Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
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 $0.01 per share | |
Trading Symbol | MXCT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 104,544,289 | |
Entity Central Index Key | 0001287098 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 22,249 | $ 46,506 |
Short-term investments, at amortized cost | 135,264 | 121,782 |
Accounts receivable, net | 5,991 | 5,778 |
Inventory | 11,960 | 12,229 |
Prepaid expenses and other current assets | 3,210 | 3,899 |
Total current assets | 178,674 | 190,194 |
Investments, non-current, at amortized cost | 45,031 | 42,938 |
Property and equipment, net | 22,805 | 23,513 |
Right-of-use asset - operating leases | 11,125 | 11,241 |
Other assets | 295 | 388 |
Total assets | 257,930 | 268,274 |
Current liabilities: | ||
Accounts payable | 1,674 | 743 |
Accrued expenses and other | 6,502 | 11,269 |
Operating lease liability, current | 825 | 774 |
Deferred revenue, current portion | 4,476 | 5,069 |
Total current liabilities | 13,477 | 17,855 |
Operating lease liability, net of current portion | 17,815 | 17,969 |
Other liabilities | 279 | 283 |
Total liabilities | 31,571 | 36,107 |
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, 2024 and December 31, 2023 | ||
Common stock, $0.01 par value; 400,000,000 shares authorized, 104,405,111 and 103,961,670 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 1,044 | 1,040 |
Additional paid-in capital | 410,639 | 406,925 |
Accumulated deficit | (185,324) | (175,798) |
Total stockholders' equity | 226,359 | 232,167 |
Total liabilities and stockholders' equity | $ 257,930 | $ 268,274 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 104,405,111 | 103,961,670 |
Common stock, outstanding (in shares) | 104,405,111 | 103,961,670 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Unaudited Condensed Consolidated Statements of Operations | ||
Revenue | $ 11,342 | $ 8,576 |
Cost of goods sold | 1,403 | 1,000 |
Gross profit | 9,939 | 7,576 |
Operating expenses: | ||
Research and development | 6,678 | 6,047 |
Sales and marketing | 7,365 | 6,296 |
General and administrative | 7,103 | 7,499 |
Depreciation and amortization | 1,068 | 912 |
Total operating expenses | 22,214 | 20,754 |
Operating loss | (12,275) | (13,178) |
Other income: | ||
Interest income | 2,749 | 2,296 |
Total other income | 2,749 | 2,296 |
Loss before income taxes | (9,526) | (10,882) |
Net loss | $ (9,526) | $ (10,882) |
Basic net loss per share | $ (0.09) | $ (0.11) |
Weighted average shares outstanding, basic | 104,089,758 | 102,846,036 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balances, at Beginning of period at Dec. 31, 2022 | $ 1,024 | $ 390,819 | $ (137,875) | $ 253,968 |
Balances, at Beginning of period, Shares at Dec. 31, 2022 | 102,397,913 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation expense | 3,277 | 3,277 | ||
Exercise of stock options | $ 5 | 1,451 | 1,456 | |
Exercise of stock options, shares | 506,832 | |||
Net Income (Loss) | (10,882) | (10,882) | ||
Balances, at end of period at Mar. 31, 2023 | $ 1,029 | 395,547 | (148,757) | 247,819 |
Balances, at end of period, Shares at Mar. 31, 2023 | 102,904,745 | |||
Balances, at Beginning of period at Dec. 31, 2023 | $ 1,040 | 406,925 | (175,798) | 232,167 |
Balances, at Beginning of period, Shares at Dec. 31, 2023 | 103,961,670 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation expense | 3,015 | 3,015 | ||
Exercise of stock options | $ 3 | 700 | 703 | |
Exercise of stock options, shares | 272,640 | |||
Vesting of restricted stock units | $ 1 | (1) | ||
Vesting of restricted stock units, shares | 170,801 | |||
Net Income (Loss) | (9,526) | (9,526) | ||
Balances, at end of period at Mar. 31, 2024 | $ 1,044 | $ 410,639 | $ (185,324) | $ 226,359 |
Balances, at end of period, Shares at Mar. 31, 2024 | 104,405,111 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (9,526) | $ (10,882) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,111 | 962 |
Non-cash lease expense | 116 | 96 |
Net book value of consigned equipment sold | 11 | 17 |
Stock-based compensation | 3,015 | 3,277 |
Recoveries of bad debt | 130 | |
Amortization of discounts on investments | (1,983) | (1,730) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (343) | 3,399 |
Accounts receivable - TIA | 916 | |
Inventory | 169 | (1,706) |
Prepaid expense and other current assets | 689 | 509 |
Other assets | 33 | 410 |
Accounts payable, accrued expenses and other | (3,286) | 1,227 |
Operating lease liability | (103) | 157 |
Deferred revenue | (593) | (963) |
Other liabilities | (4) | (13) |
Net cash used in operating activities | (10,564) | (4,324) |
Cash flows from investing activities: | ||
Purchases of investments | (48,042) | (57,814) |
Maturities of investments | 34,450 | 89,000 |
Purchases of property and equipment | (804) | (1,558) |
Proceeds from sale of equipment | 9 | |
Net cash (used in) provided by investing activities | (14,396) | 29,637 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 703 | 1,456 |
Net cash provided by financing activities | 703 | 1,456 |
Net (decrease) increase in cash and cash equivalents | (24,257) | 26,769 |
Cash and cash equivalents, beginning of period | 46,506 | 11,064 |
Cash and cash equivalents, end of period | 22,249 | 37,833 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Property and equipment purchases included in accounts payable and accrued expenses | $ 16 | $ 631 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2024 | |
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 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 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 $201,825. The Company received aggregate net proceeds of $184,268 from the IPO after deducting aggregate underwriting commissions and offering costs of $17,557. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 8 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, 2023 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 notes 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 12, 2024. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the notes to its audited consolidated financial statements for the year ended December 31, 2023 included in its Annual Report on Form 10-K and have not materially changed during the three months ended March 31, 2024. Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, CCTI, Inc. All significant intercompany balances have been eliminated in consolidation. Reclassifications Certain reclassifications have been made to prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or accumulated deficit. Concentration of Risk The Company maintains its cash and cash equivalents with three 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, 2024, two customers represented 23% and 18% of revenue, respectively. During the three months ended March 31, 2023, two customers represented 23% and 11% of revenue, respectively. As of March 31, 2024, two customers accounted for 23% of accounts receivable. As of December 31, 2023, three customers accounted for 38% 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, 2024, 30% of the Company’s additions to inventory was from one supplier. During the three months ended March 31, 2023, the Company purchased 60% of its inventory from one supplier. As of March 31, 2024, amounts payable to one supplier totaled 29% of total accounts payable. At December 31, 2023, no supplier accounted for 10% or more of the Company’s total accounts payable. Accounts Receivable Accounts receivable are reduced by an allowance for credit losses, if needed. The Company maintains an allowance for credit losses of an amount equal to anticipated future write-offs. The Company determined that no allowance was necessary at March 31, 2024. The Company Foreign Currency The Company’s functional currency is the US dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $33 in foreign currency transaction losses and $6 in foreign currency transaction gains for the three months ended March 31, 2024 and 2023, 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. Comprehensive Loss For the three months ended March 31, 2024 and 2023, comprehensive loss equaled net loss; therefore, a separate statement of comprehensive loss is not included in the accompanying condensed consolidated financial statements. 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, restricted stock units, performance stock units and shares under employee stock purchase plans 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, restricted stock units, performance stock units, and shares under employee stock purchase plans was 17.9 million for the three months ended March 31, 2024 and 17.1 million for the three months ended March 31, 2023. Recent Accounting Pronouncements The Company has evaluated all 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, 2024 | |
Revenue | |
Revenue | 3. Revenue Revenue is principally from the sale of instruments and processing assemblies, 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, 2024 Revenue from Revenue Contracts with from Lease Total Customers Elements Revenue Product sales $ 5,361 $ — $ 5,361 Lease elements — 5,758 5,758 Other 223 — 223 Total $ 5,584 $ 5,758 $ 11,342 Three months ended March 31, 2023 Revenue from Revenue Contracts with from Lease Total Customers Elements Revenue Product sales $ 4,790 $ — $ 4,790 Lease elements — 3,612 3,612 Other 174 — 174 Total $ 4,964 $ 3,612 $ 8,576 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 $4,755 and $5,352 as of March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024 and March 31, 2023, the Company recognized $2,254 and $2,623 of revenue, respectively, 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, 2024 was $360, of which the Company expects to recognize $81 in one year or less, $81 in one to two years, $41 in two to three years, and $157 thereafter For the three months ended March 31, 2024 and 2023, 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, 2024 | |
Stockholders' Equity | |
Stockholders' Equity | 4. Stockholders’ Equity Common Stock During the three months ended March 31, 2024, the Company issued 272,640 shares of common stock as a result of stock option exercises, receiving gross proceeds of $703, and issued 170,801 shares from the vesting of restricted stock units. 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, 2024 and December 31, 2023, 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, in each case, 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, in each case, 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. At the Company’s Annual Meeting of Stockholders held on June 22, 2023, the Company’s stockholders voted to reserve an additional 6,069,000 shares of issuance pursuant to future awards under the 2022 Plan. At March 31, 2024 and December 31, 2023, there were 4,353,000 and 6,202,000 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, 2024, total unrecognized compensation expense was $25,434, which will be recognized over an estimated weighted average period of 2.6 years. Stock Options The weighted-average fair value of the stock options granted during the three months ended March 31, 2024 and 2023 was estimated to be $2.23 and $2.04, per option share, respectively. Restricted Stock Units (“RSUs”) The weighted-average fair value of the RSUs granted during the three months ended March 31, 2024 and 2023 was estimated to be $4.36 and $4.35 per RSU, respectively. Performance Stock Units (“PSUs”) During the three months ended March 31, 2024, 550,838 PSUs were awarded to certain members of management and executive officers. The PSU awards represent a number of shares of common stock to be earned if a target level of performance, as approved by the Board of Directors, is achieved. The performance period continues through December 31, 2026. The actual number of shares of common stock underlying the PSUs to be earned will be between 0% and 125% of the target number of PSUs, depending on the level of achievement of such performance metrics. The weighted-average fair value of the PSUs granted during the three months ended March 31, 2024 was estimated to be $4.31 per PSU. During the three months ended March 31, 2024, the Company determined that it was probable that the grants will vest at 100% of the target number of PSUs. Stock-based compensation expense for the service period since the grant date of $197 was recognized in the three months ended March 31, 2024. The Company did not issue PSUs prior to January 2024. Stock-based Compensation Expense The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations: Three months ended March 31, 2024 2023 General and administrative $ 1,680 $ 1,467 Sales and marketing 626 1,066 Research and development 709 744 Total $ 3,015 $ 3,277 |
Consolidated Balance Sheet Comp
Consolidated Balance Sheet Components | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Raw materials inventory $ 5,628 $ 5,694 Finished goods inventory 6,031 5,977 Work in progress 301 558 Total inventory $ 11,960 $ 12,229 The Company reserved $578 and $697 in an inventory allowance as of March 31, 2024 and December 31, 2023, respectively. 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 expense as appropriate. Property and equipment consisted of the following: March 31, December 31, 2024 2023 Leasehold improvements $ 14,660 $ 14,654 Furniture and equipment 12,373 12,288 Internal-use software 4,232 4,106 Instruments 2,546 2,441 Construction in process 382 310 Accumulated depreciation and amortization (11,388) (10,286) Property and equipment, net $ 22,805 $ 23,513 During the three months ended March 31, 2024 and 2023, the Company transferred $100 and $27, respectively, of instruments previously classified as inventory to property and equipment leased to customers. For the three months ended March 31, 2024 and 2023, the Company incurred depreciation and amortization expense of $1,111 and $962, respectively. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 or December 31, 2023. 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, 2024 or 2023. The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at March 31, 2024: Gross Gross Amortized unrecognized unrecognized Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents $ 15,688 $ — $ — $ 15,688 Commercial paper Short-term investments 109,600 26 (67) 109,559 Corporate debt Short-term investments 4,072 (12) 4,060 US Treasury securities and government agency bonds Short-term investments 21,592 21 21,613 US Treasury securities and government agency bonds Long-term investments 45,031 49 (144) 44,936 Total cash equivalents and short-term investments $ 195,983 $ 96 $ (223) $ 195,856 The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 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 $ 22,693 $ — $ — $ 22,693 US Treasury securities and government agency bonds Cash equivalents 20,986 3 — 20,989 Commercial paper Short-term investments 107,131 100 (1) 107,230 US Treasury securities and government agency bonds Short‑term investments 14,651 28 (6) 14,673 US Treasury securities and government agency bonds Long-term investments 42,938 282 (2) 43,218 Total cash equivalents and short-term investments $ 208,399 $ 413 $ (9) $ 208,803 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 impairment was recognized during the three months ended March 31, 2024 and 2023. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 7 . Commitments and Contingencies Operating Leases In May 2021, the Company entered into a lease for its headquarters (the “Headquarters Lease”), consisting of an operating lease agreement, as amended, for new office, laboratory, manufacturing and other space. The lease term expires on August 31, 2035. Under the 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. During the three months ended March 31, 2024 and 2023, the Company paid $428 and $171 included in the measurement of lease liabilities, respectively. The Company had no finance leases as of March 31, 2024 and December 31, 2023. The components of lease cost and supplemental balance sheet information for the Company’s lease portfolio were as follows: Three months ended March 31, 2024 2023 Operating lease cost $ 441 $ 489 Short-term lease cost 10 10 Variable lease cost 298 165 Total lease cost $ 749 $ 664 As of March 31, As of December 31, 2024 2023 Operating leases Assets: Operating lease right-of-use assets $ 11,125 $ 11,241 Liabilities Current portion of operating lease liabilities $ 825 $ 774 Operating lease liabilities, net of current portion 17,815 17,969 Total operating lease liabilities $ 18,640 $ 18,743 Other information Weighted-average remaining lease term (in years) 11.4 11.7 Weighted-average incremental borrowing rate 7.0% 7.0% The following table reconciles the remaining minimum lease payments to lease liabilities as of March 31, 2024: Operating Leases Remainder of 2024 $ 1,499 2025 2,171 2026 2,225 2027 2,281 2028 2,338 2029 and thereafter 17,156 Total undiscounted lease payments 27,670 Discount factor (9,030) Present value of lease liabilities $ 18,640 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions | |
Related Party Transactions | 8 . Related Party Transactions Effective January 1, 2024, the Company entered into a consulting agreement with a member of the Board of Directors to provide consulting services to the Company for a 12-month During the three months ended March 31, 2024, the Company sold $1 in products to a customer whose Chief Executive Officer is a member of the Company’s Board of Directors. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 8 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, 2023 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 notes 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 12, 2024. |
Principles of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, CCTI, Inc. All significant intercompany balances have been eliminated in consolidation. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or accumulated deficit. |
Concentrations of Risk | Concentration of Risk The Company maintains its cash and cash equivalents with three 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, 2024, two customers represented 23% and 18% of revenue, respectively. During the three months ended March 31, 2023, two customers represented 23% and 11% of revenue, respectively. As of March 31, 2024, two customers accounted for 23% of accounts receivable. As of December 31, 2023, three customers accounted for 38% 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, 2024, 30% of the Company’s additions to inventory was from one supplier. During the three months ended March 31, 2023, the Company purchased 60% of its inventory from one supplier. As of March 31, 2024, amounts payable to one supplier totaled 29% of total accounts payable. At December 31, 2023, no supplier accounted for 10% or more of the Company’s 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 $33 in foreign currency transaction losses and $6 in foreign currency transaction gains for the three months ended March 31, 2024 and 2023, respectively. |
Accounts Receivable | Accounts Receivable Accounts receivable are reduced by an allowance for credit losses, if needed. The Company maintains an allowance for credit losses of an amount equal to anticipated future write-offs. The Company determined that no allowance was necessary at March 31, 2024. The Company |
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. |
Comprehensive Loss | Comprehensive Loss For the three months ended March 31, 2024 and 2023, comprehensive loss equaled net loss; therefore, a separate statement of comprehensive loss is not included in the accompanying condensed consolidated financial statements. |
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, restricted stock units, performance stock units and shares under employee stock purchase plans 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, restricted stock units, performance stock units, and shares under employee stock purchase plans was 17.9 million for the three months ended March 31, 2024 and 17.1 million for the three months ended March 31, 2023. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has evaluated all 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, 2024 | |
Revenue | |
Schedule of disaggregation of revenue | Three months ended March 31, 2024 Revenue from Revenue Contracts with from Lease Total Customers Elements Revenue Product sales $ 5,361 $ — $ 5,361 Lease elements — 5,758 5,758 Other 223 — 223 Total $ 5,584 $ 5,758 $ 11,342 Three months ended March 31, 2023 Revenue from Revenue Contracts with from Lease Total Customers Elements Revenue Product sales $ 4,790 $ — $ 4,790 Lease elements — 3,612 3,612 Other 174 — 174 Total $ 4,964 $ 3,612 $ 8,576 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity | |
Schedule of stock-based compensation expense | Three months ended March 31, 2024 2023 General and administrative $ 1,680 $ 1,467 Sales and marketing 626 1,066 Research and development 709 744 Total $ 3,015 $ 3,277 |
Consolidated Balance Sheet Co_2
Consolidated Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Consolidated Balance Sheet Components | |
Schedule of inventory | March 31, December 31, 2024 2023 Raw materials inventory $ 5,628 $ 5,694 Finished goods inventory 6,031 5,977 Work in progress 301 558 Total inventory $ 11,960 $ 12,229 |
Schedule of property and equipment | March 31, December 31, 2024 2023 Leasehold improvements $ 14,660 $ 14,654 Furniture and equipment 12,373 12,288 Internal-use software 4,232 4,106 Instruments 2,546 2,441 Construction in process 382 310 Accumulated depreciation and amortization (11,388) (10,286) Property and equipment, net $ 22,805 $ 23,513 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024: Gross Gross Amortized unrecognized unrecognized Aggregate Description Classification cost holding gains holding losses fair value Money market funds and cash equivalents Cash equivalents $ 15,688 $ — $ — $ 15,688 Commercial paper Short-term investments 109,600 26 (67) 109,559 Corporate debt Short-term investments 4,072 (12) 4,060 US Treasury securities and government agency bonds Short-term investments 21,592 21 21,613 US Treasury securities and government agency bonds Long-term investments 45,031 49 (144) 44,936 Total cash equivalents and short-term investments $ 195,983 $ 96 $ (223) $ 195,856 The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 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 $ 22,693 $ — $ — $ 22,693 US Treasury securities and government agency bonds Cash equivalents 20,986 3 — 20,989 Commercial paper Short-term investments 107,131 100 (1) 107,230 US Treasury securities and government agency bonds Short‑term investments 14,651 28 (6) 14,673 US Treasury securities and government agency bonds Long-term investments 42,938 282 (2) 43,218 Total cash equivalents and short-term investments $ 208,399 $ 413 $ (9) $ 208,803 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies. | |
Schedule of lease costs | Three months ended March 31, 2024 2023 Operating lease cost $ 441 $ 489 Short-term lease cost 10 10 Variable lease cost 298 165 Total lease cost $ 749 $ 664 |
Schedule of operating lease assets, liabilities and other information | As of March 31, As of December 31, 2024 2023 Operating leases Assets: Operating lease right-of-use assets $ 11,125 $ 11,241 Liabilities Current portion of operating lease liabilities $ 825 $ 774 Operating lease liabilities, net of current portion 17,815 17,969 Total operating lease liabilities $ 18,640 $ 18,743 Other information Weighted-average remaining lease term (in years) 11.4 11.7 Weighted-average incremental borrowing rate 7.0% 7.0% |
Schedule of maturities of operating lease liabilities | The following table reconciles the remaining minimum lease payments to lease liabilities as of March 31, 2024: Operating Leases Remainder of 2024 $ 1,499 2025 2,171 2026 2,225 2027 2,281 2028 2,338 2029 and thereafter 17,156 Total undiscounted lease payments 27,670 Discount factor (9,030) Present value of lease liabilities $ 18,640 |
Organization and Description _2
Organization and Description of Business (Details) $ / shares in Units, $ in Thousands | Aug. 03, 2021 USD ($) $ / shares shares |
Product Information [Line Items] | |
Payment of underwriting commissions and offering costs | $ 17,557 |
IPO | |
Product Information [Line Items] | |
Shares issued | shares | 15,525,000 |
Share price | $ / shares | $ 13 |
Gross proceeds | $ 201,825 |
Net proceeds | $ 184,268 |
Underwriter's option | |
Product Information [Line Items] | |
Shares issued | shares | 2,025,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Concentration of Risk (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) item customer | Mar. 31, 2023 item customer | Dec. 31, 2023 USD ($) customer | |
Concentration Risk [Line Items] | |||
Number of financial institutions maintaining cash and cash equivalents | item | 3 | ||
Allowance for expected credit losses | |||
Allowance for expected credit losses | $ | $ 0 | $ 130 | |
Revenue. | Customer concentration risk | Customer one | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 23% | 23% | |
Revenue. | Customer concentration risk | Customer two | |||
Concentration Risk [Line Items] | |||
Number of major customers | customer | 2 | 2 | |
Concentration risk percentage | 18% | 11% | |
Accounts receivable | Customer concentration risk | Three Customers | |||
Concentration Risk [Line Items] | |||
Number of major customers | customer | 3 | ||
Concentration risk percentage | 38% | ||
Accounts receivable | Customer concentration risk | Two Customers | |||
Concentration Risk [Line Items] | |||
Number of major customers | customer | 2 | ||
Concentration risk percentage | 23% | ||
Inventory | Supplier concentration risk | Supplier one | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 30% | 60% | |
Number of major suppliers | item | 1 | 1 | |
Accounts payable | Supplier concentration risk | Supplier one | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 29% | ||
Number of major suppliers | item | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Summary of Significant Accounting Policies | ||
Foreign currency transaction gains (losses) | $ (33) | $ 6 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Loss Per Share | ||
Anti-dilutive shares excluded from the computation of diluted loss per share | 17.9 | 17.1 |
Revenue - Disaggregation of rev
Revenue - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 5,584 | $ 4,964 |
Revenue from Lease Elements | 5,758 | 3,612 |
Total Revenue | 11,342 | 8,576 |
Product sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 5,361 | 4,790 |
Total Revenue | 5,361 | 4,790 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 223 | 174 |
Total Revenue | $ 223 | $ 174 |
Revenue - Changes in deferred r
Revenue - Changes in deferred revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Change in Contract with Customer, Liability [Abstract] | ||
Deferred revenue | $ 4,755 | $ 5,352 |
Revenue recognized | $ 2,254 | $ 2,623 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 360 |
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 | $ 81 |
Remaining performance obligation expects to recognize as revenue | 1 year |
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 | $ 81 |
Remaining performance obligation expects to recognize as revenue | 2 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 | $ 41 |
Remaining performance obligation expects to recognize as revenue | 3 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 157 |
Remaining performance obligation expects to recognize as revenue | 0 years |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Aug. 03, 2021 | Mar. 31, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||
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 | |
IPO | |||
Class of Stock [Line Items] | |||
Shares issued | 15,525,000 | ||
Employee Stock Option [Member] | |||
Class of Stock [Line Items] | |||
Gross proceeds | $ 703 | ||
Stock option exercised, shares issued | 272,640 | ||
RSUs | |||
Class of Stock [Line Items] | |||
Shares issued | 170,801 |
Stockholders' Equity - Equity I
Stockholders' Equity - Equity Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Jun. 22, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | May 31, 2022 | Dec. 31, 2021 | |
Long-Term Incentive Plan , 2016 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||||||
Unrecognized compensation expense | $ 25,434 | |||||
Unrecognized compensation expense, recognition period | 2 years 7 months 6 days | |||||
Inducement Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||||||
Number of awards reserved (in shares) | 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 | $ 2.23 | $ 2.04 | ||||
Additional shares for issuance | 6,069,000 | |||||
2022 Plan | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]. | ||||||
Awards available to be issued | 4,353,000 | 6,202,000 | ||||
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ 4.36 | $ 4.35 |
Stockholders' Equity - Employee
Stockholders' Equity - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stockholders' Equity | ||
Stock-based compensation expense | $ 3,015 | $ 3,277 |
Stockholders' Equity - Performa
Stockholders' Equity - Performance Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stockholders' Equity | ||
Stock-based compensation expense | $ 3,015 | $ 3,277 |
Performance Stock Units (PSUs) [Member] | ||
Stockholders' Equity | ||
Granted (in shares) | 550,838 | |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | $ 4.31 | |
Amount vesting, as a percent | 100% | |
Stock-based compensation expense | $ 197 | |
Minimum | Performance Stock Units (PSUs) [Member] | ||
Stockholders' Equity | ||
Performance shares granted in percentage | 0% | |
Maximum | Performance Stock Units (PSUs) [Member] | ||
Stockholders' Equity | ||
Performance shares granted in percentage | 125% |
Stockholders' Equity - Stock-ba
Stockholders' Equity - Stock-based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 3,015 | $ 3,277 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 1,680 | 1,467 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 626 | 1,066 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 709 | $ 744 |
Consolidated Balance Sheet Co_3
Consolidated Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Consolidated Balance Sheet Components | ||
Raw materials inventory | $ 5,628 | $ 5,694 |
Finished goods inventory | 6,031 | 5,977 |
Work in progress | 301 | 558 |
Total inventory | 11,960 | 12,229 |
Allowance for obsolescence | $ 578 | $ 697 |
Consolidated Balance Sheet Co_4
Consolidated Balance Sheet Components - Property and equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Property and equipment, Net | |||
Accumulated depreciation and amortization | $ (11,388) | $ (10,286) | |
Property and equipment, net | 22,805 | 23,513 | |
Transfer of instruments | 100 | $ 27 | |
Depreciation and amortization | 1,111 | $ 962 | |
Leasehold improvements | |||
Property and equipment, Net | |||
Property and equipment, gross | 14,660 | 14,654 | |
Furniture and equipment | |||
Property and equipment, Net | |||
Property and equipment, gross | 12,373 | 12,288 | |
Internal-use software | |||
Property and equipment, Net | |||
Property and equipment, gross | 4,232 | 4,106 | |
Instruments | |||
Property and equipment, Net | |||
Property and equipment, gross | 2,546 | 2,441 | |
Construction in process | |||
Property and equipment, Net | |||
Property and equipment, gross | $ 382 | $ 310 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Non-recurring basis | |||
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 | |
Recurring basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Net Asset (Liability) | $ 0 | $ 0 |
Fair Value - Financial Instrume
Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities held to maturity | ||
Amortized cost | $ 22,249 | $ 46,506 |
Non-recurring basis | ||
Securities held to maturity | ||
Amortized cost | 195,983 | 208,399 |
Gross unrecognized holding gains | 96 | 413 |
Gross unrecognized holding losses | (223) | (9) |
Aggregate fair value | 195,856 | 208,803 |
Non-recurring basis | Commercial paper | ||
Securities held to maturity | ||
Amortized cost | 109,600 | 107,131 |
Gross unrecognized holding gains | 26 | 100 |
Gross unrecognized holding losses | (67) | (1) |
Aggregate fair value | 109,559 | 107,230 |
Non-recurring basis | Corporate debt | ||
Securities held to maturity | ||
Amortized cost | 4,072 | |
Gross unrecognized holding losses | (12) | |
Aggregate fair value | 4,060 | |
Non-recurring basis | US Treasury securities and government agency bonds, Short Term Investments | ||
Securities held to maturity | ||
Amortized cost | 21,592 | 14,651 |
Gross unrecognized holding gains | 21 | 28 |
Gross unrecognized holding losses | (6) | |
Aggregate fair value | 21,613 | 14,673 |
Non-recurring basis | US Treasury securities and government agency bonds, Long Term Investments | ||
Securities held to maturity | ||
Amortized cost | 45,031 | 42,938 |
Gross unrecognized holding gains | 49 | 282 |
Gross unrecognized holding losses | (144) | (2) |
Aggregate fair value | 44,936 | 43,218 |
Non-recurring basis | US Treasury securities and government agency bonds | ||
Securities held to maturity | ||
Amortized cost | 20,986 | |
Gross unrecognized holding gains | 3 | |
Aggregate fair value | 20,989 | |
Non-recurring basis | Money market funds and cash equivalents | ||
Securities held to maturity | ||
Amortized cost | 15,688 | 22,693 |
Aggregate fair value | $ 15,688 | $ 22,693 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) item | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Commitments and Contingencies | |||
Finance lease, right-of-use asset | $ 0 | $ 0 | |
Finance lease, Liability | 0 | $ 0 | |
New Office and Manufacturing Space | |||
Commitments and Contingencies | |||
Lease rent payments | $ 428 | $ 171 | |
Number of options to extend lease | item | 3 | ||
Renewal term | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies - Lease costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Lease costs | |||
Operating lease cost | $ 441 | $ 489 | |
Short-term lease cost | 10 | 10 | |
Variable lease cost | 298 | 165 | |
Total lease cost | 749 | $ 664 | |
Assets: | |||
Operating lease right-of-use assets | 11,125 | $ 11,241 | |
Liabilities | |||
Current portion of operating lease liabilities | 825 | 774 | |
Operating lease liabilities, net of current portion | 17,815 | 17,969 | |
Total operating lease liabilities | $ 18,640 | $ 18,743 | |
Other information | |||
Weighted-average remaining lease term (in years) | 11 years 4 months 24 days | 11 years 8 months 12 days | |
Weighted-average incremental borrowing rate | 7% | 7% |
Commitments and Contingencies_3
Commitments and Contingencies - Maturities of lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Maturities of operating lease liabilities | ||
Remainder of 2024 | $ 1,499 | |
2025 | 2,171 | |
2026 | 2,225 | |
2027 | 2,281 | |
2028 | 2,338 | |
2029 and thereafter | 17,156 | |
Total undiscounted lease payments | 27,670 | |
Discount factor | (9,030) | |
Present value of lease liabilities | $ 18,640 | $ 18,743 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 01, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Revenue from Contracts with Customers | $ 5,584 | $ 4,964 | |
Product sales | |||
Related Party Transaction [Line Items] | |||
Revenue from Contracts with Customers | 5,361 | $ 4,790 | |
Product sales | Customer | Director, two | |||
Related Party Transaction [Line Items] | |||
Revenue from Contracts with Customers | 1 | ||
Consulting Services | Director, one | |||
Related Party Transaction [Line Items] | |||
Consulting service period | 12 months | ||
Maximum amount of consulting agreement | $ 150 | ||
Consulting sevice fees | $ 31 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (9,526) | $ (10,882) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |