MaxCyte (MXCT) 10-K 15 Mar 23 2022 FY Annual report Financial data

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%