Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40592 | |
Entity Registrant Name | Rapid Micro Biosystems, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8121647 | |
Entity Address, Address Line One | 1001 Pawtucket Boulevard West | |
Entity Address, Address Line Two | Suite 280 | |
Entity Address, City or Town | Lowell | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01854 | |
City Area Code | 978 | |
Local Phone Number | 349-3200 | |
Title of 12(b) Security | Class A common stock, $0.01 par value per share | |
Trading Symbol | RPID | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001380106 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A Common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 36,440,906 | |
Class B Common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 5,553,379 |
Condensed consolidated balance
Condensed consolidated balance sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 25,832 | $ 178,387 |
Short-term investments | 89,062 | 15,110 |
Accounts receivable | 4,658 | 5,005 |
Inventory | 20,924 | 15,671 |
Prepaid expenses and other current assets | 4,101 | 3,951 |
Total current assets | 144,577 | 218,124 |
Property and equipment, net | 13,230 | 11,304 |
Right-of-use assets, net | 7,298 | |
Long-term investments | 35,214 | 9,966 |
Other long-term assets | 1,313 | 1,491 |
Restricted cash | 284 | 284 |
Total assets | 201,916 | 241,169 |
Current liabilities: | ||
Accounts payable | 3,670 | 3,944 |
Accrued expenses and other current liabilities | 7,391 | 10,917 |
Deferred revenue | 3,404 | 3,305 |
Lease liabilities, short-term | 747 | |
Total current liabilities | 15,212 | 18,166 |
Deferred rent, long term | 813 | |
Lease liabilities, long-term | 7,467 | |
Other long-term liabilities | 221 | 1,210 |
Total liabilities | 22,900 | 20,189 |
Commitments and contingencies (Note 17) | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 539,459 | 535,693 |
Accumulated deficit | (359,471) | (315,112) |
Accumulated other comprehensive loss | (1,392) | (16) |
Total stockholders’ equity | 179,016 | 220,980 |
Total liabilities and stockholders’ equity | 201,916 | 241,169 |
Class A Common stock | ||
Stockholders’ equity: | ||
Common stock | 365 | 346 |
Class B Common stock | ||
Stockholders’ equity: | ||
Common stock | $ 55 | $ 69 |
Condensed consolidated balanc_2
Condensed consolidated balance sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Class A Common stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 210,000,000 | 210,000,000 |
Common stock, issued (in shares) | 36,440,906 | 34,564,040 |
Common stock, outstanding (in shares) | 36,440,906 | 34,564,040 |
Class B Common stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 5,553,379 | 6,903,379 |
Common stock, outstanding (in shares) | 5,553,379 | 6,903,379 |
Condensed consolidated statemen
Condensed consolidated statements of operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||||
Total revenue | $ 4,739 | $ 6,899 | $ 12,759 | $ 18,024 |
Costs and operating expenses: | ||||
Research and development | 2,973 | 2,441 | 9,463 | 6,926 |
Sales and marketing | 3,930 | 3,063 | 10,870 | 8,460 |
General and administrative | 7,189 | 5,308 | 19,687 | 12,135 |
Total costs and operating expenses | 21,625 | 19,022 | 58,718 | 50,700 |
Loss from operations | (16,886) | (12,123) | (45,959) | (32,676) |
Other income (expense): | ||||
Interest income (expense), net | 575 | (761) | 947 | (2,603) |
Change in fair value of preferred stock warrant liability | 0 | (8,160) | 0 | (19,643) |
Loss on extinguishment of debt | 0 | (3,100) | 0 | (3,100) |
Other income (expense), net | (21) | (823) | 70 | (840) |
Total other income (expense), net | 554 | (12,844) | 1,017 | (26,186) |
Loss before income taxes | (16,332) | (24,967) | (44,942) | (58,862) |
Income tax expense (benefit) | 7 | 20 | (583) | 57 |
Net loss | (16,339) | (24,987) | (44,359) | (58,919) |
Accretion of redeemable convertible preferred stock to redemption value | 0 | 210 | 0 | (1,761) |
Cumulative redeemable convertible preferred stock dividends | 0 | (451) | 0 | (2,747) |
Net loss attributable to common stockholders - basic | (16,339) | (25,228) | (44,359) | (63,427) |
Net loss attributable to common stockholders - diluted | $ (16,339) | $ (25,228) | $ (44,359) | $ (63,427) |
Net loss per share attributable to Class A and Class B common stockholders - basic (in dollars per share) | $ (0.38) | $ (0.71) | $ (1.05) | $ (5.14) |
Net loss per share attributable to Class A and Class B common stockholders - diluted (in dollars per share) | $ (0.38) | $ (0.71) | $ (1.05) | $ (5.14) |
Weighted average common shares outstanding - basic (in shares) | 42,517,992 | 35,316,099 | 42,404,243 | 12,344,619 |
Weighted average common shares outstanding - diluted (in shares) | 42,517,992 | 35,316,099 | 42,404,243 | 12,344,619 |
Product | ||||
Revenue: | ||||
Total revenue | $ 3,209 | $ 4,824 | $ 8,212 | $ 12,630 |
Costs and operating expenses: | ||||
Cost of revenue | 5,627 | 6,298 | 13,220 | 17,900 |
Service | ||||
Revenue: | ||||
Total revenue | 1,530 | 1,479 | 4,547 | 4,152 |
Costs and operating expenses: | ||||
Cost of revenue | 1,906 | 1,516 | 5,478 | 3,997 |
Non-commercial | ||||
Revenue: | ||||
Total revenue | 0 | 596 | 0 | 1,242 |
Costs and operating expenses: | ||||
Cost of revenue | $ 0 | $ 396 | $ 0 | $ 1,282 |
Condensed consolidated statem_2
Condensed consolidated statements of comprehensive loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (16,339,000) | $ (24,987,000) | $ (44,359,000) | $ (58,919,000) |
Other comprehensive income: | ||||
Unrealized loss on short-term investments, net of tax | (473,000) | 0 | (1,376,000) | (1,000) |
Comprehensive loss | $ (16,812,000) | $ (24,987,000) | $ (45,735,000) | $ (58,920,000) |
Condensed consolidated statem_3
Condensed consolidated statements of stockholders' equity (Unaudited) - USD ($) $ in Thousands | Total | Series D1 redeemable convertible preferred stock | Series D2 redeemable convertible preferred stock | Common stock Class A Common stock | Common stock Class B Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss |
Common stock, balance at beginning of period (in shares) at Dec. 31, 2020 | 612,850,000 | 0 | ||||||
Balance at beginning of period at Dec. 31, 2020 | $ (127,006) | $ 6 | $ 0 | $ 114,575 | $ (241,588) | $ 1 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accretion of redeemable convertible preferred stock to redemption value | (787) | (787) | ||||||
Cumulative redeemable convertible preferred stock dividends | (1,411) | (1,411) | ||||||
Issuance of Class A common stock upon exercise of common stock options (in shares) | 67,418,000 | |||||||
Issuance of Class A common stock upon exercise of common stock options | 67 | $ 1 | 66 | |||||
Issuance of restricted Class A common stock awards (in shares) | 248,903,000 | |||||||
Issuance of restricted Class A common stock awards | $ 2 | (2) | ||||||
Stock-based compensation expense | 191 | 191 | ||||||
Net loss | (22,101) | (22,101) | ||||||
Common stock, balance at end of period (in shares) at Mar. 31, 2021 | 929,171,000 | 0 | ||||||
Balance at end of period at Mar. 31, 2021 | $ (151,047) | $ 9 | $ 0 | 112,632 | (263,689) | 1 | ||
Redeemable convertible preferred stock, balance at beginning of period (in shares) at Dec. 31, 2020 | 133,021,640,000 | |||||||
Balance at beginning of period at Dec. 31, 2020 | $ 151,826 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares) | 22,086,725,000 | 413,268,000 | ||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 78,338 | $ 1,470 | ||||||
Issuance costs | (1,278) | (19) | ||||||
Accretion of redeemable convertible preferred stock to redemption value | 787 | |||||||
Cumulative redeemable convertible preferred stock dividends | $ 1,411 | |||||||
Redeemable convertible preferred stock, balance at end of period (in shares) at Mar. 31, 2021 | 155,521,633,000 | |||||||
Balance at end of period at Mar. 31, 2021 | $ 233,832 | |||||||
Common stock, balance at beginning of period (in shares) at Dec. 31, 2020 | 612,850,000 | 0 | ||||||
Balance at beginning of period at Dec. 31, 2020 | (127,006) | $ 6 | $ 0 | 114,575 | (241,588) | 1 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Conversion of preferred stock warrants to Class A common stock warrants | 23,760 | |||||||
Net loss | (58,919) | |||||||
Common stock, balance at end of period (in shares) at Sep. 30, 2021 | 34,449,154,000 | 6,903,379,000 | ||||||
Balance at end of period at Sep. 30, 2021 | $ 234,745 | $ 344 | $ 69 | 534,839 | (300,507) | 0 | ||
Redeemable convertible preferred stock, balance at beginning of period (in shares) at Dec. 31, 2020 | 133,021,640,000 | |||||||
Balance at beginning of period at Dec. 31, 2020 | $ 151,826 | |||||||
Redeemable convertible preferred stock, balance at end of period (in shares) at Sep. 30, 2021 | 0 | |||||||
Balance at end of period at Sep. 30, 2021 | $ 0 | |||||||
Common stock, balance at beginning of period (in shares) at Mar. 31, 2021 | 929,171,000 | 0 | ||||||
Balance at beginning of period at Mar. 31, 2021 | (151,047) | $ 9 | $ 0 | 112,632 | (263,689) | 1 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accretion of redeemable convertible preferred stock to redemption value | (1,184) | (1,184) | ||||||
Cumulative redeemable convertible preferred stock dividends | (885) | (885) | ||||||
Issuance of Class A common stock upon exercise of common stock options (in shares) | 37,146,000 | |||||||
Issuance of Class A common stock upon exercise of common stock options | 32 | $ 1 | 31 | |||||
Stock-based compensation expense | 390 | 390 | ||||||
Net loss | (11,831) | (11,831) | ||||||
Other comprehensive income (loss) | (1) | (1) | ||||||
Common stock, balance at end of period (in shares) at Jun. 30, 2021 | 966,317,000 | 0 | ||||||
Balance at end of period at Jun. 30, 2021 | $ (164,526) | $ 10 | $ 0 | 110,984 | (275,520) | 0 | ||
Redeemable convertible preferred stock, balance at beginning of period (in shares) at Mar. 31, 2021 | 155,521,633,000 | |||||||
Balance at beginning of period at Mar. 31, 2021 | $ 233,832 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Issuance costs | $ (64) | $ (1) | ||||||
Accretion of redeemable convertible preferred stock to redemption value | 1,184 | |||||||
Cumulative redeemable convertible preferred stock dividends | $ 885 | |||||||
Redeemable convertible preferred stock, balance at end of period (in shares) at Jun. 30, 2021 | 155,521,633,000 | |||||||
Balance at end of period at Jun. 30, 2021 | $ 235,836 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Conversion of stock (in shares) | 24,200,920,000 | 6,903,379,000 | ||||||
Conversion of stock | 236,077 | $ 242 | $ 69 | 235,766 | ||||
Restricted stock award liability accretion | 5 | 5 | ||||||
Accretion of redeemable convertible preferred stock to redemption value | 210 | 210 | ||||||
Cumulative redeemable convertible preferred stock dividends | (451) | (451) | ||||||
Conversion of preferred stock warrants to Class A common stock warrants | 23,760 | 23,760 | ||||||
Issuance of Class A common stock in initial public offering, net of issuance costs (in shares) | 9,006,604,000 | |||||||
Issuance of Class A common stock in initial public offering, net of issuance costs | 164,045 | $ 90 | 163,955 | |||||
Issuance of Class A common stock upon exercise of common stock warrants (in shares) | 268,718,000 | |||||||
Issuance of Class A common stock upon exercise of common stock warrants | 13 | $ 2 | 11 | |||||
Issuance of Class A common stock upon exercise of common stock options (in shares) | 6,595,000 | |||||||
Issuance of Class A common stock upon exercise of common stock options | 15 | $ 0 | 15 | |||||
Stock-based compensation expense | 584 | 584 | ||||||
Net loss | (24,987) | (24,987) | ||||||
Common stock, balance at end of period (in shares) at Sep. 30, 2021 | 34,449,154,000 | 6,903,379,000 | ||||||
Balance at end of period at Sep. 30, 2021 | 234,745 | $ 344 | $ 69 | 534,839 | (300,507) | 0 | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Accretion of redeemable convertible preferred stock to redemption value | (210) | |||||||
Cumulative redeemable convertible preferred stock dividends | $ 451 | |||||||
Conversion of preferred stock to common stock (in shares) | (155,521,633,000) | |||||||
Conversion of preferred stock to common stock | $ (236,077) | |||||||
Redeemable convertible preferred stock, balance at end of period (in shares) at Sep. 30, 2021 | 0 | |||||||
Balance at end of period at Sep. 30, 2021 | $ 0 | |||||||
Common stock, balance at beginning of period (in shares) at Dec. 31, 2021 | 34,564,040,000 | 6,903,379,000 | ||||||
Balance at beginning of period at Dec. 31, 2021 | 220,980 | $ 346 | $ 69 | 535,693 | (315,112) | (16) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Conversion of stock (in shares) | 1,350,000,000 | 1,350,000,000 | ||||||
Conversion of stock | $ 14 | $ (14) | ||||||
Restricted stock award liability accretion | 154 | 154 | ||||||
Issuance of Class A common stock upon exercise of common stock options (in shares) | 475,033,000 | |||||||
Issuance of Class A common stock upon exercise of common stock options | 471 | $ 5 | 466 | |||||
Stock-based compensation expense | 983 | 983 | ||||||
Net loss | (14,930) | (14,930) | ||||||
Other comprehensive income (loss) | (588) | (588) | ||||||
Common stock, balance at end of period (in shares) at Mar. 31, 2022 | 36,389,073,000 | 5,553,379,000 | ||||||
Balance at end of period at Mar. 31, 2022 | 207,070 | $ 365 | $ 55 | 537,296 | (330,042) | (604) | ||
Common stock, balance at beginning of period (in shares) at Dec. 31, 2021 | 34,564,040,000 | 6,903,379,000 | ||||||
Balance at beginning of period at Dec. 31, 2021 | $ 220,980 | $ 346 | $ 69 | 535,693 | (315,112) | (16) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock upon exercise of common stock options (in shares) | 475,033 | |||||||
Net loss | $ (44,359) | |||||||
Common stock, balance at end of period (in shares) at Sep. 30, 2022 | 36,440,906,000 | 5,553,379,000 | ||||||
Balance at end of period at Sep. 30, 2022 | 179,016 | $ 365 | $ 55 | 539,459 | (359,471) | (1,392) | ||
Common stock, balance at beginning of period (in shares) at Mar. 31, 2022 | 36,389,073,000 | 5,553,379,000 | ||||||
Balance at beginning of period at Mar. 31, 2022 | 207,070 | $ 365 | $ 55 | 537,296 | (330,042) | (604) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted stock award liability accretion | 44 | 44 | ||||||
Stock-based compensation expense | 1,258 | 1,258 | ||||||
Net loss | (13,090) | (13,090) | ||||||
Other comprehensive income (loss) | (315) | (315) | ||||||
Common stock, balance at end of period (in shares) at Jun. 30, 2022 | 36,389,073,000 | 5,553,379,000 | ||||||
Balance at end of period at Jun. 30, 2022 | 194,967 | $ 365 | $ 55 | 538,598 | (343,132) | (919) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of Class A common stock under ESPP (in shares) | 51,833,000 | |||||||
Issuance of Class A common stock under ESPP | 159 | 159 | ||||||
Restricted stock award liability accretion | 29 | 29 | ||||||
Stock-based compensation expense | 673 | 673 | ||||||
Net loss | (16,339) | (16,339) | ||||||
Other comprehensive income (loss) | (473) | (473) | ||||||
Common stock, balance at end of period (in shares) at Sep. 30, 2022 | 36,440,906,000 | 5,553,379,000 | ||||||
Balance at end of period at Sep. 30, 2022 | $ 179,016 | $ 365 | $ 55 | $ 539,459 | $ (359,471) | $ (1,392) |
Condensed consolidated statem_4
Condensed consolidated statements of stockholders' equity (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Class A Common stock | |
Issuance costs | $ 16,087 |
Condensed consolidated statem_5
Condensed consolidated statements of cash flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (44,359) | $ (58,919) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 1,977 | 1,079 |
Stock-based compensation expense | 2,914 | 1,165 |
Change in fair value of preferred stock warrant liability | 0 | 19,643 |
Provision recorded for inventory | 219 | 44 |
Noncash lease expense | 846 | |
Noncash interest expense | 0 | 390 |
Loss (gain) on disposal of property and equipment | 19 | (18) |
Accretion on investments | (237) | (4) |
Loss on extinguishment of debt | 0 | 3,100 |
Other | (116) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 346 | (18) |
Inventory | (5,472) | (5,247) |
Prepaid expenses and other current assets | (152) | (2,552) |
Other long-term assets | 69 | (653) |
Accounts payable | (275) | (2,216) |
Accrued expenses and other current liabilities | (2,770) | 2,646 |
Deferred revenue | 99 | (520) |
Other long-term liabilities | 0 | 3 |
Net cash used in operating activities | (46,892) | (42,077) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (5,929) | (1,251) |
Proceeds from sale of property and equipment | 0 | 20 |
Purchases of investments | (155,340) | 0 |
Maturity of investments | 55,000 | 15,000 |
Net cash (used) provided by investing activities | (106,269) | 13,769 |
Cash flows from financing activities: | ||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 0 | 79,743 |
Proceeds from issuance of Class A common stock - stock option exercise | 471 | 294 |
Proceeds from issuance of Class A common stock - employee stock purchase plan | 159 | 0 |
Proceeds from issuance of restricted Class A stock award | 0 | 523 |
Payments on finance lease obligations | (24) | |
Proceeds from initial public offering of Class A common stock, net of issuance costs | 0 | 165,453 |
Proceeds from exercise of common stock warrants | 0 | 13 |
Repayment of term loans | 0 | (26,159) |
Payment of debt extinguishment fees | 0 | (1,866) |
Net cash provided by financing activities | 606 | 218,001 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (152,555) | 189,693 |
Cash, cash equivalents and restricted cash at beginning of period | 178,671 | 30,179 |
Cash, cash equivalents and restricted cash at end of period | 26,116 | 219,872 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 32 | 1,891 |
Supplemental disclosure of non-cash investing activities | ||
Establishment of property and equipment retirement cost asset | 0 | 188 |
Establishment of right of use operating assets | 7,605 | |
Purchases of property and equipment in accounts payable | 11 | 857 |
Supplemental disclosure of non-cash financing activities | ||
Establishment of right of use finance assets | 366 | |
Assets acquired under capital lease | 372 | |
Offering costs included in accounts payable and accrued expenses | 0 | 1,408 |
Conversion of preferred stock to common stock | 0 | 235,766 |
Conversion of preferred stock warrants to common stock warrants | 0 | 23,760 |
Accretion of redeemable convertible preferred stock to redemption value | 0 | 1,761 |
Cumulative redeemable convertible preferred stock dividends | $ 0 | $ 2,747 |
Nature of the business and basi
Nature of the business and basis of presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the business and basis of presentation | Nature of the business and basis of presentation Rapid Micro Biosystems, Inc. (the “Company”) was incorporated under the laws of the State of Delaware on December 29, 2006. The Company develops, manufactures, markets and sells Growth Direct systems (“Systems”) proprietary consumables, laboratory information management system (“LIMS”) connection software, and services to address rapid microbial analysis used for quality control in the manufacture of pharmaceuticals, medical devices and personal care products. The Company’s technology uses a highly sensitive camera and the natural auto fluorescence of living cells to identify and quantify microbial growth faster and more accurately than the traditional method, which relies on the human eye. The Company currently sells to customers in North America, Europe and Asia. The Company is headquartered in Lowell, Massachusetts. In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (“COVID-19”) outbreak a pandemic. The impact of this pandemic has been and may continue to be extensive in many aspects of society, which has resulted in and may continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. The Company cannot at this time predict the ultimate extent, duration, or full impact that the COVID-19 pandemic will have on its future financial condition and operations. The impact of the ongoing COVID-19 pandemic on the Company’s financial performance will depend on future developments, including the duration and spread of the pandemic and related governmental advisories and restrictions. These developments and the impact of COVID-19, and its variants, on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be materially adversely affected. Future impacts to the Company’s business as a result of COVID-19, and its variants, could include disruptions to the Company’s manufacturing operations and supply chain caused by facility closures, reductions in operating hours, staggered shifts and other social distancing efforts; labor shortages; decreased productivity and unavailability of materials or components; limitations on its employees’ and customers’ ability to travel, and delays in shipments to and from affected countries and within the United States. While the Company maintains an inventory of finished products and raw materials used in its products, the effects of the ongoing COVID-19 pandemic could still lead to shortages in the raw materials necessary to manufacture its products. Basis of presentation These condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries in Germany and Switzerland. All intercompany accounts and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s audited consolidated financial statements for the year ended December 31, 2021. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2022 and the results of its operations and its cash flows for the three and nine months ended September 30, 2022 and 2021. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2022 and 2021 are also unaudited. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. Reverse split On July 9, 2021, the Company effected a one-for-five reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s Preferred Stock (see Note 10). Accordingly, all share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the Preferred Stock conversion ratios. Initial public offering On July 19, 2021, the Company closed an initial public offering (“IPO”) of its Class A common stock, which resulted in the sale of 7,920,000 shares of its Class A common stock at the initial public offering price of $20.00 per share, before underwriting discounts. The offering resulted in gross proceeds of $158.4 million and net proceeds to the Company of $143.8 million from the IPO after deducting underwriting discounts, commissions and offering expenses payable by the Company. On August 4, 2021, the underwriters exercised their overallotment option in part and purchased 1,086,604 shares of Class A common stock at the initial public offering price of $20.00 per share less underwriting discounts and commissions. The overallotment option exercise resulted in net proceeds of $20.2 million. Liquidity The Company has incurred recurring losses and net cash outflows from operations since its inception. The Company expects to continue to generate significant operating losses for the foreseeable future. The Company expects that its existing cash and cash equivalents and investments will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months following the date these unaudited interim condensed consolidated financial statements were issued. |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, calculating the standalone selling price for revenue recognition, the valuation of inventory, the valuation of common stock and stock-based awards, and the valuation of the preferred stock warrant liability. The Company bases its estimates on historical experience, known trends and other market-specific and relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when 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 those estimates. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained. Other than policies noted below, there have been no significant changes to the significant accounting policies during the three and nine months ended September 30, 2022, as compared to the significant accounting policies disclosed in Note 2 of the audited consolidated financial statements as of December 31, 2021 filed with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Risk of concentrations of credit, significant customers and significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term and long-term investments and accounts receivable. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains its cash and cash equivalents and investments with financial institutions that management believes to be of high credit quality. The Company has not experienced any other-than-temporary losses with respect to its cash equivalents and investments and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Significant customers are those which represent more than 10% of the Company’s total revenue or accounts receivable balance at each respective balance sheet date. The following table presents customers that represent 10% or more of the Company’s total revenue: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Customer A 23.1 % 32.1 % 22.2 % 16.4 % Customer B 19.5 % * * * Customer D * 11.4 % * * 42.6 % 43.5 % 22.2 % 16.4 % ____________________________ * – less than 10% The following table presents customers that represent 10% or more of the Company’s accounts receivable: September 30, December 31, 2022 2021 Customer A 29.8 % 19.5 % Customer B 25.5 % * Customer C 10.8 % * Customer D * 12.6 % Customer E * 10.6 % Customer F * 10.0 % 66.1 % 52.7 % ____________________________ * – less than 10% The Company relies on third parties for the supply and manufacture of certain components of its products as well as third-party logistics providers. There are no significant concentrations around a single third-party supplier or manufacturer for the three and nine months ended September 30, 2022 or 2021. Debt issuance costs The Company capitalizes certain legal and other third-party fees that are directly associated with the issuance of debt as debt issuance costs. Debt issuance costs are recorded as a direct reduction of the carrying amount of the associated debt on the condensed consolidated balance sheets and amortized as interest expense on the condensed consolidated statements of operations using the effective interest method, which approximates the straight-line method. As of September 30, 2022 and December 31, 2021, the Company had no debt issuance costs on its condensed consolidated balance sheets. During the three months ended September 30, 2022 and 2021, the Company recorded zero and $0.1 million, respectively, and during the nine months ended September 30, 2022 and 2021, the Company recorded zero and $0.4 million, respectively, of interest expense related to amortization of debt issuance costs in the condensed consolidated statements of operations. Cash equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. At September 30, 2022 and December 31, 2021, the Company held cash of $0.2 million and $0.3 million, respectively, in banks located outside of the United States. Restricted cash As of September 30, 2022 and December 31, 2021, the Company was required to maintain guaranteed investment certificates of $0.3 million with maturities of three months to one year that are subject to an insignificant risk of changes in value. The guaranteed investment certificates are held for the benefit of the landlord in connection with operating leases which have remaining terms of greater than one year and are classified as restricted cash (non-current) on the Company’s consolidated balance sheets. Software Development Costs The Company accounts for software development costs for internal-use software under the provisions of ASC 350-40, “Internal-Use Software ” (“ASC 350”). Accordingly, certain costs to develop internal-use computer software are capitalized, provided these costs are expected to be recoverable. The Company had $1.1 million of software development costs, net of amortization, capitalized in other long-term assets at September 30, 2022. These capitalized costs are being amortized on a straight-line basis over the initial subscription term of five years. For the three months ended September 30, 2022 and 2021, there was $0.1 million and zero, respectively, and for the nine months ended September 30, 2022 and 2021, there was $0.3 million and zero, respectively, of amortization expense related to capitalized software development costs recorded in the condensed consolidated statements of operations. Fair value measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents, short-term and long-term investments are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities. Product warranties The Company offers a one-year limited assurance warranty on System sales, which is included in the selling price. The accrual for these warranty obligations is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. The following table presents a summary of changes in the amount reserved for warranty cost (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance, beginning of period $ 936 $ 612 $ 598 $ 637 Warranty provisions 295 — 646 — Warranty repairs (320) — (333) (25) Balance, end of period $ 911 $ 612 $ 911 $ 612 Segment information The Company determined its operating segment after considering the Company’s organizational structure and the information regularly reviewed and evaluated by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company has determined that its CODM is its Chief Executive Officer. The CODM reviews the financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. On the basis of these factors, the Company determined that it operates and manages its business as one operating segment, that develops, manufactures, markets and sells Systems and related LIMS connection software, consumables and services; and accordingly has one reportable segment for financial reporting purposes. Substantially all of the Company’s long-lived assets are held in the United States. Revenue recognition Remaining performance obligations The Company does not disclose the value of remaining performance obligations for (i) contracts with an original contract term of one year or less, (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice when that amount corresponds directly with the value of services performed, and (iii) variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied distinct service that forms part of a single performance obligation. The Company does not have material remaining performance obligations associated with contracts with terms greater than one year. Contract balances from contracts with customers Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is conditional and not only subject to the passage of time. The Company had $0.1 million and $0.3 million in contract assets as of September 30, 2022 and December 31, 2021, respectively, included in prepaid expenses and other current assets. These balances relate to unbilled amounts with commercial customers, as well as amounts due under the BARDA (as defined below) agreements. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has a contract liability related to service revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as noncurrent deferred revenue. The Company did not record any non-current deferred revenue as of September 30, 2022 or December 31, 2021. Deferred revenue was $3.4 million and $3.3 million at September 30, 2022 and December 31, 2021, respectively. Revenue recognized during the three months ended September 30, 2022 and 2021 that was included in deferred revenue at the prior period-end was $0.5 million and $0.7 million, respectively. Revenue recognized during the nine months ended September 30, 2022 and 2021 that was included in deferred revenue at the prior period-end was $2.3 million and $3.6 million, respectively. Non-commercial revenue The Company has historically generated revenue from a long-term contract with the U.S. Department of Health and Human Services Biomedical Advanced Research and Development Authority (“BARDA”) a part of the U.S. government. The Company’s contracts with the U.S. government are typically subject to the Federal Acquisition Regulation (“FAR”) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods or services provided under U.S. government contracts. In September 2017, the Company signed a contract with BARDA, which was subsequently modified on multiple occasions to increase the contract value and adjust the cost share reimbursement rate. Modifications were accounted for in accordance with the contract modification framework. The contract is a cost-reimbursable, cost-sharing arrangement, whereby BARDA reimburses the Company for a percentage of the total costs that have been incurred including indirect allowable costs. All funding under this contract was fully earned by the fourth quarter of 2021. Disaggregated revenue The Company disaggregates revenue based on the recurring and non-recurring, and commercial and non-commercial, nature of the underlying sale. Recurring revenue includes sales of consumables and service contracts. Non-recurring revenue includes sales of Systems, LIMS connection software, validation services, field service, and revenue under the Company’s contract with BARDA. The following table presents the Company’s revenue by the recurring or non-recurring and commercial or non-commercial nature of the revenue stream (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Product and service revenue — recurring $ 2,908 $ 2,171 $ 8,066 $ 5,539 Product and service revenue — non-recurring 1,831 4,132 4,693 11,243 Non-commercial revenue — non-recurring — 596 — 1,242 Total revenue $ 4,739 $ 6,899 $ 12,759 $ 18,024 The following table presents the Company’s revenue by customer geography (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States $ 2,091 $ 4,313 $ 6,452 $ 10,086 Germany 1,413 298 2,238 1,263 Switzerland 608 899 2,096 2,989 All other countries 627 1,389 1,973 3,686 Total revenue $ 4,739 $ 6,899 $ 12,759 $ 18,024 Advertising costs Advertising costs are expensed as incurred and are included in sales and marketing expenses in the condensed consolidated statements of operations. Advertising costs were less than $0.1 million during the three and nine months ended September 30, 2022 and 2021. Stock-based compensation The Company measures all stock-based awards granted to employees, officers and directors based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company issues stock-based awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. Forfeitures are accounted for prospectively as they occur. The Company measures all restricted common stock and restricted stock units granted to employees based on the common stock value on the date of grant. The purchase price of the restricted common stock is the common stock value on the date of grant. The restricted common stock includes a repurchase right, whereas upon the occurrence of a specific event, the Company shall have the right to repurchase unvested restricted common stock shares. At September 30, 2022 and December 31, 2021, the Company had $0.3 million and $0.5 million, respectively, in unvested restricted Class A common stock liability included in other current liabilities and other long-term liabilities, respectively. Comprehensive loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the three months ended September 30, 2022 and 2021, there were $0.5 million and zero, respectively, and for the nine months ended September 30, 2022 and 2021, there were $1.4 million and less than $0.1 million, respectively, of unrealized losses on short-term and long-term investments, net of tax, included in comprehensive loss. Recently adopted accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations related to their leasing arrangements. The update requires lessees to recognize most leases, with the exception of short-term leases if a policy election is made, on their balance sheets as a right-of-use ("ROU") asset representing the right to use an underlying asset and a lease liability representing the obligation to make lease payments over the lease term, measured on a discounted basis, while recognizing lease expense on their income statements in a manner similar to current GAAP. The guidance also requires entities to disclose key quantitative and qualitative information about its leasing arrangements. The Company leases office and manufacturing space under operating lease agreements. The Company leases furniture under a financing agreement. The Company adopted Topic 842 on January 1, 2022 using the optional transition method to the modified retrospective approach. Under this transition provision, results for reporting periods beginning on January 1, 2022 are presented under Topic 842 while prior period amounts continue to be reported and disclosed in accordance with the Company’s historical accounting treatment under ASC Topic 840, Leases (“ASC 840”). The Company elected the “package of practical expedients” permitted under the transition guidance, which among other things, does not require reassessment of whether contracts entered into prior to adoption are or contain leases, and allows carryforward of the historical lease classification for existing leases. The Company did not elect the “hindsight” practical expedient, and therefore measured the ROU assets and lease liabilities using the remaining portion of the lease term at adoption on January 1, 2022. The Company made an accounting policy election not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. For all other leases, the Company recognizes ROU assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease (or January 1, 2022 for existing leases upon the adoption of ASC 842). Lease payments may include fixed rent escalation clauses or payments that depend on an index (such as the consumer price index). Subsequent changes to an index and any other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred. The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives. The Company has made an accounting policy election to account for lease and non-lease components in its contracts as single lease components for all asset classes. The non-lease components typically represent additional services transferred to the Company, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred. The Company uses its incremental borrowing rate which is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment to determine the present value of lease payments as the Company’s leases do not have a readily determinable implicit discount rate. Judgment is applied in assessing factors such as Company specific credit risk, lease term, nature, and quality of the underlying collateral, currency, and economic environment in determining the incremental borrowing rate to apply to each lease. Upon adoption, the Company recorded operating lease ROU assets and lease liabilities of $6.0 million and $7.0 million, respectively, the difference relating to deferred rent. The Company recorded financing lease ROU assets and lease liabilities of approximately $0.4 million. The adoption of the new lease standard on January 1, 2022 did not materially impact our condensed consolidated statements of operations, comprehensive loss or cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various areas related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted this guidance effective January 1, 2022, and the adoption had no material impact on its condensed consolidated financial statements and related disclosures. Recently issued accounting pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the newer revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016- 13”). The new standard adjusts the accounting for assets held at amortized costs basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. The Company expects to adopt this guidance effective January 1, 2023, and it is currently evaluating the impact on its condensed consolidated financial statements and related disclosures. |
Fair value of financial assets
Fair value of financial assets and liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial assets and liabilities | Fair value of financial assets and liabilities The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands): Fair value measurements as of September 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 20,652 $ — $ — $ 20,652 Short-term investments 89,062 — — 89,062 Long-term investments 35,214 — — 35,214 $ 144,928 $ — $ — $ 144,928 Fair value measurements at December 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 173,755 $ — $ — $ 173,755 Short-term investments 15,110 — — 15,110 Long-term investments 9,966 — — 9,966 $ 198,831 $ — $ — $ 198,831 During the three and nine months ended September 30, 2022 and 2021, respectively, there were no transfers between Level 1, Level 2 and Level 3. Valuation of short-term and long-term investments Short-term and long-term investments, which consisted of U.S. Treasury bonds and notes and certificates of deposit, were valued by the Company using quoted prices in active markets for similar securities, which represents a Level 1 measurement within the fair value hierarchy. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Short-term and long-term investments by investment type consisted of the following (in thousands): September 30, 2022 Amortized Gross Gross Fair Short-term investments U.S. Government Treasury Bills $ 37,234 $ — $ (126) $ 37,108 U.S. Government Treasury Notes 52,553 — (599) 51,954 $ 89,787 $ — $ (725) $ 89,062 Long-term Investments Certificates of Deposit 1,672 — (32) 1,640 U.S. Government Treasury Notes - Maturity Up To Two Years 34,209 — (635) 33,574 $ 35,881 $ — $ (667) $ 35,214 December 31, 2021 Amortized Gross Gross Fair Short-term investments U.S. Government Treasury Bills $ 4,983 $ — $ (2) $ 4,981 U.S. Government Treasury Notes 10,142 — (13) 10,129 $ 15,125 $ — $ (15) $ 15,110 Long-term Investments U.S. Government Treasury Notes - Maturity Up To Two Years $ 9,966 $ — $ — $ 9,966 $ 9,966 $ — $ — $ 9,966 |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory consisted of the following (in thousands): September 30, December 31, 2022 2021 Raw materials $ 13,118 $ 10,135 Work in process 645 1,235 Finished goods 7,161 4,301 Total $ 20,924 $ 15,671 Raw materials, work in process and finished goods were net of adjustments to net realizable value of $0.9 million and $1.2 million as of September 30, 2022 and December 31, 2021, respectively. |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 9 Months Ended |
Sep. 30, 2022 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid expenses and other current assets | Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, 2022 2021 Prepaid insurance $ 2,112 $ 1,622 Contract asset 56 396 Deposits 1,207 1,262 Lease receivables, current portion — 231 Other 726 440 $ 4,101 $ 3,951 |
Property and equipment, net
Property and equipment, net | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2022 2021 Manufacturing and laboratory equipment $ 12,208 $ 13,277 Computer hardware and software 1,597 1,742 Office furniture and fixtures 589 745 Leasehold improvements 8,260 3,012 Construction-in-process 1,683 4,313 24,337 23,089 Less: Accumulated depreciation (11,107) (11,785) $ 13,230 $ 11,304 Depreciation and amortization expense related to property and equipment was $0.6 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively. Depreciation and amortization expense related to property and equipment was $1.7 million and $1.1 million for the nine months ended September 30, 2022 and 2021, respectively. The Company had zero fully depreciated assets disposed of during the three months ended September 30, 2022 and 2021, and $2.3 million and less than $0.1 million fully depreciated assets disposed of during the nine months ended September 30, 2022 and 2021, respectively. |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2022 2021 Accrued employee compensation and benefits expense $ 4,371 $ 3,569 Accrued vendor expenses 1,801 5,500 Accrued warranty expense 911 598 Deferred rent, current portion — 131 Accrued taxes 230 781 Other 78 338 $ 7,391 $ 10,917 On August 11, 2022, the board of directors of the Company approved an organizational restructuring plan (the “Restructuring Plan”) to right-size its cost structure based on its lowered 2022 outlook. The Company will continue to |
Long-term debt
Long-term debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt There was no long-term debt outstanding as of September 30, 2022 or December 31, 2021. Term loan agreements 2020 Term Loan In May 2020, the Company entered into a $60.0 million term loan facility with a new lender (the “2020 Term Loan”), which provided for borrowings of an initial $25.0 million tranche upon closing and options to borrow up to an aggregate of $35.0 million in two additional tranches of $20.0 million under the second tranche (the “Term B Loan”) and $15.0 million under the third tranche (the “Term C Loan”). At closing, the Company issued warrants to purchase 1,195,652 shares of Series C1 Preferred Stock to the lender with an exercise price of $1.15 per share which were accounted for as debt discount. The Company paid a $0.8 million facility fee in connection with the term loan facility. The Company allocated the $0.8 million term loan facility fee to the three loan tranches on a pro-rata basis based on the amount available to be drawn down under each tranche. The Company allocated $0.3 million to the initial draw which was recorded within debt issuance cost as an offset to the carrying value of the 2020 Term Loan and amortized over the term of the loan within interest expense on the condensed consolidated statement of operations. Additionally, the Company allocated $0.3 million to the Term B Loan and $0.2 million to the Term C Loan, all of which was recorded within prepaid expenses and other current assets on the consolidated balance sheet and is being amortized on a straight-line basis over the debt access period within interest expense on the consolidated statement of operations. The Company incurred debt issuance costs of $1.5 million in connection with the 2020 Term Loan including $0.9 million of professional fees and $0.6 million for the fair value of the warrants issued with the debt. Interest expense on the 2020 Term Loan totaled $0.7 million and $2.5 million for three and nine months ended September 30, 2021, respectively, which included amortization of the debt discount of $0.1 million and $0.3 million for the three and nine months ended September 30, 2021, respectively. |
Redeemable convertible preferre
Redeemable convertible preferred stock | 9 Months Ended |
Sep. 30, 2022 | |
Temporary Equity [Abstract] | |
Redeemable convertible preferred stock | Redeemable convertible preferred stock The Company has historically issued Series A1 redeemable convertible preferred stock (the “Series A1 Preferred Stock”), Series B1 redeemable convertible preferred stock (the “Series B1 Preferred Stock”), Series C1 redeemable convertible preferred stock (the “Series C1 Preferred Stock”), Series C2 redeemable convertible preferred stock (the “Series C2 Preferred Stock”), Series D1 redeemable convertible preferred stock (the “Series D1 Preferred Stock”) and Series D2 redeemable convertible preferred stock (the “Series D2 Preferred Stock”). The Series A1 Preferred Stock, Series B1 Preferred Stock, Series C1 Preferred Stock, Series C2 Preferred Stock, Series D1 Preferred Stock, and Series D2 Preferred Stock are collectively referred to as the “Preferred Stock”. In March 2021, the Company issued and sold 22,086,725 shares of Series D1 Preferred Stock and 413,268 shares of Series D2 Preferred Stock to new and existing investors at a price of $3.60 per share for gross proceeds of $79.5 million and $1.5 million, respectively. The Company incurred issuance costs in connection with this transaction of $2.7 million and recorded them as a reduction to the carrying value of the Series D1 Preferred Stock and Series D2 Preferred Stock. |
Preferred stock warrants
Preferred stock warrants | 9 Months Ended |
Sep. 30, 2022 | |
Preferred stock warrants | |
Preferred stock warrants | Preferred stock warrants In connection with the 2020 Term Loan, the Company issued 1,195,652 warrants to purchase shares of Series C1 Preferred Stock at an exercise price of $1.15 per share. The Company’s warrants were immediately exercisable and expire 10 years after issuance. The fair value of the warrants on the issuance date was $0.7 million. The Company also had outstanding warrants to purchase shares of Preferred Stock issued in connection with previous financing agreements. In connection with the IPO, all of the Company’s outstanding preferred stock warrants were automatically converted to Class A common stock warrants. The Company determined the conversion to Class A common stock warrants resulted in equity classification of the Class A common stock warrants and reclassified the fair value of the preferred stock warrant liability as of the IPO date into stockholders’ equity (see Note 12). The warrant liability was related to the warrants to purchase shares of the Company’s Series A1, B1, and C1 redeemable convertible preferred stock (see Note 10). The fair value of the warrant liability was determined based on inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The Company used the Black-Scholes option-pricing model, which incorporates assumptions and estimates, to value the warrant liability. Key estimates and assumptions impacting the fair value measurement include (i) the fair value per share of the underlying shares of applicable series of redeemable convertible preferred stock issuable upon exercise of the warrants, (ii) the remaining contractual term of the warrants, (iii) the risk-free interest rate, (iv) the expected dividend yield and (v) expected volatility of the price of the underlying applicable series of redeemable convertible preferred stock. The Company estimated the fair value per share of the underlying applicable series of redeemable convertible preferred stock based, in part, on the results of third-party valuations and additional factors deemed relevant. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the warrant. The Company estimated a zero expected dividend yield based on the fact that the Company has never paid or declared dividends and does not intend to do so in the foreseeable future. As the Company has historically been a private company and lacks company-specific historical and implied volatility information of its stock, the expected stock volatility was based on the historical volatility of publicly traded peer companies for a term equal to the remaining contractual term of the warrant. The table below quantifies the weighted average of the unobservable inputs used to fair value the preferred stock warrant liability prior to their conversion into common stock warrants: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Fair value of Series A1 preferred stock $ 4.00 $ 3.01 Fair value of Series B1 preferred stock $ 4.00 $ 3.26 Fair value of Series C1 preferred stock $ 4.00 $ 3.30 Remaining contractual term (in years) 6.6 6.8 Risk-free interest rate 1.0 % 1.2 % Expected dividend yield — % — % Expected volatility 42.2 % 42.0 % The following table provides a rollforward of the aggregate fair values of the Company’s preferred stock warrant liability, prior to their conversion into common stock warrants, for which fair values are determined using Level 3 inputs (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Balance, beginning of period $ 15,600 $ 4,117 Change in fair value of preferred stock warrants 8,160 19,643 Conversion of preferred stock warrants to common stock warrants (23,760) (23,760) Balance, end of period $ — $ — There were no outstanding preferred stock warrants as of September 30, 2022 or December 31, 2021. |
Common stock and common stock w
Common stock and common stock warrants | 9 Months Ended |
Sep. 30, 2022 | |
Common stock and common stock warrants | |
Common stock and common stock warrants | Common stock and common stock warrants As of September 30, 2022 and December 31, 2021, the Company’s restated certificate of incorporation authorized the issuance of 210,000,000 shares of $0.01 par value Class A common stock. On June 25, 2021, the Company filed an amended and restated certificate of incorporation, which effected a recapitalization of the Company’s then outstanding common stock to Class A common stock and authorized an additional new class of common stock (Class B common stock). Rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. On July 19, 2021, the Company filed an amended and restated certificate of incorporation which authorized Class A common stock and Class B common stock to 210,000,000 shares and 10,000,000 shares, respectively. As of September 30, 2022, there were 36,440,906 shares of Class A common stock issued and outstanding, and 5,553,379 shares of Class B common stock issued and outstanding. Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. The Company’s Class B common stock is non-voting. Class A and Class B common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to the preferential dividend rights of Preferred Stock. As of September 30, 2022, no cash dividends had been declared or paid. As of September 30, 2022, the Company had reserved 20,216,677 shares of common stock for the exercise of outstanding stock options, vesting of restricted stock units, the number of shares remaining available for grant under the Company’s 2021 Incentive Award Plan (see Note 13), the number of shares available for purchase under the Company’s Employee Stock Purchase Plan (see Note 13), shares of common stock for the exercise of outstanding common stock warrants and the conversion of Class B common stock. Prior to its IPO, the Company issued warrants to purchase preferred stock in conjunction with previous financing arrangements. In connection with the IPO, all outstanding preferred stock warrants were automatically converted to Class A common stock warrants. The contractual terms of the converted Class A common stock warrants remained consistent with the original terms of the preferred stock warrants. The Company determined the event resulted in equity classification of the Class A common stock warrants and reclassified the fair value of the preferred stock warrant liability as of the IPO date into equity. As of September 30, 2022, outstanding warrants to purchase common stock consisted of the following: September 30, 2022 Issuance date Contractual term Balance sheet Shares of Weighted average (in years) July 24, 2017 10 Equity 17,194 $ 292.81 April 12, 2018 10 Equity 30,000 $ 1.00 July 14, 2021 10 Equity 975,109 $ 1.46 1,022,303 As of December 31, 2021, outstanding warrants to purchase common stock outstanding consisted of the following: December 31, 2021 Issuance date Contractual term Balance sheet Shares of Weighted average (in years) July 24, 2017 10 Equity 25,835 $ 295.15 April 12, 2018 10 Equity 30,000 $ 1.00 July 14, 2021 10 Equity 975,109 $ 1.46 1,030,944 |
Stock-based compensation
Stock-based compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-based compensation 2010 Stock Option and Grant Plan The Company’s 2010 Stock Option and Grant Plan (the “2010 Plan”) provided for the Company to grant incentive stock options or nonqualified stock options, restricted stock awards and other stock-based awards to employees, officers, directors and consultants of the Company. In March 2021, the Board of Directors approved an increase to the 2010 Plan shares of 382,889 shares. Following the effectiveness of the IPO, no additional awards are being granted under the 2010 Plan and shares of existing outstanding options that were issued under the 2010 Plan and are forfeited or canceled will be available for grant under the 2021 Incentive Award Plan. 2021 Incentive Award Plan In July 2021, the Board of Directors adopted, and the Company’s stockholders approved, the 2021 Incentive Award Plan (the “2021 Plan”), which became effective in connection with the IPO. The 2021 Plan provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based and cash-based awards. The 2021 Plan has a term of ten years. The aggregate number of shares of Class A common stock available for issuance under the 2021 Plan is equal to (i) 4,200,000 shares; (ii) any shares which are subject to the 2010 Plan awards that become available for issuance under the 2021 Plan; and (iii) an annual increase for ten years on the first day of each calendar year beginning on January 1, 2022, equal to the lesser of (A) 5% of the aggregate number of shares of Class A common stock outstanding on the last day of the immediately preceding calendar year and (B) such smaller amount of shares as determined by the Board of Directors. No more than 33,900,000 shares of Class A common stock may be issued under the 2021 Plan upon the exercise of incentive stock options. As of September 30, 2022, there are 5,928,202 shares available for issuance under the 2021 Plan. The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees and directors: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Risk-free interest rate 3.2 % 1.0 % 2.1 % 0.9 % Expected term (in years) 6.1 5.8 6.0 6.0 Expected volatility 44.4 % 43.7 % 43.2 % 51.5 % Expected dividend yield 0 % 0 % 0 % 0 % Stock options The following table summarizes the Company’s stock option activity since December 31, 2021: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding as of December 31, 2021 4,823,100 $ 5.06 7.62 $ 31,041 Granted 1,641,392 7.30 Exercised (475,033) 0.99 Expired (21,625) 13.91 Forfeited (725,386) 12.01 Outstanding as of September 30, 2022 5,242,448 $ 5.11 7.64 $ 6,011 Options vested and expected to vest as of September 30, 2022 5,242,448 $ 5.11 7.64 $ 6,011 Options exercisable as of September 30, 2022 2,657,164 $ 3.03 6.37 $ 4,724 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s Class A common stock for those options that had exercise prices lower than such fair value. The intrinsic value of stock options exercised during the nine months ended September 30, 2022 and 2021 was $2.8 million and $0.4 million, respectively. The weighted average grant-date fair value per share of stock options granted during the three months ended September 30, 2022 and 2021 was $1.72 and $8.33, respectively, and during the nine months ended September 30, 2022 and 2021 was $3.20 and $4.05, respectively. Restricted stock In February 2021, the Company granted 248,903 shares of restricted stock to an employee under the 2010 Plan with a four-year vesting term. In connection with the grant, the employee paid $0.5 million, which represents the $2.10 per share fair value of the common stock on the date of the restricted stock grant. At September 30, 2022 and December 31, 2021, the Company had $0.3 million and $0.5 million, respectively, in unvested restricted common stock liability included in other current liabilities and other long-term liabilities, respectively. The restricted common stock is no longer vesting due to the employee's termination during the period, and the Company expects to settle the restricted common stock in accordance with contractual provisions. The following table summarizes the Company’s restricted stock activity since December 31, 2021: Number of Weighted Unvested as of December 31, 2021 248,903 $ 2.10 Granted — Vested (93,338) $ 2.10 Forfeited — Unvested as of September 30, 2022 155,565 $ 2.10 Restricted stock units Restricted stock unit grants to employees have a three-year vesting term in which vesting occurs annually on the anniversary of the grant date. The Company expenses the fair value of the restricted stock units over the vesting period and accounts for forfeitures prospectively as they occur. The following table summarizes restricted stock units granted to Company employees during the nine months ended September 30, 2022: Number of Weighted Unvested as of December 31, 2021 — Granted 634,797 $ 7.36 Vested — Forfeited (113,250) $ 7.71 Unvested as of September 30, 2022 521,547 $ 7.29 The weighted average grant-date fair value per share of restricted stock units granted during the three and nine months ended September 30, 2022 was $3.64 and $7.36, respectively. There were no restricted stock units granted during the nine months ended September 30, 2021. 2021 Employee Stock Purchase Plan In July 2021, the Board of Directors adopted, and the Company’s stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in connection with the IPO of Class A common stock. The aggregate number of shares of Class A common stock available for issuance under the 2021 ESPP is equal to (i) 400,000 shares and (ii) an annual increase for ten years on the first day of each calendar year beginning on January 1, 2022, equal to the lesser of (A) 1% of the aggregate number of shares of Class A common stock outstanding on the last day of the immediately preceding calendar year and (B) such smaller amount of shares as determined by the Board of Directors. No more than 6,300,000 shares of Class A common stock may be issued under the 2021 ESPP. Under the 2021 ESPP, eligible employees may purchase shares of the Company’s common stock through payroll deductions of up to 15% of eligible compensation during an offering period. Generally, each offering period will be for 6 months as determined by the Company's board of directors. In no event may an employee purchase more than 100,000 shares per offering period based on the closing price on the first trading date of an offering period or the last trading date of an offering period, or more than $25,000 worth of stock during any calendar year. The purchase price for shares to be purchased under the 2021 ESPP is 85% of the lesser of the market price of the Company's common stock on the first trading date of an offering period or on any purchase date during an offering period (March 14 or September 14). During the nine months ended September 30, 2022, there were 51,833 shares of Class A common stock purchased under the 2021 ESPP. The Company recognized less than $0.1 million of expense related to the 2021 ESPP for each of the three and nine months ended September 30, 2022. As of September 30, 2022, 693,807 shares were available for future issuance under the 2021 ESPP. The Company estimates the fair value of shares issued to employees under the 2021 ESPP using the Black-Scholes option-pricing model. The following weighted average assumptions were used in the calculation of fair value of shares under the 2021 ESPP at the grant date for the three and nine months ended September 30, 2022 (there were no offering periods for the three and nine months ended September 30, 2021): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Risk-free interest rate 3.78 % 2.60 % Expected term (in years) 0.5 0.5 Expected volatility 53.3 % 49.1 % Expected dividend yield 0 % 0 % Stock-based compensation Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ 118 $ 106 $ 387 $ 221 Research and development 93 57 266 106 Sales and marketing 93 76 370 158 General and administrative 369 345 1,891 680 Total stock-based compensation expense $ 673 $ 584 $ 2,914 $ 1,165 As of September 30, 2022, total unrecognized compensation expense related to unvested stock options held by employees and directors was $7.9 million, which is expected to be recognized over a weighted average period of 2.6 years. Additionally, unrecognized compensation expense related to unvested restricted stock units held by employees and directors was $3.0 million, which is expected to be recognized over a weighted average period of 2.5 years. |
Income taxes
Income taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes During the three and nine months ended September 30, 2022 and 2021, the pretax losses incurred by the Company, as well as the research and development tax credits generated, received no corresponding tax benefit because the Company concluded that it is more likely than not that the Company will be unable to realize the value of any resulting deferred tax assets. The Company will continue to assess its position in future periods to determine if it is appropriate to reduce a portion of its valuation allowance in the future. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate, adjusted for the effect of discrete items arising in that quarter. The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter. The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets, which primarily consist of net operating loss carryforwards. The Company has considered its history of cumulative net losses, estimated future taxable income and prudent and feasible tax planning strategies and has concluded that it is more likely than not that the Company will not realize the benefits of its deferred tax assets. As a result, as of September 30, 2022 and December 31, 2021 the Company has recorded a full valuation allowance against its net deferred tax assets. The Company files U.S. income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations in the U.S. The Company has not received notice of examination by any jurisdictions in the U.S. The Company has a branch in Germany that was under local examination for tax years 2016 through 2018. The Company adjusted the uncertain tax position as a result of the outcome of this tax examination, which concluded in the second quarter of 2022, resulting in an income tax benefit of $0.6 million for the nine months ended September 30, 2022. |
Net loss per share
Net loss per share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net loss per share | Net loss per share As of September 30, 2022, the Company had Class A common stock and Class B common stock. According to the Company’s restated certificate of incorporation, both classes have the same rights to the Company’s earnings and neither of the shares have any prior or senior rights to dividends to other shares. The Company reported a net loss attributable to common stockholders for the three and nine months ended September 30, 2022 and 2021, as such basic net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders. Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net loss $ (16,339) $ (24,987) $ (44,359) $ (58,919) Accretion of redeemable convertible preferred stock to redemption value — 210 — (1,761) Cumulative redeemable convertible preferred stock dividends — (451) — (2,747) Net loss attributable to common stockholders—basic and diluted $ (16,339) $ (25,228) $ (44,359) $ (63,427) Denominator: Weighted average Class A common shares outstanding—basic and diluted 36,964,613 29,463,234 36,619,187 10,372,225 Weighted average Class B common shares outstanding—basic and diluted 5,553,379 5,852,865 5,785,056 1,972,394 Total shares for EPS—basic and diluted 42,517,992 35,316,099 42,404,243 12,344,619 Net loss per share attributable to Class A common stockholders—basic and diluted $ (0.38) $ (0.71) $ (1.05) $ (5.14) Net loss per share attributable to Class B common stockholders—basic and diluted $ (0.38) $ (0.71) $ (1.05) $ (5.14) The Company’s potentially dilutive securities, which include stock options, restricted stock, redeemable convertible preferred stock, common stock warrants and preferred stock warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three and Nine Months Ended September 30, 2022 2021 Options to purchase common stock 5,242,448 4,772,207 Unvested restricted common stock 677,112 — Warrants to purchase common stock 286,324 294,965 Options to purchase common stock under ESPP 8,107 — 6,213,991 5,067,172 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company adopted Topic 842 on January 1, 2022 using the optional transition method to the modified retrospective approach. The impact of the adoption of Topic 842 to the Company's applicable balance sheet items as of January 1, 2022 is presented in the table below (in thousands). The standard did not have a material impact to the Company's unaudited condensed consolidated statements of operations, comprehensive loss, or cash flows. As Reported Adjustments Adjusted Assets Right-of-use assets, net, operating $ — $ 6,039 $ 6,039 Right-of-use assets, net, financing — 366 366 Property and equipment, net 11,304 (351) 10,953 Total $ 11,304 $ 6,054 $ 17,358 Total assets $ 241,169 $ 6,054 $ 247,223 Liabilities and Stockholders' Equity Current liabilities: Lease liabilities, short-term, operating $ — $ 1,023 $ 1,023 Lease liabilities, short-term, financing — 33 33 Accrued expenses 10,917 (160) 10,757 Total $ 10,917 $ 896 $ 11,813 Total current liabilities $ 18,166 $ 896 $ 19,062 Lease liabilities, long-term, operating — 5,960 5,960 Lease liabilities, long-term, financing — 341 341 Deferred rent, long-term 813 (813) — Other long-term liabilities 1,210 (330) 880 Total $ 2,023 $ 5,158 $ 7,181 Total liabilities $ 20,189 $ 6,054 $ 26,243 Total stockholders' equity $ 220,980 $ — $ 220,980 Total liabilities and stockholders' equity $ 241,169 $ 6,054 $ 247,223 The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under ASC 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset. See Note 2 for more information on the Company’s accounting policies for leases. The Company leases office and manufacturing space under operating lease agreements that have initial terms ranging from approximately 8 to 10 years. The Company leases furniture under a financing lease agreement that has an initial term of approximately 8 years. Some leases include one or more options to renew, generally at the Company's sole discretion, with renewal terms that can extend the lease term by up to 5 years. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. Options to extend a lease are included in the lease term when it is reasonably certain that the Company will exercise the option. Options to terminate a lease are excluded from the lease term when it is reasonably certain that the Company will not exercise the option. The Company’s leases generally do not contain any material restrictive covenants or residual value guarantees. Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash outflows - payments on operating leases $ 893 Operating cash outflows - payments on financing leases $ 32 Financing cash outflows - payments on financing leases $ 24 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 7,605 Financing leases $ 366 Supplemental balance sheet information related to the Company’s operating and financing leases is as follows (in thousands): September 30, 2022 Operating Leases: Operating lease assets $ 6,969 Accrued expenses and other current liabilities $ 711 Operating lease liabilities 7,154 Total operating lease liabilities $ 7,865 Financing Leases: Office furniture and fixtures $ 386 Accumulated depreciation (57) Net property, plant and equipment $ 329 Current portion of long-term debt $ 36 Long-term debt 313 Total financing lease liabilities $ 349 Weighted-average remaining lease term - operating leases (in years): 6.79 Weighted-average remaining lease term - financing leases (in years): 6.75 Weighted-average discount rate - operating leases: 3.7 % Weighted-average discount rate - financing leases: 12.0 % The components of lease expense were as follows (in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease cost $ 297 $ 847 Financing lease cost - amortization of right-of-use asset 12 37 Financing lease cost - interest on lease liability 11 32 Short-term lease cost 14 45 Variable lease cost 138 454 Total lease cost $ 472 $ 1,415 Operating lease cost is recognized on a straight-line basis over the lease term. Total rent expense, including the Company’s share of the lessors’ operating expenses, was $0.4 million and $1.3 million, respectively, for the three and nine months ended September 30, 2022. Financing lease cost includes asset amortization on a straight-line basis over the lease term and interest accretion calculated using the effective interest method. Total financing lease asset depreciation and interest expense was less than $0.1 million for the three and nine months ended September 30, 2022. In March 2022, the Company amended the lease for its office and manufacturing space in Lowell, Massachusetts (the “Amendment”). The Amendment increased the amount of facility space subject to the lease and extended the expiration of the lease from July 2026 to July 2029. The terms of the Amendment include options for a one-time, five-year extension of the lease and early termination of the lease in July 2026 (subject to an early termination fee), as well as a $0.3 million tenant improvement allowance. Monthly rent payments are fixed and future minimum lease payments under the lease (as amended) are $4.6 million. Included in the $4.6 million are leases with commencement dates expected later in 2022 and therefore are not recorded on the consolidated balance sheets as of September 30, 2022. The future minimum lease payments related to these leases are approximately $0.9 million. The Amendment qualified as a lease modification and resulted in a right of use asset and lease liability in the amount of $1.2 million and $1.3 million, respectively, recognized in March 2022, and an additional right of use asset and lease liability of $0.7 million recognized in May 2022. Maturities of the Company’s operating lease liabilities as of September 30, 2022 were as follows (in thousands): Operating Lease Maturities 2022 (excluding the nine months ended September 30) $ 313 2023 1,273 2024 1,306 2025 1,339 2026 1,372 Thereafter 3,627 Total lease payments $ 9,230 Less imputed interest (1,094) Total present value of lease liabilities $ 8,136 Maturities of the Company’s financing lease liability as of September 30, 2022 were as follows (in thousands): Financing Lease Maturities 2022 (excluding the nine months ended September 30) $ 19 2023 75 2024 75 2025 75 2026 75 Thereafter 187 Total lease payments $ 506 Less imputed interest (157) Total present value of lease liabilities $ 349 Maturities of the Company’s operating lease liabilities as of December 31, 2021 were as follows (in thousands): Year Ended 2022 $ 1,139 2023 1,169 2024 1,199 2025 1,229 2026 1,044 Thereafter 1,953 Total minimum lease commitments $ 7,733 |
Leases | Leases The Company adopted Topic 842 on January 1, 2022 using the optional transition method to the modified retrospective approach. The impact of the adoption of Topic 842 to the Company's applicable balance sheet items as of January 1, 2022 is presented in the table below (in thousands). The standard did not have a material impact to the Company's unaudited condensed consolidated statements of operations, comprehensive loss, or cash flows. As Reported Adjustments Adjusted Assets Right-of-use assets, net, operating $ — $ 6,039 $ 6,039 Right-of-use assets, net, financing — 366 366 Property and equipment, net 11,304 (351) 10,953 Total $ 11,304 $ 6,054 $ 17,358 Total assets $ 241,169 $ 6,054 $ 247,223 Liabilities and Stockholders' Equity Current liabilities: Lease liabilities, short-term, operating $ — $ 1,023 $ 1,023 Lease liabilities, short-term, financing — 33 33 Accrued expenses 10,917 (160) 10,757 Total $ 10,917 $ 896 $ 11,813 Total current liabilities $ 18,166 $ 896 $ 19,062 Lease liabilities, long-term, operating — 5,960 5,960 Lease liabilities, long-term, financing — 341 341 Deferred rent, long-term 813 (813) — Other long-term liabilities 1,210 (330) 880 Total $ 2,023 $ 5,158 $ 7,181 Total liabilities $ 20,189 $ 6,054 $ 26,243 Total stockholders' equity $ 220,980 $ — $ 220,980 Total liabilities and stockholders' equity $ 241,169 $ 6,054 $ 247,223 The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under ASC 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset. See Note 2 for more information on the Company’s accounting policies for leases. The Company leases office and manufacturing space under operating lease agreements that have initial terms ranging from approximately 8 to 10 years. The Company leases furniture under a financing lease agreement that has an initial term of approximately 8 years. Some leases include one or more options to renew, generally at the Company's sole discretion, with renewal terms that can extend the lease term by up to 5 years. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. Options to extend a lease are included in the lease term when it is reasonably certain that the Company will exercise the option. Options to terminate a lease are excluded from the lease term when it is reasonably certain that the Company will not exercise the option. The Company’s leases generally do not contain any material restrictive covenants or residual value guarantees. Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash outflows - payments on operating leases $ 893 Operating cash outflows - payments on financing leases $ 32 Financing cash outflows - payments on financing leases $ 24 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 7,605 Financing leases $ 366 Supplemental balance sheet information related to the Company’s operating and financing leases is as follows (in thousands): September 30, 2022 Operating Leases: Operating lease assets $ 6,969 Accrued expenses and other current liabilities $ 711 Operating lease liabilities 7,154 Total operating lease liabilities $ 7,865 Financing Leases: Office furniture and fixtures $ 386 Accumulated depreciation (57) Net property, plant and equipment $ 329 Current portion of long-term debt $ 36 Long-term debt 313 Total financing lease liabilities $ 349 Weighted-average remaining lease term - operating leases (in years): 6.79 Weighted-average remaining lease term - financing leases (in years): 6.75 Weighted-average discount rate - operating leases: 3.7 % Weighted-average discount rate - financing leases: 12.0 % The components of lease expense were as follows (in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease cost $ 297 $ 847 Financing lease cost - amortization of right-of-use asset 12 37 Financing lease cost - interest on lease liability 11 32 Short-term lease cost 14 45 Variable lease cost 138 454 Total lease cost $ 472 $ 1,415 Operating lease cost is recognized on a straight-line basis over the lease term. Total rent expense, including the Company’s share of the lessors’ operating expenses, was $0.4 million and $1.3 million, respectively, for the three and nine months ended September 30, 2022. Financing lease cost includes asset amortization on a straight-line basis over the lease term and interest accretion calculated using the effective interest method. Total financing lease asset depreciation and interest expense was less than $0.1 million for the three and nine months ended September 30, 2022. In March 2022, the Company amended the lease for its office and manufacturing space in Lowell, Massachusetts (the “Amendment”). The Amendment increased the amount of facility space subject to the lease and extended the expiration of the lease from July 2026 to July 2029. The terms of the Amendment include options for a one-time, five-year extension of the lease and early termination of the lease in July 2026 (subject to an early termination fee), as well as a $0.3 million tenant improvement allowance. Monthly rent payments are fixed and future minimum lease payments under the lease (as amended) are $4.6 million. Included in the $4.6 million are leases with commencement dates expected later in 2022 and therefore are not recorded on the consolidated balance sheets as of September 30, 2022. The future minimum lease payments related to these leases are approximately $0.9 million. The Amendment qualified as a lease modification and resulted in a right of use asset and lease liability in the amount of $1.2 million and $1.3 million, respectively, recognized in March 2022, and an additional right of use asset and lease liability of $0.7 million recognized in May 2022. Maturities of the Company’s operating lease liabilities as of September 30, 2022 were as follows (in thousands): Operating Lease Maturities 2022 (excluding the nine months ended September 30) $ 313 2023 1,273 2024 1,306 2025 1,339 2026 1,372 Thereafter 3,627 Total lease payments $ 9,230 Less imputed interest (1,094) Total present value of lease liabilities $ 8,136 Maturities of the Company’s financing lease liability as of September 30, 2022 were as follows (in thousands): Financing Lease Maturities 2022 (excluding the nine months ended September 30) $ 19 2023 75 2024 75 2025 75 2026 75 Thereafter 187 Total lease payments $ 506 Less imputed interest (157) Total present value of lease liabilities $ 349 Maturities of the Company’s operating lease liabilities as of December 31, 2021 were as follows (in thousands): Year Ended 2022 $ 1,139 2023 1,169 2024 1,199 2025 1,229 2026 1,044 Thereafter 1,953 Total minimum lease commitments $ 7,733 |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Software subscription During the year ended December 31, 2021, the Company entered into a non-cancelable agreement with a service provider for software as a service and cloud hosting services. As of September 30, 2022, the Company had committed to minimum payments under this arrangement totaling $0.8 million through January 31, 2026. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. The Company had zero and $0.1 million accrued for the software subscription as of September 30, 2022 and December 31, 2021, respectively. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and certain of its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of September 30, 2022 and December 31, 2021. Legal proceedings The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to legal proceedings. |
Benefit plans
Benefit plans | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Benefit plans | Benefit plansThe Company established a defined contribution savings plan under Section 401(k) of the Code. This plan covers all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Matching contributions to the plan may be made at the discretion of the Company’s board of directors. The Company made contributions of $0.2 million and $0.1 million to the plan during the three months ended September 30, 2022 and 2021, respectively, and made contributions of $0.6 million and $0.2 million to the plan during the nine months ended September 30, 2022 and 2021, respectively. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries in Germany and Switzerland. All intercompany accounts and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s audited consolidated financial statements for the year ended December 31, 2021. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2022 and the results of its operations and its cash flows for the three and nine months ended September 30, 2022 and 2021. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2022 and 2021 are also unaudited. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. |
Reclassification | ReclassificationCertain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. |
Use of estimates | Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, calculating the standalone selling price for revenue recognition, the valuation of inventory, the valuation of common stock and stock-based awards, and the valuation of the preferred stock warrant liability. The Company bases its estimates on historical experience, known trends and other market-specific and relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when 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 those estimates. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained. Other than policies noted below, there have been no significant changes to the significant accounting policies during the three and nine months ended September 30, 2022, as compared to the significant accounting policies disclosed in Note 2 of the audited consolidated financial statements as of December 31, 2021 filed with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. |
Risk of concentrations of credit, significant customers and significant suppliers | Risk of concentrations of credit, significant customers and significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term and long-term investments and accounts receivable. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains its cash and cash equivalents and investments with financial institutions that management believes to be of high credit quality. The Company has not experienced any other-than-temporary losses with respect to its cash equivalents and investments and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. |
Debt issuance costs | Debt issuance costs The Company capitalizes certain legal and other third-party fees that are directly associated with the issuance of debt as debt issuance costs. Debt issuance costs are recorded as a direct reduction of the carrying amount of the associated debt on the condensed consolidated balance sheets and amortized as interest expense on the condensed consolidated statements of operations using the effective interest method, which approximates the straight-line method. As of September 30, 2022 and December 31, 2021, the Company had no debt issuance costs on its condensed consolidated balance sheets. During the three months ended September 30, 2022 and 2021, the Company recorded zero and $0.1 million, respectively, and during the nine months ended September 30, 2022 and 2021, the Company recorded zero and $0.4 million, respectively, of interest expense related to amortization of debt issuance costs in the condensed consolidated statements of operations. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. At September 30, 2022 and December 31, 2021, the Company held cash of $0.2 million and $0.3 million, respectively, in banks located outside of the United States. |
Restricted cash | Restricted cash As of September 30, 2022 and December 31, 2021, the Company was required to maintain guaranteed investment certificates of $0.3 million with maturities of three months to one year that are subject to an insignificant risk of changes in value. The guaranteed investment certificates are held for the benefit of the landlord in connection with operating leases which have remaining terms of greater than one year and are classified as restricted cash (non-current) on the Company’s consolidated balance sheets. |
Software Development Costs | Software Development Costs The Company accounts for software development costs for internal-use software under the provisions of ASC 350-40, “Internal-Use Software ” (“ASC 350”). Accordingly, certain costs to develop internal-use computer software are capitalized, provided these costs are expected to be recoverable. The Company had $1.1 million of software development costs, net of amortization, capitalized in other long-term assets at September 30, 2022. These capitalized costs are being amortized on a straight-line basis over the initial subscription term of five years. For the three months ended September 30, 2022 and 2021, there was $0.1 million and zero, respectively, and for the nine months ended September 30, 2022 and 2021, there was $0.3 million and zero, respectively, of amortization expense related to capitalized software development costs recorded in the condensed consolidated statements of operations. |
Fair value measurements | Fair value measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents, short-term and long-term investments are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities. |
Product warranties | Product warrantiesThe Company offers a one-year limited assurance warranty on System sales, which is included in the selling price. The accrual for these warranty obligations is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. |
Segment information | Segment information The Company determined its operating segment after considering the Company’s organizational structure and the information regularly reviewed and evaluated by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company has determined that its CODM is its Chief Executive Officer. The CODM reviews the financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. On the basis of these factors, the Company determined that it operates and manages its business as one operating segment, that develops, manufactures, markets and sells Systems and related LIMS connection software, consumables and services; and accordingly has one reportable segment for financial reporting purposes. Substantially all of the Company’s long-lived assets are held in the United States. |
Revenue recognition | Revenue recognition Remaining performance obligations The Company does not disclose the value of remaining performance obligations for (i) contracts with an original contract term of one year or less, (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice when that amount corresponds directly with the value of services performed, and (iii) variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied distinct service that forms part of a single performance obligation. The Company does not have material remaining performance obligations associated with contracts with terms greater than one year. Contract balances from contracts with customers Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is conditional and not only subject to the passage of time. The Company had $0.1 million and $0.3 million in contract assets as of September 30, 2022 and December 31, 2021, respectively, included in prepaid expenses and other current assets. These balances relate to unbilled amounts with commercial customers, as well as amounts due under the BARDA (as defined below) agreements. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has a contract liability related to service revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as noncurrent deferred revenue. The Company did not record any non-current deferred revenue as of September 30, 2022 or December 31, 2021. Deferred revenue was $3.4 million and $3.3 million at September 30, 2022 and December 31, 2021, respectively. Revenue recognized during the three months ended September 30, 2022 and 2021 that was included in deferred revenue at the prior period-end was $0.5 million and $0.7 million, respectively. Revenue recognized during the nine months ended September 30, 2022 and 2021 that was included in deferred revenue at the prior period-end was $2.3 million and $3.6 million, respectively. Non-commercial revenue The Company has historically generated revenue from a long-term contract with the U.S. Department of Health and Human Services Biomedical Advanced Research and Development Authority (“BARDA”) a part of the U.S. government. The Company’s contracts with the U.S. government are typically subject to the Federal Acquisition Regulation (“FAR”) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods or services provided under U.S. government contracts. In September 2017, the Company signed a contract with BARDA, which was subsequently modified on multiple occasions to increase the contract value and adjust the cost share reimbursement rate. Modifications were accounted for in accordance with the contract modification framework. The contract is a cost-reimbursable, cost-sharing arrangement, whereby BARDA reimburses the Company for a percentage of the total costs that have been incurred including indirect allowable costs. All funding under this contract was fully earned by the fourth quarter of 2021. Disaggregated revenue |
Advertising costs | Advertising costs Advertising costs are expensed as incurred and are included in sales and marketing expenses in the condensed consolidated statements of operations. Advertising costs were less than $0.1 million during the three and nine months ended September 30, 2022 and 2021. |
Stock-based compensation | Stock-based compensation The Company measures all stock-based awards granted to employees, officers and directors based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company issues stock-based awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. Forfeitures are accounted for prospectively as they occur. The Company measures all restricted common stock and restricted stock units granted to employees based on the common stock value on the date of grant. The purchase price of the restricted common stock is the common stock value on the date of grant. The restricted common stock includes a repurchase right, whereas upon the occurrence of a specific |
Comprehensive loss | Comprehensive loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the three months ended September 30, 2022 and 2021, there were $0.5 million and zero, respectively, and for the nine months ended September 30, 2022 and 2021, there were $1.4 million and less than $0.1 million, respectively, of unrealized losses on short-term and long-term investments, net of tax, included in comprehensive loss. |
Recently adopted and issued accounting pronouncements | Recently adopted accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations related to their leasing arrangements. The update requires lessees to recognize most leases, with the exception of short-term leases if a policy election is made, on their balance sheets as a right-of-use ("ROU") asset representing the right to use an underlying asset and a lease liability representing the obligation to make lease payments over the lease term, measured on a discounted basis, while recognizing lease expense on their income statements in a manner similar to current GAAP. The guidance also requires entities to disclose key quantitative and qualitative information about its leasing arrangements. The Company leases office and manufacturing space under operating lease agreements. The Company leases furniture under a financing agreement. The Company adopted Topic 842 on January 1, 2022 using the optional transition method to the modified retrospective approach. Under this transition provision, results for reporting periods beginning on January 1, 2022 are presented under Topic 842 while prior period amounts continue to be reported and disclosed in accordance with the Company’s historical accounting treatment under ASC Topic 840, Leases (“ASC 840”). The Company elected the “package of practical expedients” permitted under the transition guidance, which among other things, does not require reassessment of whether contracts entered into prior to adoption are or contain leases, and allows carryforward of the historical lease classification for existing leases. The Company did not elect the “hindsight” practical expedient, and therefore measured the ROU assets and lease liabilities using the remaining portion of the lease term at adoption on January 1, 2022. The Company made an accounting policy election not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. For all other leases, the Company recognizes ROU assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease (or January 1, 2022 for existing leases upon the adoption of ASC 842). Lease payments may include fixed rent escalation clauses or payments that depend on an index (such as the consumer price index). Subsequent changes to an index and any other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred. The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives. The Company has made an accounting policy election to account for lease and non-lease components in its contracts as single lease components for all asset classes. The non-lease components typically represent additional services transferred to the Company, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred. The Company uses its incremental borrowing rate which is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment to determine the present value of lease payments as the Company’s leases do not have a readily determinable implicit discount rate. Judgment is applied in assessing factors such as Company specific credit risk, lease term, nature, and quality of the underlying collateral, currency, and economic environment in determining the incremental borrowing rate to apply to each lease. Upon adoption, the Company recorded operating lease ROU assets and lease liabilities of $6.0 million and $7.0 million, respectively, the difference relating to deferred rent. The Company recorded financing lease ROU assets and lease liabilities of approximately $0.4 million. The adoption of the new lease standard on January 1, 2022 did not materially impact our condensed consolidated statements of operations, comprehensive loss or cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various areas related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted this guidance effective January 1, 2022, and the adoption had no material impact on its condensed consolidated financial statements and related disclosures. Recently issued accounting pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the newer revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016- 13”). The new standard adjusts the accounting for assets held at amortized costs basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. The Company expects to adopt this guidance effective January 1, 2023, and it is currently evaluating the impact on its condensed consolidated financial statements and related disclosures. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Concentration Risk | The following table presents customers that represent 10% or more of the Company’s total revenue: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Customer A 23.1 % 32.1 % 22.2 % 16.4 % Customer B 19.5 % * * * Customer D * 11.4 % * * 42.6 % 43.5 % 22.2 % 16.4 % ____________________________ * – less than 10% The following table presents customers that represent 10% or more of the Company’s accounts receivable: September 30, December 31, 2022 2021 Customer A 29.8 % 19.5 % Customer B 25.5 % * Customer C 10.8 % * Customer D * 12.6 % Customer E * 10.6 % Customer F * 10.0 % 66.1 % 52.7 % ____________________________ * – less than 10% |
Schedule of Product Warranties | The following table presents a summary of changes in the amount reserved for warranty cost (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance, beginning of period $ 936 $ 612 $ 598 $ 637 Warranty provisions 295 — 646 — Warranty repairs (320) — (333) (25) Balance, end of period $ 911 $ 612 $ 911 $ 612 |
Schedule of Disaggregated Revenue | The following table presents the Company’s revenue by the recurring or non-recurring and commercial or non-commercial nature of the revenue stream (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Product and service revenue — recurring $ 2,908 $ 2,171 $ 8,066 $ 5,539 Product and service revenue — non-recurring 1,831 4,132 4,693 11,243 Non-commercial revenue — non-recurring — 596 — 1,242 Total revenue $ 4,739 $ 6,899 $ 12,759 $ 18,024 The following table presents the Company’s revenue by customer geography (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States $ 2,091 $ 4,313 $ 6,452 $ 10,086 Germany 1,413 298 2,238 1,263 Switzerland 608 899 2,096 2,989 All other countries 627 1,389 1,973 3,686 Total revenue $ 4,739 $ 6,899 $ 12,759 $ 18,024 |
Fair value of financial asset_2
Fair value of financial assets and liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured on a Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands): Fair value measurements as of September 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 20,652 $ — $ — $ 20,652 Short-term investments 89,062 — — 89,062 Long-term investments 35,214 — — 35,214 $ 144,928 $ — $ — $ 144,928 Fair value measurements at December 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 173,755 $ — $ — $ 173,755 Short-term investments 15,110 — — 15,110 Long-term investments 9,966 — — 9,966 $ 198,831 $ — $ — $ 198,831 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | Short-term and long-term investments by investment type consisted of the following (in thousands): September 30, 2022 Amortized Gross Gross Fair Short-term investments U.S. Government Treasury Bills $ 37,234 $ — $ (126) $ 37,108 U.S. Government Treasury Notes 52,553 — (599) 51,954 $ 89,787 $ — $ (725) $ 89,062 Long-term Investments Certificates of Deposit 1,672 — (32) 1,640 U.S. Government Treasury Notes - Maturity Up To Two Years 34,209 — (635) 33,574 $ 35,881 $ — $ (667) $ 35,214 December 31, 2021 Amortized Gross Gross Fair Short-term investments U.S. Government Treasury Bills $ 4,983 $ — $ (2) $ 4,981 U.S. Government Treasury Notes 10,142 — (13) 10,129 $ 15,125 $ — $ (15) $ 15,110 Long-term Investments U.S. Government Treasury Notes - Maturity Up To Two Years $ 9,966 $ — $ — $ 9,966 $ 9,966 $ — $ — $ 9,966 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Summary of Inventory | Inventory consisted of the following (in thousands): September 30, December 31, 2022 2021 Raw materials $ 13,118 $ 10,135 Work in process 645 1,235 Finished goods 7,161 4,301 Total $ 20,924 $ 15,671 |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, 2022 2021 Prepaid insurance $ 2,112 $ 1,622 Contract asset 56 396 Deposits 1,207 1,262 Lease receivables, current portion — 231 Other 726 440 $ 4,101 $ 3,951 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2022 2021 Manufacturing and laboratory equipment $ 12,208 $ 13,277 Computer hardware and software 1,597 1,742 Office furniture and fixtures 589 745 Leasehold improvements 8,260 3,012 Construction-in-process 1,683 4,313 24,337 23,089 Less: Accumulated depreciation (11,107) (11,785) $ 13,230 $ 11,304 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2022 2021 Accrued employee compensation and benefits expense $ 4,371 $ 3,569 Accrued vendor expenses 1,801 5,500 Accrued warranty expense 911 598 Deferred rent, current portion — 131 Accrued taxes 230 781 Other 78 338 $ 7,391 $ 10,917 |
Preferred stock warrants (Table
Preferred stock warrants (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Preferred stock warrants | |
Schedule of Unobservable Inputs of Preferred Stock Warrant Liability | The table below quantifies the weighted average of the unobservable inputs used to fair value the preferred stock warrant liability prior to their conversion into common stock warrants: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Fair value of Series A1 preferred stock $ 4.00 $ 3.01 Fair value of Series B1 preferred stock $ 4.00 $ 3.26 Fair value of Series C1 preferred stock $ 4.00 $ 3.30 Remaining contractual term (in years) 6.6 6.8 Risk-free interest rate 1.0 % 1.2 % Expected dividend yield — % — % Expected volatility 42.2 % 42.0 % |
Schedule of Fair Values of Preferred Stock Warrant Liability | The following table provides a rollforward of the aggregate fair values of the Company’s preferred stock warrant liability, prior to their conversion into common stock warrants, for which fair values are determined using Level 3 inputs (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Balance, beginning of period $ 15,600 $ 4,117 Change in fair value of preferred stock warrants 8,160 19,643 Conversion of preferred stock warrants to common stock warrants (23,760) (23,760) Balance, end of period $ — $ — |
Common stock and common stock_2
Common stock and common stock warrants (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Common stock and common stock warrants | |
Schedule of Outstanding Common Stock Warrants | As of September 30, 2022, outstanding warrants to purchase common stock consisted of the following: September 30, 2022 Issuance date Contractual term Balance sheet Shares of Weighted average (in years) July 24, 2017 10 Equity 17,194 $ 292.81 April 12, 2018 10 Equity 30,000 $ 1.00 July 14, 2021 10 Equity 975,109 $ 1.46 1,022,303 As of December 31, 2021, outstanding warrants to purchase common stock outstanding consisted of the following: December 31, 2021 Issuance date Contractual term Balance sheet Shares of Weighted average (in years) July 24, 2017 10 Equity 25,835 $ 295.15 April 12, 2018 10 Equity 30,000 $ 1.00 July 14, 2021 10 Equity 975,109 $ 1.46 1,030,944 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Black-Scholes Option-Pricing Model | The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees and directors: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Risk-free interest rate 3.2 % 1.0 % 2.1 % 0.9 % Expected term (in years) 6.1 5.8 6.0 6.0 Expected volatility 44.4 % 43.7 % 43.2 % 51.5 % Expected dividend yield 0 % 0 % 0 % 0 % |
Schedule of Stock Option Activity | The following table summarizes the Company’s stock option activity since December 31, 2021: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding as of December 31, 2021 4,823,100 $ 5.06 7.62 $ 31,041 Granted 1,641,392 7.30 Exercised (475,033) 0.99 Expired (21,625) 13.91 Forfeited (725,386) 12.01 Outstanding as of September 30, 2022 5,242,448 $ 5.11 7.64 $ 6,011 Options vested and expected to vest as of September 30, 2022 5,242,448 $ 5.11 7.64 $ 6,011 Options exercisable as of September 30, 2022 2,657,164 $ 3.03 6.37 $ 4,724 |
Schedule of Restricted Stock and Restricted Stock Units Activity | The following table summarizes the Company’s restricted stock activity since December 31, 2021: Number of Weighted Unvested as of December 31, 2021 248,903 $ 2.10 Granted — Vested (93,338) $ 2.10 Forfeited — Unvested as of September 30, 2022 155,565 $ 2.10 Number of Weighted Unvested as of December 31, 2021 — Granted 634,797 $ 7.36 Vested — Forfeited (113,250) $ 7.71 Unvested as of September 30, 2022 521,547 $ 7.29 |
Schedule of ESPP Black-Scholes Option-Pricing Model | The following weighted average assumptions were used in the calculation of fair value of shares under the 2021 ESPP at the grant date for the three and nine months ended September 30, 2022 (there were no offering periods for the three and nine months ended September 30, 2021): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Risk-free interest rate 3.78 % 2.60 % Expected term (in years) 0.5 0.5 Expected volatility 53.3 % 49.1 % Expected dividend yield 0 % 0 % |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ 118 $ 106 $ 387 $ 221 Research and development 93 57 266 106 Sales and marketing 93 76 370 158 General and administrative 369 345 1,891 680 Total stock-based compensation expense $ 673 $ 584 $ 2,914 $ 1,165 |
Net loss per share (Tables)
Net loss per share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss per Share | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net loss $ (16,339) $ (24,987) $ (44,359) $ (58,919) Accretion of redeemable convertible preferred stock to redemption value — 210 — (1,761) Cumulative redeemable convertible preferred stock dividends — (451) — (2,747) Net loss attributable to common stockholders—basic and diluted $ (16,339) $ (25,228) $ (44,359) $ (63,427) Denominator: Weighted average Class A common shares outstanding—basic and diluted 36,964,613 29,463,234 36,619,187 10,372,225 Weighted average Class B common shares outstanding—basic and diluted 5,553,379 5,852,865 5,785,056 1,972,394 Total shares for EPS—basic and diluted 42,517,992 35,316,099 42,404,243 12,344,619 Net loss per share attributable to Class A common stockholders—basic and diluted $ (0.38) $ (0.71) $ (1.05) $ (5.14) Net loss per share attributable to Class B common stockholders—basic and diluted $ (0.38) $ (0.71) $ (1.05) $ (5.14) |
Schedule of Anti-Dilutive Shares Excluded from Computation of Diluted Net Let per Share | The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three and Nine Months Ended September 30, 2022 2021 Options to purchase common stock 5,242,448 4,772,207 Unvested restricted common stock 677,112 — Warrants to purchase common stock 286,324 294,965 Options to purchase common stock under ESPP 8,107 — 6,213,991 5,067,172 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Impact from Adoption of Topic 842 | The impact of the adoption of Topic 842 to the Company's applicable balance sheet items as of January 1, 2022 is presented in the table below (in thousands). The standard did not have a material impact to the Company's unaudited condensed consolidated statements of operations, comprehensive loss, or cash flows. As Reported Adjustments Adjusted Assets Right-of-use assets, net, operating $ — $ 6,039 $ 6,039 Right-of-use assets, net, financing — 366 366 Property and equipment, net 11,304 (351) 10,953 Total $ 11,304 $ 6,054 $ 17,358 Total assets $ 241,169 $ 6,054 $ 247,223 Liabilities and Stockholders' Equity Current liabilities: Lease liabilities, short-term, operating $ — $ 1,023 $ 1,023 Lease liabilities, short-term, financing — 33 33 Accrued expenses 10,917 (160) 10,757 Total $ 10,917 $ 896 $ 11,813 Total current liabilities $ 18,166 $ 896 $ 19,062 Lease liabilities, long-term, operating — 5,960 5,960 Lease liabilities, long-term, financing — 341 341 Deferred rent, long-term 813 (813) — Other long-term liabilities 1,210 (330) 880 Total $ 2,023 $ 5,158 $ 7,181 Total liabilities $ 20,189 $ 6,054 $ 26,243 Total stockholders' equity $ 220,980 $ — $ 220,980 Total liabilities and stockholders' equity $ 241,169 $ 6,054 $ 247,223 |
Schedule of Supplemental Cash Flow Information and Lease Expense | Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash outflows - payments on operating leases $ 893 Operating cash outflows - payments on financing leases $ 32 Financing cash outflows - payments on financing leases $ 24 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 7,605 Financing leases $ 366 The components of lease expense were as follows (in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease cost $ 297 $ 847 Financing lease cost - amortization of right-of-use asset 12 37 Financing lease cost - interest on lease liability 11 32 Short-term lease cost 14 45 Variable lease cost 138 454 Total lease cost $ 472 $ 1,415 |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to the Company’s operating and financing leases is as follows (in thousands): September 30, 2022 Operating Leases: Operating lease assets $ 6,969 Accrued expenses and other current liabilities $ 711 Operating lease liabilities 7,154 Total operating lease liabilities $ 7,865 Financing Leases: Office furniture and fixtures $ 386 Accumulated depreciation (57) Net property, plant and equipment $ 329 Current portion of long-term debt $ 36 Long-term debt 313 Total financing lease liabilities $ 349 Weighted-average remaining lease term - operating leases (in years): 6.79 Weighted-average remaining lease term - financing leases (in years): 6.75 Weighted-average discount rate - operating leases: 3.7 % Weighted-average discount rate - financing leases: 12.0 % |
Schedule of Operating Lease Liability Maturities | Maturities of the Company’s operating lease liabilities as of September 30, 2022 were as follows (in thousands): Operating Lease Maturities 2022 (excluding the nine months ended September 30) $ 313 2023 1,273 2024 1,306 2025 1,339 2026 1,372 Thereafter 3,627 Total lease payments $ 9,230 Less imputed interest (1,094) Total present value of lease liabilities $ 8,136 |
Schedule of Finance Lease Liability Maturities | Maturities of the Company’s financing lease liability as of September 30, 2022 were as follows (in thousands): Financing Lease Maturities 2022 (excluding the nine months ended September 30) $ 19 2023 75 2024 75 2025 75 2026 75 Thereafter 187 Total lease payments $ 506 Less imputed interest (157) Total present value of lease liabilities $ 349 |
Schedule of Pre-Adoption Operating Lease Liability Maturities | Maturities of the Company’s operating lease liabilities as of December 31, 2021 were as follows (in thousands): Year Ended 2022 $ 1,139 2023 1,169 2024 1,199 2025 1,229 2026 1,044 Thereafter 1,953 Total minimum lease commitments $ 7,733 |
Nature of the business and ba_2
Nature of the business and basis of presentation (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Aug. 04, 2021 USD ($) $ / shares shares | Jul. 19, 2021 USD ($) $ / shares shares | Jul. 09, 2021 | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Aug. 11, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||
Workforce reduction percentage | 20% | ||||||
Restructuring costs | $ 1,100 | ||||||
Gross proceeds from transaction | $ 0 | $ 165,453 | |||||
Reverse stock split ratio | 0.2 | ||||||
IPO | |||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||
Number of shares sold (in shares) | shares | 7,920,000 | ||||||
Price per share of shares sold (in dollars per share) | $ / shares | $ 20 | ||||||
Gross proceeds from transaction | $ 158,400 | ||||||
Net proceeds from transaction | $ 143,800 | ||||||
Over-Allotment Option | |||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||||
Number of shares sold (in shares) | shares | 1,086,604 | ||||||
Price per share of shares sold (in dollars per share) | $ / shares | $ 20 | ||||||
Net proceeds from transaction | $ 20,200 |
Summary of significant accoun_4
Summary of significant accounting policies - Schedule of Concentration Risk (Details) - Customer Concentration Risk | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenue Benchmark | Major Customers | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 42.60% | 43.50% | 22.20% | 16.40% | ||
Revenue Benchmark | Customer A | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 23.10% | 32.10% | 22.20% | 16.40% | ||
Revenue Benchmark | Customer B | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 19.50% | |||||
Revenue Benchmark | Customer D | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 11.40% | |||||
Accounts Receivable | Major Customers | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 52.70% | 66.10% | ||||
Accounts Receivable | Customer A | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 19.50% | 29.80% | ||||
Accounts Receivable | Customer B | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 25.50% | |||||
Accounts Receivable | Customer C | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 10.80% | |||||
Accounts Receivable | Customer D | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 12.60% | |||||
Accounts Receivable | Customer E | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 10.60% | |||||
Accounts Receivable | Customer F | ||||||
Concentration Risk [Line Items] | ||||||
Customer concentration risk | 10% |
Summary of significant accoun_5
Summary of significant accounting policies - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | May 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounting Policies [Line Items] | ||||||||
Debt issuance costs | $ 0 | $ 0 | $ 0 | |||||
Amortization of the debt issuance costs | 0 | $ 100,000 | 0 | $ 400,000 | ||||
Cash held in banks outside of the US | 200,000 | 200,000 | 300,000 | |||||
Guaranteed investment certificates | 284,000 | 284,000 | 284,000 | |||||
Software development costs, net of amortization | 1,100,000 | 1,100,000 | ||||||
Software development amortization expense | 100,000 | 0 | $ 300,000 | 0 | ||||
Product warranty term | 1 year | |||||||
Number of operating segments | segment | 1 | |||||||
Number of reportable segments | segment | 1 | |||||||
Contract assets | 100,000 | $ 100,000 | 300,000 | |||||
Non-current deferred revenue | 0 | 0 | 0 | |||||
Current deferred revenue | 3,404,000 | 3,404,000 | 3,305,000 | |||||
Revenue recognized which was included in deferred revenue in prior period | 500,000 | 700,000 | 2,300,000 | 3,600,000 | ||||
Unrealized losses on short-term and long-term investments, net of tax | (473,000) | 0 | (1,376,000) | (1,000) | ||||
Operating lease right-of-use asset | 6,969,000 | 6,969,000 | $ 700,000 | $ 1,200,000 | ||||
Operating lease liabilities | 7,865,000 | 7,865,000 | $ 700,000 | $ 1,300,000 | ||||
Financing lease right-of-use assets | 329,000 | 329,000 | ||||||
Financing lease liabilities | 349,000 | 349,000 | ||||||
Accounting Standards Update 2016-02 | ||||||||
Accounting Policies [Line Items] | ||||||||
Operating lease right-of-use asset | $ 6,000,000 | |||||||
Operating lease liabilities | 7,000,000 | |||||||
Financing lease right-of-use assets | 400,000 | |||||||
Financing lease liabilities | $ 400,000 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Accounting Policies [Line Items] | ||||||||
Unvested stock liability | 300,000 | 300,000 | $ 500,000 | |||||
Maximum | ||||||||
Accounting Policies [Line Items] | ||||||||
Advertising costs | $ 100,000 | $ 100,000 | $ 100,000 | 100,000 | ||||
Unrealized losses on short-term and long-term investments, net of tax | $ (100,000) | |||||||
Software Development | ||||||||
Accounting Policies [Line Items] | ||||||||
Amortization period of capitalized software costs | 5 years |
Summary of significant accoun_6
Summary of significant accounting policies - Schedule of Product Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of period | $ 936 | $ 612 | $ 598 | $ 637 |
Warranty provisions | 295 | 0 | 646 | 0 |
Warranty repairs | (320) | 0 | (333) | (25) |
Balance at end of period | $ 911 | $ 612 | $ 911 | $ 612 |
Summary of significant accoun_7
Summary of significant accounting policies - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 4,739 | $ 6,899 | $ 12,759 | $ 18,024 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,091 | 4,313 | 6,452 | 10,086 |
Germany | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,413 | 298 | 2,238 | 1,263 |
Switzerland | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 608 | 899 | 2,096 | 2,989 |
All other countries | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 627 | 1,389 | 1,973 | 3,686 |
Product and service revenue — recurring | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,908 | 2,171 | 8,066 | 5,539 |
Product and service revenue — non-recurring | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,831 | 4,132 | 4,693 | 11,243 |
Non-commercial revenue — non-recurring | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 0 | $ 596 | $ 0 | $ 1,242 |
Fair value of financial asset_3
Fair value of financial assets and liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 20,652 | $ 173,755 |
Assets | 144,928 | 198,831 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 89,062 | 15,110 |
Long-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 35,214 | 9,966 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 20,652 | 173,755 |
Assets | 144,928 | 198,831 |
Level 1 | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 89,062 | 15,110 |
Level 1 | Long-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 35,214 | 9,966 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Assets | 0 | 0 |
Level 2 | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 2 | Long-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Assets | 0 | 0 |
Level 3 | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | Long-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 0 | $ 0 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Short-term investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 89,787 | $ 15,125 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (725) | (15) |
Fair value | 89,062 | 15,110 |
U.S. Government Treasury Bills | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 37,234 | 4,983 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (126) | (2) |
Fair value | 37,108 | 4,981 |
U.S. Government Treasury Notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 52,553 | 10,142 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (599) | (13) |
Fair value | 51,954 | 10,129 |
Long-term investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 35,881 | 9,966 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (667) | 0 |
Fair value | 35,214 | 9,966 |
U.S. Government Treasury Notes - Maturity Up To Two Years | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 34,209 | 9,966 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (635) | 0 |
Fair value | 33,574 | $ 9,966 |
Certificates of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,672 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | (32) | |
Fair value | $ 1,640 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 13,118 | $ 10,135 |
Work in process | 645 | 1,235 |
Finished goods | 7,161 | 4,301 |
Total | 20,924 | 15,671 |
Inventory adjustments | $ 900 | $ 1,200 |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid insurance | $ 2,112 | $ 1,622 |
Contract asset | 56 | 396 |
Deposits | 1,207 | 1,262 |
Lease receivables, current portion | 0 | 231 |
Other | 726 | 440 |
Prepaid expenses and other current assets | $ 4,101 | $ 3,951 |
Property and equipment, net - S
Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 24,337 | $ 23,089 |
Less: Accumulated depreciation | (11,107) | (11,785) |
Property plant and equipment, net | 13,230 | 11,304 |
Manufacturing and laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 12,208 | 13,277 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 1,597 | 1,742 |
Office furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 589 | 745 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 8,260 | 3,012 |
Construction-in-process | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 1,683 | $ 4,313 |
Property and equipment, net - N
Property and equipment, net - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization expense | $ 600,000 | $ 400,000 | $ 1,700,000 | $ 1,100,000 |
Fully depreciated assets disposed of | $ 0 | $ 0 | $ 2,300,000 | |
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Fully depreciated assets disposed of | $ 100,000 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accrued employee compensation and benefits expense | $ 4,371 | $ 3,569 |
Accrued vendor expenses | 1,801 | 5,500 |
Accrued warranty expense | 911 | 598 |
Deferred rent, current portion | 131 | |
Accrued taxes | 230 | 781 |
Other | 78 | 338 |
Total accrued expenses and other current liabilities | $ 7,391 | $ 10,917 |
Accrued expenses and other cu_4
Accrued expenses and other current liabilities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Aug. 11, 2022 | |
Payables and Accruals [Abstract] | |||
Workforce reduction percentage | 20% | ||
Restructuring costs | $ 1.1 | ||
Payments for restructuring | 0.2 | $ 0.2 | |
Restructuring related accrued expenses | $ 0.9 | $ 0.9 |
Long-term debt (Details)
Long-term debt (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | May 31, 2020 | |
Debt Instrument [Line Items] | |||||||
Long-term debt outstanding | $ 0 | $ 0 | $ 0 | ||||
Debt issuance costs | 0 | 0 | $ 0 | ||||
Debt extinguishment loss | $ 0 | $ 3,100,000 | $ 0 | $ 3,100,000 | |||
2020 Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Loan face amount | $ 60,000,000 | ||||||
Facility fee | 800,000 | ||||||
Debt issuance costs | 1,500,000 | ||||||
Professional fees | 900,000 | ||||||
Fair value of warrants issued with debt | $ 600,000 | ||||||
Interest expense | 700,000 | 2,500,000 | |||||
amortization of debt discount | $ 100,000 | $ 300,000 | |||||
Debt extinguishment loss | $ 3,100,000 | ||||||
Prepayment penalty | 1,800,000 | ||||||
Expense related to unamortized discounts | 1,100,000 | ||||||
Unamortized prepaid facility fees and other charges | $ 200,000 | ||||||
2020 Term Loan | Series C1 Preferred Stock | |||||||
Debt Instrument [Line Items] | |||||||
Warrants issued (in shares) | 1,195,652 | ||||||
Exercise price of warrants (in dollars per share) | $ 1.15 | ||||||
2020 Term Loan | Debt Instrument, Tranche One | |||||||
Debt Instrument [Line Items] | |||||||
Loan face amount | $ 25,000,000 | ||||||
Facility fee | 300,000 | ||||||
2020 Term Loan | Debt Instrument, Tranche Two | |||||||
Debt Instrument [Line Items] | |||||||
Loan face amount | 35,000,000 | ||||||
Term B Loan | Debt Instrument, Tranche Two | |||||||
Debt Instrument [Line Items] | |||||||
Loan face amount | 20,000,000 | ||||||
Facility fee | 300,000 | ||||||
Term C Loan | Debt Instrument, Tranche Two | |||||||
Debt Instrument [Line Items] | |||||||
Loan face amount | 15,000,000 | ||||||
Facility fee | $ 200,000 |
Redeemable convertible prefer_2
Redeemable convertible preferred stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jul. 14, 2021 | Jun. 25, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jul. 19, 2021 | |
Redeemable convertible preferred stock | ||||||||
Gross proceeds of shares issued | $ 0 | $ 79,743 | ||||||
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Series D1 Preferred Stock | ||||||||
Redeemable convertible preferred stock | ||||||||
Shares issued (in shares) | 22,086,725 | 22,086,725,000 | ||||||
Share price of shares issued (in dollars per share) | $ 3.60 | $ 3.60 | ||||||
Gross proceeds of shares issued | $ 79,500 | |||||||
Series D2 Preferred Stock | ||||||||
Redeemable convertible preferred stock | ||||||||
Shares issued (in shares) | 413,268 | 413,268,000 | ||||||
Share price of shares issued (in dollars per share) | $ 3.60 | $ 3.60 | ||||||
Gross proceeds of shares issued | $ 1,500 | |||||||
Number of shares exchanged (in shares) | 2,364,509 | |||||||
Series D1 and D2 Preferred Stock | ||||||||
Redeemable convertible preferred stock | ||||||||
Issuance costs | $ 2,700 | |||||||
Series C2 Redeemable Convertible Preferred Stock | ||||||||
Redeemable convertible preferred stock | ||||||||
Number of shares exchanged (in shares) | 11,437,301 | |||||||
Class A Common stock | ||||||||
Redeemable convertible preferred stock | ||||||||
Conversion of stock (in shares) | 24,200,920 | |||||||
Class B Common stock | ||||||||
Redeemable convertible preferred stock | ||||||||
Conversion of stock (in shares) | 6,903,379 |
Preferred stock warrants - Narr
Preferred stock warrants - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 shares | Dec. 31, 2021 shares | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | May 31, 2020 USD ($) $ / shares shares | |
Preferred stock warrants | |||||||
Warrant fair value | $ | $ 0 | $ 0 | $ 15,600 | $ 4,117 | |||
Outstanding warrants (in shares) | shares | 0 | 0 | |||||
Expected dividend yield | |||||||
Preferred stock warrants | |||||||
Preferred stock warrant liability, measurement input | 0 | 0 | |||||
Series C1 Preferred Stock | |||||||
Preferred stock warrants | |||||||
Warrant term | 10 years | ||||||
Warrant fair value | $ | $ 700 | ||||||
Series C1 Preferred Stock | 2020 Term Loan | |||||||
Preferred stock warrants | |||||||
Warrants issued (in shares) | shares | 1,195,652 | ||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 1.15 |
Preferred stock warrants - Sche
Preferred stock warrants - Schedule of Unobservable Inputs of Preferred Stock Warrant Liability (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 Y $ / shares | Sep. 30, 2021 Y $ / shares | |
Remaining contractual term (in years) | ||
Preferred stock warrants | ||
Preferred stock warrant liability, measurement input | Y | 6.6 | 6.8 |
Risk-free interest rate | ||
Preferred stock warrants | ||
Preferred stock warrant liability, measurement input | 0.010 | 0.012 |
Expected dividend yield | ||
Preferred stock warrants | ||
Preferred stock warrant liability, measurement input | 0 | 0 |
Expected volatility | ||
Preferred stock warrants | ||
Preferred stock warrant liability, measurement input | 0.422 | 0.420 |
Fair value of Series A1 preferred stock | ||
Preferred stock warrants | ||
Fair value of preferred stock warrant liability (in dollars per share) | $ 4 | $ 3.01 |
Fair value of Series B1 preferred stock | ||
Preferred stock warrants | ||
Fair value of preferred stock warrant liability (in dollars per share) | 4 | 3.26 |
Fair value of Series C1 preferred stock | ||
Preferred stock warrants | ||
Fair value of preferred stock warrant liability (in dollars per share) | $ 4 | $ 3.30 |
Preferred stock warrants - Sc_2
Preferred stock warrants - Schedule of Fair Values of Preferred Stock Warrant Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 15,600 | $ 4,117 | ||
Change in fair value of preferred stock warrants | $ 0 | 8,160 | $ 0 | 19,643 |
Conversion of preferred stock warrants to common stock warrants | (23,760) | (23,760) | ||
Balance at end of period | $ 0 | $ 0 |
Common stock and common stock_3
Common stock and common stock warrants - Narrative (Details) | 9 Months Ended | |||
Sep. 30, 2022 USD ($) Vote $ / shares shares | Dec. 31, 2021 $ / shares shares | Sep. 30, 2021 shares | Jul. 19, 2021 shares | |
Common stock and common stock warrants | ||||
Cash dividends | $ | $ 0 | |||
Shares reserved (in shares) | 20,216,677 | |||
Class A Common stock | ||||
Common stock and common stock warrants | ||||
Common stock, authorized (in shares) | 210,000,000 | 210,000,000 | 210,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Common stock, issued (in shares) | 36,440,906 | 34,564,040 | ||
Common stock, outstanding (in shares) | 36,440,906 | 34,564,040 | ||
Number of votes per share held | Vote | 1 | |||
Class B Common stock | ||||
Common stock and common stock warrants | ||||
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Common stock, issued (in shares) | 5,553,379 | 6,903,379 | ||
Common stock, outstanding (in shares) | 5,553,379 | 6,903,379 |
Common stock and common stock_4
Common stock and common stock warrants - Schedule of Outstanding Common Stock Warrants (Details) - Common Stock Warrants - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Common stock and common stock warrants | ||
Shares of common stock issuable upon exercise of warrant (in shares) | 1,022,303 | 1,030,944 |
July 24, 2017 | ||
Common stock and common stock warrants | ||
Contractual term | 10 years | 10 years |
Shares of common stock issuable upon exercise of warrant (in shares) | 17,194 | 25,835 |
Weighted average exercise price (in dollars per share) | $ 292.81 | $ 295.15 |
April 12, 2018 | ||
Common stock and common stock warrants | ||
Contractual term | 10 years | 10 years |
Shares of common stock issuable upon exercise of warrant (in shares) | 30,000 | 30,000 |
Weighted average exercise price (in dollars per share) | $ 1 | $ 1 |
July 14, 2021 | ||
Common stock and common stock warrants | ||
Contractual term | 10 years | 10 years |
Shares of common stock issuable upon exercise of warrant (in shares) | 975,109 | 975,109 |
Weighted average exercise price (in dollars per share) | $ 1.46 | $ 1.46 |
Stock-based compensation - Narr
Stock-based compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | ||||
Jul. 31, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based compensation | ||||||||
Intrinsic value of stock options exercised | $ 2,800 | $ 400 | ||||||
Weighted average grant-date fair value of stock options granted (in dollars per share) | $ 1.72 | $ 8.33 | $ 3.20 | $ 4.05 | ||||
Employee payments for shares granted | $ 159 | $ 0 | ||||||
Stock-based compensation expense | $ 673 | $ 584 | 2,914 | $ 1,165 | ||||
Shares available for future issuance (in shares) | 20,216,677 | 20,216,677 | ||||||
Unrecognized compensation expense | 7,900 | $ 7,900 | ||||||
Restricted Stock | ||||||||
Share-based compensation | ||||||||
Units granted (in shares) | 248,903 | 0 | ||||||
Vesting Period | 4 years | |||||||
Employee payments for shares granted | $ 500 | |||||||
Weighted average grant-date fair value per share of units granted (in dollars per share) | $ 2.10 | |||||||
Unvested stock liability | $ 300 | $ 500 | $ 300 | |||||
Restricted Stock Units (RSUs) | ||||||||
Share-based compensation | ||||||||
Units granted (in shares) | 634,797 | 0 | ||||||
Weighted average grant-date fair value per share of units granted (in dollars per share) | $ 3.64 | $ 7.36 | ||||||
Unvested stock liability | $ 300 | $ 500 | $ 300 | |||||
Weighted average recognition period | 2 years 6 months | |||||||
Unrecognized compensation expense related to units | $ 3,000 | $ 3,000 | ||||||
Share-Based Payment Arrangement, Option | ||||||||
Share-based compensation | ||||||||
Weighted average recognition period | 2 years 7 months 6 days | |||||||
2010 Plan | ||||||||
Share-based compensation | ||||||||
Additional shares authorized (in shares) | 382,889 | 0 | ||||||
2021 Plan | ||||||||
Share-based compensation | ||||||||
Plan term | 10 years | 10 years | ||||||
Shares available for issuance under plan (in shares) | 5,928,202 | 5,928,202 | ||||||
2021 Plan | Class A Common stock | ||||||||
Share-based compensation | ||||||||
Shares available for issuance under plan (in shares) | 4,200,000 | |||||||
Percentage of aggregate number of shares outstanding | 5% | |||||||
Maximum number of shares issuable upon exercise of stock option (in shares) | 33,900,000 | |||||||
2021 ESPP | ||||||||
Share-based compensation | ||||||||
Plan term | 10 years | |||||||
2021 ESPP | Maximum | ||||||||
Share-based compensation | ||||||||
Stock-based compensation expense | $ 100 | $ 100 | ||||||
2021 ESPP | Employee Stock | ||||||||
Share-based compensation | ||||||||
Maximum percentage of payroll deduction | 15% | |||||||
Offering period | 6 months | |||||||
Maximum shares available for purchase per employee (in shares) | 100,000 | |||||||
Maximum value of shares available for purchase per employee | $ 25 | |||||||
Discount percentage from market price | 85% | |||||||
2021 ESPP | Class A Common stock | ||||||||
Share-based compensation | ||||||||
Shares available for issuance under plan (in shares) | 400,000 | |||||||
Percentage of aggregate number of shares outstanding | 1% | |||||||
Maximum number of shares issuable upon exercise of stock option (in shares) | 6,300,000 | |||||||
Shares purchased under plan (in shares) | 51,833 | |||||||
Shares available for future issuance (in shares) | 693,807 | 693,807 |
Stock-based compensation - Sche
Stock-based compensation - Schedule of Black-Scholes Option-Pricing Model (Details) - 2021 Plan - Share-Based Payment Arrangement, Option | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based compensation | ||||
Risk-free interest rate | 3.20% | 1% | 2.10% | 0.90% |
Expected term (in years) | 6 years 1 month 6 days | 5 years 9 months 18 days | 6 years | 6 years |
Expected volatility | 44.40% | 43.70% | 43.20% | 51.50% |
Expected dividend yield | 0% | 0% | 0% | 0% |
Stock-based compensation - Stoc
Stock-based compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Number of shares | ||
Outstanding at beginning of period (in shares) | 4,823,100 | |
Granted (in shares) | 1,641,392 | |
Exercised (in shares) | (475,033) | |
Expired (in shares) | (21,625) | |
Forfeited (in shares) | (725,386) | |
Outstanding at end of period (in shares) | 5,242,448 | 4,823,100 |
Options vested and expected to vest (in shares) | 5,242,448 | |
Options exercisable (in shares) | 2,657,164 | |
Weighted average exercise price | ||
Outstanding at beginning of period (in dollars per share) | $ 5.06 | |
Granted (in dollars per share) | 7.30 | |
Exercised (in dollars per share) | 0.99 | |
Expired (in dollars per share) | 13.91 | |
Forfeited (in dollars per share) | 12.01 | |
Outstanding at end of period (in dollars per share) | 5.11 | $ 5.06 |
Options vested and expected to vest (in dollars per share) | 5.11 | |
Options exercisable (in dollars per share) | $ 3.03 | |
Weighted average remaining contractual term | ||
Weighted average remaining contractual term of options outstanding | 7 years 7 months 20 days | 7 years 7 months 13 days |
Weighted average remaining contractual term of options vested and expected to vest | 7 years 7 months 20 days | |
Weighted average remaining contractual term of options exercisable | 6 years 4 months 13 days | |
Aggregate intrinsic value | ||
Aggregate intrinsic value of options outstanding | $ 6,011 | $ 31,041 |
Aggregate intrinsic value of options vested and expected to vest | 6,011 | |
Aggregate intrinsic value of options exercisable | $ 4,724 |
Stock-based compensation - Sc_2
Stock-based compensation - Schedule of Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Feb. 28, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock | ||||
Number of shares | ||||
Unvested units at beginning of period (in shares) | 248,903 | |||
Granted (in shares) | 248,903 | 0 | ||
Vested (in shares) | (93,338) | |||
Forfeited (in shares) | 0 | |||
Unvested units at end of period (in shares) | 155,565 | 155,565 | ||
Weighted average fair value | ||||
Unvested units at beginning of period (in dollars per share) | $ 2.10 | |||
Granted (in dollars per share) | $ 2.10 | |||
Vested (in dollars per share) | 2.10 | |||
Forfeited (in shares) | ||||
Unvested units at end of period (in dollars per share) | $ 2.10 | $ 2.10 | ||
Restricted Stock Units (RSUs) | ||||
Number of shares | ||||
Unvested units at beginning of period (in shares) | 0 | |||
Granted (in shares) | 634,797 | 0 | ||
Vested (in shares) | 0 | |||
Forfeited (in shares) | (113,250) | |||
Unvested units at end of period (in shares) | 521,547 | 521,547 | ||
Weighted average fair value | ||||
Unvested units at beginning of period (in dollars per share) | ||||
Granted (in dollars per share) | $ 3.64 | 7.36 | ||
Vested (in dollars per share) | ||||
Forfeited (in shares) | 7.71 | |||
Unvested units at end of period (in dollars per share) | $ 7.29 | $ 7.29 |
Stock-based compensation - Sc_3
Stock-based compensation - Schedule of ESPP Black-Scholes Option-Pricing Model (Details) - Employee Stock - 2021 ESPP | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Share-based compensation | ||
Risk-free interest rate | 3.78% | 2.60% |
Expected term (in years) | 6 months | 6 months |
Expected volatility | 53.30% | 49.10% |
Expected dividend yield | 0% | 0% |
Stock-based compensation - Sc_4
Stock-based compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 673 | $ 584 | $ 2,914 | $ 1,165 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 118 | 106 | 387 | 221 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 93 | 57 | 266 | 106 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 93 | 76 | 370 | 158 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 369 | $ 345 | $ 1,891 | $ 680 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax benefit | $ 7 | $ 20 | $ (583) | $ 57 |
Net loss per share - Basic and
Net loss per share - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||||||
Net loss | $ (16,339) | $ (13,090) | $ (14,930) | $ (24,987) | $ (11,831) | $ (22,101) | $ (44,359) | $ (58,919) |
Accretion of redeemable convertible preferred stock to redemption value | 0 | 210 | 0 | (1,761) | ||||
Cumulative redeemable convertible preferred stock dividends | 0 | (451) | 0 | (2,747) | ||||
Net loss attributable to common stockholders - basic | (16,339) | (25,228) | (44,359) | (63,427) | ||||
Net loss attributable to common stockholders - diluted | $ (16,339) | $ (25,228) | $ (44,359) | $ (63,427) | ||||
Denominator: | ||||||||
Weighted average common shares outstanding - basic (in shares) | 42,517,992 | 35,316,099 | 42,404,243 | 12,344,619 | ||||
Weighted average common shares outstanding - diluted (in shares) | 42,517,992 | 35,316,099 | 42,404,243 | 12,344,619 | ||||
Net loss per share attributable to common stockholders - basic (in dollars per share) | $ (0.38) | $ (0.71) | $ (1.05) | $ (5.14) | ||||
Net loss per share attributable to common stockholders - diluted (in dollars per share) | $ (0.38) | $ (0.71) | $ (1.05) | $ (5.14) | ||||
Class A Common stock | ||||||||
Denominator: | ||||||||
Weighted average common shares outstanding - basic (in shares) | 36,964,613 | 29,463,234 | 36,619,187 | 10,372,225 | ||||
Weighted average common shares outstanding - diluted (in shares) | 36,964,613 | 29,463,234 | 36,619,187 | 10,372,225 | ||||
Net loss per share attributable to common stockholders - basic (in dollars per share) | $ (0.38) | $ (0.71) | $ (1.05) | $ (5.14) | ||||
Net loss per share attributable to common stockholders - diluted (in dollars per share) | $ (0.38) | $ (0.71) | $ (1.05) | $ (5.14) | ||||
Class B Common stock | ||||||||
Denominator: | ||||||||
Weighted average common shares outstanding - basic (in shares) | 5,553,379 | 5,852,865 | 5,785,056 | 1,972,394 | ||||
Weighted average common shares outstanding - diluted (in shares) | 5,553,379 | 5,852,865 | 5,785,056 | 1,972,394 | ||||
Net loss per share attributable to common stockholders - basic (in dollars per share) | $ (0.38) | $ (0.71) | $ (1.05) | $ (5.14) | ||||
Net loss per share attributable to common stockholders - diluted (in dollars per share) | $ (0.38) | $ (0.71) | $ (1.05) | $ (5.14) |
Net loss per share - Schedule o
Net loss per share - Schedule of Anti-Dilutive Shares Excluded from Computation of Diluted Net Let per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common shares excluded from computation of diluted net loss per share attributable to common stockholders (in shares) | 6,213,991 | 5,067,172 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common shares excluded from computation of diluted net loss per share attributable to common stockholders (in shares) | 5,242,448 | 4,772,207 |
Unvested restricted common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common shares excluded from computation of diluted net loss per share attributable to common stockholders (in shares) | 677,112 | 0 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common shares excluded from computation of diluted net loss per share attributable to common stockholders (in shares) | 286,324 | 294,965 |
Options to purchase common stock under ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common shares excluded from computation of diluted net loss per share attributable to common stockholders (in shares) | 8,107 | 0 |
Leases - Schedule of Impacts of
Leases - Schedule of Impacts of Topic 842 (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | May 31, 2022 | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||||||||||
Right-of-use assets, net, operating | $ 6,969 | $ 700 | $ 1,200 | |||||||
Right-of-use assets, net, financing | 329 | |||||||||
Property and equipment, net | 13,230 | $ 11,304 | ||||||||
Total assets | 201,916 | 241,169 | ||||||||
Current liabilities: | ||||||||||
Lease liabilities, short-term, operating | 711 | |||||||||
Lease liabilities, short-term, financing | 36 | |||||||||
Accrued expenses | 7,391 | 10,917 | ||||||||
Total current liabilities | 15,212 | 18,166 | ||||||||
Lease liabilities, long-term, operating | 7,154 | |||||||||
Lease liabilities, long-term, financing | 313 | |||||||||
Deferred rent, long term | 813 | |||||||||
Other long-term liabilities | 221 | 1,210 | ||||||||
Total liabilities | 22,900 | 20,189 | ||||||||
Total stockholders' equity | 179,016 | $ 194,967 | $ 207,070 | 220,980 | $ 234,745 | $ (164,526) | $ (151,047) | $ (127,006) | ||
Total liabilities and stockholders' equity | $ 201,916 | 241,169 | ||||||||
Accounting Standards Update 2016-02 | ||||||||||
Assets | ||||||||||
Right-of-use assets, net, operating | $ 6,000 | |||||||||
Right-of-use assets, net, financing | 400 | |||||||||
Property and equipment, net | 11,304 | |||||||||
Total | 11,304 | |||||||||
Total assets | 241,169 | |||||||||
Current liabilities: | ||||||||||
Accrued expenses | 10,917 | |||||||||
Total | 10,917 | |||||||||
Total current liabilities | 18,166 | |||||||||
Deferred rent, long term | 813 | |||||||||
Other long-term liabilities | 1,210 | |||||||||
Total | 2,023 | |||||||||
Total liabilities | 20,189 | |||||||||
Total stockholders' equity | 220,980 | |||||||||
Total liabilities and stockholders' equity | $ 241,169 | |||||||||
Accounting Standards Update 2016-02 | Adjustments ASC 842 Adoption | ||||||||||
Assets | ||||||||||
Right-of-use assets, net, operating | 6,039 | |||||||||
Right-of-use assets, net, financing | 366 | |||||||||
Property and equipment, net | (351) | |||||||||
Total | 6,054 | |||||||||
Total assets | 6,054 | |||||||||
Current liabilities: | ||||||||||
Lease liabilities, short-term, operating | 1,023 | |||||||||
Lease liabilities, short-term, financing | 33 | |||||||||
Accrued expenses | (160) | |||||||||
Total | 896 | |||||||||
Total current liabilities | 896 | |||||||||
Lease liabilities, long-term, operating | 5,960 | |||||||||
Lease liabilities, long-term, financing | 341 | |||||||||
Deferred rent, long term | (813) | |||||||||
Other long-term liabilities | (330) | |||||||||
Total | 5,158 | |||||||||
Total liabilities | 6,054 | |||||||||
Total liabilities and stockholders' equity | 6,054 | |||||||||
Accounting Standards Update 2016-02 | Adjusted Balance | ||||||||||
Assets | ||||||||||
Right-of-use assets, net, operating | 6,039 | |||||||||
Right-of-use assets, net, financing | 366 | |||||||||
Property and equipment, net | 10,953 | |||||||||
Total | 17,358 | |||||||||
Total assets | 247,223 | |||||||||
Current liabilities: | ||||||||||
Lease liabilities, short-term, operating | 1,023 | |||||||||
Lease liabilities, short-term, financing | 33 | |||||||||
Accrued expenses | 10,757 | |||||||||
Total | 11,813 | |||||||||
Total current liabilities | 19,062 | |||||||||
Lease liabilities, long-term, operating | 5,960 | |||||||||
Lease liabilities, long-term, financing | 341 | |||||||||
Other long-term liabilities | 880 | |||||||||
Total | 7,181 | |||||||||
Total liabilities | 26,243 | |||||||||
Total stockholders' equity | 220,980 | |||||||||
Total liabilities and stockholders' equity | $ 247,223 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 USD ($) renewalOption | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) renewalOption | May 31, 2022 USD ($) | |
Leases | ||||
Finance lease term | 8 years | 8 years | ||
Finance lease renewal term | 5 years | 5 years | ||
Rent expense | $ 400 | $ 1,300 | ||
Number of operating lease renew options | renewalOption | 1 | |||
Operating lease renewal term | 5 years | |||
Tenant improvement allowance | $ 300 | |||
Future minimum lease payments | 4,600 | 9,230 | 9,230 | |
Future minimum lease payments for leases not yet commenced | 900 | 900 | ||
Operating lease right-of-use asset | 1,200 | 6,969 | 6,969 | $ 700 |
Operating lease liabilities | $ 1,300 | $ 7,865 | $ 7,865 | $ 700 |
Minimum | ||||
Leases | ||||
Operating lease term | 8 years | 8 years | ||
Number of finance lease renew options | renewalOption | 1 | |||
Maximum | ||||
Leases | ||||
Operating lease term | 10 years | 10 years | ||
Depreciation and interest expense | $ 100 | $ 100 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Leases [Abstract] | |
Operating cash outflows - payments on operating leases | $ 893 |
Operating cash outflows - payments on financing leases | 32 |
Financing cash outflows - payments on financing leases | 24 |
Operating leases | 7,605 |
Financing leases | $ 366 |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | May 31, 2022 | Mar. 31, 2022 |
Operating Leases: | |||
Right-of-use assets, net, operating | $ 6,969 | $ 700 | $ 1,200 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Right-of-use assets, net | ||
Accrued expenses and other current liabilities | $ 711 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liabilities, short-term | ||
Operating lease liabilities | $ 7,154 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Lease liabilities, long-term | ||
Total operating lease liabilities | $ 7,865 | $ 700 | $ 1,300 |
Financing Leases: | |||
Office furniture and fixtures | 386 | ||
Accumulated depreciation | (57) | ||
Net property, plant and equipment | $ 329 | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Right-of-use assets, net | ||
Current portion of long-term debt | $ 36 | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Lease liabilities, short-term | ||
Long-term debt | $ 313 | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Lease liabilities, long-term | ||
Total financing lease liabilities | $ 349 | ||
Weighted-average remaining lease term - operating leases (in years): | 6 years 9 months 14 days | ||
Weighted-average remaining lease term - financing leases (in years): | 6 years 9 months | ||
Weighted-average discount rate - operating leases: | 3.70% | ||
Weighted-average discount rate - financing leases: | 12% |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 297 | $ 847 |
Financing lease cost - amortization of right-of-use asset | 12 | 37 |
Financing lease cost - interest on lease liability | 11 | 32 |
Short-term lease cost | 14 | 45 |
Variable lease cost | 138 | 454 |
Total lease cost | $ 472 | $ 1,415 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Leases [Abstract] | ||
2022 (excluding the nine months ended September 30) | $ 313 | |
2023 | 1,273 | |
2024 | 1,306 | |
2025 | 1,339 | |
2026 | 1,372 | |
Thereafter | 3,627 | |
Total lease payments | 9,230 | $ 4,600 |
Less imputed interest | (1,094) | |
Total present value of lease liabilities | $ 8,136 |
Leases - Schedule of Finance Le
Leases - Schedule of Finance Lease Liability Maturities (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 (excluding the nine months ended September 30) | $ 19 |
2023 | 75 |
2024 | 75 |
2025 | 75 |
2026 | 75 |
Thereafter | 187 |
Total lease payments | 506 |
Less imputed interest | (157) |
Total present value of lease liabilities | $ 349 |
Leases - Schedule of Pre-Adopti
Leases - Schedule of Pre-Adoption Operating Lease Liability Maturities (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Leases [Abstract] | |
2022 | $ 1,139 |
2023 | 1,169 |
2024 | 1,199 |
2025 | 1,229 |
2026 | 1,044 |
Thereafter | 1,953 |
Total minimum lease commitments | $ 7,733 |
Commitments and contingencies (
Commitments and contingencies (Details) - Software subscription - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Long-term Purchase Commitment [Line Items] | ||
Purchase obligation | $ 800,000 | |
Accrued liability | $ 0 | $ 100,000 |
Benefit plans (Details)
Benefit plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Retirement Benefits [Abstract] | ||||
Company contributions to plan | $ 0.2 | $ 0.1 | $ 0.6 | $ 0.2 |