MaxCyte (MXCT) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	001-40674
Entity Registrant Name	MaxCyte, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2210438
Entity Address, Address Line One	9713 Key West Avenue
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Rockville
Entity Address State Or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	944-1700
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	MXCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		103,050,899
Entity Central Index Key	0001287098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 37,833,400	$ 11,064,700
Short-term investments, at amortized cost	186,819,300	216,274,900
Accounts receivable	8,294,800	11,654,600
Accounts receivable - TIA (Note 7)	996,600	1,912,400
Inventory	10,264,900	8,580,800
Prepaid expenses and other current assets	2,230,600	2,778,800
Total current assets	246,439,600	252,266,200
Property and equipment, net	24,947,900	23,724,700
Right-of-use asset - operating leases	9,757,600	9,853,500
Other assets	399,300	809,000
Total assets	281,544,400	286,653,400
Current liabilities:
Accounts payable	3,502,100	531,800
Accrued expenses and other	6,912,900	8,025,300
Operating lease liability, current	475,200	156,800
Deferred revenue, current portion	5,749,200	6,712,600
Total current liabilities	16,639,400	15,426,500
Operating lease liability, net of current portion	15,777,200	15,938,100
Other liabilities	1,309,000	1,321,600
Total liabilities	33,725,600	32,686,200
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at March 31, 2023 and December 31, 2022
Common stock, $0.01 par value; 400,000,000 shares authorized, 102,904,745 and 102,397,913 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	1,029,100	1,024,000
Additional paid-in capital	395,546,600	390,818,500
Accumulated deficit	(148,756,900)	(137,875,300)
Total stockholders' equity	247,818,800	253,967,200
Total liabilities and stockholders' equity	$ 281,544,400	$ 286,653,400

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	102,904,745	102,397,913
Common stock, outstanding (in shares)	102,904,745	102,397,913

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Unaudited Condensed Consolidated Statements of Operations
Revenue	$ 8,576,300	$ 11,587,300
Cost of goods sold	999,800	1,062,600
Gross profit	7,576,500	10,524,700
Operating expenses:
Research and development	6,046,500	3,765,300
Sales and marketing	6,296,100	3,838,700
General and administrative	7,498,900	6,632,500
Depreciation and amortization	912,200	447,300
Total operating expenses	20,753,700	14,683,800
Operating loss	(13,177,200)	(4,159,100)
Other income:
Interest income	2,295,600	91,800
Total other income	2,295,600	91,800
Net loss	$ (10,881,600)	$ (4,067,300)
Basic net loss per share	$ (0.11)	$ (0.04)
Diluted net loss per share	$ (0.11)	$ (0.04)
Weighted average shares outstanding, basic	102,846,036	101,305,943
Weighted average shares outstanding, diluted	102,846,036	101,305,943

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balances, at Beginning of period at Dec. 31, 2021	$ 1,012,000	$ 376,189,600	$ (114,304,500)	$ 262,897,100
Balances, at Beginning of period, Shares at Dec. 31, 2021	101,202,705
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		2,462,400		2,462,400
Exercise of stock options	$ 3,100	889,500		892,600
Exercise of stock options, shares	307,187
Net loss			(4,067,300)	(4,067,300)
Balances, at end of period at Mar. 31, 2022	$ 1,015,100	379,541,500	(118,371,800)	262,184,800
Balances, at end of period, Shares at Mar. 31, 2022	101,509,892
Balances, at Beginning of period at Dec. 31, 2021	$ 1,012,000	376,189,600	(114,304,500)	$ 262,897,100
Balances, at Beginning of period, Shares at Dec. 31, 2021	101,202,705
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs, shares				1,195,208
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs, shares				506,832
Stock-based compensation expense		3,276,600		$ 3,276,600
Exercise of stock options	$ 5,100	1,451,500		1,456,600
Exercise of stock options, shares	506,832
Net loss			(10,881,600)	(10,881,600)
Balances, at end of period at Mar. 31, 2023	$ 1,029,100	$ 395,546,600	$ (148,756,900)	$ 247,818,800
Balances, at end of period, Shares at Mar. 31, 2023	102,904,745

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (10,881,600)	$ (4,067,300)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	961,700	487,400
Net book value of consigned equipment sold	16,800	32,800
Stock-based compensation	3,276,600	2,462,400
Amortization of discounts on short-term investments	(1,730,100)	(33,200)
Changes in operating assets and liabilities:
Accounts receivable	3,359,800	(1,750,800)
Accounts receivable - TIA	915,800	(2,119,200)
Inventory	(1,706,000)	(1,377,000)
Prepaid expense and other current assets	548,200	1,117,200
Right of use asset - operating leases	95,900	(5,212,600)
Other assets	409,700	(738,200)
Accounts payable, accrued expenses and other	1,227,000	(150,500)
Operating lease liability	157,500	7,569,000
Deferred revenue	(963,400)	84,900
Other liabilities	(12,600)	900
Net cash used in operating activities	(4,324,700)	(3,694,200)
Cash flows from investing activities:
Purchases of short-term investments	(57,814,300)
Maturities of short-term investments	89,000,000	200,796,000
Purchases of property and equipment	(1,558,000)	(5,999,500)
Proceeds from sale of equipment	9,100
Net cash provided by investing activities	29,636,800	194,796,500
Cash flows from financing activities:
Proceeds from exercise of stock options	1,456,600	892,600
Net cash provided by financing activities	1,456,600	892,600
Net increase in cash and cash equivalents	26,768,700	191,994,900
Cash and cash equivalents, beginning of year	11,064,700	47,782,400
Cash and cash equivalents, end of year	37,833,400	239,777,300
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases included in accounts payable	$ 630,900	$ 43,200

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2023
Organization and Description of Business
Organization and Description of Business	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	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the financial position, results of operations, and cash flows as of and for the periods presented. The condensed consolidated balance sheet at December 31, 2022 has been derived from audited consolidated financial statements as of that date. The unaudited condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year or any other future year or period. Certain information and footnotes disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the SEC. The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2023. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the footnotes to its audited consolidated financial statements for the year ended December 31, 2022 included in its Annual Report on Form 10-K and have not materially changed during the three months ended March 31, 2023. Basis 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. Concentration of Risk The Company maintains its cash and cash equivalents with two financial institutions that management believes to be of high credit quality. At times the Company’s cash balances may exceed federally insured limits and cash may also be deposited in foreign bank accounts that are not covered by federal deposit insurance. The Company does not believe that this results in any significant credit risk beyond the normal credit risk associated with commercial banking relationships. Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as of the end of a reporting period. During the three months ended March 31, 2023, two customers represented 23% and 11% of revenue, respectively. During the three months ended March 31, 2022, one customer represented 33% of revenue. As of March 31, 2023, two customers accounted for 23% and 12% of accounts receivable, respectively. As of December 31, 2022, one customer accounted for 14% of accounts receivable. Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. During the three months ended March 31, 2023 and 2022, the Company purchased 60% and 39%, respectively, of its inventory from one supplier. As of March 31, 2023, amounts payable to one supplier totaled 21% of total accounts payable. At December 31, 2022, amounts payable to two suppliers totaled 34% of total accounts payable. Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The Company determined that no allowance was necessary at March 31, 2023 or December 31, 2022. Foreign Currency The Company’s functional currency is the US dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $6,100 in foreign currency transaction gains and $23,200 in foreign currency transaction losses for the three months ended March 31, 2023 and 2022, respectively. Leases For transactions in which the Company is the lessee, at the inception of a contract, the Company determines if the arrangement is, or contains, a lease. See Note 7 for additional details about leases under which the Company is the lessee. All transactions in which the Company is the lessor are short-term (one year or less) and have been classified as operating leases. All leases require upfront payments covering the full period of the lease and thus, there are no future payments expected to be received from existing leases. See Note 3 for details on revenue recognition related to lease agreements. Loss Per Share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options and restricted stock units, and in the prior year periods stock purchase warrants, using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. The number of anti-dilutive shares excluded from the computation of diluted loss per share, consisting of shares underlying stock options and restricted stock units, was 17.1 million for the three months ended March 31, 2023 and 15.1 million for the three months ended March 31, 2022. Recent Accounting Pronouncements New Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance with respect to measuring credit losses on financial instruments, including trade receivables. The guidance eliminates the probable initial recognition threshold that was previously required prior to recognizing a credit loss on financial instruments. The credit loss estimate can now reflect an entity’s current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The current guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. 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 adopted this new accounting pronouncement effective on January 1, 2023, and the adoption did not have a material impact on its consolidated financial statements. The Company has evaluated all other issued and unadopted Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its results of operations, financial position, or cash flows.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue
Revenue	3. Revenue Revenue is principally from the sale of instruments and processing assemblies, and extended warranties and the lease of instruments, which lease agreements also include customer-specific milestone payments. In some arrangements, products and services have been sold together representing distinct performance obligations. In these arrangements the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis. Revenue is recognized at the time control is transferred to the customer and the performance obligation is satisfied. Revenue from the sale of instruments and processing assemblies is generally recognized at the time of shipment to the customer, provided that no significant vendor obligations remain and collectability is reasonably assured. Revenue from equipment leases is recognized ratably over the contractual term of the lease agreement and when specific milestones are achieved by a customer. Licensing fee revenue is recognized ratably over the license period. Revenue from fees for research services is recognized when services have been provided. Disaggregation of Revenue The following table depicts the disaggregation of revenue by type of contract: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ ​ Contracts ​ from ​ ​ ​ ​ ​ with ​ Lease ​ Total ​ ​ Customers Elements Revenue ​ Product sales ​ $ 4,789,700 ​ $ — ​ $ 4,789,700 ​ Lease elements ​ — ​ 3,612,800 ​ 3,612,800 ​ Other ​ 173,800 ​ — ​ 173,800 ​ Total ​ $ 4,963,500 ​ $ 3,612,800 ​ $ 8,576,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ ​ Contracts ​ from ​ ​ ​ ​ ​ with ​ Lease ​ Total ​ ​ Customers Elements Revenue ​ Product sales ​ $ 6,567,600 ​ $ — ​ $ 6,567,600 ​ Lease elements ​ — ​ 4,730,000 ​ 4,730,000 ​ Other ​ 289,700 ​ — ​ 289,700 ​ Total ​ $ 6,857,300 ​ $ 4,730,000 ​ $ 11,587,300 ​ ​ Additional Disclosures Relating to Revenue from Contracts with Customers Deferred revenue represents payments received for performance obligations not yet satisfied and is presented as current or long-term in the accompanying condensed consolidated balance sheets based on the expected timing and satisfaction of the underlying goods or services. Deferred revenue was $6.1 million and $7.0 million as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, the Company recognized $2.6 million and $2.6 million, respectively, of revenue that was included in deferred revenue at the beginning of such periods. Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations with a duration greater than one year at March 31, 2023 was $405,200, of which the Company expects to recognize $94,700 in one year or less, $94,700 in one to two years, $47,300 in two to three years, and $168,500 thereafter For the three months ended March 31, 2023 and 2022, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfill contracts.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Stockholders' Equity	4. Stockholders’ Equity Common Stock 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. During the three months ended March 31, 2023, the Company issued 506,832 shares of common stock as a result of stock option exercises, receiving gross proceeds of $1.5 million. Preferred Stock The Company’s certificate of incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2023 and December 31, 2022, no shares of preferred stock were issued or outstanding. 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. 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. At March 31, 2023 and December 31, 2022, there were 733,225 and 3,455,656 shares, respectively, available to be issued under the 2022 Plan. The value of an equity award is recognized as expense on a straight-line basis over the requisite service period. At March 31, 2023, total unrecognized compensation expense was $33,142,200, which will be recognized over an estimated weighted average period of 2.73 years. Stock Options The weighted-average fair value of the stock options granted during the three months ended March 31, 2023 and 2022 was estimated to be $2.04 and $6.93, respectively per option share. Restricted Stock Units (“RSUs”) The weighted-average fair value of the RSUs granted during the three months ended March 31, 2023 was estimated to be $4.35 per RSU. The Company did not issue any RSUs before July 2022. The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2023 2022 General and administrative ​ $ 1,466,700 ​ $ 1,292,100 ​ Sales and marketing ​ 1,065,500 ​ 662,800 ​ Research and development ​ 744,400 ​ 507,500 ​ Total ​ $ 3,276,600 ​ $ 2,462,400 ​ ​

Consolidated Balance Sheet Comp

Consolidated Balance Sheet Components	3 Months Ended
	Mar. 31, 2023
Consolidated Balance Sheet Components
Consolidated Balance Sheet Components	5. Consolidated Balance Sheet Components Inventory Inventory is carried at the lower of cost or net realizable value. The following tables show the components of inventory: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2023 ​ 2022 ​ Raw materials inventory ​ $ 6,044,400 ​ $ 5,650,500 ​ Finished goods inventory ​ 3,549,500 ​ 2,930,300 ​ Work in progress ​ ​ 671,000 ​ ​ — ​ Total inventory ​ $ 10,264,900 ​ $ 8,580,800 ​ ​ The Company determined that no allowance for inventory obsolescence was necessary at March 31, 2023 or December 31, 2022. Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated lease term or useful life. Property and equipment include capitalized costs to develop internal-use software. Applicable costs are capitalized during the development stage of the project and include direct internal costs, third-party costs and allocated interest expenses as appropriate. Property and equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2023 ​ 2022 ​ Leasehold improvements ​ $ 14,334,900 ​ $ 14,195,500 ​ Furniture and equipment ​ ​ 11,516,400 ​ ​ 9,516,500 ​ Internal-use software ​ 3,800,400 ​ 3,220,500 ​ Instruments ​ 2,430,300 ​ 2,440,300 ​ Construction in process and internal-use software ​ 82,300 ​ 627,400 ​ Accumulated depreciation and amortization ​ (7,216,400) ​ (6,275,500) ​ Property and equipment, net ​ $ 24,947,900 ​ $ 23,724,700 ​ ​ During the three months ended March 31, 2023 and 2022, the Company transferred $27,000 and $49,400, respectively, of instruments previously classified as inventory to property and equipment leased to customers. For the three months ended March 31, 2023 and 2022, the Company incurred depreciation and amortization expense of $961,700 and $487,400, respectively.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2023
Fair Value
Fair Value	6. Fair Value The Company’s condensed consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, accounts receivable and accounts payable) that are carried at cost, which approximates fair value due to the short-term nature of the instruments. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company had no financial assets or liabilities measured at fair value on a recurring basis as of March 31, 2023 or December 31, 2022. Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Money market funds, US Treasury securities and government agency bonds, commercial paper and corporate debt instruments classified as held-to-maturity are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. The Company periodically reviews investments to assess for credit impairment. Based on its assessment, all unrecognized holding losses were due to factors other than credit loss, such as changes in interest rates. Therefore, no impairment was recognized during the three months ended March 31, 2023 or 2022. The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents ​ $ 28,327,600 ​ $ — ​ $ — ​ $ 28,327,600 Commercial paper ​ Cash equivalents ​ ​ 4,978,400 ​ ​ 1,200 ​ ​ ​ ​ ​ 4,979,600 Commercial paper Short-term investments ​ 143,177,100 ​ ​ 135,000 ​ ​ (62,000) ​ 143,250,100 Corporate debt Short-term investments ​ 5,812,300 ​ ​ — ​ ​ (14,900) ​ 5,797,400 US Treasury securities and government agency bonds Short-term investments ​ 37,829,900 ​ ​ 2,600 ​ ​ (122,100) ​ 37,710,400 Total cash equivalents and short-term investments ​ $ 220,125,300 ​ $ 138,800 ​ $ (199,000) ​ $ 220,065,100 ​ 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 ​ Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company has no non-financial assets and liabilities that are measured at fair value on a recurring basis. Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No fair value impairment was recognized during the three months ended March 31, 2023 and 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies.
Commitments and Contingencies	7 . Commitments and Contingencies Operating Leases The Company was a party to various leases for office and laboratory and other space that were terminated in 2022. A member of the Company’s board of directors was previously the Chief Executive Officer and a member of the board of directors of the lessor of certain of these leases for which the rent payments totaled $163,700 in the three months ended March 31, 2022. 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 is expected to begin in the second half of 2023. The lease term for all phases expires 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 March 31, 2023, the Company had received TIA reimbursements of $5.2 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 total incremental non-cancellable lease payments under the New Headquarters Lease are approximately $29.6 million over the lease term. The Company had no finance leases as of March 31, 2023 and December 31, 2022. The components of lease cost and supplemental balance sheet information for the Company’s lease portfolio were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Operating lease cost ​ $ 489,400 ​ $ 416,300 Short-term lease cost ​ 10,000 ​ 12,100 Variable lease cost ​ 165,200 ​ 75,400 Total lease cost ​ $ 664,600 ​ $ 503,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ As of December 31, ​ 2023 2022 Operating leases ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ Operating lease right of use assets ​ $ 9,757,600 ​ $ 9,853,500 Liabilities ​ ​ ​ ​ ​ ​ Current portion of operating lease liabilities ​ $ 475,200 ​ $ 156,800 Operating lease liabilities, net of current portion ​ 15,777,200 ​ 15,938,100 Total operating lease liabilities ​ $ 16,252,400 ​ $ 16,094,900 Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years) ​ ​ 12.4 ​ ​ 12.7 Weighted-average incremental borrowing rate ​ ​ 6.5% ​ ​ 6.5% ​ As of March 31, 2023, maturities of lease liabilities that had commenced prior to March 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ Remainder of 2023 ​ $ 1,121,800 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 ​ ​ 24,287,000 Discount factor ​ (8,034,600) Present value of lease liabilities ​ $ 16,252,400 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the financial position, results of operations, and cash flows as of and for the periods presented. The condensed consolidated balance sheet at December 31, 2022 has been derived from audited consolidated financial statements as of that date. The unaudited condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year or any other future year or period. Certain information and footnotes disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the SEC. The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2023.
Principles of Consolidation	Basis 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.
Accounts Receivable	Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The Company determined that no allowance was necessary at March 31, 2023 or December 31, 2022.
Concentrations of Risk	Concentration of Risk The Company maintains its cash and cash equivalents with two financial institutions that management believes to be of high credit quality. At times the Company’s cash balances may exceed federally insured limits and cash may also be deposited in foreign bank accounts that are not covered by federal deposit insurance. The Company does not believe that this results in any significant credit risk beyond the normal credit risk associated with commercial banking relationships. Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as of the end of a reporting period. During the three months ended March 31, 2023, two customers represented 23% and 11% of revenue, respectively. During the three months ended March 31, 2022, one customer represented 33% of revenue. As of March 31, 2023, two customers accounted for 23% and 12% of accounts receivable, respectively. As of December 31, 2022, one customer accounted for 14% of accounts receivable. Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. During the three months ended March 31, 2023 and 2022, the Company purchased 60% and 39%, respectively, of its inventory from one supplier. As of March 31, 2023, amounts payable to one supplier totaled 21% of total accounts payable. At December 31, 2022, amounts payable to two suppliers totaled 34% of total accounts payable.
Foreign Currency	Foreign Currency The Company’s functional currency is the US dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $6,100 in foreign currency transaction gains and $23,200 in foreign currency transaction losses for the three months ended March 31, 2023 and 2022, respectively.
Leases	Leases For transactions in which the Company is the lessee, at the inception of a contract, the Company determines if the arrangement is, or contains, a lease. See Note 7 for additional details about leases under which the Company is the lessee. All transactions in which the Company is the lessor are short-term (one year or less) and have been classified as operating leases. All leases require upfront payments covering the full period of the lease and thus, there are no future payments expected to be received from existing leases. See Note 3 for details on revenue recognition related to lease agreements.
Loss Per Share	Loss Per Share Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options and restricted stock units, and in the prior year periods stock purchase warrants, using the treasury stock method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. The number of anti-dilutive shares excluded from the computation of diluted loss per share, consisting of shares underlying stock options and restricted stock units, was 17.1 million for the three months ended March 31, 2023 and 15.1 million for the three months ended March 31, 2022.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance with respect to measuring credit losses on financial instruments, including trade receivables. The guidance eliminates the probable initial recognition threshold that was previously required prior to recognizing a credit loss on financial instruments. The credit loss estimate can now reflect an entity’s current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The current guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. 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 adopted this new accounting pronouncement effective on January 1, 2023, and the adoption did not have a material impact on its consolidated financial statements. The Company has evaluated all other issued and unadopted Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its results of operations, financial position, or cash flows.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ ​ Contracts ​ from ​ ​ ​ ​ ​ with ​ Lease ​ Total ​ ​ Customers Elements Revenue ​ Product sales ​ $ 4,789,700 ​ $ — ​ $ 4,789,700 ​ Lease elements ​ — ​ 3,612,800 ​ 3,612,800 ​ Other ​ 173,800 ​ — ​ 173,800 ​ Total ​ $ 4,963,500 ​ $ 3,612,800 ​ $ 8,576,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ ​ Revenue from ​ Revenue ​ ​ ​ ​ ​ ​ Contracts ​ from ​ ​ ​ ​ ​ with ​ Lease ​ Total ​ ​ Customers Elements Revenue ​ Product sales ​ $ 6,567,600 ​ $ — ​ $ 6,567,600 ​ Lease elements ​ — ​ 4,730,000 ​ 4,730,000 ​ Other ​ 289,700 ​ — ​ 289,700 ​ Total ​ $ 6,857,300 ​ $ 4,730,000 ​ $ 11,587,300 ​ ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ 2023 2022 General and administrative ​ $ 1,466,700 ​ $ 1,292,100 ​ Sales and marketing ​ 1,065,500 ​ 662,800 ​ Research and development ​ 744,400 ​ 507,500 ​ Total ​ $ 3,276,600 ​ $ 2,462,400 ​

Consolidated Balance Sheet Co_2

Consolidated Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2023
Consolidated Balance Sheet Components
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2023 ​ 2022 ​ Raw materials inventory ​ $ 6,044,400 ​ $ 5,650,500 ​ Finished goods inventory ​ 3,549,500 ​ 2,930,300 ​ Work in progress ​ ​ 671,000 ​ ​ — ​ Total inventory ​ $ 10,264,900 ​ $ 8,580,800 ​ ​
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2023 ​ 2022 ​ Leasehold improvements ​ $ 14,334,900 ​ $ 14,195,500 ​ Furniture and equipment ​ ​ 11,516,400 ​ ​ 9,516,500 ​ Internal-use software ​ 3,800,400 ​ 3,220,500 ​ Instruments ​ 2,430,300 ​ 2,440,300 ​ Construction in process and internal-use software ​ 82,300 ​ 627,400 ​ Accumulated depreciation and amortization ​ (7,216,400) ​ (6,275,500) ​ Property and equipment, net ​ $ 24,947,900 ​ $ 23,724,700 ​ ​

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value
Summary of the Company's cash equivalents and investments	The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrecognized ​ unrecognized ​ Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents ​ $ 28,327,600 ​ $ — ​ $ — ​ $ 28,327,600 Commercial paper ​ Cash equivalents ​ ​ 4,978,400 ​ ​ 1,200 ​ ​ ​ ​ ​ 4,979,600 Commercial paper Short-term investments ​ 143,177,100 ​ ​ 135,000 ​ ​ (62,000) ​ 143,250,100 Corporate debt Short-term investments ​ 5,812,300 ​ ​ — ​ ​ (14,900) ​ 5,797,400 US Treasury securities and government agency bonds Short-term investments ​ 37,829,900 ​ ​ 2,600 ​ ​ (122,100) ​ 37,710,400 Total cash equivalents and short-term investments ​ $ 220,125,300 ​ $ 138,800 ​ $ (199,000) ​ $ 220,065,100 ​ 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 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies.
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Operating lease cost ​ $ 489,400 ​ $ 416,300 Short-term lease cost ​ 10,000 ​ 12,100 Variable lease cost ​ 165,200 ​ 75,400 Total lease cost ​ $ 664,600 ​ $ 503,800
Schedule of operating lease assets, liabilities and other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ As of December 31, ​ 2023 2022 Operating leases ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ Operating lease right of use assets ​ $ 9,757,600 ​ $ 9,853,500 Liabilities ​ ​ ​ ​ ​ ​ Current portion of operating lease liabilities ​ $ 475,200 ​ $ 156,800 Operating lease liabilities, net of current portion ​ 15,777,200 ​ 15,938,100 Total operating lease liabilities ​ $ 16,252,400 ​ $ 16,094,900 Other information ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term (in years) ​ ​ 12.4 ​ ​ 12.7 Weighted-average incremental borrowing rate ​ ​ 6.5% ​ ​ 6.5% ​
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ Operating Leases ​ ​ ​ Remainder of 2023 ​ $ 1,121,800 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 ​ ​ 24,287,000 Discount factor ​ (8,034,600) Present value of lease liabilities ​ $ 16,252,400

Organization and Description _2

Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Aug. 03, 2021	Mar. 31, 2023	Dec. 31, 2022
Product Information [Line Items]
Shares issued	15,525,000	506,832	1,195,208
Share price	$ 13
Gross proceeds	$ 201.8
Net proceeds	184.3
Payment of underwriting commissions and offering costs	$ 17.6
Underwriter's option
Product Information [Line Items]
Shares issued	2,025,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Concentration of Risk (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) customer item	Mar. 31, 2022 customer item	Dec. 31, 2022 USD ($) item
Allowance for doubtful accounts
Allowance for doubtful accounts | $	$ 0		$ 0
Major suppliers
Concentration Risk [Line Items]
Number of major suppliers | item	1		2
Revenue.
Concentration Risk [Line Items]
Number of major customers	2
Revenue. | Customer concentration risk | Two Customers
Concentration Risk [Line Items]
Concentration risk percentage	11%
Revenue. | Customer concentration risk | Customer one
Concentration Risk [Line Items]
Number of major customers		1
Concentration risk percentage		33%
Revenue. | Customer concentration risk | Customer two
Concentration Risk [Line Items]
Concentration risk percentage	23%
Accounts receivable
Concentration Risk [Line Items]
Number of major customers		1
Accounts receivable | Customer concentration risk | Two Customers
Concentration Risk [Line Items]
Number of major customers	2
Accounts receivable | Customer concentration risk | Customer one
Concentration Risk [Line Items]
Concentration risk percentage	23%	14%
Accounts receivable | Customer concentration risk | Customer two
Concentration Risk [Line Items]
Concentration risk percentage	12%
Inventory | Supplier concentration risk | Major suppliers
Concentration Risk [Line Items]
Concentration risk percentage	60%	39%
Number of major suppliers | item	1	1
Accounts payable | Supplier concentration risk | Major suppliers
Concentration Risk [Line Items]
Concentration risk percentage	21%		34%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary of Significant Accounting Policies
Foreign currency transaction gains (losses)	$ (6,100)	$ 23,200

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loss Per Share
Anti-dilutive shares excluded from the computation of diluted loss per share	17.1	15.1

Revenue - Disaggregation of rev

Revenue - Disaggregation of revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 4,963,500	$ 6,857,300
Revenue from Lease Elements	3,612,800	4,730,000
Total Revenue	8,576,300	11,587,300
Product sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,789,700	6,567,600
Total Revenue	4,789,700	6,567,600
Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	173,800	289,700
Total Revenue	$ 173,800	$ 289,700

Revenue - Changes in deferred r

Revenue - Changes in deferred revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Change in Contract with Customer, Liability [Abstract]
Deferred revenue	$ 6.1		$ 7
Revenue recognized	$ 2.6	$ 2.6

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details)	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 405,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 94,700
Remaining performance obligation expects to recognize as revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 94,700
Remaining performance obligation expects to recognize as revenue	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 47,300
Remaining performance obligation expects to recognize as revenue	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 168,500
Remaining performance obligation expects to recognize as revenue	0 years

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($)		3 Months Ended		12 Months Ended
	Aug. 03, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Stockholders' Equity
Shares issued	15,525,000	506,832		1,195,208
Share price	$ 13
Gross proceeds		$ 1,500,000		$ 2,900,000
Proceeds from exercise of stock options		$ 1,456,600	$ 892,600
Cost incurred	$ 17,600,000
Proceeds from Issuance Initial Public Offering	$ 184,300,000
Preferred stock, authorized (in shares)		5,000,000		5,000,000
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
Preferred stock, issued (in shares)		0		0
Preferred stock, outstanding (in shares)		0		0

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	May 31, 2022	Dec. 31, 2021
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Awards available to be issued					2,500,000
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
Weighted-average fair value of the options granted	$ 2.04	$ 6.93
Unrecognized compensation expense	$ 33,142,200
Unrecognized compensation expense, recognition period	2 years 8 months 23 days
2022 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Awards available to be issued	733,225		3,455,656
Weighted Average Market Price, Granted (in dollars per share)	$ 4.35

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based compensation expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,276,600	$ 2,462,400
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,466,700	1,292,100
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	744,400	507,500
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,065,500	$ 662,800

Consolidated Balance Sheet Co_3

Consolidated Balance Sheet Components - Inventory (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheet Components
Raw materials inventory	$ 6,044,400	$ 5,650,500
Work in progress	671,000
Finished goods inventory	3,549,500	2,930,300
Total inventory	10,264,900	8,580,800
Allowance for obsolescence	$ 0	$ 0

Consolidated Balance Sheet Co_4

Consolidated Balance Sheet Components - Property and equipment, Net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property and equipment, Net
Accumulated depreciation and amortization	$ (7,216,400)		$ (6,275,500)
Property and equipment, net	24,947,900		23,724,700
Transfer of instruments	27,000	$ 49,400
Depreciation and amortization	961,700	$ 487,400
Leasehold improvements
Property and equipment, Net
Property and equipment, gross	14,334,900		14,195,500
Furniture and equipment
Property and equipment, Net
Property and equipment, gross	11,516,400		9,516,500
Internal-use software
Property and equipment, Net
Property and equipment, gross	3,800,400		3,220,500
Instruments
Property and equipment, Net
Property and equipment, gross	2,430,300		2,440,300
Construction in process and internal-use software
Property and equipment, Net
Property and equipment, gross	$ 82,300		$ 627,400

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - Non-recurring basis - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of short-term investments	$ 0	$ 0
Impairment of long-lived assets	$ 0	$ 0

Fair Value - Financial Instrume

Fair Value - Financial Instruments (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 37,833,400	$ 11,064,700
Non-recurring basis
Cash and Cash Equivalents [Line Items]
Amortized cost	220,125,300	222,016,700
Gross unrecognized holding gains	138,800	160,900
Gross unrecognized holding losses	(199,000)	(474,500)
Aggregate fair value	220,065,100	221,703,100
Non-recurring basis | Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost	143,177,100	172,740,700
Gross unrecognized holding gains	135,000	156,400
Gross unrecognized holding losses	(62,000)	(235,700)
Aggregate fair value	143,250,100	172,661,400
Non-recurring basis | Corporate debt
Cash and Cash Equivalents [Line Items]
Amortized cost	5,812,300	5,792,000
Gross unrecognized holding losses	(14,900)	(42,700)
Aggregate fair value	5,797,400	5,749,300
Non-recurring basis | US Treasury securities and government agency bonds
Cash and Cash Equivalents [Line Items]
Amortized cost	37,829,900	37,742,200
Gross unrecognized holding gains	2,600	4,500
Gross unrecognized holding losses	(122,100)	(196,100)
Aggregate fair value	37,710,400	37,550,600
Non-recurring basis | Money market funds and cash equivalents
Cash and Cash Equivalents [Line Items]
Amortized cost	28,327,600	5,741,800
Aggregate fair value	28,327,600	$ 5,741,800
Non-recurring basis | Commercial paper | Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost	4,978,400
Gross unrecognized holding gains	1,200
Aggregate fair value	$ 4,979,600

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Incremental non-cancellable lease payments	$ 24,287,000
Accounts receivable - TIA	996,600		$ 1,912,400
Right-of-use asset - operating leases	9,757,600		$ 9,853,500
Lease liabilities	16,252,400
New Office and Manufacturing Space
Commitments and Contingencies
Incremental non-cancellable lease payments	29,600,000
Tenant improvement allowance	6,300,000
TIA reimbursements	$ 5,200,000
Number of options to extend lease | item	3
Renewal term	5 years
Office and Laboratory Space | Chairman of the Board along with a Director
Commitments and Contingencies
Lease rent payments		$ 163,700

Commitments and Contingencies_2

Commitments and Contingencies - Lease costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lease costs
Operating lease cost	$ 489,400	$ 416,300
Short-term lease cost	10,000	12,100
Variable lease cost	165,200	75,400
Total lease cost	664,600	$ 503,800
Assets:
Operating lease right-of-use assets	9,757,600		$ 9,853,500
Liabilities
Current portion of operating lease liabilities	475,200		156,800
Operating lease liabilities, net of current portion	15,777,200		15,938,100
Total operating lease liabilities	$ 16,252,400		$ 16,094,900
Other information
Weighted-average remaining lease term (in years)	12 years 4 months 24 days		12 years 8 months 12 days
Weighted-average discount rate%	6.50%		6.50%

Commitments and Contingencies_3

Commitments and Contingencies - Maturities of lease liabilities (Details)	Mar. 31, 2023 USD ($)
Maturities of operating lease liabilities
Remainder of 2023	$ 1,121,800
2024	1,734,500
2025	1,777,700
2026	1,822,100
2027	1,867,700
Total undiscounted lease payments	24,287,000
Discount factor	(8,034,600)
Present value of lease liabilities	16,252,400
2026 and thereafter	$ 15,963,200