MaxCyte (MXCT) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-40674
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		101,540,052
Entity Central Index Key	0001287098
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 ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 239,777,300	$ 47,782,400
Short-term investments, at amortized cost	6,498,600	207,261,400
Accounts receivable	8,627,800	6,877,000
Accounts receivable - TIA	2,119,200
Inventory	6,581,600	5,204,600
Prepaid expenses and other current assets	2,190,200	3,307,400
Total current assets	265,794,700	270,432,800
Property and equipment, net	13,203,700	7,681,200
Right of use asset - operating leases	10,901,900	5,689,300
Other assets	1,054,900	316,700
Total assets	290,955,200	284,120,000
Current liabilities:
Accounts payable	4,365,700	1,820,300
Accrued expenses and other	3,870,800	6,523,500
Operating lease liability, current	480,200	527,200
Deferred revenue, current portion	6,831,700	6,746,800
Total current liabilities	15,548,400	15,617,800
Operating lease liability, net of current portion	12,770,900	5,154,900
Other liabilities	451,100	450,200
Total liabilities	28,770,400	21,222,900
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at March 31, 2022 and December 31, 2021
Common stock, $0.01 par value; 400,000,000 shares authorized, 101,509,892 and 101,202,705 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	1,015,100	1,012,000
Additional paid-in capital	379,541,500	376,189,600
Accumulated deficit	(118,371,800)	(114,304,500)
Total stockholders' equity	262,184,800	262,897,100
Total liabilities and stockholders' equity	$ 290,955,200	$ 284,120,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	101,509,892	101,202,705
Common stock, outstanding (in shares)	101,509,892	101,202,705

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Unaudited Condensed Consolidated Statements of Operations
Revenue	$ 11,587,300	$ 6,494,900
Cost of goods sold	1,062,600	693,100
Gross profit	10,524,700	5,801,800
Operating expenses:
Research and development	3,765,300	6,076,300
Sales and marketing	3,838,700	2,789,100
General and administrative	6,632,500	2,997,900
Depreciation and amortization	447,300	311,600
Total operating expenses	14,683,800	12,174,900
Operating loss	(4,159,100)	(6,373,100)
Other income (expense):
Interest and other expense		(742,300)
Interest income	91,800	9,800
Total other income (expense)	91,800	(732,500)
Net loss	$ (4,067,300)	$ (7,105,600)
Basic net loss per share	$ (0.04)	$ (0.09)
Diluted net loss per share	$ (0.04)	$ (0.09)
Weighted average shares outstanding, basic	101,305,943	81,004,081
Weighted average shares outstanding, diluted	101,305,943	81,004,081

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
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	$ 57,400	51,751,500		51,808,900
Issuance of common stock, shares	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, 2021	$ 1,012,000	376,189,600	(114,304,500)	262,897,100
Balances, at Beginning of period, Shares at Dec. 31, 2021	101,202,705
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		2,462,400		2,462,400
Exercise of stock options	$ 3,100	889,500		892,600
Exercise of stock options, shares	307,187
Net loss			(4,067,300)	(4,067,300)
Balances, at end of period at Mar. 31, 2022	$ 1,015,100	$ 379,541,500	$ (118,371,800)	$ 262,184,800
Balances, at end of period, Shares at Mar. 31, 2022	101,509,892

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Cash Flows £ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Cash flows from operating activities:
Net loss	$ (4,067,300)	$ (7,105,600)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	487,400	315,900
Net book value of consigned equipment sold	32,800	1,600
Loss on disposal of fixed assets		6,100
Fair value adjustment of liability classified warrant		347,900
Stock-based compensation	2,462,400	1,319,800
Amortization of discounts on short-term investments	(33,200)	7,500
Non-cash interest expense		5,400
Changes in operating assets and liabilities:
Accounts receivable	(1,750,800)	877,600
Accounts receivable - TIA	(2,119,200)
Inventory	(1,377,000)	(287,900)
Other current assets	1,117,200	17,700
Right of use asset - operating leases	(5,212,600)	137,300
Right of use asset-finance lease		23,800
Other assets	(738,200)	(49,100)
Accounts payable, accrued expenses and other	(150,500)	(1,420,300)
Operating lease liability	7,569,000	(137,600)
Deferred revenue	84,900	1,224,400
Other liabilities	900	73,400
Net cash used in operating activities	(3,694,200)	(4,642,100)
Cash flows from investing activities:
Maturities of short-term investments	200,796,000	16,000,000
Purchases of property and equipment	(5,999,500)	(308,500)
Net cash provided by investing activities	194,796,500	15,691,500
Cash flows from financing activities:
Net proceeds from issuance of common stock		51,808,900
Principal payments on notes payable		(4,922,400)
Proceeds from exercise of stock options	892,600	2,037,100
Principal payments on finance leases		(24,500)
Net cash provided by financing activities	892,600	48,899,100
Net increase in cash and cash equivalents	191,994,900	59,948,500
Cash and cash equivalents, beginning of period	47,782,400	18,755,200
Cash and cash equivalents, end of period	239,777,300	78,703,700
Supplemental cash flow information:
Cash paid for interest		416,300
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases included in accounts payable	$ 43,200	$ 21,200

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
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. (“CCTI”), as part of its development of CARMA, the Company’s proprietary, mRNA-based, clinical-stage, immuno-oncology cell therapy platform. CCTI ceased all material operations by the end of March 2021. 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. The Company has 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. It is not possible to quantify the impact of COVID-19 on the Company’s revenues and expenses to date or its expected impact on future periods. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021 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 Annual Report on Form 10-K filed with the SEC on March 22, 2022. The prior year’s depreciation and amortization expenses included in individual functional operating expense categories were reclassified on the condensed consolidated statement of operations to one functional expense category “Depreciation and Amortization Expense” to conform with current year presentation. For the three months ended March 31, 2021, amounts totaling $311,600 was reclassified from other functional operating expenses to depreciation and amortization expense. This reclassification did not impact the Company’s condensed consolidated balance sheets, statements of cash flows, and statements of changes in stockholders’ equity. 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, 2021 included in its Annual Report on Form 10-K and have not materially changed during the three months ended March 31, 2022. Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, CCTI. All significant intercompany balances have been eliminated in consolidation. 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 months ended March 31, 2022 and 2021, one customer represented 33% and 18% of revenue, respectively. As of March 31, 2022, one customer accounted for 28% of accounts receivable. As of December 31, 2021, two customers accounted for 16% and 13% of accounts receivable, respectively. Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. During the three months ended March 31, 2022, the Company purchased approximately 39% of its inventory from one supplier. During the three months ended March 31, 2021, the Company purchased approximately 58% of its inventory from two suppliers. As of March 31, 2022, none of the amounts payable to individual suppliers exceeded 10% of total accounts payable. At December 31, 2021, amounts payable to one supplier totaled 14% of total accounts payable. Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The Company determined no allowance was necessary at March 31, 2022 or December 31, 2021. Foreign Currency The Company’s functional currency is the US dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $23,200 in foreign currency transaction losses and $19,700 in foreign currency transaction gains for the three months ended March 31, 2022 and 2021, respectively. 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 8 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 15.1 million for the three months ended March 31, 2022. 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 12.1 million for the three months ended March 31, 2021. Recent Accounting Pronouncements 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ ​ Contracts ​ from ​ ​ ​ ​ ​ with ​ Lease ​ Total ​ ​ Customers Elements Revenue ​ Product sales ​ $ 6,567,600 ​ $ — ​ $ 6,567,600 ​ Lease elements ​ — ​ 4,730,000 ​ 4,730,000 ​ Other ​ 289,700 ​ — ​ 289,700 ​ Total ​ $ 6,857,300 ​ $ 4,730,000 ​ $ 11,587,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ ​ Contracts ​ from ​ ​ ​ ​ ​ with ​ Lease ​ Total ​ ​ Customers Elements Revenue ​ Product sales ​ $ 4,075,800 ​ $ — ​ $ 4,075,800 ​ Lease elements ​ — ​ 2,255,900 ​ 2,255,900 ​ Other ​ 163,200 ​ — ​ 163,200 ​ Total ​ $ 4,239,000 ​ $ 2,255,900 ​ $ 6,494,900 ​ ​ 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 $7.3 million and $7.2 million as of March 31, 2022 and December 31, 2021, respectively. During the three months ended March 31, 2022 and 2021, the Company recognized $2.6 million and $2.0 million, respectively, of revenue that 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 March 31, 2022 was $1,586,800, of which the Company expects to recognize $1,135,700 in one year or less, $231,600 in one to two years, $46,600 in two to three years, and $172,900 thereafter For the three months ended March 31, 2022 and 2021, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfill contracts.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
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. 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.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity
Stockholders' Equity	5. Stockholders’ Equity Common Stock In February 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. In August 2021, the Company completed the IPO and received aggregate net proceeds of $184.3 million (see Note 1). Preferred Stock In July 2021, upon shareholder approval, the Company was authorized to issue 5,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2022 and December 31, 2021, no shares of preferred stock were issued or outstanding. 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 7). 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. In December 2021, the Company adopted the MaxCyte, Inc. 2021 Inducement Plan (the “Inducement Plan”) to provide for the awarding of (i) non-statutory Stock Options; (ii) stock appreciation rights; (iii) restricted stock awards; (iv) restricted stock unit awards; (v) performance awards; and (vi) other awards only to persons eligible to receive grants of awards who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) or 5635(c)(3), if applicable, and the related guidance under Nasdaq IM 5635-1. The Inducement Plan reserved 2,500,000 shares for issuance under awards, and as of December 31, 2021 no awards had been granted. As of March 31, 2022, options to purchase 237,200 shares had been granted under the Inducement Plan. At March 31, 2022, there were 1,791,494 and 2,271,800 shares available to be issued under the Plan and Inducement Plan, respectively. At December 31, 2021, there were 4,491,162 and 2,500,000 shares available to be issued under the Plan and Inducement Plan, respectively. The weighted-average fair value of the options granted during the three months ended March 31, 2022 and 2021 was estimated to be $6.93 and $14.33, respectively. The value of an option award is recognized as expense on a straight-line basis over the requisite service period. At March 31, 2022, total unrecognized compensation expense was $35,409,200, 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 March 31, ​ ​ ​ 2022 2021 General and administrative ​ $ 1,292,100 ​ $ 741,700 ​ Sales and marketing ​ 662,800 ​ 269,200 ​ Research and development ​ 507,500 ​ 308,900 ​ Total ​ $ 2,462,400 ​ $ 1,319,800 ​ ​

Consolidated Balance Sheet Comp

Consolidated Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Consolidated Balance Sheet Components
Consolidated Balance Sheet Components	6. Consolidated Balance Sheet Components Inventory Inventory is carried at the lower of cost or net realizable value. The following tables show the components of inventory: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2022 ​ 2021 ​ Raw materials inventory ​ $ 3,622,800 ​ $ 2,684,100 ​ Finished goods inventory ​ 2,958,800 ​ 2,520,500 ​ Total inventory ​ $ 6,581,600 ​ $ 5,204,600 ​ ​ The Company determined no allowance for obsolescence was necessary at March 31, 2022 or December 31, 2021. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2022 ​ 2021 ​ Furniture and equipment ​ $ 5,433,200 ​ $ 4,914,500 ​ Instruments ​ 3,225,100 ​ 3,208,900 ​ Leasehold improvements ​ 641,400 ​ 641,400 ​ Internal-use software and other assets under development ​ 6,085,600 ​ 1,163,200 ​ Internal-use software ​ 2,667,300 ​ 2,125,600 ​ Accumulated depreciation and amortization ​ (4,848,900) ​ (4,372,400) ​ Property and equipment, net ​ $ 13,203,700 ​ $ 7,681,200 ​ ​ ​ During the three months ended March 31, 2022 and 2021, the Company transferred $49,400 and $139,800, respectively, of instruments previously classified as inventory to property and equipment leased to customers. For the three ended March 31, 2022 and 2021, the Company incurred depreciation and amortization expense of $487,400 and $315,900, respectively.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
Fair Value
Fair Value	7. 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. 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 March 31, 2022 and December 31, 2021. ​ The following table presents the activity for those items measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mark-to-market liabilities – warrant ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 Balance, beginning of period ​ $ 441,200 ​ Change in fair value ​ 347,900 ​ Balance, end of period ​ $ 789,100 ​ ​ The gains and losses resulting from the changes in the fair value of the liability classified warrant were classified as other interest income or interest and other expense in the accompanying condensed consolidated statements of operations. 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 Money market funds, commercial paper and corporate debt instruments classified as held-to-maturity are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. No such fair value impairment was recognized during the three months ended March 31, 2022 or 2021. The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds Cash equivalents ​ $ 234,975,600 ​ $ — ​ $ — ​ $ 234,975,600 Commercial paper Short-term investments ​ 6,498,600 ​ ​ — ​ ​ (2,400) ​ 6,496,200 Total cash equivalents and short-term investments ​ $ 241,474,200 ​ $ — ​ $ (2,400) ​ $ 241,471,800 ​ The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds Cash equivalents ​ $ 19,341,500 ​ $ — ​ $ — ​ $ 19,341,500 Commercial paper Cash equivalents ​ 25,492,200 ​ 4,400 ​ — ​ 25,496,600 Corporate debt Short-term investments ​ 4,909,200 ​ — ​ (1,800) ​ 4,907,400 Commercial paper ​ Short‑term investments ​ ​ 202,352,200 ​ ​ 22,900 ​ ​ — ​ ​ 202,375,100 Total cash equivalents and short-term investments ​ $ 252,095,100 ​ $ 27,300 ​ $ (1,800) ​ $ 252,120,600 ​ ​ 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. 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 months ended March 31, 2022 and 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies.
Commitments and Contingencies	8. 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 $163,700 and $158,700 in the three months ended March 31, 2022 and 2021, respectively. The Company’s Chairman is also a Board member of the lessor. In 2021, the Company entered into an operating lease agreement, as amended, for new office and manufacturing space (the “2021 Lease”). The 2021 Lease consists of three phases, with Phase 1 having commenced in December 2021 and Phase 2 having commenced in the first quarter of 2022. Phase 3 is estimated to commence in the first quarter of 2023. The lease term for all phases is expected to expire on August 31, 2035. The Company will design and construct the leasehold improvements with the approval of the landlord. The 2021 Lease agreement includes a landlord-provided tenant improvement allowance (“TIA”) of $6.3 million, which will be applied to the cost of construction of leasehold improvements. As of March 31, 2022, the Company had outstanding invoices for TIA reimbursement totalling $2.1 million. Under the 2021 Lease, the Company has three five-year options to extend the term of the lease. However, the Company is not reasonably certain to exercise any of these options. The total incremental non-cancellable lease payments under the 2021 Lease are approximately $29.6 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 March 31, 2022 and December 31, 2021, the Company had no right-of-use finance asset or lease liability. All Leases The components of lease cost and supplemental balance sheet information for the Company’s lease portfolio were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 2021 Finance lease cost ​ ​ ​ ​ ​ ​ Amortization of right-of-use asset ​ $ — ​ $ 23,800 Interest on expense ​ — ​ 3,200 Operating lease cost ​ 416,300 ​ 172,500 Short-term lease cost ​ 12,100 ​ 8,900 Variable lease cost ​ 75,400 ​ 75,600 Total lease cost ​ $ 503,800 ​ $ 284,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ As of December 31, ​ 2022 2021 Operating leases ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ 10,901,900 ​ $ 5,689,300 Liabilities ​ ​ ​ ​ ​ ​ Current portion of operating lease liabilities ​ $ 480,200 ​ $ 527,200 Operating lease liabilities, net of current portion ​ 12,770,900 ​ 5,154,900 Total operating lease liabilities ​ $ 13,251,100 ​ $ 5,682,100 Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years) ​ ​ 12.8 ​ ​ 11.7 Weighted-average discount rate ​ ​ 6.6% ​ ​ 6.6% ​ ​ As of March 31, 2022, maturities of lease liabilities that had commenced prior to March 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ Remainder of 2022 ​ $ 660,200 2023 ​ 1,631,400 2024 ​ 1,734,500 2025 ​ ​ 1,777,700 2026 and thereafter ​ ​ 19,653,100 Total undiscounted lease payments ​ ​ 25,456,900 Discount factor ​ (11,318,800) Present value of lease liabilities ​ $ 14,138,100 ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events
Subsequent Events	9. Subsequent Events. ​ On April 12, 2022, Amanda L. Murphy resigned from her position as Chief Financial Officer, effective April 15, 2022 and was replaced by Ron Holtz as Interim Chief Financial Officer. On May 6, 2022, the Company entered into a severance agreement and a consulting agreement with Ms. Murphy.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Basis of Presentation	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, 2021 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 Annual Report on Form 10-K filed with the SEC on March 22, 2022. The prior year’s depreciation and amortization expenses included in individual functional operating expense categories were reclassified on the condensed consolidated statement of operations to one functional expense category “Depreciation and Amortization Expense” to conform with current year presentation. For the three months ended March 31, 2021, amounts totaling $311,600 was reclassified from other functional operating expenses to depreciation and amortization expense. This reclassification did not impact the Company’s condensed consolidated balance sheets, statements of cash flows, and statements of changes in stockholders’ equity.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, CCTI. All significant intercompany balances have been eliminated in consolidation.
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 months ended March 31, 2022 and 2021, one customer represented 33% and 18% of revenue, respectively. As of March 31, 2022, one customer accounted for 28% of accounts receivable. As of December 31, 2021, two customers accounted for 16% and 13% of accounts receivable, respectively. Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. During the three months ended March 31, 2022, the Company purchased approximately 39% of its inventory from one supplier. During the three months ended March 31, 2021, the Company purchased approximately 58% of its inventory from two suppliers. As of March 31, 2022, none of the amounts payable to individual suppliers exceeded 10% of total accounts payable. At December 31, 2021, amounts payable to one supplier totaled 14% of total accounts payable.
Accounts Receivable	Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The Company determined no allowance was necessary at March 31, 2022 or December 31, 2021.
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 $23,200 in foreign currency transaction losses and $19,700 in foreign currency transaction gains for the three months ended March 31, 2022 and 2021, respectively.
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 8 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 15.1 million for the three months ended March 31, 2022. 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 12.1 million for the three months ended March 31, 2021.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ ​ Contracts ​ from ​ ​ ​ ​ ​ with ​ Lease ​ Total ​ ​ Customers Elements Revenue ​ Product sales ​ $ 6,567,600 ​ $ — ​ $ 6,567,600 ​ Lease elements ​ — ​ 4,730,000 ​ 4,730,000 ​ Other ​ 289,700 ​ — ​ 289,700 ​ Total ​ $ 6,857,300 ​ $ 4,730,000 ​ $ 11,587,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ ​ Contracts ​ from ​ ​ ​ ​ ​ with ​ Lease ​ Total ​ ​ Customers Elements Revenue ​ Product sales ​ $ 4,075,800 ​ $ — ​ $ 4,075,800 ​ Lease elements ​ — ​ 2,255,900 ​ 2,255,900 ​ Other ​ 163,200 ​ — ​ 163,200 ​ Total ​ $ 4,239,000 ​ $ 2,255,900 ​ $ 6,494,900 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2022 2021 General and administrative ​ $ 1,292,100 ​ $ 741,700 ​ Sales and marketing ​ 662,800 ​ 269,200 ​ Research and development ​ 507,500 ​ 308,900 ​ Total ​ $ 2,462,400 ​ $ 1,319,800 ​

Consolidated Balance Sheet Co_2

Consolidated Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Consolidated Balance Sheet Components
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2022 ​ 2021 ​ Raw materials inventory ​ $ 3,622,800 ​ $ 2,684,100 ​ Finished goods inventory ​ 2,958,800 ​ 2,520,500 ​ Total inventory ​ $ 6,581,600 ​ $ 5,204,600 ​
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2022 ​ 2021 ​ Furniture and equipment ​ $ 5,433,200 ​ $ 4,914,500 ​ Instruments ​ 3,225,100 ​ 3,208,900 ​ Leasehold improvements ​ 641,400 ​ 641,400 ​ Internal-use software and other assets under development ​ 6,085,600 ​ 1,163,200 ​ Internal-use software ​ 2,667,300 ​ 2,125,600 ​ Accumulated depreciation and amortization ​ (4,848,900) ​ (4,372,400) ​ Property and equipment, net ​ $ 13,203,700 ​ $ 7,681,200 ​

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value
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 ​ ​ March 31, ​ 2021 Balance, beginning of period ​ $ 441,200 ​ Change in fair value ​ 347,900 ​ Balance, end of period ​ $ 789,100 ​
Summary of the Company's cash equivalents and investments	The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds Cash equivalents ​ $ 234,975,600 ​ $ — ​ $ — ​ $ 234,975,600 Commercial paper Short-term investments ​ 6,498,600 ​ ​ — ​ ​ (2,400) ​ 6,496,200 Total cash equivalents and short-term investments ​ $ 241,474,200 ​ $ — ​ $ (2,400) ​ $ 241,471,800 ​ The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds Cash equivalents ​ $ 19,341,500 ​ $ — ​ $ — ​ $ 19,341,500 Commercial paper Cash equivalents ​ 25,492,200 ​ 4,400 ​ — ​ 25,496,600 Corporate debt Short-term investments ​ 4,909,200 ​ — ​ (1,800) ​ 4,907,400 Commercial paper ​ Short‑term investments ​ ​ 202,352,200 ​ ​ 22,900 ​ ​ — ​ ​ 202,375,100 Total cash equivalents and short-term investments ​ $ 252,095,100 ​ $ 27,300 ​ $ (1,800) ​ $ 252,120,600

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies.
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 2021 Finance lease cost ​ ​ ​ ​ ​ ​ Amortization of right-of-use asset ​ $ — ​ $ 23,800 Interest on expense ​ — ​ 3,200 Operating lease cost ​ 416,300 ​ 172,500 Short-term lease cost ​ 12,100 ​ 8,900 Variable lease cost ​ 75,400 ​ 75,600 Total lease cost ​ $ 503,800 ​ $ 284,000
Schedule of operating lease assets, liabilities and other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ As of December 31, ​ 2022 2021 Operating leases ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ 10,901,900 ​ $ 5,689,300 Liabilities ​ ​ ​ ​ ​ ​ Current portion of operating lease liabilities ​ $ 480,200 ​ $ 527,200 Operating lease liabilities, net of current portion ​ 12,770,900 ​ 5,154,900 Total operating lease liabilities ​ $ 13,251,100 ​ $ 5,682,100 Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years) ​ ​ 12.8 ​ ​ 11.7 Weighted-average discount rate ​ ​ 6.6% ​ ​ 6.6%
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ Remainder of 2022 ​ $ 660,200 2023 ​ 1,631,400 2024 ​ 1,734,500 2025 ​ ​ 1,777,700 2026 and thereafter ​ ​ 19,653,100 Total undiscounted lease payments ​ ​ 25,456,900 Discount factor ​ (11,318,800) Present value of lease liabilities ​ $ 14,138,100

Organization and Description _2

Organization and Description of Business (Details)	Aug. 03, 2021USD ($)$ / sharesshares	Aug. 31, 2021USD ($)	Feb. 28, 2021USD ($)$ / sharesshares	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Feb. 28, 2021£ / shares
Product Information [Line Items]
Operating expenses				$ 14,683,800	$ 12,174,900
Preclinical research and clinical activities ongoing expenses				$ 3,765,300	$ 6,076,300
Shares issued | shares			5,740,000
Share price | (per share)			$ 9.64			£ 7
Payment of underwriting commissions and offering costs			$ 3,500,000
IPO
Product Information [Line Items]
Shares issued | shares	15,525,000
Share price | $ / shares	$ 13
Gross proceeds	$ 201,800,000
Net proceeds	184,300,000	$ 184,300,000
Payment of underwriting commissions and offering costs	$ 17,600,000
Underwriter's option
Product Information [Line Items]
Shares issued | shares	2,025,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Concentration of Significant Customers (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)customeritem	Mar. 31, 2021USD ($)customeritem	Dec. 31, 2021USD ($)customeritem
Depreciation and amortization
Reclassified depreciation and amortization | $		$ 311,600
Allowance for doubtful accounts
Allowance for doubtful accounts | $	$ 0		$ 0
Revenue. | Customer concentration risk | Customer one
Concentration Risk [Line Items]
Number of major customers	1	1
Concentration risk percentage	33.00%	18.00%
Accounts receivable | Customer concentration risk | Customer one
Concentration Risk [Line Items]
Number of major customers	1
Concentration risk percentage	28.00%		16.00%
Accounts receivable | Customer concentration risk | Customer two
Concentration Risk [Line Items]
Number of major customers			2
Concentration risk percentage			13.00%
Inventory | Supplier concentration risk | Major suppliers
Concentration Risk [Line Items]
Concentration risk percentage	39.00%	58.00%
Number of major suppliers | item	1	2
Accounts payable | Supplier concentration risk | Supplier one
Concentration Risk [Line Items]
Number of major suppliers | item			1
Accounts payable | Supplier concentration risk | Customer one | Supplier one
Concentration Risk [Line Items]
Concentration risk percentage			14.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary of Significant Accounting Policies
Foreign currency transaction gains (losses)	$ (23,200)	$ 19,700

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Loss Per Share
Anti-dilutive shares excluded from the computation of diluted loss per share	15.1	12.1

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 6,857,300	$ 4,239,000
Revenue from Lease Elements	4,730,000	2,255,900
Total Revenue	11,587,300	6,494,900
Product sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,567,600	4,075,800
Total Revenue	6,567,600	4,075,800
Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	289,700	163,200
Total Revenue	$ 289,700	$ 163,200

Revenue - Changes in deferred r

Revenue - Changes in deferred revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Change in Contract with Customer, Liability [Abstract]
Deferred revenue	$ 7.3		$ 7.2
Revenue recognized	$ 2.6	$ 2

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details)	Mar. 31, 2022USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,586,800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,135,700
Remaining performance obligation expects to recognize as revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 231,600
Remaining performance obligation expects to recognize as revenue	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 46,600
Remaining performance obligation expects to recognize as revenue	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 172,900
Remaining performance obligation expects to recognize as revenue	0 years

Debt (Details)

Debt (Details)	1 Months Ended	3 Months Ended
	Nov. 30, 2019USD ($)item	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Early repayment fees		$ 260,000
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%
Term Loan | Libor
Debt Instrument [Line Items]
Basis spread over LIBOR	6.50%
Libor floor rate	1.50%

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) £ / shares in Units, $ / shares in Units, £ in Millions	Aug. 03, 2021USD ($)$ / sharesshares	Aug. 31, 2021USD ($)	Feb. 28, 2021USD ($)$ / sharesshares	Feb. 28, 2021GBP (£)shares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2021$ / sharesshares	Jul. 31, 2021$ / sharesshares	Feb. 28, 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		$ 51,808,900
Exercise of stock options					$ 892,600	2,037,100
Proceeds from exercise of stock options					$ 892,600	$ 2,037,100
Cost incurred			3,500,000
Net proceeds			$ 51,800,000
Preferred stock, authorized (in shares) | shares					5,000,000		5,000,000	5,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01	$ 0.01
Preferred stock, issued (in shares) | shares					0		0
Preferred stock, outstanding (in shares) | shares					0		0
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

Stockholders' Equity - Warrant

Stockholders' 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

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options (Details) - USD ($)	Oct. 27, 2020	Dec. 10, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Long-Term Incentive Plan , 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Percentage of increase in the number of stock options						10.00%
Increase the number of stock options	1,500,000	3,000,000
Awards available to be issued			1,791,494		4,491,162
Weighted-average fair value of the options granted			$ 6.93	$ 14.33
Unrecognized compensation expense			$ 35,409,200
Unrecognized compensation expense, recognition period			3 years 3 months 18 days
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Awards available to be issued			2,271,800		2,500,000
Number of awards reserved (in shares)					2,500,000
Granted (in shares)			237,200		0

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based compensation expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,462,400	$ 1,319,800
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,292,100	741,700
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	662,800	269,200
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 507,500	$ 308,900

Consolidated Balance Sheet Co_3

Consolidated Balance Sheet Components - Inventory (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheet Components
Raw materials inventory	$ 3,622,800	$ 2,684,100
Finished goods inventory	2,958,800	2,520,500
Total inventory	6,581,600	5,204,600
Allowance for obsolescence	$ 0	$ 0

Consolidated Balance Sheet Co_4

Consolidated Balance Sheet Components - Property and equipment, Net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property and equipment, Net
Accumulated depreciation and amortization	$ (4,848,900)		$ (4,372,400)
Property and equipment, net	13,203,700		7,681,200
Transfer of instruments	49,400	$ 139,800
Depreciation and amortization	487,400	$ 315,900
Furniture and equipment
Property and equipment, Net
Property and equipment, gross	5,433,200		4,914,500
Instruments
Property and equipment, Net
Property and equipment, gross	3,225,100		3,208,900
Leasehold improvements
Property and equipment, Net
Property and equipment, gross	641,400		641,400
Internal-use software and other assets under development
Property and equipment, Net
Property and equipment, gross	6,085,600		1,163,200
Internal-use software
Property and equipment, Net
Property and equipment, gross	$ 2,667,300		$ 2,125,600

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	3 Months Ended
	Mar. 31, 2021USD ($)
Activity for items measured at fair value on a recurring basis using Level 3 inputs
Balance, beginning of periods	$ 441,200
Change in fair value	347,900
Balance, end of periods	$ 789,100

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
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of short-term investments	$ 0	$ 0
Impairment of long-lived assets	$ 0	$ 0

Fair Value - Financial Instrume

Fair Value - Financial Instruments (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 241,474,200	$ 252,095,100
Gross unrecognized holding gains		27,300
Gross unrecognized holding losses	(2,400)	(1,800)
Aggregate fair value	241,471,800	252,120,600
Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost		202,352,200
Gross unrecognized holding gains		22,900
Aggregate fair value		202,375,100
Money market funds
Cash and Cash Equivalents [Line Items]
Amortized cost	234,975,600	19,341,500
Aggregate fair value	234,975,600	19,341,500
Corporate debt
Cash and Cash Equivalents [Line Items]
Amortized cost		4,909,200
Gross unrecognized holding losses		(1,800)
Aggregate fair value		4,907,400
Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost	6,498,600	25,492,200
Gross unrecognized holding gains		4,400
Gross unrecognized holding losses	(2,400)
Aggregate fair value	$ 6,496,200	$ 25,496,600

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details)	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)item
Commitments and Contingencies
Incremental non-cancellable lease payments	$ 25,456,900
Accounts receivable - TIA	2,119,200
Chairman of the Board along with a Director | Lease Agreement
Commitments and Contingencies
Lease rent payments	163,700	$ 158,700
New Office and Manufacturing Space
Commitments and Contingencies
Operating lease, number of phases			3
Right to terminate phase of lease option number | item			3
Incremental non-cancellable lease payments			$ 29,600,000
Tenant improvement allowance			$ 6,300,000
Accounts receivable - TIA	$ 2,100,000
Renewal term			5 years

Commitments and Contingencies_2

Commitments and Contingencies - Finance Leases (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies.
Finance lease, right-of-use asset	$ 0	$ 0
Finance Lease, Liability	$ 0	$ 0

Commitments and Contingencies_3

Commitments and Contingencies - Lease costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finance lease cost
Amortization of right-of-use asset		$ 23,800
Interest on expense		3,200
Operating lease cost	$ 416,300	172,500
Short-term lease cost	12,100	8,900
Variable lease cost	75,400	75,600
Total lease cost	503,800	$ 284,000
Assets:
Operating lease right-of-use assets	10,901,900		$ 5,689,300
Liabilities
Current portion of operating lease liabilities	480,200		527,200
Operating lease liabilities, net of current portion	12,770,900		5,154,900
Total operating lease liabilities	$ 13,251,100		$ 5,682,100
Other information
Weighted-average remaining lease term (in years)	12 years 9 months 18 days		11 years 8 months 12 days
Weighted-average discount rate%	6.60%		6.60%

Commitments and Contingencies_4

Commitments and Contingencies - Maturities of lease liabilities (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Maturities of operating lease liabilities
Remainder of 2022	$ 660,200
2023	1,631,400
2024	1,734,500
2025	1,777,700
2026 and thereafter	19,653,100
Total undiscounted lease payments	25,456,900
Discount factor	(11,318,800)
Present value of lease liabilities	14,138,100
Maturities of finance lease liabilities
Present value of lease liabilities	$ 0	$ 0