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 |