Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 08, 2023 | Jun. 30, 2022 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 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 | 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | CohnReznick LLP | ||
Auditor Firm ID | 596 | ||
Auditor Location | Tysons, Virginia | ||
Entity Shell Company | false | ||
Entity Public Float | $ 408.8 | ||
Entity Common Stock, Shares Outstanding | 102,904,745 | ||
Entity Central Index Key | 0001287098 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 11,064,700 | $ 47,782,400 |
Short-term investments, at amortized cost | 216,274,900 | 207,261,400 |
Accounts receivable | 11,654,600 | 6,877,000 |
Accounts receivable - TIA (Note 9) | 1,912,400 | |
Inventory | 8,580,800 | 5,204,600 |
Prepaid expenses and other current assets | 2,778,800 | 3,307,400 |
Total current assets | 252,266,200 | 270,432,800 |
Property and equipment, net | 23,724,700 | 7,681,200 |
Right-of-use asset - operating leases | 9,853,500 | 5,689,300 |
Other assets | 809,000 | 316,700 |
Total assets | 286,653,400 | 284,120,000 |
Current liabilities: | ||
Accounts payable | 531,800 | 1,820,300 |
Accrued expenses and other | 8,025,300 | 6,523,500 |
Operating lease liability, current | 156,800 | 527,200 |
Deferred revenue, current portion | 6,712,600 | 6,746,800 |
Total current liabilities | 15,426,500 | 15,617,800 |
Operating lease liability, net of current portion | 15,938,100 | 5,154,900 |
Other liabilities | 1,321,600 | 450,200 |
Total liabilities | 32,686,200 | 21,222,900 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at December 31, 2022 and December 31, 2021 | ||
Common stock, $0.01 par value; 400,000,000 shares authorized, 102,397,913 and 101,202,705 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 1,024,000 | 1,012,000 |
Additional paid-in capital | 390,818,500 | 376,189,600 |
Accumulated deficit | (137,875,300) | (114,304,500) |
Total stockholders' equity | 253,967,200 | 262,897,100 |
Total liabilities and stockholders' equity | $ 286,653,400 | $ 284,120,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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) | 102,397,913 | 101,202,705 |
Common stock, outstanding (in shares) | 102,397,913 | 101,202,705 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Operations | ||
Revenue | $ 44,261,500 | $ 33,894,100 |
Cost of goods sold | 5,098,400 | 3,647,400 |
Gross profit | 39,163,100 | 30,246,700 |
Operating expenses: | ||
Research and development | 19,514,400 | 15,407,300 |
Sales and marketing | 18,652,900 | 13,002,900 |
General and administrative | 25,828,700 | 18,676,000 |
Depreciation and amortization | 2,527,600 | 1,349,100 |
Total operating expenses | 66,523,600 | 48,435,300 |
Operating loss | (27,360,500) | (18,188,600) |
Other income (expense): | ||
Interest and other expense | (126,900) | (1,044,400) |
Interest income | 3,916,600 | 150,800 |
Total other income (expense) | 3,789,700 | (893,600) |
Provision for income taxes | ||
Net loss | $ (23,570,800) | $ (19,082,200) |
Basic net loss per share | $ (0.23) | $ (0.21) |
Diluted net loss per share | $ (0.23) | $ (0.21) |
Weighted average shares outstanding, basic | 101,702,664 | 90,619,057 |
Weighted average shares outstanding, diluted | 101,702,664 | 90,619,057 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock IPO | Common Stock | Additional Paid-in Capital IPO | Additional Paid-in Capital | Accumulated Deficit | IPO | 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 | $ 155,300 | $ 57,400 | $ 184,113,100 | 51,751,500 | $ 184,268,400 | 51,808,900 | |
Issuance of common stock, net of issuance costs, shares | 15,525,000 | 5,740,000 | |||||
Stock-based compensation expense | 7,958,800 | 7,958,800 | |||||
Exercise of stock options | $ 24,900 | 3,606,300 | 2,490,629 | $ 3,631,200 | |||
Exercise of stock options, shares | 2,490,629 | 2,490,629 | |||||
Cashless exercise of warrant | $ 600 | 1,086,000 | $ 1,086,600 | ||||
Cashless exercise of warrant, shares | 64,603 | ||||||
Net loss | (19,082,200) | (19,082,200) | |||||
Balances, at end of period at Dec. 31, 2021 | $ 1,012,000 | 376,189,600 | (114,304,500) | 262,897,100 | |||
Balances, at end of period, Shares at Dec. 31, 2021 | 101,202,705 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation expense | 11,752,400 | 11,752,400 | |||||
Exercise of stock options | $ 12,000 | 2,876,500 | $ 1,195,208 | $ 2,888,500 | |||
Exercise of stock options, shares | 1,195,208 | 1,195,208 | |||||
Net loss | (23,570,800) | $ (23,570,800) | |||||
Balances, at end of period at Dec. 31, 2022 | $ 1,024,000 | $ 390,818,500 | $ (137,875,300) | $ 253,967,200 | |||
Balances, at end of period, Shares at Dec. 31, 2022 | 102,397,913 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (23,570,800) | $ (19,082,200) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,697,900 | 1,423,900 |
Net book value of consigned equipment sold | 76,400 | 51,600 |
Loss on disposal of fixed assets | 139,500 | 32,500 |
Fair value adjustment of liability classified warrant | 645,400 | |
Stock-based compensation | 11,752,400 | 7,958,800 |
Amortization of discounts on short-term investments | (2,667,400) | (70,300) |
Non-cash interest expense | 5,400 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,777,600) | (1,705,100) |
Accounts receivable - TIA | (1,912,400) | |
Inventory | (3,493,300) | (1,405,800) |
Prepaid expense and other current assets | 528,600 | (2,304,400) |
Right of use asset - operating leases | (4,164,200) | (3,806,200) |
Right of use asset - finance lease | 63,500 | |
Other assets | (492,300) | (282,800) |
Accounts payable, accrued expenses and other | (149,700) | 2,090,900 |
Operating lease liability | 10,412,800 | 3,874,900 |
Deferred revenue | (34,200) | 1,903,800 |
Other liabilities | 871,400 | (73,500) |
Net cash used in operating activities | (14,782,900) | (10,679,600) |
Cash flows from investing activities: | ||
Purchases of short-term investments | (290,942,100) | (268,683,600) |
Maturities of short-term investments | 284,596,000 | 77,500,000 |
Purchases of property and equipment | (18,477,200) | (3,834,200) |
Proceeds from sale of equipment | 4,600 | |
Net cash used in investing activities | (24,823,300) | (195,013,200) |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock | 51,808,900 | |
Net proceeds from issuance of common stock upon initial public offering | 184,268,400 | |
Principal payments on notes payable | (4,922,400) | |
Proceeds from exercise of stock options | 2,888,500 | 3,631,200 |
Principal payments on finance leases | (66,100) | |
Net cash provided by financing activities | 2,888,500 | 234,720,000 |
Net (decrease) increase in cash and cash equivalents | (36,717,700) | 29,027,200 |
Cash and cash equivalents, beginning of year | 47,782,400 | 18,755,200 |
Cash and cash equivalents, end of year | 11,064,700 | 47,782,400 |
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 | 363,000 | 296,400 |
Reduction of lease right-of-use asset due to early termination | 540,000 | 304,600 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 5,476,300 | 4,804,800 |
Other liability reduction due to exercise of warrant | $ 1,086,600 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization and Description of Business | |
Organization and Description of Business | MaxCyte, Inc. Notes to Consolidated Financial Statements 1. Organization and Description of Business MaxCyte, Inc. (the “Company” or “MaxCyte”) was incorporated as a majority owned subsidiary of EntreMed, Inc. (“EntreMed”) on July 31, 1998, under the laws and provisions of the state of Delaware and commenced operations on July 1, 1999. In November 2002, MaxCyte was recapitalized and EntreMed was no longer deemed to control the Company. MaxCyte is a global life sciences company focused on advancing the discovery, development and commercialization of next-generation cell therapies. MaxCyte 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. 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 | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not limited to, revenue recognition, stock-based compensation, allowance for doubtful accounts, allowance for inventory obsolescence, accruals for contingent liabilities, deferred taxes and valuation allowance, and the depreciable lives of fixed assets. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances have been eliminated in consolidation. Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and trade receivables. The Company’s cash and cash equivalents 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. The Company invests its excess cash in money market funds, commercial paper and corporate debt. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. 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 years ended December 31, 2022 and 2021, one customer represented 23% and 21% of revenue, respectively. As of December 31, 2022, one customer accounted for 14% of accounts receivable. Two customers accounted for 16% and 13% of accounts receivable, respectively, at December 31, 2021. Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. Of the inventory on hand at December 31, 2022 and 2021, the Company purchased approximately 34% and 33%, respectively, from a single supplier. At December 31, 2022, amounts payable to two suppliers totaled 34% of total accounts payable. As of December 31, 2021, amounts payable to one supplier totaled 14% of total accounts payable. Foreign Currency The Company’s functional currency is the US Dollar; transactions denominated in foreign currencies are transacted at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in foreign currency is consummated and the date on which it is either settled or at the reporting date are recognized in the consolidated statements of operations as general and administrative expense. For the years ended December 31, 2022 and 2021, the Company recognized $79,100 and $72,000 in foreign currency transaction loss, respectively. Fair Value Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. US GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: ● Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. ● Level 2—Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. ● Level 3—Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. See Note 7 for additional information regarding fair value. Cash and Cash Equivalents and Short-term Investments Cash and cash equivalents consist of financial instruments including money market funds and commercial paper with original maturities of less than 90 days. Short-term investments consist of commercial paper and corporate bonds with original maturities greater than 90 days and less than one year. All money market funds, commercial paper and corporate debt instruments are recorded at amortized cost unless they are deemed to be impaired on an other-than-temporary basis, at which time they are recorded at fair value using Level 2 inputs. Inventory The Company sells or licenses products to customers. The Company uses the average cost method of accounting for its inventory and adjustments resulting from periodic physical inventory counts are reflected in costs of goods sold in the period of the adjustment. Inventory is carried at the lower of cost or net realizable value. Inventory that is obsolete or in excess of forecasted usage is written down to its estimated net realizable value based on assumptions about future demand and market conditions. Inventory write-downs are charged to cost of goods sold and establish a new cost basis for the inventory. Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The allowance for doubtful accounts reflects the best estimate of probable losses determined principally on the basis of historical experience and specific allowances for known troubled accounts. All accounts or portions thereof that are deemed to be uncollectible or to require an excessive collection cost are written off to the allowance for doubtful accounts. The Company determined no allowance was necessary at December 31, 2022 and 2021. Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Office equipment (principally computers) is depreciated over an estimated useful life of three years. Laboratory equipment is depreciated over an estimated useful life of five years. Furniture is depreciated over a useful life of seven years. Leasehold improvements are amortized over the shorter of the estimated lease term or useful life. Instruments represent equipment held at a customer’s site that is typically leased to customers on a short-term basis and is depreciated over an estimated useful life of five years. 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. Management reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The Company recognized no impairment in either of the years ended December 31, 2022 or 2021. Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs (non-current) until such financings are consummated or determined not to be probable of consummation. After consummation of the equity financing, these costs are recorded in stockholders’ equity as a reduction of proceeds received as a result of the offering. If the equity financing is no longer considered probable of being consummated, all deferred offering costs will be charged to operating expenses in the consolidated statement of operations at such time. During the third quarter of 2021, the Company netted $17.6 million in issuance costs against IPO proceeds (see Note 1) and additional paid-in capital. As of December 31, 2022 and 2021, there were no capitalized deferred offering costs in the consolidated balance sheets. Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligations. In some arrangements, product and services have been sold together representing distinct performance obligations. In such 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. The Company recognizes revenue upon the satisfaction of its performance obligation (generally upon transfer of control of promised goods or services to its customers) in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company defers incremental costs of obtaining a customer contract and amortizes the deferred costs over the period that the goods and services are transferred to the customer. The Company had no material incremental costs to obtain customer contracts in any period presented. Deferred revenue results from amounts billed in advance to customers or cash received from customers in advance of services being provided. Cost of Goods Sold Cost of goods sold primarily consists of costs for raw material parts, contract manufacturer costs, salaries, overhead, leased equipment depreciation and other direct costs related to sales recognized as revenue in the period. Research and Development Costs Research and development costs consist of independent proprietary research and development costs and the costs associated with work performed for fees from third parties. Research and development costs are expensed as incurred. Research costs performed for fees paid by customers are included in cost of goods sold. Stock-Based Compensation Expense Stock-based compensation expense is measured based on grant-date fair value. The Company grants stock-based awards in exchange for employee, consultant and non-employee director services. The value of the award is recognized as expense on a straight-line basis over the requisite service period. The Company uses the market closing price of its common stock as reported on the Nasdaq Global Select Market for the fair value of equity awards. The grant-date fair value of stock options is estimated using the Black-Scholes option pricing model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes option pricing 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 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 available 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 option pricing model. Management’s methodology for developing other assumptions has not changed from prior periods. A discussion of management’s methodology for developing each of the assumptions used in the Black-Scholes option pricing model is as follows: Expected Volatility Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. For 2021 and the first two quarters of 2022, the Company identified several public entities of similar size, complexity and stage of development to calculate historical volatility using the volatility of these companies. Beginning with the third quarter of 2022, the Company estimates its expected stock volatility based on historical volatility of its own common stock. Expected Dividend Yield The Company has never declared or paid common stock dividends and has no plans to do so in the foreseeable future. Therefore, the Company used an expected dividend yield of zero. Risk-Free Interest Rate This approximates the US Treasury rate for the day of each option grant during the year, having a term that closely resembles the expected term of the option. Expected Term This is the period that the options granted are expected to remain unexercised. Options granted have a maximum term of ten years. The Company estimates the expected term of the options to be approximately six years Expected Forfeiture Rate The Company records forfeitures as they occur. The fair value of stock options was estimated using the Black-Scholes option-pricing model based on the following assumptions during the years ended: December 31, 2022 2021 Expected volatility 44-58% 55-57% Risk-free interest rate 1.9-4.0% 0.7-1.3% Expected term (in years) 6 6 Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more-likely-than-not that all or a portion of the deferred tax asset will not be realized. Management uses a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties and financial statement reporting disclosures. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense. The Company has not identified any uncertain income tax positions that could have a material impact on the consolidated financial statements. The Company is subject to taxation in various jurisdictions in the United States and abroad and remains subject to examination by taxing jurisdictions for 2018 and all subsequent periods. The Company has a federal Net Operating Loss (“NOL”) carryforward of approximately $93.9 million as of December 31, 2022, of which approximately $32.7 million begins to expire in 2025. Certain of the Company’s NOLs were initially limited on an annual basis pursuant to Section 382 of the Internal Revenue Code of 1986 (“Section 382”), as amended, as a result of a cumulative change in ownership that occurred in 2016; however, as of December 31, 2022 the Company has determined that the cumulative limitation amount exceeds the NOLs subject to the limitation and, as a result, no annual limitation remains. Leases Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. 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. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense is recognized on a straight-line basis over the lease term. The Company has made certain accounting policy elections for leases where it is the lessee whereby the Company (i) does not recognize ROU assets or lease liabilities for short-term leases (those with original terms of 12-months or less) and (ii) combines lease and non-lease elements of its operating leases. See Note 9 for additional details about 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 about 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, consisting of stock options and restricted stock units excluded from the computation of diluted loss per share, was 15.0 million and 12.4 million for the years ended December 31, 2022 and 2021, respectively. 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. 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 | 12 Months Ended |
Dec. 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, product 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 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. Disaggregated revenue for the year ended December 31, 2022 was as follows: Year ended December 31, 2022 Revenue from Revenue Contracts from with Lease Total Customers Elements Revenue Product sales $ 27,730,400 $ — $ 27,730,400 Lease elements — 15,512,600 15,512,600 Other 1,018,500 — 1,018,500 Total $ 28,748,900 $ 15,512,600 $ 44,261,500 Disaggregated revenue for the year ended December 31, 2021 was as follows: Year ended December 31, 2021 Revenue from Revenue Contracts from with Lease Total Customers Elements Revenue Product sales $ 20,786,800 $ — $ 20,786,800 Lease elements — 12,322,700 12,322,700 Other 784,600 — 784,600 Total $ 21,571,400 $ 12,322,700 $ 33,894,100 Additional disclosures relating to Revenue from Contracts with Customers Changes in deferred revenue for the years ended December 31, 2022 and 2021 were as follows: Year Ended December 31, 2022 2021 Balance at January 1 $ 7,197,000 $ 5,014,300 Revenue recognized in the current period from amounts included in the beginning balance (6,738,400) (4,828,000) Current period deferrals, net of amounts recognized in the current period 6,577,100 7,010,700 Balance at December 31 $ 7,035,700 $ 7,197,000 Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations with a duration greater than one year was $551,400 at December 31, 2022, of which the Company expects to recognize $228,400 in 2023 2024 2025, 2026 thereafter In the years ended December 31, 2022 and 2021, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfil contracts. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt | |
Debt | 4. Debt In 2019, the Company entered into a credit facility with MidCap Financial SBIC, LP (“MidCap”) that provided for a $5 million term loan maturing on November 1, 2024. 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 | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity | |
Stockholders' Equity | 5. Stockholders’ Equity Common Stock In February 2021, the Company completed an equity capital raise on the AIM, a market operated by the London Stock Exchange Plc, 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). During the year ended December 31, 2021, the Company also issued 2,490,629 shares of common stock as a result of stock option exercises, receiving gross proceeds of $3.6 million. During the year ended December 31, 2022, the Company issued 1,195,208 shares of common stock as a result of stock option exercises, receiving gross proceeds of $2.9 million. Preferred Stock In July 2021, upon stockholder approval, the Company amended its certificate of incorporation to authorize 5,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2022 and 2021, no shares of preferred stock were issued or outstanding. Warrant In connection with the 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 as its strike price is in a currency other than the Company’s functional currency. The warrant was recorded at fair value at the end of each reporting period with changes from the prior balance sheet date recorded on the 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 Incentive Plans The Company adopted the MaxCyte, Inc. Long-Term Incentive Plan (the “2016 Plan”) in January 2016 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. 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 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 December 31, 2022, options to purchase 855,900 shares had been granted under the Inducement Plan. 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 can 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 3,692,397 shares were initially reserved for issuance pursuant to future awards under the 2022 Plan, consisting of 1,928,000 new shares and 1,764,397 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. The Company has not issued performance awards under any plan. Stock Option Activity A summary of stock option activity for the years ended December 31, 2022 and 2021 is as follows: Weighted- Average Weighted Remaining Number of Average Contractual Life Aggregate Options Exercise Price (in years) Intrinsic Value Outstanding at December 31, 2020 12,864,230 $ 2.11 7.1 $ 65,576,300 Granted 4,117,956 13.96 Exercised (2,490,629) 1.44 $ 25,133,200 Forfeited (2,057,818) 4.54 Outstanding at December 31, 2021 12,433,739 $ 6.03 7.5 $ 66,547,300 Granted 4,408,400 6.45 Exercised (1,195,208) 2.38 $ 4,163,300 Forfeited (1,285,839) 7.31 Outstanding at December 31, 2022 14,361,092 5.94 7.2 $ 23,825,000 Exercisable at December 31, 2022 7,653,735 $ 4.15 5.8 $ 21,348,700 The weighted-average fair value of the options granted during the years ended December 31, 2022 and 2021 was estimated to be $3.48 and $7.39, respectively. The value of a stock option is recognized as expense on a straight-line basis over the requisite service period. As of December 31, 2022, total unrecognized compensation expense for outstanding stock options was $26,287,100, which will be recognized over the next 2.7 years. Restricted Stock Unit Activity During the year ended December 31, 2022, the Company issued restricted stock unit awards (“RSUs”) under the 2022 Plan. Each RSU represents the contingent right to receive one share of common stock. The Company had not issued RSUs in any prior period. RSUs activity for the year ended December 31, 2022 is presented below: Weighted- Average Weighted Remaining Number of Average Contractual Life RSUs Market Price (in years) Outstanding at January 1, 2022 — $ — Granted 662,900 5.56 Forfeited (19,300) 5.39 Outstanding at December 31, 2022 643,600 5.57 3.2 Exercisable at December 31, 2022 — $ — The weighted-average fair value of the RSUs granted during the year ended December 31, 2022 was $5.56. The value of an RSU is recognized as expense on a straight-line basis over the requisite service period. As of December 31, 2022, total unrecognized compensation expense for outstanding RSUs was $2,914,700, which will be recognized over the next 2.1 years. Stock-based Compensation Expense Stock-based compensation expense recognized in connection with stock options and RSUs for the years ended December 31, 2022 and 2021 was classified as follows on the consolidated statements of operations: Year Ended December 31, 2022 2021 General and administrative $ 5,621,400 $ 4,609,900 Research and development 3,614,200 1,894,100 Sales and marketing 2,516,800 1,454,800 Total $ 11,752,400 $ 7,958,800 |
Consolidated Balance Sheet Comp
Consolidated Balance Sheet Components | 12 Months Ended |
Dec. 31, 2022 | |
Consolidated Balance Sheet Components | |
Consolidated Balance Sheet Components | 6. Consolidated Balance Sheet Components Inventory The following tables show the components of inventory: December 31, December 31, 2022 2021 Raw materials inventory $ 5,650,500 $ 2,684,100 Finished goods inventory 2,930,300 2,520,500 Total inventory $ 8,580,800 $ 5,204,600 The Company determined Property and Equipment, Net Property and equipment, net comprised the following: December 31, December 31, 2022 2021 Leasehold improvements $ 14,195,500 $ 641,400 Furniture and equipment 9,516,500 4,914,500 Internal-use software 3,220,500 2,125,600 Instruments 2,440,300 3,208,900 Construction and internal-use software in process 627,400 1,163,200 Accumulated depreciation and amortization (6,275,500) (4,372,400) Property and equipment, net $ 23,724,700 $ 7,681,200 For the years ended December 31, 2022 and 2021, the Company transferred $265,300 and $517,000, respectively, of instruments previously classified as inventory to property and equipment leased to customers. For the years ended December 31, 2022 and 2021, the Company incurred depreciation and amortization expense of $2,697,900 and $1,423,900, respectively. Maintenance and repairs are charged to expense as incurred. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value | |
Fair Value | 7. Fair Value The Company’s consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, short-term investments, 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 December 31, 2022 and 2021. The following table presents the activity for those items measured at fair value on a recurring basis using Level 3 inputs for the year ended December 31, 2021: Mark-to-market liabilities — warrant Year Ended December 31, 2021 Balance at January 1 $ 441,200 Issuance — Change in fair value 645,400 Exercise of warrant (1,086,600) Balance at December 31 $ — The gains and losses resulting from the changes in the fair value of the liability classified warrant were classified as other income or expense in the accompanying 2021 consolidated statements of operations. The fair value of the warrant was determined based on the Black-Scholes option pricing model or other option pricing models as appropriate and included the use of unobservable inputs such as the expected term, anticipated volatility and expected dividends. The Company has no other financial assets or liabilities measured at fair value on a recurring basis. Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis 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 years ended December 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 December 31, 2022: Gross Gross Amortized unrecognized unrecognized Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents $ 5,741,800 $ — $ — $ 5,741,800 Commercial paper Short-term investments 172,740,700 156,400 (235,700) 172,661,400 Corporate debt Short-term investments 5,792,000 — (42,700) 5,749,300 US Treasury securities and government agency bonds Short-term investments 37,742,200 4,500 (196,100) 37,550,600 Total cash equivalents and short-term investments $ 222,016,700 $ 160,900 $ (474,500) $ 221,703,100 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 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 such fair value impairment was recognized during the years ended December 31, 2022 or 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income Taxes | 8. Income Taxes The Company’s provision (benefit) for income taxes in 2022 and 2021 consisted of the following: December 31, 2022 2021 Current provision (benefit): Federal $ — $ — State — — Total current provision — — Deferred tax provision (benefit): Federal (2,581,400) (7,780,600) State (659,100) (702,100) Change in valuation allowance 3,240,500 8,482,700 Total deferred provision — — Total provision (benefit) for income taxes $ — $ — The Company is required to establish a valuation allowance for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. As of December 31, 2022 and 2021, the Company established a full valuation allowance against its net deferred tax assets. Net deferred tax assets as of December 31, 2022 and 2021 are presented in the table below: December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 22,297,700 $ 22,306,600 Research and experimental expenditures 3,733,100 — Stock-based compensation 5,649,200 3,177,500 Deferred revenue 1,807,600 1,873,100 Lease liability 4,135,100 1,478,800 Tenant incentive 1,329,500 — Accruals and other 1,250,200 1,103,900 Deferred tax liabilities: ROU asset (2,531,600) (1,480,700) Depreciation (4,605,300) (70,100) 33,065,500 28,389,100 Valuation allowance (33,065,500) (28,389,100) Net deferred tax assets $ — $ — The difference between the expected income tax provision (benefit) from applying the U.S. Federal statutory rate to pre-tax income (loss) and the actual income tax provision (benefit) for the years ended December 31, 2022 and 2021 relates primarily to the effect of the following: Year Ended December 31, 2022 2021 Federal income taxes (benefit) at statutory rates $ (4,949,900) $ (4,007,300) State income taxes (benefit), net of Federal benefit (968,200) (959,100) Excess tax benefits (562,900) (6,082,100) Permanent differences, rate changes and other 3,240,500 2,565,800 Change in valuation allowance 3,240,500 8,482,700 Total Income Tax Expense $ — $ — On August 16, 2022, the U.S. Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) was signed into law. The Inflation Reduction Act includes, among other provisions, (i) a new corporate alternative minimum tax of 15 percent on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period, and (ii) a new excise tax of 1 percent on the fair market value of net corporate stock repurchases. The provisions of the Inflation Reduction Act are effective for tax years beginning after December 31, 2022. The Company does not expect the Inflation Reduction Act to have a material impact on its provision for income taxes. The Tax Cuts and Jobs Act of 2017 (TCJA) amended IRC Section 174 to require capitalization of all research and developmental (“R&D”) costs incurred in tax years beginning after December 31, 2021. These costs are required to be amortized over five years if the R&D activities are performed in the United States or over 15 years if the activities were performed outside the United States. The Company capitalized approximately $16.1 million of R&D expenses incurred during the year ended December 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 9. Commitments and Contingencies Leases Operating Leases The Company was a party to various leases for office and laboratory and other space that were terminated in 2022. One portion of leased space was an operating lease (the “Original Headquarters Lease”), which was originally scheduled to expire in October 2023. The Original Headquarters Lease was early terminated as allowed for under the lease on June 9, 2022. The Company was also a sublessee of certain additional office, laboratory, and other space under several subleases (the “Original Headquarters Subleases”) that were originally scheduled to expire in October 2023, all of which were terminated as allowed for under the subleases 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 $296,300 and $692,000 in the years ended December 31, 2022 and 2021, respectively. In May 2021, the Company entered into a lease for its new headquarters (the “New Headquarters Lease”), consisting of an operating lease agreement, as amended, for new office, laboratory, manufacturing and other space. The 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 November 1, 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 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 December 31, 2022, the Company had received TIA reimbursements of $4.3 million. Under the 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 initial monthly base rents for Phases 1 and 2 are $66,000 and $72,100, respectively, with such base rent increasing during the initial term by 3% annually on the anniversary of the commencement date. The Company is obligated to pay its portion of real estate taxes and costs related to the lease premises, including costs of operations, maintenance, repair, replacement and management of the new leased premises. The Phase 1 and 2 lease commencements resulted in the Company establishing approximately $10.3 million of ROU assets and $10.2 million of lease liabilities. The Company used an incremental borrowing rate of 6.5% in calculating its Phase 1 and 2 lease liability. The total incremental non-cancellable lease payments under the New Headquarters Lease are approximately $29.6 million over the lease term. Finance Leases In 2020, the Company entered into a three-year laboratory equipment lease that provided for monthly payments of approximately $9,200 per month and included an end of lease bargain purchase option. The lease was classified as a finance lease. The Company used a discount rate of 5.5% in calculating its lease liability under this finance lease resulting in the establishment of approximately a $301,700 ROU asset and offsetting lease liabilities In August 2021, the Company exercised its purchase option under the finance lease and acquired the associated leased laboratory equipment. At December 31, 2022 and 2021, the Company had no ROU finance asset or lease liability. All Leases The components of lease cost and balance sheet information for the Company’s lease portfolio were as follows: Year ended December 31, 2022 2021 Finance lease cost Amortization of right-of-use asset $ — $ 55,600 Interest expense — 7,000 Operating lease cost 1,623,500 714,100 Short-term lease cost 47,400 43,300 Variable lease cost 530,200 302,400 Total lease cost $ 2,201,100 $ 1,122,400 As of December 31, As of December 31, 2022 2021 Operating leases Assets: Operating lease right-of-use assets $ 9,853,500 $ 5,689,300 Liabilities Current portion of operating lease liabilities $ 156,800 $ 527,200 Operating lease liabilities, net of current portion 15,938,100 5,154,900 Total operating lease liabilities $ 16,094,900 $ 5,682,100 Other information Weighted-average remaining lease term (in years) 12.7 11.7 Weighted-average discount rate 6.5% 6.6% As of December 31, 2022, maturities of lease liabilities that had commenced prior to December 31, 2022 were as follows: Operating Leases 2023 $ 1,226,700 2024 1,734,500 2025 1,777,700 2026 1,822,100 2027 1,867,700 2028 and thereafter 15,963,200 Total undiscounted lease payments 24,391,900 Discount factor (8,297,000) Present value of lease liabilities $ 16,094,900 401(k) Retirement Plan The Company sponsors a defined-contribution 401(k) retirement plan covering eligible employees. Participating employees may voluntarily contribute up to limits provided by the Internal Revenue Code of 1986, as amended. The Company matches employee contributions equal to 50% of the salary deferral contributions, with a maximum Company contribution of 5% of the employees’ eligible compensation. In the years ended December 31, 2022 and 2021, Company matching contributions amounted to $723,100 and $378,900, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not limited to, revenue recognition, stock-based compensation, allowance for doubtful accounts, allowance for inventory obsolescence, accruals for contingent liabilities, deferred taxes and valuation allowance, and the depreciable lives of fixed assets. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances have been eliminated in consolidation. |
Concentrations of Risk | Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and trade receivables. The Company’s cash and cash equivalents 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. The Company invests its excess cash in money market funds, commercial paper and corporate debt. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. 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 years ended December 31, 2022 and 2021, one customer represented 23% and 21% of revenue, respectively. As of December 31, 2022, one customer accounted for 14% of accounts receivable. Two customers accounted for 16% and 13% of accounts receivable, respectively, at December 31, 2021. Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. Of the inventory on hand at December 31, 2022 and 2021, the Company purchased approximately 34% and 33%, respectively, from a single supplier. At December 31, 2022, amounts payable to two suppliers totaled 34% of total accounts payable. As of December 31, 2021, amounts payable to one supplier totaled 14% of total accounts payable. |
Foreign Currency | Foreign Currency The Company’s functional currency is the US Dollar; transactions denominated in foreign currencies are transacted at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in foreign currency is consummated and the date on which it is either settled or at the reporting date are recognized in the consolidated statements of operations as general and administrative expense. For the years ended December 31, 2022 and 2021, the Company recognized $79,100 and $72,000 in foreign currency transaction loss, respectively. |
Fair Value | Fair Value Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. US GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: ● Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. ● Level 2—Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. ● Level 3—Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. See Note 7 for additional information regarding fair value. |
Cash and Cash Equivalents and Short-term Investments | Cash and Cash Equivalents and Short-term Investments Cash and cash equivalents consist of financial instruments including money market funds and commercial paper with original maturities of less than 90 days. Short-term investments consist of commercial paper and corporate bonds with original maturities greater than 90 days and less than one year. All money market funds, commercial paper and corporate debt instruments are recorded at amortized cost unless they are deemed to be impaired on an other-than-temporary basis, at which time they are recorded at fair value using Level 2 inputs. |
Inventory | Inventory The Company sells or licenses products to customers. The Company uses the average cost method of accounting for its inventory and adjustments resulting from periodic physical inventory counts are reflected in costs of goods sold in the period of the adjustment. Inventory is carried at the lower of cost or net realizable value. Inventory that is obsolete or in excess of forecasted usage is written down to its estimated net realizable value based on assumptions about future demand and market conditions. Inventory write-downs are charged to cost of goods sold and establish a new cost basis for the inventory. |
Accounts Receivable | Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The allowance for doubtful accounts reflects the best estimate of probable losses determined principally on the basis of historical experience and specific allowances for known troubled accounts. All accounts or portions thereof that are deemed to be uncollectible or to require an excessive collection cost are written off to the allowance for doubtful accounts. The Company determined no allowance was necessary at December 31, 2022 and 2021. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Office equipment (principally computers) is depreciated over an estimated useful life of three years. Laboratory equipment is depreciated over an estimated useful life of five years. Furniture is depreciated over a useful life of seven years. Leasehold improvements are amortized over the shorter of the estimated lease term or useful life. Instruments represent equipment held at a customer’s site that is typically leased to customers on a short-term basis and is depreciated over an estimated useful life of five years. 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. Management reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The Company recognized no impairment in either of the years ended December 31, 2022 or 2021. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs (non-current) until such financings are consummated or determined not to be probable of consummation. After consummation of the equity financing, these costs are recorded in stockholders’ equity as a reduction of proceeds received as a result of the offering. If the equity financing is no longer considered probable of being consummated, all deferred offering costs will be charged to operating expenses in the consolidated statement of operations at such time. During the third quarter of 2021, the Company netted $17.6 million in issuance costs against IPO proceeds (see Note 1) and additional paid-in capital. As of December 31, 2022 and 2021, there were no capitalized deferred offering costs in the consolidated balance sheets. |
Revenue Recognition | Revenue Recognition The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligations. In some arrangements, product and services have been sold together representing distinct performance obligations. In such 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. The Company recognizes revenue upon the satisfaction of its performance obligation (generally upon transfer of control of promised goods or services to its customers) in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company defers incremental costs of obtaining a customer contract and amortizes the deferred costs over the period that the goods and services are transferred to the customer. The Company had no material incremental costs to obtain customer contracts in any period presented. Deferred revenue results from amounts billed in advance to customers or cash received from customers in advance of services being provided. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold primarily consists of costs for raw material parts, contract manufacturer costs, salaries, overhead, leased equipment depreciation and other direct costs related to sales recognized as revenue in the period. |
Research and Development Costs | Research and Development Costs Research and development costs consist of independent proprietary research and development costs and the costs associated with work performed for fees from third parties. Research and development costs are expensed as incurred. Research costs performed for fees paid by customers are included in cost of goods sold. |
Stock-Based Compensation Expense | Stock-Based Compensation Expense Stock-based compensation expense is measured based on grant-date fair value. The Company grants stock-based awards in exchange for employee, consultant and non-employee director services. The value of the award is recognized as expense on a straight-line basis over the requisite service period. The Company uses the market closing price of its common stock as reported on the Nasdaq Global Select Market for the fair value of equity awards. The grant-date fair value of stock options is estimated using the Black-Scholes option pricing model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes option pricing 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 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 available 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 option pricing model. Management’s methodology for developing other assumptions has not changed from prior periods. A discussion of management’s methodology for developing each of the assumptions used in the Black-Scholes option pricing model is as follows: Expected Volatility Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. For 2021 and the first two quarters of 2022, the Company identified several public entities of similar size, complexity and stage of development to calculate historical volatility using the volatility of these companies. Beginning with the third quarter of 2022, the Company estimates its expected stock volatility based on historical volatility of its own common stock. Expected Dividend Yield The Company has never declared or paid common stock dividends and has no plans to do so in the foreseeable future. Therefore, the Company used an expected dividend yield of zero. Risk-Free Interest Rate This approximates the US Treasury rate for the day of each option grant during the year, having a term that closely resembles the expected term of the option. Expected Term This is the period that the options granted are expected to remain unexercised. Options granted have a maximum term of ten years. The Company estimates the expected term of the options to be approximately six years Expected Forfeiture Rate The Company records forfeitures as they occur. The fair value of stock options was estimated using the Black-Scholes option-pricing model based on the following assumptions during the years ended: December 31, 2022 2021 Expected volatility 44-58% 55-57% Risk-free interest rate 1.9-4.0% 0.7-1.3% Expected term (in years) 6 6 |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more-likely-than-not that all or a portion of the deferred tax asset will not be realized. Management uses a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties and financial statement reporting disclosures. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense. The Company has not identified any uncertain income tax positions that could have a material impact on the consolidated financial statements. The Company is subject to taxation in various jurisdictions in the United States and abroad and remains subject to examination by taxing jurisdictions for 2018 and all subsequent periods. The Company has a federal Net Operating Loss (“NOL”) carryforward of approximately $93.9 million as of December 31, 2022, of which approximately $32.7 million begins to expire in 2025. Certain of the Company’s NOLs were initially limited on an annual basis pursuant to Section 382 of the Internal Revenue Code of 1986 (“Section 382”), as amended, as a result of a cumulative change in ownership that occurred in 2016; however, as of December 31, 2022 the Company has determined that the cumulative limitation amount exceeds the NOLs subject to the limitation and, as a result, no annual limitation remains. |
Leases | Leases Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. 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. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense is recognized on a straight-line basis over the lease term. The Company has made certain accounting policy elections for leases where it is the lessee whereby the Company (i) does not recognize ROU assets or lease liabilities for short-term leases (those with original terms of 12-months or less) and (ii) combines lease and non-lease elements of its operating leases. See Note 9 for additional details about 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 about 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, consisting of stock options and restricted stock units excluded from the computation of diluted loss per share, was 15.0 million and 12.4 million for the years ended December 31, 2022 and 2021, respectively. |
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. The adoption of certain amendments of this guidance must be applied on a modified retrospective basis and the adoption of the remaining amendments must be applied on a prospective basis. The Company is currently evaluating the impact, if any, that this new accounting pronouncement will have on its consolidated financial statements. The Company has evaluated all other issued and unadopted Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its results of operations, financial position or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | |
Schedule of fair value of stock options | December 31, 2022 2021 Expected volatility 44-58% 55-57% Risk-free interest rate 1.9-4.0% 0.7-1.3% Expected term (in years) 6 6 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue | |
Schedule of disaggregation of revenue | Disaggregated revenue for the year ended December 31, 2022 was as follows: Year ended December 31, 2022 Revenue from Revenue Contracts from with Lease Total Customers Elements Revenue Product sales $ 27,730,400 $ — $ 27,730,400 Lease elements — 15,512,600 15,512,600 Other 1,018,500 — 1,018,500 Total $ 28,748,900 $ 15,512,600 $ 44,261,500 Disaggregated revenue for the year ended December 31, 2021 was as follows: Year ended December 31, 2021 Revenue from Revenue Contracts from with Lease Total Customers Elements Revenue Product sales $ 20,786,800 $ — $ 20,786,800 Lease elements — 12,322,700 12,322,700 Other 784,600 — 784,600 Total $ 21,571,400 $ 12,322,700 $ 33,894,100 |
Schedule of changes in deferred revenue | Changes in deferred revenue for the years ended December 31, 2022 and 2021 were as follows: Year Ended December 31, 2022 2021 Balance at January 1 $ 7,197,000 $ 5,014,300 Revenue recognized in the current period from amounts included in the beginning balance (6,738,400) (4,828,000) Current period deferrals, net of amounts recognized in the current period 6,577,100 7,010,700 Balance at December 31 $ 7,035,700 $ 7,197,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity | |
Summary of stock option activity | Weighted- Average Weighted Remaining Number of Average Contractual Life Aggregate Options Exercise Price (in years) Intrinsic Value Outstanding at December 31, 2020 12,864,230 $ 2.11 7.1 $ 65,576,300 Granted 4,117,956 13.96 Exercised (2,490,629) 1.44 $ 25,133,200 Forfeited (2,057,818) 4.54 Outstanding at December 31, 2021 12,433,739 $ 6.03 7.5 $ 66,547,300 Granted 4,408,400 6.45 Exercised (1,195,208) 2.38 $ 4,163,300 Forfeited (1,285,839) 7.31 Outstanding at December 31, 2022 14,361,092 5.94 7.2 $ 23,825,000 Exercisable at December 31, 2022 7,653,735 $ 4.15 5.8 $ 21,348,700 |
Schedule of restricted stock unit activity | Weighted- Average Weighted Remaining Number of Average Contractual Life RSUs Market Price (in years) Outstanding at January 1, 2022 — $ — Granted 662,900 5.56 Forfeited (19,300) 5.39 Outstanding at December 31, 2022 643,600 5.57 3.2 Exercisable at December 31, 2022 — $ — |
Schedule of stock-based compensation expense | Year Ended December 31, 2022 2021 General and administrative $ 5,621,400 $ 4,609,900 Research and development 3,614,200 1,894,100 Sales and marketing 2,516,800 1,454,800 Total $ 11,752,400 $ 7,958,800 |
Consolidated Balance Sheet Co_2
Consolidated Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Consolidated Balance Sheet Components | |
Schedule of inventory | December 31, December 31, 2022 2021 Raw materials inventory $ 5,650,500 $ 2,684,100 Finished goods inventory 2,930,300 2,520,500 Total inventory $ 8,580,800 $ 5,204,600 |
Schedule of property and equipment | December 31, December 31, 2022 2021 Leasehold improvements $ 14,195,500 $ 641,400 Furniture and equipment 9,516,500 4,914,500 Internal-use software 3,220,500 2,125,600 Instruments 2,440,300 3,208,900 Construction and internal-use software in process 627,400 1,163,200 Accumulated depreciation and amortization (6,275,500) (4,372,400) Property and equipment, net $ 23,724,700 $ 7,681,200 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 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 Year Ended December 31, 2021 Balance at January 1 $ 441,200 Issuance — Change in fair value 645,400 Exercise of warrant (1,086,600) Balance at December 31 $ — |
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 December 31, 2022: Gross Gross Amortized unrecognized unrecognized Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents $ 5,741,800 $ — $ — $ 5,741,800 Commercial paper Short-term investments 172,740,700 156,400 (235,700) 172,661,400 Corporate debt Short-term investments 5,792,000 — (42,700) 5,749,300 US Treasury securities and government agency bonds Short-term investments 37,742,200 4,500 (196,100) 37,550,600 Total cash equivalents and short-term investments $ 222,016,700 $ 160,900 $ (474,500) $ 221,703,100 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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Schedule of Components of Income Tax Expense (Benefit) | December 31, 2022 2021 Current provision (benefit): Federal $ — $ — State — — Total current provision — — Deferred tax provision (benefit): Federal (2,581,400) (7,780,600) State (659,100) (702,100) Change in valuation allowance 3,240,500 8,482,700 Total deferred provision — — Total provision (benefit) for income taxes $ — $ — |
Schedule of Net deferred tax assets | December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 22,297,700 $ 22,306,600 Research and experimental expenditures 3,733,100 — Stock-based compensation 5,649,200 3,177,500 Deferred revenue 1,807,600 1,873,100 Lease liability 4,135,100 1,478,800 Tenant incentive 1,329,500 — Accruals and other 1,250,200 1,103,900 Deferred tax liabilities: ROU asset (2,531,600) (1,480,700) Depreciation (4,605,300) (70,100) 33,065,500 28,389,100 Valuation allowance (33,065,500) (28,389,100) Net deferred tax assets $ — $ — |
Schedule of Income tax expense reconciled to the tax computed at statutory rates | Year Ended December 31, 2022 2021 Federal income taxes (benefit) at statutory rates $ (4,949,900) $ (4,007,300) State income taxes (benefit), net of Federal benefit (968,200) (959,100) Excess tax benefits (562,900) (6,082,100) Permanent differences, rate changes and other 3,240,500 2,565,800 Change in valuation allowance 3,240,500 8,482,700 Total Income Tax Expense $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies. | |
Schedule of lease costs | Year ended December 31, 2022 2021 Finance lease cost Amortization of right-of-use asset $ — $ 55,600 Interest expense — 7,000 Operating lease cost 1,623,500 714,100 Short-term lease cost 47,400 43,300 Variable lease cost 530,200 302,400 Total lease cost $ 2,201,100 $ 1,122,400 As of December 31, As of December 31, 2022 2021 Operating leases Assets: Operating lease right-of-use assets $ 9,853,500 $ 5,689,300 Liabilities Current portion of operating lease liabilities $ 156,800 $ 527,200 Operating lease liabilities, net of current portion 15,938,100 5,154,900 Total operating lease liabilities $ 16,094,900 $ 5,682,100 Other information Weighted-average remaining lease term (in years) 12.7 11.7 Weighted-average discount rate 6.5% 6.6% |
Schedule of maturities of operating lease liabilities | Operating Leases 2023 $ 1,226,700 2024 1,734,500 2025 1,777,700 2026 1,822,100 2027 1,867,700 2028 and thereafter 15,963,200 Total undiscounted lease payments 24,391,900 Discount factor (8,297,000) Present value of lease liabilities $ 16,094,900 |
Organization and Description _2
Organization and Description of Business (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 03, 2021 USD ($) $ / shares shares | Feb. 28, 2021 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Feb. 28, 2021 £ / shares | |
Product Information [Line Items] | |||||
Shares issued | shares | 5,740,000 | ||||
Share price | (per share) | $ 9.64 | £ 7 | |||
Net proceeds | $ 184,268,400 | ||||
Payment of underwriting commissions and offering costs | $ 3,500,000 | $ 17,600,000 | |||
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 | ||||
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_4
Summary of Significant Accounting Policies - Concentration of Significant Customers (Details) | 12 Months Ended | |
Dec. 31, 2022 customer item | Dec. 31, 2021 customer item | |
Revenue. | Customer concentration risk | Customer one | ||
Concentration Risk [Line Items] | ||
Number of major customers | customer | 1 | 1 |
Concentration risk percentage | 23% | 21% |
Accounts receivable | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Number of major customers | customer | 1 | 2 |
Accounts receivable | Customer concentration risk | Customer one | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 14% | 16% |
Accounts receivable | Customer concentration risk | Customer two | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 13% | |
Inventory | Supplier concentration risk | Major suppliers | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 34% | 33% |
Number of major suppliers | item | 1 | 1 |
Accounts payable | Supplier concentration risk | Major suppliers | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 34% | 14% |
Number of major suppliers | item | 2 | 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies | ||
Foreign currency transaction gains (losses) | $ (79,100) | $ (72,000) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable | ||
Allowance for accounts receivable | $ 0 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Impairment | $ 0 | $ 0 |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 7 years | |
Property and equipment, gross | $ 9,516,500 | 4,914,500 |
Instruments | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Property and equipment, gross | $ 2,440,300 | $ 3,208,900 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Deferred Offering Costs (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Offering Costs | ||||
Payment of underwriting commissions and offering costs | $ 3.5 | $ 17.6 | ||
Deferred offering costs | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||
Expected dividend yield | 0% | |
Stock option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||
Expected volatility, minimum | 44% | 55% |
Expected volatility, maximum | 58% | 57% |
Risk-free interest rate, minimum | 1.90% | 0.70% |
Risk-free interest rate, maximum | 4% | 1.30% |
Expected term (in years) | 6 years | 6 years |
Vesting period | 4 years | |
Stock option | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||
Expected term (in years) | 10 years |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Income Taxes (Details) - Federal $ in Millions | Dec. 31, 2022 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 93.9 |
Net operating loss carry forward subject to expiration, Federal | $ 32.7 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Per Share | ||
Anti-dilutive shares excluded from the computation of diluted loss per share | 15 | 12.4 |
Revenue - Disaggregation of rev
Revenue - Disaggregation of revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 28,748,900 | $ 21,571,400 |
Revenue from Lease Elements | 15,512,600 | 12,322,700 |
Total Revenue | 44,261,500 | 33,894,100 |
Product sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 27,730,400 | 20,786,800 |
Total Revenue | 27,730,400 | 20,786,800 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,018,500 | 784,600 |
Total Revenue | $ 1,018,500 | $ 784,600 |
Revenue - Changes in deferred r
Revenue - Changes in deferred revenue (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Contract with Customer, Liability [Abstract] | |||
Deferred revenue | $ 7,035,700 | $ 7,197,000 | $ 5,014,300 |
Revenue recognized | 6,738,400 | 4,828,000 | |
Current period deferrals, net of amounts recognized in the current period | $ 6,577,100 | $ 7,010,700 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 551,400 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 228,400 |
Remaining performance obligation expects to recognize as revenue | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 113,800 |
Remaining performance obligation expects to recognize as revenue | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 45,800 |
Remaining performance obligation expects to recognize as revenue | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 25,400 |
Remaining performance obligation expects to recognize as revenue | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 138,000 |
Remaining performance obligation expects to recognize as revenue | 0 years |
Debt (Details)
Debt (Details) - USD ($) | 1 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Early repayment fees | $ 260,000 | |
Term Loan | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 5,000,000 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock (Details) £ / shares in Units, $ / shares in Units, £ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Aug. 03, 2021 USD ($) $ / shares shares | Feb. 28, 2021 USD ($) $ / shares shares | Feb. 28, 2021 GBP (£) shares | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / 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 | $ 51,808,900 | |||||||
Gross proceeds from issuance | $ 55,300,000 | £ 40.2 | ||||||
Proceeds from exercise of stock options | $ 2,888,500 | $ 3,631,200 | ||||||
Cost incurred | 3,500,000 | $ 17,600,000 | ||||||
Net proceeds | $ 51,800,000 | |||||||
Stock option exercised, shares issued | shares | 1,195,208 | 2,490,629 | ||||||
Proceeds from Issuance Initial Public Offering | $ 184,268,400 | |||||||
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 |
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 upon exercise of warrant | 64,603 |
Stockholders' Equity - Equity I
Stockholders' Equity - Equity Incentive Plans (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | May 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||||
Granted (in shares) | 4,408,400 | 4,117,956 | ||
Long-Term Incentive Plan , 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||||
Weighted-average fair value of the options granted | $ 3.48 | $ 7.39 | ||
Unrecognized compensation expense | $ 26,287,100 | |||
Unrecognized compensation expense, recognition period | 2 years 8 months 12 days | |||
Inducement Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||||
Number of awards reserved (in shares) | 2,500,000 | 2,500,000 | ||
Granted (in shares) | 0 | 855,900 | ||
2022 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||||
Awards available to be issued | 3,692,397 | |||
New shares | 1,928,000 | |||
Shares available that were transferred from the 2016 Plan | 1,764,397 | |||
2022 Plan | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||||
Weighted Average Market Price, Granted (in dollars per share) | $ 5.56 | |||
Unrecognized compensation expense, recognition period | 2 years 1 month 6 days |
Stockholders' Equity - Stock op
Stockholders' Equity - Stock option activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Options | |||
Outstanding at beginning of period (in shares) | 12,433,739 | 12,864,230 | |
Granted (in shares) | 4,408,400 | 4,117,956 | |
Exercised (in shares) | (1,195,208) | (2,490,629) | |
Forfeited (in shares) | (1,285,839) | (2,057,818) | |
Outstanding at end period (in shares) | 14,361,092 | 12,433,739 | 12,864,230 |
Exercisable (in shares) | 7,653,735 | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price per Share Outstanding at beginning period (in dollars per share) | $ 6.03 | $ 2.11 | |
Weighted Average Exercise Price per Share Granted (in dollars per share) | 6.45 | 13.96 | |
Weighted Average Exercise Price per Share Exercised (in dollars per share) | 2.38 | 1.44 | |
Weighted Average Exercise Price per Share Forfeited (in dollars per share) | 7.31 | 4.54 | |
Weighted Average Exercise Price per Share Outstanding at end of period (in dollars per share) | 5.94 | $ 6.03 | $ 2.11 |
Weighted Average Exercise Price per Share Exercisable (in dollars per share) | $ 4.15 | ||
Weighted Average Remaining Contractual Contractual Life (in years) | |||
Weighted Average Remaining Contractual Life Outstanding (in Years) | 7 years 2 months 12 days | 7 years 6 months | 7 years 1 month 6 days |
Exercisable (Weighted Average Remaining Contractual Term (in Years) | 5 years 9 months 18 days | ||
Aggregate Intrinsic Value. | |||
Aggregate Intrinsic Value Outstanding | $ 66,547,300 | $ 65,576,300 | |
Aggregate Intrinsic Value, Exercised | 4,163,300 | 25,133,200 | |
Aggregate Intrinsic Value Outstanding | 23,825,000 | $ 66,547,300 | $ 65,576,300 |
Aggregate Intrinsic Value, Exercisable | $ 21,348,700 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of RSU Activity (Details) (Imported) - RSUs - 2022 Plan | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Number of RSUs | |
Granted (in shares) | 662,900 |
Forfeited (in shares) | (19,300) |
Outstanding at the end of the period (in shares) | 643,600 |
Weighted Average Market Price | |
Weighted Average Market Price, Granted (in dollars per share) | $ / shares | $ 5.56 |
Weighted Average Market Price, Forfeited (in dollars per share) | $ / shares | (5.39) |
Weighted Average Market Price, Outstanding at the end of the period (in dollars per share) | $ / shares | $ 5.57 |
Additional Information | |
Weighted Average Remaining Contractual Life (in years) | 3 years 2 months 12 days |
Number of shares to be issued for each unit | 1 |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 2,914,700 |
Unrecognized compensation expense, recognition period | 2 years 1 month 6 days |
Stockholders' Equity - Stock-ba
Stockholders' Equity - Stock-based compensation expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 11,752,400 | $ 7,958,800 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 5,621,400 | 4,609,900 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 2,516,800 | 1,454,800 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 3,614,200 | $ 1,894,100 |
Consolidated Balance Sheet Co_3
Consolidated Balance Sheet Components - Inventory (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheet Components | ||
Raw materials inventory | $ 5,650,500 | $ 2,684,100 |
Finished goods inventory | 2,930,300 | 2,520,500 |
Total inventory | 8,580,800 | 5,204,600 |
Allowance for obsolescence | $ 0 | $ 0 |
Consolidated Balance Sheet Co_4
Consolidated Balance Sheet Components - Property and equipment, Net (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property and equipment, Net | ||
Accumulated depreciation and amortization | $ (6,275,500) | $ (4,372,400) |
Property and equipment, net | 23,724,700 | 7,681,200 |
Transfer of instruments | 265,300 | 517,000 |
Depreciation and amortization | 2,697,900 | 1,423,900 |
Leasehold improvements | ||
Property and equipment, Net | ||
Property and equipment, gross | 14,195,500 | 641,400 |
Furniture and equipment | ||
Property and equipment, Net | ||
Property and equipment, gross | 9,516,500 | 4,914,500 |
Internal-use software | ||
Property and equipment, Net | ||
Property and equipment, gross | 3,220,500 | 2,125,600 |
Instruments | ||
Property and equipment, Net | ||
Property and equipment, gross | 2,440,300 | 3,208,900 |
Construction and internal-use software in process | ||
Property and equipment, Net | ||
Property and equipment, gross | $ 627,400 | $ 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 | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
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 | 645,400 |
Exercise of warrant | $ (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 ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 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 ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | $ 11,064,700 | $ 47,782,400 |
Non-recurring basis | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | 222,016,700 | 252,095,100 |
Gross unrecognized holding gains | 160,900 | 27,300 |
Gross unrecognized holding losses | (474,500) | (1,800) |
Aggregate fair value | 221,703,100 | 252,120,600 |
Non-recurring basis | Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | 19,341,500 | |
Aggregate fair value | 19,341,500 | |
Non-recurring basis | Commercial paper | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | 25,492,200 | |
Gross unrecognized holding gains | 4,400 | |
Gross unrecognized holding gains | 156,400 | |
Aggregate fair value | 25,496,600 | |
Amortized cost | 172,740,700 | 202,352,200 |
Gross unrecognized holding gains | 22,900 | |
Gross unrecognized holding losses | (235,700) | |
Aggregate fair value | 172,661,400 | 202,375,100 |
Non-recurring basis | Corporate debt | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | 5,792,000 | 4,909,200 |
Gross unrecognized holding losses | (42,700) | (1,800) |
Aggregate fair value | 5,749,300 | $ 4,907,400 |
Non-recurring basis | US Treasury securities and government agency bonds | ||
Cash and Cash Equivalents [Line Items] | ||
Gross unrecognized holding gains | 4,500 | |
Amortized cost | 37,742,200 | |
Gross unrecognized holding losses | (196,100) | |
Aggregate fair value | 37,550,600 | |
Non-recurring basis | Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized cost | 5,741,800 | |
Aggregate fair value | $ 5,741,800 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Tax (Details) (Imported) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax provision (benefit): | ||
Federal | $ (2,581,400) | $ (7,780,600) |
State | (659,100) | (702,100) |
Change in valuation allowance | 3,240,500 | 8,482,700 |
Provision for income taxes |
Income Taxes - Net deferred tax
Income Taxes - Net deferred tax assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 22,297,700 | $ 22,306,600 |
Research and experimental expenditures | 3,733,100 | |
Stock-based compensation | 5,649,200 | 3,177,500 |
Deferred revenue | 1,807,600 | 1,873,100 |
Lease liability | 4,135,100 | 1,478,800 |
Tenant incentive | 1,329,500 | |
Accruals and other | 1,250,200 | 1,103,900 |
Deferred tax liabilities: | ||
ROU asset | (2,531,600) | (1,480,700) |
Depreciation | (4,605,300) | (70,100) |
Gross deferred tax assets and liabilities | 33,065,500 | 28,389,100 |
Valuation allowance | (33,065,500) | $ (28,389,100) |
Federal | ||
Deferred tax liabilities: | ||
Net operating loss carry forward subject to expiration, Federal | $ 32,700,000 |
Income Taxes - Income tax expen
Income Taxes - Income tax expense reconciled (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | ||
Federal income taxes (benefit) at statutory rates | $ (4,949,900) | $ (4,007,300) |
State income taxes (benefit), net of Federal benefit | (968,200) | (959,100) |
Excess tax benefits | (562,900) | (6,082,100) |
Permanent differences, rate changes and other | 3,240,500 | 2,565,800 |
Change in valuation allowance | 3,240,500 | 8,482,700 |
Provision for income taxes | ||
Capitalized R&D expenses | $ 16,100,000 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Commitments and Contingencies | ||
Incremental non-cancellable lease payments | $ 24,391,900 | |
Right-of-use asset - operating leases | 9,853,500 | $ 5,689,300 |
Lease liabilities | 16,094,900 | |
Director | Lease Agreement | ||
Commitments and Contingencies | ||
Lease rent payments | $ 296,300 | 692,000 |
New Office and Manufacturing Space | ||
Commitments and Contingencies | ||
Annual increases in base rent (as percentage) | 3% | |
Operating lease liability discount rate | 6.50% | |
Incremental non-cancellable lease payments | $ 29,600,000 | |
Tenant improvement allowance | $ 6,300,000 | |
TIA reimbursements | $ 4,300,000 | |
Number of options to extend lease | item | 3 | |
Renewal term | 5 years | |
Right-of-use asset - operating leases | $ 10,300,000 | |
Lease liabilities | 10,200,000 | |
Phase I | ||
Commitments and Contingencies | ||
Monthly base lease payments | 66,000 | |
Phase II | ||
Commitments and Contingencies | ||
Monthly base lease payments | $ 72,100 |
Commitments and Contingencies_2
Commitments and Contingencies - Finance Leases (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies | |||
Finance lease, right-of-use asset | $ 0 | $ 0 | |
Finance Lease, Liability | $ 0 | $ 0 | |
Laboratory equipment | |||
Commitments and Contingencies | |||
Finance lease, Term | 3 years | ||
Finance lease, Monthly lease payments | $ 9,200 | ||
Finance lease, Discount rate | 5.50% | ||
Finance lease, right-of-use asset | $ 301,700 | ||
Finance Lease, Liability | $ 301,700 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finance lease cost | ||
Amortization of right-of-use asset | $ 55,600 | |
Interest expense | 7,000 | |
Operating lease cost | $ 1,623,500 | 714,100 |
Short-term lease cost | 47,400 | 43,300 |
Variable lease cost | 530,200 | 302,400 |
Total lease cost | 2,201,100 | 1,122,400 |
Assets: | ||
Operating lease right-of-use assets | 9,853,500 | 5,689,300 |
Liabilities | ||
Current portion of operating lease liabilities | 156,800 | 527,200 |
Operating lease liabilities, net of current portion | 15,938,100 | 5,154,900 |
Total operating lease liabilities | $ 16,094,900 | $ 5,682,100 |
Other information | ||
Weighted-average remaining lease term (in years) | 12 years 8 months 12 days | 11 years 8 months 12 days |
Weighted-average discount rate% | 6.50% | 6.60% |
Commitments and Contingencies_4
Commitments and Contingencies - Maturities of lease liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Maturities of operating lease liabilities | ||
2023 | $ 1,226,700 | |
2024 | 1,734,500 | |
2025 | 1,777,700 | |
2026 | 1,822,100 | |
2027 | 1,867,700 | |
2028 and thereafter | 15,963,200 | |
Total undiscounted lease payments | 24,391,900 | |
Discount factor | (8,297,000) | |
Present value of lease liabilities | 16,094,900 | |
Maturities of finance lease liabilities | ||
Present value of lease liabilities | $ 0 | $ 0 |
Commitments and Contingencies_5
Commitments and Contingencies - Retirement Plan and Purchase Commitments (Details) - 401(k) Retirement Plan - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Plan | ||
Employer match of employee contribution (as a percent) | 50% | |
Employer matching contributions | $ 723,100 | $ 378,900 |
Maximum | ||
Retirement Plan | ||
Maximum contribution of employees' eligible compensation (as a percent) | 5% |