Everspin (MRAM) 10-Q12 Aug 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 11, 2021
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	001-37900
Entity Registrant Name	Everspin Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2640654
Entity Address, Address Line One	5670 W. Chandler Boulevard
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Chandler
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85226
City Area Code	480
Local Phone Number	347-1111
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	MRAM
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	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,477,652
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001438423
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 14,219	$ 14,599
Accounts receivable, net	10,383	7,607
Inventory	6,571	5,721
Prepaid expenses and other current assets	221	270
Total current assets	31,394	28,197
Property and equipment, net	1,288	1,946
Right-of-use assets	1,622	2,313
Other assets	313	73
Total assets	34,617	32,529
Current liabilities:
Accounts payable	2,869	2,224
Accrued liabilities	1,742	2,232
Deferred revenue	1,815
Current portion of long-term debt	4,313	4,242
Operating lease liabilities	1,190	1,508
Other liabilities	36	31
Total current liabilities	11,965	10,237
Long-term debt, net of current portion	2,645	3,748
Operating lease liabilities, net of current portion	466	903
Long-term income tax liability	229	229
Total liabilities	15,305	15,117
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of June 30, 2021 and December 31, 2020
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 19,435,274 and 19,031,556 shares issued and outstanding as of June 30, 2021 and December 31, 2020	2	2
Additional paid-in capital	176,688	174,584
Accumulated deficit	(157,378)	(157,174)
Total stockholders' equity	19,312	17,412
Total liabilities and stockholders' equity	$ 34,617	$ 32,529

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Balance Sheets
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares Issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	19,435,274	19,031,556
Common stock, shares outstanding	19,435,274	19,031,556

Statements of Operations and Co

Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total revenue	$ 11,848	$ 11,826	$ 22,128	$ 21,934
Cost of sales	4,652	6,635	8,947	11,392
Gross profit	7,196	5,191	13,181	10,542
Operating expenses:
Research and development	3,357	2,774	5,796	5,804
General and administrative	2,338	2,448	5,181	5,248
Sales and marketing	1,045	1,056	2,032	2,159
Total operating expenses	6,740	6,278	13,009	13,211
Gain (loss) from operations	456	(1,087)	172	(2,669)
Interest expense	(144)	(172)	(296)	(344)
Other (expense) income, net	(12)	15	(27)	63
Net income (loss) before income taxes	300	(1,244)	(151)	(2,950)
Income tax expense	(44)	(50)	(53)	(76)
Net income (loss) and comprehensive income (loss)	$ 256	$ (1,294)	$ (204)	$ (3,026)
Net income (loss) per share attributable to common share, basic	$ 0.01	$ (0.07)	$ (0.01)	$ (0.16)
Net income (loss) per share attributable to common stockholders, diluted	$ 0.01	$ (0.07)	$ (0.01)	$ (0.16)
Weighted average common shares used to compute net income (loss) per common share attributable to common stockholders, basic	19,313,162	18,747,124	19,203,374	18,585,339
Weighted average common shares used to compute net income (loss) per common share attributable to common stockholders, diluted	19,726,064	18,747,124	19,203,374	18,585,339
Product sales
Total revenue	$ 10,187	$ 10,927	$ 19,255	$ 20,562
Cost of sales	4,329	6,521	8,586	11,246
Licensing, royalty and other revenue
Total revenue	1,661	899	2,873	1,372
Cost of sales	$ 323	$ 114	$ 361	$ 146

Statements of Operations and _2

Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 704	$ 918	$ 1,447	$ 1,723
Research and development
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	265	194	446	356
General and administrative
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	305	646	790	1,231
Sales and marketing
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 134	$ 78	$ 211	$ 136

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2019	$ 2	$ 167,149	$ (148,662)	$ 18,489
Balance (in shares) at Dec. 31, 2019	18,081,753
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock incentive plans		315		315
Issuance of common stock under stock incentive plans (in shares)	88,375
Stock-based compensation expense		805		805
Issuance of common stock in at-the-market offering, net of issuance costs		2,084		2,084
Issuance of common stock in at-the-market offering, net of issuance costs (in shares)	468,427
Net income (loss)			(1,732)	(1,732)
Balance at Mar. 31, 2020	$ 2	170,353	(150,394)	19,961
Balance (in shares) at Mar. 31, 2020	18,638,555
Balance at Dec. 31, 2019	$ 2	167,149	(148,662)	18,489
Balance (in shares) at Dec. 31, 2019	18,081,753
Increase (Decrease) in Stockholders' Equity
Net income (loss)				(3,026)
Balance at Jun. 30, 2020	$ 2	172,098	(151,688)	20,412
Balance (in shares) at Jun. 30, 2020	18,869,775
Balance at Mar. 31, 2020	$ 2	170,353	(150,394)	19,961
Balance (in shares) at Mar. 31, 2020	18,638,555
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock incentive plans		827		827
Issuance of common stock under stock incentive plans (in shares)	231,220
Stock-based compensation expense		918		918
Net income (loss)			(1,294)	(1,294)
Balance at Jun. 30, 2020	$ 2	172,098	(151,688)	20,412
Balance (in shares) at Jun. 30, 2020	18,869,775
Balance at Dec. 31, 2020	$ 2	174,584	(157,174)	17,412
Balance (in shares) at Dec. 31, 2020	19,031,556
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		144		144
Exercise of stock options (in shares)	54,077
Issuance of common stock under stock incentive plans		364		364
Issuance of common stock under stock incentive plans (in shares)	136,709
Stock-based compensation expense		743		743
Net income (loss)			(460)	(460)
Balance at Mar. 31, 2021	$ 2	175,835	(157,634)	18,203
Balance (in shares) at Mar. 31, 2021	19,222,342
Balance at Dec. 31, 2020	$ 2	174,584	(157,174)	$ 17,412
Balance (in shares) at Dec. 31, 2020	19,031,556
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)				77,537
Net income (loss)				$ (204)
Balance at Jun. 30, 2021	$ 2	176,688	(157,378)	19,312
Balance (in shares) at Jun. 30, 2021	19,435,274
Balance at Mar. 31, 2021	$ 2	175,835	(157,634)	18,203
Balance (in shares) at Mar. 31, 2021	19,222,342
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		57		57
Exercise of stock options (in shares)	23,280
Issuance of common stock under stock incentive plans		92		92
Issuance of common stock under stock incentive plans (in shares)	189,652
Stock-based compensation expense		704		704
Net income (loss)			256	256
Balance at Jun. 30, 2021	$ 2	$ 176,688	$ (157,378)	$ 19,312
Balance (in shares) at Jun. 30, 2021	19,435,274

Statement of Cash Flows

Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Statement of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (204)	$ (3,026)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	756	813
Stock-based compensation	1,447	1,723
Non-cash warrant revaluation	5	7
Non-cash interest expense	168	147
Changes in operating assets and liabilities:
Accounts receivable	(2,776)	(1,540)
Inventory	(850)	(505)
Prepaid expenses and other current assets	49	38
Accounts payable	861	(776)
Accrued liabilities	(126)	(1,008)
Deferred revenue	1,815
Lease liabilities	(64)	(73)
Net cash provided by (used in) operating activities	1,081	(4,200)
Cash flows from investing activities
Purchases of property and equipment	(554)	(277)
Net cash used in investing activities	(554)	(277)
Cash flows from financing activities
Payments on long-term debt	(1,200)
Payments on finance lease obligation		(5)
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan	293	827
Proceeds from issuance of common stock in at-the-market offering, net of issuance costs		2,084
Net cash (used in) provided by financing activities	(907)	2,906
Net decrease in cash and cash equivalents	(380)	(1,571)
Cash and cash equivalents at beginning of period	14,599	14,487
Cash and cash equivalents at end of period	14,219	12,916
Supplementary cash flow information:
Interest paid	128	197
Operating cash flows paid for operating leases	814	862
Financing cash flows paid for finance leases		5
Non-cash investing and financing activities:
Increase of right-of-use asset and lease liability due to lease modification		545
Purchases of property and equipment in accounts payable and accrued liabilities		22
Bonus settled in shares of common stock	$ 364	$ 315

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
Organization and Nature of Business	Jun. 30, 2021
Organization and Nature of Business
Organization and Nature of Business	1. Organization and Nature of Business Everspin Technologies, Inc. (the Company) was incorporated in Delaware on May 16, 2008. The Company’s magnetoresistive random-access memory (MRAM) solutions offer the persistence of non-volatile memory with the speed and endurance of random-access memory (RAM) and enable the protection of mission critical data particularly in the event of power interruption or failure. The Company’s MRAM solutions allow its customers in the industrial, medical, automotive/transportation, aerospace and data center markets to design high performance, power efficient and reliable systems without the need for bulky batteries or capacitors. The Company believes that its existing cash and cash equivalents as of June 30, 2021, coupled with its anticipated growth and sales levels will be sufficient to meet its anticipated cash requirements for at least the next twelve months from the financial statement issuance date. The Company’s future capital requirements will depend on many factors, including, among other things, its growth rate, the timing and extent of its spending to support research and development activities, the timing and cost of establishing additional sales and marketing capabilities, and the introduction of new products. The Company may be required at some point in the future to seek additional equity or debt financing, to sustain operations beyond that point, and such additional financing may not be available on acceptable terms or at all. If the Company is unable to raise additional capital or generate sufficient cash from operations to adequately fund its operations, it will need to curtail planned activities to reduce costs. Doing so will likely harm its ability to execute on its business plan.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other interim period or for any other future year. The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC. Prior Period Reclassifications Certain immaterial prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates The preparation of the condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, fair value of assets and liabilities, inventory reserves, product warranty reserves, deferred tax assets and related valuation allowances, and stock-based compensation. The Company believes its estimates and assumptions are reasonable; however, actual results may differ from the Company’s estimates. Accounts receivable, net The Company establishes an allowance for product returns. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of products when evaluating the adequacy of sales returns. Returns are processed as credits on future purchases, and as a result, the allowance is recorded against the balance of trade accounts receivable. In addition, the Company establishes an allowance for estimated price concessions related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales. Accounts receivable, net consisted of the following (in thousands): June 30, December 31, 2021 2020 Trade accounts receivable $ 10,541 $ 7,590 Unbilled accounts receivable 178 255 Allowance for product returns and price concessions (336) (238) Accounts receivable, net $ 10,383 $ 7,607 Concentration of Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are held by a financial institution in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits. The Company maintains its cash accounts with high credit quality financial institutions and, accordingly, minimal credit risk exists with respect to the financial institutions. Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. For the purposes of this disclosure, the Company defines “customer” as the entity that is purchasing the products or licenses directly from the Company, which includes the distributors of the Company’s products in addition to end customers that the Company sells to directly. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable, net are as follows: Revenue Accounts Receivable, net Three Months Ended Six Months Ended As of June 30, June 30, June 30, December 31, Customers 2021 2020 2021 2020 2021 2020 Customer A 18 % 34 % 13 % 29 % 19 % 29 % Customer B 23 % * 25 % * 43 % 25 % Customer C 12 % * * * * * * Less than 10% Fair Value of Financial Instruments Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows: Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets; Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions. As of June 30, 2021, based on Level 2 inputs and the borrowing rates available to the Company for loans with similar terms and consideration of the Company’s credit risk, the carrying value of the Company’s variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value. The Company’s financial instruments consist of Level 1 assets and a Level 3 liability. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents. The Company’s Level 3 liability consists of warrants issued in connection with the Company’s current credit facility (Note 6). The following tables sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 14,384 $ — $ — $ 14,384 Total assets measured at fair value $ 14,384 $ — $ — $ 14,384 Liabilities: Warrant liability $ — $ — $ 36 $ 36 Total liabilities measured at fair value $ — $ — $ 36 $ 36 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 14,669 $ — $ — $ 14,669 Total assets measured at fair value $ 14,669 $ — $ — $ 14,669 Liabilities: Warrant liability $ — $ — $ 31 $ 31 Total liabilities measured at fair value $ — $ — $ 31 $ 31 Recently Issued Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements Financial Instruments-Credit Losses (Topic 326)

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2021
Revenue.
Revenue	3. Revenue The Company sells the majority of its products to distributors and original equipment manufacturers (OEMs). The Company also recognizes revenue under manufacturing and engineering service agreements and licensing and royalty agreements with some customers. The following table presents the Company’s revenues disaggregated by sales channel (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Distributor $ 7,634 $ 6,231 $ 15,500 $ 13,221 Non-distributor 4,214 5,595 6,628 8,713 Total revenue $ 11,848 $ 11,826 $ 22,128 $ 21,934 The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Point in time $ 10,559 $ 11,183 $ 20,593 $ 21,226 Over time 1,289 643 1,535 708 Total revenue $ 11,848 $ 11,826 $ 22,128 $ 21,934 The following table presents the Company’s revenues disaggregated by type (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Product sales $ 10,187 $ 10,927 $ 19,255 $ 20,562 Royalties 372 256 1,338 664 Other revenue 1,289 643 1,535 708 Total revenue $ 11,848 $ 11,826 $ 22,128 $ 21,934 The Company recognizes revenue in three primary geographic regions: North America; Europe, Middle East and Africa (EMEA); and Asia-Pacific (APAC). The following table presents the Company’s revenues disaggregated by the geographic region to which the product is delivered or licensee is located (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 APAC $ 7,793 $ 8,387 $ 14,951 $ 15,283 North America 2,686 1,820 4,426 2,924 EMEA 1,369 1,619 2,751 3,727 Total revenue $ 11,848 $ 11,826 $ 22,128 $ 21,934

Balance Sheet Components

Balance Sheet Components	6 Months Ended
Balance Sheet Components	Jun. 30, 2021
Balance Sheet Components
Balance Sheet Components	4. Balance Sheet Components Inventory Inventory consisted of the following (in thousands): June 30, December 31, 2021 2020 Raw materials $ 208 $ 329 Work-in-process 6,061 4,910 Finished goods 302 482 Total inventory $ 6,571 $ 5,721 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2021 2020 Payroll-related expenses $ 1,157 $ 1,274 Inventory 248 416 Other 337 542 Total accrued liabilities $ 1,742 $ 2,232 Deferred Revenue In the six months ended June 30, 2021, the Company executed contractual arrangements with a customer for the development of a RAD-Hard product, consisting of a technology license, design license agreement and development subcontract. The Company does not share in the rights to future revenues or royalties. The total arrangements are for $6.5 million in consideration. The Company concluded these contractual arrangements represent one arrangement and evaluated its promises to the customer and whether the performance obligations granted under the arrangement were distinct. The licenses provided to the customer are not transferable, are of limited value without the promised development services, and the customer cannot benefit from the license agreements without the specific obligated services in the development subcontract, as there is strong interdependency between the licenses and the development subcontract. Accordingly, the Company determined the licenses were not distinct within the context of the contract and combined the license with other performance obligations. As a result, the Company is recognizing revenue related to the performance obligations over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the second quarter of 2021 over the performance obligation period. Under the agreements, we received a non-refundable, upfront payment of $3.0 million in the first quarter of 2021. As of June 30, 2021, $1.8 million was recorded as deferred revenue, current, with $1.2 million recognized as revenue in the second quarter of 2021.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2021
Leases
Leases	5. Leases Operating leases consist primarily of office space expiring at various dates through 2023. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The undiscounted future non-cancellable lease payments under the Company’s operating leases were as follows (in thousands): As of June 30, 2021 Amount 2021 $ 789 2022 861 2023 68 Total lease payments 1,718 Less: imputed interest (62) Total operating lease liabilities 1,656 Less: current portion of operating lease liabilities (1,190) Total operating lease liabilities, net of current portion $ 466 Other information related to the Company’s operating lease liabilities was as follows: June 30, December 31, 2021 2020 Weighted-average remaining lease term (years) 1.32 1.74 Weighted-average discount rate 6.00 % 6.00 %

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2021
Debt
Debt	6. Debt 2019 Credit Facility In August 2019, the Company executed an Amended and Restated Loan and Security Agreement (2019 Credit Facility), which amended and restated the Company’s prior loan and security agreement (2017 Credit Facility), providing for a formula revolving line of credit (Line of Credit) and a term loan (2019 Term Loan) with Silicon Valley Bank (SVB) to refinance in full the outstanding principal balance of $8.0 million under the 2017 Credit Facility. In August 2019, the Company paid the final payment of $0.8 million, which was due upon the refinancing of the 2017 Credit Facility. In July 2020, the Company executed the first amendment to the 2019 Credit Facility with SVB. The amendment, among other things, extended the initial 12-month interest-only period for the 2019 Term Loan to a 16-month interest-only period and lowered the floor interest rate. The floor interest rates for the 2019 Term Loan and the Line of Credit were reduced from 4.75% and 6.75% to 3.75% and 4.75%, respectively. The amended Line of Credit allows for a maximum draw of $5.0 million, subject to a formula borrowing base, has a two-year term and bears interest at a floating rate equal to the Wall Street Journal (WSJ) prime rate plus 1.5%, per annum, subject to a floor of 4.75%. As of June 30, 2021, the interest rate was 4.75%. The Line of Credit required a commitment fee of 1.6% of the maximum availability of the Line of Credit, which was paid in August 2019 upon closing, and was accounted for as a debt discount. The Line of Credit also provides for a termination fee equal to 1% of the maximum availability under the Line of Credit, which is due in case of a termination of the Line of Credit prior to the scheduled maturity date, and an unused facility fee equal to 0.125% per annum of the average unused portion of the Line of Credit, which is expensed as incurred. At execution, $2.0 million from the Line of Credit was used to refinance a portion of the outstanding balance of the 2017 Credit Facility, and $3.0 million remains available under the Line of Credit, subject to borrowing base availability. As of June 30, 2021, the effective interest rate under the Line of Credit was 10.18% and the outstanding balance was $2.0 million. The Line of Credit was set to mature on August 5, 2021. Subsequent to June 30, 2021, the Company executed the second amendment to the 2019 Credit Facility with SVB. The second amendment, entered into on July 28, 2021, extended the maturity date of the Line of Credit to August 5, 2022. The amended 2019 Term Loan provides for a $6.0 million term loan, which was used to refinance the remaining balance of the 2017 Credit Facility. The 2019 Term Loan has a term of 46 months, and a 16-month interest-only period followed by 30 months of equal principal payments, plus accrued interest. The 2019 Term Loan bears interest at a floating rate equal to the WSJ prime rate minus 0.75%, subject to a floor of 3.75%. As of June 30, 2021, the interest rate was 3.75%. A final payment of 7% of the original principal amount of the 2019 Term Loan must be made when the 2019 Term Loan is prepaid or repaid, whether at maturity or as a result of a prepayment or acceleration or otherwise. The additional payment, which is accounted for as a debt discount, is being accreted using the effective interest method. The 2019 Term Loan has a prepayment fee equal to 2% of the total commitment, which is due only if the 2019 Term Loan is prepaid prior to the scheduled maturity date for any reason. As of June 30, 2021, the effective interest rate under the 2019 Term Loan was 7.85% and the outstanding balance was $4.8 million. The 2019 Term Loan matures on June 1, 2023. In conjunction with entering into the 2019 Credit Facility, on August 5, 2019, the Company and SVB amended and restated the warrant issued to SVB in connection with the first amendment to the 2017 Credit Facility, which was a warrant to purchase 9,375 shares of the Company’s common stock at an exercise price of $8.91 per share, to add an option by SVB to put the warrant back to the Company for $50,000 upon expiration or a liquidity event, to be prorated if SVB exercises a portion of the warrant. The warrant expires on July 6, 2023. The warrant is classified as a liability and recorded at fair value within other liabilities in the Company’s condensed balance sheet. Due to the put right, the warrant is subject to fair value remeasurement at each subsequent reporting date until the exercise or expiration of the warrant. Any resulting change in the fair value of the warrant will be recorded as other (expense) income, net in the Company’s condensed statement of operations and comprehensive loss. The Company recognized other expense of $1,000 and $5,000 for the three and six months ended June 30, 2021, respectively. The Company recognized other expense of $12,000 and $7,000 for the three and six months ended June 30, 2020, respectively. In conjunction with entering into the first amendment to the 2019 Credit Facility, on July 15, 2020, the Company issued a warrant to SVB to purchase 21,500 shares of the Company’s common stock at an exercise price of $0.01 per share. The warrant expires on July 15, 2025. The warrant is classified as equity and was recorded as a debt discount that will be amortized to interest expense using the effective interest method. The fair value of the warrant was $152,000 on the date of issuance using the Black-Scholes option-pricing model. Subsequent to June 30, 2021, SVB elected to exercise the warrant associated with the first amendment to the 2019 Credit Facility on July 22, 2021, which resulted in a net cashless exercise of the warrant and the issuance of 21,463 shares of the Company’s common stock. Collateral for the 2019 Credit Facility includes all of the Company’s assets except for intellectual property. The Company is required to comply with certain covenants under the 2019 Credit Facility, including requirements to maintain a minimum cash balance and availability under the Line of Credit, and restrictions on certain actions without the consent of the lender, such as limitations on its ability to engage in mergers or acquisitions, sell assets, incur indebtedness or grant liens or negative pledges on its assets, make loans or make other investments. Under these covenants, the Company is prohibited from paying cash dividends with respect to its capital stock. The Company was in compliance with all covenants at June 30, 2021. The 2019 Credit Facility contains a material adverse effect clause which provides that an event of default will occur if, among other triggers, an event occurs that could reasonably be expected to result in a material adverse effect on the Company’s business, operations or condition, or on the Company’s ability to perform its obligations under the 2019 Term Loan. As of June 30, 2021, management does not believe that it is probable that the clause will be triggered within the next 12 months, and therefore the 2019 Term Loan is classified as long-term debt. The amortization of the debt issuance costs and accretion of the debt discount is included in interest expense within the statement of operations and comprehensive loss and included in non-cash interest expense within the statement of cash flows. The carrying value of the Company’s 2019 Credit Facility as of June 30, 2021 was as follows (in thousands): Current Long-Term Portion Debt Total Credit Facility $ 4,400 $ 2,820 $ 7,220 Unamortized debt discounts (87) (175) (262) Net carrying value $ 4,313 $ 2,645 $ 6,958 The carrying value of the Company’s 2019 Credit Facility as of December 31, 2020 was as follows (in thousands): Current Long-Term Portion Debt Total Credit Facility $ 4,400 $ 4,020 $ 8,420 Unamortized debt discounts (158) (272) (430) Net carrying value $ 4,242 $ 3,748 $ 7,990 The table below includes the principal repayments due under the 2019 Credit Facility (in thousands): Principal Repayment as of June 30, 2021 2021 (six remaining months) 3,200 2022 2,400 2023 1,620 Total principal repayments $ 7,220 Of the $3.2 million in principal repayments noted above for the six remaining months for the year ended December 31, 2021, $1.2 million relates to payments on the Term Loan while $2.0 million relate to payments on the Line of Credit. Of

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2021
Stockholders' Equity
Stockholders' Equity	7. Stockholders’ Equity At-the-Market Sales Agreement In August 2019, the Company entered into an Open Market Sale Agreement (2019 Sales Agreement) with Jefferies, LLC (Jefferies), for the offer and sale of shares of its common stock having an aggregate offering of up to $25.0 million from time to time through Jefferies, acting as the Company’s sales agent. The issuance and sale of these shares by the Company pursuant to the 2019 Sales Agreement are deemed an “at-the-market” (ATM) offering under the Securities Act of 1933, as amended. Under the 2019 Sales Agreement, the Company agreed to pay Jefferies a commission of up to 3% of the gross proceeds of any sales made pursuant to the Sales Agreement. During the six months ended June 30, 2020, the Company received net proceeds of $2.1 million, after deducting commissions and expenses payable by the Company, from the sale of 468,427 shares of common stock pursuant to the 2019 Sales Agreement. The Company suspended sales under the 2019 Sales Agreement in March 2020 and terminated the ATM program in November 2020.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2021
Stock-Based Compensation
Stock-Based Compensation	8. Stock-Based Compensation The following table summarizes the stock option and award activity for the six months ended June 30, 2021: Options Outstanding Weighted- Weighted- Options and Average Average Aggregate Awards Exercise Remaining Intrinsic Available for Number of Price Per Contractual Value Grant Options Share Life (years) (In thousands) Balance—December 31, 2020 179,219 2,272,905 $ 5.58 7.9 $ 1,640 Authorized 570,946 RSUs granted (348,759) RSUs cancelled/forfeited 104,652 Options granted (56,250) 56,250 5.34 Options exercised — (77,537) 2.60 $ 272 Options cancelled/forfeited 750,059 (753,249) 6.36 Balance—June 30, 2021 1,199,867 1,498,369 $ 5.33 6.8 $ 2,432 Options exercisable—June 30, 2021 875,575 $ 6.29 5.6 $ 814 The total grant date fair value of options vested was $220,000 and $527,000 during the three months ended June 30, 2021 and 2020, respectively, and $533,000 and $1.3 million during the six months ended June 30, 2021 and 2020, respectively. The weighted-average grant date fair value of employee options granted was $3.18 and $1.84 per share during the three months ended June 30, 2021 and 2020, respectively, and $3.43 and $1.58 during the six months ended June 30, 2021 and 2020, respectively. As of the six months ended June 30, 2021, of the 753,249 options cancelled/forfeited, 3,190 of the options relate to a prior stock-based compensation plan that are no longer available for grant under the current stock-based compensation plan. 2016 Employee Stock Purchase Plan In January 2021, there was an increase of 190,315 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP) pursuant to the terms of the ESPP. The Company had 684,996 shares available for future issuance under the Company’s ESPP as of June 30, 2021. Employees purchased 32,186 shares for $92,000 during the three and six months ended June 30, 2021. Employees purchased 22,474 shares for $50,000 during the three and six months ended June 30, 2020. Restricted Stock Units The following table summarizes restricted stock units (RSUs) activity for the six months ended June 30, 2021: RSUs Outstanding Weighted- Average Number of Grant Date Restricted Stock Fair Value Per Units Share Balance—December 31, 2020 416,742 $ 4.89 Granted 348,759 5.46 Vested (294,436) 5.61 Cancelled/forfeited (104,652) 4.78 Balance—June 30, 2021 366,413 $ 4.88 The fair value of RSUs is determined on the date of grant based on the market price of the Company’s common stock on that date. As of June 30, 2021, there was $1.5 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 1.5 years. Stock-based Compensation Expense As of June 30, 2021, there was $1.5 million of total unrecognized stock-based compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 2.5 years.

Significant Agreements

Significant Agreements	6 Months Ended
Significant Agreements	Jun. 30, 2021
Significant Agreements
Significant Agreements	9. Significant Agreements GLOBALFOUNDRIES, Inc. Joint Development Agreement Since October 17, 2014, the Company has participated in a joint development agreement (JDA) with GLOBALFOUNDRIES Inc. (GF), a semiconductor foundry, for the joint development of Spin-transfer Torque MRAM (STT-MRAM), technology to produce a family of discrete and embedded MRAM technologies. The term of the agreement is until the completion, termination, or expiration of the last statement of work entered into pursuant to the joint development agreement. The Company entered into a Statement of Work (SOW) and an Amendment to the SOW, under the JDA with GF effective August 2016 and June 2018, respectively. The agreement was extended on December 31, 2019 to include a new phase of support for 12nm MRAM development. Under the current JDA extension terms, each party licenses its relevant intellectual property to the other party. For certain jointly developed works, the parties have agreed to follow an invention allocation procedure to determine ownership. In addition, GF possesses the exclusive right to manufacture the Company’s discrete and embedded STT-MRAM devices developed pursuant to the agreement until the earlier of three years after the qualification of the MRAM device for a particular technology node or four years after the completion of the relevant statement of work under which the device was developed. For the same exclusivity period associated with the relevant device, GF agreed not to license intellectual property developed in connection with the JDA to named competitors of the Company. Generally, unless otherwise specified in the agreement or a statement of work, the Company and GF share project costs, which do not include personnel or production qualification costs, under the JDA. If GF manufactures, sells or transfers to customers wafers containing production quantified STT-MRAM devices that utilize certain design information, GF will be required to pay the Company a royalty. No project costs were incurred during the six months ended June 30, 2021 and 2020. Silterra Malaysia Sdn. Bhd. Joint Collaboration Agreement In September 2018, the Company entered into a Joint Collaboration Agreement (JCA) with Silterra Malaysia Sdn. Bhd., and another third party. The JCA will create additional manufacturing capacity for the Company’s Toggle MRAM products. The Company had previously anticipated initial production starting in 2020. However, as a result of recent delays, the Company now anticipates initial production to start some time in 2021. Under the JCA, the Company is required to pay non-recurring engineering costs of $1.0 million. As of June 30, 2021, the Company has paid $600,000 of these JCA costs. There were no JCA costs paid during the six months ended June 30, 2021. The Company does not expect to incur additional JCA costs for the remainder of 2021.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
Net Income (Loss) Per Common Share	Jun. 30, 2021
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share	10. Net Income (Loss) Per Common Share Basic earnings per share is calculated by dividing net income by the weighted average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income by the total weighted average shares of common stock outstanding in addition to the potential impact of dilutive securities including restricted stock units, warrants, and options. The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income (loss) $ 256 $ (1,294) $ (204) $ (3,026) Denominator: Weighted-average common shares outstanding used to calculate net income (loss) per common share, basic 19,313,162 18,747,124 19,203,374 18,585,339 Net income (loss) per common share, basic $ 0.01 $ (0.07) $ (0.01) $ (0.16) Three Months Ended June 30, Six Months Ended June 30, June 30, June 30, 2021 2020 2021 2020 Numerator: Net income (loss) $ 256 $ (1,294) $ (204) $ (3,026) Denominator: Weighted-average common shares outstanding used to calculate net income (loss) per common share, basic 19,313,162 18,747,124 19,203,374 18,585,339 Effect of dilutive 412,902 — — — Weighted-average common shares outstanding used to calculate net income (loss) per common share, diluted 19,726,064 18,747,124 19,203,374 18,585,339 Net income (loss) per common share, diluted $ 0.01 $ (0.07) $ (0.01) $ (0.16) The following outstanding shares of potentially dilutive securities have been excluded from diluted net income (loss) per common share for the periods presented, because their inclusion would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Options to purchase common stock 1,078,849 2,416,629 1,498,549 2,416,629 RSUs 75,042 439,972 366,413 439,972 Common stock warrants 9,375 27,836 49,336 27,836 ESPP 30,136 54,382 30,136 54,382 Total 1,193,402 2,938,819 1,944,434 2,938,819

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other interim period or for any other future year. The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC.
Prior Period Reclassifications	Prior Period Reclassifications Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
Use of Estimates	Use of Estimates The preparation of the condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, fair value of assets and liabilities, inventory reserves, product warranty reserves, deferred tax assets and related valuation allowances, and stock-based compensation. The Company believes its estimates and assumptions are reasonable; however, actual results may differ from the Company’s estimates.
Accounts receivable, net	Accounts receivable, net The Company establishes an allowance for product returns. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of products when evaluating the adequacy of sales returns. Returns are processed as credits on future purchases, and as a result, the allowance is recorded against the balance of trade accounts receivable. In addition, the Company establishes an allowance for estimated price concessions related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales. Accounts receivable, net consisted of the following (in thousands): June 30, December 31, 2021 2020 Trade accounts receivable $ 10,541 $ 7,590 Unbilled accounts receivable 178 255 Allowance for product returns and price concessions (336) (238) Accounts receivable, net $ 10,383 $ 7,607
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are held by a financial institution in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits. The Company maintains its cash accounts with high credit quality financial institutions and, accordingly, minimal credit risk exists with respect to the financial institutions. Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. For the purposes of this disclosure, the Company defines “customer” as the entity that is purchasing the products or licenses directly from the Company, which includes the distributors of the Company’s products in addition to end customers that the Company sells to directly. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable, net are as follows: Revenue Accounts Receivable, net Three Months Ended Six Months Ended As of June 30, June 30, June 30, December 31, Customers 2021 2020 2021 2020 2021 2020 Customer A 18 % 34 % 13 % 29 % 19 % 29 % Customer B 23 % * 25 % * 43 % 25 % Customer C 12 % * * * * * * Less than 10%
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows: Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets; Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions. As of June 30, 2021, based on Level 2 inputs and the borrowing rates available to the Company for loans with similar terms and consideration of the Company’s credit risk, the carrying value of the Company’s variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value. The Company’s financial instruments consist of Level 1 assets and a Level 3 liability. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents. The Company’s Level 3 liability consists of warrants issued in connection with the Company’s current credit facility (Note 6). The following tables sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 14,384 $ — $ — $ 14,384 Total assets measured at fair value $ 14,384 $ — $ — $ 14,384 Liabilities: Warrant liability $ — $ — $ 36 $ 36 Total liabilities measured at fair value $ — $ — $ 36 $ 36 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 14,669 $ — $ — $ 14,669 Total assets measured at fair value $ 14,669 $ — $ — $ 14,669 Liabilities: Warrant liability $ — $ — $ 31 $ 31 Total liabilities measured at fair value $ — $ — $ 31 $ 31
Recently Issued Pronouncements	Recently Issued Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements Financial Instruments-Credit Losses (Topic 326)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2021
Summary of Significant Accounting Policies
Schedule of accounts receivable net	Accounts receivable, net consisted of the following (in thousands): June 30, December 31, 2021 2020 Trade accounts receivable $ 10,541 $ 7,590 Unbilled accounts receivable 178 255 Allowance for product returns and price concessions (336) (238) Accounts receivable, net $ 10,383 $ 7,607
Schedule of revenue and accounts receivable for each significant customer	Revenue Accounts Receivable, net Three Months Ended Six Months Ended As of June 30, June 30, June 30, December 31, Customers 2021 2020 2021 2020 2021 2020 Customer A 18 % 34 % 13 % 29 % 19 % 29 % Customer B 23 % * 25 % * 43 % 25 % Customer C 12 % * * * * * * Less than 10%
Schedule of fair value of financial assets and liabilities measured on recurring basis	The following tables sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 14,384 $ — $ — $ 14,384 Total assets measured at fair value $ 14,384 $ — $ — $ 14,384 Liabilities: Warrant liability $ — $ — $ 36 $ 36 Total liabilities measured at fair value $ — $ — $ 36 $ 36 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 14,669 $ — $ — $ 14,669 Total assets measured at fair value $ 14,669 $ — $ — $ 14,669 Liabilities: Warrant liability $ — $ — $ 31 $ 31 Total liabilities measured at fair value $ — $ — $ 31 $ 31

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2021
Revenue.
Schedule of disaggregation of revenue	The following table presents the Company’s revenues disaggregated by sales channel (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Distributor $ 7,634 $ 6,231 $ 15,500 $ 13,221 Non-distributor 4,214 5,595 6,628 8,713 Total revenue $ 11,848 $ 11,826 $ 22,128 $ 21,934 The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Point in time $ 10,559 $ 11,183 $ 20,593 $ 21,226 Over time 1,289 643 1,535 708 Total revenue $ 11,848 $ 11,826 $ 22,128 $ 21,934 The following table presents the Company’s revenues disaggregated by type (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Product sales $ 10,187 $ 10,927 $ 19,255 $ 20,562 Royalties 372 256 1,338 664 Other revenue 1,289 643 1,535 708 Total revenue $ 11,848 $ 11,826 $ 22,128 $ 21,934 The Company recognizes revenue in three primary geographic regions: North America; Europe, Middle East and Africa (EMEA); and Asia-Pacific (APAC). The following table presents the Company’s revenues disaggregated by the geographic region to which the product is delivered or licensee is located (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 APAC $ 7,793 $ 8,387 $ 14,951 $ 15,283 North America 2,686 1,820 4,426 2,924 EMEA 1,369 1,619 2,751 3,727 Total revenue $ 11,848 $ 11,826 $ 22,128 $ 21,934

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
Balance Sheet Components (Tables)	Jun. 30, 2021
Balance Sheet Components
Schedule of Inventory	Inventory consisted of the following (in thousands): June 30, December 31, 2021 2020 Raw materials $ 208 $ 329 Work-in-process 6,061 4,910 Finished goods 302 482 Total inventory $ 6,571 $ 5,721
Schedule of accrued liabilities	Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2021 2020 Payroll-related expenses $ 1,157 $ 1,274 Inventory 248 416 Other 337 542 Total accrued liabilities $ 1,742 $ 2,232

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2021
Leases
Schedule of Undiscounted future non-cancellable lease payments	The undiscounted future non-cancellable lease payments under the Company’s operating leases were as follows (in thousands): As of June 30, 2021 Amount 2021 $ 789 2022 861 2023 68 Total lease payments 1,718 Less: imputed interest (62) Total operating lease liabilities 1,656 Less: current portion of operating lease liabilities (1,190) Total operating lease liabilities, net of current portion $ 466
Schedule of supplemental information	June 30, December 31, 2021 2020 Weighted-average remaining lease term (years) 1.32 1.74 Weighted-average discount rate 6.00 % 6.00 %

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2021
Debt
Summary of debt	The carrying value of the Company’s 2019 Credit Facility as of June 30, 2021 was as follows (in thousands): Current Long-Term Portion Debt Total Credit Facility $ 4,400 $ 2,820 $ 7,220 Unamortized debt discounts (87) (175) (262) Net carrying value $ 4,313 $ 2,645 $ 6,958 The carrying value of the Company’s 2019 Credit Facility as of December 31, 2020 was as follows (in thousands): Current Long-Term Portion Debt Total Credit Facility $ 4,400 $ 4,020 $ 8,420 Unamortized debt discounts (158) (272) (430) Net carrying value $ 4,242 $ 3,748 $ 7,990
Summary of principal repayments of credit facility	The table below includes the principal repayments due under the 2019 Credit Facility (in thousands): Principal Repayment as of June 30, 2021 2021 (six remaining months) 3,200 2022 2,400 2023 1,620 Total principal repayments $ 7,220

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2021
Stock-Based Compensation
Summary of stock option activity	Options Outstanding Weighted- Weighted- Options and Average Average Aggregate Awards Exercise Remaining Intrinsic Available for Number of Price Per Contractual Value Grant Options Share Life (years) (In thousands) Balance—December 31, 2020 179,219 2,272,905 $ 5.58 7.9 $ 1,640 Authorized 570,946 RSUs granted (348,759) RSUs cancelled/forfeited 104,652 Options granted (56,250) 56,250 5.34 Options exercised — (77,537) 2.60 $ 272 Options cancelled/forfeited 750,059 (753,249) 6.36 Balance—June 30, 2021 1,199,867 1,498,369 $ 5.33 6.8 $ 2,432 Options exercisable—June 30, 2021 875,575 $ 6.29 5.6 $ 814
Schedule of restricted stock unit activity	RSUs Outstanding Weighted- Average Number of Grant Date Restricted Stock Fair Value Per Units Share Balance—December 31, 2020 416,742 $ 4.89 Granted 348,759 5.46 Vested (294,436) 5.61 Cancelled/forfeited (104,652) 4.78 Balance—June 30, 2021 366,413 $ 4.88

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
Net Income (Loss) Per Common Share (Tables)	Jun. 30, 2021
Net Income (Loss) Per Common Share
Computation of basic and diluted net income (loss) per share	The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income (loss) $ 256 $ (1,294) $ (204) $ (3,026) Denominator: Weighted-average common shares outstanding used to calculate net income (loss) per common share, basic 19,313,162 18,747,124 19,203,374 18,585,339 Net income (loss) per common share, basic $ 0.01 $ (0.07) $ (0.01) $ (0.16) Three Months Ended June 30, Six Months Ended June 30, June 30, June 30, 2021 2020 2021 2020 Numerator: Net income (loss) $ 256 $ (1,294) $ (204) $ (3,026) Denominator: Weighted-average common shares outstanding used to calculate net income (loss) per common share, basic 19,313,162 18,747,124 19,203,374 18,585,339 Effect of dilutive 412,902 — — — Weighted-average common shares outstanding used to calculate net income (loss) per common share, diluted 19,726,064 18,747,124 19,203,374 18,585,339 Net income (loss) per common share, diluted $ 0.01 $ (0.07) $ (0.01) $ (0.16)
Schedule of potentially dilutive securities excluded from diluted net loss per common share	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Options to purchase common stock 1,078,849 2,416,629 1,498,549 2,416,629 RSUs 75,042 439,972 366,413 439,972 Common stock warrants 9,375 27,836 49,336 27,836 ESPP 30,136 54,382 30,136 54,382 Total 1,193,402 2,938,819 1,944,434 2,938,819

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts receivable
Trade accounts receivable	$ 10,541	$ 7,590
Unbilled accounts receivable	178	255
Allowance for product returns and price concessions	(336)	(238)
Accounts receivable, net	$ 10,383	$ 7,607

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Revenue and Accounts Receivable for Each Significant Customer (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenue \| Customer A
Concentration risk
Concentration risk percentage	18.00%	34.00%	13.00%	29.00%
Revenue \| Customer B
Concentration risk
Concentration risk percentage	23.00%		25.00%
Revenue \| Customer B \| Maximum
Concentration risk
Concentration risk percentage		10.00%		10.00%
Revenue \| Customer C
Concentration risk
Concentration risk percentage	12.00%
Revenue \| Customer C \| Maximum
Concentration risk
Concentration risk percentage		10.00%	10.00%	10.00%
Accounts Receivable \| Customer A
Concentration risk
Concentration risk percentage			19.00%		29.00%
Accounts Receivable \| Customer B
Concentration risk
Concentration risk percentage			43.00%		25.00%
Accounts Receivable \| Customer C \| Maximum
Concentration risk
Concentration risk percentage			10.00%		10.00%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value
Total assets measured at fair value	$ 14,384	$ 14,669
Warrant liability	36	31
Total liabilities measured at fair value	36	31
Level 1
Fair Value
Total assets measured at fair value	14,384	14,669
Level 3
Fair Value
Warrant liability	36	31
Total liabilities measured at fair value	36	31
Money market funds
Fair Value
Money market funds	14,384	14,669
Money market funds \| Level 1
Fair Value
Money market funds	$ 14,384	$ 14,669

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Summary of Significant Accounting Policies
Cost of sales	$ 4,652	$ 6,635	$ 8,947	$ 11,392

Revenue - Disaggregated by Sale

Revenue - Disaggregated by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue
Revenue	$ 11,848	$ 11,826	$ 22,128	$ 21,934
Distributor
Disaggregation of Revenue
Revenue	7,634	6,231	15,500	13,221
Non-distributor
Disaggregation of Revenue
Revenue	$ 4,214	$ 5,595	$ 6,628	$ 8,713

Revenue - Disaggregated by Timi

Revenue - Disaggregated by Timing of Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue
Revenue	$ 11,848	$ 11,826	$ 22,128	$ 21,934
Point in time
Disaggregation of Revenue
Revenue	10,559	11,183	20,593	21,226
Over time
Disaggregation of Revenue
Revenue	$ 1,289	$ 643	$ 1,535	$ 708

Revenue - Disaggregated by Type

Revenue - Disaggregated by Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue
Revenue	$ 11,848	$ 11,826	$ 22,128	$ 21,934
Product sales
Disaggregation of Revenue
Revenue	10,187	10,927	19,255	20,562
Royalties
Disaggregation of Revenue
Revenue	372	256	1,338	664
Other revenue
Disaggregation of Revenue
Revenue	$ 1,289	$ 643	$ 1,535	$ 708

Revenue - Disaggregated by Geog

Revenue - Disaggregated by Geographic Region (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)region	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)region	Jun. 30, 2020USD ($)
Disaggregation of Revenue
Number of primary geographic regions \| region	3		3
Revenue	$ 11,848	$ 11,826	$ 22,128	$ 21,934
APAC
Disaggregation of Revenue
Revenue	1,369	1,619	2,751	3,727
North America
Disaggregation of Revenue
Revenue	7,793	8,387	14,951	15,283
EMEA
Disaggregation of Revenue
Revenue	$ 2,686	$ 1,820	$ 4,426	$ 2,924

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory
Raw materials	$ 208	$ 329
Work-in-process	6,061	4,910
Finished goods	302	482
Total inventory	$ 6,571	$ 5,721

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued liabilities
Payroll-related expenses	$ 1,157	$ 1,274
Inventory	248	416
Other	337	542
Total accrued liabilities	$ 1,742	$ 2,232

Balance Sheet Components - Defe

Balance Sheet Components - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Deferred Revenue
Revenue	$ 11,848	$ 11,826	$ 22,128	$ 21,934
Deferred licensing revenue	1,815		1,815
RAD-Hard product
Deferred Revenue
Total amount of consideration to be received			6,500
Revenue	1,200
Deferred licensing revenue	$ 1,800		$ 1,800		$ 3,000

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Future operating lease payments
2021	$ 789
2022	861
2023	68
Total lease payments	1,718
Less: imputed interest	(62)
Total operating lease liabilities	1,656
Less: current portion of operating lease liabilities	(1,190)	$ (1,508)
Total operating lease liabilities, net of current portion	$ 466	$ 903
Other lease information
Weighted-average remaining lease term (years)	1 year 3 months 25 days	1 year 8 months 26 days
Weighted-average discount rate	6.00%	6.00%

Debt - Credit Facility (Details

Debt - Credit Facility (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 05, 2019	Aug. 12, 2021	Jul. 31, 2020	Jun. 30, 2020	Aug. 31, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jul. 15, 2020	Jul. 31, 2019
Debt
Common stock, par value						$ 0.0001		$ 0.0001		$ 0.0001	$ 0.01
Shares issued with exercise of warrant		21,463
Outstanding balance						$ 2,000		$ 2,000
Other (expense) income						(12)	$ 15	(27)	$ 63
2017 Credit Facility
Debt
Repayment of credit facility					$ 800
Principal amount												$ 8,000
2019 Credit Facility
Debt
Number of shares the warrant can be converted to	9,375										21,500
Warrant exercise price	$ 8.91
Amount bank could receive if takes the option to put the warrants upon expiration or a liquidity event	$ 50
Fair value of warrants											$ 152
Principal amount						7,220		7,220		$ 8,420
Outstanding balance						4,800		4,800
Other (expense) income						$ (1)	$ (12)	$ (5)	$ (7)
2019 Credit Facility \| Prime Rate
Debt
Effective interest rate						3.75%		3.75%
2019 Credit Facility - Revolving Line Of Credit
Debt
Loan agreement amount			$ 5,000
Agreement term			2 years
Interest rate, basis spread percentage			1.50%
Effective interest rate			4.75%	6.75%		10.18%	6.75%	10.18%	6.75%
Commitment fee (as a percentage)					1.60%
Termination fee (as a percentage)			1.00%
Unused facility fee (as a percentage)			0.125%
Debt amount					$ 2,000
Remaining availability					$ 3,000
2019 Credit Facility - Revolving Line Of Credit \| Prime Rate \| Minimum
Debt
Interest rate, basis spread percentage			4.75%
Effective interest rate						4.75%		4.75%
2019 Credit Facility - Term Loan
Debt
End-of-term fee (as a percent)			7.00%
Agreement term			46 months
Effective interest rate			3.75%	4.75%		7.85%	4.75%	7.85%	4.75%
Prepayment fee (as a percentage)			2.00%
Debt amount			$ 6,000
Number of months of interest only payment			16 months	12 months
Number of months of equal principal payments plus accrued interest			30 months
2019 Credit Facility - Term Loan \| Prime Rate
Debt
Interest rate, negative basis spread percentage			0.75%
Effective interest rate			3.75%

Debt - Carrying Value (Details)

Debt - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt
Net carrying value of debt, Current Portion	$ 4,313	$ 4,242
Net carrying value of debt, Long-term debt	2,645	3,748
2019 Credit Facility
Debt
Debt, Current Portion	4,400	4,400
Less: Debt issuance costs, Current Portion	(87)	(158)
Net carrying value of debt, Current Portion	4,313	4,242
Debt, including end of term fee, Long-term debt	2,820	4,020
Less: Unamortized debt discounts, Long-term debt	(175)	(272)
Net carrying value of debt, Long-term debt	2,645	3,748
Total principal repayments	7,220	8,420
Less: Discount attributable to warrants, end of term fee and debt issuance costs, Total	(262)	(430)
Net carrying value of debt, Total	$ 6,958	$ 7,990

Debt - Summary of Principal Rep

Debt - Summary of Principal Repayments of 2019 Credit Facility (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
2019 Credit Facility
Debt
2021	$ 3,200
2022	2,400
2023	1,620
Total principal repayments	7,220	$ 8,420
2019 Credit Facility - Term Loan
Debt
2021	1,200
2019 Credit Facility - Revolving Line Of Credit
Debt
2021	$ 2,000

Stockholders' Equity - (Details

Stockholders' Equity - (Details) - At-the-Market Sales Agreement - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Aug. 31, 2019	Jun. 30, 2020
Common stock reserved
Maximum amount of shares for offering	$ 25
Maximum commission percentage	3.00%
Net proceeds		$ 2.1
Number of shares sold		468,427

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Options and Awards Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Stock-based compensation
Options and Awards Available for Grant, Outstanding, Beginning balance	179,219
Options and Awards Available for Grant, Options authorized	570,946
Options and Awards Available for Grant, RSUs granted	(348,759)
Options Available for Grant, RSUs cancelled/forfeited	104,652
Options and Awards Available for Grant, Options granted	(56,250)
Options and Awards Available for Grant, Options cancelled/forfeited	750,059
Options and Awards Available for Grant, Outstanding, Ending balance	1,199,867	179,219
Number of Options, Outstanding, Beginning balance	2,272,905
Number of Options, Options granted	56,250
Number of Options, Options exercised	(77,537)
Number of Options, Options cancelled/forfeited	(753,249)
Number of Options, Outstanding, Ending balance	1,498,369	2,272,905
Number of Options, exercisable	875,575
Weighted - Average Exercise Price Per Share, Options outstanding, Beginning balance \| $ / shares	$ 5.58
Weighted - Average Exercise Price Per Share, Options granted \| $ / shares	5.34
Weighted - Average Exercise Price Per Share, Options exercised \| $ / shares	2.60
Weighted - Average Exercise Price Per Share, Options cancelled/forfeited \| $ / shares	6.36
Weighted - Average Exercise Price Per Share, Options outstanding, Ending balance \| $ / shares	5.33	$ 5.58
Weighted - Average Exercise Price Per Share, Options exercisable \| $ / shares	$ 6.29
Weighted - Average Remaining Contractual Life, Options outstanding	6 years 9 months 18 days	7 years 10 months 24 days
Weighted - Average Remaining Contractual Life, Options exercisable	5 years 7 months 6 days
Aggregate Intrinsic Value, Options outstanding \| $	$ 2,432	$ 1,640
Aggregate Intrinsic Value, Options exercised \| $	272
Aggregate Intrinsic Value, Options exercisable \| $	$ 814

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Jan. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation
Total grant date fair value of options vested		$ 220		$ 527		$ 533	$ 1,300
Number of Options, Options cancelled/forfeited						753,249
Shares available for future issuance (in shares)		1,199,867				1,199,867		179,219
Value of share issued		$ 92	$ 364	$ 827	$ 315
Weighted-average exercise price (per share)		$ 5.33				$ 5.33		$ 5.58
Number of stock options granted (in shares)						56,250
Options remained outstanding		1,498,369				1,498,369		2,272,905
Employees
Share-based Compensation
Weighted-average grant date fair value of options granted		$ 3.18		$ 1.84		$ 3.43	$ 1.58
ESPP
Share-based Compensation
Increase in number of shares reserved for issuance (in shares)	190,315
Shares available for future issuance (in shares)		684,996				684,996
Value of share issued		$ 92		$ 50		$ 92	$ 50
Number of shares issued (in shares)		32,186		22,474		32,186	22,474
Prior Stock Based Compensation Plan
Share-based Compensation
Number of Options, Options cancelled/forfeited						3,190

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Weighted Average Exercise Price Per Share
Unrecognized stock-based compensation expense \| $	$ 1.5
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 6 months
RSUs
Number of Restricted Stock Units
Balance, beginning of period \| shares	416,742
Granted \| shares	348,759
Vested \| shares	(294,436)
Cancelled/forfeited \| shares	(104,652)
Balance, end of period \| shares	366,413
Weighted Average Exercise Price Per Share
Balance, beginning of period (price per share) \| $ / shares	$ 4.89
Granted (price per share) \| $ / shares	5.46
Vested (price per share) \| $ / shares	5.61
Cancelled/forfeited (price per share) \| $ / shares	4.78
Balance, end of period (price per share) \| $ / shares	$ 4.88
2016 Employee Incentive Plan \| RSUs
Weighted Average Exercise Price Per Share
Unrecognized stock-based compensation expense \| $	$ 1.5
Unrecognized compensation expense, weighted-average period expected to be recognized	1 year 6 months

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Stock-Based Compensation
Unrecognized stock-based compensation expense	$ 1.5
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 6 months

Significant Agreements (Details

Significant Agreements (Details) - USD ($) $ in Thousands	Oct. 17, 2014	Sep. 30, 2018	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021
Joint development agreement
Project costs			$ 3,357	$ 2,774		$ 5,796	$ 5,804
Revenue			11,848	11,826		22,128	21,934
Common Stock
Joint development agreement
Number of shares sold					468,427
Royalties
Joint development agreement
Revenue			$ 372	$ 256		1,338	664
Joint Development Agreement \| Global Foundries, Inc.
Joint development agreement
Period of possession of exclusive right to manufacture after qualification of device	3 years
Period of possession of exclusive right to manufacture after completion of device development work	4 years
Project costs						0	$ 0
Collaborative Agreement \| Silterra
Joint development agreement
Non-recurring engineering cost obligation		$ 1,000
JCA costs						$ 0		$ 600

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income (loss)	$ 256	$ (460)	$ (1,294)	$ (1,732)	$ (204)	$ (3,026)
Net income (loss) per common share, basic
Weighted average common shares used to compute net income (loss) per common share attributable to common stockholders, basic	19,313,162		18,747,124		19,203,374	18,585,339
Net income (loss) per share attributable to common share, basic	$ 0.01		$ (0.07)		$ (0.01)	$ (0.16)
Net income (loss) pe common share, diluted
Effect of dilutive	412,902
Weighted-average common shares outstanding used to calculate net income (loss) per common share, diluted	19,726,064		18,747,124		19,203,374	18,585,339
Net income (loss) per share attributable to common stockholders, diluted	$ 0.01		$ (0.07)		$ (0.01)	$ (0.16)

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share - Schedule of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	1,193,402	2,938,819	1,944,434	2,938,819
Options to purchase common stock
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	1,078,849	2,416,629	1,498,549	2,416,629
RSUs
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	75,042	439,972	366,413	439,972
ESPP
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	30,136	54,382	30,136	54,382
Common stock warrants \| Common stock subject to repurchase
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	9,375	27,836	49,336	27,836