LENSAR (LNSR) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		11,608,415
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 AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Product and service revenue	$ 10,684	$ 10,321	$ 19,325	$ 16,944
Lease	1,952	1,691	3,899	3,320
Total revenue	12,636	12,012	23,224	20,264
Cost of revenue (exclusive of amortization)
Total cost of revenue	5,823	5,251	10,747	9,183
Operating expenses
Selling, general and administrative expenses	6,784	7,854	13,580	14,609
Research and development expenses	1,348	1,499	2,792	3,149
Amortization of intangible assets	232	275	506	551
Impairment of intangible assets	3,729		3,729
Operating loss	(5,280)	(2,867)	(8,130)	(7,228)
Other (expense) income
Change in fair value of warrant liabilities	(3,923)	(5,997)	(3,428)	(5,997)
Other income, net	160	111	358	200
Net loss	(9,043)	(8,753)	(11,200)	(13,025)
Other comprehensive loss
Change in unrealized loss on investments	(5)		(10)
Net loss and comprehensive loss	$ (9,048)	$ (8,753)	$ (11,210)	$ (13,025)
Net loss per common share:
Basic	$ (0.79)	$ (0.81)	$ (0.98)	$ (1.21)
Diluted	$ (0.79)	$ (0.81)	$ (0.98)	$ (1.21)
Weighted-average number of common shares used in calculation of net loss per share:
Basic	11,451	10,820	11,419	10,768
Diluted	11,451	10,820	11,419	10,768
Product
Revenue
Product and service revenue	$ 9,534	$ 9,377	$ 16,967	$ 15,035
Cost of revenue (exclusive of amortization)
Total cost of revenue	3,851	3,665	6,441	5,964
Lease
Revenue
Lease	1,952	1,691	3,899	3,320
Cost of revenue (exclusive of amortization)
Total cost of revenue	663	496	1,266	990
Service
Revenue
Product and service revenue	1,150	944	2,358	1,909
Cost of revenue (exclusive of amortization)
Total cost of revenue	$ 1,309	$ 1,090	$ 3,040	$ 2,229

CONDENSED BALANCE SHEETS (Unaud

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 8,287	$ 20,621
Short-term investments	5,926	3,443
Accounts receivable, net of allowance of $56 and $62, respectively	5,893	4,001
Notes receivable, net of allowance of $7 and $7, respectively	337	323
Inventories	17,933	15,689
Prepaid and other current assets	1,853	2,367
Total current assets	40,229	46,444
Property and equipment, net	716	679
Equipment under lease, net	9,619	7,459
Long-term investments	1,234	492
Notes and other receivables, long-term, net of allowance of $22 and $26, respectively	1,067	1,279
Intangible assets, net	6,576	11,025
Other assets	1,965	2,207
Total assets	61,406	69,585
Current liabilities:
Accounts payable	4,121	4,007
Accrued liabilities	4,262	5,717
Deferred revenue	1,414	1,349
Operating lease liabilities	569	559
Total current liabilities	10,366	11,632
Long-term operating lease liabilities	1,464	1,750
Warrant liabilities	11,885	8,457
Other long-term liabilities	262	570
Total liabilities	23,977	22,409
Commitments and contingencies (Note 10)
Series A Redeemable Convertible Preferred Stock, par value $0.01 per share, 20 shares authorized at June 30, 2024 and December 31, 2023; 20 shares issued and outstanding at June 30, 2024 and December 31, 2023; aggregate liquidation preference of $20,000 at June 30, 2024 and December 31, 2023	13,784	13,747
Stockholders’ equity:
Preferred stock, par value $0.01 per share, 9,980 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023
Common stock, par value $0.01 per share, 150,000 shares authorized at June 30, 2024 and December 31, 2023; 11,544 and 11,327 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	115	113
Additional paid-in capital	146,627	145,203
Accumulated other comprehensive (loss) income	(6)	4
Accumulated deficit	(123,091)	(111,891)
Total stockholders’ equity	23,645	33,429
Total liabilities, redeemable convertible preferred stock, and stockholders' equity	$ 61,406	$ 69,585

CONDENSED BALANCE SHEETS (Una_2

CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 56	$ 62
Notes receivable, allowance	7	7
Notes and other receivables, long-term, allowance	$ 22	$ 26
Temporary equity, par value per share	$ 0.01	$ 0.01
Temporary equity, shares authorized	20,000	20,000
Temporary equity, shares issued	20,000	20,000
Temporary equity, shares outstanding	20,000	20,000
Temporary equity, aggregate liquidation preference	$ 20,000	$ 20,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	9,980,000	9,980,000
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	11,544,000	11,327,000
Common stock, shares outstanding	11,544,000	11,327,000

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (11,200)	$ (13,025)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,313	1,158
Amortization of intangible assets	506	551
Impairment of intangible assets	3,729
Non-cash operating lease cost	269	267
Provision for expected credit losses	14	(2)
Write-down of inventory	144
Stock-based compensation expense	1,335	3,550
Change in fair value of warrant liabilities	3,428	5,997
Amortization on investments, net	(120)
Changes in operating assets and liabilities:
Accounts receivable	(1,911)	2,844
Notes receivable	202	(1,199)
Prepaid and other current assets	514	(666)
Inventories	(5,755)	(7,265)
Accounts payable	103	(804)
Accrued liabilities	(1,326)	(668)
Deferred revenue	(25)	626
Operating lease liabilities	(277)	(267)
Other	(28)	63
Net cash used in operating activities	(9,085)	(8,840)
Cash flows from investing activities
Purchase of property and equipment	(133)	(189)
Purchase of investments	(6,115)
Investment maturities	3,000
Net cash used in investing activities	(3,248)	(189)
Cash flows from financing activities
Proceeds from issuance of common stock through option exercises	10
Proceeds from issuance of common stock under employee stock purchase plan	170	181
Net settlement of stock-based compensation awards	(83)
Proceeds from issuance of redeemable convertible preferred stock, net of offering costs		14,035
Proceeds from issuance of warrants		5,605
Payment of accrued offering costs allocable to preferred stock	(98)
Net cash (used in) provided by financing activities	(1)	19,821
Net (decrease) increase in cash and cash equivalents	(12,334)	10,792
Cash and cash equivalents at beginning of the period	20,621	14,674
Cash and cash equivalents at end of the period	8,287	25,466
Supplemental cash flow information
Cash paid for taxes	22	18
Supplemental schedule of non-cash investing and financing activities
Transfer from Inventories to Equipment under lease, net	3,367	1,281
Transfer from (to) Inventories to (from) Property and equipment, net		(428)
Accrued offering costs	$ 37	$ (289)

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Series A Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2022	$ 41,984		$ 111	$ 139,381	$ (97,508)
Beginning Balance, Shares at Dec. 31, 2022			11,093,000
Issuance of Series A Redeemable Convertible Preferred Stock, net of offering costs		$ 13,747
Issuance of Series A Convertible Preferred Stock, net of offering costs, Shares		20,000
Stock-based compensation under the Incentive Plans and 2020 Plan	1,726			1,726
Issuance of common stock under the Incentive Plans and 2020 Plan, net of forfeitures, Shares			15,000
Restricted stock awards cancelled			(5,000)
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			11,103,000
Beginning Balance at Dec. 31, 2022	41,984		$ 111	139,381	(97,508)
Beginning Balance, Shares at Dec. 31, 2022			11,093,000
Net loss	(13,025)
Ending Balance, Shares at Jun. 30, 2023		20,000
Ending Balance at Jun. 30, 2023	32,690	$ 13,747	$ 112	143,111	(110,533)
Ending Balance, Shares at Jun. 30, 2023			11,199,000
Beginning Balance at Mar. 31, 2023	39,438		$ 111	141,107	(101,780)
Beginning Balance, Shares at Mar. 31, 2023			11,103,000
Stock-based compensation under the Incentive Plans and 2020 Plan	1,824			1,824
Issuance of common stock under the 2020 Plan, Shares			26,000
Issuance of common stock under the 2020 ESPP	181		$ 1	180
Issuance of common stock under the 2020 ESPP, Shares			71,000
Restricted stock awards cancelled			(1,000)
Net loss	(8,753)				(8,753)
Ending Balance, Shares at Jun. 30, 2023		20,000
Ending Balance at Jun. 30, 2023	$ 32,690	$ 13,747	$ 112	143,111	(110,533)
Ending Balance, Shares at Jun. 30, 2023			11,199,000
Beginning Balance, Shares at Dec. 31, 2023	20,000	20,000
Beginning Balance at Dec. 31, 2023	$ 33,429	$ 13,747	$ 113	145,203	(111,891)	$ 4
Beginning Balance, Shares at Dec. 31, 2023			11,327,000
Exercise of stock options under the Incentive Plans	5			5
Exercise of stock options under the Incentive Plans, Shares			2,000
Stock-based compensation under the Incentive Plans and 2020 Plan	652			652
Issuance of common stock under the Incentive Plans and 2020 Plan, net of forfeitures	(89)		$ 1	(90)
Issuance of common stock under the Incentive Plans and 2020 Plan, net of forfeitures, Shares			66,000
Net loss	(2,157)				(2,157)
Change in unrealized gain (loss) on investments	(5)					(5)
Ending Balance, Shares at Mar. 31, 2024		20,000
Ending Balance at Mar. 31, 2024	$ 31,835	$ 13,747	$ 114	145,770	(114,048)	(1)
Ending Balance, Shares at Mar. 31, 2024			11,395,000
Beginning Balance, Shares at Dec. 31, 2023	20,000	20,000
Beginning Balance at Dec. 31, 2023	$ 33,429	$ 13,747	$ 113	145,203	(111,891)	4
Beginning Balance, Shares at Dec. 31, 2023			11,327,000
Net loss	(11,200)
Change in unrealized gain (loss) on investments	$ (10)
Ending Balance, Shares at Jun. 30, 2024	20,000	20,000
Ending Balance at Jun. 30, 2024	$ 23,645	$ 13,784	$ 115	146,627	(123,091)	(6)
Ending Balance, Shares at Jun. 30, 2024			11,544,000
Beginning Balance, Shares at Mar. 31, 2024		20,000
Beginning Balance at Mar. 31, 2024	31,835	$ 13,747	$ 114	145,770	(114,048)	(1)
Beginning Balance, Shares at Mar. 31, 2024			11,395,000
Exercise of stock options under the Incentive Plans	5			5
Exercise of stock options under the Incentive Plans, Shares			2,000
Stock-based compensation under the Incentive Plans and 2020 Plan	683			683
Convertible preferred stock offering costs accrual		$ 37
Issuance of common stock under the Incentive Plans and 2020 Plan, net of forfeitures			$ 1	(1)
Issuance of common stock under the Incentive Plans and 2020 Plan, net of forfeitures, Shares			67,000
Issuance of common stock under the 2020 ESPP	170			170
Issuance of common stock under the 2020 ESPP, Shares			80,000
Net loss	(9,043)				(9,043)
Change in unrealized gain (loss) on investments	$ (5)					(5)
Ending Balance, Shares at Jun. 30, 2024	20,000	20,000
Ending Balance at Jun. 30, 2024	$ 23,645	$ 13,784	$ 115	$ 146,627	$ (123,091)	$ (6)
Ending Balance, Shares at Jun. 30, 2024			11,544,000

CONDENSED STATEMENTS OF CHANG_2

CONDENSED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Series A Redeemable Convertible Preferred Stock
Offering costs	$ 649

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,043)	$ (2,157)	$ (8,753)	$ (4,272)	$ (11,200)	$ (13,025)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arr Modified Flag	false
Non-Rule 10b5-1 Arr Modified Flag	false

Overview and Basis of Presentat

Overview and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
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 LENSAR Laser System (“LLS”) and ALLY ® Adaptive Cataract Treatment System (“ALLY System”) (collectively the “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 System, which combines all of the features from the LLS with a dual-pulse laser, integrated in a small, compact cataract treatment system. The ALLY System enables cataract surgeons to complete laser-assisted cataract surgery in a single, sterile environment. The Company executed a controlled and targeted initial launch of the ALLY System beginning in August 2022 in the United States. The ALLY System is available to U.S. and European Union cataract surgeons and has also received regulatory clearance in India, Taiwan, and certain other countries. In addition, the Company has submitted the ALLY System for certification through distributors in South Korea and China for additional marketing or certification applications. The Company has incurred recurring losses and operating cash outflows since its inception and, as of June 30, 2024, had an accumulated deficit of $ 123,091 . The Company expects to continue to incur losses and cash outflows from operating activities for the near-term future. 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, 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. The Company expects annual revenue and selling, general and administrative expenses to increase from current levels associated with the increase in ALLY System placements. In addition, the Company’s growth 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. 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 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, 2023 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, 2023 , 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	6 Months Ended
	Jun. 30, 2024
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, the recognition and measurement of current and deferred income tax assets and liabilities, and the valuation of warrant 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. 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. Derivative Financial Instruments The Company evaluates financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the condensed statements of operations. Warrants issued by the Company that do not meet the criteria for equity treatment are recorded as liabilities. We do not use financial instruments or derivatives for any trading purposes. 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. Related Parties The Company follows ASC 850, Related Party Disclosures , for the identification of related parties and disclosure of related party transactions. In May 2023, the Company completed the Private Placement (as defined in Note 11, Redeemable Convertible Preferred Stock ) with NR-GRI Partners, LP (“NR-GRI”), an affiliate of North Run Capital, LP (“North Run”). Pursuant to the terms of the Private Placement, Thomas B. Ellis and Todd B. Hammer, co-managing partners of North Run, joined the Company’s Board of Directors following the Company’s 2023 Annual Meeting of Stockholders. Refer to Note 9, Warrant Liabilities , and Note 11, Redeemable Convertible Preferred Stock , for more details related to the Private Placement. In June 2023, the Company entered into an international distribution agreement in India with a company owned by an employee at that time. The Company established the distributor relationship to gain regulatory and operational efficiencies, as well as to establish consistent operations with all other international markets where it conducts business. During the year ended December 31, 2023, the Company began transitioning transactions with customers in India to the distributor. The Company recognized $ 290 in product revenue, $ 301 in cost of product sales, and $ 119 in selling, general and administrative expenses for the three months ended March 31, 2024 associated with its Indian operations. There were no amounts due from, or due to, the distributor at March 31, 2024 . The related party relationship ended on April 1, 2024. Income Taxes Income tax expense/(benefit) from continuing operations for the three and six months ended June 30, 2024 and 2023 was $ 0 in each period, which resulted from maintaining a full valuation allowance against the Company’s net deferred tax assets. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), certain substantial changes in the Company’s ownership may result in a limitation on the amount of net operating loss and tax credit carryforwards that may be used in future years. During the second quarter of 2023, the Company experienced a change in control event resulting from the Private Placement of Series A Redeemable Convertible Preferred Stock, triggering the application of Section 382 of the Code. Refer to Note 11, Redeemable Convertible Preferred Stock , for more details related to the Private Placement. The Company has not completed an analysis to determine whether any additional limitations have been triggered under Sections 382 and 383 of the Code as of June 30, 2024 . The Company computed and applied limitations of tax deductions in the income tax provision computation for the year ended December 31, 2023; however, these limitations do not have a material impact on the financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about segment expenses on an annual and interim basis. This standard is effective for the Company’s annual financial statements for the year ending December 31, 2024 and for interim periods beginning in 2025. The Company is currently evaluating the impact of this standard on the financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, which requires (1) disclosure of specific categories in the rate reconciliation and (2) additional information for reconciling items that meet a quantitative threshold. Additionally, the amendment requires disclosure of certain disaggregated information about income taxes paid, income from continuing operations before income tax expense (benefit) and income tax expense (benefit). The standard is effective for the Company’s annual financial statements for the year ending December 31, 2025. The Company is currently evaluating the impact of this standard on the financial statement disclosures.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2024
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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 United States $ 7,679 $ 7,105 $ 13,689 $ 11,369 South Korea 304 16 582 25 Europe 1,669 1,983 3,084 3,521 Asia (excluding South Korea) 988 1,128 1,872 1,836 Other 44 89 98 193 Total 1 $ 10,684 $ 10,321 $ 19,325 $ 16,944 1 The table above does not include lease revenue of $ 1,952 and $ 1,691 for the three months ended June 30, 2024 and 2023, respectively, and $ 3,899 and $ 3,320 for the six months ended June 30, 2024 and 2023, respectively. Substantially all lease revenue originates from the United States. Refer to Note 6, 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 $ 5,893 $ 4,001 Notes receivable, current Notes receivable, net $ 337 $ 323 Notes receivable, long-term Notes and other receivables, long-term, net $ 1,067 $ 1,279 Contract asset, current Prepaid and other current assets $ 626 $ 982 Deferred revenue, current Deferred revenue $ 1,414 $ 1,349 Deferred revenue, non-current Other long-term liabilities $ 260 $ 350 Contract liability, long-term Other long-term liabilities $ — $ 220 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 credit losses: Amount Accounts receivable, allowance for credit losses as of $ 62 Change in provision for credit losses ( 6 ) Write-offs — Accounts receivable, allowance for credit losses as of $ 56 Accounts receivable, allowance for credit losses as of $ 56 Change in provision for credit losses ( 26 ) Write-offs — Accounts receivable, allowance for credit losses as of $ 30 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 7.0 % to 8.0 %. The Company recorded interest income on notes receivable during the three months ended June 30, 2024 and 2023 of $ 27 and $ 20 , respectively, and during the six months ended June 30, 2024 and 2023 of $ 56 and $ 32 , 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 $ 33 Change in provision for credit losses ( 4 ) Write-offs — Notes receivable, allowance for credit losses as of $ 29 Notes receivable, allowance for credit losses as of $ 13 Change in provision for credit losses 24 Write-offs — Notes receivable, allowance for credit losses as of $ 37 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, 2023 $ 982 Contract assets recognized 671 Payments received ( 977 ) Write-off due to contract modification ( 50 ) Contract assets as of June 30, 2024 $ 626 Contract assets as of December 31, 2022 $ 332 Contract assets recognized 889 Payments received ( 250 ) Write-off due to contract modification ( 146 ) Contract assets as of June 30, 2023 $ 825 Deferred Revenue and Contract Liabilities – The Company’s deferred revenue and contract liabilities represent services and products sold to customers for which the performance obligation has not been completed by the Company. The Company classifies deferred revenue and contract liabilities as current or noncurrent based on the timing of when it expects to recognize revenue. The noncurrent portion of deferred revenue and contract liabilities is included in other long-term liabilities in the Company’s condensed balance sheets. The following table provides information about deferred revenue and contract liabilities from contracts with customers: Amount Deferred revenue and contract liabilities as of December 31, 2023 $ 1,919 Billings not yet recognized as revenue 956 Beginning deferred revenue and contract liabilities recognized as revenue ( 987 ) Impairment 1 ( 214 ) Deferred revenue and contract liabilities as of June 30, 2024 $ 1,674 Deferred revenue and contract liabilities as of December 31, 2022 $ 935 Billings not yet recognized as revenue 1,324 Beginning deferred revenue and contract liabilities recognized as revenue ( 626 ) Deferred revenue and contract liabilities as of June 30, 2023 $ 1,633 1. The Company wrote off certain contract liabilities associated with intangible assets that were determined to be impaired during the three months ended June 30, 2024. Refer to Note 7, Intangible Assets . Transaction Price Allocated to Future Performance Obligations At June 30, 2024 , 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 $ 30,805 . The Company expects to satisfy its remaining performance obligations by December 31, 2029, with $ 4,415 to be satisfied by December 31, 2024 , $ 8,451 to be satisfied by December 31, 2025 , $ 6,366 to be satisfied by December 31, 2026 , $ 5,497 to be satisfied by December 31, 2027 , $ 3,949 to be satisfied by December 31, 2028 , $ 2,127 to be satisfied by December 31, 2029 . 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 4. Fair Value of Financial Instruments 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. The Company classifies money market funds, U.S. treasury bills, certificates of deposit, and U.S. government securities as Level 1 within the fair value hierarchy as the fair value is based on quoted prices. The Company classifies U.S. government agency bonds as Level 2 within the fair value hierarchy as the fair value is based upon quoted market prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. The Company classifies its warrant derivative liabilities as Level 3 within the fair value hierarchy as the Company estimates the fair value of the warrant liabilities using recently quoted market prices of the Company's common stock and the Black-Scholes option pricing model, refer to Note 9, Warrant Liabilities . The following table sets forth by level, within the fair value hierarchy, the Company's assets and liabilities at fair value as of June 30, 2024 and December 31, 2023: June 30, 2024 Level 1 Level 2 Level 3 Total Assets Money market funds $ 5,319 $ — $ — $ 5,319 U.S. treasury bills 2,497 — — 2,497 Certificates of deposit 1,225 — — 1,225 U.S. government securities 2,939 — — 2,939 U.S. government agency bonds — 499 — 499 Total assets $ 11,980 $ 499 $ — $ 12,479 Liabilities Warrant derivative liabilities $ — $ — $ 11,885 $ 11,885 Total liabilities $ — $ — $ 11,885 $ 11,885 December 31, 2023 Level 1 Level 2 Level 3 Total Assets Money market funds $ 11,171 $ — $ — $ 11,171 U.S. treasury bills 5,942 — — 5,942 Certificates of deposit 983 — — 983 Total assets $ 18,096 $ — $ — $ 18,096 Liabilities Warrant derivative liabilities $ — $ — $ 8,457 $ 8,457 Total liabilities $ — $ — $ 8,457 $ 8,457 There were no transfers between fair value hierarchy levels during three and six months ended June 30, 2024 and 2023. The fair value of the Company’s financial assets that are measured at fair value on a recurring basis are as follows: June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents Money market funds $ 5,319 $ — $ — $ 5,319 Short-term investments U.S. treasury bills 2,497 — — 2,497 Certificates of deposit 490 — — 490 U.S. government securities 2,944 — ( 5 ) 2,939 Long-term investments Certificates of deposit 735 — — 735 U.S. government agency bonds 500 — ( 1 ) 499 Total $ 12,485 $ — $ ( 6 ) $ 12,479 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents Money market funds $ 11,171 $ — $ — $ 11,171 U.S. treasury bills 2,989 1 — 2,990 Short-term investments U.S. treasury bills 2,952 — — 2,952 Certificates of deposit 490 1 — 491 Long-term investments Certificates of deposit 490 2 — 492 Total $ 18,092 $ 4 $ — $ 18,096 The change in fair value of warrant liabilities measured on a recurring basis using unobservable Level 3 inputs for the period ended June 30, 2024 is set forth below: Fair Value at December 31, 2023 Change in Fair Value Fair Value at June 30, 2024 Series A Warrant $ 4,462 $ 1,778 $ 6,240 Series B Warrant 3,995 1,650 5,645 Total warrant liabilities $ 8,457 $ 3,428 $ 11,885

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Note 5. Inventories Inventory balances were as follows: As of As of Finished Goods $ 6,418 $ 4,936 Work-in-process 2,351 2,395 Raw Materials 9,164 8,358 Total $ 17,933 $ 15,689

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Note 6. Leases Lessor Arrangements The Company has operating leases for Systems. The Company’s leases have remaining lease terms of less than one year to six years . Lease revenue for the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Lease revenue $ 1,952 $ 1,691 $ 3,899 $ 3,320

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 7. Intangible Assets The components of intangible assets were as follows: As of June 30, 2024 As of December 31, 2023 Gross Accumulated Impairment Net Gross Accumulated Net Finite-lived intangible assets: Customer relationships 1,2 $ 4,292 $ ( 2,520 ) $ — $ 1,772 $ 4,292 $ ( 2,360 ) $ 1,932 Acquired technology 1,3,4,5 13,900 ( 5,153 ) ( 3,943 ) 4,804 13,900 ( 4,807 ) 9,093 Acquired trademarks 1 570 ( 570 ) — — 570 ( 570 ) — $ 18,762 $ ( 8,243 ) $ ( 3,943 ) $ 6,576 $ 18,762 $ ( 7,737 ) $ 11,025 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 were 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. 5. In April 2024, the Company notified its third-party supplier of the phacoemulsification component in the ALLY System the Company would no longer pursue integration with the supplier’s phacoemulsification unit. This resulted in a triggering event impacting certain acquired technology intangible assets and contract liabilities associated with the phacoemulsification component. The Company determined that the carrying value of the intangible assets in items 3 and 4 above exceeded the estimated recoverable amount of $ 0 and recorded an impairment of intangible assets of $ 3,943 . The impairment charge was offset with the write-off of the related contract liabilities of $ 214 . Amortization expense for three months ended June 30, 2024 and 2023 was $ 232 and $ 275 , respectively, and for the six months ended June 30, 2024 and 2023 was $ 506 and $ 551 , respectively. Based on the intangible assets recorded at June 30, 2024, 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 2024 $ 464 2025 921 2026 911 2027 902 2028 695 2029 690 Thereafter 1,993 Total remaining estimated amortization expense $ 6,576

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Note 8. Accrued Liabilities Accrued liabilities consist of the following: As of As of Compensation $ 2,807 $ 3,974 Professional services 535 419 Warranty 325 324 Accrued offering costs — 188 Other 595 812 Total $ 4,262 $ 5,717

Warrant Liabilities

Warrant Liabilities	6 Months Ended
	Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrant Liabilities	Note 9. Warrant Liabilities In May 2023, the Company completed the Private Placement, which included the issuance of warrants (the “Warrants”) to purchase an aggregate of 4,367 shares of common stock (the “Warrant Shares”). Fifty percent of the Warrants have an exercise price equal to $ 2.45 per share (the “Series A Warrant”), and 50 % of the Warrants have an exercise price equal to $ 3.0625 per share (the “Series B Warrant”), subject in each instance to adjustments as provided under the terms of the Warrants. Refer to Note 11, Redeemable Convertible Preferred Stock , for more details related to the Private Placement. Upon the occurrence of certain transactions (“Fundamental Transactions,” as defined below), the Warrants provide that they are redeemable by the holder thereof for a value determined using a Black Scholes option pricing model with inputs calculated as described in the applicable Warrant, which includes a 100 % floor on the volatility input to be utilized. The Company has determined that this provision introduces leverage to the holders of the Warrants that could result in a value that would be greater than the settlement amount of a fixed-for-fixed option on the Company’s own equity shares. Accordingly, pursuant to ASC 815, the Company classified the fair value of the Warrants as a liability to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. Of the $ 20,000 gross proceeds for the Private Placement, $ 5,605 was allocated to the Warrants and the remaining $ 14,395 was allocated to the Series A Redeemable Convertible Preferred Stock. The Company estimated the fair value of the warrant liabilities using recently quoted market prices of the Company's common stock and the Black-Scholes option pricing model. The fair value of the warrant liabilities was estimated using the following assumptions as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Risk-free interest rate 4.4 % 3.8 % Expected term (years) 3.9 4.4 Expected volatility 55 % 55 % Dividends 0.0 % 0.0 % Expected term : The expected term for the warrant liabilities was based on the remaining contractual term of the Warrants. 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 warrant liabilities 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10. 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 $ 2,242 over the next 15 months. LENSAR expects to meet these requirements. 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. During the quarter ended September 30, 2023, the Company received a majority of the ERC. As such, the Company recorded $ 1,368 as a reduction of selling, general and administrative expenses, which represents the ERC net of professional fees in the quarter ended September 30, 2023. During the three and six months ended June 30, 2024 and 2023 , no amounts were recorded related to the ERC. 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. From time to time, we may become involved in various legal proceedings relating to matters incidental to the ordinary course of our business, including intellectual property, commercial, product liability, employment, class action, whistleblower and other litigation and claims, and governmental and other regulatory investigations and proceedings. We make provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. On August 14, 2023, stockholders Ryan Schaper and Christopher P. Bolster filed a Verified Amended Class Action Complaint against the Company and certain of its officers and members of the board of directors (“Defendants”) in the matter captioned Schaper v. LENSAR, Inc., et al., Case No. 1:23-cv-00692-JLH (D. Del.). Plaintiffs allege that Defendants violated Sections 14(a) and 20(a) of the Exchange Act, as well as Rule 14d-9 promulgated thereunder, and assert claims challenging the adequacy of disclosures in the definitive proxy statement filed with the SEC on June 20, 2023, or the Proxy, in connection with the Private Placement. On August 18, 2023, the parties filed a joint stipulation extending Defendants’ time to respond to the complaint until a lead plaintiff is appointed and plaintiffs file a second amended complaint or designate the Verified Amended Class Action Complaint as operative. On December 12, 2023, the Court appointed Ryan Schaper and Christopher P. Bolster as Lead Plaintiffs. On December 22, 2023, the parties filed a joint stipulation providing that Lead Plaintiffs' will file a second amended complaint or designate the Verified Amended Class Action Complaint as operative on or before January 12, 2024. On January 12, 2024, Lead Plaintiffs filed a Verified Second Amended Class Action Complaint. Defendants filed a motion to dismiss on February 26, 2024. The parties completed briefing on the motion to dismiss in May 2024. The Company vigorously denies that the definitive proxy statement filed with the SEC on June 20, 2023 was deficient in any respect, or that that supplemental disclosures were required or necessary under applicable laws. At this time, the Company cannot predict the outcome, or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter. This matter or other such matters may be time-consuming, divert management’s attention and resources, cause us to incur significant expenses or liability or require us to change our business practices, even if we believe the claims asserted against us are without merit. Because of the potential risks, expenses and uncertainties of litigation, we may, from time to time, settle disputes, even where we believe that we have meritorious claims or defenses. Because litigation is inherently unpredictable, we cannot assure you that the results of any such actions will not have a material adverse effect on our business, results of operations, financial condition or cash flows.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2024
Disclosure Convertible Preferred Stock [Abstract]
Redeemable Convertible Preferred Stock	Note 11. Redeemable Convertible Preferred Stock Series A Redeemable Convertible Preferred Stock In May 2023, the Company entered into a Securities Purchase Agreement (the “SPA”) with NR-GRI Partners, LP (“NR-GRI”), whereby it sold to NR-GRI, for an aggregate purchase price of $ 20,000 , 20 shares of Series A Redeemable Convertible Preferred Stock and the Warrants (the “Private Placement”). Refer to Note 9, Warrant Liabilities , for more details related to the Warrants. The Series A Redeemable Convertible Preferred Stock is convertible into 7,940 shares of common stock at the election of NR-GRI. On August 1, 2023, the Company’s stockholders voted to approve the issuance of shares of the Company’s common stock issuable upon conversion of the shares of Series A Redeemable Convertible Preferred Stock and exercise of the Warrants. As a result of the stockholders’ approval of the Private Placement, applicable ownership limitations under Nasdaq rules were lifted, and NR-GRI became entitled to convert shares of Series A Redeemable Convertible Preferred Stock or exercise Warrants up to the full amount purchased in the Private Placement. Holders of Series A Redeemable Convertible Preferred Stock are entitled to vote on an as-converted basis with holders of common stock. The Series A Redeemable Convertible Preferred Stock ranks senior to the common stock as to distributions and payments upon the liquidation, dissolution and winding up of the Company, and holders of Series A Redeemable Convertible Preferred Stock 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 Series A Redeemable 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 Series A Redeemable 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 Series A Redeemable Convertible Preferred Stock is classified as temporary equity in the condensed balance sheet because redemption automatically occurs upon a Fundamental Transaction. However, redemption is not considered probable; therefore, the Series A Redeemable Convertible Preferred Stock is not accreted to face value. The proceeds of the transaction were allocated first to the fair value of warrants due to the classification of the warrants as a liability on the condensed balance sheet and the remainder of the proceeds were allocated to the Series A Redeemable Convertible Preferred Stock. Offering costs of $ 901 were allocated ratably based on the allocation of proceeds; $ 253 was allocated to the general and administrative expenses and $ 648 was allocated to Series A Redeemable Convertible Preferred Stock. Offering costs were subsequently reduced by $ 51 in the three months ended June 30, 2024 as all offering costs were paid and allocated ratably based on the allocation of proceeds; $ 14 was allocated to general and administrative expenses and $ 37 was allocated to Series A Redeemable Convertible Preferred Stock. Series A Redeemable Convertible Preferred Stock is presented net of offering costs on the condensed balance sheet. In connection with the parties’ entry into the SPA, the Company and NR-GRI entered into a Registration Rights Agreement, pursuant to which the Company filed a resale registration statement on Form S-3 (No. 333-272930) with respect to the resale of the shares of the Company’s common stock issuable upon conversion of the shares of Series A Redeemable Convertible Preferred Stock and exercise of the Warrants.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Note 12. Stockholders’ Equity 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 and six months ended June 30, 2024 and 2023 .

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 13. 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, performance 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 June 30, 2024 , the Company has reserved a total of 5,550 shares of common stock for issuance under the 2020 Plan. The Inducement Plan In February 2024, the Board adopted the 2024 Employment Inducement Incentive Award Plan (the “Inducement Plan”). The Inducement Plan provides for the grant of non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock or cash based awards (collectively, the “Inducement Awards”). The Inducement Plan was recommended for approval by the Compensation Committee of the Board and subsequently approved and adopted by the Board without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. A maximum of 100 shares of common stock were reserved for issuance pursuant to the Inducement Plan. In accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules, Inducement Awards under the 2024 Plan may only be made to an employee who has not previously been an employee or member of the Board, or following a bona fide period of non-employment by the Company, if he or she is granted such Inducement Awards in connection with his or her commencement of employment with the Company and such grant is an inducement material to his or her entering into employment with the Company. A summary of the shares available for issuance under the 2020 Plan and Inducement Plan (collectively, the “Incentive Plans”) is as follows: 2020 Plan Inducement Plan Balance at December 31, 2023 294 — Authorized 566 100 Granted/Awarded ( 629 ) ( 8 ) Cancelled/Forfeited 171 — Balance at June 30, 2024 402 92 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 Incentive Plans 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, 2023 1,974 $ 5.31 8.0 $ 429 Options granted 38 $ 4.10 Options exercised ( 4 ) $ 2.65 Options cancelled/forfeited ( 126 ) $ 6.34 Outstanding at June 30, 2024 1,882 $ 5.22 7.8 $ 1,199 Vested and expected to vest at June 30, 2024 1,882 $ 5.22 7.8 $ 1,199 Vested and exercisable at June 30, 2024 1,251 $ 5.68 7.7 $ 605 The weighted average grant date fair value of options granted during the three and six months ended June 30, 2024 was $ 2.32 and $ 2.37 , respectively. The total fair value of options vested during the three and six months ended June 30, 2024 was approximately $ 466 and $ 1,001 , respectively. Total unrecognized compensation expense of $ 1,647 related to stock options will be recognized over a weighted average period of 1.9 years. The following table summarizes information about stock options outstanding and vested as of June 30, 2024: 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 $ 2.15 - $ 3.10 351 8.5 $ 2.66 122 $ 2.66 $ 3.23 422 8.9 $ 3.23 300 $ 3.23 $ 3.27 - $ 5.95 50 9.1 $ 4.51 7 $ 5.90 $ 6.04 409 7.5 $ 6.04 248 $ 6.04 $ 6.07 - $ 8.62 650 6.9 $ 7.43 574 $ 7.44 1,882 7.8 $ 5.22 1,251 $ 5.68 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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Risk-free interest rate 4.3 - 4.6 % 3.5 - 3.9 % 3.9 - 4.6 % 3.5 - 4.2 % Expected term (years) 6 6 6 6 Expected volatility 59 % 70 % 58 - 59 % 70 % Dividends 0.0 % 0.0 % 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 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. Performance stock units granted to certain executive officers are subject to service and performance conditions. The shares subject to the performance stock units vest over a four-year performance period. The actual number of performance stock units that will vest in each measurement period will be determined by the Compensation Committee based on the Company’s one-year trailing revenues and achievement of certain revenue thresholds. The fair value of performance stock units is based on the Company’s closing stock price on the date of grant. Restricted stock unit and performance stock unit activity under the Incentive Plans is set forth below: Restricted Stock Units Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2023 483 $ 3.04 Restricted stock units granted 600 $ 3.22 Restricted stock units vested ( 149 ) $ 3.24 Restricted stock units cancelled ( 26 ) $ 2.69 Non-vested at June 30, 2024 908 $ 3.14 The total fair value of restricted stock units vested during the three and six months ended June 30, 2024 was approximately $ 215 and $ 494 , respectively. At June 30, 2024 there was approximately $ 2,247 of total unrecognized compensation expense related to restricted stock units and performance stock units, which is expected to be recognized over a weighted-average period of 2.2 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 June 30, 2024 , the Company has reserved 564 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 Code. As of June 30, 2024 , 384 shares of common stock have been issued to employees participating in the 2020 ESPP and 180 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 Incentive Plans and the 2020 ESPP in the Company's condensed statements of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue – product $ 3 $ — $ 5 $ — Cost of revenue – product 54 87 105 170 Cost of revenue – service 29 50 58 96 Selling, general and administrative expenses 520 1,498 1,004 2,924 Research and development expenses 77 189 163 360 Total $ 683 $ 1,824 $ 1,335 $ 3,550 Total unrecognized stock-based compensation expense is expected to be amortized as follows: Fiscal Year Amount Remainder of 2024 $ 1,312 2025 1,554 2026 609 2027 332 2028 87 2029 — Total unrecognized stock-based compensation expense $ 3,894 The amounts included in this table are based on restricted stock units, performance stock units, and stock options outstanding at June 30, 2024 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.

Earnings (Loss) per Share

Earnings (Loss) per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Note 14. Earnings (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 Six Months Ended 2024 2023 2024 2023 Net loss attributable to common stockholders $ ( 9,043 ) $ ( 8,753 ) $ ( 11,200 ) $ ( 13,025 ) Weighted average number of shares of common stock 11,451 10,820 11,419 10,768 Basic and diluted net loss per share $ ( 0.79 ) $ ( 0.81 ) $ ( 0.98 ) $ ( 1.21 ) 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 the following amounts of equity securities from its diluted loss per share calculations for the three and six months ended June 30, 2024 and 2023 because their effect was anti-dilutive: Three and Six Months Ended 2024 2023 Series A Redeemable Convertible Preferred Stock 7,940 7,940 Series A Warrants and Series B Warrants 4,367 4,367 Restricted stock awards and units 905 800 Outstanding stock options 1,882 1,996 The anti-dilutive weighted average shares excluded from the diluted loss per share calculations were: Three Months Ended Six Months Ended 2024 2023 2024 2023 Series A Redeemable Convertible Preferred Stock 7,940 4,188 7,940 6,054 Series A Warrants 795 352 840 508 Series B Warrants 448 152 504 219 Restricted stock awards and units 320 851 286 859 Outstanding stock options 1,357 1,732 1,369 1,624 Total 10,860 7,275 10,939 9,264

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, the recognition and measurement of current and deferred income tax assets and liabilities, and the valuation of warrant 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. 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.
Derivative Financial Instruments	Derivative Financial Instruments The Company evaluates financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the condensed statements of operations. Warrants issued by the Company that do not meet the criteria for equity treatment are recorded as liabilities. We do not use financial instruments or derivatives for any trading purposes.
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.
Related Parties	Related Parties The Company follows ASC 850, Related Party Disclosures , for the identification of related parties and disclosure of related party transactions. In May 2023, the Company completed the Private Placement (as defined in Note 11, Redeemable Convertible Preferred Stock ) with NR-GRI Partners, LP (“NR-GRI”), an affiliate of North Run Capital, LP (“North Run”). Pursuant to the terms of the Private Placement, Thomas B. Ellis and Todd B. Hammer, co-managing partners of North Run, joined the Company’s Board of Directors following the Company’s 2023 Annual Meeting of Stockholders. Refer to Note 9, Warrant Liabilities , and Note 11, Redeemable Convertible Preferred Stock , for more details related to the Private Placement. In June 2023, the Company entered into an international distribution agreement in India with a company owned by an employee at that time. The Company established the distributor relationship to gain regulatory and operational efficiencies, as well as to establish consistent operations with all other international markets where it conducts business. During the year ended December 31, 2023, the Company began transitioning transactions with customers in India to the distributor. The Company recognized $ 290 in product revenue, $ 301 in cost of product sales, and $ 119 in selling, general and administrative expenses for the three months ended March 31, 2024 associated with its Indian operations. There were no amounts due from, or due to, the distributor at March 31, 2024 . The related party relationship ended on April 1, 2024.
Income Taxes	Income Taxes Income tax expense/(benefit) from continuing operations for the three and six months ended June 30, 2024 and 2023 was $ 0 in each period, which resulted from maintaining a full valuation allowance against the Company’s net deferred tax assets. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), certain substantial changes in the Company’s ownership may result in a limitation on the amount of net operating loss and tax credit carryforwards that may be used in future years. During the second quarter of 2023, the Company experienced a change in control event resulting from the Private Placement of Series A Redeemable Convertible Preferred Stock, triggering the application of Section 382 of the Code. Refer to Note 11, Redeemable Convertible Preferred Stock , for more details related to the Private Placement. The Company has not completed an analysis to determine whether any additional limitations have been triggered under Sections 382 and 383 of the Code as of June 30, 2024 . The Company computed and applied limitations of tax deductions in the income tax provision computation for the year ended December 31, 2023; however, these limitations do not have a material impact on the financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about segment expenses on an annual and interim basis. This standard is effective for the Company’s annual financial statements for the year ending December 31, 2024 and for interim periods beginning in 2025. The Company is currently evaluating the impact of this standard on the financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, which requires (1) disclosure of specific categories in the rate reconciliation and (2) additional information for reconciling items that meet a quantitative threshold. Additionally, the amendment requires disclosure of certain disaggregated information about income taxes paid, income from continuing operations before income tax expense (benefit) and income tax expense (benefit). The standard is effective for the Company’s annual financial statements for the year ending December 31, 2025. The Company is currently evaluating the impact of this standard on the financial statement disclosures.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 United States $ 7,679 $ 7,105 $ 13,689 $ 11,369 South Korea 304 16 582 25 Europe 1,669 1,983 3,084 3,521 Asia (excluding South Korea) 988 1,128 1,872 1,836 Other 44 89 98 193 Total 1 $ 10,684 $ 10,321 $ 19,325 $ 16,944 1 The table above does not include lease revenue of $ 1,952 and $ 1,691 for the three months ended June 30, 2024 and 2023, respectively, and $ 3,899 and $ 3,320 for the six months ended June 30, 2024 and 2023, respectively. Substantially all lease revenue originates from the United States. Refer to Note 6, Leases .
Summary of Information about Receivables, Contract Assets, Deferred Revenue 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 $ 5,893 $ 4,001 Notes receivable, current Notes receivable, net $ 337 $ 323 Notes receivable, long-term Notes and other receivables, long-term, net $ 1,067 $ 1,279 Contract asset, current Prepaid and other current assets $ 626 $ 982 Deferred revenue, current Deferred revenue $ 1,414 $ 1,349 Deferred revenue, non-current Other long-term liabilities $ 260 $ 350 Contract liability, long-term Other long-term liabilities $ — $ 220 The following table provides information about contract assets from contracts with customers: Amount Contract assets as of December 31, 2023 $ 982 Contract assets recognized 671 Payments received ( 977 ) Write-off due to contract modification ( 50 ) Contract assets as of June 30, 2024 $ 626 Contract assets as of December 31, 2022 $ 332 Contract assets recognized 889 Payments received ( 250 ) Write-off due to contract modification ( 146 ) Contract assets as of June 30, 2023 $ 825 The following table provides information about deferred revenue and contract liabilities from contracts with customers: Amount Deferred revenue and contract liabilities as of December 31, 2023 $ 1,919 Billings not yet recognized as revenue 956 Beginning deferred revenue and contract liabilities recognized as revenue ( 987 ) Impairment 1 ( 214 ) Deferred revenue and contract liabilities as of June 30, 2024 $ 1,674 Deferred revenue and contract liabilities as of December 31, 2022 $ 935 Billings not yet recognized as revenue 1,324 Beginning deferred revenue and contract liabilities recognized as revenue ( 626 ) Deferred revenue and contract liabilities as of June 30, 2023 $ 1,633 1. The Company wrote off certain contract liabilities associated with intangible assets that were determined to be impaired during the three months ended June 30, 2024. Refer to Note 7, Intangible Assets .
Summary of Allowance for Credit Losses	The following table summarizes the activity in the allowance for credit losses: Amount Accounts receivable, allowance for credit losses as of $ 62 Change in provision for credit losses ( 6 ) Write-offs — Accounts receivable, allowance for credit losses as of $ 56 Accounts receivable, allowance for credit losses as of $ 56 Change in provision for credit losses ( 26 ) Write-offs — Accounts receivable, allowance for credit losses as of $ 30
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 $ 33 Change in provision for credit losses ( 4 ) Write-offs — Notes receivable, allowance for credit losses as of $ 29 Notes receivable, allowance for credit losses as of $ 13 Change in provision for credit losses 24 Write-offs — Notes receivable, allowance for credit losses as of $ 37

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	The following table sets forth by level, within the fair value hierarchy, the Company's assets and liabilities at fair value as of June 30, 2024 and December 31, 2023: June 30, 2024 Level 1 Level 2 Level 3 Total Assets Money market funds $ 5,319 $ — $ — $ 5,319 U.S. treasury bills 2,497 — — 2,497 Certificates of deposit 1,225 — — 1,225 U.S. government securities 2,939 — — 2,939 U.S. government agency bonds — 499 — 499 Total assets $ 11,980 $ 499 $ — $ 12,479 Liabilities Warrant derivative liabilities $ — $ — $ 11,885 $ 11,885 Total liabilities $ — $ — $ 11,885 $ 11,885 December 31, 2023 Level 1 Level 2 Level 3 Total Assets Money market funds $ 11,171 $ — $ — $ 11,171 U.S. treasury bills 5,942 — — 5,942 Certificates of deposit 983 — — 983 Total assets $ 18,096 $ — $ — $ 18,096 Liabilities Warrant derivative liabilities $ — $ — $ 8,457 $ 8,457 Total liabilities $ — $ — $ 8,457 $ 8,457
Summary of Financial Assets Measured at Fair Value on Recurring Basis	The fair value of the Company’s financial assets that are measured at fair value on a recurring basis are as follows: June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents Money market funds $ 5,319 $ — $ — $ 5,319 Short-term investments U.S. treasury bills 2,497 — — 2,497 Certificates of deposit 490 — — 490 U.S. government securities 2,944 — ( 5 ) 2,939 Long-term investments Certificates of deposit 735 — — 735 U.S. government agency bonds 500 — ( 1 ) 499 Total $ 12,485 $ — $ ( 6 ) $ 12,479 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents Money market funds $ 11,171 $ — $ — $ 11,171 U.S. treasury bills 2,989 1 — 2,990 Short-term investments U.S. treasury bills 2,952 — — 2,952 Certificates of deposit 490 1 — 491 Long-term investments Certificates of deposit 490 2 — 492 Total $ 18,092 $ 4 $ — $ 18,096
Summary of Changes in the Fair Value of Warrant Liabilities	The change in fair value of warrant liabilities measured on a recurring basis using unobservable Level 3 inputs for the period ended June 30, 2024 is set forth below: Fair Value at December 31, 2023 Change in Fair Value Fair Value at June 30, 2024 Series A Warrant $ 4,462 $ 1,778 $ 6,240 Series B Warrant 3,995 1,650 5,645 Total warrant liabilities $ 8,457 $ 3,428 $ 11,885

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory balances were as follows: As of As of Finished Goods $ 6,418 $ 4,936 Work-in-process 2,351 2,395 Raw Materials 9,164 8,358 Total $ 17,933 $ 15,689

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Lease Revenue	Lease revenue for the three and six months ended June 30, 2024 and 2023 was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Lease revenue $ 1,952 $ 1,691 $ 3,899 $ 3,320

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Components of Intangible Assets	The components of intangible assets were as follows: As of June 30, 2024 As of December 31, 2023 Gross Accumulated Impairment Net Gross Accumulated Net Finite-lived intangible assets: Customer relationships 1,2 $ 4,292 $ ( 2,520 ) $ — $ 1,772 $ 4,292 $ ( 2,360 ) $ 1,932 Acquired technology 1,3,4,5 13,900 ( 5,153 ) ( 3,943 ) 4,804 13,900 ( 4,807 ) 9,093 Acquired trademarks 1 570 ( 570 ) — — 570 ( 570 ) — $ 18,762 $ ( 8,243 ) $ ( 3,943 ) $ 6,576 $ 18,762 $ ( 7,737 ) $ 11,025 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 were 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. 5. In April 2024, the Company notified its third-party supplier of the phacoemulsification component in the ALLY System the Company would no longer pursue integration with the supplier’s phacoemulsification unit. This resulted in a triggering event impacting certain acquired technology intangible assets and contract liabilities associated with the phacoemulsification component. The Company determined that the carrying value of the intangible assets in items 3 and 4 above exceeded the estimated recoverable amount of $ 0 and recorded an impairment of intangible assets of $ 3,943 . The impairment charge was offset with the write-off of the related contract liabilities of $ 214 .
Schedule of Impairment of Underlying Assets, Remaining Amortization Expense	Based on the intangible assets recorded at June 30, 2024, 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 2024 $ 464 2025 921 2026 911 2027 902 2028 695 2029 690 Thereafter 1,993 Total remaining estimated amortization expense $ 6,576

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: As of As of Compensation $ 2,807 $ 3,974 Professional services 535 419 Warranty 325 324 Accrued offering costs — 188 Other 595 812 Total $ 4,262 $ 5,717

Warrant Liabilities (Tables)

Warrant Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Summary of Estimated Fair Value Assumptions of Warrant Liabilities	The fair value of the warrant liabilities was estimated using the following assumptions as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Risk-free interest rate 4.4 % 3.8 % Expected term (years) 3.9 4.4 Expected volatility 55 % 55 % Dividends 0.0 % 0.0 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Summary of Shares Available for Issuance Under 2020 Plan	A summary of the shares available for issuance under the 2020 Plan and Inducement Plan (collectively, the “Incentive Plans”) is as follows: 2020 Plan Inducement Plan Balance at December 31, 2023 294 — Authorized 566 100 Granted/Awarded ( 629 ) ( 8 ) Cancelled/Forfeited 171 — Balance at June 30, 2024 402 92
Summary of Option Award Activity	Option award activity under the Incentive Plans 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, 2023 1,974 $ 5.31 8.0 $ 429 Options granted 38 $ 4.10 Options exercised ( 4 ) $ 2.65 Options cancelled/forfeited ( 126 ) $ 6.34 Outstanding at June 30, 2024 1,882 $ 5.22 7.8 $ 1,199 Vested and expected to vest at June 30, 2024 1,882 $ 5.22 7.8 $ 1,199 Vested and exercisable at June 30, 2024 1,251 $ 5.68 7.7 $ 605
Summary of Stock Options Outstanding and Vested	The following table summarizes information about stock options outstanding and vested as of June 30, 2024: 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 $ 2.15 - $ 3.10 351 8.5 $ 2.66 122 $ 2.66 $ 3.23 422 8.9 $ 3.23 300 $ 3.23 $ 3.27 - $ 5.95 50 9.1 $ 4.51 7 $ 5.90 $ 6.04 409 7.5 $ 6.04 248 $ 6.04 $ 6.07 - $ 8.62 650 6.9 $ 7.43 574 $ 7.44 1,882 7.8 $ 5.22 1,251 $ 5.68
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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Risk-free interest rate 4.3 - 4.6 % 3.5 - 3.9 % 3.9 - 4.6 % 3.5 - 4.2 % Expected term (years) 6 6 6 6 Expected volatility 59 % 70 % 58 - 59 % 70 % Dividends 0.0 % 0.0 % 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 Incentive Plans and the 2020 ESPP in the Company's condensed statements of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue – product $ 3 $ — $ 5 $ — Cost of revenue – product 54 87 105 170 Cost of revenue – service 29 50 58 96 Selling, general and administrative expenses 520 1,498 1,004 2,924 Research and development expenses 77 189 163 360 Total $ 683 $ 1,824 $ 1,335 $ 3,550
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 Remainder of 2024 $ 1,312 2025 1,554 2026 609 2027 332 2028 87 2029 — Total unrecognized stock-based compensation expense $ 3,894
Restricted Stock Units
Summary of Restricted Stock Units Activity	Restricted stock unit and performance stock unit activity under the Incentive Plans is set forth below: Restricted Stock Units Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2023 483 $ 3.04 Restricted stock units granted 600 $ 3.22 Restricted stock units vested ( 149 ) $ 3.24 Restricted stock units cancelled ( 26 ) $ 2.69 Non-vested at June 30, 2024 908 $ 3.14

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Earnings (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 Six Months Ended 2024 2023 2024 2023 Net loss attributable to common stockholders $ ( 9,043 ) $ ( 8,753 ) $ ( 11,200 ) $ ( 13,025 ) Weighted average number of shares of common stock 11,451 10,820 11,419 10,768 Basic and diluted net loss per share $ ( 0.79 ) $ ( 0.81 ) $ ( 0.98 ) $ ( 1.21 )
Schedule of Antidilutive Securities Excluded From Calculation of Diluted Loss Per Share	The Company excluded the following amounts of equity securities from its diluted loss per share calculations for the three and six months ended June 30, 2024 and 2023 because their effect was anti-dilutive: Three and Six Months Ended 2024 2023 Series A Redeemable Convertible Preferred Stock 7,940 7,940 Series A Warrants and Series B Warrants 4,367 4,367 Restricted stock awards and units 905 800 Outstanding stock options 1,882 1,996
Schedule of Anti-Dilutive Weighted Average Shares Excluded From Diluted Loss Per Share Calculation	The anti-dilutive weighted average shares excluded from the diluted loss per share calculations were: Three Months Ended Six Months Ended 2024 2023 2024 2023 Series A Redeemable Convertible Preferred Stock 7,940 4,188 7,940 6,054 Series A Warrants 795 352 840 508 Series B Warrants 448 152 504 219 Restricted stock awards and units 320 851 286 859 Outstanding stock options 1,357 1,732 1,369 1,624 Total 10,860 7,275 10,939 9,264

Overview and Basis of Present_2

Overview and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Overview And Basis Of Presentation [Line Items]
Accumulated deficit	$ (123,091)	$ (111,891)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Product and service revenue	$ 10,684		$ 10,321	$ 19,325	$ 16,944
Selling, general and administrative expenses	6,784		7,854	13,580	14,609
Income tax expense/(benefit) from continuing operations	$ 0		$ 0	$ 0	$ 0
International Distribution Agreement
Summary Of Significant Accounting Policies [Line Items]
Product and service revenue		$ 290
Cost of revenue		301
Selling, general and administrative expenses		$ 119

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Product and service revenue	$ 10,684	$ 10,321	$ 19,325	$ 16,944
United States
Disaggregation Of Revenue [Line Items]
Product and service revenue	7,679	7,105	13,689	11,369
South Korea
Disaggregation Of Revenue [Line Items]
Product and service revenue	304	16	582	25
Europe
Disaggregation Of Revenue [Line Items]
Product and service revenue	1,669	1,983	3,084	3,521
Asia (Excluding South Korea)
Disaggregation Of Revenue [Line Items]
Product and service revenue	988	1,128	1,872	1,836
Other
Disaggregation Of Revenue [Line Items]
Product and service revenue	$ 44	$ 89	$ 98	$ 193

Revenue From Contracts With C_4

Revenue From Contracts With Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue From Contracts With Customers [Line Items]
Lease revenue	$ 1,952	$ 1,691	$ 3,899	$ 3,320
Accounts receivables payment terms			30 days
Interest income on notes receivable	27	$ 20	$ 56	$ 32
Revenue remaining performance obligation amount	$ 30,805		$ 30,805
Minimum
Revenue From Contracts With Customers [Line Items]
Notes receivable interest rate	7%		7%
Maximum
Revenue From Contracts With Customers [Line Items]
Notes receivable interest rate	8%		8%

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	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Contract Balances [Line Items]
Accounts receivable, current	$ 5,893	$ 4,001
Notes receivable, current	337	323
Notes receivable, long-term	1,067	1,279
Deferred revenue, current	1,414	1,349
Notes and Other Receivables, Long-Term, Net
Schedule Of Contract Balances [Line Items]
Notes receivable, long-term	1,067	1,279
Prepaid and Other Current Assets
Schedule Of Contract Balances [Line Items]
Contract asset, current	626	982
Other Long-Term Liabilities
Schedule Of Contract Balances [Line Items]
Deferred revenue, non-current	$ 260	350
Contract liability, non-current		$ 220

Revenue From Contracts With C_6

Revenue From Contracts With Customers - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Beginning balance	$ 62	$ 56
Change in provision for credit losses	(6)	(26)
Write-offs	0	0
Ending balance	$ 56	$ 30

Revenue From Contracts With C_7

Revenue From Contracts With Customers - Summary of Allowance for Notes Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Beginning balance	$ 33	$ 13
Change in provision for credit losses	(4)	24
Write-offs	0	0
Ending balance	$ 29	$ 37

Revenue From Contracts With C_8

Revenue From Contracts With Customers - Schedule of Information About Contract Assets from Contracts with Customers (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Beginning Balance	$ 982	$ 332
Contract assets recognized	671	889
Payments received	(977)	(250)
Write-off due to contract modification	(50)	(146)
Ending Balance	$ 626	$ 825

Revenue From Contracts With C_9

Revenue From Contracts With Customers - Schedule of Information About Deferred Revenue and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue and contract liabilities beginning balance	$ 1,919	$ 935
Billings not yet recognized as revenue	956	1,324
Beginning deferred revenue and contract liabilities recognized as revenue	(987)	(626)
Impairment	(214)
Deferred revenue and contract liabilities ending balance	$ 1,674	$ 1,633

Revenue From Contracts With _10

Revenue From Contracts With Customers - Additional Information (Details 1) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 30,805
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 4,415
Revenue remaining performance obligation expected timing of satisfaction period	6 months
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	$ 8,451
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	$ 6,366
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	$ 5,497
Revenue remaining performance obligation expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 3,949
Revenue remaining performance obligation expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue remaining performance obligation amount	$ 2,127
Revenue remaining performance obligation expected timing of satisfaction period	1 year

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Financial Assets and Liability Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Total assets	$ 12,479	$ 18,096
Liabilities
Warrant derivative liabilities	11,885	8,457
Total liabilities	11,885	8,457
Money market funds
Assets
Total assets	5,319	11,171
U.S. treasury bills
Assets
Total assets	2,497	5,942
Certificates of deposit
Assets
Total assets	1,225	983
U.S. government securities
Assets
Total assets	2,939
U.S. government agency bonds
Assets
Total assets	499
Level 1
Assets
Total assets	11,980	18,096
Level 1 | Money market funds
Assets
Total assets	5,319	11,171
Level 1 | U.S. treasury bills
Assets
Total assets	2,497	5,942
Level 1 | Certificates of deposit
Assets
Total assets	1,225	983
Level 1 | U.S. government securities
Assets
Total assets	2,939
Level 2
Assets
Total assets	499
Level 2 | U.S. government agency bonds
Assets
Total assets	499
Level 3
Liabilities
Warrant derivative liabilities	11,885	8,457
Total liabilities	$ 11,885	$ 8,457

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Financial Assets Measured at Fair Value On Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 12,485	$ 18,092
Unrealized Gains		4
Unrealized Losses	(6)
Fair Value	12,479	18,096
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	5,319	11,171
Fair Value	5,319	11,171
U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		2,989
Unrealized Gains		1
Fair Value		2,990
U.S. treasury bills | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2,497	2,952
Fair Value	2,497	2,952
Certificates of deposit | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	490	490
Unrealized Gains		1
Fair Value	490	491
Certificates of deposit | Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	735	490
Unrealized Gains		2
Fair Value	735	$ 492
U.S. government securities | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2,944
Unrealized Losses	(5)
Fair Value	2,939
U.S. government agency bonds | Long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	500
Unrealized Losses	(1)
Fair Value	$ 499

Fair Value of Financial Instr_5

Fair Value of Financial Instruments (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair value transfers between levels	$ 0	$ 0	$ 0	$ 0

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of Change in the Fair Value of Warrant Liabilities (Details) - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Beginning Balance	$ 8,457
Change in Fair Value	3,428
Fair Value Ending Balance	11,885
Series A Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Beginning Balance	4,462
Change in Fair Value	1,778
Fair Value Ending Balance	6,240
Series B Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Beginning Balance	3,995
Change in Fair Value	1,650
Fair Value Ending Balance	$ 5,645

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Finished Goods	$ 6,418	$ 4,936
Work-in-process	2,351	2,395
Raw Materials	9,164	8,358
Total	$ 17,933	$ 15,689

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Lease revenue	$ 1,952	$ 1,691	$ 3,899	$ 3,320

Intangible Assets - Components

Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 18,762	$ 18,762
Accumulated Amortization	(8,243)	(7,737)
Impairment	(3,943)
Net Carrying Amount	6,576	11,025
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,292	4,292
Accumulated Amortization	(2,520)	(2,360)
Impairment	0
Net Carrying Amount	1,772	1,932
Acquired Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,900	13,900
Accumulated Amortization	(5,153)	(4,807)
Impairment	(3,943)
Net Carrying Amount	4,804	9,093
Acquired Trademarks
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	570	570
Accumulated Amortization	(570)	(570)
Impairment	0
Net Carrying Amount	$ 0	$ 0

Intangible Assets - Component_2

Intangible Assets - Components of Intangible Assets (Parenthetical) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Acquired intangible assets weighted average amortization period	15 years
Impairment of intangible assets	$ 3,943
Write-off of contract liabilities	$ 214
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Acquired intangible assets weighted average amortization period	10 years
Impairment of intangible assets	$ 0
Acquired Technology
Finite Lived Intangible Assets [Line Items]
Acquired intangible assets weighted average amortization period	15 years
Contingent milestone payments		$ 2,400
Estimated recoverable amount	$ 0
Impairment of intangible assets	$ 3,943
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 232	$ 275	$ 506	$ 551

Intangible Assets - Schedule of

Intangible Assets - Schedule of Impairment of Underlying Assets, Remaining Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 464
2025	921
2026	911
2027	902
2028	695
2029	690
Thereafter	1,993
Net Carrying Amount	$ 6,576	$ 11,025

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Compensation	$ 2,807	$ 3,974
Professional services	535	419
Warranty	325	324
Accrued offering costs		188
Other	595	812
Total	$ 4,262	$ 5,717

Warrant Liabilities - Additiona

Warrant Liabilities - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		6 Months Ended
	May 31, 2023	Jun. 30, 2023
Class of Warrant or Right [Line Items]
Warrants to purchase aggregate shares of common stock	4,367
Warrant liability percentage of floor on volatility input	100%
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total	$ 20,000
Proceeds from issuance of warrants	5,605	$ 5,605
Proceeds from issuance of series A redeemable convertible preferred stock	$ 14,395
Series A Warrants
Class of Warrant or Right [Line Items]
Percentage of warrants	50%
Exercise price of warrants	$ 2.45
Series B Warrants
Class of Warrant or Right [Line Items]
Percentage of warrants	50%
Exercise price of warrants	$ 3.0625

Warrant Liabilities - Summary o

Warrant Liabilities - Summary of Estimated Fair Value Assumptions of Warrant Liabilities (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Risk-free interest rate	4.40%	3.80%
Expected term (years)	3 years 10 months 24 days	4 years 4 months 24 days
Expected volatility	55%	55%
Dividends	0%	0%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments And Contingencies Disclosure [Line Items]
Employee retention credit amount recognized	$ 0	$ 0	$ 0	$ 0
Reduction of selling, general and administrative expenses			1,368,000
Supply Agreement
Commitments And Contingencies Disclosure [Line Items]
Purchase obligation	$ 2,242,000		$ 2,242,000

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	May 31, 2023	Jun. 30, 2024	Jun. 30, 2024
Convertible Preferred Stock [line Items]
Offering costs		$ 51	$ 901
General and administrative expenses
Convertible Preferred Stock [line Items]
Offering costs		14	253
Securities Purchase Agreement | Minimum
Convertible Preferred Stock [line Items]
Sale of ownership percentage	50%
Series A Redeemable Convertible Preferred Stock
Convertible Preferred Stock [line Items]
Offering costs		$ 37	$ 648
Series A Redeemable Convertible Preferred Stock | Securities Purchase Agreement
Convertible Preferred Stock [line Items]
Aggregate purchase price of shares	$ 20,000
Aggregate shares	20,000
Number of shares convertible into common stock	7,940,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
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	$ 0	$ 0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 31, 2020	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Feb. 29, 2024	Dec. 31, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted		$ 2.32	$ 2.37
Total fair value of options vested		$ 466	$ 1,001
Total unrecognized compensation expense		$ 1,647	$ 1,647
Total unrecognized compensation expense, weighted-average period of recognition			1 year 10 months 24 days
Dividends		0%	0%	0%
Common stock, shares authorized		150,000,000	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		180,000	180,000
Percentage of outstanding shares of common stock			1%
Exercise price of option on fair value (as a percent)			85%
Common stock, shares authorized		564,000	564,000				340,000
Shares of common stock have been issued to employees			384,000
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 Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense		$ 2,247	$ 2,247
Total unrecognized compensation expense, weighted-average period of recognition			2 years 2 months 12 days
Total fair value of restricted stock awards vested		$ 215	$ 494
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	3,333,000	5,550,000	5,550,000
Percentage of outstanding shares of common stock	5%
Inducement Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved					100,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Shares Available for Issuance Under 2020 Plan (Details)	6 Months Ended
	Jun. 30, 2024 shares
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance	294,000
Authorized	566,000
Granted/Awarded	(629,000)
Cancelled/Forfeited	171,000
Balance	402,000
Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Authorized	100,000
Granted/Awarded	(8,000)
Balance	92,000

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Option Award Activity (Details) - Incentive Award Plan $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding at December 31, 2023 | shares	1,974,000
Options granted | shares	38,000
Options exercised | shares	(4,000)
Options cancelled/forfeited | shares	(126,000)
Outstanding at June 30, 2024 | shares	1,882,000	1,974,000
Vested and expected to vest at June 30, 2024 | shares	1,882,000
Vested and exercisable at June 30, 2024 | shares	1,251,000
Outstanding at beginning of period, Weighted Average Exercise Price | $ / shares	$ 5.31
Options granted, Weighted Average Exercise Price | $ / shares	4.1
Options exercised, Weighted Average Exercise Price | $ / shares	2.65
Options cancelled/forfeited, Weighted Average Exercise Price | $ / shares	6.34
Outstanding at end of period, Weighted Average Exercise Price | $ / shares	5.22	$ 5.31
Vested and expected to vest at June 30, 2024, Weighted Average Exercise Price | $ / shares	5.22
Vested and exercisable at June 30, 2024, Weighted Average Exercise Price | $ / shares	$ 5.68
Options Outstanding, Weighted Average Remaining Contractual Term (in Years)	7 years 9 months 18 days	8 years
Vested and expected to vest at June 30, 2024, Weighted Average Remaining Contractual Term (in Years)	7 years 9 months 18 days
Vested and exercisable at June 30, 2024, Weighted Average Remaining Contractual Term (in Years)	7 years 8 months 12 days
Outstanding at March 31, 2024, Aggregate Intrinsic Value | $	$ 1,199	$ 429
Vested and expected to vest at June 30, 2024, Aggregate Intrinsic Value | $	1,199
Vested and exercisable at June 30, 2024, Aggregate Intrinsic Value | $	$ 605

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock Options Outstanding And Vested (Details) - Stock Option	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, Number | shares	1,882,000
Options outstanding, Weighted average remaining contractual term (in years)	7 years 9 months 18 days
Options outstanding, Weighted average exercise price	$ 5.22
Options vested, Number Exercisable | shares	1,251,000
Options vested, Weighted average exercise price	$ 5.68
Exercise Price $2.15 - $3.10
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 6 months
Options outstanding, Weighted average exercise price	$ 2.66
Options vested, Number Exercisable | shares	122,000
Options vested, Weighted average exercise price	$ 2.66
Exercise price range (lower)	2.15
Exercise price range (upper)	$ 3.1
Exercise Price $3.23
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, Number | shares	422,000
Options outstanding, Weighted average remaining contractual term (in years)	8 years 10 months 24 days
Options outstanding, Weighted average exercise price	$ 3.23
Options vested, Number Exercisable | shares	300,000
Options vested, Weighted average exercise price	$ 3.23
Exercise price range (lower)	$ 3.23
Exercise Price $3.27 - $5.95
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, Number | shares	50,000
Options outstanding, Weighted average remaining contractual term (in years)	9 years 1 month 6 days
Options outstanding, Weighted average exercise price	$ 4.51
Options vested, Number Exercisable | shares	7,000
Options vested, Weighted average exercise price	$ 5.9
Exercise price range (lower)	3.27
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	409,000
Options outstanding, Weighted average remaining contractual term (in years)	7 years 6 months
Options outstanding, Weighted average exercise price	$ 6.04
Options vested, Number Exercisable | shares	248,000
Options vested, Weighted average exercise price	$ 6.04
Exercise price range (lower)	$ 6.04
Exercise Price $6.07 - $8.62
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, Number | shares	650,000
Options outstanding, Weighted average remaining contractual term (in years)	6 years 10 months 24 days
Options outstanding, Weighted average exercise price	$ 7.43
Options vested, Number Exercisable | shares	574,000
Options vested, Weighted average exercise price	$ 7.44
Exercise price range (lower)	6.07
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate, minimum	4.30%	3.50%	3.90%	3.50%
Risk-free interest rate, maximum	4.60%	3.90%	4.60%	4.20%
Expected term (years)	6 years	6 years	6 years	6 years
Expected volatility	59%	70%		70%
Expected volatility, minimum			58%
Expected volatility, maximum			59%
Dividends	0%		0%	0%

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units - Incentive Plans shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at December 31, 2023 | shares	483
Restricted stock units granted | shares	600
Restricted stock units vested | shares	(149)
Restricted stock units cancelled | shares	(26)
Non-vested at March 31, 2024 | shares	908
Non-vested at December 31, 2023 | $ / shares	$ 3.04
Restricted stock units granted | $ / shares	3.22
Restricted stock units vested | $ / shares	3.24
Restricted stock units cancelled | $ / shares	2.69
Non-vested at March 31, 2024 | $ / shares	$ 3.14

Stock-Based Compensation - Su_6

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 683	$ 1,824	$ 1,335	$ 3,550
Sales | Product
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3		5
Cost of Sales | Product
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	54	87	105	170
Cost of Sales | Service
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	29	50	58	96
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	520	1,498	1,004	2,924
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 77	$ 189	$ 163	$ 360

Stock-Based Compensation - Su_7

Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation Expense Expected to be Amortized (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Remainder of 2024	$ 1,312
2025	1,554
2026	609
2027	332
2028	87
Total unrecognized stock-based compensation expense	$ 3,894

Earnings (Loss) per Share - Rec

Earnings (Loss) per Share - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (9,043)	$ (8,753)	$ (11,200)	$ (13,025)
Weighted average number of shares of common stock basic	11,451	10,820	11,419	10,768
Weighted average number of shares of common stock diluted	11,451	10,820	11,419	10,768
Basic net loss per share	$ (0.79)	$ (0.81)	$ (0.98)	$ (1.21)
Diluted net loss per share	$ (0.79)	$ (0.81)	$ (0.98)	$ (1.21)

Earnings (Loss) per Share - R_2

Earnings (Loss) per Share - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Earnings (Loss) Per Share (Parenthetical) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average common stock outstanding	11,451	10,820	11,419	10,768

Earnings (Loss) per Share - Sch

Earnings (Loss) per Share - Schedule of Antidilutive Securities Excluded From Calculation of Diluted Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Series A Redeemable Convertible Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from the calculation of net loss per diluted share	7,940	7,940	7,940	7,940
Series A Warrants and Series B Warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from the calculation of net loss per diluted share	4,367	4,367	4,367	4,367
Restricted Stock Awards and Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from the calculation of net loss per diluted share	905	800	905	800
Outstanding Stock Options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares excluded from the calculation of net loss per diluted share	1,882	1,996	1,882	1,996

Earnings (Loss) per Share - S_2

Earnings (Loss) per Share - Schedule of Anti-Dilutive Weighted Average Shares Excluded From Diluted Loss Per Share Calculation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	10,860	7,275	10,939	9,264
Series A Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	7,940	7,940	7,940	7,940
Series A Redeemable Convertible Preferred Stock | Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	7,940	4,188	7,940	6,054
Series A Warrants | Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	795	352	840	508
Series B Warrants | Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	448	152	504	219
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	905	800	905	800
Restricted Stock Awards and Units | Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	320	851	286	859
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	1,882	1,996	1,882	1,996
Outstanding Stock Options | Weighted Average
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average shares excluded from the calculation of net loss per diluted share	1,357	1,732	1,369	1,624