plan to sell, (ii) the assets are available for immediate sale in their present condition, (iii) the Company has initiated an active program to identify a buyer, (iv) it is probable that a sale will occur within one year, (v) the assets are actively marketed for sale at a reasonable price in relation to their current fair value, and (vi) there is a low likelihood of significant changes to the plan or that the plan will be withdrawn. If all of the criteria are met as of the balance sheet date, the assets are presented separately in the consolidated balance sheet as held for sale at the lower of the carrying amount or fair value less costs to sell. The assets are then no longer depreciated or amortized while classified as held for sale. |
Accounting Pronouncements | Accounting Pronouncements Recently adopted accounting pronouncements There were no recent accounting pronouncements or changes in accounting pronouncements during the three and six months ended June 30, 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 - Amendments to Remove References to the Concepts Statements . This ASU amends the FASB Accounting Standard Codification (the “ASC”) to remove references to various concepts statements and impacts a variety of topics in the ASC. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. 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 require 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 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. Com parative 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) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Primary geographical markets: Americas $ 1,046 $ 3,937 $ 8,289 $ 6,521 EMEA 1,967 8,349 4,539 11,438 APAC 4,966 9,037 12,224 16,346 Total revenues $ 7,979 $ 21,323 $ 25,052 $ 34,305 |
Contract with Customer | The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands): June 30, 2024 December 31, 2023 Contract assets $ 3,213 $ 815 Unbilled receivables $ 5,545 $ 9,904 Contract liabilities: deferred revenue $ 10,000 $ 10,761 We recognized the following revenues (in thousands): Three Months Ended June 30, Six Months Ended June 30, Revenue recognized in the period for: 2024 2023 2024 2023 Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied $ 129 $ 6,107 $ 500 $ 7,814 Changes in the period: Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods (695) 3,356 (543) 3,140 Performance obligations satisfied from new activities in the period - contract revenue 8,545 11,860 25,095 23,351 Total revenues $ 7,979 $ 21,323 $ 25,052 $ 34,305 |
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 June 30, 2024. The balances in the table below a re partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts as of June 30, 2024 (in thousands): Remainder of 2024 2025 2026 2027 and Thereafter Total Product revenue $ 9,800 $ 100 $ 100 $ — $ 10,000 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Shares issuable under the Equity Incentive Plan and ESPP 12,893 9,312 12,893 9,312 Warrants (1) 424 — 424 — Total potentially dilutive securities 13,317 9,312 13,317 9,312 (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) | 6 Months Ended |
Jun. 30, 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): June 30, 2024 December 31, 2023 MAI $ 6,693 $ 6,693 seqWell 2,625 2,625 Other investments in non-marketable equity securities 382 382 Total non-marketable equity securities $ 9,700 $ 9,700 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on a Recurring Basis | The following tables show the Company’s cash, cash equivalents, and short-term investments by significant investment category as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Cash $ 6,195 $ — $ — $ 6,195 $ 6,195 $ — Level 1: Money market funds 12,400 — — 12,400 12,400 — Level 2 (1) : Commercial paper 11,360 — (6) 11,354 — 11,354 Corporate debt 3,934 — (5) 3,929 — 3,929 U.S. treasury securities 39,333 — (12) 39,321 — 39,321 Subtotal 54,627 — (23) 54,604 — 54,604 Total $ 73,222 $ — $ (23) $ 73,199 $ 18,595 $ 54,604 (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) | 6 Months Ended |
Jun. 30, 2024 | |
Balance Sheets Details [Abstract] | |
Schedule of Inventory Components | Inventories consisted of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 108 $ 108 Work-in-process 6 7 Finished goods 2,118 2,570 Total Inventories $ 2,232 $ 2,685 |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Laboratory equipment $ 36,547 $ 37,216 Leasehold improvements 11,960 11,912 Computer equipment and software 2,651 2,565 Office equipment and furniture 1,116 1,469 Construction in progress 1,513 1,636 Property and equipment 53,787 54,798 Less: accumulated depreciation and amortization (39,821) (39,311) Property and equipment, net $ 13,966 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development $ 1,020 $ 1,242 $ 2,052 $ 2,486 Selling, general and administrative 219 238 439 460 Total depreciation expense $ 1,239 $ 1,480 $ 2,491 $ 2,946 |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued professional and outside service fees $ 2,766 $ 2,330 Accrued purchases 2,252 1,402 Other 399 1,003 Total other accrued liabilities $ 5,417 $ 4,735 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of product revenue $ 101 $ 83 $ 216 $ 212 Research and development 641 806 1,461 1,528 Selling, general and administrative 3,940 1,827 6,176 3,785 Total $ 4,682 $ 2,716 $ 7,853 $ 5,525 |
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options $ 2,117 $ 1,096 $ 3,631 $ 2,018 RSUs and restricted stock awards (“RSAs”) 1,152 1,373 2,469 2,499 Performance-contingent restricted stock units (“PSUs”) — 279 247 1,116 Performance based options (“PBOs”) 1,341 (32) 1,357 (108) ESPP 72 — 149 — Total $ 4,682 $ 2,716 $ 7,853 $ 5,525 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease Cost | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease costs (1) $ 1,033 $ 1,830 $ 2,065 $ 3,660 (1) The Company had no variable lease costs. Other information: Operating Leases Weighted-average remaining lease term (in years) 3.4 years Weighted-average discount rate 6.6 % Six Months Ended June 30, Cash paid (in thousands): 2024 2023 Operating cash flows from operating leases $ 2,357 $ 3,775 |
Operating Lease Maturity | As of June 30, 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 6 months) $ 2,369 2025 4,868 2026 5,014 2027 2,533 2028 760 Thereafter 318 Total minimum lease payments 15,862 Less: imputed interest 1,692 Lease obligations $ 14,170 Reconciliation of operating lease liabilities as shown within the unaudited condensed consolidated balance sheets (in thousands): Current portion of lease obligations - Operating leases $ 3,979 Long-term lease obligations - Operating leases 10,191 Total operating lease liabilities $ 14,170 |
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 6 Months) 2025 and Thereafter Facility maintenance agreement $ 281 $ 281 $ — |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 (in thousands): June 30, 2024 Face value of debt $ 30,000 Add: payment in-kind interest 180 Add: amortized exit fee 52 Less: unamortized debt discount (1,261) Less: unamortized debt issuance costs (605) Total long-term debt $ 28,365 |
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 52 Less: uncapitalized payment in-kind interest (1,655) Less: unamortized debt issuance fee (1,261) Less: unamortized debt issuance costs (605) Total long-term debt $ 28,365 |
Segment, Geographical and Oth_2
Segment, Geographical and Other Revenue Information (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Customer A 18 % * 16 % 11 % Customer B 18 % * * * Customer C 18 % * * * Customer D 15 % * * * Customer E * 28 % * 17 % Customer F * 18 % * 11 % Customer G * 11 % * * Customer H * * 24 % * Customer I * * * 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 June 30, 2024 December 31, 2023 Customer A 31 % 12 % Customer D 23 % * Customer F * 21 % Customer J 12 % * Customer K * 13 % Customer L * 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): June 30, 2024 December 31, 2023 United States $ 25,878 $ 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 7,979 | $ 21,323 | $ 25,052 | $ 34,305 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,046 | 3,937 | 8,289 | 6,521 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,967 | 8,349 | 4,539 | 11,438 |
APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 4,966 | $ 9,037 | $ 12,224 | $ 16,346 |
Revenue Recognition - Contracts
Revenue Recognition - Contracts with Customer (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 3,213 | $ 815 |
Unbilled receivables | 5,545 | 9,904 |
Contract liabilities: deferred revenue | $ 10,000 | $ 10,761 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |||||
Impairment charges related to contract assets | $ 0 | $ 0 | $ 0 | $ 0 | |
Short-Term Unbilled Receivables | |||||
Disaggregation of Revenue [Line Items] | |||||
Unbilled receivables, not billable | 4,400,000 | 4,400,000 | $ 9,100,000 | ||
Long-Term Unbilled Receivables | |||||
Disaggregation of Revenue [Line Items] | |||||
Unbilled receivables, not billable | $ 1,200,000 | $ 1,200,000 | $ 800,000 |
Revenue Recognition - Revenue R
Revenue Recognition - Revenue Recognized During Period (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Amounts included in contract liabilities at the beginning of the period: | ||||
Performance obligations satisfied | $ 129 | $ 6,107 | $ 500 | $ 7,814 |
Changes in the period: | ||||
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods | (695) | 3,356 | (543) | 3,140 |
Performance obligations satisfied from new activities in the period - contract revenue | 8,545 | 11,860 | 25,095 | 23,351 |
Total revenues | $ 7,979 | $ 21,323 | $ 25,052 | $ 34,305 |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligation (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Disaggregation of Revenue [Line Items] | |
Expected timing of satisfaction, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Disaggregation of Revenue [Line Items] | |
Expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Disaggregation of Revenue [Line Items] | |
Expected timing of satisfaction, period | |
Product revenue | |
Disaggregation of Revenue [Line Items] | |
Performance obligation | $ 10,000 |
Product revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Disaggregation of Revenue [Line Items] | |
Performance obligation | $ 9,800 |
Expected timing of satisfaction, period | 6 months |
Product revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Performance obligation | $ 100 |
Expected timing of satisfaction, period | 1 year |
Product revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Disaggregation of Revenue [Line Items] | |
Performance obligation | $ 100 |
Expected timing of satisfaction, period | 1 year |
Product revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Disaggregation of Revenue [Line Items] | |
Performance obligation | $ 0 |
Expected timing of satisfaction, period | |
Research and development revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Disaggregation of Revenue [Line Items] | |
Expected timing of satisfaction, period | 6 months |
Research and development revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Expected timing of satisfaction, period | 1 year |
Research and development revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Disaggregation of Revenue [Line Items] | |
Expected timing of satisfaction, period | 1 year |
Research and development revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Disaggregation of Revenue [Line Items] | |
Expected timing of satisfaction, period |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares excluded as anti-dilutive (shares) | 13,317 | 9,312 | 13,317 | 9,312 |
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 (shares) | 12,893 | 9,312 | 12,893 | 9,312 |
Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares excluded as anti-dilutive (shares) | 424 | 0 | 424 | 0 |
Investments in Non-Marketable_3
Investments in Non-Marketable Securities - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized or realized gains or losses | $ 0 | $ 0 | $ 0 | $ 0 |
Investments in Non-Marketable_4
Investments in Non-Marketable Securities - Carrying Value and Fair Value of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 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 |
Other investments in non-marketable equity securities | ||
Marketable Securities [Line Items] | ||
Total non-marketable equity securities | $ 382 | $ 382 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash | $ 6,195 | $ 8,742 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (23) | 0 |
Total | 73,222 | 65,116 |
Total | 73,199 | 65,116 |
Fair Value, Inputs, Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 12,400 | 56,374 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 12,400 | 56,374 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 54,627 | |
Unrealized Gains | 0 | |
Unrealized Losses | (23) | |
Fair Value | 54,604 | |
Fair Value, Inputs, Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 11,360 | |
Unrealized Gains | 0 | |
Unrealized Losses | (6) | |
Fair Value | 11,354 | |
Fair Value, Inputs, Level 2 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 3,934 | |
Unrealized Gains | 0 | |
Unrealized Losses | (5) | |
Fair Value | 3,929 | |
Fair Value, Inputs, Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 39,333 | |
Unrealized Gains | 0 | |
Unrealized Losses | (12) | |
Fair Value | 39,321 | |
Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash | 6,195 | 8,742 |
Total | 18,595 | 65,116 |
Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 12,400 | 56,374 |
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Short-term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash | 0 | 0 |
Total | 54,604 | 0 |
Short-term Investments | Fair Value, Inputs, Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | $ 0 |
Short-term Investments | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 54,604 | |
Short-term Investments | Fair Value, Inputs, Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 11,354 | |
Short-term Investments | Fair Value, Inputs, Level 2 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 3,929 | |
Short-term Investments | Fair Value, Inputs, Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 39,321 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Convertible Debt - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Credit losses | $ 0 | $ 0 | $ 0 | $ 0 |
Other-than-temporary impairment losses | $ 0 | $ 0 | $ 0 | $ 0 |
Balance Sheets Details - Invent
Balance Sheets Details - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Inventory Components | ||
Raw materials | $ 108 | $ 108 |
Work-in-process | 6 | 7 |
Finished goods | 2,118 | 2,570 |
Total Inventories | $ 2,232 | $ 2,685 |
Balance Sheets Details - Narrat
Balance Sheets Details - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Prepaid expense, current | $ 2.1 | $ 4.6 |
Asset, held-for-sale, not part of disposal group | 0.1 | |
Other assets, current | $ 0.9 | $ 0.6 |
Balance Sheets Details - Proper
Balance Sheets Details - Property and Equipment, net (Details) - USD ($) $ in Thousands | 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] | |||||
Property and equipment | $ 53,787 | $ 53,787 | $ 54,798 | ||
Less: accumulated depreciation and amortization | (39,821) | (39,821) | (39,311) | ||
Property and equipment, net | 13,966 | 13,966 | 15,487 | ||
Depreciation | 1,239 | $ 1,480 | 2,491 | $ 2,946 | |
Research and development | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation | 1,020 | 1,242 | 2,052 | 2,486 | |
Selling, general and administrative | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation | 219 | $ 238 | 439 | $ 460 | |
Laboratory equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 36,547 | 36,547 | 37,216 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 11,960 | 11,960 | 11,912 | ||
Computer equipment and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 2,651 | 2,651 | 2,565 | ||
Office equipment and furniture | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 1,116 | 1,116 | 1,469 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | $ 1,513 | $ 1,513 | $ 1,636 |
Balance Sheets Details - Other
Balance Sheets Details - Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheets Details [Abstract] | ||
Accrued professional and outside service fees | $ 2,766 | $ 2,330 |
Accrued purchases | 2,252 | 1,402 |
Other | 399 | 1,003 |
Total other accrued liabilities | $ 5,417 | $ 4,735 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based payment arrangement, noncash expense | $ 4,682,000 | $ 2,716,000 | $ 7,853,000 | $ 5,525,000 | ||
Selling, general and administrative | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based payment arrangement, noncash expense | 3,940,000 | $ 1,827,000 | 6,176,000 | $ 3,785,000 | ||
Stock-based compensation expense | $ 2,000,000 | $ 2,000,000 | ||||
ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Consecutive offering period | 24 months | |||||
Purchase price of common stock | 85% | |||||
Fixed contribution rate | $ 25,000 | |||||
Number of shares authorized (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | |||
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares) | 123,889 | 123,889 | ||||
Common stock, capital shares reserved for future issuance (in shares) | 1,876,111 | 1,876,111 | ||||
Share-based payment arrangement, noncash expense | $ 72,000 | $ 0 | $ 149,000 | $ 0 | ||
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | 600,000 | 600,000 | ||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based payment arrangement, noncash expense | 2,117,000 | 1,096,000 | $ 3,631,000 | 2,018,000 | ||
Expiration period | 10 years | |||||
Award vesting period | 3 years | 4 years | ||||
Compensation not yet recognized, stock options | 12,000,000 | $ 12,000,000 | ||||
Stock Options | Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 1 year | 1 year | ||||
Award vesting rights | 33% | 25% | ||||
Stock Options | Tranche Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 2 years | 3 years | ||||
Award vesting rights | 67% | 75% | ||||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting rights | 33% | |||||
RSAs and RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based payment arrangement, noncash expense | 1,152,000 | $ 1,373,000 | $ 2,469,000 | $ 2,499,000 | ||
Compensation not yet recognized, share-based awards other than options | $ 6,000,000 | $ 6,000,000 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | $ 4,682 | $ 2,716 | $ 7,853 | $ 5,525 |
Stock options | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 2,117 | 1,096 | 3,631 | 2,018 |
RSUs and restricted stock awards (“RSAs”) | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 1,152 | 1,373 | 2,469 | 2,499 |
Performance-contingent restricted stock units (“PSUs”) | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 0 | 279 | 247 | 1,116 |
Performance based options (“PBOs”) | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 1,341 | (32) | 1,357 | (108) |
ESPP | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 72 | 0 | 149 | 0 |
Cost of product revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 101 | 83 | 216 | 212 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | 641 | 806 | 1,461 | 1,528 |
Selling, general and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation | $ 3,940 | $ 1,827 | $ 6,176 | $ 3,785 |
Capital Stock (Details)
Capital Stock (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 02, 2024 USD ($) | May 31, 2021 USD ($) | Jun. 30, 2024 shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Feb. 27, 2023 USD ($) | |
Class of Stock [Line Items] | |||||||
Stock options exercised (shares) | shares | 75,856 | 214,284 | |||||
Weighted average exercise price of stock options exercised (in dollars per share) | $ / shares | $ 1.97 | $ 1.97 | |||||
Net proceeds from stock options exercised | $ 100 | $ 400 | |||||
Sale of stock, securities registered aggregate amount | $ 200,000 | ||||||
Sale of stock, consideration received on transaction, gross | $ 7,100 | 8,700 | |||||
Net proceeds received | 6,800 | 7,900 | |||||
Costs incurred in connection with offering | $ 331 | $ 721 | |||||
Cantor Sales Agreement | |||||||
Class of Stock [Line Items] | |||||||
Net proceeds received | $ 75,000 | $ 75,000 | |||||
Sale of stock, commission fee, percent | 0.030 | ||||||
PSC | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, period | 3 years | ||||||
Sale of stock, maximum selling period | 3 years | ||||||
Sale of stock, commissions, percentage of gross sales price | 3% | ||||||
Issuance of common stock in connection with an equity sales agreement, net of issuance costs (shares) | shares | 0 | 2,751,941 | 0 | 3,079,421 | |||
PSC | 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease, cost | $ 1,033 | $ 1,830 | $ 2,065 | $ 3,660 |
Variable lease cost | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Other Lease Information (Details) | Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] | |
Weighted-average remaining lease term (in years) | 3 years 4 months 24 days |
Weighted-average discount rate | 6.60% |
Commitments and Contingencies_3
Commitments and Contingencies - Cash Paid for Lease Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating cash flows from operating leases | $ 2,357 | $ 3,775 |
Commitments and Contingencies_4
Commitments and Contingencies - Maturity Analysis of Operating Lease (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Operating Leases | ||
2024 (remaining 6 months) | $ 2,369 | |
2025 | 4,868 | |
2026 | 5,014 | |
2027 | 2,533 | |
2028 | 760 | |
Thereafter | 318 | |
Total minimum lease payments | 15,862 | |
Less: imputed interest | 1,692 | |
Lease obligations | 14,170 | |
Current portion of lease obligations - Operating leases | 3,979 | $ 3,781 |
Long-term lease obligations - Operating leases | $ 10,191 | $ 12,243 |
Commitments and Contingencies_5
Commitments and Contingencies - Other Commitments (Details) - Facility maintenance agreement $ in Thousands | Jun. 30, 2024 USD ($) |
Other Commitments [Line Items] | |
Total | $ 281 |
2024 (Remaining 6 Months) | 281 |
2025 and Thereafter | $ 0 |
Commitments and Contingencies_6
Commitments and Contingencies - Narrative (Details) | Jun. 30, 2024 USD ($) |
Indemnification Agreement | |
Other Commitments [Line Items] | |
Loss contingency accrual | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Feb. 13, 2024 USD ($) tranche $ / shares shares | Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | |
Debt Instrument [Line Items] | |||
Face value of debt | $ 30,000 | $ 30,000 | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | ||
Debt instrument, unamortized discount | 1,261 | 1,261 | |
Unamortized debt issuance expense | 605 | 605 | |
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 | ||
Stated interest rate | 7.50% | ||
Basis spread on variable rate | 3.25% | ||
Debt instrument, interest, paid in kind | 0.020 | ||
Debt instrument, interest payable, term | 3 years | ||
Debt instrument, exit fee, percent | 0.030 | ||
Debt instrument, unamortized discount | $ 1,300 | ||
Unamortized debt issuance expense | $ 600 | ||
Interest expense, debt | $ 1,000 | $ 1,500 | |
Debt instrument, interest rate, effective percentage | 14% | 14% | |
Innovatus Loan | Secured Debt | Maximum | |||
Debt Instrument [Line Items] | |||
Early repayment fee, percentage | 0.030 | ||
Innovatus Loan | Secured Debt | Minimum | |||
Debt Instrument [Line Items] | |||
Early repayment fee, percentage | 0.010 | ||
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 | Jun. 30, 2024 USD ($) |
Debt Disclosure [Abstract] | |
Face value of debt | $ 30,000 |
Add: payment in-kind interest | 180 |
Add: amortized exit fee | 52 |
Less: unamortized debt issuance fee | (1,261) |
Less: unamortized debt issuance costs | (605) |
Total long-term debt | $ 28,365 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands | Jun. 30, 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 | 52 |
Less: uncapitalized payment in-kind interest | (1,655) |
Less: unamortized debt issuance fee | (1,261) |
Less: unamortized debt issuance costs | (605) |
Total long-term debt | $ 28,365 |
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue | Customer A | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 18% | 16% | 11% | ||
Revenue | Customer B | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 18% | ||||
Revenue | Customer C | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 18% | ||||
Revenue | Customer D | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 15% | ||||
Revenue | Customer E | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 28% | 17% | |||
Revenue | Customer F | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 18% | 11% | |||
Revenue | Customer G | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 11% | ||||
Revenue | Customer H | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 24% | ||||
Revenue | Customer I | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10% | ||||
Accounts Receivable | Customer A | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 31% | 12% | |||
Accounts Receivable | Customer D | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 23% | ||||
Accounts Receivable | Customer F | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 21% | ||||
Accounts Receivable | Customer J | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 12% | ||||
Accounts Receivable | Customer K | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 13% | ||||
Accounts Receivable | Customer L | |||||
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 | Jun. 30, 2024 | Dec. 31, 2023 |
United States | ||
Geographic Areas, Long-Lived Assets [Abstract] | ||
Long-lived assets | $ 25,878 | $ 28,624 |