CVRx (CVRX) 10-Q 8 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 08, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40545
Entity Registrant Name	CVRx, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1983744
Entity Address, Address Line One	9201 West Broadway Avenue
Entity Address, Address Line Two	Suite 650
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55445
City Area Code	763
Local Phone Number	416-2840
Title of 12(b) Security	Common stock,
Trading Symbol	CVRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,351,779
Entity Central Index Key	0001235912
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 170,913	$ 59,112
Accounts receivable, net	3,421	1,281
Inventory	3,440	3,343
Prepaid expenses and other current assets	2,923	605
Total current assets	180,697	64,341
Property and equipment, net	943	410
Other non-current assets	67	26
Total assets	181,707	64,777
Current liabilities:
Accounts payable	541	483
Accrued expenses	4,977	3,583
Warrant liability	0	3,911
Current portion of long-term debt	3,333	0
Total current liabilities	8,851	7,977
Long-term debt	16,151	19,278
Other long-term liabilities	941	777
Total liabilities	25,943	28,032
Commitments and contingencies
Convertible preferred stock, $0.01 par value, 10,000,000 and 237,370,645 authorized as of September 30, 2021 and December 31, 2020, respectively; 0 and 223,541,754 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	0	329,983
Stockholders' equity (deficit):
Common stock, $0.01 par value, 200,000,000 and 625,217,795 authorized as of September 30, 2021 and December 31, 2020, respectively; 20,351,779 and 360,412 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	204	4
Additional paid-in capital	539,941	58,624
Accumulated deficit	(384,184)	(351,676)
Accumulated other comprehensive loss	(197)	(190)
Total stockholders' equity (deficit)	155,764	(293,238)
Total liabilities, convertible preferred stock, and stockholders' equity (deficit)	$ 181,707	$ 64,777

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized	10,000,000	237,370,645
Convertible preferred stock, shares issued	0	223,541,754
Convertible preferred stock, shares outstanding	0	223,541,754
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	625,217,795
Common stock, shares issued	20,351,779	360,412
Common stock, shares outstanding	20,351,779	360,412

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Operations [Abstract]
Revenue	$ 3,395	$ 997	$ 9,378	$ 3,965
Cost of goods sold	876	212	2,656	989
Gross profit	2,519	785	6,722	2,976
Operating expenses:
Research and development	1,699	1,500	5,704	5,900
Selling, general and administrative	8,111	2,327	18,198	6,455
Total operating expenses	9,810	3,827	23,902	12,355
Loss from operations	(7,291)	(3,042)	(17,180)	(9,379)
Interest expense	(614)	(621)	(1,823)	(1,856)
Other income (expense), net	1,795	455	(13,439)	592
Loss before income taxes	(6,110)	(3,208)	(32,442)	(10,643)
Provision for income taxes	(23)	(19)	(66)	(64)
Net loss	(6,133)	(3,227)	(32,508)	(10,707)
Cumulative translation adjustment	(3)	14	(8)	(7)
Comprehensive loss	$ (6,136)	$ (3,213)	$ (32,516)	$ (10,714)
Net loss per share, basic and diluted	$ (0.30)	$ (9.56)	$ (4.66)	$ (27.58)
Weighted-average common shares used to compute net loss per share, basic and diluted	20,126,672	360,356	6,975,386	396,071

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders Equity (Deficit) - USD ($) $ in Thousands	Convertible preferred stock	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated and other comprehensive loss	Total
Balances, Beginning at Dec. 31, 2019	$ 279,983
Balances, Beginning (in shares) at Dec. 31, 2019	161,041,754
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series G preferred stock, net of costs	$ 49,783
Issuance of Series G preferred stock, net of costs (in shares)	62,500,000
Accretion of Series G issuance costs	$ 217
Balances, Ending at Sep. 30, 2020	$ 329,983
Balances, Ending (in shares) at Sep. 30, 2020	223,541,754
Balances, Beginning at Dec. 31, 2019		$ 5	$ 58,708	$ (337,567)	$ (189)	$ (279,043)
Balances, Beginning (in shares) at Dec. 31, 2019		483,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		175
Repurchase of common stock		$ (1)	1
Repurchase of common stock (in shares)		(123,694)
Employee stock compensation			95			95
Accretion of Series G issuance costs			(217)			(217)
Net loss				(10,707)		(10,707)
Cumulative translation adjustment					(7)	(7)
Balances, Ending at Sep. 30, 2020		$ 4	58,587	(348,274)	(196)	(289,879)
Balances, Ending (in shares) at Sep. 30, 2020		360,412
Balances, Beginning at Jun. 30, 2020	$ 279,983
Balances, Beginning (in shares) at Jun. 30, 2020	161,041,754
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series G preferred stock, net of costs	$ 49,783
Issuance of Series G preferred stock, net of costs (in shares)	62,500,000
Accretion of Series G issuance costs	$ 217
Balances, Ending at Sep. 30, 2020	$ 329,983
Balances, Ending (in shares) at Sep. 30, 2020	223,541,754
Balances, Beginning at Jun. 30, 2020		$ 4	58,773	(345,047)	(210)	(286,480)
Balances, Beginning (in shares) at Jun. 30, 2020		360,237
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		175
Employee stock compensation			31			31
Accretion of Series G issuance costs			(217)			(217)
Net loss				(3,227)		(3,227)
Cumulative translation adjustment					14	14
Balances, Ending at Sep. 30, 2020		$ 4	58,587	(348,274)	(196)	(289,879)
Balances, Ending (in shares) at Sep. 30, 2020		360,412
Balances, Beginning at Dec. 31, 2020	$ 329,983					$ 329,983
Balances, Beginning (in shares) at Dec. 31, 2020	223,541,754					223,541,754
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of Series G preferred stock	$ (329,983)
Conversion of Series G preferred stock (in shares)	(223,541,754)
Balances, Ending at Sep. 30, 2021						$ 0
Balances, Ending (in shares) at Sep. 30, 2021						0
Balances, Beginning at Dec. 31, 2020		$ 4	58,624	(351,676)	(190)	$ (293,238)
Balances, Beginning (in shares) at Dec. 31, 2020		360,412
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options			10			$ 10
Exercise of stock options (in shares)		11,783				11,783
Employee stock compensation			1,159			$ 1,159
Issuance of common stock, net of offering costs		$ 81	133,080			133,161
Issuance of common stock, net of offering costs (in shares)		8,050,000
Reverse stock split			(1)			(1)
Conversion of Series G preferred stock		$ 119	347,069			347,188
Conversion of Series G preferred stock (in shares)		11,929,584
Net loss				(32,508)		(32,508)
Cumulative translation adjustment					(7)	(7)
Balances, Ending at Sep. 30, 2021		$ 204	539,941	(384,184)	(197)	155,764
Balances, Ending (in shares) at Sep. 30, 2021		20,351,779
Balances, Beginning at Jun. 30, 2021	$ 329,983
Balances, Beginning (in shares) at Jun. 30, 2021	223,541,754
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of Series G preferred stock	$ (329,983)
Conversion of Series G preferred stock (in shares)	(223,541,754)
Balances, Ending at Sep. 30, 2021						$ 0
Balances, Ending (in shares) at Sep. 30, 2021						0
Balances, Beginning at Jun. 30, 2021		$ 4	59,311	(378,051)	(195)	$ (318,931)
Balances, Beginning (in shares) at Jun. 30, 2021		366,342
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options			8			8
Exercise of stock options (in shares)		5,853
Employee stock compensation			474			474
Issuance of common stock, net of offering costs		$ 81	133,080			133,161
Issuance of common stock, net of offering costs (in shares)		8,050,000
Reverse stock split			(1)			(1)
Conversion of Series G preferred stock		$ 119	347,069			347,188
Conversion of Series G preferred stock (in shares)		11,929,584
Net loss				(6,133)		(6,133)
Cumulative translation adjustment					(2)	(2)
Balances, Ending at Sep. 30, 2021		$ 204	$ 539,941	$ (384,184)	$ (197)	$ 155,764
Balances, Ending (in shares) at Sep. 30, 2021		20,351,779

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (32,508)	$ (10,707)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,159	95
Depreciation of property and equipment	112	52
Amortization of deferred financing costs and loan discount	206	217
Changes in fair value of convertible preferred stock warrants	13,294	(387)
Changes in operating assets and liabilities:
Accounts receivable	(2,140)	138
Inventory	(97)	(1,243)
Prepaid expenses and other current assets	(2,359)	(241)
Accounts payable	58	228
Accrued expenses	1,558	(164)
Net cash used in operating activities	(20,717)	(12,012)
Cash flows from investing activities:
Purchase of property and equipment	(645)	(210)
Net cash used in investing activities	(645)	(210)
Cash flows from financing activities:
Proceeds from the exercise of common stock options	10	0
Proceeds from issuance of Series G Preferred Stock, net of fees	0	49,783
Payments related to reverse stock split	(1)	0
Proceeds from the issuance of common stock, net of offering costs	133,161	0
Net cash provided by financing activities	133,170	49,783
Effect of currency exchange on cash and cash equivalents	(7)	(7)
Net change in cash and cash equivalents	111,801	37,554
Cash and cash equivalents at beginning of year	59,112	25,741
Cash and cash equivalents at end of period	170,913	63,295
Supplemental Information:
Cash paid for interest	1,522	1,528
Cash paid for income taxes	$ 1	$ 10

Business Organization

Business Organization	9 Months Ended
	Sep. 30, 2021
Business Organization [Abstract]
Business organization	1. Business organization CVRx, Inc. (the “Company”) was incorporated in Delaware and is headquartered in Minneapolis, Minnesota. The Company has developed and is marketing a medical device, BAROSTIM NEO, for heart failure (“HF”) and resistant hypertension. The Company is focused on the sale of its product in the U.S. and Europe. Management expects that operating losses and negative cash flows from operations could continue in the foreseeable future. There is no assurance that the Company will generate sufficient product sales to produce positive earnings or cash flows.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Statement presentation and basis of consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial statements. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other future period. The condensed consolidated financial statements include the accounts of CVRx, Inc., its wholly owned subsidiary, CVRx Switzerland LLC, and its sales branch in Italy. All intercompany balances and transactions have been eliminated in consolidation. JOBS Act accounting election The Company is an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company has elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Use of estimates Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents include highly liquid investments with an original maturity of three months or less. As of September 30, 2021 and December 31, 2020, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value. Inventory Inventory is stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. The Company regularly reviews inventory quantities in consideration of actual loss experiences, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate. Revenue recognition The Company sells its products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. The Company’s revenue consists primarily of the sale of its BAROSTIM NEO, which consists of two implantable components: a pulse generator and a stimulation lead. Under Accounting Standards Codification Topic 606, Revenue from Contracts with Customers Recent accounting pronouncements In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02, Leases .

Selected Balance Sheet Informat

Selected Balance Sheet Information	9 Months Ended
	Sep. 30, 2021
Selected Balance Sheet Information [Abstract]
Selected balance sheet information	3. Selected balance sheet information Inventory consists of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2021 ​ 2020 Raw material ​ $ 1,083 ​ $ 1,361 Work-in-process ​ 287 ​ 321 Finished goods ​ 2,070 ​ 1,661 ​ ​ $ 3,440 ​ $ 3,343 ​ Property and equipment, net consists of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2021 ​ 2020 Office furniture and equipment ​ $ 271 ​ $ 189 Lab equipment ​ 1,440 ​ 1,272 Computer equipment and software ​ 516 ​ 516 Leasehold improvements ​ 45 ​ 44 Capital equipment in process ​ 483 ​ 89 ​ ​ 2,755 ​ 2,110 Less: Accumulated depreciation and amortization ​ 1,812 ​ 1,700 ​ ​ $ 943 ​ $ 410 ​ Depreciation expense was $42,000 and $17,000 for the three months ended September 30, 2021 and 2020, respectively, and $112,000 and $52,000 for the nine months ended September 30, 2021 and 2020, respectively. Accrued expenses consist of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2021 ​ 2020 Clinical trial and other professional fees ​ $ 1,638 ​ $ 1,690 Bonuses ​ 1,628 ​ 794 Paid time off ​ 723 ​ 552 Interest payable ​ ​ 451 ​ ​ 356 Other ​ 537 ​ 191 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,977 ​ $ 3,583 ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements [Abstract]
Fair value measurements	4. Fair value measurements Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows: ● Level 1 — Inputs are quoted prices in active markets for identical assets or liabilities. ● Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. ● Level 3 — Inputs are unobservable for the asset or liability. The following table sets forth the Company’s liabilities that were measured at fair value on a recurring basis by level within the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: ​ ​ ​ ​ Convertible preferred stock warrant liability ​ $ — ​ $ — ​ $ 3,911 ​ $ 3,911 Total liabilities ​ $ — ​ $ — ​ $ 3,911 ​ $ 3,911 ​ The convertible preferred stock warrant liability related to warrants issued in connection with loan and security agreements entered into in September 2014, as amended in July 2015, in May 2016 and in September 2019. These warrants were originally issued to purchase shares of Series F-2 convertible preferred stock and Series G convertible preferred stock (“Series G Preferred Shares”). In connection with the closing of the initial public offering (“IPO”), these convertible preferred stock warrants became warrants to purchase 108,406 shares of common stock and were reclassified to equity. The convertible preferred stock warrant liability also related to a warrant issued to Biosense Webster, Inc. (“BWI”), an affiliate of Johnson & Johnson Innovation — JJDC, Inc., to purchase Series G Preferred Shares with an exercise price of $0.01 per share. In connection with the closing of the IPO, the BWI warrant to purchase Series G Preferred Shares became exercisable to purchase 607,725 shares of common stock at . The Company’s recurring fair value measurements using significant unobservable inputs (Level 3) related solely to the Company’s convertible preferred stock warrant liability. The convertible preferred stock warrant liability was remeasured at each financial reporting period with any changes in fair value being recognized as a component of other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. In connection with the closing of the IPO, all of the outstanding convertible preferred stock warrants were converted to common stock warrants. The related liability was remeasured at the time of the IPO and reclassed to additional paid-in capital. The fair value of the convertible preferred stock warrant liability was determined using the Black-Scholes option pricing model with the following inputs during the nine months ended: The following table sets forth a summary of changes in the estimated fair value of the Company’s convertible preferred stock warrants during the nine months ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, (in thousands) 2021 2020 Beginning of the period ​ $ 3,911 ​ $ 3,540 Change in fair value ​ 13,294 ​ (17) Conversion to common stock warrants ​ ​ (17,205) ​ ​ — End of the period ​ $ — ​ $ 3,523 ​ There were no transfers in or out of Level 1, Level 2 or Level 3 fair value measurements during the periods ended September 30, 2021 and December 31, 2020.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt [Abstract]
Debt	5. Debt Horizon loan agreement In September 2019, the Company entered into a loan and security agreement (“Horizon loan agreement”) with Horizon Technology Finance Corporation (“Horizon”) under which it could borrow up to a total of $20.0 million at a floating per annum rate equal to 10% plus the amount by which the 30-day U.S. dollar LIBOR rate on the first business day of the month exceeds 2.2%. The Horizon loan agreement initially required interest only payments through October 2021 and then 36 monthly principal and interest payments beginning in November 2021. A final payment of $0.7 million, equal to 3.5% of the original principal, is due in October 2024. The Horizon loan agreement initially required the Company to maintain cash on deposit of not less than $5.0 million in accounts over which Horizon maintained an account control agreement. This minimum cash on deposit requirement was released in July 2020, following the satisfaction of a financing milestone. The borrowings are collateralized by all or substantially all of the assets of the Company. The Horizon loan agreement requires the payment of certain penalties if the loan is paid off prior to maturity for any reason, including pursuant to a subjective acceleration clause, and includes various restrictive covenants, including a restriction on the payment of dividends. The Company was in compliance with these covenants as of September 30, 2021. In August 2020, the Company entered into an amended agreement with Horizon to extend the interest only period through April 2022, followed by 30 monthly principal and interest payments beginning in May 2022. In connection with the Horizon loan agreement, the Company recorded $1.1 million of debt issuance costs and discounts as a reduction of long-term debt. Of this total, $0.5 million related to legal fees and an investment bank fee and $0.6 million related to the warrants to purchase Series G Preferred Shares issued by the Company. These warrants were exercisable on the grant date at a price of $0.80 per share and expire in September 2029. The Company used the Black-Scholes option pricing model to determine the grant date fair value of these warrants. The annual principal maturities of debt as of September 30, 2021 are as follows (in thousands): ​ ​ ​ ​ 2021 $ — 2022 ​ 5,333 2023 ​ 8,000 2024 ​ 6,667 ​ ​ 20,000 Less: Unamortized debt costs and discounts ​ (516) Less: current portion ​ ​ (3,333) Long-term debt ​ $ 16,151 ​

Stockholders Equity

Stockholders Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity [Abstract]
Stockholders' equity	6. Stockholders’ equity Initial Public Offering During 2016, the Company issued 72,125,000 shares of Series G Preferred Shares at a price of $0.80 per share, for net proceeds to the Company of approximately $57.4 million after deducting offering expenses payable by the Company. The same Series G investors agreed to purchase an additional $35.3 million of Series G Preferred Shares upon the Company’s achievement of a certain operational milestone, subject to limited closing conditions. In January 2019, May 2019, and August 2019 , the Series G investors purchased additional Series G Preferred Shares, resulting in net proceeds to the Company of $24.7 million. In July of 2020, the Company issued 62,500,000 additional Series G Preferred Shares, at a price of $0.80 per share, for net proceeds to the Company of $49.8 million after deducting offering expenses payable by the Company. On May 31, 2016, holders of the requisite number of the Company’s then-outstanding convertible preferred stock approved the conversion of all preferred stock into shares of the Company’s common stock in connection with a new equity financing. Accordingly, all of the Company’s then-outstanding preferred stock was converted on a one-for-one basis into shares of the Company’s common stock. Under the terms of the equity financing, each prior holder of preferred stock who purchased a required amount of securities in the new financing was entitled to exchange certain of the shares of common stock received in the conversion described above into new prime series of preferred stock corresponding to the series of preferred stock from which the common stock was previously converted. All of the previously held Series A-1, B-1, C-1, D-1, E-1 and F preferred stock had similar features as the Series A-2 preferred stock (“Series A-2 Preferred Shares”), Series B-2 preferred stock (“Series B-2 Preferred Shares”), Series C-2 preferred stock (“Series C-2 Preferred Shares”), Series D-2 preferred stock (“Series D-2 Preferred Shares”), Series E-2 preferred stock (“Series E-2 Preferred Shares”), and Series F-2 preferred stock (“Series F-2 Preferred Shares”) described below. The Series A-2, Series B-2, Series C-2, Series D-2, Series E-2, Series F-2 and Series G Preferred Shares are referred to collectively as the “Preferred Shares.” On July 2, 2021, the Company closed its IPO of 8,050,000 shares of its common stock at a public offering price of $18.00 per share, which included 1,050,000 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares, for net proceeds from the IPO, after deducting the underwriting discount and other offering expenses payable by the Company totaling $1.6 million, of $133.2 million. Upon the closing of the IPO, all shares of convertible preferred stock were automatically converted into common stock. Series G Preferred Shares were converted into common stock on a 15.819-for-1 basis, and all other shares of convertible preferred stock were automatically converted into common stock on a 39.548-for-1 basis. The conversion of the outstanding preferred stock resulted in an aggregate of 11,929,584 shares of common stock. Reverse Stock Split In connection with the IPO, the Company’s Board of Directors and stockholders approved a 1-for- 39.548 Common Stock Warrants In connection with the IPO, the warrants to purchase shares of convertible preferred stock automatically converted into warrants to purchase common stock, resulting in the reclassification of the related convertible preferred stock warrant liability to additional paid-in capital. Upon the closing of the IPO these warrants to purchase convertible preferred stock became exercisable for 716,131 shares of common stock upon conversion at a weighted average exercise price of $2.39 per share.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Stock-Based Compensation [Abstract]
Stock-Based Compensation	7. Stock-Based compensation Summary of plans and activity In June 2001, the Company’s Board of Directors and stockholders established the 2001 Stock Incentive Award Plan (“2001 Plan”). Under the 2001 Plan, as amended, 2,674,749 shares of common stock had been reserved for the issuance of incentive stock options granted to employees, nonemployee directors, consultants or independent contractors. Options granted under the 2001 Plan have vesting terms that range from the day of grant to four years and expire within a maximum term of 10 years from the grant date. In connection with the IPO in 2021, the Company’s Board of Directors and stockholders established the 2021 Equity Incentive Plan (“2021 Plan”). The number of shares of common stock initially reserved for issuance under the 2021 Plan was 1,854,490 newly reserved shares in addition to the 600,373 shares that remained available for issuance under the 2001 Plan. The shares available for issuance under the 2021 Plan will automatically increase on the first day of each year, commencing January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. The 2021 Plan provides for the issuance of stock options, stock appreciation rights, restricted stock awards, stock unit awards and other stock-based awards and cash incentive awards to employees, consultants and non-employee directors of the Company and its subsidiaries. Awards granted under the 2021 Plan will have such vesting schedules and other terms as determined by the Compensation Committee and stock options and stock appreciation rights have a maximum term of 10 years from the grant date. No further awards can be made under the 2001 Plan following the adoption of the 2021 Plan. As of September 30, 2021, there were 1,791,888 shares available for future issuance under the 2021 Plan. Options are granted at exercise prices not less than the fair market value (as determined by the Board of Directors) of the Company’s common stock on the date of grant. During the years 2008 through September 30, 2021, the Board of Directors authorized the grant of stock options for the purchase of shares of common stock to the employers of certain nonemployee directors. The options were not granted under the 2001 Plan or the 2021 Plan, but terms are substantially the same as the Company’s standard form of option agreement for nonemployee directors as they have an exercise price not less than the fair market value on the grant date and vest over 48 months from the date of grant. The following is a summary of stock option activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Number ​ Average ​ Aggregate ​ ​ of ​ Exercise ​ Intrinsic ​ ​ Options ​ Price ​ Value ​ ​ ​ ​ ​ ​ (in thousands) Balance as of December 31, 2020 1,473,359 ​ $ 2.64 ​ ​ Granted 1,238,426 ​ 13.00 ​ ​ Cancelled / Forfeited (42,669) ​ 10.31 ​ ​ Exercised (11,783) ​ 0.88 ​ ​ Balance as of September 30, 2021 2,657,333 ​ $ 7.35 ​ ​ $ 25,475 Options exercisable as of September 30, 2021 1,009,785 ​ $ 2.36 ​ ​ $ 14,330 ​ As of September 30, 2021, stock options outstanding included 9,993 options that were not granted under the 2001 Plan or the 2021 Plan. For options outstanding as of September 30, 2021, the weighted average remaining contractual life was 8.4 years. For options exercisable as of September 30, 2021, the weighted average remaining contractual life was 7.3 years. In connection with the IPO, the Company’s Board of Directors and stockholders also established an Employee Stock Purchase Plan (the “ESPP”). The number of shares of common stock initially reserved for issuance under the ESPP was 278,170. The shares available for issuance under the ESPP will automatically increase on the first day of each year, commencing January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors. The ESPP will permit certain of the Company’s U.S. employees to purchase shares of the Company’s common stock at a price per share not less than 85% of the l ower of (i) the closing market price per share of the Company’s common stock on the first day of the applicable purchase period or (ii) the closing market price per share of the Company’s common stock on the purchase date at the end of the applicable six-month purchase period. The Company expects the first purchase period to commence in 2022. Accordingly, as of September 30, 2021, no shares of common stock have been purchased under the ESPP. Stock-based compensation expense The Company uses the Black-Scholes option pricing model to determine the fair value of stock options on the grant date. The Company measures stock-based compensation expense based on the grant date fair value of the award and recognizes compensation expense over the requisite service period, which is generally the vesting period. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company estimates pre-vesting forfeitures at the time of grant by analyzing historical data and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the nine months ended September 30, 2021. No options were issued during the nine months ended September 30, 2020. ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ ​ ​ 2021 Weighted average fair value of options granted $ 5.25 ​ Expected term (in years) — non-officer employees ​ 2.7 to 6.1 ​ Expected term (in years) — officer employees ​ 3.0 ​ Expected volatility ​ 56.1% to 63.4 % Expected dividend yield ​ — % Risk-free interest rate ​ 0.17% to 0.47 % ​ The Company reviews these assumptions on a periodic basis and adjusts them, as necessary. The expected term of an award was determined based on the Company’s analysis of historical exercise behavior while taking into consideration various participant demographics and option characteristics. We utilize the simplified method to develop the estimate of the expected term For the three and nine months ended September 30, 2021 and 2020, the Company recognized stock-based compensation expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, (in thousands) ​ 2021 ​ 2020 ​ 2021 ​ 2020 Selling, general & administrative ​ $ 353 ​ $ 20 ​ $ 830 ​ $ 62 Research & development ​ ​ 115 ​ 11 ​ ​ 319 ​ 32 Cost of goods sold ​ ​ 6 ​ — ​ ​ 10 ​ 1 ​ ​ $ 474 ​ $ 31 ​ $ 1,159 ​ $ 95 ​ As of September 30, 2021, unrecognized compensation expense related to unvested stock-based compensation arrangements was $6.3 million. As of September 30, 2021, the related weighted average period over which it is expected to be recognized is approximately 3.5 years. Performance-Based options As of September 30, 2021, the Company had 10,493 stock options outstanding that contained vesting conditions contingent on the achievement of certain milestones. Assuming continued service by the employees, the options would start vesting over a 48-month period upon achievement of the performance criteria. As of September 30, 2021, the Company determined that the likelihood of achieving the milestones was not probable and therefore no stock-based compensation expense was recorded. Early exercise of stock options Under the 2001 Plan, the Company has issued options to certain executive officers with early-exercise provisions. The options may be exercised by the holder any time after they are granted. The Company has the right to repurchase, at the original option exercise price, shares issued pursuant to such early-exercise provisions, upon the termination of employment or death of the stockholder. This repurchase right expires based upon the original option vesting schedule. As of September 30, 2021 and 2020, there have been no early exercises and therefore there is no liability recorded for the early exercise of stock options.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Taxes [Abstract]
Income taxes	8. Income taxes As of both September 30, 2021 and 2020, a valuation allowance was recorded against all deferred tax assets due to the Company’s cumulative net loss position. Provision for income taxes for the three months ended September 30, 2021 and 2020 was $23,000 and $19,000, respectively. Provision for income taxes for the nine months ended September 30, 2021 and 2020 was $66,000 and $64,000, respectively. As of December 31, 2020, the Company had federal and state net operating loss carryforwards (“NOLs”) of approximately $296.1 million and $88.0 million, respectively. The federal NOLs begin to expire in 2021 and the state NOLs began expiring in 2020. As of December 31, 2020, the Company had federal and state tax credit carryforwards of approximately $8.6 million and $1.5 million, respectively. The federal and state tax credit carryforwards begin to expire in 2021 and 2028, respectively. Utilization of net operating loss carryforwards may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986 and similar state provisions. The Company has not performed a detailed analysis to determine whether an ownership change has occurred. Such a change of ownership would limit the Company’s utilization of the net operating losses and could be triggered by subsequent sales of securities by the Company or its stockholders.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	9. (Loss) Earnings Per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Numerator: ​ ​ ​ ​ ​ ​ Net loss ​ $ (6,133) ​ $ (3,227) ​ $ (32,508) ​ $ (10,707) Accretion of preferred stock to redemption value ​ — ​ (217) ​ — ​ (217) Net loss attributable to common stockholders ​ $ (6,133) ​ $ (3,444) ​ $ (32,508) ​ $ (10,924) Denominator: ​ ​ ​ ​ Weighted average common shares outstanding — basic and diluted ​ 20,126,672 ​ 360,356 ​ 6,975,386 ​ 396,071 Net loss per share attributable to common stockholders — basic and diluted ​ $ (0.30) ​ $ (9.56) ​ $ (4.66) ​ $ (27.58) ​ The Company’s potentially dilutive securities, which include stock options, shares of convertible preferred stock, warrants to purchase shares of convertible preferred stock and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share attributable to common stockholders, as the effect would be to reduce the net loss per share attributable to common stockholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2021 2020 Options to purchase common stock 2,657,333 961,885 Warrants to purchase redeemable convertible preferred stock (as converted to common stock) — 108,406 Warrants to purchase common stock ​ 716,131 ​ — Redeemable convertible preferred stock (as converted to common stock) — 11,929,584 ​ 3,373,464 12,999,875 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies [Abstract]
Commitments and contingencies	10. Commitments and contingencies Commitments Operating Leases The Company has entered into an operating lease agreement for its office, manufacturing and research facility, which expires in 2024. Rent expense for the three months ended September 30, 2021 and 2020 was $91,000 and $90,000, respectively. Rent expense for the nine months ended September 30, 2021 and 2020 was $279,000 and $276,000, respectively. Future minimum lease payments under all operating leases as of September 30, 2021, are as follows for the years ending (in thousands): ​ ​ ​ ​ December 31, 2021 $ 56 December 31, 2022 ​ 227 December 31, 2023 ​ 234 December 31, 2024 ​ 138 ​ ​ $ 655 ​ Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. There have been no contingent liabilities requiring accrual or disclosure as of September 30, 2021 or December 31, 2020.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2021
Employee Benefit Plans [Abstract]
Employee benefit plans	11. Employee benefit plans The Company sponsors a voluntary defined-contribution employee retirement plan (the “401(k) plan”) for its U.S. employees. The 401(k) plan provides that each participant may contribute pre-tax or post-tax compensation up to the statutory limit allowable. Under the 401(k) plan, each participant is fully vested in his or her deferred salary contributions when contributed. The Company does not provide matching contributions to employees.

Segment, Geographic Information

Segment, Geographic Information and Revenue Disaggregation	9 Months Ended
	Sep. 30, 2021
Segment, Geographic Information and Revenue Disaggregation [Abstract]
Segment, geographic information and revenue disaggregation	12. Segment, geographic information and revenue disaggregation The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, the Company has determined that it has a single reportable and operating segment structure. The Company and its Chief Executive Officer evaluate performance based primarily on revenue in the geographic locations in which the Company operates. The Company derives all its revenues from sales to customers in Europe and the U.S. The following table provides revenue by country for each location accounting for more than 10% of the total revenue for the three and nine months ended (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ September 30, ​ September 30, ​ ​ 2021 2020 ​ 2021 2020 U.S. ​ $ 2,572 ​ $ 296 ​ $ 6,289 ​ $ 902 Germany ​ 682 ​ 579 ​ 2,589 ​ 2,657 Other countries ​ 141 ​ 122 ​ 500 ​ 406 ​ ​ $ 3,395 ​ $ 997 ​ $ 9,378 ​ $ 3,965 ​ As September 30, 2021 and 2020, long-lived assets were located primarily in the U.S.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent events	13. Subsequent events ​ On November 3, 2021 the Company fully repaid all amounts outstanding under the $20.0 million principal amount Horizon loan agreement. The total repayment amount was $21.3 million, inclusive of prepayment and other fees, and will be reflected within the Company’s financial statements for the fiscal year ended December 31, 2021. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies [Abstract]
Statement presentation and basis of consolidation	Statement presentation and basis of consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial statements. In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the Company’s statements of financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other future period. The condensed consolidated financial statements include the accounts of CVRx, Inc., its wholly owned subsidiary, CVRx Switzerland LLC, and its sales branch in Italy. All intercompany balances and transactions have been eliminated in consolidation.
JOBS Act accounting election	JOBS Act accounting election The Company is an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company has elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.
Use of estimates	Use of estimates Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include highly liquid investments with an original maturity of three months or less. As of September 30, 2021 and December 31, 2020, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value.
Inventory	Inventory Inventory is stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. The Company regularly reviews inventory quantities in consideration of actual loss experiences, projected future demand and remaining shelf life to record a provision for excess and obsolete inventory when appropriate.
Revenue recognition	Revenue recognition The Company sells its products primarily through a direct sales force and to a lesser extent through a combination of sales agents and independent distributors. The Company’s revenue consists primarily of the sale of its BAROSTIM NEO, which consists of two implantable components: a pulse generator and a stimulation lead. Under Accounting Standards Codification Topic 606, Revenue from Contracts with Customers
Recent accounting pronouncements	Recent accounting pronouncements In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02, Leases .

Selected Balance Sheet Inform_2

Selected Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2021
Selected Balance Sheet Information [Abstract]
Schedule of Inventory	Inventory consists of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2021 ​ 2020 Raw material ​ $ 1,083 ​ $ 1,361 Work-in-process ​ 287 ​ 321 Finished goods ​ 2,070 ​ 1,661 ​ ​ $ 3,440 ​ $ 3,343
Schedule of Property and Equipment, Net	Property and equipment, net consists of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2021 ​ 2020 Office furniture and equipment ​ $ 271 ​ $ 189 Lab equipment ​ 1,440 ​ 1,272 Computer equipment and software ​ 516 ​ 516 Leasehold improvements ​ 45 ​ 44 Capital equipment in process ​ 483 ​ 89 ​ ​ 2,755 ​ 2,110 Less: Accumulated depreciation and amortization ​ 1,812 ​ 1,700 ​ ​ $ 943 ​ $ 410
Schedule of Accrued Expenses	Accrued expenses consist of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2021 ​ 2020 Clinical trial and other professional fees ​ $ 1,638 ​ $ 1,690 Bonuses ​ 1,628 ​ 794 Paid time off ​ 723 ​ 552 Interest payable ​ ​ 451 ​ ​ 356 Other ​ 537 ​ 191 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,977 ​ $ 3,583

Fair value measurements (Tables

Fair value measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements [Abstract]
Liabilities Measured at Fair Value on a Recurring Basis	The following table sets forth the Company’s liabilities that were measured at fair value on a recurring basis by level within the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: ​ ​ ​ ​ Convertible preferred stock warrant liability ​ $ — ​ $ — ​ $ 3,911 ​ $ 3,911 Total liabilities ​ $ — ​ $ — ​ $ 3,911 ​ $ 3,911
Fair Value of the Company's Convertible Preferred Stock Warrants	The following table sets forth a summary of changes in the estimated fair value of the Company’s convertible preferred stock warrants during the nine months ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, (in thousands) 2021 2020 Beginning of the period ​ $ 3,911 ​ $ 3,540 Change in fair value ​ 13,294 ​ (17) Conversion to common stock warrants ​ ​ (17,205) ​ ​ — End of the period ​ $ — ​ $ 3,523

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt [Abstract]
Schedule of Annual Principal Maturities of Debt	The annual principal maturities of debt as of September 30, 2021 are as follows (in thousands): ​ ​ ​ ​ 2021 $ — 2022 ​ 5,333 2023 ​ 8,000 2024 ​ 6,667 ​ ​ 20,000 Less: Unamortized debt costs and discounts ​ (516) Less: current portion ​ ​ (3,333) Long-term debt ​ $ 16,151

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Stock-Based Compensation [Abstract]
Schedule of Stock Option Activity	The following is a summary of stock option activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Number ​ Average ​ Aggregate ​ ​ of ​ Exercise ​ Intrinsic ​ ​ Options ​ Price ​ Value ​ ​ ​ ​ ​ ​ (in thousands) Balance as of December 31, 2020 1,473,359 ​ $ 2.64 ​ ​ Granted 1,238,426 ​ 13.00 ​ ​ Cancelled / Forfeited (42,669) ​ 10.31 ​ ​ Exercised (11,783) ​ 0.88 ​ ​ Balance as of September 30, 2021 2,657,333 ​ $ 7.35 ​ ​ $ 25,475 Options exercisable as of September 30, 2021 1,009,785 ​ $ 2.36 ​ ​ $ 14,330
Schedule of Assumptions Used to Determine the Grant-Date Fair Value of Stock Options	The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the nine months ended September 30, 2021. No options were issued during the nine months ended September 30, 2020. ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ ​ ​ 2021 Weighted average fair value of options granted $ 5.25 ​ Expected term (in years) — non-officer employees ​ 2.7 to 6.1 ​ Expected term (in years) — officer employees ​ 3.0 ​ Expected volatility ​ 56.1% to 63.4 % Expected dividend yield ​ — % Risk-free interest rate ​ 0.17% to 0.47 %
Recognized Stock-Based Compensation Expense	For the three and nine months ended September 30, 2021 and 2020, the Company recognized stock-based compensation expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, (in thousands) ​ 2021 ​ 2020 ​ 2021 ​ 2020 Selling, general & administrative ​ $ 353 ​ $ 20 ​ $ 830 ​ $ 62 Research & development ​ ​ 115 ​ 11 ​ ​ 319 ​ 32 Cost of goods sold ​ ​ 6 ​ — ​ ​ 10 ​ 1 ​ ​ $ 474 ​ $ 31 ​ $ 1,159 ​ $ 95

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Basic and Diluted Net Loss per Share	Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Numerator: ​ ​ ​ ​ ​ ​ Net loss ​ $ (6,133) ​ $ (3,227) ​ $ (32,508) ​ $ (10,707) Accretion of preferred stock to redemption value ​ — ​ (217) ​ — ​ (217) Net loss attributable to common stockholders ​ $ (6,133) ​ $ (3,444) ​ $ (32,508) ​ $ (10,924) Denominator: ​ ​ ​ ​ Weighted average common shares outstanding — basic and diluted ​ 20,126,672 ​ 360,356 ​ 6,975,386 ​ 396,071 Net loss per share attributable to common stockholders — basic and diluted ​ $ (0.30) ​ $ (9.56) ​ $ (4.66) ​ $ (27.58) ​
Antidilutive Securities Excluded from Computation of Earnings Per Share	​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2021 2020 Options to purchase common stock 2,657,333 961,885 Warrants to purchase redeemable convertible preferred stock (as converted to common stock) — 108,406 Warrants to purchase common stock ​ 716,131 ​ — Redeemable convertible preferred stock (as converted to common stock) — 11,929,584 ​ 3,373,464 12,999,875

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum lease payments under all operating leases as of September 30, 2021, are as follows for the years ending (in thousands): ​ ​ ​ ​ December 31, 2021 $ 56 December 31, 2022 ​ 227 December 31, 2023 ​ 234 December 31, 2024 ​ 138 ​ ​ $ 655 ​

Segment, Geographic Informati_2

Segment, Geographic Information and Revenue Disaggregation (Tables)	9 Months Ended
	Sep. 30, 2021
Segment, Geographic Information and Revenue Disaggregation [Abstract]
Schedule of Segment Reporting	The Company derives all its revenues from sales to customers in Europe and the U.S. The following table provides revenue by country for each location accounting for more than 10% of the total revenue for the three and nine months ended (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ September 30, ​ September 30, ​ ​ 2021 2020 ​ 2021 2020 U.S. ​ $ 2,572 ​ $ 296 ​ $ 6,289 ​ $ 902 Germany ​ 682 ​ 579 ​ 2,589 ​ 2,657 Other countries ​ 141 ​ 122 ​ 500 ​ 406 ​ ​ $ 3,395 ​ $ 997 ​ $ 9,378 ​ $ 3,965

Selected Balance Sheet Inform_3

Selected Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Selected Balance Sheet Information [Abstract]
Depreciation	$ 42	$ 17	$ 112	$ 52

Selected Balance Sheet Inform_4

Selected Balance Sheet Information (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Selected Balance Sheet Information [Abstract]
Raw material	$ 1,083	$ 1,361
Work-in-process	287	321
Finished goods	2,070	1,661
Total inventory	$ 3,440	$ 3,343

Selected Balance Sheet Inform_5

Selected Balance Sheet Information (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,755	$ 2,110
Less: Accumulated depreciation and amortization	1,812	1,700
Property and equipment, net	943	410
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	271	189
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,440	1,272
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	516	516
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	45	44
Capital equipment in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 483	$ 89

Selected Balance Sheet Inform_6

Selected Balance Sheet Information (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Selected Balance Sheet Information [Abstract]
Clinical trial and other professional fees	$ 1,638	$ 1,690
Bonuses	1,628	794
Paid time off	723	552
Interest payable	451	356
Other	537	191
Total accrued expenses	$ 4,977	$ 3,583

Fair value measurements (Narrat

Fair value measurements (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 02, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2018
Transfer from level 1 to 2		$ 0	$ 0
Transfer from level 2 to level 1		0	0
Transfer into level 3		0	0
Transfer out of level 3		$ 0	$ 0
Warrants to Purchase Series G Preferred Shares | Biosense Webster, Inc.
Number of common shares converted from warrants	607,725
Warrant exercise price	$ 0.16			$ 0.01
Warrants to purchase common stock
Number of common shares converted from warrants	108,406	716,131
Warrant exercise price		$ 2.39

Fair Value Measurements (Liabil

Fair Value Measurements (Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Recurring $ in Thousands	Dec. 31, 2020USD ($)
Liabilities:
Total liabilities	$ 3,911
Convertible preferred stock warrant liability
Liabilities:
Total liabilities	3,911
Level 3
Liabilities:
Total liabilities	3,911
Level 3 | Convertible preferred stock warrant liability
Liabilities:
Total liabilities	$ 3,911

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value of Convertible Preferred Stock Warrants) (Details) - Convertible preferred stock warrant liability - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of the period	$ 3,911	$ 3,540
Change in fair value	13,294	(17)
Conversion to common stock warrants	(17,205)	0
End of the period	$ 0	$ 3,523

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Aug. 31, 2020	Sep. 30, 2019
Convertible preferred stock warrant liability
Debt Instrument [Line Items]
Issuance costs of warrants		$ 0.6
Exercise price		$ 0.80
Loan and security agreement | Horizon Technology Finance Corporation
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 20
Interest rate on first business day of month (as a percent)		2.20%
Term (in months)	30 months	36 months
Final payment		$ 0.7
Percentage of final payment on original principal		3.50%
Minimum cash on deposit requirement		$ 5
Debt issuance costs and discounts		1.1
Legal fees and an investment bank fee		$ 0.5
Loan and security agreement | LIBOR | Horizon Technology Finance Corporation
Debt Instrument [Line Items]
Interest rate (as a percent)		10.00%

Debt (Annual Principal Maturiti

Debt (Annual Principal Maturities of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt [Abstract]
2021	$ 0
2022	5,333
2023	8,000
2024	6,667
Total	20,000
Less: Unamortized debt costs and discounts	(516)
Current portion of long-term debt	(3,333)	$ 0
Long-term debt	$ 16,151

Stockholders Equity (Narrative)

Stockholders Equity (Narrative) (Details) $ / shares in Units, $ in Millions	Jul. 02, 2021USD ($)$ / sharesshares	Jun. 22, 2021	Jul. 31, 2020USD ($)$ / sharesshares	Aug. 31, 2019USD ($)	May 31, 2019USD ($)	Jan. 31, 2019USD ($)	Sep. 30, 2021$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2020$ / shares	May 31, 2016
Temporary Equity [Line Items]
Temporary equity share price (in dollars per share) | $ / shares							$ 0.01		$ 0.01
Conversion of convertible preferred stock (in shares)	11,929,584
Conversion ratio							39.548
Reverse stock split		0.025
Warrants to purchase common stock
Temporary Equity [Line Items]
Number of common shares converted from warrants	108,406						716,131
Warrant exercise price | $ / shares							$ 2.39
IPO
Temporary Equity [Line Items]
Shares issued	8,050,000
Share price | $ / shares	$ 18
Payment of stock issuance costs | $	$ 1.6
Net proceeds | $	$ 133.2
Underwriters option
Temporary Equity [Line Items]
Shares issued	1,050,000
Series G Preferred Shares
Temporary Equity [Line Items]
Shares issued			62,500,000					72,125,000
Temporary equity share price (in dollars per share) | $ / shares			$ 0.80					$ 0.80
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $			$ 49.8	$ 24.7	$ 24.7	$ 24.7		$ 57.4
Conversion ratio							15.819			1
Series G Preferred Shares | Operational milestone closing
Temporary Equity [Line Items]
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $								$ 35.3

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	Jun. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding		2,657,333		2,657,333		1,473,359
Stock-based compensation expense		$ 474	$ 31	$ 1,159	$ 95
Expected dividend yield				0.00%
Exercise of stock options (in shares)				11,783
2001 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved for future issuance	2,674,749
Number of shares available for grant		600,373		600,373
Vesting Period	4 years
2001 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	10 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved for future issuance		278,170		278,170
Shares issued/purchased under ESPP				0
Annual incremental percentage		1.00%		1.00%
Minimum Percentage		85.00%		85.00%
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved for future issuance		1,854,490		1,854,490
Number of shares available for grant		1,791,888		1,791,888
Annual incremental percentage		5.00%		5.00%
2021 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, term				10 years
Options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding		9,993		9,993
Options to purchase common stock | 2001 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period				48 months
Stock options with early exercise option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise of stock options (in shares)				0	0
Liability recorded		$ 0	$ 0	$ 0	$ 0
Performance based shares contingent on certain milestones
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period				48 months
Performance stock options outstanding		10,493		10,493
Stock-based compensation expense				$ 0

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020shares
Number of Options
Outstanding as of Beginning of period (in shares)	1,473,359
Granted (in shares)	1,238,426	0
Cancelled / Forfeited (in shares)	(42,669)
Exercised (in shares)	(11,783)
Balance as of End of period (in shares)	2,657,333
Options exercisable as of September 30, 2021 (in shares)	1,009,785
Weighted Average Exercise Price
Outstanding as of Beginning of period (in dollars per share) | $ / shares	$ 2.64
Granted (in dollars per share) | $ / shares	13
Cancelled / Forfeited (in dollars per share) | $ / shares	10.31
Exercised (in dollars per share) | $ / shares	0.88
Balance as of End of period (in dollars per share) | $ / shares	7.35
Options exercisable as of September 30, 2021 (in dollars per share) | $ / shares	$ 2.36
Aggregate Intrinsic Value
Aggregate intrinsic value | $	$ 25,475
Options exercisable as of September 30, 2021 | $	$ 14,330
Weighted average remaining contractual term, outstanding (in years)	8 years 4 months 24 days
Weighted average remaining contractual life, exercisable (in years)	7 years 3 months 18 days
Options to purchase common stock
Number of Options
Balance as of End of period (in shares)	9,993

Stock-Based Compensation (Assum

Stock-Based Compensation (Assumptions Used in Determine the Grant Date Fair Value of Stock Options) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,238,426	0
Weighted average fair value of options granted	$ 5.25
Expected volatility, Minimum	56.10%
Expected volatility, Maximum	63.40%
Expected dividend yield	0.00%
Risk-free interest rate, Minimum	0.17%
Risk-free interest rate, Maximum	0.47%
Non officer employees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years 8 months 12 days
Non officer employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days
Officer employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years

Stock-Based Compensation (Recog

Stock-Based Compensation (Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 474	$ 31	$ 1,159	$ 95
Unrecognized compensation expense	6,300		$ 6,300
Weighted average period			3 years 6 months
Selling, general & administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	353	20	$ 830	62
Research & development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	115	11	319	32
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 6	$ 0	$ 10	$ 1

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 23	$ 19	$ 66	$ 64
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards					$ 296,100
Tax credit carryforwards					8,600
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards					88,000
Tax credit carryforwards					$ 1,500

(Loss) Earnings Per Share (Basi

(Loss) Earnings Per Share (Basic and Diluted Net Loss per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (6,133)	$ (3,227)	$ (32,508)	$ (10,707)
Accretion of preferred stock to redemption value		(217)		(217)
Net loss attributable to common stockholders	$ (6,133)	$ (3,444)	$ (32,508)	$ (10,924)
Denominator:
Weighted average common shares outstanding - basic	20,126,672	360,356	6,975,386	396,071
Net loss per share attributable to common stockholders - basic	$ (0.30)	$ (9.56)	$ (4.66)	$ (27.58)

(Loss) Earnings Per Share (Anti

(Loss) Earnings Per Share (Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	3,373,464	12,999,875
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	2,657,333	961,885
Warrants to purchase redeemable convertible preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share		108,406
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	716,131
Redeemable convertible preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share		11,929,584

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Commitments and Contingencies [Abstract]
Rent expense	$ 91,000	$ 90,000	$ 279,000	$ 276,000
Contingent liabilities accrual amount	$ 0		$ 0		$ 0

Commitments and Contingencies_3

Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Future minimum lease payments
December 31, 2021	$ 56
December 31, 2022	227
December 31, 2023	234
December 31, 2024	138
Total	$ 655

Segment, Geographic Informati_3

Segment, Geographic Information and Revenue Disaggregation (Schedule of Segment Reporting) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Total revenues	$ 3,395	$ 997	$ 9,378	$ 3,965
Number of segments | segment			1
U.S.
Segment Reporting Information [Line Items]
Total revenues	2,572	296	$ 6,289	902
Germany
Segment Reporting Information [Line Items]
Total revenues	682	579	2,589	2,657
Other countries
Segment Reporting Information [Line Items]
Total revenues	$ 141	$ 122	$ 500	$ 406

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Subsequent events - Loan and security agreement - Horizon Technology Finance Corporation $ in Millions	Nov. 03, 2021USD ($)
Subsequent Event [Line Items]
Amount of debt extinguished	$ 20
Total debt extinguishment cost	$ 21.3