MaxCyte (MXCT) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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	9713 Key West Avenue
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Rockville
Entity Address State Or Province	MD
Entity Address, Postal Zip Code	20850
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		102,046,769
Entity Central Index Key	0001287098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 43,020,300	$ 47,782,400
Short-term investments, at amortized cost	189,865,300	207,261,400
Accounts receivable	7,433,800	6,877,000
Accounts receivable - TIA	775,000
Inventory	7,911,600	5,204,600
Prepaid expenses and other current assets	3,275,600	3,307,400
Total current assets	252,281,600	270,432,800
Property and equipment, net	22,988,200	7,681,200
Right of use asset - operating leases	9,952,300	5,689,300
Other assets	1,189,800	316,700
Total assets	286,411,900	284,120,000
Current liabilities:
Accounts payable	2,086,900	1,820,300
Accrued expenses and other	8,232,400	6,523,500
Operating lease liability, current	152,200	527,200
Deferred revenue, current portion	6,291,800	6,746,800
Total current liabilities	16,763,300	15,617,800
Operating lease liability, net of current portion	14,871,800	5,154,900
Deferred revenue, net of current portion	344,600	450,200
Total liabilities	31,979,700	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 September 30, 2022 and December 31, 2021
Common stock, $0.01 par value; 400,000,000 shares authorized, 101,904,313 and 101,202,705 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	1,019,000	1,012,000
Additional paid-in capital	386,478,900	376,189,600
Accumulated deficit	(133,065,700)	(114,304,500)
Total stockholders' equity	254,432,200	262,897,100
Total liabilities and stockholders' equity	$ 286,411,900	$ 284,120,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	101,904,313	101,202,705
Common stock, outstanding (in shares)	101,904,313	101,202,705

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Unaudited Condensed Consolidated Statements of Operations
Revenue	$ 10,642,800	$ 10,139,100	$ 31,837,900	$ 23,742,100
Cost of goods sold	1,368,900	943,800	3,551,900	2,421,500
Gross profit	9,273,900	9,195,300	28,286,000	21,320,600
Operating expenses:
Research and development	5,325,100	2,746,900	13,786,400	12,027,200
Sales and marketing	4,506,700	3,211,500	13,276,000	8,913,500
General and administrative	6,444,400	5,346,700	20,179,600	12,645,800
Depreciation and amortization	709,800	333,100	1,654,300	967,500
Total operating expenses	16,986,000	11,638,200	48,896,300	34,554,000
Operating loss	(7,712,100)	(2,442,900)	(20,610,300)	(13,233,400)
Other income (expense):
Interest and other expense	(116,000)	(289,000)	(116,000)	(1,044,400)
Interest income	1,394,400	51,500	1,964,900	70,000
Total other income (expense)	1,278,400	(237,500)	1,848,900	(974,400)
Net loss	$ (6,433,700)	$ (2,680,400)	$ (18,761,400)	$ (14,207,800)
Basic net loss per share	$ (0.06)	$ (0.03)	$ (0.18)	$ (0.16)
Diluted net loss per share	$ (0.06)	$ (0.03)	$ (0.18)	$ (0.16)
Weighted average shares outstanding, basic	101,806,173	95,662,968	101,555,065	87,178,217
Weighted average shares outstanding, diluted	101,806,173	84,706,516	101,555,065	87,178,217

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, net of issuance costs	$ 57,400	51,751,500		51,808,900
Issuance of common stock, net of issuance costs, 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, 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
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
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]
Net loss				(18,761,400)
Balances, at end of period at Sep. 30, 2022	$ 1,019,000	386,478,900	(133,065,700)	254,432,200
Balances, at end of period, Shares at Sep. 30, 2022	101,904,313
Balances, at Beginning of period at Mar. 31, 2022	$ 1,015,100	379,541,500	(118,371,800)	262,184,800
Balances, at Beginning of period, Shares at Mar. 31, 2022	101,509,892
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		2,972,800		2,972,800
Exercise of stock options	$ 1,500	324,000		325,500
Exercise of stock options, shares	151,396
Net loss			(8,260,200)	(8,260,200)
Balances, at end of period at Jun. 30, 2022	$ 1,016,600	382,838,300	(126,632,000)	257,222,900
Balances, at end of period, Shares at Jun. 30, 2022	101,661,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,198,600		3,198,600
Exercise of stock options	$ 2,400	442,000		444,400
Exercise of stock options, shares	243,025
Net loss			(6,433,700)	(6,433,700)
Balances, at end of period at Sep. 30, 2022	$ 1,019,000	$ 386,478,900	$ (133,065,700)	$ 254,432,200
Balances, at end of period, Shares at Sep. 30, 2022	101,904,313

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Cash Flows £ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Cash flows from operating activities:
Net loss	$ (18,761,400)	$ (14,207,800)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,778,300	1,007,400
Net book value of consigned equipment sold	61,900	39,200
Loss on disposal of fixed assets	128,600	18,500
Fair value adjustment of liability classified warrant		645,400
Stock-based compensation	8,633,800	5,510,400
Amortization of discounts on short-term investments	(1,158,400)	(39,500)
Non-cash interest expense		5,400
Changes in operating assets and liabilities:
Accounts receivable	(556,800)	(786,200)
Accounts receivable - TIA	(775,000)
Inventory	(2,880,700)	(300,200)
Prepaid expense and other current assets	31,800	(2,538,900)
Right of use asset - operating leases	(4,263,000)	858,000
Right of use asset-finance lease		63,500
Other assets	(873,100)	(284,200)
Accounts payable, accrued expenses and other	1,156,100	(431,350)
Operating lease liability	9,341,900	(734,700)
Deferred revenue	(455,000)	1,482,800
Other liabilities	(105,600)	(27,100)
Net cash used in operating activities	(8,696,600)	(9,719,350)
Cash flows from investing activities:
Purchases of short-term investments	(213,541,400)	(202,867,700)
Maturities of short-term investments	232,096,000	22,000,000
Purchases of property and equipment	(16,282,600)	(2,712,050)
Proceeds from sale of equipment		4,600
Net cash provided by (used in) investing activities	2,272,000	(183,575,150)
Cash flows from financing activities:
Net proceeds from issuance of common stock		236,077,300
Principal payments on notes payable		(4,922,400)
Proceeds from exercise of stock options	1,662,500	2,424,000
Principal payments on finance leases		(66,100)
Net cash provided by financing activities	1,662,500	233,512,800
Net increase in cash and cash equivalents	(4,762,100)	40,218,300
Cash and cash equivalents, beginning of period	47,782,400	18,755,200
Cash and cash equivalents, end of period	43,020,300	58,973,500
Supplemental cash flow information:
Cash paid for interest		420,900
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases included in accounts payable	819,400	153,950
Lease liability reduction due to operating lease modification and early termination	$ 540,000	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, 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021, $333,100 and $967,500, respectively, 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, or 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 and nine months ended September 30, 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 of the end of a reporting period. During the three and nine months ended September 30, 2022, one customer represented 26% and 28% of revenue, respectively. During the three and nine months ended September 30, 2021, one customer represented 28% and 22% of revenue, respectively. As of September 30, 2022, one customer accounted for 29% 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 and nine months ended September 30, 2022, the Company purchased 44% and 33% of its inventory from two and one suppliers, respectively. During the three and nine months ended September 30, 2021, the Company purchased 60% and 39% of its inventory from two and one suppliers, respectively. As of September 30, 2022, none of the amounts payable to individual suppliers exceeded 10% of total accounts payable. At December 31, 2021, amounts payable to one supplier represented 14% of total accounts payable. Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The Company determined that no allowance was necessary at September 30, 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 $21,600 in foreign currency transaction losses and $26,200 in foreign currency transaction gains for the three months ended September 30, 2022 and 2021, respectively. The Company recognized $93,800 in foreign currency transaction losses and $49,600 in foreign currency transaction gains for the nine months ended September 30, 2022 and 2021, respectively. Net gains or losses arising from foreign currency exchange rate fluctuations on transactions are included in general and administrative expense. ​ ​ Stock-Based Compensation The Company grants stock-based awards in exchange for employee, consultant and non-employee director services. The value of each award is recognized as expense on a straight-line basis over the requisite service period. The Company utilizes the Black-Scholes option pricing model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes model, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the expected volatility, expected dividend yield, risk-free rate of interest and the expected life of the award. Historically, the Company has exclusively used identified comparable companies’ stock price volatility to calculate expected volatility for the periods presented due to lack of history with its own common stock to determine its volatility. Beginning with the third quarter of 2022, the Company has observed sufficient historical information regarding its common stock to use the Company’s common stock for the estimate of volatility in the Black-Scholes model. Management’s methodology for developing other assumptions has not changed from prior periods. The fair value of a restricted stock unit award granted is equal to the market price of the shares of the Company's common stock underlying the restricted stock unit award on the grant date. Leases For transactions in which 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 about leases under which 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 on 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 in the prior year periods 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 and restricted stock units and, in the prior year periods stock purchase warrants, was 16.1 million for the three and nine months ended September 30, 2022 and 13.0 million for the three and nine months ended September 30, 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 current 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, 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 September 30, 2022 ​ Nine months ended September 30, 2022 ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ ​ Contracts ​ from ​ ​ ​ Contracts ​ from ​ ​ ​ ​ ​ with ​ Lease ​ Total ​ with ​ Lease ​ Total ​ ​ Customers Elements Revenue Customers Elements Revenue ​ Product sales ​ $ 6,925,100 ​ $ — ​ $ 6,925,100 ​ $ 20,304,200 ​ $ — ​ $ 20,304,200 ​ Lease elements ​ — ​ 3,490,400 ​ 3,490,400 ​ — ​ 10,846,100 ​ 10,846,100 ​ Other ​ 227,300 ​ — ​ 227,300 ​ 687,600 ​ — ​ 687,600 ​ Total ​ $ 7,152,400 ​ $ 3,490,400 ​ $ 10,642,800 ​ $ 20,991,800 ​ $ 10,846,100 ​ $ 31,837,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 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 $6.6 million and $7.2 million as of September 30, 2022 and December 31, 2021, respectively. During the three and nine months ended September 30, 2022, the Company recognized $2.8 million and $5.9 million, respectively, and during the three and nine months ended September 30, 2021, the Company recognized $2.6 million and $4.4 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 September 30, 2022 was $594,700, of which the Company expects to recognize $250,100 in one year or less, $135,500 in one to two years, $45,800 in two to three years, and $163,300 thereafter For the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 $5.0 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	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity
Stockholders' Equity	5. Stockholders’ Equity Common Stock In February 2021, the Company issued 5,740,000 shares of its common stock at a purchase 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 The Company’s certificate of incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock, par value $0.01 per share. As of September 30, 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, with changes at each subsequent 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. Equity Incentive Plans The Company adopted the MaxCyte, Inc. Long-Term Incentive Plan (the “2016 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. On December 10, 2019 and October 27, 2020, the Company’s Board resolved to increase the number of shares available for grant under the 2016 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-qualified 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 Company’s board of directors reserved 2,500,000 shares for issuance under the Inducement Plan, and as of December 31, 2021 no awards had been granted. As of September 30, 2022, options to purchase 855,900 shares had been granted under the Inducement Plan. The Inducement Plan was retired on June 29, 2022. In May 2022, the Company’s board of directors adopted, and in June 2022 the Company’s stockholders approved, the MaxCyte, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) to provide for the awarding of (i) incentive stock options, (ii) non-qualified stock options, (iii) stock appreciation rights, (iv) restricted stock awards; (v) restricted stock unit awards, (vi) performance awards, and (vii) other awards. Following the approval of the 2022 Plan, no additional awards will be granted under the 2016 Plan or the Inducement Plan, but all outstanding awards will continue to remain subject to the terms of the applicable plan. Upon the effectiveness of the 2022 Plan, a total of 3,476,211 shares were initially reserved for issuance pursuant to future awards under the 2022 Plan, consisting of 1,928,000 new shares and 1,548,211 shares previously available under the 2016 Plan. If and to the extent that outstanding options under the 2016 Plan or the Inducement Plan are forfeited, the shares underlying such forfeited options will become available for issuance under the 2022 Plan. In July 2022, the Company issued 544,300 restricted stock unit awards (“RSUs”) under the 2022 Plan. Each RSU represents the contingent right to receive one share of common stock. Fifty percent of the shares underlying the RSUs will vest on the first anniversary of the RSU grant date, and the remaining 50% will vest on the second anniversary of the RSU grant date. The grant date fair value was $5.39 per RSU. The weighted-average fair value of the options granted during the three months ended September 30, 2022 and 2021 was estimated to be $4.40 and $8.52, respectively per option share. The weighted-average fair value of the options granted during the nine months ended September 30, 2022 and 2021 was estimated to be $3.49 and $7.72, respectively, per option share. The value of an equity award is recognized as expense on a straight-line basis over the requisite service period. At September 30, 2022, total unrecognized compensation expense was $33,408,400, which will be recognized over a weighted average period of 2.77 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, ​ ​ ​ 2022 2021 ​ 2022 2021 General and administrative ​ $ 1,571,600 ​ $ 1,313,300 ​ $ 4,309,200 ​ $ 3,224,600 ​ Research and development ​ 988,600 ​ 527,300 ​ 2,559,100 ​ 1,219,400 ​ Sales and marketing ​ 638,400 ​ 444,800 ​ 1,765,500 ​ 1,066,400 ​ Total ​ $ 3,198,600 ​ $ 2,285,400 ​ $ 8,633,800 ​ $ 5,510,400 ​ ​

Consolidated Balance Sheet Comp

Consolidated Balance Sheet Components	9 Months Ended
	Sep. 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ ​ 2022 ​ 2021 ​ Raw materials inventory ​ $ 5,237,700 ​ $ 2,684,100 ​ Finished goods inventory ​ 2,673,900 ​ 2,520,500 ​ Total inventory ​ $ 7,911,600 ​ $ 5,204,600 ​ ​ The Company determined that no allowance for inventory obsolescence was necessary at September 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ ​ 2022 ​ 2021 ​ Leasehold improvements ​ $ 14,208,800 ​ $ 641,400 ​ Furniture and equipment ​ ​ 7,705,300 ​ ​ 4,914,500 ​ Instruments ​ 3,312,300 ​ 3,208,900 ​ Internal-use software ​ 2,852,000 ​ 2,125,600 ​ Construction and internal-use software in process ​ 515,500 ​ 1,163,200 ​ Accumulated depreciation and amortization ​ (5,605,700) ​ (4,372,400) ​ Property and equipment, net ​ $ 22,988,200 ​ $ 7,681,200 ​ ​ ​ During the nine months ended September 30, 2022 and 2021, the Company transferred $173,700 and $467,600, respectively, of instruments previously classified as inventory to property and equipment leased to customers. For the three and nine months ended September 30, 2022, the Company incurred depreciation and amortization expense of $743,300 and $1,778,300, respectively. 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.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021. ​ The following table presents the activity for the warrant for the three and nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mark-to-market liabilities – warrant ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2021 Balance, beginning of period ​ $ 799,400 ​ $ 441,200 Change in fair value ​ 287,200 ​ 645,400 Exercise of warrant ​ ​ (1,086,600) ​ ​ (1,086,600) Balance, end of period ​ $ — ​ $ — ​ 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, US Treasury securities and government agency bonds, 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. The Company periodically reviews investments to assess for credit impairment. Based on its assessment, all unrecognized holding losses were due to factors other than credit loss, such as changes in interest rates. Therefore, no impairment was recognized during the three and nine months ended September 30, 2022 or 2021. The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents ​ $ 28,703,000 ​ $ — ​ $ — ​ $ 28,703,000 Commercial paper ​ Cash equivalents ​ ​ 12,958,100 ​ ​ 4,000 ​ ​ — ​ ​ 12,962,100 Commercial paper Short-term investments ​ 161,193,400 ​ ​ — ​ ​ (59,700) ​ 161,133,700 Corporate debt Short-term investments ​ 5,771,300 ​ ​ — ​ ​ (55,000) ​ 5,716,300 US Treasury securities and government agency bonds Short-term investments ​ 22,900,600 ​ ​ — ​ ​ (160,400) ​ 22,740,200 Total cash equivalents and short-term investments ​ $ 231,526,400 ​ $ 4,000 ​ $ (275,100) ​ $ 231,255,300 ​ ​ 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 nine months ended September 30, 2022 and 2021.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies.
Commitments and Contingencies	8. Commitments and Contingencies Operating Leases The Company is a party to various leases for office, laboratory and other space. One portion of leased space was a direct lease (the “Original Headquarters Lease”) which was originally scheduled to expire in October 2023. The Company notified the landlord of its intent to early terminate the Original Headquarters Lease on June 9, 2022. The Company was also a sublessee of the certain additional space (the “Original Headquarters Subleases”) that was originally scheduled to expire in October 2023 all of which was terminated on various dates between June and August 2022. A member of the Company’s Board of Directors is the Chief Executive Officer and a member of the board of directors of the sublandlord under the Original Headquarters Subleases, and the Company’s Chairman is also a member of the sublandlord’s board of directors. The Company’s rent payments to the sublandlord totaled $31,600 and $159,600 in the three months ended September 30, 2022 and 2021, respectively, and $287,500 and $477,900 in the nine months ended September 30, 2022 and 2021, respectively. In May 2021, the Company entered into a lease for its new headquarters (the “2021 New Headquarters Lease”), consisting of an operating lease agreement, as amended, for new office, laboratory, manufacturing and other space. The 2021 New Headquarters 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 will commence no later than June 30, 2023. The current lease term for all phases will expire on August 31, 2035. The Company designed and constructed the leasehold improvements with the approval of the landlord. The 2021 New Headquarters Lease agreement includes a landlord-provided tenant improvement allowance (“TIA”) of $6.3 million to offset the cost of construction of leasehold improvements. As of September 30, 2022, the Company had received TIA reimbursements of $3.5 million, and had outstanding invoices for TIA reimbursement totaling $0.8 million. Under the 2021 New Headquarters 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 New Headquarters Lease are $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 September 30, 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 September 30, ​ Nine months ended September 30, ​ ​ 2022 2021 2022 2021 ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use asset ​ $ — ​ $ 7,900 ​ $ — ​ $ 55,600 ​ Interest expense ​ — ​ 900 ​ — ​ 7,000 ​ Operating lease cost ​ 398,800 ​ 174,200 ​ 1,264,900 ​ 521,100 ​ Short-term lease cost ​ 12,100 ​ 12,200 ​ 36,300 ​ 31,100 ​ Variable lease cost ​ 141,500 ​ 75,600 ​ 356,500 ​ 226,800 ​ Total lease cost ​ $ 552,400 ​ $ 270,800 ​ $ 1,657,700 ​ $ 841,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ As of December 31, ​ 2022 2021 Operating leases ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ 9,952,300 ​ $ 5,689,300 Liabilities ​ ​ ​ ​ ​ ​ Current portion of operating lease liabilities ​ $ 152,200 ​ $ 527,200 Operating lease liabilities, net of current portion ​ 14,871,800 ​ 5,154,900 Total operating lease liabilities ​ $ 15,024,000 ​ $ 5,682,100 Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years) ​ ​ 12.9 ​ ​ 11.7 Weighted-average discount rate ​ ​ 6.5% ​ ​ 6.6% ​ As of September 30, 2022, maturities of lease liabilities that had commenced prior to September 30, 2022 were as follows: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ Remainder of 2022 ​ $ 102,700 2023 ​ 1,226,700 2024 ​ 1,734,500 2025 ​ ​ 1,777,700 2026 and thereafter ​ ​ 19,653,100 Total undiscounted lease payments ​ ​ 24,494,700 Discount factor ​ (8,556,900) Present value of lease liabilities ​ $ 15,937,800 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021, $333,100 and $967,500, respectively, 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, or 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 of the end of a reporting period. During the three and nine months ended September 30, 2022, one customer represented 26% and 28% of revenue, respectively. During the three and nine months ended September 30, 2021, one customer represented 28% and 22% of revenue, respectively. As of September 30, 2022, one customer accounted for 29% 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 and nine months ended September 30, 2022, the Company purchased 44% and 33% of its inventory from two and one suppliers, respectively. During the three and nine months ended September 30, 2021, the Company purchased 60% and 39% of its inventory from two and one suppliers, respectively. As of September 30, 2022, none of the amounts payable to individual suppliers exceeded 10% of total accounts payable. At December 31, 2021, amounts payable to one supplier represented 14% of total accounts payable.
Accounts Receivable	Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The Company determined that no allowance was necessary at September 30, 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 $21,600 in foreign currency transaction losses and $26,200 in foreign currency transaction gains for the three months ended September 30, 2022 and 2021, respectively. The Company recognized $93,800 in foreign currency transaction losses and $49,600 in foreign currency transaction gains for the nine months ended September 30, 2022 and 2021, respectively. Net gains or losses arising from foreign currency exchange rate fluctuations on transactions are included in general and administrative expense.
Stock-Based Compensation	Stock-Based Compensation The Company grants stock-based awards in exchange for employee, consultant and non-employee director services. The value of each award is recognized as expense on a straight-line basis over the requisite service period. The Company utilizes the Black-Scholes option pricing model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes model, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the expected volatility, expected dividend yield, risk-free rate of interest and the expected life of the award. Historically, the Company has exclusively used identified comparable companies’ stock price volatility to calculate expected volatility for the periods presented due to lack of history with its own common stock to determine its volatility. Beginning with the third quarter of 2022, the Company has observed sufficient historical information regarding its common stock to use the Company’s common stock for the estimate of volatility in the Black-Scholes model. Management’s methodology for developing other assumptions has not changed from prior periods. The fair value of a restricted stock unit award granted is equal to the market price of the shares of the Company's common stock underlying the restricted stock unit award on the grant date.
Leases	Leases For transactions in which 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 about leases under which 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 on 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 in the prior year periods 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 and restricted stock units and, in the prior year periods stock purchase warrants, was 16.1 million for the three and nine months ended September 30, 2022 and 13.0 million for the three and nine months ended September 30, 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 current 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)	9 Months Ended
	Sep. 30, 2022
Revenue
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2022 ​ Nine months ended September 30, 2022 ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ ​ Contracts ​ from ​ ​ ​ Contracts ​ from ​ ​ ​ ​ ​ with ​ Lease ​ Total ​ with ​ Lease ​ Total ​ ​ Customers Elements Revenue Customers Elements Revenue ​ Product sales ​ $ 6,925,100 ​ $ — ​ $ 6,925,100 ​ $ 20,304,200 ​ $ — ​ $ 20,304,200 ​ Lease elements ​ — ​ 3,490,400 ​ 3,490,400 ​ — ​ 10,846,100 ​ 10,846,100 ​ Other ​ 227,300 ​ — ​ 227,300 ​ 687,600 ​ — ​ 687,600 ​ Total ​ $ 7,152,400 ​ $ 3,490,400 ​ $ 10,642,800 ​ $ 20,991,800 ​ $ 10,846,100 ​ $ 31,837,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ ​ 2022 2021 ​ 2022 2021 General and administrative ​ $ 1,571,600 ​ $ 1,313,300 ​ $ 4,309,200 ​ $ 3,224,600 ​ Research and development ​ 988,600 ​ 527,300 ​ 2,559,100 ​ 1,219,400 ​ Sales and marketing ​ 638,400 ​ 444,800 ​ 1,765,500 ​ 1,066,400 ​ Total ​ $ 3,198,600 ​ $ 2,285,400 ​ $ 8,633,800 ​ $ 5,510,400 ​

Consolidated Balance Sheet Co_2

Consolidated Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2022
Consolidated Balance Sheet Components
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ ​ 2022 ​ 2021 ​ Raw materials inventory ​ $ 5,237,700 ​ $ 2,684,100 ​ Finished goods inventory ​ 2,673,900 ​ 2,520,500 ​ Total inventory ​ $ 7,911,600 ​ $ 5,204,600 ​
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ ​ 2022 ​ 2021 ​ Leasehold improvements ​ $ 14,208,800 ​ $ 641,400 ​ Furniture and equipment ​ ​ 7,705,300 ​ ​ 4,914,500 ​ Instruments ​ 3,312,300 ​ 3,208,900 ​ Internal-use software ​ 2,852,000 ​ 2,125,600 ​ Construction and internal-use software in process ​ 515,500 ​ 1,163,200 ​ Accumulated depreciation and amortization ​ (5,605,700) ​ (4,372,400) ​ Property and equipment, net ​ $ 22,988,200 ​ $ 7,681,200 ​

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2021 Balance, beginning of period ​ $ 799,400 ​ $ 441,200 Change in fair value ​ 287,200 ​ 645,400 Exercise of warrant ​ ​ (1,086,600) ​ ​ (1,086,600) Balance, end of period ​ $ — ​ $ —
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 September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents ​ $ 28,703,000 ​ $ — ​ $ — ​ $ 28,703,000 Commercial paper ​ Cash equivalents ​ ​ 12,958,100 ​ ​ 4,000 ​ ​ — ​ ​ 12,962,100 Commercial paper Short-term investments ​ 161,193,400 ​ ​ — ​ ​ (59,700) ​ 161,133,700 Corporate debt Short-term investments ​ 5,771,300 ​ ​ — ​ ​ (55,000) ​ 5,716,300 US Treasury securities and government agency bonds Short-term investments ​ 22,900,600 ​ ​ — ​ ​ (160,400) ​ 22,740,200 Total cash equivalents and short-term investments ​ $ 231,526,400 ​ $ 4,000 ​ $ (275,100) ​ $ 231,255,300 ​ ​ 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)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies.
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2022 2021 2022 2021 ​ Finance lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use asset ​ $ — ​ $ 7,900 ​ $ — ​ $ 55,600 ​ Interest expense ​ — ​ 900 ​ — ​ 7,000 ​ Operating lease cost ​ 398,800 ​ 174,200 ​ 1,264,900 ​ 521,100 ​ Short-term lease cost ​ 12,100 ​ 12,200 ​ 36,300 ​ 31,100 ​ Variable lease cost ​ 141,500 ​ 75,600 ​ 356,500 ​ 226,800 ​ Total lease cost ​ $ 552,400 ​ $ 270,800 ​ $ 1,657,700 ​ $ 841,600 ​
Schedule of operating lease assets, liabilities and other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ As of December 31, ​ 2022 2021 Operating leases ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ $ 9,952,300 ​ $ 5,689,300 Liabilities ​ ​ ​ ​ ​ ​ Current portion of operating lease liabilities ​ $ 152,200 ​ $ 527,200 Operating lease liabilities, net of current portion ​ 14,871,800 ​ 5,154,900 Total operating lease liabilities ​ $ 15,024,000 ​ $ 5,682,100 Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years) ​ ​ 12.9 ​ ​ 11.7 Weighted-average discount rate ​ ​ 6.5% ​ ​ 6.6%
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ Remainder of 2022 ​ $ 102,700 2023 ​ 1,226,700 2024 ​ 1,734,500 2025 ​ ​ 1,777,700 2026 and thereafter ​ ​ 19,653,100 Total undiscounted lease payments ​ ​ 24,494,700 Discount factor ​ (8,556,900) Present value of lease liabilities ​ $ 15,937,800

Organization and Description _2

Organization and Description of Business (Details)		1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 03, 2021 USD ($) $ / shares shares	Aug. 31, 2021 USD ($)	Feb. 28, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Feb. 28, 2021 £ / shares
Product Information [Line Items]
Operating expenses				$ 16,986,000	$ 11,638,200	$ 48,896,300	$ 34,554,000
Preclinical research and clinical activities ongoing expenses				$ 5,325,100	$ 2,746,900	$ 13,786,400	$ 12,027,200
Shares issued | shares			5,740,000
Share price | (per share)			$ 9.64					£ 7
Payment of underwriting commissions and offering costs			$ 3,500,000
Immaterial Difference Flag						true
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		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) customer item	Sep. 30, 2021 USD ($) customer item	Sep. 30, 2022 USD ($) customer item	Sep. 30, 2021 USD ($) customer item	Dec. 31, 2021 USD ($) customer item
Depreciation and amortization
Reclassified depreciation and amortization | $		$ 333,100		$ 967,500
Allowance for doubtful accounts
Allowance for doubtful accounts | $	$ 0		$ 0		$ 0
Revenue. | Customer concentration risk | Customer one
Concentration Risk [Line Items]
Number of major customers	1	1	1	1
Concentration risk percentage	26%	28%	28%	22%
Accounts receivable | Customer concentration risk | Customer one
Concentration Risk [Line Items]
Number of major customers			1
Concentration risk percentage			29%		16%
Accounts receivable | Customer concentration risk | Customer two
Concentration Risk [Line Items]
Number of major customers					2
Concentration risk percentage					13%
Inventory | Supplier concentration risk | Major suppliers
Concentration Risk [Line Items]
Concentration risk percentage	44%	60%	33%	39%
Number of major suppliers | item	2	2	1	1
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%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Summary of Significant Accounting Policies
Foreign currency transaction gains (losses)	$ (21,600)	$ 26,200	$ (93,800)	$ 49,600

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Loss Per Share
Anti-dilutive shares excluded from the computation of diluted loss per share	16.1	13	16.1	13

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 7,152,400	$ 5,608,700	$ 20,991,800	$ 14,066,000
Revenue from Lease Elements	3,490,400	4,530,400	10,846,100	9,676,100
Total Revenue	10,642,800	10,139,100	31,837,900	23,742,100
Product sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,925,100	5,443,400	20,304,200	13,560,700
Total Revenue	6,925,100	5,443,400	20,304,200	13,560,700
Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	227,300	165,300	687,600	505,300
Total Revenue	$ 227,300	$ 165,300	$ 687,600	$ 505,300

Revenue - Changes in deferred r

Revenue - Changes in deferred revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Change in Contract with Customer, Liability [Abstract]
Deferred revenue	$ 6.6		$ 6.6		$ 7.2
Revenue recognized	$ 2.8	$ 2.6	$ 5.9	$ 4.4

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details)	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 594,700
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	$ 250,100
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	$ 135,500
Remaining performance obligation expects to recognize as revenue	2 years
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	$ 45,800
Remaining performance obligation expects to recognize as revenue	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 163,300
Remaining performance obligation expects to recognize as revenue	0 years

Debt (Details)

Debt (Details)	1 Months Ended	3 Months Ended
	Nov. 30, 2019 USD ($) item	Mar. 31, 2021 USD ($)
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%
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		1 Months Ended			3 Months Ended						9 Months Ended
	Aug. 03, 2021 USD ($) $ / shares shares	Aug. 31, 2021 USD ($)	Feb. 28, 2021 USD ($) $ / shares shares	Feb. 28, 2021 GBP (£) shares	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 $ / shares shares	Jul. 31, 2021 $ / shares shares	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								$ 236,077,300
Exercise of stock options					$ 444,400	$ 325,500	$ 892,600	$ 334,700	$ 52,200	$ 2,037,100
Proceeds from exercise of stock options											$ 1,662,500	$ 2,424,000
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	5,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01						$ 0.01		$ 0.01	$ 0.01
Preferred stock, issued (in shares) | shares					0						0		0
Preferred stock, outstanding (in shares) | shares					0						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 - Equity I

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 27, 2020	Dec. 10, 2019	Jul. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Unrecognized compensation expense				$ 33,408,400		$ 33,408,400
Long-Term Incentive Plan , 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Increase the number of stock options	1,500,000	3,000,000
Weighted-average fair value of the options granted					$ 8.52		$ 7.72
Unrecognized compensation expense, recognition period						2 years 9 months 7 days
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Number of awards reserved (in shares)								2,500,000
Granted (in shares)						855,900		0
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Awards available to be issued									3,476,211
New shares									1,928,000
Shares available that were transferred from the 2016 Plan									1,548,211
Weighted-average fair value of the options granted				$ 4.40		$ 3.49
2022 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Units granted			544,300
Fair value of units granted (per unit)			$ 5.39
2022 Plan | RSUs | First anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Amount vested (as a percent)			50%
2022 Plan | RSUs | Second anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Amount vested (as a percent)			50%

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based compensation expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,198,600	$ 2,285,400	$ 8,633,800	$ 5,510,400
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,571,600	1,313,300	4,309,200	3,224,600
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	988,600	527,300	2,559,100	1,219,400
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 638,400	$ 444,800	$ 1,765,500	$ 1,066,400

Consolidated Balance Sheet Co_3

Consolidated Balance Sheet Components - Inventory (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Consolidated Balance Sheet Components
Raw materials inventory	$ 5,237,700	$ 2,684,100
Finished goods inventory	2,673,900	2,520,500
Total inventory	7,911,600	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property and equipment, Net
Accumulated depreciation and amortization	$ (5,605,700)		$ (5,605,700)		$ (4,372,400)
Property and equipment, net	22,988,200		22,988,200		7,681,200
Transfer of instruments			173,700	$ 467,600
Depreciation and amortization	743,300	$ 366,000	1,778,300	$ 1,007,400
Leasehold improvements
Property and equipment, Net
Property and equipment, gross	14,208,800		14,208,800		641,400
Furniture and equipment
Property and equipment, Net
Property and equipment, gross	7,705,300		7,705,300		4,914,500
Instruments
Property and equipment, Net
Property and equipment, gross	3,312,300		3,312,300		3,208,900
Internal-use software
Property and equipment, Net
Property and equipment, gross	2,852,000		2,852,000		2,125,600
Construction and internal-use software in process
Property and equipment, Net
Property and equipment, gross	$ 515,500		$ 515,500		$ 1,163,200

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, 2021
Activity for items measured at fair value on a recurring basis using Level 3 inputs
Balance, beginning of periods	$ 799,400	$ 441,200
Change in fair value	287,200	645,400
Exercise of warrant	$ (1,086,600)	$ (1,086,600)

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
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

Fair Value - Financial Instrume

Fair Value - Financial Instruments (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 43,020,300	$ 47,782,400
Non-recurring basis
Cash and Cash Equivalents [Line Items]
Amortized cost	231,526,400	252,095,100
Gross unrecognized holding gains	4,000	27,300
Gross unrecognized holding losses	(275,100)	(1,800)
Aggregate fair value	231,255,300	252,120,600
Non-recurring basis | Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost	12,958,100	25,492,200
Gross unrecognized holding gains	4,000	4,400
Amortized cost	161,193,400	202,352,200
Gross unrecognized holding gains		22,900
Gross unrecognized holding losses	(59,700)
Aggregate fair value	161,133,700	202,375,100
Aggregate fair value	12,962,100	25,496,600
Non-recurring basis | Corporate debt
Cash and Cash Equivalents [Line Items]
Amortized cost	5,771,300	4,909,200
Gross unrecognized holding losses	(55,000)	(1,800)
Aggregate fair value	5,716,300	4,907,400
Non-recurring basis | US Treasury securities and government agency bonds
Cash and Cash Equivalents [Line Items]
Amortized cost	22,900,600
Gross unrecognized holding losses	(160,400)
Aggregate fair value	22,740,200
Non-recurring basis | Money market funds and cash equivalents
Cash and Cash Equivalents [Line Items]
Amortized cost	28,703,000
Aggregate fair value	$ 28,703,000
Non-recurring basis | Money market funds
Cash and Cash Equivalents [Line Items]
Amortized cost		19,341,500
Aggregate fair value		$ 19,341,500

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) item
Commitments and Contingencies
Incremental non-cancellable lease payments	$ 24,494,700		$ 24,494,700
Accounts receivable - TIA	775,000		775,000
Chairman of the Board along with a Director | Lease Agreement
Commitments and Contingencies
Lease rent payments	31,600	$ 159,600	287,500	$ 477,900
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
TIA reimbursements			3,500,000
Accounts receivable - TIA	$ 800,000		$ 800,000
Renewal term					5 years

Commitments and Contingencies_2

Commitments and Contingencies - Finance Leases (Details) - USD ($)	Sep. 30, 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Finance lease cost
Amortization of right-of-use asset		$ 7,900		$ 55,600
Interest expense		900		7,000
Operating lease cost	$ 398,800	174,200	$ 1,264,900	521,100
Short-term lease cost	12,100	12,200	36,300	31,100
Variable lease cost	141,500	75,600	356,500	226,800
Total lease cost	552,400	$ 270,800	1,657,700	$ 841,600
Assets:
Operating lease right-of-use assets	9,952,300		9,952,300		$ 5,689,300
Liabilities
Current portion of operating lease liabilities	152,200		152,200		527,200
Operating lease liabilities, net of current portion	14,871,800		14,871,800		5,154,900
Total operating lease liabilities	$ 15,024,000		$ 15,024,000		$ 5,682,100
Other information
Weighted-average remaining lease term (in years)	12 years 10 months 24 days		12 years 10 months 24 days		11 years 8 months 12 days
Weighted-average discount rate%	6.50%		6.50%		6.60%

Commitments and Contingencies_4

Commitments and Contingencies - Maturities of lease liabilities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Maturities of operating lease liabilities
Remainder of 2022	$ 102,700
2023	1,226,700
2024	1,734,500
2025	1,777,700
2026 and thereafter	19,653,100
Total undiscounted lease payments	24,494,700
Discount factor	(8,556,900)
Present value of lease liabilities	15,937,800
Maturities of finance lease liabilities
Present value of lease liabilities	$ 0	$ 0