Everspin (MRAM) 10-Q5 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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		21,972,051
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001438423
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 39,588	$ 36,946
Accounts receivable, net	11,407	11,554
Inventory	8,441	8,391
Prepaid expenses and other current assets	4,585	988
Total current assets	64,021	57,879
Property and equipment, net	3,412	3,717
Right-of-use assets	4,868	5,495
Other assets	300	212
Total assets	72,601	67,303
Current liabilities:
Accounts payable	2,742	2,916
Accrued liabilities	2,140	4,336
Deferred revenue	372	336
Lease liabilities, current portion	1,290	1,190
Contract obligations	2,953
Total current liabilities	9,497	8,778
Lease liabilities, net of current portion	3,668	4,390
Long-term income tax liability	162	214
Total liabilities	13,327	13,382
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 21,833,041 and 21,080,472 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	2	2
Additional paid-in capital	197,355	191,569
Accumulated deficit	(138,083)	(137,650)
Total stockholders' equity	59,274	53,921
Total liabilities and stockholders' equity	$ 72,601	$ 67,303

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	21,833,041	21,080,472
Common stock, shares outstanding	21,833,041	21,080,472

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 12,093	$ 16,466	$ 37,159	$ 47,059
Total cost of sales	6,141	6,547	17,831	19,517
Gross profit	5,952	9,919	19,328	27,542
Operating expenses:
Research and development	3,384	2,659	10,259	8,566
General and administrative	3,363	3,933	10,653	10,660
Sales and marketing	1,320	1,348	3,950	4,018
Total operating expenses	8,067	7,940	24,862	23,244
(Loss) income from operations	(2,115)	1,979	(5,534)	4,298
Interest expense				(63)
Other income, net	4,396	459	5,187	2,849
Net income (loss) before income taxes	2,281	2,438	(347)	7,084
Income tax expense	(10)		(86)
Net income (loss) and comprehensive income (loss)	$ 2,271	$ 2,438	$ (433)	$ 7,084
Net (loss) income per common share, Basic	$ 0.10	$ 0.12	$ (0.02)	$ 0.34
Net (loss) income per common share, Diluted	$ 0.10	$ 0.11	$ (0.02)	$ 0.33
Weighted-average shares of common stock outstanding, basic	21,767,380	20,848,558	21,529,738	20,653,775
Weighted average shares of common stock outstanding, Diluted	21,985,175	21,828,789	21,529,738	21,276,904
Product sales
Total revenue	$ 10,443	$ 13,543	$ 31,190	$ 40,726
Total cost of sales	5,751	5,920	16,989	18,133
Licensing, royalty, patent and other revenue
Total revenue	1,650	2,923	5,969	6,333
Total cost of sales	$ 390	$ 627	$ 842	$ 1,384

Condensed Statements of Opera_2

Condensed Statements of Operations and Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 1,532	$ 1,280	$ 5,108	$ 3,700
Research and development
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	710	505	1,979	1,454
General and administrative
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	632	639	2,592	1,874
Sales and marketing
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 190	$ 136	$ 537	$ 372

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, 2022	$ 2	$ 185,364	$ (146,702)	$ 38,664
Balance (in shares) at Dec. 31, 2022	20,374,288
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		13		13
Exercise of stock options (in shares)	3,020
Issuance of common stock under stock incentive plans (in shares)	157,436
Stock-based compensation expense		1,160		1,160
Net Income (Loss)			761	761
Balance at Mar. 31, 2023	$ 2	186,537	(145,941)	40,598
Balance (in shares) at Mar. 31, 2023	20,534,744
Balance at Dec. 31, 2022	$ 2	185,364	(146,702)	38,664
Balance (in shares) at Dec. 31, 2022	20,374,288
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)				7,084
Balance at Sep. 30, 2023	$ 2	189,974	(139,618)	50,358
Balance (in shares) at Sep. 30, 2023	20,934,919
Balance at Mar. 31, 2023	$ 2	186,537	(145,941)	40,598
Balance (in shares) at Mar. 31, 2023	20,534,744
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		148		148
Exercise of stock options (in shares)	36,353
Issuance of common stock under stock incentive plans		181		181
Issuance of common stock under stock incentive plans (in shares)	172,325
Stock-based compensation expense		1,260		1,260
Net Income (Loss)			3,885	3,885
Balance at Jun. 30, 2023	$ 2	188,126	(142,056)	46,072
Balance (in shares) at Jun. 30, 2023	20,743,422
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		566		566
Exercise of stock options (in shares)	103,697
Issuance of common stock under stock incentive plans (in shares)	87,564
Exercise of warrants		2		2
Exercise of warrants (in shares)	236
Stock-based compensation expense		1,280		1,280
Net Income (Loss)			2,438	2,438
Balance at Sep. 30, 2023	$ 2	189,974	(139,618)	50,358
Balance (in shares) at Sep. 30, 2023	20,934,919
Balance at Dec. 31, 2023	$ 2	191,569	(137,650)	53,921
Balance (in shares) at Dec. 31, 2023	21,080,472
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		353		353
Exercise of stock options (in shares)	96,116
Issuance of common stock under stock incentive plans (in shares)	229,923
Stock-based compensation expense		1,714		1,714
Net Income (Loss)			(202)	(202)
Balance at Mar. 31, 2024	$ 2	193,636	(137,852)	55,786
Balance (in shares) at Mar. 31, 2024	21,406,511
Balance at Dec. 31, 2023	$ 2	191,569	(137,650)	$ 53,921
Balance (in shares) at Dec. 31, 2023	21,080,472
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)				116,842
Net Income (Loss)				$ (433)
Balance at Sep. 30, 2024	$ 2	197,355	(138,083)	59,274
Balance (in shares) at Sep. 30, 2024	21,833,041
Balance at Mar. 31, 2024	$ 2	193,636	(137,852)	55,786
Balance (in shares) at Mar. 31, 2024	21,406,511
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		35		35
Exercise of stock options (in shares)	9,549
Issuance of common stock under stock incentive plans		241		241
Issuance of common stock under stock incentive plans (in shares)	240,623
Stock-based compensation expense		1,862		1,862
Net Income (Loss)			(2,502)	(2,502)
Balance at Jun. 30, 2024	$ 2	195,774	(140,354)	55,422
Balance (in shares) at Jun. 30, 2024	21,656,683
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		44		44
Exercise of stock options (in shares)	11,177
Issuance of common stock under stock incentive plans		5		5
Issuance of common stock under stock incentive plans (in shares)	165,181
Stock-based compensation expense		1,532		1,532
Net Income (Loss)			2,271	2,271
Balance at Sep. 30, 2024	$ 2	$ 197,355	$ (138,083)	$ 59,274
Balance (in shares) at Sep. 30, 2024	21,833,041

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
Condensed Statement of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net (loss) income	$ (433)	$ 7,084
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	1,197	905
Gain on sale of property and equipment		(15)
Stock-based compensation	5,108	3,700
Loss on prepayment and termination of credit facility		170
Non-cash warrant revaluation		(25)
Non-cash interest expense		26
Changes in operating assets and liabilities:
Accounts receivable	147	577
Inventory	(50)	(1,954)
Prepaid expenses and other current assets	(3,597)	366
Other assets	(88)
Accounts payable	236	599
Accrued liabilities	(2,248)	(54)
Deferred revenue	36	(311)
Contract obligations	2,953
Lease liabilities, net	5	18
Net cash provided by operating activities	3,266	11,086
Cash flows from investing activities
Purchases of property and equipment	(1,302)	(1,080)
Proceeds received from sale of property and equipment		15
Net cash used in investing activities	(1,302)	(1,065)
Cash flows from financing activities
Payments on long-term debt		(2,790)
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan	678	908
Net cash provided by (used in) financing activities	678	(1,882)
Net increase in cash and cash equivalents	2,642	8,139
Cash and cash equivalents at beginning of period	36,946	26,795
Cash and cash equivalents at end of period	39,588	34,934
Supplementary cash flow information:
Interest paid		37
Operating cash flows paid for operating leases	1,049	1,038
Financing cash flows paid for finance leases	47	$ 9
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for finance lease liabilities	297
Purchases of property and equipment in accounts payable and accrued liabilities	$ 36

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
Organization and Nature of Business	Sep. 30, 2024
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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
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, 2023, 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 nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the year ending December 31, 2024 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, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC. 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 net realizable value, 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): September 30, December 31, 2024 2023 Trade accounts receivable $ 11,503 $ 11,489 Unbilled accounts receivable 267 475 Allowance for product returns and price adjustments (363) (410) Accounts receivable, net $ 11,407 $ 11,554 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. 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 Nine Months Ended As of September 30, September 30, September 30, December 31, Customers 2024 2023 2024 2023 2024 2023 Customer A * 16 % * 16 % * 13 % Customer B 11 % 12 % * 13 % * * Customer C * 11 % * * * 22 % Customer D 32 % 16 % 27 % 16 % 51 % 37 % Customer E * * * 11 % * * * 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. The carrying value of accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments. The Company’s financial instruments consist of Level 1 assets. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents. 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): September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 39,588 $ — $ — $ 39,588 Total assets measured at fair value $ 39,588 $ — $ — $ 39,588 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 36,946 $ — $ — $ 36,946 Total assets measured at fair value $ 36,946 $ — $ — $ 36,946 Recently Issued Accounting Pronouncements Under Evaluation In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures 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.

Statements of Operations and Co

Statements of Operations and Comprehensive (Loss) Income Components	9 Months Ended
	Sep. 30, 2024
Statements of Operations and Comprehensive (Loss) Income Components
Statements of Operations and Comprehensive (Loss) Income Components	3. Statements of Operations and Comprehensive (Loss) Income Components Revenue The Company sells products to its distributors, original design manufacturers (ODMs), and original equipment manufacturers (OEMs). The Company also recognizes 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Distributor $ 10,152 $ 12,964 $ 29,666 $ 38,171 Non-distributor 1,941 3,502 7,493 8,888 Total revenue $ 12,093 $ 16,466 $ 37,159 $ 47,059 The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Point in time $ 10,557 $ 13,825 $ 31,586 $ 41,485 Over time 1,536 2,641 5,573 5,574 Total revenue $ 12,093 $ 16,466 $ 37,159 $ 47,059 The following table presents the Company’s revenues disaggregated by type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Product sales $ 10,443 $ 13,543 $ 31,190 $ 40,726 Licensing 1,195 1,893 4,722 4,710 Royalties 114 232 396 561 Other revenue 341 798 851 1,062 Total revenue $ 12,093 $ 16,466 $ 37,159 $ 47,059 The Company recognizes revenue in three primary geographic regions: Asia-Pacific (APAC); North America; and Europe, Middle East and Africa (EMEA). The Company recognizes revenue by geography based on the region in 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 APAC $ 7,923 $ 8,663 $ 21,163 $ 24,218 North America 1,874 4,607 7,857 10,798 EMEA 2,296 3,196 8,139 12,043 Total revenue $ 12,093 $ 16,466 $ 37,159 $ 47,059 Other Income, Net On August 14, 2024, the Company received a strategic award to develop a long-term plan to provide manufacturing services for aerospace and defense segments (the Award). Under the Award, the Company will provide a plan to mitigate risks to its MRAM manufacturing supply chain. Pursuant to the Award, the Company may receive cash payments upon the achievement of certain technical tasks and deliverables. The Award allows for milestones totaling up to approximately $14.6 million for the Company over a span of 2.5 years. The Award is not in the ordinary course of the Company’s business and hence not a contract with a customer. During the three months ended September 30, 2024, the Company billed $6.9 million relating to the Award and recorded $4.0 million of other income. The Company has recorded this other income using an input method based on costs incurred to date relative to the total expected costs of the Award over its term. The remaining $2.9 million of the billed amount is recorded as contract obligations liability on the condensed balance sheets. This amount represents the Company’s obligation to perform future services for which the Company has received or is entitled to receive payment but which are not yet fulfilled. The Company has collected $3.0 million relating to this award during the three months ended September 30, 2024 and recorded the remaining $3.9 million in prepaid expenses and other current assets on the condensed balance sheets.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
Balance Sheet Components	Sep. 30, 2024
Balance Sheet Components
Balance Sheet Components	4. Balance Sheet Components Inventory Inventory consisted of the following (in thousands): September 30, December 31, 2024 2023 Raw materials $ 184 $ 189 Work-in-process 7,150 6,724 Finished goods 1,107 1,478 Total inventory $ 8,441 $ 8,391 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2024 2023 Payroll-related expenses $ 1,180 $ 3,347 Inventory 174 317 Other 786 672 Total accrued liabilities $ 2,140 $ 4,336 Deferred Revenue In the nine months ended September 30, 2024, the Company executed a contractual arrangement with a customer for the development of a strategic radiation hardened field programmable gate array product. The total consideration in the arrangement is $1.8 million. The Company is recognizing revenue related to the performance obligation 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 third quarter of 2024. As of September 30, 2024, the Company has billed $0.7 million for the performance under the agreement. Under the input method of recognition, the Company has recognized $0.4 million in revenue for the three and nine months ended September 30, 2024. As a result, the Company has recorded $0.3 million in deferred revenue as of September 30, 2024. The Company expects to recognize the remaining $1.4 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, 2025. In the nine months ended September 30, 2024, the Company executed a contractual arrangement with a customer for the development of a strategic radiation hardened high-reliability eMRAM macro. The total consideration in the arrangement is $1.2 million. The Company is recognizing revenue related to the performance obligation 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 third quarter of 2024. As of September 30, 2024, the Company has billed $0.8 million for the performance under the agreement. Under the input method of recognition, the Company has recognized $0.7 million in revenue for the three and nine months ended September 30, 2024. As a result, the Company has recorded $0.1 million in deferred revenue as of September 30, 2024. The Company expects to recognize the remaining $0.5 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, 2025. 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 (RAD-Hard 1). 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 contract 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. The Company has recognized $0.1 million and $0.7 million in revenue for the three and nine months ended September 30, 2024, respectively, and $6.4 million in revenue since inception of the contractual agreements. The Company expects to recognize the remaining $0.1 million of the transaction price as services are performed throughout the contractual period and performance is expected to be complete in the year ending December 31, 2024.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases
Leases	5. Leases Operating leases consist primarily of office space and manufacturing facilities expiring at various dates through 2029. Finance leases relate to server leases expiring at various dates through 2029. 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 September 30, 2024 Amount 2024 $ 368 2025 1,482 2026 1,497 2027 1,380 2028 595 Thereafter 48 Total lease payments 5,370 Less: imputed interest (412) Total lease liabilities 4,958 Less: current portion of lease liabilities (1,290) Total lease liabilities, net of current portion $ 3,668 Other information related to the Company’s operating lease liabilities was as follows: September 30, December 31, 2024 2023 Weighted-average remaining lease term (years) 3.64 4.37 Weighted-average discount rate 4.50 % 4.50 % Other information related to the Company’s finance lease liabilities was as follows: September 30, December 31, 2024 2023 Weighted-average remaining lease term (years) 4.36 1.09 Weighted-average discount rate 3.91 % 4.50 %

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt
Debt	6. Debt 2019 Credit Facility In March 2023, the Company’s credit facility with a lender pursuant to an Amended and Restated Loan and Security Agreement (the 2019 Credit Facility), consisting of a term loan and line of credit, was paid in full, and there was no outstanding balance as of September 30, 2024. The Company paid an early termination and prepayment fee of $170,000, which was recorded within other income (expense) within the condensed statements of operations and comprehensive (loss) income for the nine months ended September 30, 2023. The Company was in compliance with all covenants throughout the 2019 Credit Facility payoff date in March 2023. The amortization of the debt issuance costs and accretion of the debt discount is included in interest expense within the condensed statements of operations and comprehensive (loss) income and included in non-cash interest expense within the statement of cash flows.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Stock-Based Compensation
Stock-Based Compensation	7. Stock-Based Compensation Summary of Stock Option and Award Activity The following table summarizes the stock option and award activity for the nine months ended September 30, 2024: 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, 2023 598,397 1,829,428 $ 5.96 6.9 $ 5,676 Authorized 632,414 RSUs granted (1,023,060) RSUs cancelled/forfeited 220,678 Warrants exercised — Options granted — Options exercised — (116,842) $ 3.74 $ 513 Options cancelled/forfeited 59,533 (60,147) $ 7.29 Balance—September 30, 2024 487,962 1,652,439 $ 6.07 5.7 $ 1,147 Options exercisable—September 30, 2024 1,424,898 $ 5.90 5.5 $ 1,120 The total grant date fair value of options vested was $0.3 million and $0.4 million during the three months ended September 30, 2024 and 2023, respectively, and $0.9 million and $1.7 million during the nine months ended September 30, 2024 and 2023, respectively. No options were granted in the three months ended September 30, 2024 or 2023, respectively. No options were granted in the nine months ended September 30, 2024. The weighted-average grant date fair value of options granted was $3.85 per share during the nine months ended September 30, 2023. As of September 30, 2024, there was $1.0 million of total unrecognized stock-based compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 1.07 years. Stock-based compensation cost for options capitalized within inventory at September 30, 2024 and 2023, respectively, was not material. 2016 Employee Stock Purchase Plan In January 2024, there was an increase of 210,804 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP) pursuant to the terms of the ESPP. The Company had 1,063,270 shares available for future issuance under the Company’s ESPP as of September 30, 2024. Employees did not purchase any shares during the three months ended September 30, 2024 and 2023, respectively. Employees purchased 37,696 shares for $0.2 million during the nine months ended September 30, 2024. Employees purchased 40,894 shares for $0.2 million during the nine months ended September 30, 2023. Restricted Stock Units The following table summarizes restricted stock units (RSUs) activity for the nine months ended September 30, 2024: RSUs Outstanding Weighted- Average Number of Grant Date Restricted Stock Fair Value Per Units Share Balance—December 31, 2023 905,781 $ 6.59 Granted 1,023,060 $ 8.51 Vested (598,031) $ 6.88 Cancelled/forfeited (220,678) $ 8.16 Balance—September 30, 2024 1,110,132 $ 7.89 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 September 30, 2024, there was $7.5 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of years. Stock-based compensation cost related to RSUs capitalized within inventory at September 30, 2024 and 2023, respectively, was not material.

Significant Agreements

Significant Agreements	9 Months Ended
Significant Agreements	Sep. 30, 2024
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 JDA is until the completion, termination, or expiration of the last statement of work entered into pursuant to the JDA. The JDA 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 JDA 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. 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.

Net (Loss) Income Per Common Sh

Net (Loss) Income Per Common Share	9 Months Ended
Net (Loss) Income Per Common Share	Sep. 30, 2024
Net (Loss) Income Per Common Share
Net (Loss) Income Per Common Share	9. Net (Loss) Income Per Common Share Basic net (loss) income per common share is calculated by dividing the net income 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 the Company’s calculation of earnings per share as their inclusion would have an antidilutive effect. The following tables set forth the computation of basic and diluted net (loss) income per share attributable to common stockholders (in thousands, except share and per share amounts): Basic EPS Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net (loss) income $ 2,271 $ 2,438 $ (433) $ 7,084 Denominator: Weighted-average shares of common stock outstanding, basic 21,767,380 20,848,558 21,529,738 20,653,775 Net (loss) income per common share, basic $ 0.10 $ 0.12 $ (0.02) $ 0.34 Diluted EPS Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net (loss) income $ 2,271 $ 2,438 $ (433) $ 7,084 Warrant liability fair value loss recognized — (48) — (25) Net (loss) income attributable to common stockholders, diluted $ 2,271 $ 2,390 $ (433) $ 7,059 Denominator: Weighted-average shares of common stock outstanding, basic 21,767,380 20,848,558 21,529,738 20,653,775 Dilutive effect of stock options and RSUs 217,795 980,231 — 623,129 Weighted-average shares of common stock outstanding, diluted 21,985,175 21,828,789 21,529,738 21,276,904 Net (loss) income per common share, diluted $ 0.10 $ 0.11 $ (0.02) $ 0.33 Potentially dilutive securities representing 2.2 million and 0.5 million stock options and RSUs that were outstanding during the three months ended September 30, 2024, and 2023, respectively, and 1.9 million and 0.8 million stock options and RSUs outstanding during the nine months ended September 30, 2024 and 2023, respectively, were excluded from the computation of diluted earnings per common share during these periods as their inclusion would have an antidilutive effect.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,271	$ (2,502)	$ (202)	$ 2,438	$ 3,885	$ 761	$ (433)	$ 7,084

Insider Trading Arrangements

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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
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, 2023, 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 nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the year ending December 31, 2024 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, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC.
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 net realizable value, 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): September 30, December 31, 2024 2023 Trade accounts receivable $ 11,503 $ 11,489 Unbilled accounts receivable 267 475 Allowance for product returns and price adjustments (363) (410) Accounts receivable, net $ 11,407 $ 11,554
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. 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 Nine Months Ended As of September 30, September 30, September 30, December 31, Customers 2024 2023 2024 2023 2024 2023 Customer A * 16 % * 16 % * 13 % Customer B 11 % 12 % * 13 % * * Customer C * 11 % * * * 22 % Customer D 32 % 16 % 27 % 16 % 51 % 37 % Customer E * * * 11 % * * *
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. The carrying value of accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments. The Company’s financial instruments consist of Level 1 assets. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents. 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): September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 39,588 $ — $ — $ 39,588 Total assets measured at fair value $ 39,588 $ — $ — $ 39,588 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 36,946 $ — $ — $ 36,946 Total assets measured at fair value $ 36,946 $ — $ — $ 36,946
Recently Issued Accounting Pronouncements Under Evaluation	Recently Issued Accounting Pronouncements Under Evaluation In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures 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)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2024
Summary of Significant Accounting Policies
Schedule of accounts receivable net	Accounts receivable, net consisted of the following (in thousands): September 30, December 31, 2024 2023 Trade accounts receivable $ 11,503 $ 11,489 Unbilled accounts receivable 267 475 Allowance for product returns and price adjustments (363) (410) Accounts receivable, net $ 11,407 $ 11,554
Schedule of revenue and accounts receivable for each significant customer	Revenue Accounts Receivable, net Three Months Ended Nine Months Ended As of September 30, September 30, September 30, December 31, Customers 2024 2023 2024 2023 2024 2023 Customer A * 16 % * 16 % * 13 % Customer B 11 % 12 % * 13 % * * Customer C * 11 % * * * 22 % Customer D 32 % 16 % 27 % 16 % 51 % 37 % Customer E * * * 11 % * * *
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): September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 39,588 $ — $ — $ 39,588 Total assets measured at fair value $ 39,588 $ — $ — $ 39,588 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 36,946 $ — $ — $ 36,946 Total assets measured at fair value $ 36,946 $ — $ — $ 36,946

Statements of Operations and _2

Statements of Operations and Comprehensive (Loss) Income Components (Tables)	9 Months Ended
	Sep. 30, 2024
Statements of Operations and Comprehensive (Loss) Income Components
Schedule of disaggregation of revenue	The following table presents the Company’s revenues disaggregated by sales channel (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Distributor $ 10,152 $ 12,964 $ 29,666 $ 38,171 Non-distributor 1,941 3,502 7,493 8,888 Total revenue $ 12,093 $ 16,466 $ 37,159 $ 47,059 The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Point in time $ 10,557 $ 13,825 $ 31,586 $ 41,485 Over time 1,536 2,641 5,573 5,574 Total revenue $ 12,093 $ 16,466 $ 37,159 $ 47,059 The following table presents the Company’s revenues disaggregated by type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Product sales $ 10,443 $ 13,543 $ 31,190 $ 40,726 Licensing 1,195 1,893 4,722 4,710 Royalties 114 232 396 561 Other revenue 341 798 851 1,062 Total revenue $ 12,093 $ 16,466 $ 37,159 $ 47,059
Schedule of revenue by region	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 APAC $ 7,923 $ 8,663 $ 21,163 $ 24,218 North America 1,874 4,607 7,857 10,798 EMEA 2,296 3,196 8,139 12,043 Total revenue $ 12,093 $ 16,466 $ 37,159 $ 47,059

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
Balance Sheet Components (Tables)	Sep. 30, 2024
Balance Sheet Components
Schedule of Inventory	Inventory consisted of the following (in thousands): September 30, December 31, 2024 2023 Raw materials $ 184 $ 189 Work-in-process 7,150 6,724 Finished goods 1,107 1,478 Total inventory $ 8,441 $ 8,391
Schedule of accrued liabilities	Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2024 2023 Payroll-related expenses $ 1,180 $ 3,347 Inventory 174 317 Other 786 672 Total accrued liabilities $ 2,140 $ 4,336

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
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 September 30, 2024 Amount 2024 $ 368 2025 1,482 2026 1,497 2027 1,380 2028 595 Thereafter 48 Total lease payments 5,370 Less: imputed interest (412) Total lease liabilities 4,958 Less: current portion of lease liabilities (1,290) Total lease liabilities, net of current portion $ 3,668
Schedule of supplemental information	Other information related to the Company’s operating lease liabilities was as follows: September 30, December 31, 2024 2023 Weighted-average remaining lease term (years) 3.64 4.37 Weighted-average discount rate 4.50 % 4.50 % Other information related to the Company’s finance lease liabilities was as follows: September 30, December 31, 2024 2023 Weighted-average remaining lease term (years) 4.36 1.09 Weighted-average discount rate 3.91 % 4.50 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2024
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, 2023 598,397 1,829,428 $ 5.96 6.9 $ 5,676 Authorized 632,414 RSUs granted (1,023,060) RSUs cancelled/forfeited 220,678 Warrants exercised — Options granted — Options exercised — (116,842) $ 3.74 $ 513 Options cancelled/forfeited 59,533 (60,147) $ 7.29 Balance—September 30, 2024 487,962 1,652,439 $ 6.07 5.7 $ 1,147 Options exercisable—September 30, 2024 1,424,898 $ 5.90 5.5 $ 1,120
Schedule of restricted stock unit activity	RSUs Outstanding Weighted- Average Number of Grant Date Restricted Stock Fair Value Per Units Share Balance—December 31, 2023 905,781 $ 6.59 Granted 1,023,060 $ 8.51 Vested (598,031) $ 6.88 Cancelled/forfeited (220,678) $ 8.16 Balance—September 30, 2024 1,110,132 $ 7.89

Net (Loss) Income Per Common _2

Net (Loss) Income Per Common Share (Tables)	9 Months Ended
Net (Loss) Income Per Common Share (Tables)	Sep. 30, 2024
Net (Loss) Income Per Common Share
Computation of basic and diluted net income (loss) per share	The following tables set forth the computation of basic and diluted net (loss) income per share attributable to common stockholders (in thousands, except share and per share amounts): Basic EPS Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net (loss) income $ 2,271 $ 2,438 $ (433) $ 7,084 Denominator: Weighted-average shares of common stock outstanding, basic 21,767,380 20,848,558 21,529,738 20,653,775 Net (loss) income per common share, basic $ 0.10 $ 0.12 $ (0.02) $ 0.34 Diluted EPS Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net (loss) income $ 2,271 $ 2,438 $ (433) $ 7,084 Warrant liability fair value loss recognized — (48) — (25) Net (loss) income attributable to common stockholders, diluted $ 2,271 $ 2,390 $ (433) $ 7,059 Denominator: Weighted-average shares of common stock outstanding, basic 21,767,380 20,848,558 21,529,738 20,653,775 Dilutive effect of stock options and RSUs 217,795 980,231 — 623,129 Weighted-average shares of common stock outstanding, diluted 21,985,175 21,828,789 21,529,738 21,276,904 Net (loss) income per common share, diluted $ 0.10 $ 0.11 $ (0.02) $ 0.33

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable
Trade accounts receivable	$ 11,503	$ 11,489
Unbilled accounts receivable	267	475
Allowance for product returns and price adjustments	(363)	(410)
Accounts receivable, net	$ 11,407	$ 11,554

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		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue \| Customer A
Concentration risk
Concentration risk percentage		16%		16%
Revenue \| Customer A \| Maximum
Concentration risk
Concentration risk percentage	10%		10%
Revenue \| Customer B
Concentration risk
Concentration risk percentage	11%	12%		13%
Revenue \| Customer B \| Maximum
Concentration risk
Concentration risk percentage			10%
Revenue \| Customer C
Concentration risk
Concentration risk percentage		11%
Revenue \| Customer C \| Maximum
Concentration risk
Concentration risk percentage	10%		10%	10%
Revenue \| Customer D
Concentration risk
Concentration risk percentage	32%	16%	27%	16%
Revenue \| Customer E
Concentration risk
Concentration risk percentage				11%
Revenue \| Customer E \| Maximum
Concentration risk
Concentration risk percentage	10%	10%	10%
Accounts Receivable, net \| Customer A
Concentration risk
Concentration risk percentage					13%
Accounts Receivable, net \| Customer A \| Maximum
Concentration risk
Concentration risk percentage			10%
Accounts Receivable, net \| Customer B \| Maximum
Concentration risk
Concentration risk percentage			10%		10%
Accounts Receivable, net \| Customer C
Concentration risk
Concentration risk percentage					22%
Accounts Receivable, net \| Customer C \| Maximum
Concentration risk
Concentration risk percentage			10%
Accounts Receivable, net \| Customer D
Concentration risk
Concentration risk percentage			51%		37%
Accounts Receivable, net \| Customer E \| Maximum
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	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Total assets measured at fair value	$ 39,588	$ 36,946
Level 1
Fair Value
Total assets measured at fair value	39,588	36,946
Money Market Funds
Fair Value
Money market funds	39,588	36,946
Money Market Funds \| Level 1
Fair Value
Money market funds	$ 39,588	$ 36,946

Statements of Operations and _3

Statements of Operations and Comprehensive (Loss) Income Components - Disaggregated by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue
Revenue	$ 12,093	$ 16,466	$ 37,159	$ 47,059
Distributor
Disaggregation of Revenue
Revenue	10,152	12,964	29,666	38,171
Non-distributor
Disaggregation of Revenue
Revenue	$ 1,941	$ 3,502	$ 7,493	$ 8,888

Statements of Operations and _4

Statements of Operations and Comprehensive (Loss) Income Components - Disaggregated by Timing of Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue
Revenue	$ 12,093	$ 16,466	$ 37,159	$ 47,059
Point in time
Disaggregation of Revenue
Revenue	10,557	13,825	31,586	41,485
Over time
Disaggregation of Revenue
Revenue	$ 1,536	$ 2,641	$ 5,573	$ 5,574

Statements of Operations and _5

Statements of Operations and Comprehensive (Loss) Income Components - Disaggregated by Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue
Revenue	$ 12,093	$ 16,466	$ 37,159	$ 47,059
Product sales
Disaggregation of Revenue
Revenue	10,443	13,543	31,190	40,726
Licensing
Disaggregation of Revenue
Revenue	1,195	1,893	4,722	4,710
Royalties
Disaggregation of Revenue
Revenue	114	232	396	561
Other revenue
Disaggregation of Revenue
Revenue	$ 341	$ 798	$ 851	$ 1,062

Statements of Operations and _6

Statements of Operations and Comprehensive (Loss) Income Components - Disaggregated by Geographic Region (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) region	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) region	Sep. 30, 2023 USD ($)
Disaggregation of Revenue
Number of primary geographic regions \| region	3		3
Revenue	$ 12,093	$ 16,466	$ 37,159	$ 47,059
APAC
Disaggregation of Revenue
Revenue	7,923	8,663	21,163	24,218
North America
Disaggregation of Revenue
Revenue	1,874	4,607	7,857	10,798
EMEA
Disaggregation of Revenue
Revenue	$ 2,296	$ 3,196	$ 8,139	$ 12,043

Statements of Operations and _7

Statements of Operations and Comprehensive (Loss) Income Components - Other Income, Net (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 14, 2024	Sep. 30, 2024	Dec. 31, 2023
Other income
Prepaid expenses and other current assets		$ 4,585	$ 988
Contract obligations		2,953
Award
Other income
Total amount to be collected	$ 14,600
Strategic award term	2 years 6 months
Amount Billed Related to Agreement		6,900
Other income		4,000
Prepaid expenses and other current assets		3,900
Amount received		3,000
Contract obligations		$ 2,900

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory
Raw materials	$ 184	$ 189
Work-in-process	7,150	6,724
Finished goods	1,107	1,478
Total inventory	$ 8,441	$ 8,391

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued liabilities
Payroll-related expenses	$ 1,180	$ 3,347
Inventory	174	317
Deferred licensing revenue	372	336
Other	786	672
Total accrued liabilities	$ 2,140	$ 4,336

Balance Sheet Components - Defe

Balance Sheet Components - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended	45 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021	Sep. 30, 2024	Dec. 31, 2023
Deferred Revenue
Revenue	$ 12,093	$ 16,466	$ 37,159	$ 47,059
Deferred revenue	372		372			$ 372	$ 336
Development of a strategic radiation hardened field programmable gate array product arrangement
Deferred Revenue
Total amount of consideration to be received			1,800
Amount billed for the performance under contractual agreements			700
Revenue	400		400
Deferred revenue	300		300			300
Revenue expected to be recognized	1,400		1,400			1,400
Development of a strategic radiation hardened high-reliability eMRAM macro
Deferred Revenue
Total amount of consideration to be received			1,200
Amount billed for the performance under contractual agreements			800
Revenue	700		700
Deferred revenue	100		100			100
Revenue expected to be recognized	500		500			500
RAD Hard product 1 arrangement
Deferred Revenue
Total amount of consideration to be received					$ 6,500
Revenue	100		700			6,400
Revenue expected to be recognized	$ 100		$ 100			$ 100

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Future lease payments
2024	$ 368
2025	1,482
2026	1,497
2027	1,380
2028	595
Thereafter	48
Total lease payments	5,370
Less: imputed interest	(412)
Total lease liabilities	4,958
Less: current portion of lease liabilities	(1,290)	$ (1,190)
Total lease liabilities, net of current portion	$ 3,668	$ 4,390
Other lease information
Weighted-average remaining lease term (years)	3 years 7 months 20 days	4 years 4 months 13 days
Weighted-average discount rate	4.50%	4.50%
Weighted-average remaining lease term (years)	4 years 4 months 9 days	1 year 1 month 2 days
Weighted-average discount rate	3.91%	4.50%

Debt - Credit Facility (Details

Debt - Credit Facility (Details) - 2019 Credit Facility - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024
Debt
Prepayment fee	$ 170
Outstanding balance		$ 0

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Options and Awards Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Stock-based compensation
Options and Awards Available for Grant, Outstanding, Beginning balance			598,397
Options and Awards Available for Grant, Options authorized			632,414
Options and Awards Available for Grant, RSUs granted			(1,023,060)
Options Available for Grant, RSUs cancelled/forfeited			220,678
Options and Awards Available for Grant, Options cancelled/forfeited			59,533
Options and Awards Available for Grant, Outstanding, Ending balance	487,962		487,962	598,397
Number of Options, Outstanding, Beginning balance			1,829,428
Number of Options, Options granted	0	0	0
Number of Options, Options exercised			(116,842)
Number of Options, Options cancelled/forfeited			(60,147)
Number of Options, Outstanding, Ending balance	1,652,439		1,652,439	1,829,428
Number of Options, exercisable	1,424,898		1,424,898
Weighted - Average Exercise Price Per Share, Options outstanding, Beginning balance			$ 5.96
Weighted - Average Exercise Price Per Share, Options exercised			3.74
Weighted - Average Exercise Price Per Share, Options cancelled/forfeited			7.29
Weighted - Average Exercise Price Per Share, Options outstanding, Ending balance	$ 6.07		6.07	$ 5.96
Weighted - Average Exercise Price Per Share, Options exercisable	$ 5.90		$ 5.90
Weighted - Average Remaining Contractual Life, Options outstanding			5 years 8 months 12 days	6 years 10 months 24 days
Weighted - Average Remaining Contractual Life, Options exercisable			5 years 6 months
Aggregate Intrinsic Value, Options outstanding	$ 1,147		$ 1,147	$ 5,676
Aggregate Intrinsic Value, Options exercised			513
Aggregate Intrinsic Value, Options exercisable	$ 1,120		$ 1,120

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation
Total grant date fair value of options vested		$ 0.3	$ 0.4	$ 0.9	$ 1.7
Weighted-average grant date fair value of options granted					$ 3.85
Shares available for future issuance (in shares)		487,962		487,962		598,397
Issuance of common stock under Employee Stock Purchase Plan				$ 0.2	$ 0.2
Issuance of common stock under Employee Stock Purchase Plan (in shares)		0	0	37,696	40,894
Number of Options, Options granted		0	0	0
Options remained outstanding		1,652,439		1,652,439		1,829,428
Employee Stock Option
Share-based Compensation
Unrecognized stock-based compensation expense		$ 1		$ 1
Unrecognized compensation expense, weighted-average period expected to be recognized				1 year 25 days
ESPP
Share-based Compensation
Increase in number of shares reserved for issuance (in shares)	210,804
Shares available for future issuance (in shares)		1,063,270		1,063,270

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) - RSUs $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Number of Restricted Stock Units
Balance, beginning of period \| shares	905,781
Granted \| shares	1,023,060
Vested \| shares	(598,031)
Cancelled/forfeited \| shares	(220,678)
Balance, end of period \| shares	1,110,132
Weighted Average Exercise Price Per Share
Balance, beginning of period (price per share) \| $ / shares	$ 6.59
Granted (price per share) \| $ / shares	8.51
Vested (price per share) \| $ / shares	6.88
Cancelled/forfeited (price per share) \| $ / shares	8.16
Balance, end of period (price per share) \| $ / shares	$ 7.89
Unrecognized stock-based compensation expense \| $	$ 7.5
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 6 months

Significant Agreements (Details

Significant Agreements (Details) - Joint Development Agreement - GlobalFoundries, Inc.	Oct. 17, 2014
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

Net (Loss) Income Per Common _3

Net (Loss) Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net (loss) income	$ 2,271	$ (2,502)	$ (202)	$ 2,438	$ 3,885	$ 761	$ (433)	$ 7,084
Basic EPS
Weighted-average shares of common stock outstanding, basic	21,767,380			20,848,558			21,529,738	20,653,775
Net (loss) income per common share, Basic	$ 0.10			$ 0.12			$ (0.02)	$ 0.34
Diluted EPS
Net (loss) income	$ 2,271	$ (2,502)	$ (202)	$ 2,438	$ 3,885	$ 761	$ (433)	$ 7,084
Less: warrant liability fair value loss recognized				(48)				(25)
Net (loss) income attributable to common stockholders, diluted	$ 2,271			$ 2,390			$ (433)	$ 7,059
Weighted-average shares of common stock outstanding, basic	21,767,380			20,848,558			21,529,738	20,653,775
Dilutive effect of stock options and RSUs	217,795			980,231				623,129
Weighted-average shares of common stock outstanding, diluted	21,985,175			21,828,789			21,529,738	21,276,904
Net (loss) income per common share, Diluted	$ 0.10			$ 0.11			$ (0.02)	$ 0.33

Net (Loss) Income Per Common _4

Net (Loss) Income Per Common Share - Potentially Dilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock options and RSUs
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	2.2	0.5	1.9	0.8