Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | 10,956,688 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | LNSR | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39473 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 32-0125724 | |
Entity Address, Address Line One | 2800 Discovery Drive | |
Entity Address, City or Town | Orlando | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32826 | |
City Area Code | 888 | |
Local Phone Number | 536-7271 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Product and service revenue | $ 6,987 | $ 6,072 | $ 19,701 | $ 15,579 |
Lease | 1,285 | 1,073 | 3,536 | 2,519 |
Total revenue | 8,272 | 7,145 | 23,237 | 18,098 |
Cost of revenue (exclusive of amortization) | ||||
Total cost of revenue | 4,421 | 3,249 | 11,034 | 8,688 |
Operating expenses | ||||
Selling, general and administrative expenses | 6,523 | 6,290 | 18,076 | 15,110 |
Research and development expenses | 3,184 | 2,005 | 8,936 | 5,010 |
Amortization of intangible assets | 309 | 313 | 931 | 944 |
Operating loss | (6,165) | (4,712) | (15,740) | (11,654) |
Other income (expense) | ||||
Interest expense | (65) | (1,340) | ||
Other income, net | 10 | 14 | 41 | 48 |
Net loss attributable to common stockholders | $ (6,155) | $ (4,763) | $ (15,699) | $ (12,946) |
Net loss per share attributable to common stockholders | ||||
Basic and diluted | $ (0.65) | $ (0.64) | $ (1.69) | $ (4.04) |
Weighted-average number of shares used in calculation of net loss per share: | ||||
Basic and diluted | 9,439 | 7,465 | 9,308 | 3,202 |
Product | ||||
Revenue | ||||
Product and service revenue | $ 6,084 | $ 5,264 | $ 17,298 | $ 13,360 |
Cost of revenue (exclusive of amortization) | ||||
Total cost of revenue | 2,915 | 2,356 | 7,371 | 5,824 |
Service | ||||
Revenue | ||||
Product and service revenue | 903 | 808 | 2,403 | 2,219 |
Cost of revenue (exclusive of amortization) | ||||
Total cost of revenue | 1,058 | 684 | 2,696 | 1,959 |
Lease | ||||
Cost of revenue (exclusive of amortization) | ||||
Total cost of revenue | $ 448 | $ 209 | $ 967 | $ 905 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 32,341 | $ 40,599 |
Accounts receivable, net of allowance of $28 and $19, respectively | 2,797 | 2,012 |
Notes receivable, net of allowance of $8 and $9, respectively | 369 | 444 |
Inventories | 10,152 | 13,473 |
Prepaid and other current assets | 1,000 | 1,857 |
Total current assets | 46,659 | 58,385 |
Property and equipment, net | 1,015 | 832 |
Equipment under lease, net | 5,709 | 3,583 |
Notes and other receivables, long-term, net of allowance of $4 and $9, respectively | 190 | 452 |
Intangible assets, net | 11,179 | 12,110 |
Other assets | 3,349 | 3,758 |
Total assets | 68,101 | 79,120 |
Current liabilities: | ||
Accounts payable | 2,399 | 2,481 |
Accrued liabilities | 4,204 | 4,570 |
Deferred revenue | 922 | 923 |
Other current liabilities | 507 | 493 |
Total current liabilities | 8,032 | 8,467 |
Long-term operating lease liabilities | 2,933 | 3,314 |
Other long-term liabilities | 90 | 129 |
Total liabilities | 11,055 | 11,910 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, par value $0.01 per share, 10,000 shares authorized at September 30, 2021 and December 31, 2020; no shares issued and outstanding at September 30, 2021 and December 31, 2020 | ||
Common stock, par value $0.01 per share, 150,000 shares authorized at September 30, 2021 and December 31, 2020; 10,957 and 10,933 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 110 | 109 |
Additional paid-in capital | 130,628 | 125,094 |
Accumulated deficit | (73,692) | (57,993) |
Total stockholders’ equity | 57,046 | 67,210 |
Total liabilities and stockholders’ equity | $ 68,101 | $ 79,120 |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 28 | $ 19 |
Notes receivable, allowance | 8 | 9 |
Notes and other receivables, long-term, allowance | $ 4 | $ 9 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 10,957,000 | 10,933,000 |
Common stock, shares outstanding | 10,957,000 | 10,933,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |||
Cash flows from operating activities | |||||||
Net loss | $ (15,699) | $ (12,946) | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation | 1,063 | 1,035 | |||||
Amortization of intangible assets | $ 309 | $ 313 | 931 | 944 | |||
Non-cash operating lease cost | 388 | 377 | |||||
Provision for expected credit losses | 3 | 28 | |||||
Write-down of inventory | 307 | ||||||
Loss on disposal of property and equipment | 133 | 27 | |||||
Stock-based compensation expense | 5,323 | 3,910 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (794) | 912 | |||||
Prepaid and other current assets | 856 | (123) | |||||
Inventories | (271) | (8,126) | |||||
Accounts payable | (103) | 772 | |||||
Accrued liabilities | (324) | (70) | |||||
Other | (43) | 1,466 | |||||
Net cash used in operating activities | (8,230) | (11,794) | |||||
Cash flows from investing activities | |||||||
Purchase of property and equipment | (198) | (261) | |||||
Proceeds from sale of property and equipment | 40 | ||||||
Net cash used in investing activities | (198) | (221) | |||||
Cash flows from financing activities | |||||||
Contributions from PDL | 2,366 | ||||||
Distributions to PDL | (1,862) | ||||||
Proceeds from note payable due to related party | 12,400 | ||||||
Sale of common stock to PDL | 16,431 | ||||||
Capital contribution from PDL | 20,666 | ||||||
Proceeds from issuance of common stock under employee stock purchase plan | 170 | ||||||
Net cash provided by financing activities | 170 | 50,001 | |||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (8,258) | 37,986 | |||||
Cash, cash equivalents and restricted cash at beginning of the period | [1] | 40,599 | 4,715 | $ 4,715 | |||
Cash and cash equivalents at end the period | $ 32,341 | $ 42,701 | 32,341 | 42,701 | $ 40,599 | [1] | |
Supplemental cash flow information | |||||||
Cash paid for interest | 478 | ||||||
Cash paid for taxes | 19 | ||||||
Supplemental schedule of non-cash investing and financing activities | |||||||
Transfer from Inventories to Equipment under lease, net | $ 3,285 | 2,521 | |||||
Phantom stock liability settled with common stock | 783 | ||||||
Modification of phantom stock-based awards | 306 | ||||||
Common stock issued to extinguish Series A Preferred Stock | 37,246 | ||||||
Common stock issued to extinguish note payable to PDL | $ 32,633 | ||||||
[1] | Includes restricted cash of $100 as of December 31, 2019. |
CONDENSED STATEMENTS OF CASH _2
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) $ in Thousands | Dec. 31, 2019USD ($) |
Statement Of Cash Flows [Abstract] | |
Restricted cash | $ 100 |
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other assets |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Beginning Balance at Dec. 31, 2019 | $ (30,553) | $ (34) | $ 11 | $ 7,621 | $ (38,185) | $ (34) |
Beginning Balance, Shares at Dec. 31, 2019 | 1,070 | |||||
Accounting Standards Update [Extensible List] | ASC 326 | |||||
Contributions from PDL | $ 1,519 | 1,519 | ||||
Distributions to PDL | (97) | (97) | ||||
Settlement of phantom stock-based awards | 783 | 783 | ||||
Net loss | (3,686) | (3,686) | ||||
Ending Balance at Mar. 31, 2020 | (32,068) | $ 11 | 9,826 | (41,905) | ||
Ending Balance, Shares at Mar. 31, 2020 | 1,070 | |||||
Contributions from PDL | 290 | 290 | ||||
Net loss | (4,497) | (4,497) | ||||
Ending Balance at Jun. 30, 2020 | (36,275) | $ 11 | 10,116 | (46,402) | ||
Ending Balance, Shares at Jun. 30, 2020 | 1,070 | |||||
Impact from recapitalization transactions | 69,879 | $ 62 | 69,817 | |||
Impact from recapitalization transactions, Shares | 6,221 | |||||
Sale of common stock to PDL | 16,431 | $ 15 | 16,416 | |||
Sale of common stock to PDL, Shares | 1,496 | |||||
Capital contribution from PDL | 20,666 | 20,666 | ||||
Issuance of common stock | $ 18 | (18) | ||||
Issuance of common stock, Shares | 1,847 | |||||
Stock-based compensation | 3,857 | 3,857 | ||||
Contributions from PDL | 609 | 609 | ||||
Distributions to PDL | (1,764) | (1,764) | ||||
Modification of phantom stock-based awards | 306 | 306 | ||||
Net loss | (4,763) | (4,763) | ||||
Ending Balance at Sep. 30, 2020 | 68,946 | $ 106 | 120,005 | (51,165) | ||
Ending Balance, Shares at Sep. 30, 2020 | 10,634 | |||||
Beginning Balance at Dec. 31, 2020 | 67,210 | $ 109 | 125,094 | (57,993) | ||
Beginning Balance, Shares at Dec. 31, 2020 | 10,933 | |||||
Stock-based compensation | 2,301 | 2,301 | ||||
Net loss | (5,182) | (5,182) | ||||
Ending Balance at Mar. 31, 2021 | 64,329 | $ 109 | 127,395 | (63,175) | ||
Ending Balance, Shares at Mar. 31, 2021 | 10,933 | |||||
Beginning Balance at Dec. 31, 2020 | $ 67,210 | $ 109 | 125,094 | (57,993) | ||
Beginning Balance, Shares at Dec. 31, 2020 | 10,933 | |||||
Accounting Standards Update [Extensible List] | ASU 2019-12 | |||||
Ending Balance at Sep. 30, 2021 | $ 57,046 | $ 110 | 130,628 | (73,692) | ||
Ending Balance, Shares at Sep. 30, 2021 | 10,957 | |||||
Beginning Balance at Mar. 31, 2021 | 64,329 | $ 109 | 127,395 | (63,175) | ||
Beginning Balance, Shares at Mar. 31, 2021 | 10,933 | |||||
Issuance of common stock under the 2020 ESPP | 170 | $ 1 | 169 | |||
Issuance of common stock under the 2020 ESPP, Shares | 24 | |||||
Stock-based compensation | 1,491 | 1,491 | ||||
Net loss | (4,362) | (4,362) | ||||
Ending Balance at Jun. 30, 2021 | 61,628 | $ 110 | 129,055 | (67,537) | ||
Ending Balance, Shares at Jun. 30, 2021 | 10,957 | |||||
Stock-based compensation | 1,573 | 1,573 | ||||
Net loss | (6,155) | (6,155) | ||||
Ending Balance at Sep. 30, 2021 | $ 57,046 | $ 110 | $ 130,628 | $ (73,692) | ||
Ending Balance, Shares at Sep. 30, 2021 | 10,957 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Note 1. Overview and Basis 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 astigmatisms to achieve improved vision outcomes for patients. The Company’s revenue is derived from the sale and lease of the LENSAR Laser System, 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. In September 2020, the Company’s former parent entity, PDL BioPharma, Inc. (“PDL”) announced its plans to pursue a separation and distribution of its medical device segment, which was solely comprised of its majority-owned subsidiary, LENSAR. On October 1, 2020, the previously planned spin-off was completed in the form of a dividend involving the distribution of substantially all outstanding shares of LENSAR common stock owned by PDL to holders of PDL common stock (“Spin-Off” or the “Distribution”). The Distribution was made to PDL’s stockholders of record as of the close of business on September 22, 2020 (the “Record Date”) and such stockholders received 0.075879 shares of LENSAR common stock for one PDL common share held as of close of business on the Record Date. Prior to the Distribution, PDL owned approximately 81.5% of LENSAR common stock. Following the completion of the distribution, PDL did not own any equity interest in LENSAR. LENSAR became an independent public company whose stock is listed and trading under the symbol “LNSR” on the Nasdaq Stock Market (“Nasdaq”). On September 10, 2020, the Company amended its amended and restated certificate of incorporation to effect a one-for-nine All issued and outstanding shares of common stock, other common stock share numbers, equity awards and per share amounts contained in the condensed financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented. The Company has incurred recurring losses and operating cash outflows since its inception and, as of September 30, 2021, had an accumulated deficit of $73,692. The Company expects to continue to incur losses and cash outflows from operating activities for the foreseeable future. In addition, the Company’s results of operations, financial condition and cash flows have been adversely affected by the COVID-19 pandemic, including supply chain shortages and price increases. The extent to which the COVID-19 outbreak will further negatively impact the Company’s business or operating results cannot be determined with certainty at this time. In geographies in which the Company or its customers, partners and service providers operate, health concerns as well as political or governmental developments in response to COVID-19 could result in further economic, social or labor instability or prolonged contractions in the industries in which the Company’s customers or partners operate, slow the sales process, result in customers not purchasing or renewing the Company’s products or failing to make payments, and could otherwise have a material adverse effect on the Company’s business and results of operations and financial condition. The Company has also experienced some supply chain disruptions and unavailability of various component parts needed for the LENSAR Laser System and the development of the ALLY Adaptive Cataract Treatment System as a result of COVID-19, including increasing lead times required for the ordering of component parts to ensure timely delivery. To date, the Company has maintained sufficient inventory to mitigate adverse impact from such disruptions and unavailability; however, the Company is continuing to monitor developments with respect to such disruptions and their potential impact on the Company’s business, results of operations and financial condition. During 2020, PDL and the Company entered into a series of recapitalization transactions and capital contribution transactions as described below. Management believes the Company’s cash and cash equivalents on hand provide sufficient liquidity to meet the Company’s projected obligations for a period of at least twelve months from the date of issuance of these financial statements. The Company anticipates submitting an application for 510(k) clearance of the Company’s next generation ALLY Adaptive Cataract Treatment System to the United States Food and Drug Administration (“FDA”) by the end of the first quarter of 2022. As the Company gets closer to the planned commercial launch of the ALLY Adaptive Cataract Treatment System anticipated to be later in 2022, it expects selling, general and administrative expenses to increase from current levels. Clearance of the ALLY Adaptive Cataract Treatment System and its subsequent anticipated launch in 2022 is contingent on the regulatory review and discretion of the FDA and is not entirely within the Company’s control. The Company’s liquidity needs will be largely determined by the success of its operations regarding the successful commercialization of its existing products and the progression, clearance and launch of the ALLY Adaptive Cataract Treatment System in the future. The Company expects it will need to raise additional capital through equity or debt financings or from other sources to continue its operations beyond 2022. 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. Description of the Recapitalization Transactions and Capital Contributions On July 10, 2020, the Company amended and restated its certificate of incorporation to, among other things, (a) increase the number of shares of common stock ($0.01 par value per share) the Company is authorized to issue to 150,000 shares and (b) issue to PDL a total of 3,415 shares of the Company’s common stock in exchange for the extinguishment of all 30 shares of the Company’s Series A Preferred Stock, including any accrued and unpaid dividends thereon (the “Series A Preferred Stock Recapitalization”). On July 13, 2020, the Company and PDL entered into a contribution and exchange agreement whereby the Company issued to PDL a total of 2,806 shares of the Company’s common stock in exchange for the extinguishment of the $32,600 outstanding that the Company owed PDL under the loan agreement (the “Note Payable Recapitalization”). The Series A Preferred Stock Recapitalization, together with the Note Payable Recapitalization, is defined as the “Recapitalization Transactions”. The Recapitalization Transactions resulted in the issuance of 6,221 shares of common stock with a fair value of $67,188 to extinguish an aggregate of $69,879 carrying value of liabilities recognized for the Series A Preferred Stock inclusive of accumulated dividend and loans outstanding under the loan agreement inclusive of accrued interest, resulting in an approximate $2,691 extinguishment gain recorded in additional paid-in capital during the year ended December 31, 2020. The estimated fair value of the common stock was determined by the board of directors, with input from management. In the absence of a public trading market for the common stock, the Company developed an estimate of the fair value of the common stock based on the information known as of the date of the Recapitalization Transactions, upon a review of any recent events and their potential impact on the estimated fair value, and valuations from an independent third-party valuation firm. Valuations of the Company’s common stock were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, or the Practice Aid. In evaluating the fair value of common stock, the Company first established the enterprise value of the Company using generally accepted valuation methodologies including discounted cash flow analysis, comparable public company analysis and comparable acquisitions analysis. Then the Company allocated the equity value among the fully diluted shares outstanding as a result of the Recapitalization Transactions. On July 21, 2020, the Company issued an additional 740 shares of common stock to PDL in exchange for $8,000 in cash (the “Capital Contribution”). On August 24, 2020, the Company received cash of $29,000 from PDL (the “Additional Capital Contribution”). The Company issued 747 shares of common stock to PDL in exchange for $8,334. The remaining $20,666 was a cash contribution from PDL. On September 29, 2020, the Company issued an additional nine shares of additional common stock to PDL in exchange for $97 in cash. Basis of Presentation These condensed financial statements of the Company are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information and, therefore, omit or condense certain footnotes and other information normally included. The condensed financial statements include all adjustments (consisting only of normal recurring adjustments), that management of the Company believes are necessary for a fair statement of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year. The December 31, 2020 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, 2020, included in the Annual Report on Form 10-K (the “Annual Report”) as filed with the SEC. Prior to the Spin-Off, these condensed financial statements were prepared on a stand-alone basis derived from the unaudited condensed consolidated financial statements and accounting records of PDL and are presented as if LENSAR had been operating as a stand-alone company for all periods presented. These condensed financial statements exclude the assets, liabilities, revenue and expenses directly attributable to LENSAR’s wholly-owned subsidiary, PDL Investment Holdings, LLC (“PDLIH”). On August 20, 2020, the Company distributed 100% of its ownership interest in its wholly-owned subsidiary, PDLIH, to PDL. This distribution did not result in U.S. Federal or State income tax effects due to an election made by the Company and PDL following the Company’s separation from PDL under Internal Revenue Code (“IRC”) Section 336(e), which provides for a recharacterization of the distribution of stock as a deemed sale of assets for tax purposes. This election was made following the Spin-Off of all outstanding shares of LENSAR common stock owned by PDL to holders of PDL common stock. For periods following the Spin-Off, these financial statements were prepared on a stand-alone basis from the Company’s accounting records. During the periods prior to the Spin-Off presented in these financial statements, the operations of the Company were included in the consolidated U.S. federal and state income tax returns filed by PDL. Income tax expense and other income tax related information contained in the financial statements for those periods are presented on a separate return basis as if the Company had filed its own tax returns. For income tax purposes, LENSAR and PDL jointly made an election under IRC Section 336(e), which provides for a recharacterization of the Distribution of stock as a deemed sale of assets. This election was made following the Spin-Off and was effective as of October 2, 2020. As a result of this election, LENSAR’s research and development credits and net operating losses remained with PDL, and LENSAR recorded a tax-basis step up adjustment to reflect the fair value of all assets and liabilities on the date of the Spin-Off for tax purposes. In periods following the Spin-Off, LENSAR will file federal and state tax returns separate from PDL. The deferred income taxes of the Company as presented in these financial statements for periods prior to the Spin-Off, including tax attributes such as net operating losses or credit carryforwards, may not be indicative of the deferred tax assets available to the Company. For periods following the Spin-Off, tax attributes and deferred tax assets are indicative of LENSAR’s status as a separate Company for federal and state tax return filing purposes. Prior to the Spin-Off, the assets, liabilities, revenue and expenses directly attributable to the Company’s operations have been reflected in these condensed financial statements on a historical cost basis, as included in the consolidated financial statements of PDL. The condensed statements of operations include expenses for certain corporate support functions that were provided by PDL such as administration and organizational oversight; including employee benefits, finance and accounting, treasury and risk management, professional and legal services, among others. These expenses have been allocated to the Company on the basis of direct usage when identifiable, with the remainder allocated on a proportional basis of expenses of the Company and PDL. Management of the Company and PDL considered the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company during the periods presented. These allocations may not be reflective of the expenses that would have been incurred had the Company operated as a separate, unaffiliated entity apart from PDL. Actual costs that would have been incurred if LENSAR had been a stand-alone, public company would depend on multiple factors, including the chosen organizational structure and strategic decisions made in various areas, including information technology and infrastructure. Following its separation on October 1, 2020, the Company performs these functions using its own resources or purchased services. For an interim period in 2021, however, some of these functions were provided by PDL as the Company entered into a transition service agreement with PDL in connection with the separation. The Company was historically funded as part of PDL’s treasury program prior to the Spin-Off. Cash and restricted cash managed through bank accounts legally owned by PDL at the corporate level were not attributable to the Company for any of the periods presented. Only cash and restricted cash legally owned by the Company are reflected in the condensed balance sheets. All significant transactions between the Company and PDL were considered to be effectively settled for cash at the time the transaction was recorded, unless otherwise noted. Such transfers of cash to and from PDL have been included in these condensed financial statements as a component of equity in the condensed balance sheets and as a financing activity in the condensed statements of cash flows, unless otherwise noted. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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 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, cost allocations from PDL (prior to the Spin-Off), revenue recognition and allowance for expected credit losses, the valuation of notes receivable and inventory, the assessment of recoverability of intangible assets and their estimated useful lives, the valuation and recognition of stock-based compensation, operating lease right-of-use assets and liabilities, and the recognition and measurement of current and deferred income tax assets and liabilities. Management evaluates its estimates on an ongoing basis as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s future business, results of operations and financial condition, including revenue, expenses, reserves, allowances, and its workforce will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on domestic and international customers and markets. The Company has made estimates of the impact of COVID-19 within its condensed financial statements and there may be changes to those estimates in future periods. As of the date of issuance of these unaudited condensed interim financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Fair Value Measurement The fair value of the Company’s financial instruments are estimates of the amounts that would be received if the Company were to sell an asset or the Company paid to transfer a liability in an orderly transaction between market participants at the measurement date or exit price. The assets and liabilities are categorized and disclosed in one of the following three categories: • Level 1—based on quoted market prices in active markets for identical assets and liabilities. • Level 2—based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—based on unobservable inputs using management’s best estimate and assumptions when inputs are unavailable. Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The carrying value of the Company’s cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities approximate the fair value based on the short-term maturities of these instruments. The carrying value of the Company’s notes receivable also approximates the fair value based on the associated credit risk. Income Taxes Income tax expense/(benefit) from continuing operations for the three and nine months ended September 30, 2021 and 2020 was $0 In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. The enactment of the CARES Act did not have a material effect on current income tax expense or the realizability of deferred income tax assets. The Company will monitor additional guidance and impact that the CARES Act and other potential legislation may have on its income taxes. Adopted Accounting Pronouncement In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC Topic 740, Income Taxes, and also clarifies and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021 on a prospective basis. The adoption did not have an effect on the condensed financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted The Company reviewed recent pronouncements issued by the FASB and other authoritative standards groups with future effective dates and concluded the pronouncements are either not applicable to the Company or are not expected to have a material impact on the Company’s financial position or results of operations. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
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 nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 3,521 $ 3,119 $ 10,901 $ 7,559 South Korea 1,165 642 3,353 2,048 Europe 908 761 2,718 2,301 Asia (excluding South Korea) 1,278 1,463 2,453 3,447 Other 115 87 276 224 Total 1 $ 6,987 $ 6,072 $ 19,701 $ 15,579 1 Leases Contract Balances The following table provides information about receivables and contract liabilities from contracts with customers: Classification As of September 30, 2021 As of December 31, 2020 Accounts receivable, current Accounts receivable, net $ 2,797 $ 2,012 Notes receivable, current Notes receivable, net $ 369 $ 444 Notes receivable, long-term Notes and other receivables, long-term, net $ 190 $ 452 Contract liability, current Deferred revenue $ 922 $ 923 Contract liability, non-current Other long-term liabilities $ 87 $ 128 Accounts Accounts receivables, net, include amounts billed and due from customers. The amounts due are stated at their net estimated realizable value and are classified as current or noncurrent based on the timing of when the Company expects to receive payment. Most customers are on pre-paid or 30-day payment terms, depending on the product purchased. The Company maintains an allowance for expected credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer credit worthiness, historical payment experience, the age of outstanding receivables, collateral to the extent applicable and reflects the possible impact of current conditions and reasonable forecasts not already reflected in historical loss information. The following table summarizes the activity in the allowance for accounts receivable: Amount Accounts receivable, allowance for credit losses as of December 31, 2020 $ 19 Provision for credit losses 9 Write-offs — Accounts receivable, allowance for credit losses as of September 30, 2021 $ 28 Accounts receivable, allowance for credit losses as of January 1, 2020 $ — Impact of adoption of ASC 326 15 Provision for credit losses 28 Write-offs (20 ) Accounts receivable, allowance for credit losses as of September 30, 2020 $ 23 Notes Receivables, Net – Notes receivable, net includes amounts billed and due from customers under extended payment terms with a significant financing component. Interest rates on notes receivable range from 5.0% to 5.75%. The Company recorded interest income on notes receivable during the three months ended September 30, 2021 and 2020 of $8 and $13, respectively, and during the nine months ended September 30, 2021 and 2020 of $27 and $42, respectively. The following table summarizes the activity in the allowance for notes receivable: Amount Notes receivable, allowance for credit losses as of December 31, 2020 $ 18 Provision for credit losses (6 ) Write-offs — Notes receivable, allowance for credit losses as of September 30, 2021 $ 12 Notes receivable, allowance for credit losses as of January 1, 2020 $ — Impact of adoption of ASC 326 19 Provision for credit losses 1 Write-offs — Notes receivable, allowance for credit losses as of September 30, 2020 $ 20 Contract Liabilities – The Company’s contract liabilities consist of deferred revenue related to services and products sold to customers for which the performance obligation has not been completed by the Company. The Company classifies deferred revenue as current or noncurrent based on the timing of when it expects to recognize revenue. The noncurrent portion of deferred revenue is included in other long-term liabilities in the Company’s condensed balance sheets. The following table provides information about contract liabilities from contracts with customers: Amount Contract liabilities as of December 31, 2020 $ 1,051 Billings not yet recognized as revenue 784 Beginning contract liabilities recognized as revenue (826 ) Contract liabilities as of September 30, 2021 $ 1,009 Contract liabilities as of December 31, 2019 $ 895 Billings not yet recognized as revenue 658 Beginning contract liabilities recognized as revenue (670 ) Contract liabilities as of September 30, 2020 $ 883 Transaction Price Allocated to Future Performance Obligations At September 30, 2021, 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 $7,412. The Company expects to satisfy its remaining performance obligations by December 31, 2026, with $1,420 to be satisfied by December 31, 2021, $3,851 to be satisfied by December 31, 2022, $1,651 to be satisfied by December 31, 2023 and $490 to be satisfied thereafter. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with original expected lengths of one year or less or (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for the products delivered or services performed. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4. Inventories Inventory balances were as follows: As of September 30, 2021 As of December 31, 2020 Finished Goods $ 7,865 $ 10,551 Work-in-progress 214 319 Raw Materials 2,073 2,603 Total $ 10,152 $ 13,473 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 5. Leases Lessor Arrangements The Company has operating leases for the LENSAR Laser System. The Company’s leases have remaining lease terms of less than one year to three years. Lease revenue for the three and nine months ended September 30, 2021 and 2020 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease revenue $ 1,285 $ 1,073 $ 3,536 $ 2,519 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 6. Intangible Assets The components of intangible assets were as follows: As of September 30, 2021 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships 1,2 $ 4,292 $ (1,597 ) $ 2,695 $ 4,292 $ (1,326 ) $ 2,966 Acquired technology 1,3 11,500 (3,083 ) 8,417 11,500 (2,508 ) 8,992 Acquired trademarks 1 570 (503 ) 67 570 (418 ) 152 $ 16,362 $ (5,183 ) $ 11,179 $ 16,362 $ (4,252 ) $ 12,110 1 Certain intangible assets were established upon PDL’s acquisition of LENSAR in May 2017. They are being amortized on a straight-line basis over a period of 15 years. The intangible assets for customer relationships are amortized on a straight-line basis or a double declining basis over their estimated useful lives up to 20 years based on the method that better represents the economic benefits to be obtained. 2 LENSAR acquired certain intangible assets for customer relationships from a domestic distributor in an asset acquisition, which are being amortized on a straight-line basis over a period of 10 years. 3 LENSAR acquired certain intangible assets from a medical technology company in an asset acquisition, which are being amortized on a straight-line basis over a period of 15 years. Amortization expense for three months ended September 30, 2021 and 2020 was $309 and $313, respectively, and for the nine months ended September 30, 2021 and 2020 was $931 and $944, respectively. Based on the intangible assets recorded at September 30, 2021, 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 2021 $ 309 2022 1,149 2023 1,097 2024 1,085 2025 1,074 2026 1,064 Thereafter 5,401 Total remaining estimated amortization expense $ 11,179 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities Current [Abstract] | |
Accrued Liabilities | Note 7. Accrued Liabilities Accrued liabilities consist of the following: As of September 30, 2021 As of December 31, 2020 Compensation $ 2,911 $ 2,971 Professional services 532 $ 1,271 Warranty 35 79 Other 726 249 Total $ 4,204 $ 4,570 |
Series A Preferred Stock
Series A Preferred Stock | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Series A Preferred Stock | Note 8. Series A Preferred Stock The Company authorized and issued 30 shares of Series A Preferred Stock, par value $0.01 to PDL in May 2017. The Series A Preferred Stock had an aggregate liquidation preference of $30,000 (“stated value”), plus all accumulated and unpaid dividends (whether or not declared). Dividends on each share of Series A Preferred Stock initially accrued on an annual basis at a rate of 15.0 % per annum of the stated value, and subsequently decreased to 5.0 % per annum of the stated value effective January 1, 2019 as amended in December 2018. Dividends were to be payable when and if declared by the board of directors. No dividends were declared by the board of directors from the time of issuance to the Series A Preferred Stock Recapitalization. Prior to the Series A Preferred Stock Recapitalization, the Series A Preferred Stock was accounted for as a liability on the Company’s condensed balance sheets because it was mandatorily redeemable. Upon completion of the Series A Preferred Stock Recapitalization, the Company does not currently have any shares of Series A Preferred Stock outstanding. See Note 1, Overview and Basis of Presentation . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Purchase Obligation LENSAR entered into various supply agreements for the manufacture and supply of certain components. The supply agreements commit LENSAR to a remaining minimum purchase obligation of approximately $328 by December 31, 2022. Royalty and Milestone Payments In connection with the acquisition of certain intellectual property the Company could be required to make milestone payments in the amount of $2,400, which are contingent upon the regulatory approval and commercialization of the ALLY Adaptive Cataract Treatment System ALLY Adaptive Cataract Treatment System Legal Matters The medical device market in which LENSAR participates is largely technology driven. As a result, intellectual property rights, particularly patents and trade secrets, play a significant role in product development and differentiation. The Company makes provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Management believes that there are currently no claims or legal actions that would reasonably be expected to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 10. 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 nine months ended September 30, 2021 and 2020. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 11. Stock-Based Compensation Stock-Based Incentive The 2020 Plan On July 9, 2020, the Board of Directors approved the LENSAR Inc. 2020 Incentive Award Plan (the “2020 Plan”). The 2020 Plan provides for the grant of stock options, restricted stock, restricted stock unit awards and other stock-based awards to recipients. The amount and terms of grants are determined by the Company’s Board of Directors or a duly authorized committee thereof. Participants must pay the Company, or make provisions to pay, any required withholding taxes by the date of the event creating the tax liability. Participants may satisfy the tax liability in cash or in stock. A total of 3,333 shares of common stock were initially reserved for issuance pursuant to the 2020 Plan. The number of shares available for issuance under the 2020 Plan includes an annual increase on the first day of each fiscal year beginning fiscal 2021, equal to the lesser of (i) 5% of the aggregate number of shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as determined by the Board of Directors. As of September 30, 2021 the Company has reserved 3,880 shares of common stock for issuance under the 2020 Plan. A summary of the shares available for issuance under the 2020 Plan is as follows: Number of Shares Balance at December 31, 2020 1,188 Authorized 547 Granted/Awarded (672 ) Cancelled 20 Balance at September 30, 2021 1,083 Stock Options The exercise price of incentive stock options (“ISOs”) and nonqualified stock options (“NSOs”) shall not be less than 100% of the fair market value on the grant date of the option and the term may not exceed 10 years. The exercise price of ISOs granted to a 10% stockholder shall not be less than 110% of the estimated fair market value on the grant date of the option and the term may not exceed five years. To date, options have a term of 10 years and generally vest over one to four years from the grant date. Option award activity under the 2020 Plan is set forth below: Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2020 — $ — — $ — Options granted 672 $ 7.59 Options exercised — $ — Options cancelled (20 ) $ 8.27 Outstanding at September 30, 2021 652 $ 7.57 9.5 $ 219 Vested and expected to vest at September 30, 2021 652 $ 7.57 9.5 $ 219 Vested and exercisable at September 30, 2021 60 $ 7.77 9.6 $ 7 The weighted average grant date fair value of options granted during the three and nine months ended September 30, 2021 was $5.47 and $4.85, respectively. The total fair value of options vested during the three and nine months ended September 30, 2021 was approximately $202 and $300, respectively. Total unrecognized compensation expense of $2,496 related to stock options will be recognized over a weighted average period of 2.8 years. The Company estimated the fair value of stock-options using the Black-Scholes option pricing model. The fair value of employee and non-employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee and non-employee stock options was estimated using the following assumptions for the three and nine months ended September 30, 2021: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Risk-free interest rate 0.8 - 1.1% 0.6 - 1.1% Expected term (years) 6 6 Expected volatility 73% 72 - 73% Dividends 0.0% 0.0% Expected term : The expected term for the Company’s stock-based compensation awards was based on an index of the expected terms of a group of comparable publicly-traded medical device and other peer companies, which the Company believed was representative of the expected term of its awards. Risk-free interest rate : The risk-free interest rate was based on the rates paid on securities issued by the U.S. Treasury with a term approximating the expected term. Expected volatility : The expected volatility for the Company’s stock-based compensation awards was based on an index of the historical volatilities of a group of comparable publicly-traded medical device and other peer companies, which the Company believed was representative of the volatility of its common stock. Expected dividend yield : The Company does not intend to pay dividends for the foreseeable future. Accordingly, the Company used a dividend yield of zero in the assumptions. Restricted Stock Awards Restricted stock has the same rights as other issued and outstanding shares of the Company’s common stock. The compensation expense related to these awards is determined using the fair market value of the Company’s common stock on the date of the grant. Under the Company’s restricted stock plans, restricted stock awards typically vest over three years and compensation expense associated with these awards is recognized on a straight-line basis over the vesting period. Restricted stock award activity under the 2020 Plan is set forth below: Restricted Stock Awards Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2020 2,050 $ 10.30 Restricted stock awards granted — $ — Restricted stock awards vested (598 ) $ 10.34 Restricted stock awards cancelled — $ — Non-vested at September 30, 2021 1,452 $ 10.28 The total fair value of restricted stock awards vested during the three and nine months ended September 30, 2021 was approximately $1,235 and $6,182, respectively. At September 30, 2021 there was approximately $8,671 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 1.1 years. The number of restricted stock awards that are expected to vest are as follows: 120 in the quarter ending December 31, 2021; 338 in the quarter ending March 31, 2022; 140 in the quarter ending June 30, 2022; 113 in the quarter ending September 30, 2022; 113 in the quarter ending December 31, 2022; 237 in the quarter ending March 31, 2023; 136 in the quarter ending June 30, 2023; 180 in the quarter ending September 30, 2023; and 75 in the quarter ending December 31, 2023. These are based on restricted stock awards outstanding at September 30, 2021 and assumes the requisite service period is fulfilled for all awards outstanding. Actual vesting in future periods may vary from those reflected above. 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 are reserved for issuance and will be increased 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. 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 IRC. As of September 30, 2021, 24 shares of common stock have been issued to employees participating in the 2020 ESPP and 316 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. Phantom Stock Plan LENSAR had a phantom stock plan under which it granted phantom stock units to LENSAR directors and employees. In connection with the Company’s issuance of stock awards under the 2020 Plan, all remaining outstanding awards under the Phantom Stock Plan were cancelled, and no further awards are outstanding under such plan. The following table sets forth the total stock-based compensation expense recognized under the 2020 Plan, the 2020 ESPP and the Phantom Stock Plan in the Company’s condensed statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue – product $ 46 $ 130 $ 168 $ 130 Cost of revenue – service 27 70 95 70 Selling, general and administrative expenses 1,373 3,179 4,580 3,267 Research and development expenses 127 370 480 370 Total $ 1,573 $ 3,749 $ 5,323 $ 3,837 Total unrecognized stock-based compensation expense is expected to be amortized as follows: Fiscal Year Amount Remainder of 2021 $ 1,500 2022 5,606 2023 3,495 2024 469 2025 97 Thereafter — Total unrecognized stock-based compensation expense $ 11,167 The amounts included in this table are based on restricted stock awards and stock options outstanding at September 30, 2021 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. PDL Equity Incentive Plan PDL had equity incentive plans under which it granted equity awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance share and performance unit awards, deferred compensation awards and other stock-based or cash-based awards. PDL granted awards to one LENSAR employee, which consisted of restricted stock awards. There were no other grants to LENSAR employees of any other award types under PDL’s equity incentive plan. Stock-based compensation expense related to the PDL awards for the three months ended September 30, 2021 and 2020 was approximately $0 and $15, respectively, The total fair value of restricted stock awards vested during the nine months ended September 30, 2021 and 2020 was approximately $0 and $65, respectively. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 12. Net Loss per Share The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted net loss per share calculations: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss attributable to common stockholders $ (6,155 ) $ (4,763 ) $ (15,699 ) $ (12,946 ) Weighted average number of shares of common stock 9,439 7,465 9,308 3,202 Basic and diluted net loss per share $ (0.65 ) $ (0.64 ) $ (1.69 ) $ (4.04 ) The Company applied the two-class method for calculating net loss per share. The two-class method is an allocation of losses between the holders of common stock and the Company’s participating securities. Net loss attributable to common stockholders is computed by deducting the dividends accumulated for the period on the Series A Preferred Stock from the Company’s net loss. Interest expense on the Series A Preferred Stock is calculated using the effective interest method. The adjustment, if any, to the net loss is the portion of the cumulative dividends in excess of the interest expense on the Series A Preferred Stock. There were no cumulative dividends in excess of interest expense during the three and nine months ended September 30, 2021 and 2020. The Company’s basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. As the Company has reported a net loss for all periods presented, basic and diluted net loss per share attributable to common stockholders are the same for those periods. The Company excluded 1,452 shares of underlying unvested restricted stock awards and 652 outstanding stock options for the three and nine months ended September 30, 2021 and 1,847 shares of underlying unvested restricted stock awards and 0 outstanding stock options for the three and nine months ended September 30, 2020 from its net loss per diluted share calculations because their effect was anti-dilutive. The anti-dilutive weighted average shares excluded from the net loss per share diluted shares calculations were: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Restricted stock awards 1,097 1,426 1,190 479 Outstanding stock options 649 — 436 — Total 1,746 1,426 1,626 479 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13. Related Party Transactions In the ordinary course of business, the Company entered into transactions with PDL. Corporate Allocations The Company’s condensed financial statements include expenses of $0 and $637 for the three months ended September 30, 2021 and 2020, respectively, and $0 and $3,387 for the nine months ended September 30, 2021 and 2020, respectively, allocated to the Company by PDL for corporate support functions that were provided by PDL such as administration and organizational oversight; including employee benefits, finance and accounting, treasury and risk management, professional and legal services, among others. Allocated costs were included within selling, general and administrative expenses in the accompanying condensed statements of operations. A portion of these allocated costs related to certain cross charges that were historically cash settled and included in the condensed statements of cash flows as operating activities. As of September 30, 2021 and December 31, 2020, $0 No costs related to the separation of LENSAR incurred by PDL have been allocated to the Company for the three and nine months ended September 30, 2021 and 2020. Note Payable to Related Party In May 2017, the Company entered into a loan agreement with PDL. Under the loan agreement, the maximum aggregate principal amount that LENSAR could draw from the loan agreement was $25,600. On April 15, 2020, the Company and PDL, upon mutual agreement, increased the credit limit that LENSAR can draw from PDL under the loan agreement by $7,000 to a total of $32,600. LENSAR drew an additional $12,400 under the loan agreement during the year ended December 31, 2020. Immediately before the Note Payable Recapitalization, the Company had drawn the full amount under the amended loan agreement. The interest expense incurred during the three months ended September 30, 2021 and 2020 was $0 and $33, respectively, and the nine months ended September 30, 2021 and 2020 was $0 and $511, respectively, and is included in interest expense. As of September 30, 2021, Company does not have a Note payable due to related party. See Note 1, Overview and Basis of Presentation Series A Preferred Stock Refer to Note 8, Series A Preferred Stock Agreements with PDL In connection with the completion of the Spin-Off, the Company entered into several agreements with PDL, each dated September 30, 2020, that, among other things, provide a framework for the Company’s relationship with PDL after the Distribution, including the following (collectively, the “Spin Agreements”): • • • Tax Matters Agreement: The Tax Matters Agreement generally governs the respective rights, responsibilities and obligations of LENSAR and PDL with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and certain other matters regarding taxes. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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, cost allocations from PDL (prior to the Spin-Off), revenue recognition and allowance for expected credit losses, the valuation of notes receivable and inventory, the assessment of recoverability of intangible assets and their estimated useful lives, the valuation and recognition of stock-based compensation, operating lease right-of-use assets and liabilities, and the recognition and measurement of current and deferred income tax assets and liabilities. Management evaluates its estimates on an ongoing basis as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s future business, results of operations and financial condition, including revenue, expenses, reserves, allowances, and its workforce will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on domestic and international customers and markets. The Company has made estimates of the impact of COVID-19 within its condensed financial statements and there may be changes to those estimates in future periods. As of the date of issuance of these unaudited condensed interim financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. |
Fair Value Measurement | Fair Value Measurement The fair value of the Company’s financial instruments are estimates of the amounts that would be received if the Company were to sell an asset or the Company paid to transfer a liability in an orderly transaction between market participants at the measurement date or exit price. The assets and liabilities are categorized and disclosed in one of the following three categories: • Level 1—based on quoted market prices in active markets for identical assets and liabilities. • Level 2—based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—based on unobservable inputs using management’s best estimate and assumptions when inputs are unavailable. Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The carrying value of the Company’s cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities approximate the fair value based on the short-term maturities of these instruments. The carrying value of the Company’s notes receivable also approximates the fair value based on the associated credit risk. |
Income Taxes | Income Taxes Income tax expense/(benefit) from continuing operations for the three and nine months ended September 30, 2021 and 2020 was $0 In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. The enactment of the CARES Act did not have a material effect on current income tax expense or the realizability of deferred income tax assets. The Company will monitor additional guidance and impact that the CARES Act and other potential legislation may have on its income taxes. |
Adopted Accounting Pronouncements | Adopted Accounting Pronouncement In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC Topic 740, Income Taxes, and also clarifies and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021 on a prospective basis. The adoption did not have an effect on the condensed financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted The Company reviewed recent pronouncements issued by the FASB and other authoritative standards groups with future effective dates and concluded the pronouncements are either not applicable to the Company or are not expected to have a material impact on the Company’s financial position or results of operations. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 3,521 $ 3,119 $ 10,901 $ 7,559 South Korea 1,165 642 3,353 2,048 Europe 908 761 2,718 2,301 Asia (excluding South Korea) 1,278 1,463 2,453 3,447 Other 115 87 276 224 Total 1 $ 6,987 $ 6,072 $ 19,701 $ 15,579 1 Leases |
Summary of Information about Receivables and Contract Liabilities from Contracts with Customers | The following table provides information about receivables and contract liabilities from contracts with customers: Classification As of September 30, 2021 As of December 31, 2020 Accounts receivable, current Accounts receivable, net $ 2,797 $ 2,012 Notes receivable, current Notes receivable, net $ 369 $ 444 Notes receivable, long-term Notes and other receivables, long-term, net $ 190 $ 452 Contract liability, current Deferred revenue $ 922 $ 923 Contract liability, non-current Other long-term liabilities $ 87 $ 128 The following table provides information about contract liabilities from contracts with customers: Amount Contract liabilities as of December 31, 2020 $ 1,051 Billings not yet recognized as revenue 784 Beginning contract liabilities recognized as revenue (826 ) Contract liabilities as of September 30, 2021 $ 1,009 Contract liabilities as of December 31, 2019 $ 895 Billings not yet recognized as revenue 658 Beginning contract liabilities recognized as revenue (670 ) Contract liabilities as of September 30, 2020 $ 883 |
Summary of Allowance for Accounts Receivable | The following table summarizes the activity in the allowance for accounts receivable: Amount Accounts receivable, allowance for credit losses as of December 31, 2020 $ 19 Provision for credit losses 9 Write-offs — Accounts receivable, allowance for credit losses as of September 30, 2021 $ 28 Accounts receivable, allowance for credit losses as of January 1, 2020 $ — Impact of adoption of ASC 326 15 Provision for credit losses 28 Write-offs (20 ) Accounts receivable, allowance for credit losses as of September 30, 2020 $ 23 |
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 December 31, 2020 $ 18 Provision for credit losses (6 ) Write-offs — Notes receivable, allowance for credit losses as of September 30, 2021 $ 12 Notes receivable, allowance for credit losses as of January 1, 2020 $ — Impact of adoption of ASC 326 19 Provision for credit losses 1 Write-offs — Notes receivable, allowance for credit losses as of September 30, 2020 $ 20 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory balances were as follows: As of September 30, 2021 As of December 31, 2020 Finished Goods $ 7,865 $ 10,551 Work-in-progress 214 319 Raw Materials 2,073 2,603 Total $ 10,152 $ 13,473 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Lease Revenue | Lease revenue for the three and nine months ended September 30, 2021 and 2020 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease revenue $ 1,285 $ 1,073 $ 3,536 $ 2,519 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | The components of intangible assets were as follows: As of September 30, 2021 As of December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships 1,2 $ 4,292 $ (1,597 ) $ 2,695 $ 4,292 $ (1,326 ) $ 2,966 Acquired technology 1,3 11,500 (3,083 ) 8,417 11,500 (2,508 ) 8,992 Acquired trademarks 1 570 (503 ) 67 570 (418 ) 152 $ 16,362 $ (5,183 ) $ 11,179 $ 16,362 $ (4,252 ) $ 12,110 1 Certain intangible assets were established upon PDL’s acquisition of LENSAR in May 2017. They are being amortized on a straight-line basis over a period of 15 years. The intangible assets for customer relationships are amortized on a straight-line basis or a double declining basis over their estimated useful lives up to 20 years based on the method that better represents the economic benefits to be obtained. 2 LENSAR acquired certain intangible assets for customer relationships from a domestic distributor in an asset acquisition, which are being amortized on a straight-line basis over a period of 10 years. 3 LENSAR acquired certain intangible assets from a medical technology company in an asset acquisition, which are being amortized on a straight-line basis over a period of 15 years. |
Schedule of Impairment of Underlying Assets, Remaining Amortization Expense | Based on the intangible assets recorded at September 30, 2021, 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 2021 $ 309 2022 1,149 2023 1,097 2024 1,085 2025 1,074 2026 1,064 Thereafter 5,401 Total remaining estimated amortization expense $ 11,179 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Liabilities | As of September 30, 2021 As of December 31, 2020 Compensation $ 2,911 $ 2,971 Professional services 532 $ 1,271 Warranty 35 79 Other 726 249 Total $ 4,204 $ 4,570 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Shares Available for Issuance Under 2020 Plan | A summary of the shares available for issuance under the 2020 Plan is as follows: Number of Shares Balance at December 31, 2020 1,188 Authorized 547 Granted/Awarded (672 ) Cancelled 20 Balance at September 30, 2021 1,083 |
Summary of Option Award Activity | Option award activity under the 2020 Plan is set forth below: Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2020 — $ — — $ — Options granted 672 $ 7.59 Options exercised — $ — Options cancelled (20 ) $ 8.27 Outstanding at September 30, 2021 652 $ 7.57 9.5 $ 219 Vested and expected to vest at September 30, 2021 652 $ 7.57 9.5 $ 219 Vested and exercisable at September 30, 2021 60 $ 7.77 9.6 $ 7 |
Summary of Fair Value of Employee and Non-Employee Stock Options was Estimated Using Assumptions | The Company estimated the fair value of stock-options using the Black-Scholes option pricing model. The fair value of employee and non-employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee and non-employee stock options was estimated using the following assumptions for the three and nine months ended September 30, 2021: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Risk-free interest rate 0.8 - 1.1% 0.6 - 1.1% Expected term (years) 6 6 Expected volatility 73% 72 - 73% Dividends 0.0% 0.0% |
Summary of Restricted Stock Award Activity | Restricted stock award activity under the 2020 Plan is set forth below: Restricted Stock Awards Outstanding Number of Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2020 2,050 $ 10.30 Restricted stock awards granted — $ — Restricted stock awards vested (598 ) $ 10.34 Restricted stock awards cancelled — $ — Non-vested at September 30, 2021 1,452 $ 10.28 |
Summary of Total Stock-Based Compensation Expense Recognized | The following table sets forth the total stock-based compensation expense recognized under the 2020 Plan, the 2020 ESPP and the Phantom Stock Plan in the Company’s condensed statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue – product $ 46 $ 130 $ 168 $ 130 Cost of revenue – service 27 70 95 70 Selling, general and administrative expenses 1,373 3,179 4,580 3,267 Research and development expenses 127 370 480 370 Total $ 1,573 $ 3,749 $ 5,323 $ 3,837 |
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 2021 $ 1,500 2022 5,606 2023 3,495 2024 469 2025 97 Thereafter — Total unrecognized stock-based compensation expense $ 11,167 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share | The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted net loss per share calculations: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net loss attributable to common stockholders $ (6,155 ) $ (4,763 ) $ (15,699 ) $ (12,946 ) Weighted average number of shares of common stock 9,439 7,465 9,308 3,202 Basic and diluted net loss per share $ (0.65 ) $ (0.64 ) $ (1.69 ) $ (4.04 ) |
Schedule of Anti-Dilutive Weighted Average Shares Excluded From Net Loss Per Share Diluted Shares Calculation | The anti-dilutive weighted average shares excluded from the net loss per share diluted shares calculations were: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Restricted stock awards 1,097 1,426 1,190 479 Outstanding stock options 649 — 436 — Total 1,746 1,426 1,626 479 |
Overview and Basis of Present_2
Overview and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 01, 2020 | Sep. 29, 2020USD ($)shares | Sep. 10, 2020 | Aug. 24, 2020USD ($)shares | Jul. 21, 2020USD ($)shares | Jul. 13, 2020USD ($)shares | Jul. 10, 2020$ / sharesshares | Sep. 30, 2020USD ($)shares | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Aug. 20, 2020 |
Overview And Basis Of Presentation [Line Items] | ||||||||||||
Distribution, record date | Sep. 22, 2020 | |||||||||||
Stockholders' equity, reverse stock split | one-for-nine reverse stock split | |||||||||||
Stockholders' equity, reverse stock split, ratio | 0.111111111 | |||||||||||
Accumulated deficit | $ (57,993) | $ (73,692) | ||||||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Common stock, shares authorized | shares | 150,000,000 | 150,000,000 | 150,000,000 | |||||||||
Extinguishment of debt | $ 32,600 | |||||||||||
Impact from recapitalization transactions | 69,879 | $ 69,879 | ||||||||||
Gain on extinguishment | $ 2,691 | |||||||||||
Additional capital contribution, shares | shares | 9,000 | 740,000 | ||||||||||
Capital contribution from PDL | $ 97 | $ 8,000 | $ 20,666 | |||||||||
Financial Support, Capital Contributions | ||||||||||||
Overview And Basis Of Presentation [Line Items] | ||||||||||||
Additional capital contribution, shares | shares | 747,000 | |||||||||||
Capital contribution from PDL | $ 29,000 | |||||||||||
Issuance of common stock | 8,334 | |||||||||||
Stock issued during period, remaining cash contribution amount | $ 20,666 | |||||||||||
Common Stock | ||||||||||||
Overview And Basis Of Presentation [Line Items] | ||||||||||||
Impact from recapitalization transactions, Shares | shares | 6,221,000 | |||||||||||
Fair value of debt | $ 67,188 | |||||||||||
Impact from recapitalization transactions | $ 62 | |||||||||||
Additional capital contribution, shares | shares | 1,847,000 | |||||||||||
Issuance of common stock | $ 18 | |||||||||||
Series A Preferred Stock | ||||||||||||
Overview And Basis Of Presentation [Line Items] | ||||||||||||
Number of shares exchanged | shares | 30,000 | |||||||||||
PDL BioPharma, Inc | ||||||||||||
Overview And Basis Of Presentation [Line Items] | ||||||||||||
Shares distribution ratio to PDL shareholders | 7.5879% | |||||||||||
Shares issued in exchange for extinguishment of Preferred stock | shares | 3,415,000 | |||||||||||
PDL BioPharma, Inc | Common Stock | ||||||||||||
Overview And Basis Of Presentation [Line Items] | ||||||||||||
Common stock shares issued in exchange for extinguishment of debt | shares | 2,806,000 | |||||||||||
Impact from recapitalization transactions, Shares | shares | 6,221,000 | |||||||||||
PDL BioPharma, Inc | LENSAR | ||||||||||||
Overview And Basis Of Presentation [Line Items] | ||||||||||||
Percentage of common stock owned | 81.50% | 81.50% | ||||||||||
PDL BioPharma, Inc | PDLIH | ||||||||||||
Overview And Basis Of Presentation [Line Items] | ||||||||||||
Distribution of ownership interest in its wholly owned subsidiary | 100.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | |||||
Income tax expense/(benefit) from continuing operations | $ 0 | $ 0 | $ 0 | $ 0 | |
Change in accounting principle, accounting standards update, adopted [true false] | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 | Jan. 1, 2021 | |||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | true | |||
Accounting Standards Update [Extensible List] | ASC 326 | ASU 2019-12 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Product and service revenue | $ 6,987 | $ 6,072 | $ 19,701 | $ 15,579 |
United States | ||||
Disaggregation Of Revenue [Line Items] | ||||
Product and service revenue | 3,521 | 3,119 | 10,901 | 7,559 |
South Korea | ||||
Disaggregation Of Revenue [Line Items] | ||||
Product and service revenue | 1,165 | 642 | 3,353 | 2,048 |
Europe | ||||
Disaggregation Of Revenue [Line Items] | ||||
Product and service revenue | 908 | 761 | 2,718 | 2,301 |
Asia (Excluding South Korea) | ||||
Disaggregation Of Revenue [Line Items] | ||||
Product and service revenue | 1,278 | 1,463 | 2,453 | 3,447 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Product and service revenue | $ 115 | $ 87 | $ 276 | $ 224 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue From Contracts With Customers [Line Items] | ||||
Lease revenue | $ 1,285 | $ 1,073 | $ 3,536 | $ 2,519 |
Accounts receivables payment terms | 30 days | |||
Interest income on notes receivable | 8 | $ 13 | $ 27 | $ 42 |
Revenue remaining performance obligation amount | $ 7,412 | $ 7,412 | ||
Minimum | ||||
Revenue From Contracts With Customers [Line Items] | ||||
Notes receivable interest rate | 5.00% | 5.00% | ||
Maximum | ||||
Revenue From Contracts With Customers [Line Items] | ||||
Notes receivable interest rate | 5.75% | 5.75% |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Contract Balances [Line Items] | ||
Accounts receivable, current | $ 2,797 | $ 2,012 |
Notes receivable, current | 369 | 444 |
Notes receivable, long-term | 190 | 452 |
Contract liability, current | 922 | 923 |
Notes and Other Receivables, Long-Term, Net | ||
Schedule Of Contract Balances [Line Items] | ||
Notes receivable, long-term | 190 | 452 |
Deferred Revenue | ||
Schedule Of Contract Balances [Line Items] | ||
Contract liability, current | 922 | 923 |
Other Long-Term Liabilities | ||
Schedule Of Contract Balances [Line Items] | ||
Contract liability, non-current | $ 87 | $ 128 |
Revenue From Contracts With C_6
Revenue From Contracts With Customers - Summary of Allowance for Accounts Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Beginning balance | $ 19 | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |
Provision for credit losses | 9 | $ 28 |
Write-offs | (20) | |
Ending balance | $ 28 | 23 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Beginning balance | $ 15 |
Revenue From Contracts With C_7
Revenue From Contracts With Customers - Summary of Allowance for Notes Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | $ 18 | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |
Provision for credit losses | (6) | $ 1 |
Ending balance | $ 12 | 20 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | $ 19 |
Revenue From Contracts With C_8
Revenue From Contracts With Customers - Schedule of Information About Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Beginning balance | $ 1,051 | $ 895 |
Billings not yet recognized as revenue | 784 | 658 |
Beginning contract liabilities recognized as revenue | (826) | (670) |
Ending balance | $ 1,009 | $ 883 |
Revenue From Contracts With C_9
Revenue From Contracts With Customers - Additional Information (Details 1) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 7,412 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 1,420 |
Revenue remaining performance obligation expected timing of satisfaction period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 3,851 |
Revenue remaining performance obligation expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 1,651 |
Revenue remaining performance obligation expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue remaining performance obligation amount | $ 490 |
Revenue remaining performance obligation expected timing of satisfaction period | 1 year |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Net [Abstract] | ||
Finished Goods | $ 7,865 | $ 10,551 |
Work-in-progress | 214 | 319 |
Raw Materials | 2,073 | 2,603 |
Total | $ 10,152 | $ 13,473 |
Leases - Additional Information
Leases - Additional Information (Details) | Sep. 30, 2021 |
Minimum | |
Lessor Lease Description [Line Items] | |
Lessor, operating leases, remaining lease terms | 1 year |
Maximum | |
Lessor Lease Description [Line Items] | |
Lessor, operating leases, remaining lease terms | 3 years |
Leases - Schedule of Lease Reve
Leases - Schedule of Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Lease revenue | $ 1,285 | $ 1,073 | $ 3,536 | $ 2,519 |
Intangible Assets - Components
Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 16,362 | $ 16,362 |
Accumulated Amortization | (5,183) | (4,252) |
Net Carrying Amount | 11,179 | 12,110 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,292 | 4,292 |
Accumulated Amortization | (1,597) | (1,326) |
Net Carrying Amount | 2,695 | 2,966 |
Acquired Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,500 | 11,500 |
Accumulated Amortization | (3,083) | (2,508) |
Net Carrying Amount | 8,417 | 8,992 |
Acquired Trademarks | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 570 | 570 |
Accumulated Amortization | (503) | (418) |
Net Carrying Amount | $ 67 | $ 152 |
Intangible Assets - Component_2
Intangible Assets - Components of Intangible Assets (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Finite Lived Intangible Assets [Line Items] | |
Acquired intangible assets, amortization period | 15 years |
Customer Relationships | |
Finite Lived Intangible Assets [Line Items] | |
Acquired intangible assets, amortization period | 10 years |
Acquired Technology | |
Finite Lived Intangible Assets [Line Items] | |
Acquired intangible assets, amortization period | 15 years |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 309 | $ 313 | $ 931 | $ 944 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Impairment of Underlying Assets, Remaining Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
Remainder of 2021 | $ 309 | |
2022 | 1,149 | |
2023 | 1,097 | |
2024 | 1,085 | |
2025 | 1,074 | |
2026 | 1,064 | |
Thereafter | 5,401 | |
Net Carrying Amount | $ 11,179 | $ 12,110 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Compensation | $ 2,911 | $ 2,971 |
Professional services | 532 | 1,271 |
Warranty | 35 | 79 |
Other | 726 | 249 |
Total | $ 4,204 | $ 4,570 |
Series A Preferred Stock - Addi
Series A Preferred Stock - Additional Information (Details) - Series A Preferred Stock - USD ($) | Jan. 01, 2019 | May 31, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||||||
Preferred shares authorized | 30,000 | |||||
Preferred shares issued | 30,000 | |||||
Preferred shares ,par value | $ 0.01 | |||||
Aggregate liquidation preference of preferred shares | $ 30,000,000 | |||||
Accrued dividend percentage of preferred shares | 5.00% | 15.00% | ||||
Dividends declared | $ 0 | |||||
Preferred stock, interest expense | $ 0 | $ 32,000 | $ 0 | $ 829,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Commitments And Contingencies Disclosure [Line Items] | |
Contingent milestone payments | $ 2,400 |
Additional royalty payments rate | 3.00% |
Supply Agreement | |
Commitments And Contingencies Disclosure [Line Items] | |
Remaining minimum purchase obligation | $ 328 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||||
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 | Jul. 09, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 10, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Weighted average grant date fair value of options granted | $ 5.47 | $ 4.85 | ||||||||||||||
Total fair value of options vested | $ 202 | $ 300 | ||||||||||||||
Total unrecognized compensation expense | $ 2,496 | $ 2,496 | ||||||||||||||
Total unrecognized compensation expense, weighted-average period of recognition | 2 years 9 months 18 days | |||||||||||||||
Dividends | 0.00% | 0.00% | ||||||||||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | ||||||||||||
Stock-based compensation expense | $ 1,573 | $ 3,749 | $ 5,323 | $ 3,837 | ||||||||||||
2020 Employee Stock Purchase Plan | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Common stock reserved for issuance | 316 | 316 | ||||||||||||||
Percentage of outstanding shares of common stock | 1.00% | |||||||||||||||
Exercise price of option on fair value (as a percent) | 85.00% | |||||||||||||||
Common stock, shares authorized | 340 | 340 | ||||||||||||||
Shares of common stock have been issued to employees | 24 | |||||||||||||||
ISOs and NSOs | Minimum | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Vesting period | 1 year | |||||||||||||||
ISOs and NSOs | Minimum | 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) | 100.00% | |||||||||||||||
ISOs and NSOs | Maximum | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Term of contract | 10 years | |||||||||||||||
Vesting period | 4 years | |||||||||||||||
ISOs and NSOs | Maximum | Share-based Payment Arrangement, Tranche One | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Term of contract | 10 years | |||||||||||||||
Incentive Stock Options | Share-based Payment Arrangement, Tranche Two | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Award vesting percentage | 10.00% | |||||||||||||||
Incentive Stock Options | Minimum | 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) | 110.00% | |||||||||||||||
Incentive Stock Options | Maximum | Share-based Payment Arrangement, Tranche Two | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Term of contract | 5 years | |||||||||||||||
Restricted Stock Awards | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Total unrecognized compensation expense, weighted-average period of recognition | 1 year 1 month 6 days | |||||||||||||||
Total fair value of restricted stock awards vested | $ 1,235 | $ 6,182 | ||||||||||||||
Total unrecognized compensation expense | $ 8,671 | $ 8,671 | ||||||||||||||
Restricted Stock Awards | Forecast | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Number of restricted stock awards are expected to vest | 75 | 180 | 136 | 237 | 113 | 113 | 140 | 338 | 120 | |||||||
2020 Incentive Award Plan | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Common stock reserved for issuance | 3,333 | 3,880 | 3,880 | |||||||||||||
Percentage of outstanding shares of common stock | 5.00% | |||||||||||||||
PDL Equity Incentive Plan | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Total fair value of restricted stock awards vested | $ 0 | 65 | ||||||||||||||
PDL Equity Incentive Plan | PDL Award | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||
Stock-based compensation expense | $ 0 | $ 15 | $ 0 | $ 53 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Shares Available for Issuance Under 2020 Plan (Details) - 2020 Incentive Award Plan | 9 Months Ended |
Sep. 30, 2021shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balances | 1,188 |
Authorized | 547 |
Granted/Awarded | (672) |
Cancelled | 20 |
Balances | 1,083 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Option Award Activity (Details) - 2020 Incentive Award Plan $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options granted, Number of Shares | shares | 672 |
Options cancelled, Number of Shares | shares | (20) |
Outstanding at end of period, Number of shares | shares | 652 |
Vested and expected to vest at June 30, 2021, Number of Shares | shares | 652 |
Vested and exercisable at June 30, 2021, Number of Shares | shares | 60 |
Options granted, Weighted Average Exercise Price | $ / shares | $ 7.59 |
Options cancelled, Weighted Average Exercise Price | $ / shares | 8.27 |
Outstanding at end of period, Weighted Average Exercise Price | $ / shares | 7.57 |
Vested and expected to vest at June 30, 2021, Weighted Average Exercise Price | $ / shares | 7.57 |
Vested and exercisable at June 30, 2021, Weighted Average Exercise Price | $ / shares | $ 7.77 |
Outstanding at June 30, 2021, Weighted Average Remaining Contractual Term (in Years) | 9 years 6 months |
Vested and expected to vest at June 30, 2021, Weighted Average Remaining Contractual Term (in Years) | 9 years 6 months |
Vested and exercisable at June 30, 2021, Weighted Average Remaining Contractual Term (in Years) | 9 years 7 months 6 days |
Outstanding at June 30, 2021, Aggregate Intrinsic Value | $ | $ 219 |
Vested and expected to vest at June 30, 2021, Aggregate Intrinsic Value | $ | 219 |
Vested and exercisable at June 30, 2021, Aggregate Instrinsic Value | $ | $ 7 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Fair Value of Employee and Non-Employee Stock Options was Estimated Using Assumptions (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rate, minimum | 0.80% | 0.60% |
Risk-free interest rate, maximum | 1.10% | 1.10% |
Expected term (years) | 6 years | 6 years |
Expected volatility | 73.00% | |
Dividends | 0.00% | 0.00% |
Expected volatility, minimum | 72.00% | |
Expected volatility, maximum | 73.00% |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards - 2020 Incentive Award Plan | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Non-vested at December 31, 2020 | shares | 2,050 |
Restricted stock awards vested | shares | (598) |
Non-vested at September 30, 2021 | shares | 1,452 |
Non-vested at December 31, 2020 | $ / shares | $ 10.30 |
Restricted stock awards vested | $ / shares | 10.34 |
Non-vested at September 30, 2021 | $ / shares | $ 10.28 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,573 | $ 3,749 | $ 5,323 | $ 3,837 |
Cost of Revenue | Product | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 46 | 130 | 168 | 130 |
Cost of Revenue | Service | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 27 | 70 | 95 | 70 |
Selling, General and Administrative Expenses | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 1,373 | 3,179 | 4,580 | 3,267 |
Research and Development Expenses | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 127 | $ 370 | $ 480 | $ 370 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation Expense Expected to be Amortized (Details) - Phantom Stock Plan $ in Thousands | Sep. 30, 2021USD ($) |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Remainder of 2021 | $ 1,500 |
2022 | 5,606 |
2023 | 3,495 |
2024 | 469 |
2025 | 97 |
Total unrecognized stock-based compensation expense | $ 11,167 |
Net Loss per Share - Reconcilia
Net Loss per Share - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to common stockholders | $ (6,155) | $ (4,763) | $ (15,699) | $ (12,946) |
Weighted average number of shares of common stock | 9,439 | 7,465 | 9,308 | 3,202 |
Basic and diluted net loss per share | $ (0.65) | $ (0.64) | $ (1.69) | $ (4.04) |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Details) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share Basic [Line Items] | ||||
Cumulative dividends in excess of interest expense | $ 0 | $ 0 | $ 0 | $ 0 |
Restricted Stock Awards | ||||
Earnings Per Share Basic [Line Items] | ||||
Shares excluded from the calculation of net loss per diluted share | 1,452 | 1,847 | 1,452 | 1,847 |
Stock Options | ||||
Earnings Per Share Basic [Line Items] | ||||
Shares excluded from the calculation of net loss per diluted share | 652 | 0 | 652 | 0 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Anti-Dilutive Weighted Average Shares Excluded From Net Loss Per Share Diluted Shares Calculation (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Weighted average shares excluded from the calculation of net loss per diluted share | 1,746 | 1,426 | 1,626 | 479 |
Restricted Stock Awards | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Weighted average shares excluded from the calculation of net loss per diluted share | 1,097 | 1,426 | 1,190 | 479 |
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 | 649 | 436 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Apr. 15, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | May 31, 2017 |
Related Party Transaction [Line Items] | |||||||
Proceeds from note payable due to related party | $ 12,400,000 | ||||||
PDL BioPharma, Inc | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses from transactions with related party | $ 0 | $ 637,000 | $ 0 | 3,387,000 | |||
Expense related to allocation of corporate costs | 0 | 0 | $ 0 | ||||
Costs associated with spin-off transaction | 0 | 0 | 0 | 0 | |||
Maximum aggregate principal amount | $ 32,600,000 | $ 25,600,000 | |||||
Line of credit limit increased amount | $ 7,000,000 | ||||||
Proceeds from note payable due to related party | $ 12,400,000 | ||||||
Interest expense | $ 0 | $ 33,000 | $ 0 | $ 511,000 |