Codexis (CDXS) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

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