Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | LENSAR, INC. | |
Entity Central Index Key | 0001320350 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,102,611 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | LNSR | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39473 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 32-0125724 | |
Entity Address, Address Line One | 2800 Discovery Drive | |
Entity Address, City or Town | Orlando | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32826 | |
City Area Code | 888 | |
Local Phone Number | 536-7271 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | ||
Product and service revenue | $ 6,623 | $ 7,941 |
Lease | 1,629 | 1,399 |
Total revenue | 8,252 | 9,340 |
Cost of revenue (exclusive of amortization) | ||
Total cost of revenue | 3,932 | 4,648 |
Operating expenses | ||
Selling, general and administrative expenses | 6,755 | 6,278 |
Research and development expenses | 1,650 | 4,788 |
Amortization of intangible assets | 276 | 309 |
Operating loss | (4,361) | (6,683) |
Other income | ||
Other income, net | 89 | 9 |
Net loss | $ (4,272) | $ (6,674) |
Net loss per share: | ||
Basic | $ (0.40) | $ (0.67) |
Diluted | $ (0.40) | $ (0.67) |
Weighted-average number of shares used in calculation of net loss per share: | ||
Basic | 10,716 | 9,967 |
Diluted | 10,716 | 9,967 |
Product | ||
Revenue | ||
Product and service revenue | $ 5,658 | $ 6,969 |
Cost of revenue (exclusive of amortization) | ||
Total cost of revenue | 2,299 | 2,694 |
Service | ||
Revenue | ||
Product and service revenue | 965 | 972 |
Cost of revenue (exclusive of amortization) | ||
Total cost of revenue | 1,139 | 1,480 |
Lease | ||
Cost of revenue (exclusive of amortization) | ||
Total cost of revenue | $ 494 | $ 474 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 7,970 | $ 14,674 |
Accounts receivable, net of allowance of $43 and $56, respectively | 4,660 | 6,040 |
Notes receivable, net of allowance of $4 and $4, respectively | 203 | 200 |
Inventories | 15,668 | 11,740 |
Prepaid and other current assets | 1,474 | 1,062 |
Total current assets | 29,975 | 33,716 |
Property and equipment, net | 520 | 563 |
Equipment under lease, net | 6,248 | 6,316 |
Notes and other receivables, long-term, net of allowance of $16 and $9, respectively | 768 | 442 |
Intangible assets, net | 11,845 | 12,122 |
Other assets | 2,605 | 2,685 |
Total assets | 51,961 | 55,844 |
Current liabilities: | ||
Accounts payable | 4,923 | 5,422 |
Accrued liabilities | 3,493 | 4,700 |
Deferred revenue | 1,032 | 768 |
Operating lease liabilities | 544 | 531 |
Total current liabilities | 9,992 | 11,421 |
Long-term operating lease liabilities | 2,171 | 2,272 |
Other long-term liabilities | 360 | 167 |
Total liabilities | 12,523 | 13,860 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Preferred stock, par value $0.01 per share, 10,000 shares authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding at March 31, 2023 and December 31, 2022 | ||
Common stock, par value $0.01 per share, 150,000 shares authorized at March 31, 2023 and December 31, 2022; 11,103 and 11,093 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 111 | 111 |
Additional paid-in capital | 141,107 | 139,381 |
Accumulated deficit | (101,780) | (97,508) |
Total stockholders’ equity | 39,438 | 41,984 |
Total liabilities and stockholders’ equity | $ 51,961 | $ 55,844 |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 43 | $ 56 |
Notes receivable, allowance | 4 | 4 |
Notes and other receivables, long-term, allowance | $ 16 | $ 9 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 11,103,000 | 11,093,000 |
Common stock, shares outstanding | 11,103,000 | 11,093,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (4,272) | $ (6,674) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 578 | 541 |
Amortization of intangible assets | 276 | 309 |
Non-cash operating lease cost | 133 | 130 |
Provision for expected credit losses | (6) | 134 |
Stock-based compensation expense | 1,726 | 1,607 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,393 | 1,037 |
Prepaid and other current assets | (427) | 192 |
Inventories | (4,381) | 1,116 |
Accounts payable | (499) | 158 |
Accrued liabilities | (1,197) | (1,198) |
Other | (20) | 41 |
Net cash used in operating activities | (6,696) | (2,607) |
Cash flows from investing activities | ||
Purchase of property and equipment | (8) | (46) |
Net cash used in investing activities | (8) | (46) |
Net decrease in cash and cash equivalents | (6,704) | (2,653) |
Cash and cash equivalents at beginning of the period | 14,674 | 31,637 |
Cash and cash equivalents at end of the period | 7,970 | 28,984 |
Supplemental cash flow information | ||
Cash paid for interest | 1 | |
Supplemental schedule of non-cash investing and financing activities | ||
Transfer from Inventories to Equipment under lease, net | 881 | 1,060 |
Transfer from (to) Inventories to (from) Property and equipment, net | $ (428) | $ 34 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning Balance at Dec. 31, 2021 | $ 54,879 | $ 110 | $ 132,363 | $ (77,594) |
Beginning Balance, Shares at Dec. 31, 2021 | 10,990 | |||
Stock-based compensation | 1,607 | 1,607 | ||
Restricted stock awards cancelled | (5) | |||
Net loss | (6,674) | (6,674) | ||
Ending Balance at Mar. 31, 2022 | 49,812 | $ 110 | 133,970 | (84,268) |
Ending Balance, Shares at Mar. 31, 2022 | 10,985 | |||
Beginning Balance at Dec. 31, 2022 | 41,984 | $ 111 | 139,381 | (97,508) |
Beginning Balance, Shares at Dec. 31, 2022 | 11,093 | |||
Stock-based compensation | 1,726 | 1,726 | ||
Common stock issued, Shares | 15 | |||
Restricted stock awards cancelled | (5) | |||
Net loss | (4,272) | (4,272) | ||
Ending Balance at Mar. 31, 2023 | $ 39,438 | $ 111 | $ 141,107 | $ (101,780) |
Ending Balance, Shares at Mar. 31, 2023 | 11,103 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Note 1. Overview and B asis of Presentation Overview and Organization LENSAR, Inc. (“LENSAR” or the “Company”) is a global medical device business focused on the design, development and commercialization of advanced technology for the treatment of cataracts and management of astigmatism to achieve improved visual outcomes for patients. The Company is a public company whose stock is listed and trading under the symbol “LNSR” on The Nasdaq Stock Market LLC (“Nasdaq”). The Company’s revenue is derived from the sale and lease of the Company’s laser systems, which may include equipment, a consumable referred to as the Patient Interface Device (“PID”), procedure licenses, training, installation, limited warranty and maintenance agreements through extended warranty. The Company has developed its next-generation ALLY® Adaptive Cataract Treatment System (“ALLY System”), which combines all of the features from the LENSAR Laser System with a dual-pulse laser, integrated in a small, compact cataract treatment system that is designed to allow surgeons to perform a sterile femtosecond laser assisted cataract procedure in a single operating room or in-office surgical suite. The ALLY System, which has received clearance from the U.S. Food and Drug Administration (“FDA”), enables cataract surgeons to complete the femtosecond-laser-assisted cataract surgery (“FLACS”) procedure in a single, sterile environment. The Company executed a controlled and targeted initial launch of the ALLY System beginning in August 2022. The ALLY System is now available to U.S. cataract surgeons and has also received regulatory clearance in India. In addition, we submitted the ALLY System for certification in the European Union, or EU, in September 2022 and intend to submit additional marketing or certification applications outside the United States in an effort to commercialize the ALLY System in additional countries and operating regions. The Company’s ability to place systems in 2022 was limited by supply chain constraints that delayed the delivery of certain ALLY System raw materials and the completion and testing of ALLY Systems for use as launch-stock inventory. The Company has incurred recurring losses and operating cash outflows since its inception and, as of March 31, 2023, had an accumulated deficit of $ 101,780 . The Company expects to continue to incur losses and cash outflows from operating activities for the near-term future. In addition, the Company’s results of operations, financial condition and cash flows have been adversely affected by the COVID-19 pandemic, including supply chain shortages, inflationary pressures and price increases that originated during the pandemic. The Company has experienced some supply chain disruptions and increased costs or unavailability of various component parts needed for the development and supply of the ALLY System originally connected with the COVID-19 pandemic, including increasing lead times required for the ordering of component parts to meet targeted production goals and unpredictability with respect to the availability and delivery timing of these parts. The extent to which the COVID-19 outbreak, and current or future variants, will further negatively impact the Company’s business or operating results cannot be determined with certainty at this time. To date, the Company has maintained sufficient inventory to mitigate significant adverse impact from such disruptions and unavailability in the near-term and to facilitate the launch of the ALLY System. If supply chain shortages and disruptions continue or worsen, or the Company is unable to find suitable alternative component parts, there is no guarantee the Company will be able to meet customer demand for the ALLY System following its launch. In addition, pricing increases in component parts for the ALLY System resulting from inflationary pressures and related macroeconomic conditions may necessitate an increase in overall cost to customers, which in turn may have an adverse impact on customer demand. Management believes the Company’s cash and cash equivalents on hand, together with cash generated from the future sale and lease of products and expected issuance and sale of preferred stock and warrants, will provide sufficient funds for its operating, investing, and financing cash flows for a period of at least twelve months from the date of issuance of these financial statements. Refer to Note 12, Subsequent Event, for further details related to the Company’s entrance into a Securities Purchase Agreement, dated as of May 12, 2023 , providing for the sale of preferred stock and warrants to NR-GRI Partners, LP. With the commercial launch of the ALLY System, the Company expects annual revenue and selling, general and administrative expenses to increase from current levels. In addition, the successful commercialization of the ALLY System depends in part on the Company’s ability to produce the ALLY System in sufficient quantities, within requested timelines and at an acceptable price to satisfy customer demand. The Company’s liquidity needs will be largely determined by the Company’s ability to successfully commercialize its products and the progression, additional regulatory clearances or certifications and launch of the ALLY System in additional jurisdictions in the future. Such success will depend in part on the availability of the necessary component parts for the ALLY System. In the future, the Company may need to raise additional capital through equity or debt financings, borrowings under credit facilities or from other sources in the future. The Company may issue securities, including common stock, preferred stock, warrants, and/or debt securities through private placement transactions or registered public offerings in the future. The Company’s ability to raise additional funds will depend, among other factors, on financial, economic and market conditions, many of which are outside of the Company’s control, and the Company may be unable to raise financing when needed, or on terms favorable to the Company. If the necessary funds are not available from these sources, the Company may have to delay, reduce or suspend the scope of its sales and marketing efforts, research and development activities, or other components of its operations. Basis of Presentation These condensed financial statements of the Company are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information and, therefore, omit or condense certain footnotes and other information normally included. The condensed financial statements include all adjustments (consisting only of normal recurring adjustments) that management of the Company believes are necessary for a fair statement of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year. The December 31, 2022 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed financial statements and related financial information should be read in conjunction with the Company’s annual audited financial statements and the related notes thereto for the fiscal year ended December 31, 2022 , included in the Annual Report on Form 10-K (the “Annual Report”) as filed with the SEC. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Other than policies noted below, there have been no significant changes to the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies , of the annual audited financial statements included in the Annual Report. Accounting Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes to the condensed financial statements. The accounting estimates that require management’s most significant, difficult and subjective judgments include, but are not limited to, revenue recognition and allowance for expected credit losses, the valuation of notes receivable and inventory, the assessment of recoverability of intangible assets and their estimated useful lives, the valuation and recognition of stock-based compensation, operating lease right-of-use assets and liabilities, and the recognition and measurement of current and deferred income tax assets and liabilities. Management evaluates its estimates on an ongoing basis as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates. The COVID-19 pandemic and global macroeconomic conditions originating during the pandemic continue to directly and indirectly impact the Company’s business, results of operations and financial condition, including revenue, expenses, reserves and allowances. The Company continues to monitor developments that are highly uncertain, including supply chain disruptions and price increases, as well as the economic impact on domestic and international suppliers, customers, and markets. The Company assessed certain accounting matters that require consideration of forecasted financial information, including, but not limited to, its current expected credit losses, the carrying value of the Company's intangible assets and other long-lived assets, and valuation allowances in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of March 31, 2023 and through the date of this report. As a result of these assessments, there were no impairments or material increases in expected credit losses or valuation allowances that impacted the Company's condensed financial statements as of and for the three months ended March 31, 2023 and 2022. However, the Company's future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the condensed financial statements in future reporting periods. As of the date of issuance of these unaudited condensed interim financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Fair Value Measurement The fair value of the Company’s financial instruments are estimates of the amounts that would be received if the Company were to sell an asset or the Company paid to transfer a liability in an orderly transaction between market participants at the measurement date or exit price. The assets and liabilities are categorized and disclosed in one of the following three categories: • Level 1—based on quoted market prices in active markets for identical assets and liabilities. • Level 2—based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—based on unobservable inputs using management’s best estimate and assumptions when inputs are unavailable. Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The carrying value of the Company’s cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities approximate fair value based on the short-term maturities of these instruments. The carrying value of the Company’s notes receivable also approximates fair value based on the associated credit risk. Income Taxes Income tax expense/(benefit) from continuing operations for the three months ended March 31, 2023 and 2022 was $ 0 in each period, which resulted primarily from maintaining a full valuation allowance against the Company’s deferred tax assets. Recently Issued Accounting Pronouncements Not Yet Adopted The Company reviewed recent pronouncements issued by the FASB and other authoritative standards groups with future effective dates and concluded the pronouncements are either not applicable to the Company or are not expected to have a material impact on the Company’s financial position or results of operations. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | Note 3. Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes the Company’s product and service revenue disaggregated by geographic region, which is determined based on customer location, for the three months ended March 31, 2023 and 2022: Three Months Ended 2023 2022 United States $ 4,264 $ 3,970 South Korea 9 1,434 Europe 1,538 1,619 Asia (excluding South Korea) 708 780 Other 104 138 Total 1 $ 6,623 $ 7,941 1. The table above does not include lease revenue of $ 1,629 and $ 1,399 for three months ended March 31, 2023 and 2022, respectively. Substantially all lease revenue originates from the United States. Refer to Note 5, Leases . Contract Balances The following table provides information about receivables and contract liabilities from contracts with customers: Classification As of As of Accounts receivable, current Accounts receivable, net $ 4,660 $ 6,040 Notes receivable, current Notes receivable, net $ 203 $ 200 Notes receivable, long-term Notes and other receivables, long-term, net $ 768 $ 442 Contract asset, current Prepaid and other current assets $ 404 $ 332 Deferred revenue, current Deferred revenue $ 1,032 $ 768 Deferred revenue, non-current Other long-term liabilities $ 198 $ 17 Contract liability, long-term Other long-term liabilities $ 161 $ 150 Accounts Receivables, Net – Accounts receivables, net, include amounts billed and due from customers. The amounts due are stated at their net estimated realizable value and are classified as current or noncurrent based on the timing of when the Company expects to receive payment. Most customers are on pre-paid or 30 -day payment terms, depending on the product purchased. The Company maintains an allowance for expected credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer credit worthiness, historical payment experience, the age of outstanding receivables, collateral to the extent applicable and reflects the possible impact of current conditions and reasonable forecasts not already reflected in historical loss information. The following table summarizes the activity in the allowance for accounts receivable: Amount Accounts receivable, allowance for credit losses as of $ 56 Provision for credit losses ( 13 ) Write-offs — Accounts receivable, allowance for credit losses as of $ 43 Accounts receivable, allowance for credit losses as of $ 47 Provision for credit losses 3 Write-offs ( 16 ) Accounts receivable, allowance for credit losses as of $ 34 Notes Receivables, Net – Notes receivable, net includes amounts billed and due from customers under extended payment terms with a significant financing component. Interest rates on notes receivable range from 5.0 % to 7.0 %. The Company recorded interest income on notes receivable during the three months ended March 31, 2023 and 2022 of $ 12 and $ 6 , respectively, in other income, net in the statement of operations. The following table summarizes the activity in the allowance for notes receivable: Amount Notes receivable, allowance for credit losses as of $ 13 Provision for credit losses 7 Write-offs — Notes receivable, allowance for credit losses as of $ 20 Notes receivable, allowance for credit losses as of $ 63 Provision for credit losses 129 Write-offs ( 11 ) Notes receivable, allowance for credit losses as of $ 181 Contract Assets – The Company's contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists, and therefore invoicing has not yet occurred. The Company classifies contract assets in Prepaid and other current assets in the Company's condensed balance sheets. The following table provides information about contract assets from contracts with customers: Amount Contract assets as of December 31, 2022 $ 332 Contract assets recognized 117 Payments received ( 45 ) Contract assets as of March 31, 2023 $ 404 Contract Liabilities – The Company’s contract liabilities represent services and products sold to customers for which the performance obligation has not been completed by the Company. The Company classifies contract liabilities as current or noncurrent based on the timing of when it expects to recognize revenue. The noncurrent portion of contract liabilities is included in other long-term liabilities in the Company’s condensed balance sheets. The following table provides information about contract liabilities from contracts with customers: Amount Contract liabilities as of December 31, 2022 $ 935 Billings not yet recognized as revenue 823 Beginning contract liabilities recognized as revenue ( 367 ) Contract liabilities as of March 31, 2023 $ 1,391 Contract liabilities as of December 31, 2021 $ 970 Billings not yet recognized as revenue 432 Beginning contract liabilities recognized as revenue ( 361 ) Contract liabilities as of March 31, 2022 $ 1,041 Transaction Price Allocated to Future Performance Obligations At March 31, 2023 , the revenue expected to be recognized in future periods related to performance obligations that are unsatisfied for executed contracts with an original duration of one year or more was approximately $ 8,974 . The Company expects to satisfy its remaining performance obligations by December 31, 2027, with $ 2,947 to be satisfied by December 31, 2023 , $ 2,639 to be satisfied by December 31, 2024 , $ 1,865 to be satisfied by December 31, 2025 , $ 883 to be satisfied by December 31, 2026 and $ 640 to be satisfied thereafter . The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with original expected lengths of one year or less or (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for the products delivered or services performed. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4. Inventories Inventory balances were as follows: As of As of Finished Goods $ 5,397 $ 4,002 Work-in-process 1,912 797 Raw Materials 8,359 6,941 Total $ 15,668 $ 11,740 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 5. Leases Lessor Arrangements The Company has operating leases for the LENSAR Laser System. The Company’s leases have remaining lease terms of less than one year to six years . Lease revenue for the three months ended March 31, 2023 and 2022 was as follows: Three Months Ended 2023 2022 Lease revenue $ 1,629 $ 1,399 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 6. Intangible Assets The components of intangible assets were as follows: As of March 31, 2023 As of December 31, 2022 Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets: Customer relationships 1,2 $ 4,292 $ ( 2,113 ) $ 2,179 $ 4,292 $ ( 2,028 ) $ 2,264 Acquired technology 1,3,4 13,900 ( 4,234 ) 9,666 13,900 ( 4,042 ) 9,858 Acquired trademarks 1 570 ( 570 ) — 570 ( 570 ) — $ 18,762 $ ( 6,917 ) $ 11,845 $ 18,762 $ ( 6,640 ) $ 12,122 1. Certain intangible assets were established upon PDL BioPharma, Inc.’s acquisition of LENSAR in May 2017. They are being amortized on a straight-line basis over a period of 15 years. The intangible assets for customer relationships are amortized on a straight-line basis or a double declining basis over their estimated useful lives up to 20 years based on the method that better represents the economic benefits to be obtained. 2. LENSAR acquired certain intangible assets for customer relationships from a domestic distributor in an asset acquisition, which are being amortized on a straight-line basis over a period of 10 years. 3. LENSAR acquired certain intangible assets from a medical technology company in an asset acquisition, which are being amortized on a straight-line basis over a period of 15 years. 4. In 2019, LENSAR acquired certain intellectual property from a third party. Pursuant to the Company's agreement with the third party, the Company made milestone payments of $ 2,400 during the year ended December 31, 2022. The intangible assets will be amortized on a straight-line basis over a period of 15 years. Amortization expense for three months ended March 31, 2023 and 2022 was $ 276 and $ 309 , respectively. Based on the intangible assets recorded at March 31, 2023, and assuming no subsequent additions to or impairment of the underlying assets, the remaining amortization expense is expected to be as follows: Fiscal Year Amount Remainder of 2023 821 2024 1,165 2025 1,234 2026 1,224 2027 1,215 2028 1,008 Thereafter 5,178 Total remaining estimated amortization expense $ 11,845 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities Current [Abstract] | |
Accrued Liabilities | Note 7. Accrued Liabilities Accrued liabilities consist of the following: As of As of Compensation $ 2,096 $ 3,348 Professional services 431 437 Customer advances 176 171 Warranty 85 120 Other 705 624 Total $ 3,493 $ 4,700 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies Purchase Obligation LENSAR is a party to various supply agreements for the manufacture and supply of certain components. The supply agreements commit LENSAR to a minimum purchase obligation of approximately $ 4,729 over the next 24 months. LENSAR expects to meet these requirements. Royalty Payments The Company acquired certain intellectual property, which would result in royalty payments at a rate of 3 % of certain revenue upon the phacoemulsification features being cleared for commercialization and operational in the ALLY System. Employee Retention Credit In March 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act provides for an employee retention credit (“ERC”), which is a refundable tax credit against certain employment taxes paid in 2020 and 2021. The Company filed for the ERC in the amount of approximately $ 1,600 in the first quarter of 2023. Should the Company receive the full ERC, it will owe $ 250 in contingent professional fees. Given the uncertainty the ERC will be allowed by the Internal Revenue Service and the amount received, if any, cannot be estimated, the Company has no t recognized any amounts in the condensed financial statements as of March 31, 2023. Legal Matters The medical device market in which LENSAR participates is largely technology driven. As a result, intellectual property rights, particularly patents and trade secrets, play a significant role in product development and differentiation. The Company makes provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Management believes that there are currently no claims or legal actions that would reasonably be expected to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Note 9. Stockholders’ Equity Preferred Stock The Company has a single class of preferred stock, of which no shares were issued and outstanding as of March 31, 2023. Common Stock The Company has a single class of common stock in which stockholders are entitled to one vote for each share of common stock . No cash dividend was declared on common stock during the three months ended March 31, 2023 and 2022. The Company currently has an effective shelf registration statement on Form S-3 (No. 333-255136), which was filed with the SEC on April 8, 2021 (the “Registration Statement”), under which the Company may offer from time to time in one or more offerings any combination of common and preferred stock, debt securities, depositary shares, warrants, purchase contracts and units of up to $ 100.0 million in the aggregate. The Company also simultaneously entered into a sales agreement providing for the offering, issuance and sale by the Company of up to an aggregate $ 35.0 million of its common stock from time to time in “at-the-market” (“ATM”) offerings under the Registration Statement. No shares were sold under the ATM during the quarters ended March 31, 2023 and 2022. Refer to Note 12, Subsequent Event, for further details related to the Company’s entrance into a Securities Purchase Agreement, dated as of May 12, 2023 , providing for the sale of preferred stock and warrants to NR-GRI Partners, LP. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 10. Stock-Based Compensation Stock-Based Incentive Plans The 2020 Plan In July 2020, the Board of Directors approved the LENSAR Inc. 2020 Incentive Award Plan (the “2020 Plan”). The 2020 Plan provides for the grant of stock options, restricted stock, restricted stock unit awards and other stock-based awards to recipients. The amount and terms of grants are determined by the Company’s Board of Directors or a duly authorized committee thereof. Participants must pay the Company, or make provisions to pay, any required withholding taxes by the date of the event creating the tax liability. Participants may satisfy the tax liability in cash or in stock. A total of 3,333 shares of common stock were initially reserved for issuance pursuant to the 2020 Plan. The number of shares available for issuance under the 2020 Plan includes an annual increase on the first day of each fiscal year beginning fiscal 2021, equal to the lesser of (i) 5 % of the aggregate number of shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as determined by the Board of Directors. As of March 31, 2023 the Company has reserved 4,984 shares of common stock for issuance under the 2020 Plan. A summary of the shares available for issuance under the 2020 Plan is as follows: Number of Shares Balance at December 31, 2022 1,002 Authorized 555 Granted/Awarded ( 834 ) Cancelled 51 Balance at March 31, 2023 774 Stock Options The exercise price of incentive stock options (“ISOs”) and nonqualified stock options (“NSOs”) shall not be less than 100 % of the fair market value on the grant date of the option and the term may not exceed 10 years. The exercise price of ISOs granted to a 10 % stockholder shall not be less than 110 % of the estimated fair market value on the grant date of the option and the term may not exceed five years . To date, options have a term of 10 years and generally vest over one to four years from the grant date. Option award activity under the 2020 Plan is set forth below: Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2022 1,202 $ 6.91 8.7 $ — Options granted 367 $ 2.66 Options exercised — $ — Options cancelled ( 22 ) $ 5.32 Outstanding at March 31, 2023 1,547 $ 5.93 8.7 $ — Vested and expected to vest at March 31, 2023 1,547 $ 5.93 8.7 $ — Vested and exercisable at March 31, 2023 617 $ 7.17 8.2 $ — The weighted average grant date fair value of options granted during the three months ended March 31, 2023 was $ 1.73 . The total fair value of options vested during the three months ended March 31, 2023 was approximately $ 1,209 . Total unrecognized compensation expense of $ 2,891 related to stock options will be recognized over a weighted average period of 2.8 years. The following table summarizes information about stock options outstanding and vested as of December 31, 2022: Options Outstanding Options Vested Exercise Price Options Outstanding Weighted Average Remaining Contractual Term (in Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 2.65 349 9.8 $ 2.65 — $ — $ 3.05 - $ 5.95 36 9.4 $ 5.11 3 $ 5.95 $ 6.04 421 8.7 $ 6.04 125 $ 6.04 $ 6.07 - $ 7.08 390 8.3 $ 6.94 235 $ 6.97 $ 7.13 - $ 8.62 351 8.0 $ 8.01 254 $ 7.92 1,547 8.7 $ 5.93 617 $ 7.17 The Company estimated the fair value of stock-options using the Black-Scholes option pricing model. The fair value of stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of stock options was estimated using the following assumptions for the three months ended March 31, 2023 and 2022: Three Months Ended 2023 2022 Risk-free interest rate 3.5 - 4.2 % 1.5 - 1.6 % Expected term (years) 6 6 Expected volatility 70 % 70 % Dividends 0.0 % 0.0 % Expected term : The expected term for the Company’s stock-based compensation awards was based on an index of the expected terms of a group of comparable publicly-traded medical device and other peer companies, which the Company believed was representative of the expected term of its awards. Risk-free interest rate : The risk-free interest rate was based on the rates paid on securities issued by the U.S. Treasury with a term approximating the expected term. Expected volatility : The expected volatility for the Company’s stock-based compensation awards was based on an index of the historical volatilities of a group of comparable publicly-traded medical device and other peer companies, which the Company believed was representative of the volatility of its common stock. Expected dividend yield : The Company does not intend to pay dividends for the foreseeable future. Accordingly, the Company used a dividend yield of zero in the assumptions. Restricted Stock Awards Restricted stock has the same rights as other issued and outstanding shares of the Company’s common stock. The compensation expense related to these awards is determined using the fair market value of the Company’s common stock on the date of the grant. Under the Company’s restricted stock plans, restricted stock awards typically vest over three years and compensation expense associated with these awards is recognized on a straight-line basis over the vesting period. Restricted stock award activity under the 2020 Plan is set forth below: Restricted Stock Awards Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2022 622 $ 10.29 Restricted stock awards granted — $ — Restricted stock awards vested ( 237 ) $ 10.20 Restricted stock awards cancelled ( 5 ) $ 10.81 Non-vested at March 31, 2023 380 $ 10.34 The total fair value of restricted stock awards vested during the three months ended March 31, 2023 was approximately $ 2,419 . At March 31, 2023 there was approximately $ 1,643 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 0.4 years. The number of restricted stock awards that are expected to vest are as follows: 136 in the quarter ending June 30, 2023; 169 in the quarter ending September 30, 2023; and 75 in the quarter ending December 31, 2023. These are based on restricted stock awards outstanding at March 31, 2023 and assumes the requisite service period is fulfilled for all awards outstanding. Actual vesting in future periods may vary from those reflected above. Restricted Stock Units Restricted stock units granted to employees and non-employees generally vest over one to four years in annual equal increments. The fair value of restricted stock units is based on the Company’s closing stock price on the date of grant. Restricted stock unit activity under the 2020 Plan is set forth below: Restricted Stock Units Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2022 86 $ 6.33 Restricted stock units granted 468 $ 2.65 Restricted stock units vested ( 15 ) $ 6.04 Restricted stock units cancelled ( 25 ) $ 2.65 Non-vested at March 31, 2023 514 $ 3.16 The total fair value of restricted stock units vested during the three months ended March 31, 2023 was approximately $ 91 . At March 31, 2023 there was approximately $ 1,334 of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.0 years. 2020 Employee Stock Purchase Plan In September 2020, the Board of Directors approved the LENSAR, Inc. 2020 Employee Stock Purchase Plan (the “2020 ESPP”), under which eligible employees are permitted to purchase common stock at a discount through payroll deductions. A total of 340 shares of common stock were initially reserved for issuance. The number of shares available for issuance under the 2020 ESPP includes an increase on the first day of each fiscal year, beginning in 2022, by an amount equal to the lesser of (i) 1.0 % of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (ii) a lesser amount as determined by the Board of Directors. As of March 31, 2023 , the Company has reserved 451 shares of common stock for issuance under the 2020 ESPP. The price of the common stock purchased will be the lower of 85 % of the fair market value of the common stock at the beginning of an offering period or at the end of a purchase period. The 2020 ESPP is intended to qualify as an "employee stock purchase plan" within the meaning of Section 423 of the Internal Revenue Code of 1986. As of March 31, 2023 , 164 shares of common stock have been issued to employees participating in the 2020 ESPP and 287 shares were available for future issuance under the 2020 ESPP. The grant date fair value of the shares to be issued under the Company’s 2020 ESPP was estimated using the Black-Scholes valuation model. The following table sets forth the total stock-based compensation expense recognized under the 2020 Plan and the 2020 ESPP in the Company's condensed statements of operations: Three Months Ended 2023 2022 Cost of revenue – product $ 83 $ 52 Cost of revenue – service 46 30 Selling, general and administrative expenses 1,426 1,377 Research and development expenses 171 148 Total $ 1,726 $ 1,607 Total unrecognized stock-based compensation expense is expected to be amortized as follows: Fiscal Year Amount 2023 $ 3,150 2024 1,681 2025 873 2026 159 2027 5 Thereafter — Total unrecognized stock-based compensation expense $ 5,868 The amounts included in this table are based on restricted stock awards, restricted stock units, and stock options outstanding at March 31, 2023 and assumes the requisite service period is fulfilled for all awards outstanding. Actual stock-based compensation expense in future periods may vary from those reflected in the table. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 11. Net Loss per Share The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted net loss per share calculations: Three Months Ended 2023 2022 Net loss $ ( 4,272 ) $ ( 6,674 ) Weighted average number of shares of common stock 10,716 9,967 Basic and diluted net loss per share $ ( 0.40 ) $ ( 0.67 ) The Company’s basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. As the Company has reported a net loss for all periods presented, basic and diluted net loss per share attributable to common stockholders are the same for those periods. The Company excluded 894 shares of underlying unvested restricted stock awards and units and 1,547 outstanding stock options for the three months ended March 31, 2023 and 1,049 shares of underlying unvested restricted stock awards and units and 1,102 outstanding stock options for the three months ended March 31, 2022 from its net loss per diluted share calculations because their effect was anti-dilutive. The anti-dilutive weighted average shares excluded from the diluted net loss per share diluted shares calculations were: Three Months Ended 2023 2022 Restricted stock awards and units 868 1,073 Outstanding stock options 1,515 1,052 Total 2,383 2,125 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 12. Subsequent Event On May 12, 2023 , the Company entered into a Securities Purchase Agreement (the “SPA”) with NR-GRI Partners, LP (“NR-GRI”), whereby it agreed to sell to NR-GRI, for an aggregate purchase price of $ 20,000 , an aggregate of 20 shares of a newly established series of preferred stock designated as “Series A Convertible Preferred Stock”, par value $ 0.01 per share (the “Convertible Preferred Stock”), which have a stated value of $ 1,000 per share and are convertible into shares of the Company’s common stock (the “Conversion Shares”), and warrants (the “Warrants”) to purchase an aggregate of 4,367 shares of common stock (the “Warrant Shares”). Upon issuance at the closing, 50 % of the Warrants will have an exercise price equal to $ 2.45 per share, and 50 % of the Warrants will have an exercise price equal to $ 3.0625 per share, subject in each instance to adjustments as provided under the terms of the Warrants. Holders of Convertible Preferred Stock will be entitled to vote on an as-converted basis with holders of common stock, subject to a limitation providing that that the shares of Convertible Preferred Stock will not be convertible to the extent that the conversion would cause NR-GRI to become the beneficial owner of more than 19.99 % of the Company’s common stock (the “Ownership Blocker”). The Company will be obligated to call and hold a special meeting of its stockholders to approve the removal of the Ownership Blocker in compliance with Nasdaq rules. The Convertible Preferred Stock will rank senior to the common stock as to distributions and payments upon the liquidation, dissolution and winding up of the Company, and holders of Convertible Preferred Stock will participate with the holders of the common stock on an as-converted basis to the extent any dividends are declared on common stock. The shares of Convertible Preferred Stock will automatically be redeemed in connection with certain transactions (“Fundamental Transactions”), including a merger, sale of all or substantially all the assets of the Company, recapitalization, or the sale by the Company of shares resulting in more than 50 % ownership by a person or group. In such event, the redemption price would be equal to the greater of the stated value of the shares of Convertible Preferred Stock or the consideration per share of common stock in the Fundamental Transaction (or in the absence of such consideration, the volume-weighted average price of the Company’s common stock immediately preceding the closing of the Fundamental Transaction). The Company anticipates that the transaction will close on May 19, 2023, subject to customary closing conditions. The Company anticipates that net proceeds from the transaction will be approximately $ 19,100 after offering expenses. The Company plans to use the funds for working capital and other general corporate purposes. In connection with the parties’ entry into the SPA, on May 12, 2023, the Company and NR-GRI entered into a Registration Rights Agreement, pursuant to which the Company agreed to file a resale registration statement with respect to the resale of the Conversion Shares and the Warrant Shares not later than 45 calendar days following the closing and to use its reasonable best efforts to cause such resale registration statement to be declared effective by the SEC as soon as practicable, but in no event later than 90 calendar days following the closing. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Estimates | Accounting Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes to the condensed financial statements. The accounting estimates that require management’s most significant, difficult and subjective judgments include, but are not limited to, revenue recognition and allowance for expected credit losses, the valuation of notes receivable and inventory, the assessment of recoverability of intangible assets and their estimated useful lives, the valuation and recognition of stock-based compensation, operating lease right-of-use assets and liabilities, and the recognition and measurement of current and deferred income tax assets and liabilities. Management evaluates its estimates on an ongoing basis as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates. The COVID-19 pandemic and global macroeconomic conditions originating during the pandemic continue to directly and indirectly impact the Company’s business, results of operations and financial condition, including revenue, expenses, reserves and allowances. The Company continues to monitor developments that are highly uncertain, including supply chain disruptions and price increases, as well as the economic impact on domestic and international suppliers, customers, and markets. The Company assessed certain accounting matters that require consideration of forecasted financial information, including, but not limited to, its current expected credit losses, the carrying value of the Company's intangible assets and other long-lived assets, and valuation allowances in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of March 31, 2023 and through the date of this report. As a result of these assessments, there were no impairments or material increases in expected credit losses or valuation allowances that impacted the Company's condensed financial statements as of and for the three months ended March 31, 2023 and 2022. However, the Company's future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the condensed financial statements in future reporting periods. As of the date of issuance of these unaudited condensed interim financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. |
Fair Value Measurement | Fair Value Measurement The fair value of the Company’s financial instruments are estimates of the amounts that would be received if the Company were to sell an asset or the Company paid to transfer a liability in an orderly transaction between market participants at the measurement date or exit price. The assets and liabilities are categorized and disclosed in one of the following three categories: • Level 1—based on quoted market prices in active markets for identical assets and liabilities. • Level 2—based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—based on unobservable inputs using management’s best estimate and assumptions when inputs are unavailable. Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The carrying value of the Company’s cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities approximate fair value based on the short-term maturities of these instruments. The carrying value of the Company’s notes receivable also approximates fair value based on the associated credit risk. |
Income Taxes | Income Taxes Income tax expense/(benefit) from continuing operations for the three months ended March 31, 2023 and 2022 was $ 0 in each period, which resulted primarily from maintaining a full valuation allowance against the Company’s deferred tax assets. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted The Company reviewed recent pronouncements issued by the FASB and other authoritative standards groups with future effective dates and concluded the pronouncements are either not applicable to the Company or are not expected to have a material impact on the Company’s financial position or results of operations. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Product and Service Revenue Disaggregated by Geographic Region | The following table summarizes the Company’s product and service revenue disaggregated by geographic region, which is determined based on customer location, for the three months ended March 31, 2023 and 2022: Three Months Ended 2023 2022 United States $ 4,264 $ 3,970 South Korea 9 1,434 Europe 1,538 1,619 Asia (excluding South Korea) 708 780 Other 104 138 Total 1 $ 6,623 $ 7,941 1. The table above does not include lease revenue of $ 1,629 and $ 1,399 for three months ended March 31, 2023 and 2022, respectively. Substantially all lease revenue originates from the United States. Refer to Note 5, Leases . |
Summary of Information about Receivables and Contract Liabilities from Contracts with Customers | The following table provides information about receivables and contract liabilities from contracts with customers: Classification As of As of Accounts receivable, current Accounts receivable, net $ 4,660 $ 6,040 Notes receivable, current Notes receivable, net $ 203 $ 200 Notes receivable, long-term Notes and other receivables, long-term, net $ 768 $ 442 Contract asset, current Prepaid and other current assets $ 404 $ 332 Deferred revenue, current Deferred revenue $ 1,032 $ 768 Deferred revenue, non-current Other long-term liabilities $ 198 $ 17 Contract liability, long-term Other long-term liabilities $ 161 $ 150 The following table provides information about contract assets from contracts with customers: Amount Contract assets as of December 31, 2022 $ 332 Contract assets recognized 117 Payments received ( 45 ) Contract assets as of March 31, 2023 $ 404 The following table provides information about contract liabilities from contracts with customers: Amount Contract liabilities as of December 31, 2022 $ 935 Billings not yet recognized as revenue 823 Beginning contract liabilities recognized as revenue ( 367 ) Contract liabilities as of March 31, 2023 $ 1,391 Contract liabilities as of December 31, 2021 $ 970 Billings not yet recognized as revenue 432 Beginning contract liabilities recognized as revenue ( 361 ) Contract liabilities as of March 31, 2022 $ 1,041 |
Summary of Allowance for Accounts Receivable | The following table summarizes the activity in the allowance for accounts receivable: Amount Accounts receivable, allowance for credit losses as of $ 56 Provision for credit losses ( 13 ) Write-offs — Accounts receivable, allowance for credit losses as of $ 43 Accounts receivable, allowance for credit losses as of $ 47 Provision for credit losses 3 Write-offs ( 16 ) Accounts receivable, allowance for credit losses as of $ 34 |
Summary of Allowance for Notes Receivable | The following table summarizes the activity in the allowance for notes receivable: Amount Notes receivable, allowance for credit losses as of $ 13 Provision for credit losses 7 Write-offs — Notes receivable, allowance for credit losses as of $ 20 Notes receivable, allowance for credit losses as of $ 63 Provision for credit losses 129 Write-offs ( 11 ) Notes receivable, allowance for credit losses as of $ 181 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory balances were as follows: As of As of Finished Goods $ 5,397 $ 4,002 Work-in-process 1,912 797 Raw Materials 8,359 6,941 Total $ 15,668 $ 11,740 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Revenue | Lease revenue for the three months ended March 31, 2023 and 2022 was as follows: Three Months Ended 2023 2022 Lease revenue $ 1,629 $ 1,399 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | The components of intangible assets were as follows: As of March 31, 2023 As of December 31, 2022 Gross Accumulated Net Gross Accumulated Net Finite-lived intangible assets: Customer relationships 1,2 $ 4,292 $ ( 2,113 ) $ 2,179 $ 4,292 $ ( 2,028 ) $ 2,264 Acquired technology 1,3,4 13,900 ( 4,234 ) 9,666 13,900 ( 4,042 ) 9,858 Acquired trademarks 1 570 ( 570 ) — 570 ( 570 ) — $ 18,762 $ ( 6,917 ) $ 11,845 $ 18,762 $ ( 6,640 ) $ 12,122 1. Certain intangible assets were established upon PDL BioPharma, Inc.’s acquisition of LENSAR in May 2017. They are being amortized on a straight-line basis over a period of 15 years. The intangible assets for customer relationships are amortized on a straight-line basis or a double declining basis over their estimated useful lives up to 20 years based on the method that better represents the economic benefits to be obtained. 2. LENSAR acquired certain intangible assets for customer relationships from a domestic distributor in an asset acquisition, which are being amortized on a straight-line basis over a period of 10 years. 3. LENSAR acquired certain intangible assets from a medical technology company in an asset acquisition, which are being amortized on a straight-line basis over a period of 15 years. 4. In 2019, LENSAR acquired certain intellectual property from a third party. Pursuant to the Company's agreement with the third party, the Company made milestone payments of $ 2,400 during the year ended December 31, 2022. The intangible assets will be amortized on a straight-line basis over a period of 15 years. |
Schedule of Impairment of Underlying Assets, Remaining Amortization Expense | Based on the intangible assets recorded at March 31, 2023, and assuming no subsequent additions to or impairment of the underlying assets, the remaining amortization expense is expected to be as follows: Fiscal Year Amount Remainder of 2023 821 2024 1,165 2025 1,234 2026 1,224 2027 1,215 2028 1,008 Thereafter 5,178 Total remaining estimated amortization expense $ 11,845 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: As of As of Compensation $ 2,096 $ 3,348 Professional services 431 437 Customer advances 176 171 Warranty 85 120 Other 705 624 Total $ 3,493 $ 4,700 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Shares Available for Issuance Under 2020 Plan | A summary of the shares available for issuance under the 2020 Plan is as follows: Number of Shares Balance at December 31, 2022 1,002 Authorized 555 Granted/Awarded ( 834 ) Cancelled 51 Balance at March 31, 2023 774 |
Summary of Option Award Activity | Option award activity under the 2020 Plan is set forth below: Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2022 1,202 $ 6.91 8.7 $ — Options granted 367 $ 2.66 Options exercised — $ — Options cancelled ( 22 ) $ 5.32 Outstanding at March 31, 2023 1,547 $ 5.93 8.7 $ — Vested and expected to vest at March 31, 2023 1,547 $ 5.93 8.7 $ — Vested and exercisable at March 31, 2023 617 $ 7.17 8.2 $ — |
Summary of Stock Options Outstanding and Vested | The following table summarizes information about stock options outstanding and vested as of December 31, 2022: Options Outstanding Options Vested Exercise Price Options Outstanding Weighted Average Remaining Contractual Term (in Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 2.65 349 9.8 $ 2.65 — $ — $ 3.05 - $ 5.95 36 9.4 $ 5.11 3 $ 5.95 $ 6.04 421 8.7 $ 6.04 125 $ 6.04 $ 6.07 - $ 7.08 390 8.3 $ 6.94 235 $ 6.97 $ 7.13 - $ 8.62 351 8.0 $ 8.01 254 $ 7.92 1,547 8.7 $ 5.93 617 $ 7.17 |
Summary of Fair Value of Stock Options was Estimated Using Assumptions | The fair value of stock options was estimated using the following assumptions for the three months ended March 31, 2023 and 2022: Three Months Ended 2023 2022 Risk-free interest rate 3.5 - 4.2 % 1.5 - 1.6 % Expected term (years) 6 6 Expected volatility 70 % 70 % Dividends 0.0 % 0.0 % |
Summary of Total Stock-Based Compensation Expense Recognized | The following table sets forth the total stock-based compensation expense recognized under the 2020 Plan and the 2020 ESPP in the Company's condensed statements of operations: Three Months Ended 2023 2022 Cost of revenue – product $ 83 $ 52 Cost of revenue – service 46 30 Selling, general and administrative expenses 1,426 1,377 Research and development expenses 171 148 Total $ 1,726 $ 1,607 |
Summary of Unrecognized Stock-based Compensation Expense Expected to be Amortized | Total unrecognized stock-based compensation expense is expected to be amortized as follows: Fiscal Year Amount 2023 $ 3,150 2024 1,681 2025 873 2026 159 2027 5 Thereafter — Total unrecognized stock-based compensation expense $ 5,868 |
Restricted Stock Awards | |
Summary of Restricted Stock Award Activity | Restricted stock award activity under the 2020 Plan is set forth below: Restricted Stock Awards Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2022 622 $ 10.29 Restricted stock awards granted — $ — Restricted stock awards vested ( 237 ) $ 10.20 Restricted stock awards cancelled ( 5 ) $ 10.81 Non-vested at March 31, 2023 380 $ 10.34 |
Restricted Stock Units | |
Summary of Restricted Stock Award Activity | Restricted stock unit activity under the 2020 Plan is set forth below: Restricted Stock Units Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2022 86 $ 6.33 Restricted stock units granted 468 $ 2.65 Restricted stock units vested ( 15 ) $ 6.04 Restricted stock units cancelled ( 25 ) $ 2.65 Non-vested at March 31, 2023 514 $ 3.16 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share | The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted net loss per share calculations: Three Months Ended 2023 2022 Net loss $ ( 4,272 ) $ ( 6,674 ) Weighted average number of shares of common stock 10,716 9,967 Basic and diluted net loss per share $ ( 0.40 ) $ ( 0.67 ) |
Schedule of Anti-Dilutive Weighted Average Shares Excluded From Diluted Net Loss Per Share Diluted Shares Calculation | The anti-dilutive weighted average shares excluded from the diluted net loss per share diluted shares calculations were: Three Months Ended 2023 2022 Restricted stock awards and units 868 1,073 Outstanding stock options 1,515 1,052 Total 2,383 2,125 |
Overview and Basis of Present_2
Overview and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Overview And Basis Of Presentation [Line Items] | ||
Accumulated deficit | $ (101,780) | $ (97,508) |
Securities Purchase Agreement | ||
Overview And Basis Of Presentation [Line Items] | ||
Agreement initiated date | May 12, 2023 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||
Income tax expense/(benefit) from continuing operations | $ 0 | $ 0 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Summary of Product and Service Revenue Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Product and service revenue | $ 6,623 | $ 7,941 |
United States | ||
Disaggregation Of Revenue [Line Items] | ||
Product and service revenue | 4,264 | 3,970 |
South Korea | ||
Disaggregation Of Revenue [Line Items] | ||
Product and service revenue | 9 | 1,434 |
Europe | ||
Disaggregation Of Revenue [Line Items] | ||
Product and service revenue | 1,538 | 1,619 |
Asia (Excluding South Korea) | ||
Disaggregation Of Revenue [Line Items] | ||
Product and service revenue | 708 | 780 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Product and service revenue | $ 104 | $ 138 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue From Contracts With Customers [Line Items] | ||
Lease revenue | $ 1,629 | $ 1,399 |
Accounts receivables payment terms | 30 days | |
Interest income on notes receivable | $ 12 | $ 6 |
Revenue remaining performance obligation amount | $ 8,974 | |
Minimum | ||
Revenue From Contracts With Customers [Line Items] | ||
Notes receivable interest rate | 5% | |
Maximum | ||
Revenue From Contracts With Customers [Line Items] | ||
Notes receivable interest rate | 7% |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Summary of Information about Receivables and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Contract Balances [Line Items] | ||
Accounts receivable, current | $ 4,660 | $ 6,040 |
Notes receivable, current | 203 | 200 |
Notes receivable, long-term | 768 | 442 |
Deferred revenue, current | 1,032 | 768 |
Contract liability, current | 1,032 | 768 |
Notes and Other Receivables, Long-Term, Net | ||
Schedule Of Contract Balances [Line Items] | ||
Notes receivable, long-term | 768 | 442 |
Prepaid and Other Current Assets | ||
Schedule Of Contract Balances [Line Items] | ||
Contract asset, current | 404 | 332 |
Other Long-Term Liabilities | ||
Schedule Of Contract Balances [Line Items] | ||
Deferred revenue, non-current | 198 | 17 |
Contract liability, non-current | $ 161 | $ 150 |
Revenue From Contracts With C_6
Revenue From Contracts With Customers - Summary of Allowance for Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | ||
Beginning balance | $ 56 | $ 47 |
Provision for credit losses | (13) | 3 |
Write-offs | 0 | (16) |
Ending balance | $ 43 | $ 34 |
Revenue From Contracts With C_7
Revenue From Contracts With Customers - Summary of Allowance for Notes Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | ||
Beginning balance | $ 13 | $ 63 |
Provision for credit losses | 7 | 129 |
Write-offs | 0 | (11) |
Ending balance | $ 20 | $ 181 |
Revenue From Contracts With C_8
Revenue From Contracts With Customers - Schedule of Information About Contract Assets from Contracts with Customers (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Beginning Balance | $ 332 |
Contract assets recognized | 117 |
Payments received | (45) |
Ending Balance | $ 404 |
Revenue From Contracts With C_9
Revenue From Contracts With Customers - Schedule of Information About Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | ||
Beginning balance | $ 935 | $ 970 |
Billings not yet recognized as revenue | 823 | 432 |
Beginning contract liabilities recognized as revenue | (367) | (361) |
Ending balance | $ 1,391 | $ 1,041 |
Revenue From Contracts With _10
Revenue From Contracts With Customers - Additional Information (Details 1) $ in Thousands | Mar. 31, 2023 USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 8,974 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 2,947 |
Revenue remaining performance obligation expected timing of satisfaction period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 2,639 |
Revenue remaining performance obligation expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 1,865 |
Revenue remaining performance obligation expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 883 |
Revenue remaining performance obligation expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 640 |
Revenue remaining performance obligation expected timing of satisfaction period |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Net [Abstract] | ||
Finished Goods | $ 5,397 | $ 4,002 |
Work-in-process | 1,912 | 797 |
Raw Materials | 8,359 | 6,941 |
Total | $ 15,668 | $ 11,740 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Minimum | |
Lessee and Lessor Lease Description [Line Items] | |
Lessor, operating leases, remaining lease terms | 1 year |
Maximum | |
Lessee and Lessor Lease Description [Line Items] | |
Lessor, operating leases, remaining lease terms | 6 years |
Leases - Schedule of Lease Reve
Leases - Schedule of Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Lease revenue | $ 1,629 | $ 1,399 |
Intangible Assets - Components
Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 18,762 | $ 18,762 |
Accumulated Amortization | (6,917) | (6,640) |
Net Carrying Amount | 11,845 | 12,122 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,292 | 4,292 |
Accumulated Amortization | (2,113) | (2,028) |
Net Carrying Amount | 2,179 | 2,264 |
Acquired Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,900 | 13,900 |
Accumulated Amortization | (4,234) | (4,042) |
Net Carrying Amount | 9,666 | 9,858 |
Acquired Trademarks | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 570 | 570 |
Accumulated Amortization | (570) | (570) |
Net Carrying Amount | $ 0 | $ 0 |
Intangible Assets - Component_2
Intangible Assets - Components of Intangible Assets (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2019 | Dec. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | |||
Acquired intangible assets weighted average amortization period | 15 years | ||
Customer Relationships | |||
Finite Lived Intangible Assets [Line Items] | |||
Acquired intangible assets weighted average amortization period | 10 years | ||
Acquired Technology | |||
Finite Lived Intangible Assets [Line Items] | |||
Acquired intangible assets weighted average amortization period | 15 years | 15 years | |
Contingent milestone payments | $ 2,400 | ||
Maximum | Customer Relationships | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets estimated useful life | 20 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 276 | $ 309 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Impairment of Underlying Assets, Remaining Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
Remainder of 2023 | $ 821 | |
2024 | 1,165 | |
2025 | 1,234 | |
2026 | 1,224 | |
2027 | 1,215 | |
2028 | 1,008 | |
Thereafter | 5,178 | |
Net Carrying Amount | $ 11,845 | $ 12,122 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities Current [Abstract] | ||
Compensation | $ 2,096 | $ 3,348 |
Professional services | 431 | 437 |
Customer advances | 176 | 171 |
Warranty | 85 | 120 |
Other | 705 | 624 |
Total | $ 3,493 | $ 4,700 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Commitments And Contingencies Disclosure [Line Items] | |
Approximate amount of employee retention credit | $ 1,600,000 |
Contingent professional fees | 250,000 |
Employee retention credit amount recognized | $ 0 |
Additional royalty payments rate | 3% |
Supply Agreement | |
Commitments And Contingencies Disclosure [Line Items] | |
Purchase obligation | $ 4,729,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Apr. 08, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock voting rights | The Company has a single class of common stock in which stockholders are entitled to one vote for each share of common stock | |||
Cash dividend declared on common stock | $ 0 | $ 0 | ||
Maximum value of common and preferred stock and other securities issuable | $ 100,000,000 | |||
Securities Purchase Agreement | ||||
Class of Stock [Line Items] | ||||
Agreement initiated date | May 12, 2023 | |||
ATM offerings | ||||
Class of Stock [Line Items] | ||||
Common stock issued, Shares | 0 | 0 | ||
ATM offerings | Maximum | ||||
Class of Stock [Line Items] | ||||
Aggregate amount offered, issuance and sale by the Company | $ 35,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
Jul. 31, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Weighted average grant date fair value of options granted | $ 1.73 | |||||||
Total fair value of options vested | $ 1,209 | |||||||
Total unrecognized compensation expense | $ 2,891 | |||||||
Total unrecognized compensation expense, weighted-average period of recognition | 2 years 9 months 18 days | |||||||
Dividends | 0% | 0% | ||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | ||||||
2020 Employee Stock Purchase Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock reserved for issuance | 287 | |||||||
Percentage of outstanding shares of common stock | 1% | |||||||
Exercise price of option on fair value (as a percent) | 85% | |||||||
Common stock, shares authorized | 451,000 | 340,000 | ||||||
Shares of common stock have been issued to employees | 164 | |||||||
Incentive Stock Options | Share-based Payment Arrangement, Tranche Two | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award vesting percentage | 10% | |||||||
Restricted Stock Awards | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Total unrecognized compensation expense, weighted-average period of recognition | 4 months 24 days | |||||||
Total fair value of restricted stock awards vested | $ 2,419 | |||||||
Total unrecognized compensation expense | 1,643 | |||||||
Restricted Stock Awards | Forecast | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of restricted stock awards are expected to vest | 75,000 | 169,000 | 136,000 | |||||
Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Fair value of restricted stock units vested | $ 91 | |||||||
Minimum | Incentive Stock Options And Nonqualified Stock Options | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | |||||||
Minimum | Incentive Stock Options And Nonqualified Stock Options | Share-based Payment Arrangement, Tranche One | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Exercise price of option on fair value (as a percent) | 100% | |||||||
Minimum | Incentive Stock Options | Share-based Payment Arrangement, Tranche Two | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Exercise price of option on fair value (as a percent) | 110% | |||||||
Minimum | Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | |||||||
Maximum | Incentive Stock Options And Nonqualified Stock Options | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Term of contract | 10 years | |||||||
Vesting period | 4 years | |||||||
Maximum | Incentive Stock Options And Nonqualified Stock Options | Share-based Payment Arrangement, Tranche One | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Term of contract | 10 years | |||||||
Maximum | Incentive Stock Options | Share-based Payment Arrangement, Tranche Two | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Term of contract | 5 years | |||||||
Maximum | Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
2020 Incentive Award Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock reserved for issuance | 3,333,000 | 4,984,000 | ||||||
Percentage of outstanding shares of common stock | 5% | |||||||
2020 Incentive Award Plan | Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Total unrecognized compensation expense | $ 1,334 | |||||||
Total unrecognized compensation expense, weighted-average period of recognition | 2 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Shares Available for Issuance Under 2020 Plan (Details) - 2020 Incentive Award Plan | 3 Months Ended |
Mar. 31, 2023 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance | 1,002 |
Authorized | 555 |
Granted/Awarded | (834) |
Cancelled | 51 |
Balance | 774 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Option Award Activity (Details) - 2020 Incentive Award Plan - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding at December 31, 2022 | 1,202,000 | |
Options granted | 367,000 | |
Options cancelled | (22,000) | |
Outstanding at March 31, 2023 | 1,547,000 | 1,202,000 |
Vested and expected to vest at March 31, 2023 | 1,547,000 | |
Vested and exercisable at March 31, 2023 | 617,000 | |
Outstanding at beginning of period, Weighted Average Exercise Price | $ 6.91 | |
Options granted, Weighted Average Exercise Price | 2.66 | |
Options cancelled, Weighted Average Exercise Price | 5.32 | |
Outstanding at end of period, Weighted Average Exercise Price | 5.93 | $ 6.91 |
Vested and expected to vest at March 31, 2023, Weighted Average Exercise Price | 5.93 | |
Vested and exercisable at March 31, 2022, Weighted Average Exercise Price | $ 7.17 | |
Options Outstanding, Weighted Average Remaining Contractual Term (in Years) | 8 years 8 months 12 days | 8 years 8 months 12 days |
Vested and expected to vest at March 31, 2022, Weighted Average Remaining Contractual Term (in Years) | 8 years 8 months 12 days | |
Vested and exercisable at March 31, 2022, Weighted Average Remaining Contractual Term (in Years) | 8 years 2 months 12 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock Options Outstanding And Vested (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, Number | shares | 1,547,000 |
Options outstanding, Weighted average remaining contractual term (in years) | 8 years 8 months 12 days |
Options outstanding, Weighted average exercise price | $ 5.93 |
Options vested, Number Exercisable | shares | shares | 617,000 |
Options vested, Weighted average exercise price | $ 7.17 |
Exercise Price $2.65 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, Number | shares | 349,000 |
Options outstanding, Weighted average remaining contractual term (in years) | 9 years 9 months 18 days |
Options outstanding, Weighted average exercise price | $ 2.65 |
Exercise Price $2.65 | Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price range (lower) | $ 2.65 |
Exercise Price $3.05 - $5.95 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, Number | shares | 36,000 |
Options outstanding, Weighted average remaining contractual term (in years) | 9 years 4 months 24 days |
Options outstanding, Weighted average exercise price | $ 5.11 |
Options vested, Number Exercisable | shares | shares | 3,000 |
Options vested, Weighted average exercise price | $ 5.95 |
Exercise Price $3.05 - $5.95 | Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price range (lower) | 3.05 |
Exercise price range (upper) | $ 5.95 |
Exercise Price $6.04 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, Number | shares | 421,000 |
Options outstanding, Weighted average remaining contractual term (in years) | 8 years 8 months 12 days |
Options outstanding, Weighted average exercise price | $ 6.04 |
Options vested, Number Exercisable | shares | shares | 125,000 |
Options vested, Weighted average exercise price | $ 6.04 |
Exercise Price $6.04 | Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price range (lower) | $ 6.04 |
Exercise Price $6.07 - $7.08 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, Number | shares | 390,000 |
Options outstanding, Weighted average remaining contractual term (in years) | 8 years 3 months 18 days |
Options outstanding, Weighted average exercise price | $ 6.94 |
Options vested, Number Exercisable | shares | shares | 235,000 |
Options vested, Weighted average exercise price | $ 6.97 |
Exercise Price $6.07 - $7.08 | Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price range (lower) | 6.07 |
Exercise price range (upper) | $ 7.08 |
Exercise Price $7.13 - $8.62 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, Number | shares | 351,000 |
Options outstanding, Weighted average remaining contractual term (in years) | 8 years |
Options outstanding, Weighted average exercise price | $ 8.01 |
Options vested, Number Exercisable | shares | shares | 254,000 |
Options vested, Weighted average exercise price | $ 7.92 |
Exercise Price $7.13 - $8.62 | Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price range (lower) | 7.13 |
Exercise price range (upper) | $ 8.62 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Fair Value of Employee and Non-Employee Stock Options was Estimated Using Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rate, minimum | 3.50% | 1.50% |
Risk-free interest rate, maximum | 4.20% | 1.60% |
Expected term (years) | 6 years | 6 years |
Expected volatility | 70% | 70% |
Dividends | 0% | 0% |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards - 2020 Incentive Award Plan shares in Thousands | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Non-vested at December 31, 2022 | shares | 622 |
Restricted stock awards vested | shares | (237) |
Restricted stock awards cancelled | shares | (5) |
Non-vested at March 31, 2023 | shares | 380 |
Non-vested at December 31, 2022 | $ / shares | $ 10.29 |
Restricted stock awards vested | $ / shares | 10.20 |
Restricted stock awards cancelled | $ / shares | 10.81 |
Non-vested at March 31, 2023 | $ / shares | $ 10.34 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units - 2020 Incentive Award Plan shares in Thousands | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Non-vested at December 31, 2022 | shares | 86 |
Restricted stock awards granted | shares | 468 |
Restricted stock awards vested | shares | (15) |
Restricted stock units cancelled | shares | (25) |
Non-vested at March 31, 2023 | shares | 514 |
Non-vested at December 31, 2022 | $ / shares | $ 6.33 |
Restricted stock awards granted | $ / shares | 2.65 |
Restricted stock awards vested | $ / shares | 6.04 |
Restricted stock awards cancelled | $ / shares | 2.65 |
Non-vested at March 31, 2023 | $ / shares | $ 3.16 |
Stock-Based Compensation - Su_7
Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 1,726 | $ 1,607 |
Cost of Sales | Product | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 83 | 52 |
Cost of Sales | Service | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 46 | 30 |
Selling, General and Administrative Expenses | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 1,426 | 1,377 |
Research and Development Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 171 | $ 148 |
Stock-Based Compensation - Su_8
Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation Expense Expected to be Amortized (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
2023 | $ 3,150 |
2024 | 1,681 |
2025 | 873 |
2026 | 159 |
2027 | 5 |
Total unrecognized stock-based compensation expense | $ 5,868 |
Net Loss per Share - Reconcilia
Net Loss per Share - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (4,272) | $ (6,674) |
Weighted average number of shares of common stock basic | 10,716 | 9,967 |
Weighted average number of shares of common stock diluted | 10,716 | 9,967 |
Basic net loss per share | $ (0.40) | $ (0.67) |
Diluted net loss per share | $ (0.40) | $ (0.67) |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted Stock Awards and Units | ||
Earnings Per Share Basic [Line Items] | ||
Shares excluded from the calculation of net loss per diluted share | 894 | |
Restricted Stock Awards | ||
Earnings Per Share Basic [Line Items] | ||
Shares excluded from the calculation of net loss per diluted share | 1,049 | |
Stock Options | ||
Earnings Per Share Basic [Line Items] | ||
Shares excluded from the calculation of net loss per diluted share | 1,547 | 1,102 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Anti-Dilutive Weighted Average Shares Excluded From Diluted Net Loss Per Share Diluted Shares Calculation (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average shares excluded from the calculation of net loss per diluted share | 2,383 | 2,125 |
Restricted Stock Awards and Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average shares excluded from the calculation of net loss per diluted share | 868 | 1,073 |
Outstanding Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average shares excluded from the calculation of net loss per diluted share | 1,515 | 1,052 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May 12, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Securities Purchase Agreement | |||
Subsequent Event [Line Items] | |||
Agreement initiated date | May 12, 2023 | ||
Subsequent Event | Securities Purchase Agreement | |||
Subsequent Event [Line Items] | |||
Agreement initiated date | May 12, 2023 | ||
Warrants to purchase aggregate shares of common stock | 4,367 | ||
Minimum percentage of beneficial owner of common stock upon conversion | 19.99% | ||
Net proceeds from transactions | $ 19,100 | ||
Subsequent Event | Minimum | Securities Purchase Agreement | |||
Subsequent Event [Line Items] | |||
Sale of ownership percentage | 50% | ||
Subsequent Event | Warrant One | Securities Purchase Agreement | |||
Subsequent Event [Line Items] | |||
Exercise price of warrants | $ 2.45 | ||
Percentage of warrants | 50% | ||
Subsequent Event | Warrant Two | Securities Purchase Agreement | |||
Subsequent Event [Line Items] | |||
Exercise price of warrants | $ 3.0625 | ||
Percentage of warrants | 50% | ||
Subsequent Event | Series A Convertible Preferred Stock | Securities Purchase Agreement | |||
Subsequent Event [Line Items] | |||
Aggregate purchase price of shares | $ 20,000 | ||
Aggregate shares | 20 | ||
Preferred stock, par value | $ 0.01 | ||
Convertible stock price per share | $ 1,000 |