Everspin (MRAM) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 09, 2022
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
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 130
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,163,410
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001438423
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 23,051	$ 21,409
Accounts receivable, net	9,283	8,193
Inventory	6,376	6,396
Prepaid expenses and other current assets	800	762
Total current assets	39,510	36,760
Property and equipment, net	2,594	973
Right-of-use assets	3,649	913
Other assets	62	734
Total assets	45,815	39,380
Current liabilities:
Accounts payable	2,689	1,776
Accrued liabilities	2,165	3,579
Deferred revenue		832
Current portion of long-term debt	3,761	3,370
Lease liabilities	910	724
Other liabilities	29	50
Total current liabilities	9,554	10,331
Long-term debt, net of current portion		1,529
Lease liabilities, net of current portion	2,782	68
Long-term income tax liability	214	214
Total liabilities	12,550	12,142
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, 2022 and December 31, 2021
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 20,137,520 and 19,858,460 shares issued and outstanding as of June 30, 2022, and December 31, 2021	2	2
Additional paid-in capital	182,488	180,067
Accumulated deficit	(149,225)	(152,831)
Total stockholders' equity	33,265	27,238
Total liabilities and stockholders' equity	$ 45,815	$ 39,380

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Condensed 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	20,137,520	19,858,460
Common stock, shares outstanding	20,137,520	19,858,460

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total revenue	$ 14,707	$ 11,848	$ 29,054	$ 22,128
Total cost of sales	6,116	4,652	12,140	8,947
Gross profit	8,591	7,196	16,914	13,181
Operating expenses:
Research and development	2,699	3,357	5,135	5,796
General and administrative	2,860	2,338	5,589	5,181
Sales and marketing	1,292	1,045	2,426	2,032
Total operating expenses	6,851	6,740	13,150	13,009
Income (loss) from operations	1,740	456	3,764	172
Interest expense	(70)	(144)	(145)	(296)
Other expense, net	1	(12)	(13)	(27)
Net income (loss) before income taxes	1,671	300	3,606	(151)
Income tax expense		(44)		(53)
Net income (loss) and comprehensive income (loss)	$ 1,671	$ 256	$ 3,606	$ (204)
Net income (loss) per share attributable to common share, basic	$ 0.08	$ 0.01	$ 0.18	$ (0.01)
Net income (loss) per common share, diluted	$ 0.08	$ 0.01	$ 0.17	$ (0.01)
Weighted average shares of common stock outstanding, basic	20,069,444	19,313,162	19,983,526	19,203,374
Weighted average shares of common stock outstanding, diluted	20,424,283	19,726,064	20,626,547	19,203,374
Product sales
Total revenue	$ 13,223	$ 10,187	$ 25,894	$ 19,255
Total cost of sales	5,793	4,329	11,545	8,586
Licensing, royalty, patent and other revenue
Total revenue	1,484	1,661	3,160	2,873
Total cost of sales	$ 323	$ 323	$ 595	$ 361

Condensed Statements of Opera_2

Condensed Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 1,311	$ 704	$ 2,135	$ 1,447
Research and Development [Member]
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	462	265	795	446
General and Administrative [Member]
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	647	305	1,018	790
Sales and Marketing [Member]
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 202	$ 134	$ 322	$ 211

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
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
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
Balance at Dec. 31, 2021	$ 2	180,067	(152,831)	27,238
Balance (in shares) at Dec. 31, 2021	19,858,460
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		69		69
Exercise of stock options (in shares)	15,830
Issuance of common stock under stock incentive plans (in shares)	96,496
Stock-based compensation expense		824		824
Net income (loss)			1,935	1,935
Balance at Mar. 31, 2022	$ 2	180,960	(150,896)	30,066
Balance (in shares) at Mar. 31, 2022	19,970,786
Balance at Dec. 31, 2021	$ 2	180,067	(152,831)	$ 27,238
Balance (in shares) at Dec. 31, 2021	19,858,460
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)				33,961
Net income (loss)				$ 3,606
Balance at Jun. 30, 2022	$ 2	182,488	(149,225)	33,265
Balance (in shares) at Jun. 30, 2022	20,137,520
Balance at Mar. 31, 2022	$ 2	180,960	(150,896)	30,066
Balance (in shares) at Mar. 31, 2022	19,970,786
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		50		50
Exercise of stock options (in shares)	18,131
Issuance of common stock under stock incentive plans		167		167
Issuance of common stock under stock incentive plans (in shares)	148,603
Stock-based compensation expense		1,311		1,311
Net income (loss)			1,671	1,671
Balance at Jun. 30, 2022	$ 2	$ 182,488	$ (149,225)	$ 33,265
Balance (in shares) at Jun. 30, 2022	20,137,520

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income (loss)	$ 3,606	$ (204)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	462	756
Gain on sale of property and equipment	(167)
Stock-based compensation	2,135	1,447
Non-cash warrant revaluation	(21)	5
Non-cash interest expense	62	168
Changes in operating assets and liabilities:
Accounts receivable	(1,090)	(2,776)
Inventory	20	(850)
Prepaid expenses and other current assets	(38)	49
Other assets	664
Accounts payable	(201)	861
Accrued liabilities	(1,414)	(126)
Deferred revenue	(832)	1,815
Lease liabilities	164	(64)
Net cash (used in) provided by operating activities	3,350	1,081
Cash flows from investing activities
Purchases of property and equipment	(996)	(554)
Proceeds received from sale of property and equipment	202
Net cash used in investing activities	(794)	(554)
Cash flows from financing activities
Payments on long-term debt	(1,200)	(1,200)
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan	286	293
Net cash used in financing activities	(914)	(907)
Net increase (decrease) in cash and cash equivalents	1,642	(380)
Cash and cash equivalents at beginning of period	21,409	14,599
Cash and cash equivalents at end of period	23,051	14,219
Supplementary cash flow information:
Interest paid	83	128
Operating cash flows paid for operating leases	635	814
Financing cash flows paid for finance leases	5
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	3,350
Right-of-use assets obtained in exchange for finance lease liabilities	36
Purchases of property and equipment in accounts payable and accrued liabilities	$ 783
Bonus settled in shares of common stock		$ 364

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2022
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 key markets, such as 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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, 2021, 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, 2022, are not necessarily indicative of the results to be expected for the year ending December 31, 2022 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, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC. ​ The Company believes that its existing cash and cash equivalents as of June 30, 2022, coupled with its anticipated growth and sales levels and availability under its credit facility, will be sufficient to meet its anticipated cash requirements for at least the next 12 months from the financial statement issuance date. The Company’s future capital requirements will depend on many factors, including 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. ​ 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, from time to time, may establish an allowance for estimated price adjustments related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales and evaluation of current market conditions. ​ Accounts receivable, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 Trade accounts receivable ​ $ 9,316 ​ $ 8,140 Unbilled accounts receivable ​ ​ 611 ​ ​ 450 Other receivables ​ 19 ​ — Allowance for product returns and price adjustments ​ ​ (663) ​ ​ (397) Accounts receivable, net ​ $ 9,283 ​ $ 8,193 ​ 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 2022 2021 2022 2021 ​ 2022 2021 ​ Customer A 24 % 23 % 21 % 25 % ​ 45 % 54 % ​ Customer B 11 % * ​ 12 % * ​ ​ * ​ * ​ ​ Customer C ​ 10 % * ​ * ​ * ​ ​ * ​ * ​ ​ Customer D ​ 10 % * ​ * ​ * ​ ​ * ​ * ​ ​ Customer E ​ * ​ 18 % * ​ 13 % ​ * ​ * ​ ​ Customer F ​ * ​ 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, 2022, 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, 2022 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 23,065 $ — $ — $ 23,065 Total assets measured at fair value ​ $ 23,065 $ — $ — $ 23,065 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liability ​ $ — $ — $ 29 $ 29 Total liabilities measured at fair value ​ $ — $ — $ 29 $ 29 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 21,508 $ — $ — $ 21,508 Total assets measured at fair value ​ $ 21,508 $ — $ — $ 21,508 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liability ​ $ — $ — $ 50 $ 50 Total liabilities measured at fair value ​ $ — $ — $ 50 $ 50 ​ 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) ​ The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed financial statements.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
Revenue.
Revenue	3. Revenue ​ The Company sells products to its distributors and original equipment manufacturers (OEMs). The Company also recognized revenue under licensing, patent, 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, ​ 2022 2021 2022 2021 Distributor ​ $ 12,805 ​ $ 7,634 ​ $ 23,600 ​ ​ 15,500 Non-distributor ​ ​ 1,902 ​ ​ 4,214 ​ ​ 5,454 ​ ​ 6,628 Total revenue ​ $ 14,707 ​ $ 11,848 ​ $ 29,054 ​ $ 22,128 ​ 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, ​ 2022 2021 2022 2021 Point in time ​ $ 13,532 ​ $ 10,559 ​ $ 26,650 ​ ​ 20,593 Over time ​ ​ 1,175 ​ ​ 1,289 ​ ​ 2,404 ​ ​ 1,535 Total revenue ​ $ 14,707 ​ $ 11,848 ​ $ 29,054 ​ $ 22,128 ​ The following table presents the Company’s revenues disaggregated by type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Product sales ​ $ 13,223 ​ $ 10,187 ​ $ 25,894 ​ $ 19,255 Licensing ​ ​ 771 ​ ​ — ​ ​ 1,346 ​ ​ — Royalties ​ ​ 224 ​ ​ 372 ​ ​ 624 ​ ​ 1,338 Other revenue ​ ​ 489 ​ ​ 1,289 ​ ​ 1,190 ​ ​ 1,535 Total revenue ​ $ 14,707 ​ $ 11,848 ​ $ 29,054 ​ $ 22,128 ​ The Company recognizes revenue in three primary geographic regions: Asia-Pacific (APAC); North America; and Europe, Middle East and Africa (EMEA). The Company classifies revenue by geography based on the region in which the Company’s customer is located and to which the Company’s products are sold, and not to where the end products in which they are assembled are shipped. The Company’s revenue by region for the periods indicated was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 APAC ​ $ 8,371 ​ $ 7,793 ​ $ 17,605 ​ $ 14,951 North America ​ ​ 3,780 ​ ​ 2,686 ​ ​ 6,885 ​ ​ 4,426 EMEA ​ ​ 2,556 ​ ​ 1,369 ​ ​ 4,564 ​ ​ 2,751 Total revenue ​ $ 14,707 ​ $ 11,848 ​ $ 29,054 ​ $ 22,128 ​

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2022
Balance Sheet Components
Balance Sheet Components	4. Balance Sheet Components ​ Inventory ​ Inventory consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Raw materials ​ $ 395 ​ $ 464 Work-in-process ​ 4,916 ​ 4,620 Finished goods ​ 1,065 ​ 1,312 Total inventory ​ $ 6,376 ​ $ 6,396 ​ Accrued Liabilities ​ Accrued liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Payroll-related expenses ​ $ 1,611 ​ $ 2,845 Inventory ​ ​ 139 ​ ​ 177 Other ​ 415 ​ 557 Total accrued liabilities ​ $ 2,165 ​ $ 3,579 ​ ​ Deferred Revenue ​ During the year ended December 31, 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. The total transaction price of $6.5 million was allocated to the single performance obligation. The Company recognizes 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. This method depicts performance under the contract and requires the Company to make estimates about the future costs expected to be incurred to perform under the contact, including labor and material costs. ​ As of June 30, 2022, the Company has billed $4.2 million for the performance under the contractual agreements. Under the input method of recognition, the Company has recognized $0.8 million and $1.3 million in revenue for the three and six months ended June 30, 2022, respectively, and $4.7 million in revenue since inception of the contractual agreement. As a result, the Company recorded $0.5 million in unbilled accounts receivable and does not have a deferred revenue balance as of June 30, 2022. As of December 31, 2021, the deferred revenue balance was $0.8 million. The Company expects to recognize the remaining $1.8 million of the transaction price as services are performed throughout the contractual period and performance is expected to be complete in the year ended December 31, 2024.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases
Leases	5. Leases ​ Operating leases consist primarily of office space expiring at various dates through 2029. Finance leases relate to a server lease expiring in January 2025. The Company’s 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 and finance leases were as follows (in thousands): ​ ​ ​ ​ ​ As of June 30, 2022 Amount 2022 ​ $ 691 2023 ​ ​ 653 2024 ​ ​ 600 2025 ​ ​ 605 2026 ​ ​ 620 Thereafter ​ ​ 1,002 Total lease payments ​ ​ 4,171 Less: imputed interest ​ ​ (479) Total lease liabilities ​ ​ 3,692 Less: current portion of lease liabilities ​ ​ (910) Total lease liabilities, net of current portion ​ $ 2,782 ​ Other information related to the Company’s operating lease liabilities was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Weighted-average remaining lease term (years) 5.47 ​ ​ 1.08 Weighted-average discount rate ​ 4.67 % ​ 6.00 % ​ Other information related to the Company’s finance lease liabilities was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Weighted-average remaining lease term (years) 2.59 ​ ​ — Weighted-average discount rate ​ 4.50 % ​ — % ​

Debt

Debt	6 Months Ended
	Jun. 30, 2022
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). ​ 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 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. ​ In July 2021, the Company executed the second amendment to the 2019 Credit Facility with SVB. The amended Line of Credit allows for a maximum draw of $5.0 million, subject to a formula borrowing base, 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, 2022, the interest rate was 6.25%. Currently, $4.0 million remains available under the Line of Credit, subject to borrowing base availability. As of June 30, 2022, the effective interest rate under the Line of Credit was 10.18% and the outstanding balance was $1.0 million. The Line of Credit was set to mature on August 5, 2022. The third amendment, entered into on July 22, 2022, extended the maturity date of the Line of Credit to August 5, 2023. ​ The amended 2019 Term Loan provides for a $6.0 million term loan. 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 of $200,000 per month, 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, 2022, the interest rate was 4.00% . 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, 2022, the effective interest rate under the 2019 Term Loan was 7.85% and the outstanding balance was $2.8 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 statements of operations and comprehensive income (loss). The Company recognized other income of $11,000 and $21,000 for the three and six months ended June 30, 2022, respectively. The Company recognized other expense of $1,000 and $5,000 for the three and six months ended June 30, 2021, respectively, related to the change in fair value of the warrant within other expense, net in the statements of operations and comprehensive income (loss). ​ Additionally, in conjunction with entering into the first amendment to the 2019 Credit Facility, on July 15, 2020, the Company issued an additional warrant to SVB to purchase 21,500 shares of its common stock at an exercise price of $0.01 per share, which was to expire on July 15, 2025. The warrant was classified as equity and was recorded as a debt discount that was 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. ​ On July 22, 2021, SVB elected to exercise the warrant associated with the first amendment to the 2019 Credit Facility, 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 as of June 30, 2022. 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, 2022, management does not believe that it is probable that the clause will be triggered within the next 12 months. ​ The amortization of the debt issuance costs and accretion of the debt discount is included in interest expense within the statements of operations and comprehensive income (loss) and included in non-cash interest expense within the statement of cash flows. The carrying value of the Company’s 2019 Credit Facility at June 30, 2022, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Long-Term ​ ​ ​ ​ Portion ​ Debt ​ Total Credit Facility ​ $ 3,820 ​ $ — ​ $ 3,820 Unamortized debt discounts ​ (59) ​ — ​ (59) Net carrying value ​ $ 3,761 ​ $ — ​ $ 3,761 ​ The carrying value of the Company’s 2019 Credit Facility as of December 31, 2021 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Long-Term ​ ​ ​ ​ Portion ​ Debt ​ Total Credit Facility ​ $ 3,400 ​ $ 1,620 ​ $ 5,020 Unamortized debt discounts ​ ​ (30) ​ (91) ​ (121) Net carrying value ​ $ 3,370 ​ $ 1,529 ​ $ 4,899 ​ The table below includes the principal repayments due under the 2019 Credit Facility (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Repayment as of June 30, 2022 2022 ​ ​ 2,200 2023 ​ ​ 1,620 Total principal repayments ​ $ 3,820 ​ Of

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Stock-Based Compensation
Stock-Based Compensation	7. Stock-Based Compensation ​ Summary of Stock Option Activity ​ The following table summarizes the stock option and award activity for the six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2021 1,038,956 ​ 1,783,298 ​ $ 5.21 ​ 8.0 ​ $ 10,891 Authorized 595,753 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs granted ​ (604,254) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs cancelled/forfeited ​ 11,111 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options granted ​ (489,244) ​ 489,244 ​ $ 8.17 ​ ​ ​ ​ ​ Options exercised ​ ​ (33,961) ​ $ 3.53 ​ ​ ​ $ 1,272 Options cancelled/forfeited 66,290 ​ (88,654) ​ $ 6.34 ​ ​ ​ ​ ​ Balance—June 30, 2022 618,612 2,149,927 ​ $ 5.86 ​ 7.9 ​ $ 1,272 Options exercisable—June 30, 2022 ​ 802,192 ​ $ 5.55 ​ 6.5 ​ $ 638 ​ The total grant date fair value of options vested was $853,000 and $220,000 during the three months ended June 30, 2022 and 2021, respectively, and $1.8 million and $533,000 during the six months ended June 30, 2022 and 2021, respectively. ​ The weighted-average grant date fair value of options granted was $4.40 and $3.18 per share during the three months ended June 30, 2022 and 2021, respectively, and $5.40 and $3.43 during the six months ended June 30, 2022 and 2021, respectively. ​ As of June 30, 2022, of the 88,654 options cancelled/forfeited during the six months ended June 30, 2022, 22,364 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 2022, there was an increase of 198,584 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP) pursuant to the terms of the ESPP. The Company had 814,341 shares available for future issuance under the Company’s ESPP as of June 30, 2022. Employees purchased 37,017 shares for $167,000 during the three and six months ended June 30, 2022. Employees purchased 32,186 shares for $92,000 during the three and six months ended June 30, 2021. ​ Restricted Stock Units ​ The following table summarizes restricted stock units (RSUs) activity for the six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs Outstanding ​ ​ ​ Weighted- ​ ​ ​ Average ​ ​ Number of Grant Date ​ ​ Restricted Stock Fair Value Per ​ Units Share Balance—December 31, 2021 ​ 384,307 ​ $ 5.00 Granted 604,254 ​ $ 7.14 Vested ​ (208,082) ​ $ 5.66 Cancelled/forfeited ​ (11,111) ​ $ 5.92 Balance—June 30, 2022 769,368 $ 6.49 ​ 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, 2022, there was $4.5 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.6 years. ​ Stock-based Compensation Expense ​ As of June 30, 2022, there was $4.8 million of total unrecognized stock-based compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 2.8 years.

Significant Agreements

Significant Agreements	6 Months Ended
	Jun. 30, 2022
Significant Agreements
Significant Agreements	8. 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. ​ 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 2022. Under the JCA, the Company is required to pay non-recurring engineering costs of $1.0 million. As of September 30, 2021, the Company had paid $600,000 of these JCA costs. On October 23, 2021, the Company executed a termination of the JCA. As a result, the Company does not expect to incur additional JCA costs for the remainder of 2022. ​

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2022
Net Income (Loss) Per Common Share
Net Loss Per Common Share	9. Net Income (Loss) Per Common Share ​ Basic net income (loss) per common share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period less shares subject to repurchase, without consideration of potentially dilutive securities. 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. In periods with a net loss, potentially dilutive securities are excluded from our calculation of earning per share as their inclusion would have an antidilutive effect. ​ The following tables set forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share amounts): ​ Basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Numerator: ​ ​ ​ ​ Net income (loss) ​ $ 1,671 ​ $ 256 ​ $ 3,606 ​ $ (204) Denominator: ​ ​ ​ ​ Weighted-average shares of common stock outstanding, basic ​ 20,069,444 ​ 19,313,162 ​ 19,983,526 ​ 19,203,374 Net income (loss) per common share, basic ​ $ 0.08 ​ $ 0.01 ​ $ 0.18 ​ $ (0.01) ​ Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Numerator: ​ ​ ​ ​ Net income (loss) ​ $ 1,671 ​ $ 256 ​ $ 3,606 ​ $ (204) Less: warrant liability fair value gain recognized ​ ​ (11) ​ ​ — ​ ​ (21) ​ ​ — Net income (loss) attributable to common stockholders, diluted ​ ​ 1,660 ​ ​ 256 ​ $ 3,585 ​ $ (204) Denominator: ​ ​ ​ ​ Weighted-average shares of common stock outstanding, basic ​ 20,069,444 ​ 19,313,162 ​ 19,983,526 ​ 19,203,374 Dilutive effect of stock options and RSUs ​ ​ 354,839 ​ ​ 412,902 ​ ​ 643,021 ​ ​ — Weighted-average shares of common stock outstanding, diluted ​ 20,424,283 ​ 19,726,064 ​ 20,626,547 ​ 19,203,374 Net income (loss) per common share, diluted ​ $ 0.08 ​ $ 0.01 ​ $ 0.17 ​ $ (0.01) ​ Potentially dilutive securities representing 2.0 million and 1.2 million stock options and RSUs that were outstanding during the three-months ended of June 30, 2022, and 2021, respectively, and 0.6 million and 1.9 million stock options and RSUs outstanding during the six months ended June 30, 2022 and 2021, respectively, were excluded from the computation of diluted earnings per common share during these periods as their inclusion would have an antidilutive effect.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2021, 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, 2022, are not necessarily indicative of the results to be expected for the year ending December 31, 2022 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, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC. ​ The Company believes that its existing cash and cash equivalents as of June 30, 2022, coupled with its anticipated growth and sales levels and availability under its credit facility, will be sufficient to meet its anticipated cash requirements for at least the next 12 months from the financial statement issuance date. The Company’s future capital requirements will depend on many factors, including 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.
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, from time to time, may establish an allowance for estimated price adjustments related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales and evaluation of current market conditions. ​ Accounts receivable, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 Trade accounts receivable ​ $ 9,316 ​ $ 8,140 Unbilled accounts receivable ​ ​ 611 ​ ​ 450 Other receivables ​ 19 ​ — Allowance for product returns and price adjustments ​ ​ (663) ​ ​ (397) Accounts receivable, net ​ $ 9,283 ​ $ 8,193
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 2022 2021 2022 2021 ​ 2022 2021 ​ Customer A 24 % 23 % 21 % 25 % ​ 45 % 54 % ​ Customer B 11 % * ​ 12 % * ​ ​ * ​ * ​ ​ Customer C ​ 10 % * ​ * ​ * ​ ​ * ​ * ​ ​ Customer D ​ 10 % * ​ * ​ * ​ ​ * ​ * ​ ​ Customer E ​ * ​ 18 % * ​ 13 % ​ * ​ * ​ ​ Customer F ​ * ​ 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, 2022, 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, 2022 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 23,065 $ — $ — $ 23,065 Total assets measured at fair value ​ $ 23,065 $ — $ — $ 23,065 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liability ​ $ — $ — $ 29 $ 29 Total liabilities measured at fair value ​ $ — $ — $ 29 $ 29 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 21,508 $ — $ — $ 21,508 Total assets measured at fair value ​ $ 21,508 $ — $ — $ 21,508 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liability ​ $ — $ — $ 50 $ 50 Total liabilities measured at fair value ​ $ — $ — $ 50 $ 50
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) ​ The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Schedule of accounts receivable net	Accounts receivable, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 Trade accounts receivable ​ $ 9,316 ​ $ 8,140 Unbilled accounts receivable ​ ​ 611 ​ ​ 450 Other receivables ​ 19 ​ — Allowance for product returns and price adjustments ​ ​ (663) ​ ​ (397) Accounts receivable, net ​ $ 9,283 ​ $ 8,193
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 2022 2021 2022 2021 ​ 2022 2021 ​ Customer A 24 % 23 % 21 % 25 % ​ 45 % 54 % ​ Customer B 11 % * ​ 12 % * ​ ​ * ​ * ​ ​ Customer C ​ 10 % * ​ * ​ * ​ ​ * ​ * ​ ​ Customer D ​ 10 % * ​ * ​ * ​ ​ * ​ * ​ ​ Customer E ​ * ​ 18 % * ​ 13 % ​ * ​ * ​ ​ Customer F ​ * ​ 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, 2022 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 23,065 $ — $ — $ 23,065 Total assets measured at fair value ​ $ 23,065 $ — $ — $ 23,065 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liability ​ $ — $ — $ 29 $ 29 Total liabilities measured at fair value ​ $ — $ — $ 29 $ 29 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 21,508 $ — $ — $ 21,508 Total assets measured at fair value ​ $ 21,508 $ — $ — $ 21,508 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liability ​ $ — $ — $ 50 $ 50 Total liabilities measured at fair value ​ $ — $ — $ 50 $ 50

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
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, ​ 2022 2021 2022 2021 Distributor ​ $ 12,805 ​ $ 7,634 ​ $ 23,600 ​ ​ 15,500 Non-distributor ​ ​ 1,902 ​ ​ 4,214 ​ ​ 5,454 ​ ​ 6,628 Total revenue ​ $ 14,707 ​ $ 11,848 ​ $ 29,054 ​ $ 22,128 ​ 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, ​ 2022 2021 2022 2021 Point in time ​ $ 13,532 ​ $ 10,559 ​ $ 26,650 ​ ​ 20,593 Over time ​ ​ 1,175 ​ ​ 1,289 ​ ​ 2,404 ​ ​ 1,535 Total revenue ​ $ 14,707 ​ $ 11,848 ​ $ 29,054 ​ $ 22,128 ​ The following table presents the Company’s revenues disaggregated by type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Product sales ​ $ 13,223 ​ $ 10,187 ​ $ 25,894 ​ $ 19,255 Licensing ​ ​ 771 ​ ​ — ​ ​ 1,346 ​ ​ — Royalties ​ ​ 224 ​ ​ 372 ​ ​ 624 ​ ​ 1,338 Other revenue ​ ​ 489 ​ ​ 1,289 ​ ​ 1,190 ​ ​ 1,535 Total revenue ​ $ 14,707 ​ $ 11,848 ​ $ 29,054 ​ $ 22,128 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 APAC ​ $ 8,371 ​ $ 7,793 ​ $ 17,605 ​ $ 14,951 North America ​ ​ 3,780 ​ ​ 2,686 ​ ​ 6,885 ​ ​ 4,426 EMEA ​ ​ 2,556 ​ ​ 1,369 ​ ​ 4,564 ​ ​ 2,751 Total revenue ​ $ 14,707 ​ $ 11,848 ​ $ 29,054 ​ $ 22,128

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2022
Balance Sheet Components
Schedule of Inventory	Inventory consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Raw materials ​ $ 395 ​ $ 464 Work-in-process ​ 4,916 ​ 4,620 Finished goods ​ 1,065 ​ 1,312 Total inventory ​ $ 6,376 ​ $ 6,396
Schedule of accrued liabilities	Accrued liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Payroll-related expenses ​ $ 1,611 ​ $ 2,845 Inventory ​ ​ 139 ​ ​ 177 Other ​ 415 ​ 557 Total accrued liabilities ​ $ 2,165 ​ $ 3,579

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases
Schedule of Undiscounted future non-cancellable lease payments	The undiscounted future non-cancellable lease payments under the Company’s operating and finance leases were as follows (in thousands): ​ ​ ​ ​ ​ As of June 30, 2022 Amount 2022 ​ $ 691 2023 ​ ​ 653 2024 ​ ​ 600 2025 ​ ​ 605 2026 ​ ​ 620 Thereafter ​ ​ 1,002 Total lease payments ​ ​ 4,171 Less: imputed interest ​ ​ (479) Total lease liabilities ​ ​ 3,692 Less: current portion of lease liabilities ​ ​ (910) Total lease liabilities, net of current portion ​ $ 2,782
Schedule of supplemental information	Other information related to the Company’s operating lease liabilities was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Weighted-average remaining lease term (years) 5.47 ​ ​ 1.08 Weighted-average discount rate ​ 4.67 % ​ 6.00 % ​ Other information related to the Company’s finance lease liabilities was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Weighted-average remaining lease term (years) 2.59 ​ ​ — Weighted-average discount rate ​ 4.50 % ​ — %

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt
Summary of debt	The carrying value of the Company’s 2019 Credit Facility at June 30, 2022, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Long-Term ​ ​ ​ ​ Portion ​ Debt ​ Total Credit Facility ​ $ 3,820 ​ $ — ​ $ 3,820 Unamortized debt discounts ​ (59) ​ — ​ (59) Net carrying value ​ $ 3,761 ​ $ — ​ $ 3,761 ​ The carrying value of the Company’s 2019 Credit Facility as of December 31, 2021 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Long-Term ​ ​ ​ ​ Portion ​ Debt ​ Total Credit Facility ​ $ 3,400 ​ $ 1,620 ​ $ 5,020 Unamortized debt discounts ​ ​ (30) ​ (91) ​ (121) Net carrying value ​ $ 3,370 ​ $ 1,529 ​ $ 4,899
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, 2022 2022 ​ ​ 2,200 2023 ​ ​ 1,620 Total principal repayments ​ $ 3,820

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2021 1,038,956 ​ 1,783,298 ​ $ 5.21 ​ 8.0 ​ $ 10,891 Authorized 595,753 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs granted ​ (604,254) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs cancelled/forfeited ​ 11,111 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options granted ​ (489,244) ​ 489,244 ​ $ 8.17 ​ ​ ​ ​ ​ Options exercised ​ ​ (33,961) ​ $ 3.53 ​ ​ ​ $ 1,272 Options cancelled/forfeited 66,290 ​ (88,654) ​ $ 6.34 ​ ​ ​ ​ ​ Balance—June 30, 2022 618,612 2,149,927 ​ $ 5.86 ​ 7.9 ​ $ 1,272 Options exercisable—June 30, 2022 ​ 802,192 ​ $ 5.55 ​ 6.5 ​ $ 638
Schedule of restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs Outstanding ​ ​ ​ Weighted- ​ ​ ​ Average ​ ​ Number of Grant Date ​ ​ Restricted Stock Fair Value Per ​ Units Share Balance—December 31, 2021 ​ 384,307 ​ $ 5.00 Granted 604,254 ​ $ 7.14 Vested ​ (208,082) ​ $ 5.66 Cancelled/forfeited ​ (11,111) ​ $ 5.92 Balance—June 30, 2022 769,368 $ 6.49

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
Net Income (Loss) Per Common Share
Computation of basic net income (loss) per share	The following tables set forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share amounts): ​ Basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Numerator: ​ ​ ​ ​ Net income (loss) ​ $ 1,671 ​ $ 256 ​ $ 3,606 ​ $ (204) Denominator: ​ ​ ​ ​ Weighted-average shares of common stock outstanding, basic ​ 20,069,444 ​ 19,313,162 ​ 19,983,526 ​ 19,203,374 Net income (loss) per common share, basic ​ $ 0.08 ​ $ 0.01 ​ $ 0.18 ​ $ (0.01)
Computation of diluted net income (loss) per share	The following tables set forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share amounts): Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2022 2021 2022 2021 Numerator: ​ ​ ​ ​ Net income (loss) ​ $ 1,671 ​ $ 256 ​ $ 3,606 ​ $ (204) Less: warrant liability fair value gain recognized ​ ​ (11) ​ ​ — ​ ​ (21) ​ ​ — Net income (loss) attributable to common stockholders, diluted ​ ​ 1,660 ​ ​ 256 ​ $ 3,585 ​ $ (204) Denominator: ​ ​ ​ ​ Weighted-average shares of common stock outstanding, basic ​ 20,069,444 ​ 19,313,162 ​ 19,983,526 ​ 19,203,374 Dilutive effect of stock options and RSUs ​ ​ 354,839 ​ ​ 412,902 ​ ​ 643,021 ​ ​ — Weighted-average shares of common stock outstanding, diluted ​ 20,424,283 ​ 19,726,064 ​ 20,626,547 ​ 19,203,374 Net income (loss) per common share, diluted ​ $ 0.08 ​ $ 0.01 ​ $ 0.17 ​ $ (0.01)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts receivable
Trade accounts receivable	$ 9,316	$ 8,140
Unbilled accounts receivable	611	450
Other receivables	19
Allowance for product returns and price adjustments	(663)	(397)
Accounts receivable, net	$ 9,283	$ 8,193

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Revenue and Accounts Receivable for Each Significant Customer (Details) - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue [Member] | Customer A [Member]
Concentration risk
Concentration risk percentage	24%	23%	21%	25%
Revenue [Member] | Customer B [Member]
Concentration risk
Concentration risk percentage	11%		12%
Revenue [Member] | Customer B [Member] | Maximum [Member]
Concentration risk
Concentration risk percentage		10%		10%
Revenue [Member] | Customer C [Member]
Concentration risk
Concentration risk percentage	10%
Revenue [Member] | Customer C [Member] | Maximum [Member]
Concentration risk
Concentration risk percentage		10%	10%	10%
Revenue [Member] | Customer D [Member]
Concentration risk
Concentration risk percentage	10%
Revenue [Member] | Customer D [Member] | Maximum [Member]
Concentration risk
Concentration risk percentage		10%	10%	10%
Revenue [Member] | Customer E
Concentration risk
Concentration risk percentage		18%		13%
Revenue [Member] | Customer E | Maximum [Member]
Concentration risk
Concentration risk percentage	10%		10%
Revenue [Member] | Customer F
Concentration risk
Concentration risk percentage		12%
Revenue [Member] | Customer F | Maximum [Member]
Concentration risk
Concentration risk percentage	10%		10%	10%
Accounts Receivable, net [Member] | Customer A [Member]
Concentration risk
Concentration risk percentage			45%		54%
Accounts Receivable, net [Member] | Customer B [Member] | Maximum [Member]
Concentration risk
Concentration risk percentage			10%		10%
Accounts Receivable, net [Member] | Customer C [Member] | Maximum [Member]
Concentration risk
Concentration risk percentage			10%		10%
Accounts Receivable, net [Member] | Customer D [Member] | Maximum [Member]
Concentration risk
Concentration risk percentage			10%		10%
Accounts Receivable, net [Member] | Customer E | Maximum [Member]
Concentration risk
Concentration risk percentage			10%		10%
Accounts Receivable, net [Member] | Customer F | Maximum [Member]
Concentration risk
Concentration risk percentage			10%		10%

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, 2022	Dec. 31, 2021
Fair Value
Total assets measured at fair value	$ 23,065	$ 21,508
Warrant liability	29	50
Total liabilities measured at fair value	29	50
Level 1 [Member]
Fair Value
Total assets measured at fair value	23,065	21,508
Level 3 [Member]
Fair Value
Warrant liability	29	50
Total liabilities measured at fair value	29	50
Money Market Funds [Member]
Fair Value
Money market funds	23,065	21,508
Money Market Funds [Member] | Level 1 [Member]
Fair Value
Money market funds	$ 23,065	$ 21,508

Revenue - Disaggregated by Sale

Revenue - Disaggregated by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue
Revenue	$ 14,707	$ 11,848	$ 29,054	$ 22,128
Distributor
Disaggregation of Revenue
Revenue	12,805	7,634	23,600	15,500
Non-distributor
Disaggregation of Revenue
Revenue	$ 1,902	$ 4,214	$ 5,454	$ 6,628

Revenue - Disaggregated by Timi

Revenue - Disaggregated by Timing of Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue
Revenue	$ 14,707	$ 11,848	$ 29,054	$ 22,128
Point in time
Disaggregation of Revenue
Revenue	13,532	10,559	26,650	20,593
Over time
Disaggregation of Revenue
Revenue	$ 1,175	$ 1,289	$ 2,404	$ 1,535

Revenue - Disaggregated by Type

Revenue - Disaggregated by Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue
Revenue	$ 14,707	$ 11,848	$ 29,054	$ 22,128
Product sales
Disaggregation of Revenue
Revenue	13,223	10,187	25,894	19,255
Licensing
Disaggregation of Revenue
Revenue	771		1,346
Royalties
Disaggregation of Revenue
Revenue	224	372	624	1,338
Other revenue
Disaggregation of Revenue
Revenue	$ 489	$ 1,289	$ 1,190	$ 1,535

Revenue - Disaggregated by Geog

Revenue - Disaggregated by Geographic Region (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) region	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) region	Jun. 30, 2021 USD ($)
Disaggregation of Revenue
Number of primary geographic regions | region	3		3
Revenue	$ 14,707	$ 11,848	$ 29,054	$ 22,128
APAC
Disaggregation of Revenue
Revenue	8,371	7,793	17,605	14,951
North America
Disaggregation of Revenue
Revenue	3,780	2,686	6,885	4,426
EMEA
Disaggregation of Revenue
Revenue	$ 2,556	$ 1,369	$ 4,564	$ 2,751

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory
Raw materials	$ 395	$ 464
Work-in-process	4,916	4,620
Finished goods	1,065	1,312
Total inventory	$ 6,376	$ 6,396

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued liabilities
Payroll-related expenses	$ 1,611	$ 2,845
Inventory	139	177
Other	415	557
Total accrued liabilities	$ 2,165	$ 3,579

Balance Sheet Components - Defe

Balance Sheet Components - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended	18 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jun. 30, 2022
Deferred Revenue
Revenue	$ 14,707	$ 11,848	$ 29,054	$ 22,128
Unbilled accounts receivable	611		611		$ 450	$ 611
Deferred licensing revenue					832
RAD-Hard product
Deferred Revenue
Total amount of consideration to be received					6,500
Amount billed for the performance under contractual agreements			4,200
Revenue	800		1,300			4,700
Unbilled accounts receivable	500		500			500
Deferred licensing revenue					$ 800
Revenue expected to be recognized	$ 1,800		$ 1,800			$ 1,800

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Future lease payments
2022	$ 691
2023	653
2024	600
2025	605
2026	620
Thereafter	1,002
Total undiscounted lease payments	4,171
Less: Present value adjustment	(479)
Total lease liability	3,692
Less: current portion of operating lease liabilities	(910)	$ (724)
Total lease liabilities, net of current portion	$ 2,782	$ 68
Other lease information
Operating lease weighted-average remaining lease term (years)	5 years 5 months 19 days	1 year 29 days
Operating lease weighted-average discount rate	4.67%	6%
Finance lease weighted-average remaining lease term (years)	2 years 7 months 2 days
Finance lease weighted-average discount rate	4.50%

Debt - Credit Facility (Details

Debt - Credit Facility (Details) - USD ($)				1 Months Ended			3 Months Ended		6 Months Ended
	Jul. 22, 2021	Jun. 30, 2020	Aug. 05, 2019	Jul. 31, 2021	Jul. 31, 2020	Aug. 31, 2019	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jul. 20, 2020
Debt
Exercise of warrants (in shares)	21,463
Other income (expense)							$ 1,000	$ (12,000)	$ (13,000)	$ (27,000)
2019 Credit Facility
Debt
Number of shares the warrant can be converted to			9,375								21,500
Warrant exercise price			$ 8.91								$ 0.01
Amount bank could receive if takes the option to put the warrants upon expiration or a liquidity event			$ 50,000
Fair value of warrants											$ 152,000
Other income (expense)							$ 11,000	$ (1,000)	$ 21,000	$ (5,000)
2019 Credit Facility | Prime Rate [Member]
Debt
Effective interest rate							4%		4%
2019 Credit Facility - Revolving Line Of Credit
Debt
Loan agreement amount				$ 5,000,000
Effective interest rate		6.75%			4.75%		10.18%		10.18%
Commitment fee (as a percentage)						1.60%
Termination fee (as a percentage)					1%
Unused facility fee (as a percentage)					0.125%
Remaining availability							$ 4,000,000		$ 4,000,000
Outstanding balance							$ 1,000,000		$ 1,000,000
2019 Credit Facility - Revolving Line Of Credit | Prime Rate [Member]
Debt
Interest rate, basis spread percentage				1.50%
Effective interest rate							6.25%		6.25%
2019 Credit Facility - Revolving Line Of Credit | Prime Rate [Member] | Minimum [Member]
Debt
Interest rate, basis spread percentage				4.75%
2019 Credit Facility - Term Loan
Debt
End-of-term fee (as a percent)					7%
Agreement term					46 months
Effective interest rate		4.75%			3.75%		7.85%		7.85%
Prepayment fee (as a percentage)					2%
Debt amount					$ 6,000,000
Number of months of interest only payment		12 months			16 months
Number of months of equal principal payments					30 months
Amount of principal payments					$ 200,000
Outstanding balance							$ 2,800,000		$ 2,800,000
2019 Credit Facility - Term Loan | Prime Rate [Member]
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, 2022	Dec. 31, 2021
Debt
Net carrying value of debt, Current Portion	$ 3,761	$ 3,370
Net carrying value of debt, Long-term debt		1,529
2019 Credit Facility
Debt
Debt, Current Portion	3,820	3,400
Less: Debt issuance costs, Current Portion	(59)	(30)
Net carrying value of debt, Current Portion	3,761	3,370
Debt, including end of term fee, Long-term debt		1,620
Less: Unamortized debt discounts, Long-term debt		(91)
Net carrying value of debt, Long-term debt		1,529
Total principal repayments	3,820	5,020
Less: Discount attributable to warrants, end of term fee and debt issuance costs, Total	(59)	(121)
Net carrying value of debt, Total	$ 3,761	$ 4,899

Debt - Summary of Principal Rep

Debt - Summary of Principal Repayments of 2019 Credit Facility (Details) - 2019 Credit Facility - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt
2022	$ 2,200
2023	1,620
Total principal repayments	$ 3,820	$ 5,020

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, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Stock-based compensation
Options and Awards Available for Grant, Outstanding, Beginning balance	1,038,956
Options and Awards Available for Grant, Options authorized	595,753
Options and Awards Available for Grant, RSUs granted	(604,254)
Options Available for Grant, RSUs cancelled/forfeited	11,111
Options and Awards Available for Grant, Options granted	(489,244)
Options and Awards Available for Grant, Options cancelled/forfeited	66,290
Options and Awards Available for Grant, Outstanding, Ending balance	618,612	1,038,956
Number of Options, Outstanding, Beginning balance	1,783,298
Number of Options, Options granted	489,244
Number of Options, Options exercised	(33,961)
Number of Options, Options cancelled/forfeited	(88,654)
Number of Options, Outstanding, Ending balance	2,149,927	1,783,298
Number of Options, exercisable	802,192
Weighted - Average Exercise Price Per Share, Options outstanding, Beginning balance | $ / shares	$ 5.21
Weighted - Average Exercise Price Per Share, Options granted | $ / shares	8.17
Weighted - Average Exercise Price Per Share, Options exercised | $ / shares	3.53
Weighted - Average Exercise Price Per Share, Options cancelled/forfeited | $ / shares	6.34
Weighted - Average Exercise Price Per Share, Options outstanding, Ending balance | $ / shares	5.86	$ 5.21
Weighted - Average Exercise Price Per Share, Options exercisable | $ / shares	$ 5.55
Weighted - Average Remaining Contractual Life, Options outstanding	7 years 10 months 24 days	8 years
Weighted - Average Remaining Contractual Life, Options exercisable	6 years 6 months
Aggregate Intrinsic Value, Options outstanding | $	$ 1,272	$ 10,891
Aggregate Intrinsic Value, Options exercised | $	1,272
Aggregate Intrinsic Value, Options exercisable | $	$ 638

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
	Jan. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Compensation
Total grant date fair value of options vested		$ 853,000	$ 220,000		$ 1,800,000	$ 533,000
Shares available for future issuance (in shares)		618,612			618,612		1,038,956
Number of Options, Options cancelled/forfeited					88,654
Number of shares cancelled/forfeited related to a prior stock-based compensation plan that are no longer available for grant under the current stock-based compensation plan					22,364
Value of share issued		$ 167,000	$ 92,000	$ 364,000
Number of stock options granted (in shares)					489,244
Employees [Member]
Share-based Compensation
Weighted-average grant date fair value of options granted		$ 4.40	$ 3.18		$ 5.40	$ 3.43
ESPP
Share-based Compensation
Increase in number of shares reserved for issuance (in shares)	198,584
Shares available for future issuance (in shares)		814,341			814,341
Number of shares issued (in shares)		37,017	32,186		37,017	32,186
Value of share issued		$ 167,000	$ 92,000		$ 167,000	$ 92,000

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Weighted Average Exercise Price Per Share
Unrecognized stock-based compensation expense | $	$ 4.8
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 9 months 18 days
RSUs
Number of Restricted Stock Units
Balance, beginning of period | shares	384,307
Granted | shares	604,254
Vested | shares	(208,082)
Cancelled/forfeited | shares	(11,111)
Balance, end of period | shares	769,368
Weighted Average Exercise Price Per Share
Balance, beginning of period (price per share) | $ / shares	$ 5
Granted (price per share) | $ / shares	7.14
Vested (price per share) | $ / shares	5.66
Cancelled/forfeited (price per share) | $ / shares	5.92
Balance, end of period (price per share) | $ / shares	$ 6.49
2016 Employee Incentive Plan [Member] | RSUs
Weighted Average Exercise Price Per Share
Unrecognized stock-based compensation expense | $	$ 4.5
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 7 months 6 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Stock-Based Compensation
Unrecognized stock-based compensation expense	$ 4.8
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 9 months 18 days

Significant Agreements (Details

Significant Agreements (Details) - USD ($) $ in Thousands		1 Months Ended	37 Months Ended
	Oct. 17, 2014	Sep. 30, 2018	Sep. 30, 2021
Joint Development Agreement [Member] | Global Foundries, Inc. [Member]
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
Collaborative Agreement | Silterra
Joint development agreement
Non-recurring engineering cost obligation		$ 1,000
JCA costs			$ 600

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income (loss)	$ 1,671	$ 1,935	$ 256	$ (460)	$ 3,606	$ (204)
Net income (loss) per common share, basic
Weighted average shares of common stock outstanding, basic	20,069,444		19,313,162		19,983,526	19,203,374
Net income (loss) per share attributable to common share, basic	$ 0.08		$ 0.01		$ 0.18	$ (0.01)
Net income (loss) per common share, diluted
Net income (loss) and comprehensive income (loss)	$ 1,671	$ 1,935	$ 256	$ (460)	$ 3,606	$ (204)
Less: warrant liability fair value gain recognized	(11)				(21)
Net income (loss) attributable to common stockholders, diluted	$ 1,660		$ 256		$ 3,585	$ (204)
Dilutive effect of stock options and RSUs	354,839		412,902		643,021
Weighted-average shares of common stock outstanding, diluted	20,424,283		19,726,064		20,626,547	19,203,374
Net income (loss) per common share, diluted	$ 0.08		$ 0.01		$ 0.17	$ (0.01)

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share - Potentially Dilutive Securities (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock options and RSUs
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	2	1.2	0.6	1.9