Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 333-257810 | |
Entity Registrant Name | MaxCyte, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-2210438 | |
Entity Address, Address Line One | 22 Firstfield Road | |
Entity Address, Address Line Two | Suite 110 | |
Entity Address, City or Town | Gaithersburg | |
Entity Address State Or Province | MD | |
Entity Address, Postal Zip Code | 20878 | |
City Area Code | 301 | |
Local Phone Number | 944-1700 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | MXCT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 100,434,032 | |
Entity Central Index Key | 0001287098 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 58,973,500 | $ 18,755,200 |
Short-term investments, at amortized cost | 196,914,700 | 16,007,500 |
Accounts receivable, net | 5,958,100 | 5,171,900 |
Inventory, net | 4,148,400 | 4,315,800 |
Other current assets | 3,541,900 | 1,003,000 |
Total current assets | 269,536,600 | 45,253,400 |
Property and equipment, net | 6,810,100 | 4,546,200 |
Right of use asset - operating leases | 1,025,100 | 1,728,300 |
Right of use asset - finance leases | 218,300 | |
Other assets | 318,100 | 33,900 |
Total assets | 277,689,900 | 51,780,100 |
Current liabilities: | ||
Accounts payable | 723,300 | 890,200 |
Accrued expenses and other | 4,955,800 | 5,308,500 |
Operating lease liability, current | 572,300 | 572,600 |
Deferred revenue, current portion | 6,325,800 | 4,843,000 |
Total current liabilities | 12,577,200 | 11,614,300 |
Note payable, net of discount, deferred fees | 4,917,000 | |
Operating lease liability, net of current portion | 500,200 | 1,234,600 |
Other liabilities | 496,600 | 788,800 |
Total liabilities | 13,574,000 | 18,554,700 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity | ||
Common stock, $0.01 par value; 200,000,000 shares authorized, 100,434,032 and 77,382,473 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 1,004,300 | 773,800 |
Additional paid in capital | 372,541,700 | 127,673,900 |
Accumulated deficit | (109,430,100) | (95,222,300) |
Total stockholders' equity | 264,115,900 | 33,225,400 |
Total liabilities and stockholders' equity | $ 277,689,900 | $ 51,780,100 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Unaudited Condensed Consolidated Balance Sheets | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 100,434,032 | 77,382,473 |
Common stock, outstanding (in shares) | 100,434,032 | 77,382,473 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Unaudited Condensed Consolidated Statements of Operations | ||||
Revenue | $ 10,139,100 | $ 6,762,600 | $ 23,742,100 | $ 17,654,900 |
Costs of goods sold | 943,800 | 734,800 | 2,421,500 | 1,860,100 |
Gross profit | 9,195,300 | 6,027,800 | 21,320,600 | 15,794,800 |
Operating expenses: | ||||
Research and development | 2,774,800 | 4,517,900 | 12,058,000 | 12,852,800 |
Sales and marketing | 3,211,500 | 2,039,000 | 8,913,500 | 5,933,000 |
General and administrative | 5,651,900 | 2,313,200 | 13,582,500 | 5,684,200 |
Total operating expenses | 11,638,200 | 8,870,100 | 34,554,000 | 24,470,000 |
Operating loss | (2,442,900) | (2,842,300) | (13,233,400) | (8,675,200) |
Other income (expense): | ||||
Interest and other expense | (289,000) | (263,200) | (1,044,400) | (545,000) |
Interest income | 51,500 | 6,800 | 70,000 | 55,500 |
Total other income (expense) | (237,500) | (256,400) | (974,400) | (489,500) |
Net loss | $ (2,680,400) | $ (3,098,700) | $ (14,207,800) | $ (9,164,700) |
Basic net loss per share | $ (0.03) | $ (0.04) | $ (0.16) | $ (0.14) |
Diluted net loss per share | $ (0.03) | $ (0.04) | $ (0.16) | $ (0.14) |
Weighted average shares outstanding, basic | 84,706,516 | 77,085,305 | 87,178,217 | 66,812,252 |
Weighted average shares outstanding, diluted | 84,706,516 | 77,085,305 | 87,178,217 | 66,812,252 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Changes in Stockholder's Equity - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balances, at Beginning of period at Dec. 31, 2019 | $ 574,000 | $ 96,433,700 | $ (83,405,900) | $ 13,601,800 |
Balances, at Beginning of period, Shares at Dec. 31, 2019 | 57,403,583 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation expense | 547,600 | 547,600 | ||
Net loss | (3,061,900) | (3,061,900) | ||
Balances, at end of period at Mar. 31, 2020 | $ 574,000 | 96,981,300 | (86,467,800) | 11,087,500 |
Balances, at end of period, Shares at Mar. 31, 2020 | 57,403,583 | |||
Balances, at Beginning of period at Dec. 31, 2019 | $ 574,000 | 96,433,700 | (83,405,900) | 13,601,800 |
Balances, at Beginning of period, Shares at Dec. 31, 2019 | 57,403,583 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (9,164,700) | |||
Balances, at end of period at Sep. 30, 2020 | $ 772,900 | 126,792,500 | (92,570,600) | 34,994,800 |
Balances, at end of period, Shares at Sep. 30, 2020 | 77,289,073 | |||
Balances, at Beginning of period at Mar. 31, 2020 | $ 574,000 | 96,981,300 | (86,467,800) | 11,087,500 |
Balances, at Beginning of period, Shares at Mar. 31, 2020 | 57,403,583 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock, net of issuance costs | $ 191,900 | 28,375,300 | 28,567,200 | |
Issuance of common stock, net of issuance costs, shares | 19,181,423 | |||
Stock-based compensation expense | 559,000 | 559,000 | ||
Net loss | (3,004,100) | (3,004,100) | ||
Balances, at end of period at Jun. 30, 2020 | $ 765,900 | 125,915,600 | (89,471,900) | 37,209,600 |
Balances, at end of period, Shares at Jun. 30, 2020 | 76,585,006 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation expense | 598,000 | 598,000 | ||
Exercise of stock options | $ 7,000 | 278,900 | 285,900 | |
Exercise of stock options, shares | 704,067 | |||
Net loss | (3,098,700) | (3,098,700) | ||
Balances, at end of period at Sep. 30, 2020 | $ 772,900 | 126,792,500 | (92,570,600) | 34,994,800 |
Balances, at end of period, Shares at Sep. 30, 2020 | 77,289,073 | |||
Balances, at Beginning of period at Dec. 31, 2020 | $ 773,800 | 127,673,900 | (95,222,300) | 33,225,400 |
Balances, at Beginning of period, Shares at Dec. 31, 2020 | 77,382,473 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock, net of issuance costs | $ 57,400 | 51,751,500 | $ 51,808,900 | |
Issuance of common stock, net of issuance costs, shares | 5,740,000 | 5,740,000 | ||
Stock-based compensation expense | 1,319,800 | $ 1,319,800 | ||
Exercise of stock options | $ 15,700 | 2,021,400 | 2,037,100 | |
Exercise of stock options, shares | 1,567,086 | |||
Net loss | (7,105,600) | (7,105,600) | ||
Balances, at end of period at Mar. 31, 2021 | $ 846,900 | 182,766,600 | (102,327,900) | 81,285,600 |
Balances, at end of period, Shares at Mar. 31, 2021 | 84,689,559 | |||
Balances, at Beginning of period at Dec. 31, 2020 | $ 773,800 | 127,673,900 | (95,222,300) | 33,225,400 |
Balances, at Beginning of period, Shares at Dec. 31, 2020 | 77,382,473 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (14,207,800) | |||
Balances, at end of period at Sep. 30, 2021 | $ 1,004,300 | 372,541,700 | (109,430,100) | 264,115,900 |
Balances, at end of period, Shares at Sep. 30, 2021 | 100,434,032 | |||
Balances, at Beginning of period at Mar. 31, 2021 | $ 846,900 | 182,766,600 | (102,327,900) | 81,285,600 |
Balances, at Beginning of period, Shares at Mar. 31, 2021 | 84,689,559 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation expense | 1,905,200 | 1,905,200 | ||
Exercise of stock options | $ 300 | 51,900 | 52,200 | |
Exercise of stock options, shares | 29,786 | |||
Net loss | (4,421,800) | (4,421,800) | ||
Balances, at end of period at Jun. 30, 2021 | $ 847,200 | 184,723,700 | (106,749,700) | 78,821,200 |
Balances, at end of period, Shares at Jun. 30, 2021 | 84,719,345 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock, net of issuance costs | $ 155,300 | 184,113,100 | 184,268,400 | |
Issuance of common stock, net of issuance costs, shares | 15,525,000 | |||
Stock-based compensation expense | 2,285,400 | 2,285,400 | ||
Exercise of stock options | $ 1,200 | 333,500 | 334,700 | |
Exercise of stock options, shares | 125,084 | |||
Cashless exercise of warrant | $ 600 | 1,086,000 | 1,086,600 | |
Cashless exercise of warrant, shares | 64,603 | |||
Net loss | (2,680,400) | (2,680,400) | ||
Balances, at end of period at Sep. 30, 2021 | $ 1,004,300 | $ 372,541,700 | $ (109,430,100) | $ 264,115,900 |
Balances, at end of period, Shares at Sep. 30, 2021 | 100,434,032 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flow £ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Cash flows from operating activities: | ||
Net loss | $ (14,207,800) | $ (9,164,700) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 1,007,400 | 768,500 |
Net book value of consigned equipment sold | 39,200 | 35,700 |
Loss on disposal of fixed assets | 18,500 | 6,500 |
Fair value adjustment of liability classified warrant | 645,400 | 199,400 |
Stock-based compensation | 5,510,400 | 1,704,600 |
Bad debt recovery | (117,200) | |
Amortization of discounts on short-term investments | (39,500) | (5,300) |
Noncash interest expense | 5,400 | 16,300 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (786,200) | (379,200) |
Inventory | (300,200) | (782,200) |
Other current assets | (2,538,900) | (357,000) |
Right of use asset-operating leases | 858,000 | 390,200 |
Right of use asset-finance lease | 63,500 | 59,600 |
Other assets | (284,200) | (33,900) |
Accounts payable, accrued expenses and other | (431,350) | (548,900) |
Operating lease liability | (734,700) | (278,600) |
Deferred revenue | 1,482,800 | 1,461,300 |
Other liabilities | (27,100) | 155,000 |
Net cash used in operating activities | (9,719,350) | (6,869,900) |
Cash flows from investing activities: | ||
Purchases of short-term investments | (202,867,700) | (16,988,400) |
Maturities of short-term investments | 22,000,000 | 2,500,000 |
Purchases of property and equipment | (2,712,050) | (1,713,300) |
Proceeds from sale of equipment | 4,600 | |
Net cash used in investing activities | (183,575,150) | (16,201,700) |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock | 236,077,300 | 28,567,200 |
Borrowings under notes payable | 1,440,000 | |
Principal payments on notes payable | (4,922,400) | (1,440,000) |
Proceeds from exercise of stock options | 2,424,000 | 285,900 |
Principal payments on finance leases | (66,100) | (39,500) |
Net cash provided by financing activities | 233,512,800 | 28,813,600 |
Net increase (decrease) in cash and cash equivalents | 40,218,300 | 5,742,000 |
Cash and cash equivalents, beginning of period | 18,755,200 | 15,210,800 |
Cash and cash equivalents, end of period | 58,973,500 | 20,952,800 |
Supplemental cash flow information: | ||
Cash paid for interest | 420,900 | $ 316,800 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Property and equipment purchases included in accounts payable | 153,950 | |
Lease liability reduction due to operating lease modification | 304,600 | |
Other liability reduction due to exercise of warrant | $ 1,086,600 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization and Description of Business | |
Organization and Description of Business | 1. Organization and Description of Business MaxCyte, Inc. (the “Company”) is a global life sciences company focused on advancing the discovery, development and commercialization of next-generation cell therapies. The Company leverages its proprietary cell engineering technology platform to enable the programs of its biotechnology and pharmaceutical company customers who are engaged in cell therapy, including gene editing and immuno-oncology, as well as in drug discovery and development and biomanufacturing. The Company licenses and sells its instruments and technology and sells its consumables to developers of cell therapies and to pharmaceutical and biotechnology companies for use in drug discovery and development and biomanufacturing. In early 2020, the Company established a wholly owned subsidiary, CARMA Cell Therapies, Inc., as part of its development of CARMA, the Company’s proprietary, mRNA-based, clinical-stage, immuno-oncology cell therapy platform. In the first quarter of 2021, the Company concluded all pre-clinical and clinical activities related to the CARMA platform. There were no material CARMA-related expenses in the three months ended September 30, 2021. For the nine months ended September 30, 2021, the Company incurred aggregate CARMA-related operating expenses of $4.4 million, which consisted of $2.5 million of ongoing CARMA expenses primarily for preclinical research and clinical activities as well as $1.8 million of severance, legal and other costs associated with the cessation of CARMA activities. The COVID-19 pandemic has disrupted economic markets and the economic impact, duration and spread of related effects is uncertain at this time and difficult to predict. As a result, it is not possible to ascertain the overall future impact of COVID-19 on the Company’s business and, depending upon the extent and severity of such effects, including, but not limited to potential slowdowns in customer operations, extension of sales cycles, shrinkage in customer capital budgets or delays in customers’ clinical trials, the pandemic could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. In 2020, the Company made adjustments to its operating, sales and marketing practices to mitigate the effects of COVID-19 restrictions which reduced planned spending, particularly on travel and marketing expenditures. In addition, COVID-19 restrictions may have delayed or slowed the research activities of some existing and prospective customers or may result in supply chain disruptions for materials we use in our business. It is not possible to quantify the impact of COVID-19 on the Company’s revenues and expenses to date in 2021 or its expected impact on future periods. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated interim 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 pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the financial position, results of operations, and cash flows as of and for the periods presented. The condensed consolidated balance sheet at December 31, 2020 has been derived from audited consolidated financial statements as of that date. The unaudited condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year or any other future year or period. Certain information and footnotes disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the SEC. The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes included in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b)(4) on July 30, 2021 (the “Final Prospectus”). Initial Public Offering The Company’s registration statement on Form S-1 related to its initial public offering of common stock in the United States (the “IPO”) was declared effective on July 29, 2021, and the Company’s common stock began trading on the Nasdaq Global Select Market on July 30, 2021. On August 3, 2021, the Company issued and sold 15,525,000 shares of common stock in the IPO at a price to the public of $13.00 per share, inclusive of 2,025,000 shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares. The IPO generated gross proceeds to the Company of $201.8 million. The Company received aggregate net proceeds of $184.3 million from the IPO after deducting aggregate underwriting commissions and offering costs of $17.6 million. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the footnotes to its audited consolidated financial statements for the year ended December 31, 2020 included in the Final Prospectus and have not materially changed during the nine months ended September 30, 2021, except as noted below. Concentration of Significant Customers Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as the end of a reporting period. During the three and nine months ended September 30, 2021, one customer represented 28% and 22% of revenue, respectively. During the three and nine months ended September 30, 2020, one customer represented 15% and 15% of revenue, respectively. As of September 30, 2021, one customer accounted for 38% of accounts receivable. No customer accounted for over 10% of accounts receivable at December 31, 2020. Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. During the three and nine months ended September 30, 2021, the Company purchased approximately 60% and 39% of its inventory from two and one suppliers, respectively. During the three and nine months ended September 30, 2020, the Company purchased approximately 62% and 52% of its inventory, respectively, from two suppliers. As of September 30, 2021, none of the amounts payable to individual suppliers exceeded 10% of total accounts payable. As of December 31, 2020, amounts payable to three suppliers totaled 62% of total accounts payable. Foreign Currency The Company’s functional currency is the US dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $26,200 in foreign currency transaction gains and $54,200 in foreign currency transaction losses for the three months ended September 30, 2021 and 2020, respectively. The Company recognized $49,600 in foreign currency transaction gains and $37,500 in foreign currency transaction losses for the nine months ended September 30, 2021 and 2020, respectively. Cash, Cash Equivalents and Short-term Investments The following table summarizes the Company’s cash equivalents and short-term investments at September 30, 2021: Gross Gross Amortized unrecognized unrecognized Aggregate Description Classification cost holding gains holding losses fair value Money market funds Cash equivalents $ 20,480,600 $ — $ — $ 20,480,600 Corporate debt Cash equivalents 5,169,800 — (800) 5,169,000 Commercial paper Cash equivalents 30,998,000 1,200 — 30,999,200 Commercial paper Short-term investments 196,914,700 62,000 — 196,976,700 Total cash equivalents and short-term investments $ 253,563,100 $ 63,200 $ (800) $ 253,625,500 The following table summarizes the Company’s cash equivalents and short-term investments at December 31, 2020: Gross Gross Amortized unrecognized unrecognized Aggregate Description Classification cost holding gains holding losses fair value Money market funds Cash equivalents $ 8,702,200 $ — $ — $ 8,702,200 Commercial paper Cash equivalents 6,523,500 — — 6,523,500 Commercial paper Short‑term investments 13,996,800 1,800 — 13,998,600 Corporate debt Short‑term investments 2,010,700 — (100) 2,010,600 Total cash equivalents and short-term investments $ 31,233,200 $ 1,800 $ (100) $ 31,234,900 At times the Company’s cash balances may exceed federally insured limits and cash may also be deposited in foreign bank accounts that are not covered by federal deposit insurance. The Company does not believe that this results in any significant credit risk. Inventory Inventory is carried at the lower of cost or net realizable value. Inventory consisted of the following: September 30, December 31, 2021 2020 Raw materials inventory $ 1,615,700 $ 1,771,300 Finished goods inventory 2,532,700 2,544,500 Total inventory $ 4,148,400 $ 4,315,800 The Company determined no allowance for obsolescence was necessary at September 30, 2021 or December 31, 2020. Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The Company determined no allowance was necessary at September 30, 2021 or December 31, 2020. Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated lease term or useful life. Property and equipment include capitalized costs to develop internal-use software. Applicable costs are capitalized during the development stage of the project and include direct internal costs, third-party costs and allocated interest expenses as appropriate. Property and equipment consisted of the following: September 30, December 31, 2021 2020 Furniture and equipment $ 4,364,200 $ 3,492,900 Instruments 2,516,300 1,424,600 Leasehold improvements 641,400 641,400 Internal-use software and other assets under development 1,249,400 — Internal-use software 1,999,300 1,963,000 Accumulated depreciation and amortization (3,960,500) (2,975,700) Property and equipment, net $ 6,810,100 $ 4,546,200 During the nine months ended September 30, 2021, the Company transferred $467,600 of instruments previously classified as inventory to property and equipment leased to customers. During the nine months ended September 30, 2020, the Company transferred $232,800 of instruments previously classified as inventory to property and equipment leased to customers. For the three and nine months ended September 30, 2021, the Company incurred depreciation and amortization expense of $366,000 and $1,007,400, respectively. For the three and nine months ended September 30, 2020, the Company incurred depreciation and amortization expense of $290,300 and $768,500, respectively. In the three and nine months ended September 30, 2020, the Company capitalized $3,800 and $12,100, respectively, of interest expense related to capitalized software development projects. No interest expense was capitalized in the three and nine months ended September 30, 2021. Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs (non-current) until such financings are consummated or determined not to be probable of consummation. After consummation of the equity financing, these costs are recorded in stockholders’ equity as a reduction of proceeds received as a result of the offering. If the equity financing is no longer considered probable of being consummated, all deferred offering costs will be charged to operating expenses in the consolidated statement of operations at such time. During the third quarter of 2021, the Company netted $17.6 million in issuance costs against IPO proceeds (see Note 2). As of September 30, 2021 and December 31, 2020, there were no capitalized deferred offering costs in the condensed consolidated balance sheets. Leases In transactions where the Company is the lessee, at the inception of a contract, the Company determines if the arrangement is, or contains, a lease. See Note 7 for additional details over leases where the Company is the lessee. All transactions in which the Company is the lessor are short-term (one year or less) and have been classified as operating leases. All leases require upfront payments covering the full period of the lease and thus, there are no future payments expected to be received from existing leases. See Note 3 for details over revenue recognition related to lease agreements. Loss Per Share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options and stock purchase warrants using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. The number of anti-dilutive shares excluded from the computation of diluted loss per share, consisting of shares underlying stock options, was 13.0 million for the three and nine months ended September 30, 2021. The number of anti-dilutive shares excluded from the computation of diluted loss per share, consisting of shares underlying stock options and stock purchase warrants, was 13.0 million for the three and nine months ended September 30, 2020. Recent Accounting Pronouncements Recently Adopted On January 1, 2021, the Company adopted new guidance addressing income taxes, which is intended to simplify various aspects related to the accounting for income taxes. The guidance removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740, Income Taxes New Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance with respect to measuring credit losses on financial instruments, including trade receivables. The guidance eliminates the probable initial recognition threshold that was previously required prior to recognizing a credit loss on financial instruments. The credit loss estimate can now reflect an entity’s current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The adoption of certain amendments of this guidance must be applied on a modified retrospective basis and the adoption of the remaining amendments must be applied on a prospective basis. The Company is currently evaluating the impact, if any, that this new accounting pronouncement will have on its consolidated financial statements. The Company has evaluated all other issued and unadopted Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its results of operations, financial position, or cash flows. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue | |
Revenue | 3. Revenue Revenue is principally from the sale of instruments and processing assemblies, and extended warranties and the lease of instruments, which lease agreements also include customer-specific milestone payments. In some arrangements, products and services have been sold together representing distinct performance obligations. In these arrangements the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis. Revenue is recognized at the time control is transferred to the customer and the performance obligation is satisfied. Revenue from the sale of instruments and processing assemblies is generally recognized at the time of shipment to the customer, provided that no significant vendor obligations remain and collectability is reasonably assured. Revenue from equipment leases is recognized ratably over the contractual term of the lease agreement and when specific milestones are achieved by a customer. Licensing fee revenue is recognized ratably over the license period. Revenue from fees for research services is recognized when services have been provided. Disaggregation of Revenue The following table depicts the disaggregation of revenue by type of contract: Three months ended September 30, 2021 Nine months ended September 30, 2021 Revenue from Revenue Revenue from Revenue Contracts from Contracts from with Lease Total with Lease Total Customers Elements Revenue Customers Elements Revenue Product sales $ 5,443,400 $ — $ 5,443,400 $ 13,560,700 $ — $ 13,560,700 Lease elements — 4,530,400 4,530,400 — 9,676,100 9,676,100 Other 165,300 — 165,300 505,300 — 505,300 Total $ 5,608,700 $ 4,530,400 $ 10,139,100 $ 14,066,000 $ 9,676,100 $ 23,742,100 Three months ended September 30, 2020 Nine months ended September 30, 2020 Revenue from Revenue Revenue from Revenue Contracts from Contracts from with Lease Total with Lease Total Customers Elements Revenue Customers Elements Revenue Product sales $ 4,506,900 $ — $ 4,506,900 $ 9,946,400 $ — $ 9,946,400 Lease elements — 2,093,400 2,093,400 — 7,347,200 7,347,200 Other 162,300 — 162,300 361,300 — 361,300 Total $ 4,669,200 $ 2,093,400 $ 6,762,600 $ 10,307,700 $ 7,347,200 $ 17,654,900 Additional Disclosures Relating to Revenue from Contracts with Customers Deferred revenue represents payments received for performance obligations not yet satisfied and is presented as current or long-term in the accompanying condensed consolidated balance sheets based on the expected timing and satisfaction of the underlying goods or services. Deferred revenue was $6.8 million and $5.0 million as of September 30, 2021 and December 31, 2020, respectively. During the three and nine months ended September 30, 2021, the Company recognized $2.6 million and $4.4 million, respectively, and during the three and nine months ended September 30, 2020, $1.8 million and $3.0 million, respectively, of revenue was included in deferred revenue at the beginning of such periods. Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations with a duration greater than one year at September 30, 2021 was $1,229,400, of which the Company expects to recognize $732,800 in one year two years three years thereafter For the three and nine months ended September 30, 2021 and 2020, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfill contracts. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt | |
Debt | 4. Debt In November 2019, the Company entered into a new credit facility with MidCap Financial SBIC, LP (“MidCap”). The credit facility provided for a $5 million term loan maturing on November 1, 2024. The term loan provided for (i) an interest rate of one-month Libor plus 6.5% with a 1.5% Libor floor, (ii) monthly interest payments, (iii) 30 monthly principal payments of $166,700 beginning in June 2022 and (iv) a 3% final payment fee. The Company used the proceeds from the credit facility for general operating purposes. The debt was collateralized by substantially all assets of the Company. At December 31, 2020, the term loan had an outstanding principal balance of $5.0 million and $83,000 of unamortized debt discount. In March 2021, the Company repaid the MidCap loan in full. The Company incurred fees of $260,000 associated with early repayment of the loan. The unamortized debt discounts and fees were expensed and recorded as interest expense. In April 2020, the Company received a loan from Silicon Valley Bank in the amount of $1,440,000 under the US Small Business Administration’s Paycheck Protection Program (“PPP”). The PPP was established as part of the US Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The loan provided for interest at 1% and a maturity date of April 2022. In May 2020, the Company repaid the loan in full. |
Stockholder's Equity
Stockholder's Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity | |
Stockholders' Equity | 5. Stockholders’ Equity Common Stock During the first quarter of 2021, the Company completed an equity capital raise issuing 5,740,000 shares of its common stock at a price of ₤7.00 (or approximately $9.64) per share. The transaction generated gross proceeds of ₤40.2 million (or $55.3 million). In conjunction with the transaction, the Company incurred costs of $3.5 million which resulted in the Company receiving net proceeds of $51.8 million. During the third quarter of 2021, the Company completed the IPO and received aggregate net proceeds of $184.3 million (see Note 2). Warrant In connection with the November 2019 credit facility (see Note 4), the Company issued the lender a warrant to purchase 71,168 shares of common stock at an exercise price of £1.09081 per share. The warrant was exercisable at any time through the tenth anniversary of issuance. The warrant was classified as a liability at issuance, as its strike price was in a currency other than the Company’s functional currency. The warrant was recorded at its fair value at the end of each reporting period thereafter with changes from the prior balance sheet date recorded on the condensed consolidated statements of operations (see Note 6). In a cashless settlement in August 2021, the lender fully exercised the warrant in exchange for 64,603 shares of common stock. Stock Options The Company adopted the MaxCyte, Inc. Long-Term Incentive Plan (the “Plan”) in January 2016 to amend and restate the MaxCyte 2000 Long-Term Incentive Plan to provide for the awarding of (i) stock options, (ii) restricted stock, (iii) incentive shares, and (iv) performance awards to employees, officers, and Directors of the Company and to other individuals as determined by the Board of Directors. Under the Plan, as amended, the maximum number of shares of Common Stock of the Company that the Company may issue is increased by ten percent (10%) of the shares that are issued and outstanding at the time awards are made under the Plan. On December 10, 2019 and October 27, 2020, the Company’s Board resolved to increase the number of shares available for grant under the Plan by 3,000,000 and 1,500,000, respectively. At December 31, 2020 and September 30, 2021, there were 4,175,737 and 4,597,179 shares available to be issued under the Plan, respectively. The weighted-average fair value of the options granted during the three months ended September 30, 2021 and 2020 was estimated to be $8.52 and $2.11, respectively. The weighted-average fair value of the options granted during the nine months ended September 30, 2021 and 2020 was estimated to be $7.72 and $1.34, respectively. The value of an option award is recognized as expense on a straight-line basis over the requisite service period. At September 30, 2021, total unrecognized compensation expense was $27,741,800, which will be recognized over the next 3.3 years. The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 General and administrative $ 1,313,300 $ 297,900 $ 3,224,600 $ 817,800 Sales and marketing 444,800 117,900 1,066,400 335,900 Research and development 527,300 182,200 1,219,400 550,900 Total $ 2,285,400 $ 598,000 $ 5,510,400 $ 1,704,600 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value | |
Fair Value | 6. Fair Value The Company’s condensed consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, accounts receivable and accounts payable) that are carried at cost, which approximates fair value due to the short-term nature of the instruments. The Company’s short-term investments are carried at amortized cost (see Note 2 for fair values of short-term investments). Notes payable are reflective of fair value based on market comparable instruments with similar terms. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company had an outstanding warrant accounted for as a liability and measured at fair value on a recurring basis, using Level 3 inputs. The lender exercised the warrant, in whole, in August 2021 (see Note 5). The Company did not have any outstanding warrants at September 30, 2021. The following table identifies the carrying amount of this warrant at December 31, 2020: Level 1 Level 2 Level 3 Total Liability classified warrant $ — $ — $ 441,200 $ 441,200 Total at December 31, 2020 $ — $ — $ 441,200 $ 441,200 The following table presents the activity for those items measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2021 and 2020: Mark-to-market liabilities – warrant Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Balance, beginning of period $ 799,400 $ 126,000 $ 441,200 $ 74,700 Change in fair value 287,200 148,100 645,400 199,400 Exercise of warrant (1,086,600) — (1,086,600) — Balance, end of period $ — $ 274,100 $ — $ 274,100 The gains and losses resulting from the changes in the fair value of the warrant liability were classified as other income or expense in the accompanying condensed consolidated statements of operations. The fair value of the common stock warrants at the end of each reporting period was determined using the Black-Scholes option pricing model or other option pricing models as appropriate and included the use of unobservable inputs such as the expected term, anticipated volatility and expected dividends. The Company has no other financial assets or liabilities measured at fair value on a recurring basis. Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Short-term investments carried at amortized cost are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. No fair value impairment was recognized during the three and nine months ended September 30, 2021 and 2020. Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company has no non-financial assets and liabilities that are measured at fair value on a recurring basis. Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No fair value impairment was recognized during the three and nine months ended September 30, 2021 and 2020. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 7. Commitments and Contingencies Operating Leases The Company is a party to various leases for office and laboratory space. A member of the Company’s Board of Directors is the CEO and Board member of the lessor of certain of these leases for which the rent payments totaled $159,600 and $155,800 in the three months ended September 30, 2021 and 2020, respectively, and $477,900 and $466,300 in the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021, the Company had a $1,025,100 right of use (ROU) lease asset, a $572,300 short-term lease liability and a $500,200 long-term lease liability related to its operating leases. At December 31, 2020, the Company had a $1,728,300 ROU asset, a $572,600 short-term lease liability and a $1,234,600 long-term lease liability related to its operating leases. At September 30, 2021 and December 31, 2020, the weighted average remaining lease term for the Company’s operating leases was 1.9 years and 2.8 years, respectively. On May 27, 2021, the Company entered into an operating lease for new office and manufacturing space. The lease for the new space consists of three phases, with Phase 1 estimated to commence by end of 2021 which is subject to revision, and the lease of all phases is estimated to expire on July 27, 2035. Both the Company and the landlord have a one-time right to terminate a portion of Phase 3 of the lease during a defined time window. The Company will design and construct the leasehold improvements with the approval of the landlord. The landlord will reimburse the Company for the costs of property improvements up to amounts specified in the lease. The total incremental non-cancellable lease payments under the new lease agreements are approximately $24.5 million over the lease term. Finance Leases In August 2021, the Company exercised its purchase option under a finance lease and acquired the associated leased laboratory equipment. At September 30, 2021, the Company had no ROU finance asset or lease liability. At December 31, 2020, the Company had a $218,300 ROU asset, a $100,000 short-term lease liability included in “ Accrued expenses and other “Other liabilities All Leases Lease costs for the three and nine months ended September 30, 2021 and 2020 were as follows: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Finance lease cost Amortization of ROU asset $ 7,900 $ 23,800 $ 55,600 $ 59,500 Interest on expense 900 3,900 7,000 10,800 Operating lease cost 174,200 168,600 521,100 505,800 Short-term lease cost 12,200 8,800 31,100 8,800 Variable lease cost 75,600 74,000 226,800 215,500 Total lease cost $ 270,800 $ 279,100 $ 841,600 $ 800,400 As of September 30, 2021, maturities of lease liabilities that had commenced prior to September 30, 2021 were as follows: Operating Leases Finance Leases Remainder of 2021 $ 186,100 $ — 2022 579,200 — 2023 405,000 — Total lease payments 1,170,300 — Discount factor (93,600) — Present value of lease liabilities $ 1,076,700 $ — |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Concentration of Significant Customers | Concentration of Significant Customers Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as the end of a reporting period. During the three and nine months ended September 30, 2021, one customer represented 28% and 22% of revenue, respectively. During the three and nine months ended September 30, 2020, one customer represented 15% and 15% of revenue, respectively. As of September 30, 2021, one customer accounted for 38% of accounts receivable. No customer accounted for over 10% of accounts receivable at December 31, 2020. Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. During the three and nine months ended September 30, 2021, the Company purchased approximately 60% and 39% of its inventory from two and one suppliers, respectively. During the three and nine months ended September 30, 2020, the Company purchased approximately 62% and 52% of its inventory, respectively, from two suppliers. As of September 30, 2021, none of the amounts payable to individual suppliers exceeded 10% of total accounts payable. As of December 31, 2020, amounts payable to three suppliers totaled 62% of total accounts payable. |
Foreign Currency | Foreign Currency The Company’s functional currency is the US dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $26,200 in foreign currency transaction gains and $54,200 in foreign currency transaction losses for the three months ended September 30, 2021 and 2020, respectively. The Company recognized $49,600 in foreign currency transaction gains and $37,500 in foreign currency transaction losses for the nine months ended September 30, 2021 and 2020, respectively. |
Cash, Cash Equivalents and Short-term Investments | Cash, Cash Equivalents and Short-term Investments The following table summarizes the Company’s cash equivalents and short-term investments at September 30, 2021: Gross Gross Amortized unrecognized unrecognized Aggregate Description Classification cost holding gains holding losses fair value Money market funds Cash equivalents $ 20,480,600 $ — $ — $ 20,480,600 Corporate debt Cash equivalents 5,169,800 — (800) 5,169,000 Commercial paper Cash equivalents 30,998,000 1,200 — 30,999,200 Commercial paper Short-term investments 196,914,700 62,000 — 196,976,700 Total cash equivalents and short-term investments $ 253,563,100 $ 63,200 $ (800) $ 253,625,500 The following table summarizes the Company’s cash equivalents and short-term investments at December 31, 2020: Gross Gross Amortized unrecognized unrecognized Aggregate Description Classification cost holding gains holding losses fair value Money market funds Cash equivalents $ 8,702,200 $ — $ — $ 8,702,200 Commercial paper Cash equivalents 6,523,500 — — 6,523,500 Commercial paper Short‑term investments 13,996,800 1,800 — 13,998,600 Corporate debt Short‑term investments 2,010,700 — (100) 2,010,600 Total cash equivalents and short-term investments $ 31,233,200 $ 1,800 $ (100) $ 31,234,900 At times the Company’s cash balances may exceed federally insured limits and cash may also be deposited in foreign bank accounts that are not covered by federal deposit insurance. The Company does not believe that this results in any significant credit risk. |
Inventory | Inventory Inventory is carried at the lower of cost or net realizable value. Inventory consisted of the following: September 30, December 31, 2021 2020 Raw materials inventory $ 1,615,700 $ 1,771,300 Finished goods inventory 2,532,700 2,544,500 Total inventory $ 4,148,400 $ 4,315,800 The Company determined no allowance for obsolescence was necessary at September 30, 2021 or December 31, 2020. |
Accounts Receivable | Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The Company determined no allowance was necessary at September 30, 2021 or December 31, 2020. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated lease term or useful life. Property and equipment include capitalized costs to develop internal-use software. Applicable costs are capitalized during the development stage of the project and include direct internal costs, third-party costs and allocated interest expenses as appropriate. Property and equipment consisted of the following: September 30, December 31, 2021 2020 Furniture and equipment $ 4,364,200 $ 3,492,900 Instruments 2,516,300 1,424,600 Leasehold improvements 641,400 641,400 Internal-use software and other assets under development 1,249,400 — Internal-use software 1,999,300 1,963,000 Accumulated depreciation and amortization (3,960,500) (2,975,700) Property and equipment, net $ 6,810,100 $ 4,546,200 During the nine months ended September 30, 2021, the Company transferred $467,600 of instruments previously classified as inventory to property and equipment leased to customers. During the nine months ended September 30, 2020, the Company transferred $232,800 of instruments previously classified as inventory to property and equipment leased to customers. For the three and nine months ended September 30, 2021, the Company incurred depreciation and amortization expense of $366,000 and $1,007,400, respectively. For the three and nine months ended September 30, 2020, the Company incurred depreciation and amortization expense of $290,300 and $768,500, respectively. In the three and nine months ended September 30, 2020, the Company capitalized $3,800 and $12,100, respectively, of interest expense related to capitalized software development projects. No interest expense was capitalized in the three and nine months ended September 30, 2021. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs (non-current) until such financings are consummated or determined not to be probable of consummation. After consummation of the equity financing, these costs are recorded in stockholders’ equity as a reduction of proceeds received as a result of the offering. If the equity financing is no longer considered probable of being consummated, all deferred offering costs will be charged to operating expenses in the consolidated statement of operations at such time. During the third quarter of 2021, the Company netted $17.6 million in issuance costs against IPO proceeds (see Note 2). As of September 30, 2021 and December 31, 2020, there were no capitalized deferred offering costs in the condensed consolidated balance sheets. |
Leases | Leases In transactions where the Company is the lessee, at the inception of a contract, the Company determines if the arrangement is, or contains, a lease. See Note 7 for additional details over leases where the Company is the lessee. All transactions in which the Company is the lessor are short-term (one year or less) and have been classified as operating leases. All leases require upfront payments covering the full period of the lease and thus, there are no future payments expected to be received from existing leases. See Note 3 for details over revenue recognition related to lease agreements. |
Loss Per Share | Loss Per Share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options and stock purchase warrants using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. The number of anti-dilutive shares excluded from the computation of diluted loss per share, consisting of shares underlying stock options, was 13.0 million for the three and nine months ended September 30, 2021. The number of anti-dilutive shares excluded from the computation of diluted loss per share, consisting of shares underlying stock options and stock purchase warrants, was 13.0 million for the three and nine months ended September 30, 2020. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted On January 1, 2021, the Company adopted new guidance addressing income taxes, which is intended to simplify various aspects related to the accounting for income taxes. The guidance removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740, Income Taxes New Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance with respect to measuring credit losses on financial instruments, including trade receivables. The guidance eliminates the probable initial recognition threshold that was previously required prior to recognizing a credit loss on financial instruments. The credit loss estimate can now reflect an entity’s current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The adoption of certain amendments of this guidance must be applied on a modified retrospective basis and the adoption of the remaining amendments must be applied on a prospective basis. The Company is currently evaluating the impact, if any, that this new accounting pronouncement will have on its consolidated financial statements. The Company has evaluated all other issued and unadopted Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its results of operations, financial position, or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of the Company's cash equivalents and investments | The following table summarizes the Company’s cash equivalents and short-term investments at September 30, 2021: Gross Gross Amortized unrecognized unrecognized Aggregate Description Classification cost holding gains holding losses fair value Money market funds Cash equivalents $ 20,480,600 $ — $ — $ 20,480,600 Corporate debt Cash equivalents 5,169,800 — (800) 5,169,000 Commercial paper Cash equivalents 30,998,000 1,200 — 30,999,200 Commercial paper Short-term investments 196,914,700 62,000 — 196,976,700 Total cash equivalents and short-term investments $ 253,563,100 $ 63,200 $ (800) $ 253,625,500 The following table summarizes the Company’s cash equivalents and short-term investments at December 31, 2020: Gross Gross Amortized unrecognized unrecognized Aggregate Description Classification cost holding gains holding losses fair value Money market funds Cash equivalents $ 8,702,200 $ — $ — $ 8,702,200 Commercial paper Cash equivalents 6,523,500 — — 6,523,500 Commercial paper Short‑term investments 13,996,800 1,800 — 13,998,600 Corporate debt Short‑term investments 2,010,700 — (100) 2,010,600 Total cash equivalents and short-term investments $ 31,233,200 $ 1,800 $ (100) $ 31,234,900 |
Schedule of inventory | September 30, December 31, 2021 2020 Raw materials inventory $ 1,615,700 $ 1,771,300 Finished goods inventory 2,532,700 2,544,500 Total inventory $ 4,148,400 $ 4,315,800 |
Schedule of property and equipment | September 30, December 31, 2021 2020 Furniture and equipment $ 4,364,200 $ 3,492,900 Instruments 2,516,300 1,424,600 Leasehold improvements 641,400 641,400 Internal-use software and other assets under development 1,249,400 — Internal-use software 1,999,300 1,963,000 Accumulated depreciation and amortization (3,960,500) (2,975,700) Property and equipment, net $ 6,810,100 $ 4,546,200 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue | |
Schedule of disaggregation of revenue | Three months ended September 30, 2021 Nine months ended September 30, 2021 Revenue from Revenue Revenue from Revenue Contracts from Contracts from with Lease Total with Lease Total Customers Elements Revenue Customers Elements Revenue Product sales $ 5,443,400 $ — $ 5,443,400 $ 13,560,700 $ — $ 13,560,700 Lease elements — 4,530,400 4,530,400 — 9,676,100 9,676,100 Other 165,300 — 165,300 505,300 — 505,300 Total $ 5,608,700 $ 4,530,400 $ 10,139,100 $ 14,066,000 $ 9,676,100 $ 23,742,100 Three months ended September 30, 2020 Nine months ended September 30, 2020 Revenue from Revenue Revenue from Revenue Contracts from Contracts from with Lease Total with Lease Total Customers Elements Revenue Customers Elements Revenue Product sales $ 4,506,900 $ — $ 4,506,900 $ 9,946,400 $ — $ 9,946,400 Lease elements — 2,093,400 2,093,400 — 7,347,200 7,347,200 Other 162,300 — 162,300 361,300 — 361,300 Total $ 4,669,200 $ 2,093,400 $ 6,762,600 $ 10,307,700 $ 7,347,200 $ 17,654,900 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity | |
Schedule of stock-based compensation expense | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 General and administrative $ 1,313,300 $ 297,900 $ 3,224,600 $ 817,800 Sales and marketing 444,800 117,900 1,066,400 335,900 Research and development 527,300 182,200 1,219,400 550,900 Total $ 2,285,400 $ 598,000 $ 5,510,400 $ 1,704,600 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table identifies the carrying amount of this warrant at December 31, 2020: Level 1 Level 2 Level 3 Total Liability classified warrant $ — $ — $ 441,200 $ 441,200 Total at December 31, 2020 $ — $ — $ 441,200 $ 441,200 |
Schedule of activity for items measured at fair value on a recurring basis using Level 3 inputs | Mark-to-market liabilities – warrant Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Balance, beginning of period $ 799,400 $ 126,000 $ 441,200 $ 74,700 Change in fair value 287,200 148,100 645,400 199,400 Exercise of warrant (1,086,600) — (1,086,600) — Balance, end of period $ — $ 274,100 $ — $ 274,100 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies. | |
Schedule of lease costs | Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Finance lease cost Amortization of ROU asset $ 7,900 $ 23,800 $ 55,600 $ 59,500 Interest on expense 900 3,900 7,000 10,800 Operating lease cost 174,200 168,600 521,100 505,800 Short-term lease cost 12,200 8,800 31,100 8,800 Variable lease cost 75,600 74,000 226,800 215,500 Total lease cost $ 270,800 $ 279,100 $ 841,600 $ 800,400 |
Schedule of maturities of operating lease liabilities | Operating Leases Finance Leases Remainder of 2021 $ 186,100 $ — 2022 579,200 — 2023 405,000 — Total lease payments 1,170,300 — Discount factor (93,600) — Present value of lease liabilities $ 1,076,700 $ — |
Schedule of maturities of finance lease liabilities | Operating Leases Finance Leases Remainder of 2021 $ 186,100 $ — 2022 579,200 — 2023 405,000 — Total lease payments 1,170,300 — Discount factor (93,600) — Present value of lease liabilities $ 1,076,700 $ — |
Organization and Description _2
Organization and Description of Business (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Product Information [Line Items] | ||||
Operating expenses | $ 11,638,200 | $ 8,870,100 | $ 34,554,000 | $ 24,470,000 |
Preclinical research and clinical activities ongoing expenses | $ 2,774,800 | $ 4,517,900 | 12,058,000 | $ 12,852,800 |
CARMA Cell Therapies | ||||
Product Information [Line Items] | ||||
Operating expenses | 4,400,000 | |||
Preclinical research and clinical activities ongoing expenses | 2,500,000 | |||
Severance, legal and other costs | $ 1,800,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Initial Public Offering (Details) $ / shares in Units, $ in Millions | Aug. 03, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2021£ / shares |
Initial Public Offering | ||||
Shares issued | shares | 5,740,000 | |||
Shares Issued, Price Per Share | (per share) | $ 9.64 | £ 7 | ||
Payments of Stock Issuance Costs | $ | $ 17.6 | $ 3.5 | ||
IPO | ||||
Initial Public Offering | ||||
Shares issued | shares | 15,525,000 | |||
Shares Issued, Price Per Share | $ / shares | $ 13 | |||
Proceeds from Issuance Initial Public Offering, Gross | $ | $ 201.8 | |||
Payments of Stock Issuance Costs | $ | $ 17.6 | |||
Underwriter's option | ||||
Initial Public Offering | ||||
Shares issued | shares | 2,025,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Concentration of Significant Customers (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021customeritem | Sep. 30, 2020customeritem | Sep. 30, 2021customeritem | Sep. 30, 2020customeritem | Dec. 31, 2020item | |
Revenue. | Customer concentration risk | Customer one | |||||
Concentration Risk [Line Items] | |||||
Number of major customers | customer | 1 | 1 | 1 | 1 | |
Concentration risk percentage | 28.00% | 15.00% | 22.00% | 15.00% | |
Accounts receivable | Customer concentration risk | Customer one | |||||
Concentration Risk [Line Items] | |||||
Number of major customers | customer | 1 | ||||
Concentration risk percentage | 38.00% | ||||
Inventory | Supplier concentration risk | Major suppliers | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 60.00% | 62.00% | 39.00% | 52.00% | |
Number of major suppliers | item | 2 | 2 | 1 | 2 | |
Accounts payable | Supplier concentration risk | Major suppliers | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 62.00% | ||||
Number of major suppliers | item | 3 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Summary of Significant Accounting Policies | ||||
Foreign currency transaction gains (losses) | $ 26,200 | $ (54,200) | $ 49,600 | $ (37,500) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Short-term Investments (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | $ 253,563,100 | $ 31,233,200 |
Gross unrecognized holding gains | 63,200 | 1,800 |
Gross unrecognized holding losses | (800) | (100) |
Aggregate fair value | 253,625,500 | 31,234,900 |
Commercial paper | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | 196,914,700 | 13,996,800 |
Gross unrecognized holding gains | 62,000 | 1,800 |
Aggregate fair value | 196,976,700 | 13,998,600 |
Corporate debt | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | 2,010,700 | |
Gross unrecognized holding losses | (100) | |
Aggregate fair value | 2,010,600 | |
Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | 20,480,600 | 8,702,200 |
Aggregate fair value | 20,480,600 | 8,702,200 |
Corporate debt | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | 5,169,800 | |
Gross unrecognized holding losses | (800) | |
Aggregate fair value | 5,169,000 | |
Commercial paper | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | 30,998,000 | 6,523,500 |
Gross unrecognized holding gains | 1,200 | |
Aggregate fair value | $ 30,999,200 | $ 6,523,500 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Inventory (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Inventory | ||
Raw materials inventory | $ 1,615,700 | $ 1,771,300 |
Finished goods inventory | 2,532,700 | 2,544,500 |
Total Inventory | 4,148,400 | 4,315,800 |
Allowance for obsolescence | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable | ||
Allowance for accounts receivable | $ 0 | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Accumulated depreciation and amortization | $ (3,960,500) | $ (3,960,500) | $ (2,975,700) | ||
Property and equipment, net | 6,810,100 | 6,810,100 | 4,546,200 | ||
Transfer of instruments | 467,600 | $ 232,800 | |||
Depreciation and amortization expense | 366,000 | $ 290,300 | 1,007,400 | 768,500 | |
Capitalized interest expense | 0 | $ 3,800 | 0 | $ 12,100 | |
Furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 4,364,200 | 4,364,200 | 3,492,900 | ||
Instruments | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 2,516,300 | 2,516,300 | 1,424,600 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 641,400 | 641,400 | 641,400 | ||
Internal-use software under development | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 1,249,400 | 1,249,400 | |||
Internal-use software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 1,999,300 | $ 1,999,300 | $ 1,963,000 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Deferred Offering Costs (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Deferred Offering Costs | |||
Payment of underwriting commissions and offering costs | $ 17.6 | $ 3.5 | |
Deferred offering costs | $ 0 | $ 0 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Loss Per Share | ||||
Anti-dilutive shares excluded from the computation of diluted loss per share | 13 | 13 | 13 | 13 |
Revenue - Disaggregation of rev
Revenue - Disaggregation of revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | $ 5,608,700 | $ 4,669,200 | $ 14,066,000 | $ 10,307,700 |
Revenue from Lease Elements | 4,530,400 | 2,093,400 | 9,676,100 | 7,347,200 |
Total Revenue | 10,139,100 | 6,762,600 | 23,742,100 | 17,654,900 |
Product sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 5,443,400 | 4,506,900 | 13,560,700 | 9,946,400 |
Total Revenue | 5,443,400 | 4,506,900 | 13,560,700 | 9,946,400 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contracts with Customers | 165,300 | 162,300 | 505,300 | 361,300 |
Total Revenue | $ 165,300 | $ 162,300 | $ 505,300 | $ 361,300 |
Revenue - Changes in deferred r
Revenue - Changes in deferred revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Change in Contract with Customer, Liability [Abstract] | |||||
Deferred revenue | $ 6.8 | $ 6.8 | $ 5 | ||
Revenue recognized | $ 2.6 | $ 1.8 | $ 4.4 | $ 3 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1,229,400 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 732,800 |
Remaining performance obligation expects to recognize as revenue | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 183,600 |
Remaining performance obligation expects to recognize as revenue | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 124,400 |
Remaining performance obligation expects to recognize as revenue | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 188,600 |
Remaining performance obligation expects to recognize as revenue | 0 years |
Debt (Details)
Debt (Details) | 1 Months Ended | 9 Months Ended | |||
Nov. 30, 2019USD ($)itemshares | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Nov. 30, 2019£ / shares | |
Debt Instrument [Line Items] | |||||
Warrant to purchase common Stock | shares | 71,168 | ||||
Warrant exercise price | £ / shares | £ 1.09081 | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 5,000,000 | ||||
Number of monthly principal payments | item | 30 | ||||
Frequency of principal payments | monthly | ||||
Periodic principal payments | $ 166,700 | ||||
Final payment fee percentage | 3.00% | ||||
Early repayment fees | $ 260,000 | ||||
Outstanding principal balance | $ 5,000,000 | ||||
Unamortized debt discount | $ 83,000 | ||||
Term Loan | Libor | |||||
Debt Instrument [Line Items] | |||||
Basis spread over LIBOR | 6.50% | ||||
Libor floor rate | 1.50% | ||||
Paycheck Protection Program loan | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 1,440,000 |
Stockholder's Equity - Common S
Stockholder's Equity - Common Stock (Details) £ / shares in Units, $ / shares in Units, £ in Millions | Aug. 03, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2021GBP (£)shares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2021£ / shares |
Class of Stock [Line Items] | |||||||
Shares issued | shares | 5,740,000 | 5,740,000 | |||||
Share price | (per share) | $ 9.64 | £ 7 | |||||
Gross proceeds | $ 55,300,000 | £ 40.2 | $ 236,077,300 | $ 28,567,200 | |||
Cost incurred | $ 17,600,000 | 3,500,000 | |||||
Net proceeds | $ 51,800,000 | ||||||
IPO | |||||||
Class of Stock [Line Items] | |||||||
Shares issued | shares | 15,525,000 | ||||||
Share price | $ / shares | $ 13 | ||||||
Cost incurred | $ 17,600,000 | ||||||
Proceeds from Issuance Initial Public Offering | $ 184,300,000 | $ 184,300,000 |
Stockholder's Equity - Warrant
Stockholder's Equity - Warrant (Details) - £ / shares | 1 Months Ended | |
Aug. 31, 2021 | Nov. 30, 2019 | |
Stockholders' Equity | ||
Warrant to purchase common Stock | 71,168 | |
Warrant exercise price | £ 1.09081 | |
Number of shares issued with exercising of warrant | 64,603 |
Stockholder's Equity - Stock Op
Stockholder's Equity - Stock Options (Details) - Long-Term Incentive Plan , 2016 - USD ($) | Oct. 27, 2020 | Dec. 10, 2019 | 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] | |||||||
Percentage of increase in the number of stock options | 10.00% | 10.00% | |||||
Increase the number of stock options | 1,500,000 | 3,000,000 | |||||
Awards available to be issued | 4,597,179 | 4,597,179 | 4,175,737 | ||||
Weighted-average fair value of the options granted | $ 8.52 | $ 2.11 | $ 7.72 | $ 1.34 | |||
Unrecognized compensation expense | $ 27,741,800 | $ 27,741,800 | |||||
Unrecognized compensation expense, recognition period | 3 years 3 months 18 days |
Stockholder's Equity - Stock-ba
Stockholder's Equity - Stock-based compensation expense (Details) - USD ($) | 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 | $ 2,285,400 | $ 598,000 | $ 5,510,400 | $ 1,704,600 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,313,300 | 297,900 | 3,224,600 | 817,800 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 444,800 | 117,900 | 1,066,400 | 335,900 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 527,300 | $ 182,200 | $ 1,219,400 | $ 550,900 |
Fair Value - Carrying amounts o
Fair Value - Carrying amounts of warrant (Details) - Recurring basis | Dec. 31, 2020USD ($) |
Fair Value | |
Total Liabilities | $ 441,200 |
Mark-to-market liabilities , warrant | |
Fair Value | |
Liability classified warrant | 441,200 |
Level 3 | |
Fair Value | |
Total Liabilities | 441,200 |
Level 3 | Mark-to-market liabilities , warrant | |
Fair Value | |
Liability classified warrant | $ 441,200 |
Fair Value - Activity of items
Fair Value - Activity of items measured at fair value on a recurring basis using Level 3 inputs (Details) - Mark-to-market liabilities , warrant - Recurring basis - Level 3 - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Activity for items measured at fair value on a recurring basis using Level 3 inputs | ||||
Balance, beginning of periods | $ 799,400 | $ 126,000 | $ 441,200 | $ 74,700 |
Change in fair value | 287,200 | 148,100 | 645,400 | 199,400 |
Exercise of warrant | $ (1,086,600) | $ (1,086,600) | ||
Balance, end of periods | $ 274,100 | $ 274,100 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - Non-recurring basis - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of short-term investments | $ 0 | $ 0 | $ 0 | $ 0 |
Impairment of long-lived assets | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | May 27, 2021USD ($)item | Dec. 31, 2020USD ($) | |
Commitments and Contingencies | ||||||
ROU asset | $ 1,025,100 | $ 1,025,100 | $ 1,728,300 | |||
Lease liabilities | 1,076,700 | 1,076,700 | ||||
Short-term lease liability | 572,300 | 572,300 | 572,600 | |||
Long-term lease liability | $ 500,200 | $ 500,200 | $ 1,234,600 | |||
Weighted average remaining lease term | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years 9 months 18 days | |||
Incremental non-cancellable lease payments | $ 1,170,300 | $ 1,170,300 | ||||
Director | Lease Agreement | ||||||
Commitments and Contingencies | ||||||
Lease rent payments | $ 159,600 | $ 155,800 | $ 477,900 | $ 466,300 | ||
New Office and Manufacturing Space | ||||||
Commitments and Contingencies | ||||||
Operating lease, number of phases | item | 3 | |||||
Right to terminate phase of lease option number | item | 1 | |||||
Incremental non-cancellable lease payments | $ 24,500,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Finance Leases (Details) | Dec. 31, 2020USD ($) |
Commitments and Contingencies. | |
Finance lease, ROU asset | $ 218,300 |
Finance lease, Short-term lease liability | $ 100,000 |
Finance lease, Short-term lease liability, balance sheet location | Accrued expenses and other |
Finance lease, Long-term lease liability | $ 142,200 |
Finance lease, Long-term lease liability, balance sheet location | Other liabilities |
Commitments and Contingencies_3
Commitments and Contingencies - Lease costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Finance lease cost | ||||
Amortization of ROU asset | $ 7,900 | $ 23,800 | $ 55,600 | $ 59,500 |
Interest on expense | 900 | 3,900 | 7,000 | 10,800 |
Operating lease cost | 174,200 | 168,600 | 521,100 | 505,800 |
Short-term lease cost | 12,200 | 8,800 | 31,100 | 8,800 |
Variable lease cost | 75,600 | 74,000 | 226,800 | 215,500 |
Total lease cost | $ 270,800 | $ 279,100 | $ 841,600 | $ 800,400 |
Commitments and Contingencies_4
Commitments and Contingencies - Maturities of lease liabilities (Details) | Sep. 30, 2021USD ($) |
Maturities of operating lease liabilities | |
Remainder of 2021 | $ 186,100 |
2022 | 579,200 |
2023 | 405,000 |
Total lease payments | 1,170,300 |
Discount factor | (93,600) |
Present value of lease liabilities | $ 1,076,700 |