CVRx (CVRX) 10-Q 2 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		20,500,177
Entity Central Index Key	0001235912
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 131,177	$ 142,072
Accounts receivable, net	3,673	2,560
Inventory	5,261	3,880
Prepaid expenses and other current assets	2,090	2,585
Total current assets	142,201	151,097
Property and equipment, net	1,656	1,425
Operating lease right-of-use asset	522	0
Other non-current assets	26	26
Total assets	144,405	152,548
Current liabilities:
Accounts payable	1,607	510
Accrued expenses	4,985	5,398
Total current liabilities	6,592	5,908
Operating lease liability, non-current portion	304	0
Other long-term liabilities	706	681
Total liabilities	7,602	6,589
Commitments and contingencies (Notes 5 and 10)
Stockholders' equity
Common stock, $0.01 par value, 200,000,000 authorized as of March 31, 2022 and December 31, 2021; 20,486,971 and 20,399,337 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	205	204
Additional paid-in capital	541,547	540,707
Accumulated deficit	(404,745)	(394,754)
Accumulated other comprehensive loss	(204)	(198)
Total stockholders' equity	136,803	145,959
Total liabilities and stockholders' equity	$ 144,405	$ 152,548

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	20,486,971	20,399,337
Common stock, shares outstanding	20,486,971	20,399,337

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Revenue	$ 4,076	$ 2,860
Cost of goods sold	949	867
Gross profit	3,127	1,993
Operating expenses:
Research and development	2,258	1,750
Selling, general and administrative	10,777	4,460
Total operating expenses	13,035	6,210
Loss from operations	(9,908)	(4,217)
Interest expense		(601)
Other expense, net	(57)	(3,792)
Loss before income taxes	(9,965)	(8,610)
Provision for income taxes	(26)	(17)
Net loss	(9,991)	(8,627)
Cumulative translation adjustment	(6)	(4)
Comprehensive loss	$ (9,997)	$ (8,631)
Net loss per share, basic	$ (0.49)	$ (23.92)
Net loss per share, diluted	$ (0.49)	$ (23.92)
Weighted-average common shares used to compute net loss per share, basic	20,453,341	360,675
Weighted-average common shares used to compute net loss per share, diluted	20,453,341	360,675

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, 2020	$ 329,983
Balances, Beginning (in shares) at Dec. 31, 2020	223,541,754
Balances, Ending at Mar. 31, 2021	$ 329,983
Balances, Ending (in shares) at Mar. 31, 2021	223,541,754
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			2			2
Exercise of stock options (in shares)		4,862
Employee stock compensation			61			61
Net loss				(8,627)		(8,627)
Cumulative translation adjustment					(4)	(4)
Balances, Ending at Mar. 31, 2021		$ 4	58,687	(360,303)	(194)	(301,806)
Balances, Ending (in shares) at Mar. 31, 2021		365,274
Balances, Beginning at Dec. 31, 2021		$ 204	540,707	(394,754)	(198)	145,959
Balances, Beginning (in shares) at Dec. 31, 2021		20,399,337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options		$ 1	47			$ 48
Exercise of stock options (in shares)		87,634				87,634
Employee stock compensation			793			$ 793
Net loss				(9,991)		(9,991)
Cumulative translation adjustment					(6)	(6)
Balances, Ending at Mar. 31, 2022		$ 205	$ 541,547	$ (404,745)	$ (204)	$ 136,803
Balances, Ending (in shares) at Mar. 31, 2022		20,486,971

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (9,991)	$ (8,627)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	793	61
Depreciation of property and equipment	62	33
Amortization of deferred financing costs and loan discount	0	68
Changes in fair value of convertible preferred stock warrants	0	3,689
Changes in operating assets and liabilities:
Accounts receivable	(1,113)	(431)
Inventory	(1,381)	314
Prepaid expenses and other current assets	485	(454)
Accounts payable	1,097	364
Accrued expenses	(596)	(55)
Net cash used in operating activities	(10,644)	(5,038)
Cash flows from investing activities:
Purchase of property and equipment	(293)	(101)
Net cash used in investing activities	(293)	(101)
Cash flows from financing activities:
Proceeds from the exercise of common stock options	48	2
Net cash provided by financing activities	48	2
Effect of currency exchange on cash and cash equivalents	(6)	(4)
Net change in cash and cash equivalents	(10,895)	(5,141)
Cash and cash equivalents at beginning of year	142,072	59,112
Cash and cash equivalents at end of period	131,177	53,971
Supplemental Information:
Cash paid for interest	0	500
Cash paid for income taxes	$ 0	$ 1

Business Organization

Business Organization	3 Months Ended
	Mar. 31, 2022
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, 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value. Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the standard generally being net 30 days. We do not record an allowance on our trade accounts receivable but monitor the collectability of individual customer accounts on an ongoing basis. 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. Leases Operating leases are included in operating lease right-of-use (“ROU”) asset, accrued expenses, and operating lease liability – non-current portion in our balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We used the incremental borrowing rate based on information readily available at the time of recognition to determine the present value of the lease payments. The determination of our incremental borrowing rate requires management judgement based on information available at lease commencement. 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, which consists of two implantable components: a pulse generator and a stimulation lead. Under Accounting Standards Codification Topic 606, Revenue from Contracts with Customers Stock-Based Compensation We recognize equity-based compensation expense for awards of equity instruments to employees and non-employees based on the grant date fair value of those awards in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received. Recent accounting pronouncements On January 1, 2022, the Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases ​

Selected Balance Sheet Informat

Selected Balance Sheet Information	3 Months Ended
	Mar. 31, 2022
Selected Balance Sheet Information [Abstract]
Selected balance sheet information	3. Selected balance sheet information Inventory consists of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (in thousands) ​ 2022 ​ 2021 Raw material ​ $ 2,399 ​ $ 1,593 Work-in-process ​ 753 ​ 482 Finished goods ​ 2,109 ​ 1,805 ​ ​ $ 5,261 ​ $ 3,880 ​ Property and equipment, net consists of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (in thousands) ​ 2022 ​ 2021 Office furniture and equipment ​ $ 271 ​ $ 271 Lab equipment ​ 1,594 ​ 1,565 Computer equipment and software ​ 556 ​ 556 Leasehold improvements ​ 88 ​ 88 Capital equipment in process ​ 1,077 ​ 813 ​ ​ 3,586 ​ 3,293 Less: Accumulated depreciation and amortization ​ 1,930 ​ 1,868 ​ ​ $ 1,656 ​ $ 1,425 ​ Depreciation expense was $62,000 and $33,000 for the three months ended March 31, 2022 and 2021, respectively. Accrued expenses consist of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (in thousands) ​ 2022 ​ 2021 Clinical trial and other professional fees ​ $ 1,803 ​ $ 1,607 Bonuses ​ 1,202 ​ 2,028 Paid time off ​ 863 ​ 699 Customer rebates ​ ​ 216 ​ ​ 380 Operating lease liability, current portion ​ ​ 208 ​ ​ — Employee stock purchase plan ​ ​ 162 ​ ​ — Other ​ 531 ​ 684 ​ ​ $ 4,985 ​ $ 5,398 ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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. There was no convertible preferred stock warranty liability as of the periods ended March 31, 2022 and December 31, 2021. ​ 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 expense, net in the condensed consolidated statements of operations and comprehensive loss. In connection with the closing of the initial public offering (“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 following table sets forth a summary of changes in the estimated fair value of the Company’s convertible preferred stock warrants during the three months ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, (in thousands) 2022 2021 Beginning of the period ​ $ — ​ $ 3,911 Change in fair value ​ — ​ 3,689 Conversion to common stock warrants ​ ​ — ​ ​ — End of the period ​ $ — ​ $ 7,600 ​ There were no transfers in or out of Level 1, Level 2 or Level 3 fair value measurements during the periods ended March 31, 2022 and 2021.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	5. Leases We lease 23,890 square feet of office space in Minneapolis, Minnesota, which houses our principal executive offices and our manufacturing facility. We lease this space under an operating lease agreement that commenced December 1, 2008 and expires July 31, 2024. We intend to add new facilities as we grow, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations. Our operating lease agreement includes an option to renew for one additional period of five years . The exercise of the lease renewal option is at our sole discretion and was not included in the lease term for the calculation of the ROU asset and lease liability upon adoption of Accounting Standards Update 2016-02, Leases (Topic 842) on January 1, 2022, as it is not reasonably certain of exercise. In addition to base rent, we will also pay our proportionate share of operating expenses, as defined in the lease. These payments will be made monthly and will be adjusted annually to reflect actual charges incurred for operating expenses, such as common area maintenance, taxes and insurance. The following table presents the lease balances within the condensed consolidated balance sheets: ​ ​ ​ ​ ​ March 31, (in thousands) ​ 2022 Right-of-use assets: ​ ​ ​ Operating lease right-of-use asset ​ $ 522 Operating lease liabilities: ​ ​ ​ Accrued expenses ​ ​ 208 Operating lease liability, non-current portion ​ ​ 304 Total operating lease liabilities ​ $ 512 ​ Maturities of our lease liability for our operating lease are as follows as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ March 31, (in thousands) ​ 2022 2022 ​ $ 171 2023 ​ ​ 234 2024 ​ ​ 139 Total undiscounted lease payments ​ ​ 544 Less: imputed interest ​ ​ (32) Present value of lease liability ​ $ 512 ​ ​ As of March 31, 2022, the remaining lease term was 2.3 years and the discount rate was 5.0%. The operating cash outflows from our operating lease were $0.2 million for the three months ended March 31, 2022.

Stockholders Equity

Stockholders Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity [Abstract]
Stockholders' equity	6 . Stockholders’ equity Initial Public Offering 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 convertible preferred stock was 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 amounts for all periods presented in these financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the reverse stock split and the adjustment of the conversion ratio of the convertible preferred stock. 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	3 Months Ended
	Mar. 31, 2022
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, non-employee directors, consultants or independent contractors. Options granted under the 2001 Plan have vesting terms that range from the date 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 600,737 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 annual increase resulted in an additional 1,019,967 shares being reserved for issuance under the 2021 Plan as of January 1, 2022. 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 March 31, 2022, there were 2,042,964 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 March 31, 2022, the Board of Directors authorized the grant of stock options for the purchase of shares of common stock to the employers of certain non-employee 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 non-employee 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, 2021 2,749,441 ​ $ 7.93 ​ ​ Granted 632,988 ​ 8.85 ​ ​ Cancelled / Forfeited (3,836) ​ 12.55 ​ ​ Exercised (87,634) ​ 0.54 ​ ​ Balance as of March 31, 2022 3,290,959 ​ $ 8.29 ​ ​ $ 4,238 Options exercisable as of March 31, 2022 1,167,639 ​ $ 3.24 ​ ​ $ 3,441 ​ As of March 31, 2022, stock options outstanding included 9,993 options that were not granted under the 2001 Plan or the 2021 Plan. For options outstanding as of March 31, 2022, the weighted average remaining contractual life was 8.3 years. For options exercisable as of March 31, 2022, the weighted average remaining contractual life was 6.9 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 annual increase resulted in an additional 203,993 shares being reserved for issuance under the ESPP as of January 1, 2022. 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 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 accounts for forfeitures as they occur. 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 three months ended March 31, 2022. ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ 2022 Weighted average fair value of options granted $ 4.77 ​ Expected term (in years) — non-officer employees ​ 6.1 ​ Expected term (in years) — officer employees ​ 6.1 ​ Expected volatility ​ 56.3% to 56.8 % Expected dividend yield ​ — % Risk-free interest rate ​ 1.75% to 2.40 % ​ 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. The expected volatility is based upon observed volatility of comparable public companies. The expected dividend yield is assumed to be zero, as the Company has never paid dividends and has no current plans to do so. The risk-free interest rate is based on the yield on U.S. Treasury securities for a period approximating the expected term of the options being valued. The Company recognized stock-based compensation expense for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, (in thousands) ​ 2022 ​ 2021 Selling, general & administrative ​ $ 674 ​ $ 46 Research & development ​ ​ 102 ​ 14 Cost of goods sold ​ ​ 17 ​ 1 ​ ​ $ 793 ​ $ 61 ​ As of March 31, 2022, unrecognized compensation expense related to unvested stock-based compensation arrangements was $9.1 million. As of March 31, 2022, the related weighted average period over which the expense is expected to be recognized is approximately 3.3 years. 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 March 31, 2022 and 2021, there have been no early exercises and therefore there is no liability recorded for the early exercise of stock options.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes [Abstract]
Income taxes	8. Income taxes As of March 31, 2022 and December 31, 2021, 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 March 31, 2022 and 2021 was $26,000 and $17,000, respectively. As of December 31, 2021, the Company had federal and state net operating loss carryforwards (“NOLs”) of approximately $324.8 million and $6.5 million, respectively. The federal NOLs began expiring in 2021 and the state NOLs began expiring in 2020. As of December 31, 2021, the Company had federal and state tax credit carryforwards of approximately $8.9 million and $1.6 million, respectively. The federal tax credit carryforwards began expiring in 2021 and the state tax credit carryforwards will begin expiring in 2028. Utilization of NOLs 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 NOLs and could be triggered by subsequent sales of securities by the Company or its stockholders.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	3 Months Ended
	Mar. 31, 2022
(Loss) 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 for the periods indicated (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2022 ​ 2021 Numerator: ​ ​ ​ ​ Net loss ​ ​ $ (9,991) ​ $ (8,627) Denominator: ​ ​ ​ Weighted average common shares outstanding — basic and diluted ​ ​ 20,453,341 ​ 360,675 Net loss per share attributable to common stockholders — basic and diluted ​ ​ $ (0.49) ​ $ (23.92) ​ 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: ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2022 2021 Options to purchase common stock 3,290,959 2,017,441 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 ​ 4,007,090 14,055,431 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies [Abstract]
Commitments and contingencies	10. Commitments and 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 March 31, 2022 or December 31, 2021.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
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 periods indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2022 2021 U.S. ​ $ 3,058 ​ $ 1,612 Germany ​ 803 ​ 1,109 Other countries ​ 215 ​ 139 ​ ​ $ 4,076 ​ $ 2,860 ​ As of March 31, 2022 and December 31, 2021, long-lived assets were located primarily in the U.S.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value.
Accounts Receivable	Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Customer credit terms are established prior to shipment with the standard generally being net 30 days. We do not record an allowance on our trade accounts receivable but monitor the collectability of individual customer accounts on an ongoing basis.
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.
Leases	Leases Operating leases are included in operating lease right-of-use (“ROU”) asset, accrued expenses, and operating lease liability – non-current portion in our balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We used the incremental borrowing rate based on information readily available at the time of recognition to determine the present value of the lease payments. The determination of our incremental borrowing rate requires management judgement based on information available at lease commencement.
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, which consists of two implantable components: a pulse generator and a stimulation lead. Under Accounting Standards Codification Topic 606, Revenue from Contracts with Customers
Stock-Based Compensation	Stock-Based Compensation We recognize equity-based compensation expense for awards of equity instruments to employees and non-employees based on the grant date fair value of those awards in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received.
Recent accounting pronouncements	Recent accounting pronouncements On January 1, 2022, the Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases

Selected Balance Sheet Inform_2

Selected Balance Sheet Information (Tables)	3 Months Ended
	Mar. 31, 2022
Selected Balance Sheet Information [Abstract]
Schedule of Inventory	Inventory consists of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (in thousands) ​ 2022 ​ 2021 Raw material ​ $ 2,399 ​ $ 1,593 Work-in-process ​ 753 ​ 482 Finished goods ​ 2,109 ​ 1,805 ​ ​ $ 5,261 ​ $ 3,880
Schedule of Property and Equipment, Net	Property and equipment, net consists of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (in thousands) ​ 2022 ​ 2021 Office furniture and equipment ​ $ 271 ​ $ 271 Lab equipment ​ 1,594 ​ 1,565 Computer equipment and software ​ 556 ​ 556 Leasehold improvements ​ 88 ​ 88 Capital equipment in process ​ 1,077 ​ 813 ​ ​ 3,586 ​ 3,293 Less: Accumulated depreciation and amortization ​ 1,930 ​ 1,868 ​ ​ $ 1,656 ​ $ 1,425
Schedule of Accrued Expenses	Accrued expenses consist of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (in thousands) ​ 2022 ​ 2021 Clinical trial and other professional fees ​ $ 1,803 ​ $ 1,607 Bonuses ​ 1,202 ​ 2,028 Paid time off ​ 863 ​ 699 Customer rebates ​ ​ 216 ​ ​ 380 Operating lease liability, current portion ​ ​ 208 ​ ​ — Employee stock purchase plan ​ ​ 162 ​ ​ — Other ​ 531 ​ 684 ​ ​ $ 4,985 ​ $ 5,398

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements [Abstract]
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 three months ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, (in thousands) 2022 2021 Beginning of the period ​ $ — ​ $ 3,911 Change in fair value ​ — ​ 3,689 Conversion to common stock warrants ​ ​ — ​ ​ — End of the period ​ $ — ​ $ 7,600

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of lease balances within the balance sheets	The following table presents the lease balances within the condensed consolidated balance sheets: ​ ​ ​ ​ ​ March 31, (in thousands) ​ 2022 Right-of-use assets: ​ ​ ​ Operating lease right-of-use asset ​ $ 522 Operating lease liabilities: ​ ​ ​ Accrued expenses ​ ​ 208 Operating lease liability, non-current portion ​ ​ 304 Total operating lease liabilities ​ $ 512
Maturities of lease liability	Maturities of our lease liability for our operating lease are as follows as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ March 31, (in thousands) ​ 2022 2022 ​ $ 171 2023 ​ ​ 234 2024 ​ ​ 139 Total undiscounted lease payments ​ ​ 544 Less: imputed interest ​ ​ (32) Present value of lease liability ​ $ 512

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2021 2,749,441 ​ $ 7.93 ​ ​ Granted 632,988 ​ 8.85 ​ ​ Cancelled / Forfeited (3,836) ​ 12.55 ​ ​ Exercised (87,634) ​ 0.54 ​ ​ Balance as of March 31, 2022 3,290,959 ​ $ 8.29 ​ ​ $ 4,238 Options exercisable as of March 31, 2022 1,167,639 ​ $ 3.24 ​ ​ $ 3,441
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 three months ended March 31, 2022. ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ 2022 Weighted average fair value of options granted $ 4.77 ​ Expected term (in years) — non-officer employees ​ 6.1 ​ Expected term (in years) — officer employees ​ 6.1 ​ Expected volatility ​ 56.3% to 56.8 % Expected dividend yield ​ — % Risk-free interest rate ​ 1.75% to 2.40 %
Recognized Stock-Based Compensation Expense	The Company recognized stock-based compensation expense for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ March 31, (in thousands) ​ 2022 ​ 2021 Selling, general & administrative ​ $ 674 ​ $ 46 Research & development ​ ​ 102 ​ 14 Cost of goods sold ​ ​ 17 ​ 1 ​ ​ $ 793 ​ $ 61

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
(Loss) Earnings Per Share [Abstract]
Basic and Diluted Net Loss per Share	Basic and diluted net loss per share attributable to common stockholders was calculated for the periods indicated (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2022 ​ 2021 Numerator: ​ ​ ​ ​ Net loss ​ ​ $ (9,991) ​ $ (8,627) Denominator: ​ ​ ​ Weighted average common shares outstanding — basic and diluted ​ ​ 20,453,341 ​ 360,675 Net loss per share attributable to common stockholders — basic and diluted ​ ​ $ (0.49) ​ $ (23.92) ​
Antidilutive Securities Excluded from Computation of Earnings Per Share	​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2022 2021 Options to purchase common stock 3,290,959 2,017,441 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 ​ 4,007,090 14,055,431

Segment, Geographic Informati_2

Segment, Geographic Information and Revenue Disaggregation (Tables)	3 Months Ended
	Mar. 31, 2022
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 periods indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2022 2021 U.S. ​ $ 3,058 ​ $ 1,612 Germany ​ 803 ​ 1,109 Other countries ​ 215 ​ 139 ​ ​ $ 4,076 ​ $ 2,860

Summary of significant accoun_3

Summary of significant accounting policies (Details) - USD ($)	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 522,000		$ 0
lease liabilities	$ 512,000
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		$ 579,000
lease liabilities		$ 561,000

Selected Balance Sheet Inform_3

Selected Balance Sheet Information (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Selected Balance Sheet Information [Abstract]
Raw material	$ 2,399	$ 1,593
Work-in-process	753	482
Finished goods	2,109	1,805
Total inventory	$ 5,261	$ 3,880

Selected Balance Sheet Inform_4

Selected Balance Sheet Information (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,586	$ 3,293
Less: Accumulated depreciation and amortization	1,930	1,868
Property and equipment, net	1,656	1,425
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	271	271
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,594	1,565
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	556	556
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	88	88
Capital equipment in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,077	$ 813

Selected Balance Sheet Inform_5

Selected Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Selected Balance Sheet Information [Abstract]
Depreciation	$ 62	$ 33

Selected Balance Sheet Inform_6

Selected Balance Sheet Information (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Selected Balance Sheet Information [Abstract]
Clinical trial and other professional fees	$ 1,803	$ 1,607
Bonuses	1,202	2,028
Paid time off	863	699
Customer rebates	216	380
Operating lease liability, current portion	208
Employee stock purchase plan	162
Other	531	684
Total accrued expenses	$ 4,985	$ 5,398

Fair value measurements (Narrat

Fair value measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Measurements [Abstract]
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

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value of Convertible Preferred Stock Warrants) (Details) - Convertible Preferred Stock Warrant Liability [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of the period	$ 0	$ 3,911
Change in fair value	0	3,689
Conversion to common stock warrants	0	0
End of the period	$ 0	$ 7,600

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)ft²	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)
Right-of-assets:
Operating lease right-of-use asset	$ 522	$ 0
Operating Lease, Liability [Abstract]
Accrued expenses	208
Operating lease liability, non-current portion	304	$ 0	$ 512
Total operating lease liabilities	$ 512
Remaining lease term	2 years 3 months 18 days
Discount rate	5.00%
Operating cash outflows	$ 200
Office space in Minneapolis, Minnesota
Lessee, Lease, Description [Line Items]
Area of land leased | ft²	23,890
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Renewal Term	5 years

Leases (Maturities of lease lia

Leases (Maturities of lease liability) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022			$ 171
2023			234
2024			139
Total undiscounted lease payments			544
Less: imputed interest			(32)
Present value of lease liability	$ 304	$ 0	$ 512

Stockholders Equity (Narrative)

Stockholders Equity (Narrative) (Details) $ / shares in Units, $ in Millions	Jul. 02, 2021USD ($)$ / sharesshares	Jun. 22, 2021	Mar. 31, 2022$ / sharesshares
Temporary Equity [Line Items]
Conversion ratio			39.548
Reverse stock split		0.025
Conversion of convertible preferred stock (in shares)	11,929,584
Warrants to purchase common stock
Temporary Equity [Line Items]
Preferred stock warrants converted to common stock warrants at IPO			716,131
Preferred stock warrants converted to common stock warrants at IPO, Weighted Average 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]
Conversion ratio			15.819

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	Jun. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding		3,290,959			2,749,441
Stock-based compensation expense		$ 793	$ 61
Expected dividend yield		0.00%
Exercise of stock options (in shares)		87,634
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		600,737
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		203,993
Number of shares available for grant		482,163
Shares issued/purchased under ESPP		0
Annual incremental percentage		1.00%
Minimum Percentage		85.00%
2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved for future issuance		1,854,490		1,019,967
Number of shares available for grant		2,042,964
Annual incremental percentage		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
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

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Number of Options
Outstanding as of Beginning of period (in shares)	2,749,441
Granted (in shares)	632,988
Cancelled / Forfeited (in shares)	(3,836)
Exercised (in shares)	(87,634)
Balance as of End of period (in shares)	3,290,959
Options exercisable as of December 31, 2021 (in shares)	1,167,639
Weighted Average Exercise Price
Outstanding as of Beginning of period (in dollars per share) | $ / shares	$ 7.93
Granted (in dollars per share) | $ / shares	8.85
Cancelled / Forfeited (in dollars per share) | $ / shares	12.55
Exercised (in dollars per share) | $ / shares	0.54
Balance as of End of period (in dollars per share) | $ / shares	8.29
Options exercisable as of December 31, 2021 (in dollars per share) | $ / shares	$ 3.24
Aggregate Intrinsic Value
Aggregate intrinsic value | $	$ 4,238
Options exercisable as of December 31, 2020 | $	$ 3,441
Weighted average remaining contractual term, outstanding (in years)	8 years 3 months 18 days
Weighted average remaining contractual life, exercisable (in years)	6 years 10 months 24 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)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	632,988
Weighted average fair value of options granted | $ / shares	$ 4.77
Expected volatility, Minimum	56.30%
Expected volatility, Maximum	56.80%
Expected dividend yield	0.00%
Risk-free interest rate, Minimum	1.75%
Risk-free interest rate, Maximum	2.40%
Non officer employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days
Non officer employees | Minimum
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)	6 years 1 month 6 days

Stock-Based Compensation (Recog

Stock-Based Compensation (Recognized Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 793	$ 61
Unrecognized compensation expense	$ 9,100
Weighted average period	3 years 3 months 18 days
Selling, general & administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 674	46
Research & development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	102	14
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 17	$ 1

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 26	$ 17
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			$ 324,800
Tax credit carryforwards			8,900
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			6,500
Tax credit carryforwards			$ 1,600

(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
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (9,991)	$ (8,627)
Denominator:
Weighted average common shares outstanding - basic	20,453,341	360,675
Weighted average common shares outstanding - diluted	20,453,341	360,675
Net loss per share attributable to common stockholders - basic	$ (0.49)	$ (23.92)
Net loss per share attributable to common stockholders - diluted	$ (0.49)	$ (23.92)

(Loss) Earnings Per Share (Anti

(Loss) Earnings Per Share (Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded potential common shares from the computation of diluted net loss per share	4,007,090	14,055,431
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	3,290,959	2,017,441
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 (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Contingent liabilities accrual amount	$ 0	$ 0

Segment, Geographic Informati_3

Segment, Geographic Information and Revenue Disaggregation (Schedule of Segment Reporting) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Total revenues	$ 4,076	$ 2,860
Number of segments | segment	1
U.S.
Segment Reporting Information [Line Items]
Total revenues	$ 3,058	1,612
Germany
Segment Reporting Information [Line Items]
Total revenues	803	1,109
Other countries
Segment Reporting Information [Line Items]
Total revenues	$ 215	$ 139