Outset Medical (OM) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Entity File Number	001-39513
Entity Registrant Name	Outset Medical, Inc.
Entity Central Index Key	0001484612
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0514392
Entity Address, Address Line One	3052 Orchard Dr.
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	669
Local Phone Number	231-8200
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	OM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		47,094,315

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 230,508	$ 294,972
Short-term investments	142,535	19,898
Accounts receivable, net	19,302	6,468
Inventories	34,297	18,384
Prepaid expenses and other current assets	6,659	6,189
Total current assets	433,301	345,911
Restricted cash	33,311	33,311
Property and equipment, net	14,532	14,998
Operating lease right-of-use assets	7,494	8,253
Other assets	166	1,356
Total assets	488,804	403,829
Current liabilities:
Accounts payable	2,702	4,948
Accrued compensation and related benefits	17,759	16,845
Accrued expenses and other current liabilities	11,389	7,903
Accrued warranty liability	3,234	2,913
Deferred revenue, current	5,212	3,201
Operating lease liabilities, current	1,109	882
Total current liabilities	41,405	36,692
Accrued interest, noncurrent	600	240
Deferred revenue, noncurrent	109	570
Operating lease liabilities, noncurrent	7,199	8,044
Term loan, noncurrent	29,740	29,674
Total liabilities	79,053	75,220
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000 shares authorized, and no shares issued and outstanding as of September 30, 2021 and December 31, 2020	0	0
Common stock, $0.001 par value; 300,000 shares authorized as of September 30, 2021 and December 31, 2020; 47,018 and 42,722 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	47	43
Additional paid-in capital	994,486	822,624
Accumulated other comprehensive (loss) income	(20)	1
Accumulated deficit	(584,762)	(494,059)
Total stockholders' equity	409,751	328,609
Total liabilities and stockholders' equity	$ 488,804	$ 403,829

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	47,018,000	42,722,000
Common stock, shares outstanding	47,018,000	42,722,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Revenue	$ 26,318	$ 13,756	$ 74,450	$ 32,688
Cost of revenue:
Cost of revenue	23,372	18,882	70,163	46,142
Gross profit	2,946	(5,126)	4,287	(13,454)
Operating expenses:
Research and development	9,729	9,175	25,331	21,066
Sales and marketing	15,726	13,344	42,079	29,870
General and administrative	7,629	13,088	26,597	21,462
Total operating expenses	33,084	35,607	94,007	72,398
Loss from operations	(30,138)	(40,733)	(89,720)	(85,852)
Interest income and other income (expense), net	99	(3)	375	524
Interest expense	(431)	(428)	(1,284)	(2,461)
Change in fair value of redeemable convertible preferred stock warrant liability		437		(93)
Loss on extinguishment of term loan		(1,567)		(1,567)
Loss before provision for income taxes	(30,470)	(42,294)	(90,629)	(89,449)
Provision for income taxes			74
Net loss	(30,470)	(42,294)	(90,703)	(89,449)
Net loss attributable to common stockholders, basic and diluted	$ (30,470)	$ (42,294)	$ (90,703)	$ (47,281)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.65)	$ (3.44)	$ (1.96)	$ (6.30)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	46,588	12,299	46,252	7,508
Product Revenue
Revenue:
Revenue	$ 21,824	$ 10,812	$ 60,662	$ 26,435
Cost of revenue:
Cost of revenue	20,526	17,265	63,180	42,118
Service and Other Revenue
Revenue:
Revenue	4,494	2,944	13,788	6,253
Cost of revenue:
Cost of revenue	$ 2,846	$ 1,617	$ 6,983	$ 4,024

Condensed Statements of Compreh

Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (30,470)	$ (42,294)	$ (90,703)	$ (89,449)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	8	1	(21)	(21)
Comprehensive loss	$ (30,462)	$ (42,293)	$ (90,724)	$ (89,470)

Condensed Statement of Redeemab

Condensed Statement of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2019	$ (372,187)		$ 1	$ 357	$ 22	$ (372,567)
Temporary Equity, Beginning Balance (shares) at Dec. 31, 2019		147,214
Temporary Equity, Beginning Balance at Dec. 31, 2019		$ 409,446
Beginning Balance (shares) at Dec. 31, 2019			922
Temporary Equity, Issuance of Series E redeemable convertible preferred stock, net of issuance costs		$ 126,758
Temporary Equity, Issuance of Series E redeemable convertible preferred stock, net of issuance costs (shares)		57,782
Temporary Equity, Issuance of common stock on settlement of accrued dividend		$ (41,763)
Issuance of common stock on settlement of accrued dividend	41,763		$ 5	41,758
Issuance of common stock on settlement of accrued dividend (shares)			4,850
Deemed dividend on settlement of accrued dividend	42,530			42,530
Temporary Equity, Deemed dividend on settlement of accrued dividend		(42,530)
Stock option exercises	14			14
Stock option exercises (shares)			4
Stock-based compensation expense	580			580
Unrealized gain (loss) on available-for-sale securities	(35)				(35)
Adjustment to redemption value on redeemable convertible preferred stock	(362)			(362)
Temporary equity, Adjustment to redemption value on redeemable convertible preferred stock		$ 362
Net loss	(20,650)					(20,650)
Ending Balance at Mar. 31, 2020	(308,347)		$ 6	84,877	(13)	(393,217)
Temporary Equity, Ending Balance (shares) at Mar. 31, 2020		204,996
Temporary Equity, Ending Balance at Mar. 31, 2020		$ 452,273
Ending Balance (shares) at Mar. 31, 2020			5,776
Beginning Balance at Dec. 31, 2019	(372,187)		$ 1	357	22	(372,567)
Temporary Equity, Beginning Balance (shares) at Dec. 31, 2019		147,214
Temporary Equity, Beginning Balance at Dec. 31, 2019		$ 409,446
Beginning Balance (shares) at Dec. 31, 2019			922
Deemed dividend on settlement of accrued dividend	42,530
Unrealized gain (loss) on available-for-sale securities	(21)
Net loss	(89,449)
Ending Balance at Sep. 30, 2020	354,333		$ 42	816,306	1	(462,016)
Temporary Equity, Ending Balance (shares) at Sep. 30, 2020		0
Temporary Equity, Ending Balance at Sep. 30, 2020		$ 0
Ending Balance (shares) at Sep. 30, 2020			42,701
Beginning Balance at Mar. 31, 2020	(308,347)		$ 6	84,877	(13)	(393,217)
Temporary Equity, Beginning Balance (shares) at Mar. 31, 2020		204,996
Temporary Equity, Beginning Balance at Mar. 31, 2020		$ 452,273
Beginning Balance (shares) at Mar. 31, 2020			5,776
Stock option exercises	80			80
Stock option exercises (shares)			26
Stock-based compensation expense	683			683
Unrealized gain (loss) on available-for-sale securities	13				13
Net loss	(26,505)					(26,505)
Ending Balance at Jun. 30, 2020	(334,076)		$ 6	85,640		(419,722)
Temporary Equity, Ending Balance (shares) at Jun. 30, 2020		204,996
Temporary Equity, Ending Balance at Jun. 30, 2020		$ 452,273
Ending Balance (shares) at Jun. 30, 2020			5,802
Temporary Equity Cash Exercises Of Redeemable Convertible Preferred Stock Warrants Value		$ 4,288
Temporary Equity Cash Exercises Of Redeemable Convertible Preferred Stock Warrants Shares		1,655
Temporary Equity Shares Conversion Of Convertible Redeemable Preferred Stock In to Common Stock		(206,651)
Temporary Equity Conversion Of Convertible Redeemable Preferred Stock In to Common Stock		$ (456,561)
Issuance of common stock upon initial public offering, net of issuance costs	254,805		$ 10	254,795
Issuance of common stock upon initial public offering, net of issuance costs (shares)			10,294
Issuance of common stock upon net exercises of Series B redeemable convertible preferred stock warrants			65
Conversion of Series A redeemable convertible preferred stock warrants to common stock warrants	1,252			1,252
Stock Issued During Period, Value, Conversion of Convertible Securities	456,561		$ 26	456,535
Stock Issued During Period, Shares, Conversion of Convertible Securities			26,167
Reclassifications of Temporary to Permanent Equity	3,126			3,126
Stock option exercises	1,050			1,050
Stock option exercises (shares)			373
Stock-based compensation expense	13,908			13,908
Unrealized gain (loss) on available-for-sale securities	1				1
Net loss	(42,294)					(42,294)
Ending Balance at Sep. 30, 2020	354,333		$ 42	816,306	1	(462,016)
Temporary Equity, Ending Balance (shares) at Sep. 30, 2020		0
Temporary Equity, Ending Balance at Sep. 30, 2020		$ 0
Ending Balance (shares) at Sep. 30, 2020			42,701
Beginning Balance at Dec. 31, 2020	328,609		$ 43	822,624	1	(494,059)
Beginning Balance (shares) at Dec. 31, 2020			42,722
Issuance of common stock through employee stock purchase plan	1,838			1,838
Issuance of common stock through employee stock purchase plan (shares)			80
Stock option exercises	380			380
Stock option exercises (shares)			86
Stock-based compensation expense	5,852			5,852
Unrealized gain (loss) on available-for-sale securities	(9)				(9)
Net loss	(30,025)					(30,025)
Ending Balance at Mar. 31, 2021	306,645		$ 43	830,694	(8)	(524,084)
Ending Balance (shares) at Mar. 31, 2021			42,888
Beginning Balance at Dec. 31, 2020	328,609		$ 43	822,624	1	(494,059)
Beginning Balance (shares) at Dec. 31, 2020			42,722
Deemed dividend on settlement of accrued dividend
Unrealized gain (loss) on available-for-sale securities	(21)
Net loss	(90,703)
Ending Balance at Sep. 30, 2021	409,751		$ 47	994,486	(20)	(584,762)
Ending Balance (shares) at Sep. 30, 2021			47,018
Beginning Balance at Mar. 31, 2021	306,645		$ 43	830,694	(8)	(524,084)
Beginning Balance (shares) at Mar. 31, 2021			42,888
Issuance of common stock upon initial public offering, net of issuance costs	149,085		$ 3	149,082
Issuance of common stock upon initial public offering, net of issuance costs (shares)			2,946
Issuance of common stock for settlement of RSUs (shares)			1
Stock option exercises	1,723			1,723
Stock option exercises (shares)			390
Stock-based compensation expense	3,937			3,937
Unrealized gain (loss) on available-for-sale securities	(20)				(20)
Net loss	(30,208)					(30,208)
Ending Balance at Jun. 30, 2021	431,162		$ 46	985,436	(28)	(554,292)
Ending Balance (shares) at Jun. 30, 2021			46,225
Issuance of common stock through employee stock purchase plan	1,596			1,596
Issuance of common stock through employee stock purchase plan (shares)			36
Issuance of common stock for settlement of RSUs (shares)			1
Stock option exercises	4,591		$ 1	4,590
Stock option exercises (shares)			756
Stock-based compensation expense	2,864			2,864
Unrealized gain (loss) on available-for-sale securities	8				8
Net loss	(30,470)					(30,470)
Ending Balance at Sep. 30, 2021	$ 409,751		$ 47	$ 994,486	$ (20)	$ (584,762)
Ending Balance (shares) at Sep. 30, 2021			47,018

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (90,703)	$ (89,449)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,866	1,229
Non-cash lease expense	759	351
Non-cash interest expense	426	497
Accretion of discount on investments, net	1,173	60
Provision for accounts receivable	5	29
Provision for inventories	766	443
Loss on disposal of property and equipment	0	5
Stock-based compensation expense	12,653	15,171
Change in fair value of redeemable convertible preferred stock warrant liability		93
Loss on extinguishment of term loan		1,567
Changes in operating assets and liabilities:
Accounts receivable	(12,838)	(3,197)
Inventories	(17,925)	(9,236)
Prepaid expenses and other assets	718	(5,397)
Accounts payable	(2,151)	368
Accrued payroll and related benefits	913	3,894
Accrued expenses and other current liabilities	3,496	5,136
Accrued warranty liability	321	1,556
Deferred revenue	1,550	3,681
Accrued interest	0	(217)
Operating lease liabilities	(617)	241
Net cash used in operating activities	(97,588)	(73,175)
Cash flows from investing activities:
Purchases of property and equipment	(2,257)	(6,446)
Purchases of investment securities	(148,132)	(32,884)
Sales and maturities of investment securities	24,300	32,919
Net cash used in investing activities	(126,089)	(6,411)
Cash flows from financing activities:
Proceeds from issuance of common stock upon follow-on public offering, net of issuance costs	149,085	255,728
Proceeds from cash exercise of redeemable convertible preferred stock warrants	0	4,288
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		126,758
Proceeds from stock option exercises and employee stock purchase plan purchases	10,128	1,144
Proceeds from issuance of term loan, net of issuance costs		29,630
Repayment of term loan and extinguishment costs		(30,985)
Repayment of finance lease		(8)
Net cash provided by financing activities	159,213	386,555
Net (decrease) increase in cash, cash equivalents and restricted cash	(64,464)	306,969
Cash, cash equivalents and restricted cash as of beginning of period	328,283	37,669
Cash, cash equivalents and restricted cash as of end of period	263,819	344,638
Supplemental cash flow disclosures:
Cash paid for income taxes	72
Cash paid for interest	858	2,181
Cash paid for amounts included in the measurement of operating lease liabilities	617
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued expenses	218	601
Transfer of inventories to property and equipment	1,392	1,579
Right-of-use assets obtained in exchange for lease liabilities		8,849
Deemed dividend on settlement of accrued dividend		42,530
Adjustment to redemption value on redeemable convertible preferred stock		362
Conversion of redeemable convertible preferred stock into common stock upon initial public offering		456,561
Reclassification of redeemable convertible preferred stock warrant liability for conversion of Series A redeemable preferred stock warrants into common stock warrants		1,252
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital		3,126
Issuance of common stock on settlement of accrued dividend		41,763
Initial public offering issuance costs included in accrued expenses		$ 923

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business	1. Description of Business Outset Medical, Inc. (the “Company”) is a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis. The Tablo® Hemodialysis System, U.S. Food and Drug Administration ("FDA") cleared for use from the hospital to the home, represents a significant technological advancement that transforms the dialysis experience for patients and operationally simplifies it for providers. Tablo serves as a single enterprise solution that can be utilized across the continuum of care, allowing dialysis to be delivered anytime, anywhere and by anyone. The integration of water purification and on-demand dialysate production enables Tablo to serve as a dialysis clinic on wheels, with 2-way wireless data transmission and a proprietary data analytics platform powering a new holistic approach to dialysis care. The Company’s headquarters are located in San Jose, CA. The Company’s registration statement on Form S-1 related to its initial public offering (“IPO”) was declared effective by the Securities and Exchange Commission (“SEC”) on September 14, 2020, and the Company’s common stock began trading on the Nasdaq Global Select Market on September 15, 2020. Upon the completion of the IPO, the Company sold 10,294,000 shares of common stock (which included 1,343,000 shares that were sold pursuant to the full exercise of the underwriters’ option to purchase additional shares in connection with the IPO) at a price to the public of $ 27.00 per share. Including the full exercise of the underwriters’ option to purchase additional shares, the Company received aggregate net proceeds of $ 254.8 million after deducting offering costs, underwriting discounts and commissions of $ 23.1 million. On April 13, 2021, the Company completed a follow-on public offering and sold 2,946,000 shares of common stock (which included 446,000 shares that were offered and sold pursuant to the full exercise of the underwriters’ option to purchase additional shares) at a price to the public of $ 53.50 per share. The Company received aggregate net proceeds of approximately $ 149.1 million after deducting offering costs, underwriting discounts and commissions of $ 8.5 million. Reverse Stock Split In September 2020, the Company’s board of directors and shareholders approved a certificate of amendment to the amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a 7.9-f or-one basis (the “Reverse Stock Split”) effective as of September 8, 2020. The number of authorized shares and the par values of the common stock and redeemable convertible preferred stock were not adjusted as a result of the Reverse Stock Split. In connection with the Reverse Stock Split, the conversion ratio for the Company’s outstanding redeemable convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. All references to common stock and options to purchase common stock share data, per share data and related information contained in these condensed financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. Liquidity Since inception, the Company has incurred net losses and negative cash flows from operations. During the nine months ended September 30, 2021 and 2020, the Company incurred a net loss of $ 90.7 million and $ 89.4 million , respectively. As of September 30, 2021, the Company had an accumulated deficit of $ 584.8 million . As of September 30, 2021, the Company had cash, cash equivalents and short-term investments of $ 373.0 million , which are available to fund future operations, and restricted cash of $ 33.3 million , for a total cash, cash equivalents, restricted cash and short-term investments balance of $ 406.4 million . Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. Management believes that the Company’s existing cash, cash equivalents and short-term investments, which include the proceeds from the IPO and the follow-on public offering, and cash generated from revenues from its products and services, will be sufficient to meet its anticipated needs for at least the next 12 months from the issuance date of the accompanying condensed financial statements. Basis of Presentation The accompanying condensed financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, that are necessary for the fair statement of the Company’s financial position, results of operations, comprehensive loss and cash flows for the interim periods presented. The financial data and the other financial information disclosed in these notes to the condensed financial statements related to the three-and nine-month period are also unaudited. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations to be anticipated for any other future annual or interim period. The condensed balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2020, which are included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with SEC on March 22, 2021 (“2020 Annual Report”). All share amounts disclosed in the notes to the condensed financial statements are rounded to the nearest thousand except for per share data.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies During the three and nine months ended September 30, 2021, there have been no changes to the Company’s significant accounting policies as described in its 2020 Annual Report that have had a material impact on the Company’s condensed financial statements and related notes, except as described below. Cash, Cash Equivalents and Restricted Cash As of September 30, 2021 and December 31, 2020, the restricted cash balance of $ 33.3 million primarily relates to contractual obligations under the SVB Loan and Security Agreement (see Note 7) and collateral for building leases in San Jose, CA and Tijuana Mexico. The following table provides a reconciliation of cash, cash equivalents and restricted cash that sum to the total of the amounts shown in the accompanying condensed statements of cash flows (in thousands): September 30, 2021 2020 Cash and cash equivalents $ 230,508 $ 311,327 Restricted cash 33,311 33,311 Total cash, cash equivalents and restricted cash $ 263,819 $ 344,638 Stock-Based Compensation Expense Stock-based compensation expense relates to stock options with a service-based vesting condition, stock options with performance and market-based vesting conditions, stock purchase rights under the Company’s Employee Stock Purchase Plan (“ESPP”), restricted stock units (“RSUs”) and performance stock units (“PSUs”). Stock-based compensation expense for the Company’s stock-based awards is based on their grant date fair value. Service-based options granted to an optionee generally vest at a rate of 25 % on the first anniversary of the original vesting date, with the balance vesting monthly over the remaining three years . The fair value of stock options with a service condition and stock purchase rights under the ESPP on the grant date is estimated using the Black-Scholes option-pricing model. The fair value of these awards is recognized as compensation expense on a straight-line basis over the requisite service period in which the awards are expected to vest and forfeitures are recognized as they occur. The Black-Scholes model considers several variables and assumptions in estimating the fair value of service-based stock options and stock purchase rights under the ESPP. These variables include the per share fair value of the underlying common stock, exercise price, expected term, risk-free interest rate, expected annual dividend yield and expected stock price volatility over the expected term. For all service-based stock options granted, the Company calculates the expected term using the simplified method for “plain vanilla” stock option awards. For stock options with performance and market-based vesting conditions, stock-based compensation expense is recognized when it is considered probable that the performance vesting condition will be satisfied. Stock-based compensation expense related to these options is recognized using the accelerated attribution method and not reversed if the achievement of the market condition does not occur. The fair value of these stock options is estimated using the Monte Carlo approach. RSUs granted to an optionee generally vest at a rate of 25 % on the first anniversary of the original vesting date, with the balance vesting quarterly over the remaining three years . The fair value of RSUs and PSUs with a service- or performance-based vesting condition is based on the market price of the Company’s common stock on the date of grant. The determination of the stock-based compensation expense related to PSUs with a performance-based vesting condition to be recognized requires the use of certain estimates and assumptions. At each reporting period, the Company reassesses the probability of the achievement of corporate performance goals to estimate the number of shares to be released. Any increase or decrease in stock-based compensation expense resulting from an adjustment in the estimated shares to be released is treated as accumulative catch-up in the period of adjustment. If any of the assumptions or estimates used change significantly, stock-based compensation expense may differ materially from what the Company has recorded in the current period. The fair value of PSUs with a market-based vesting condition is estimated using the Monte Carlo approach. Stock-based compensation expense related to these PSUs is recognized using the accelerated attribution method and not reversed if the achievement of the market condition does not occur. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”), which simplifies the accounting for income taxes, primarily by eliminating certain exceptions to ASC 740. The Company early adopted ASU 2019-12 on a modified retrospective basis as of January 1, 2021 , which did not have a material impact on the condensed financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates , which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its financial statements.

Revenue and Deferred Revenue

Revenue and Deferred Revenue	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue and Deferred Revenue	3. Revenue and Deferred Revenue Disaggregation of Revenue Revenue by source consists of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Consoles $ 15,423 $ 9,017 $ 47,046 $ 22,230 Consumables 6,401 1,795 13,616 4,205 Total product revenue 21,824 10,812 60,662 26,435 Service and other revenue 4,494 2,944 13,788 6,253 Total revenue $ 26,318 $ 13,756 $ 74,450 $ 32,688 For the three and nine months ended September 30, 2021, $ 1.3 million and $ 3.9 million of consoles revenue were from console operating lease arrangements, compared to $ 0.7 million and $ 1.9 million for the three and nine months ended September 30, 2020. Performance Obligations and Contract Liabilities As of September 30, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer service contracts that are unsatisfied or partially unsatisfied was $ 5.3 million , which is recorded as deferred revenue on the Company’s condensed balance sheets. Of that amount, $5.2 million will be recognized as revenue during the next 12 months and $ 0.1 million thereafter. The contract liabilities consist of deferred revenue which represents payments received in advance of revenue recognition related to console service agreements and for prepayments for products or services yet to be delivered. Revenue under these agreements is recognized over the related service period or as products are delivered. Revenue recorded during the three and nine months ended September 30, 2021 included $ 0.4 million and $ 3.0 million , respectively, of previously deferred revenue that was included in contract liabilities as of December 31, 2020.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2021 Valuation Amortized Gross Gross Aggregate Assets: Cash equivalents: Money market funds Level 1 $ 75,606 $ — $ — $ 75,606 Short-term investments: U.S. Treasury securities Level 1 13,087 1 ( 4 ) 13,084 Corporate debt Level 2 111,673 12 ( 29 ) 111,656 Commercial paper Level 2 15,791 — — 15,791 Yankee debt securities Level 2 2,004 — — 2,004 Total cash equivalents and $ 218,161 $ 13 $ ( 33 ) $ 218,141 December 31, 2020 Amortized Gross Gross Aggregate Assets: Cash equivalents: Money market funds Level 1 $ 56,056 $ — $ — $ 56,056 Short-term investments: U.S. Treasury securities Level 1 14,999 1 — 15,000 Corporate debt Level 2 4,898 — — 4,898 Total cash equivalents and $ 75,953 $ 1 $ — $ 75,954 As of September 30 , 2021, the remaining contractual maturities for available-for-sale securities were between one month to seventeen months . Impairment assessments are made at the individual security level at each reporting period. When the fair value of an available-for-sale security is less than its cost at the balance sheet date, a determination is made as to whether the impairment is other-than-temporary and, if it is other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s amortized cost and fair value at such date. There were no unrealized losses for securities in an unrealized loss position for more than 12 months as of September 30, 2021. During the three and nine months ended September 30 , 2021 and 2020, the Company did no t recognize other-than-temporary impairment losses related to its investment securities.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Balance Sheet Components	5. Balance Sheet Components Inventories Inventories consist of the following (in thousands): September 30, December 31, 2021 2020 Raw materials $ 15,465 $ 7,989 Work in process 7,276 6,200 Finished goods 11,556 4,195 Total inventories $ 34,297 $ 18,384 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): September 30, December 31, 2021 2020 Accrued inventory $ 3,049 $ 3,576 Accrued research and development expenses 1,034 175 Accrued professional services 1,256 2,187 Accrued rebate 2,420 566 Other 3,630 1,399 Total accrued expenses and other current liabilities $ 11,389 $ 7,903 Accrued Warranty Liability The change in accrued warranty liability is presented in the following table (in thousands): September 30, December 31, 2021 2020 Balance at the beginning of the period $ 2,913 $ 1,702 Additions charged to cost of product revenue 5,250 4,858 Consumption ( 4,929 ) ( 3,647 ) Balance at the end of the period $ 3,234 $ 2,913

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Litigation From time to time, the Company may become involved in legal proceedings or investigations, which could have an adverse impact on its reputation, business and financial condition and divert the attention of the Company’s management from the operation of the Company’s business. The Company is not presently a party to any legal proceedings that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, results of operations, financial condition or cash flows. Indemnification In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its partners, customers and suppliers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. To date, the Company has not incurred any material costs as a result of such indemnification obligations and has not accrued any liabilities related to such obligations in these financial statements.

Term Loan

Term Loan	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Term Loan	7. Term Loan Term loan consists of the following (in thousands): September 30, December 31, 2021 2020 Principal of term loan $ 30,000 $ 30,000 Unamortized debt discount ( 260 ) ( 326 ) Total term loan, noncurrent $ 29,740 $ 29,674 SVB Loan and Security Agreement On July 2, 2020, the Company entered into a senior secured term loan facility with Silicon Valley Bank (“SVB”) (the “SVB Loan and Security Agreement”), which provides for a $ 30.0 million term loan (the “SVB Term Loan”). The SVB Term Loan matures on November 1, 2025 . Payments under the SVB Term Loan are for interest only through May 2023 , and then 30 monthly principal and interest payments from June 2023 until maturity. The SVB Term Loan bears interest at the greater of (A) 0.5 % above the Prime Rate as reported in the Wall Street Journal and (B) 3.75% ( 3.75 % as of September 30, 2021). The Company is obligated to maintain a restricted cash balance greater or equal to the outstanding principal balance of $ 30.0 million of the SVB Term Loan. There is also a final payment fee equal to 6.75 % of the original principal amount of the SVB Term Loan, or approximately $ 2.0 million, due at maturity (or any earlier date of optional pre-payment or acceleration of principal due to an event of default). Such fee is being accreted to interest expense using the effective interest method with the offset recorded in noncurrent accrued interest. The Company may, at its option, prepay the SVB Term Loan in full, subject to an additional prepayment fee ranging between 1 % and 3 % of the outstanding principal amount of the SVB Term Loan. In the event of a default or change in control, all unpaid principal and all accrued and unpaid interest amounts (if any) become immediately due and payable including the prepayment fee. Events of default include, but are not limited to, a payment default, a material adverse change, and insolvency. The SVB Term Loan is secured by substantially all of the Company’s assets, including all of the capital stock held by the Company, if any (subject to a 65 % limitation on pledges of capital stock of foreign subsidiaries), subject to certain exceptions. The SVB Loan and Security Agreement contains customary representations, warranties, affirmative covenants and also contains certain restrictive covenants. Debt issuance costs paid directly to SVB and other debt issuance costs amounting to $ 0.4 million were accounted for as discounts on the SVB Term Loan. These debt discounts, along with the final payment fee, are being amortized over the term of the SVB Term Loan using the effective interest rate method. As of September 30, 2021, the unamortized debt discount was $ 0.3 million , which is recorded as a direct deduction from the SVB Term Loan on the accompanying condensed balance sheets.

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Incentive Plan	8. Equity Incentive Plan Equity Incentive Plans On January 1, 2021, the number of shares of common stock reserved for the issuance of awards under the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) was increased by 1,709,000 shares as a result of the automatic increase pursuant to the 2020 Plan. As of September 30, 2021, 4,466,000 shares were reserved for future issuance under the 2020 Plan. Employees Share Purchase Plan (ESPP) On January 1, 2021, the number of shares of common stock reserved for purchase under the Company’s Employee Share Purchase Plan (“ESPP”) was increased by 427,000 shares as a result of the automatic increase pursuant to the ESPP. As of September 30, 2021, 999,000 shares of common stock were reserved for issuance in connection with the current and future offering periods under the ESPP. The price at which common stock is purchased under the ESPP is equal to 85 % of the fair market value of the common stock on the first day of the offering period or the purchase date, whichever is lower. During the three and nine months ended September 30 , 2021, 36,000 and 116,000 shares, respectively, of common stock were issued under the ESPP. No shares of common stock were issued during the three and nine months ended September 30, 2020 as the ESPP was adopted in September 2020. Stock-Based Compensation Expense The following table sets forth stock-based compensation expense included in the accompanying condensed statements of operations (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cost of revenue $ 64 $ 142 $ 201 $ 181 Research and development 760 3,074 2,568 3,326 Sales and marketing 1,207 2,645 4,001 2,828 General and administrative 833 8,047 5,883 8,836 Total stock-based compensation expense $ 2,864 $ 13,908 $ 12,653 $ 15,171 Stock Options with Performance and Market Conditions As of December 31, 2020, the Company had 1,933,000 outstanding stock options with performance and market-based vesting conditions. The options vest over the requisite service period if the Company achieves both (i) a performance condition tied to a liquidity event, which includes the effectiveness of an IPO, and (ii) certain market conditions, provided the optionee is providing services on the date of the event. As of September 30, 2021, all outstanding stock options with performance and market-based vesting conditions were fully vested and the related stock-based compensation expense was recognized in full. For the nine months ended September 30, 2021, the Company recorded stock-based compensation expense of $ 4.3 million , related to these stock options. Fo r the three months ended September 30, 2021, the Company reversed stock-based compensation expense of $ 0.1 million related to these stock options due to forfeitures. Stock-based compensation expense of $ 13.4 million related to these stock options was recognized for the three and nine months ended September 30 , 2020 as the performance vesting condition was satisfied upon the closing of the IPO in September 2020.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes For each of the three and nine months ended September 30 , 2021 and 2020, the Company incurred an income tax provision of an insignificant amount. The U.S. federal and state net deferred tax assets have been fully offset by a valuation allowance, as the Company believes it is not more likely than not that the deferred tax assets will be realized.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	10. Net Loss Per Share Attributable to Common Stockholders A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share attributable to common stockholders is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ ( 30,470 ) $ ( 42,294 ) $ ( 90,703 ) $ ( 89,449 ) Adjustment to redemption value on redeemable — — — ( 362 ) Deemed dividend on settlement of accrued dividend — — — 42,530 Net loss attributable to common stockholders, $ ( 30,470 ) $ ( 42,294 ) $ ( 90,703 ) $ ( 47,281 ) Denominator: Weighted-average shares of common stock, 46,588 12,299 46,252 7,508 Net loss per share attributable to common stockholders, $ ( 0.65 ) $ ( 3.44 ) $ ( 1.96 ) $ ( 6.30 ) The following outstanding potentially dilutive shares were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options to purchase common stock 3,728 4,742 3,728 4,742 Warrant to purchase common stock 63 63 63 63 Restricted stock units 542 — 542 — Shares committed under ESPP 10 5 10 5 Total 4,343 4,810 4,343 4,810

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash As of September 30, 2021 and December 31, 2020, the restricted cash balance of $ 33.3 million primarily relates to contractual obligations under the SVB Loan and Security Agreement (see Note 7) and collateral for building leases in San Jose, CA and Tijuana Mexico. The following table provides a reconciliation of cash, cash equivalents and restricted cash that sum to the total of the amounts shown in the accompanying condensed statements of cash flows (in thousands): September 30, 2021 2020 Cash and cash equivalents $ 230,508 $ 311,327 Restricted cash 33,311 33,311 Total cash, cash equivalents and restricted cash $ 263,819 $ 344,638
Stock-Based Compensation Expense	Stock-Based Compensation Expense Stock-based compensation expense relates to stock options with a service-based vesting condition, stock options with performance and market-based vesting conditions, stock purchase rights under the Company’s Employee Stock Purchase Plan (“ESPP”), restricted stock units (“RSUs”) and performance stock units (“PSUs”). Stock-based compensation expense for the Company’s stock-based awards is based on their grant date fair value. Service-based options granted to an optionee generally vest at a rate of 25 % on the first anniversary of the original vesting date, with the balance vesting monthly over the remaining three years . The fair value of stock options with a service condition and stock purchase rights under the ESPP on the grant date is estimated using the Black-Scholes option-pricing model. The fair value of these awards is recognized as compensation expense on a straight-line basis over the requisite service period in which the awards are expected to vest and forfeitures are recognized as they occur. The Black-Scholes model considers several variables and assumptions in estimating the fair value of service-based stock options and stock purchase rights under the ESPP. These variables include the per share fair value of the underlying common stock, exercise price, expected term, risk-free interest rate, expected annual dividend yield and expected stock price volatility over the expected term. For all service-based stock options granted, the Company calculates the expected term using the simplified method for “plain vanilla” stock option awards. For stock options with performance and market-based vesting conditions, stock-based compensation expense is recognized when it is considered probable that the performance vesting condition will be satisfied. Stock-based compensation expense related to these options is recognized using the accelerated attribution method and not reversed if the achievement of the market condition does not occur. The fair value of these stock options is estimated using the Monte Carlo approach. RSUs granted to an optionee generally vest at a rate of 25 % on the first anniversary of the original vesting date, with the balance vesting quarterly over the remaining three years . The fair value of RSUs and PSUs with a service- or performance-based vesting condition is based on the market price of the Company’s common stock on the date of grant. The determination of the stock-based compensation expense related to PSUs with a performance-based vesting condition to be recognized requires the use of certain estimates and assumptions. At each reporting period, the Company reassesses the probability of the achievement of corporate performance goals to estimate the number of shares to be released. Any increase or decrease in stock-based compensation expense resulting from an adjustment in the estimated shares to be released is treated as accumulative catch-up in the period of adjustment. If any of the assumptions or estimates used change significantly, stock-based compensation expense may differ materially from what the Company has recorded in the current period. The fair value of PSUs with a market-based vesting condition is estimated using the Monte Carlo approach. Stock-based compensation expense related to these PSUs is recognized using the accelerated attribution method and not reversed if the achievement of the market condition does not occur.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”), which simplifies the accounting for income taxes, primarily by eliminating certain exceptions to ASC 740. The Company early adopted ASU 2019-12 on a modified retrospective basis as of January 1, 2021 , which did not have a material impact on the condensed financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates , which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash that sum to the total of the amounts shown in the accompanying condensed statements of cash flows (in thousands): September 30, 2021 2020 Cash and cash equivalents $ 230,508 $ 311,327 Restricted cash 33,311 33,311 Total cash, cash equivalents and restricted cash $ 263,819 $ 344,638

Revenue and Deferred Revenue (T

Revenue and Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Summary of Revenue by Source	Revenue by source consists of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Consoles $ 15,423 $ 9,017 $ 47,046 $ 22,230 Consumables 6,401 1,795 13,616 4,205 Total product revenue 21,824 10,812 60,662 26,435 Service and other revenue 4,494 2,944 13,788 6,253 Total revenue $ 26,318 $ 13,756 $ 74,450 $ 32,688

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy	The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2021 Valuation Amortized Gross Gross Aggregate Assets: Cash equivalents: Money market funds Level 1 $ 75,606 $ — $ — $ 75,606 Short-term investments: U.S. Treasury securities Level 1 13,087 1 ( 4 ) 13,084 Corporate debt Level 2 111,673 12 ( 29 ) 111,656 Commercial paper Level 2 15,791 — — 15,791 Yankee debt securities Level 2 2,004 — — 2,004 Total cash equivalents and $ 218,161 $ 13 $ ( 33 ) $ 218,141 December 31, 2020 Amortized Gross Gross Aggregate Assets: Cash equivalents: Money market funds Level 1 $ 56,056 $ — $ — $ 56,056 Short-term investments: U.S. Treasury securities Level 1 14,999 1 — 15,000 Corporate debt Level 2 4,898 — — 4,898 Total cash equivalents and $ 75,953 $ 1 $ — $ 75,954

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Inventories	Inventories consist of the following (in thousands): September 30, December 31, 2021 2020 Raw materials $ 15,465 $ 7,989 Work in process 7,276 6,200 Finished goods 11,556 4,195 Total inventories $ 34,297 $ 18,384
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): September 30, December 31, 2021 2020 Accrued inventory $ 3,049 $ 3,576 Accrued research and development expenses 1,034 175 Accrued professional services 1,256 2,187 Accrued rebate 2,420 566 Other 3,630 1,399 Total accrued expenses and other current liabilities $ 11,389 $ 7,903
Accrued Warranty Liability	The change in accrued warranty liability is presented in the following table (in thousands): September 30, December 31, 2021 2020 Balance at the beginning of the period $ 2,913 $ 1,702 Additions charged to cost of product revenue 5,250 4,858 Consumption ( 4,929 ) ( 3,647 ) Balance at the end of the period $ 3,234 $ 2,913

Term Loan (Tables)

Term Loan (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Term Loan	Term loan consists of the following (in thousands): September 30, December 31, 2021 2020 Principal of term loan $ 30,000 $ 30,000 Unamortized debt discount ( 260 ) ( 326 ) Total term loan, noncurrent $ 29,740 $ 29,674

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-based Compensation Expense	The following table sets forth stock-based compensation expense included in the accompanying condensed statements of operations (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cost of revenue $ 64 $ 142 $ 201 $ 181 Research and development 760 3,074 2,568 3,326 Sales and marketing 1,207 2,645 4,001 2,828 General and administrative 833 8,047 5,883 8,836 Total stock-based compensation expense $ 2,864 $ 13,908 $ 12,653 $ 15,171

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share attributable to common stockholders is as follows (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ ( 30,470 ) $ ( 42,294 ) $ ( 90,703 ) $ ( 89,449 ) Adjustment to redemption value on redeemable — — — ( 362 ) Deemed dividend on settlement of accrued dividend — — — 42,530 Net loss attributable to common stockholders, $ ( 30,470 ) $ ( 42,294 ) $ ( 90,703 ) $ ( 47,281 ) Denominator: Weighted-average shares of common stock, 46,588 12,299 46,252 7,508 Net loss per share attributable to common stockholders, $ ( 0.65 ) $ ( 3.44 ) $ ( 1.96 ) $ ( 6.30 )
Schedule of Outstanding Potentially Dilutive Shares were Excluded from Calculation of Diluted Net Loss Per Share	The following outstanding potentially dilutive shares were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options to purchase common stock 3,728 4,742 3,728 4,742 Warrant to purchase common stock 63 63 63 63 Restricted stock units 542 — 542 — Shares committed under ESPP 10 5 10 5 Total 4,343 4,810 4,343 4,810

Description of Business - Addit

Description of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands	Apr. 13, 2021USD ($)$ / sharesshares	Sep. 15, 2020USD ($)$ / sharesshares	Sep. 08, 2020	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Description Of Business [Line Items]
Aggregate net proceeds from IPO		$ 254,800
Offering costs, underwriting discounts and commissions expenses	$ 8,500	$ 23,100
Proceeds from issuance of common stock upon follow-on public offering, net of issuance costs	$ 149,100									$ 149,085	$ 255,728
Reverse stock split, description										In September 2020, the Company’s board of directors and shareholders approved a certificate of amendment to the amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a 7.9-for-one basis (the “Reverse Stock Split”) effective as of September 8, 2020.
Stock split conversion ratio			0.126582
Net loss				$ 30,470	$ 30,208	$ 30,025	$ 42,294	$ 26,505	$ 20,650	$ 90,703	89,449
Accumulated deficit				(584,762)						(584,762)		$ (494,059)
Cash, cash equivalents and short-term investments				373,000						373,000
Restricted cash				33,311			$ 33,311			33,311	$ 33,311	$ 33,311
Cash, cash equivalents, restricted cash and short-term investments				$ (406,400)						$ (406,400)
IPO
Description Of Business [Line Items]
Stock issued during the period | shares		10,294,000
Share price | $ / shares		$ 27
Underwriters
Description Of Business [Line Items]
Stock issued during the period | shares	446,000	1,343,000
Follow-on Public Offering
Description Of Business [Line Items]
Stock issued during the period | shares	2,946,000
Share price | $ / shares	$ 53.50

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 33,311	$ 33,311	$ 33,311
Service-based options vesting period	3 years
ASU 2019-12
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
RSU
Summary Of Significant Accounting Policies [Line Items]
Service-based options vesting period	3 years
First Anniversary
Summary Of Significant Accounting Policies [Line Items]
Vesting rate	25.00%
First Anniversary | RSU
Summary Of Significant Accounting Policies [Line Items]
Vesting rate	25.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 230,508	$ 294,972	$ 311,327
Restricted cash	33,311	$ 33,311	33,311
Total cash, cash equivalents and restricted cash	$ 263,819		$ 344,638

Revenue and Deferred Revenue -

Revenue and Deferred Revenue - Summary of Revenue by Source (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenue	$ 26,318	$ 13,756	$ 74,450	$ 32,688
Consoles Product
Disaggregation Of Revenue [Line Items]
Revenue	15,423	9,017	47,046	22,230
Consumables Product
Disaggregation Of Revenue [Line Items]
Revenue	6,401	1,795	13,616	4,205
Product Revenue
Disaggregation Of Revenue [Line Items]
Revenue	21,824	10,812	60,662	26,435
Service and Other Revenue
Disaggregation Of Revenue [Line Items]
Revenue	$ 4,494	$ 2,944	$ 13,788	$ 6,253

Revenue and Deferred Revenue _2

Revenue and Deferred Revenue - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Remaining performance obligations	$ 5.3		$ 5.3
Revenue recognized	0.4		3
Consoles Product | Operating Lease Arrangements
Revenue from operating lease arrangements	$ 1.3	$ 0.7	$ 3.9	$ 1.9

Revenue and Deferred Revenue _3

Revenue and Deferred Revenue - Additional Information (Detail) 1 $ in Millions	Sep. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue performance obligation	$ 0.1

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis by Level within Fair Value Hierarchy (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	$ 218,161	$ 75,953
Gross Unrealized Holding Gains	13	1
Gross Unrealized Holding Losses	(33)
Aggregate Fair Value	218,141	75,954
Level 1 | Cash equivalents | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	75,606	56,056
Aggregate Fair Value	75,606	56,056
Level 1 | Short-term investments | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	13,087	14,999
Gross Unrealized Holding Gains	1	1
Gross Unrealized Holding Losses	(4)
Aggregate Fair Value	13,084	15,000
Level 2 | Short-term investments | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	15,791
Aggregate Fair Value	15,791
Level 2 | Short-term investments | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	111,673	4,898
Gross Unrealized Holding Gains	12
Gross Unrealized Holding Losses	(29)
Aggregate Fair Value	111,656	$ 4,898
Level 2 | Short-term investments | Yankee debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Costs	2,004
Aggregate Fair Value	$ 2,004

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Remaining contractual maturities for available-for-sale securities			one month to seventeen months
Securities in unrealized loss position for more than 12 months	$ 0		$ 0
Other-than-temporary impairment losses related to investments	$ 0	$ 0	$ 0	$ 0

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 15,465	$ 7,989
Work in process	7,276	6,200
Finished goods	11,556	4,195
Total inventories	$ 34,297	$ 18,384

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued inventory	$ 3,049	$ 3,576
Accrued research and development expenses	1,034	175
Accrued professional services	1,256	2,187
Accrued rebate	2,420	566
Other	3,630	1,399
Total accrued expenses and other current liabilities	$ 11,389	$ 7,903

Balance Sheet Components - Ac_2

Balance Sheet Components - Accrued Warranty Liability (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Product Warranties Disclosures [Abstract]
Balance at the beginning of the period	$ 2,913	$ 1,702
Additions charged to cost of product revenue	5,250	4,858
Consumption	(4,929)	(3,647)
Balance at the end of the period	$ 3,234	$ 2,913

Term Loan - Schedule of Term Lo

Term Loan - Schedule of Term Loan (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Principal of term loan	$ 30,000	$ 30,000
Unamortized debt discount	(260)	(326)
Total term loan, noncurrent	$ 29,740	$ 29,674

Term Loan - Additional Informat

Term Loan - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 02, 2020	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal of term loan		$ 30,000	$ 30,000
Debt discount on Perceptive Term Loan		$ 260	$ 326
SVB Term Loan
Debt Instrument [Line Items]
Principal of term loan	$ 30,000
Loan maturity date	Nov. 1, 2025
Description of payment terms		Payments under the SVB Term Loan are for interest only through May 2023, and then 30 monthly principal and interest payments from June 2023 until maturity.
Debt instrument interest only payments end date	2023-05
Debt instrument principal repayment period	30 months
Debt interest rate	6.75%	3.75%
Debt instrument, final payment amount	$ 2,000
Percentage of limitation on pledges of capital stock of foreign subsidiaries	65.00%
Other debt issuance costs		$ 400
Debt discount on Perceptive Term Loan		$ 300
SVB Term Loan | Minimum
Debt Instrument [Line Items]
Debt instrument prepayment fee percentage	1.00%
SVB Term Loan | Maximum
Debt Instrument [Line Items]
Debt instrument prepayment fee percentage	3.00%
SVB Term Loan | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 01, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,864	$ 13,908	$ 12,653	$ 15,171
Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock options outstanding						1,933,000
Stock options, description			The options vest over the requisite service period if the Company achieves both (i) a performance condition tied to a liquidity event, which includes the effectiveness of an IPO, and (ii) certain market conditions, provided the optionee is providing services on the date of the event.
Stock-based compensation expense		$ 13,400	$ 4,300	$ 13,400
Reversed Stock-Based Compensation Expense	$ 100
2020 Equity Incentive Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock shares reserved for issuance	4,466,000		4,466,000		1,709,000
Employees Share Purchase Plan (ESPP)
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock shares reserved for issuance	999,000		999,000		427,000
Percentage of fair market value of common stock			85.00%
Number of common stock issued	36,000	0	116,000	0

Equity Incentive Plans - Summar

Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	$ 2,864	$ 13,908	$ 12,653	$ 15,171
Cost of Revenue
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	64	142	201	181
Research and Development
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	760	3,074	2,568	3,326
Sales and Marketing
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	1,207	2,645	4,001	2,828
General and Administrative
Equity Incentive Plan [Line Items]
Cumulative stock-based compensation	$ 833	$ 8,047	$ 5,883	$ 8,836

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (30,470)	$ (30,208)	$ (30,025)	$ (42,294)	$ (26,505)	$ (20,650)	$ (90,703)	$ (89,449)
Adjustment to redemption value on redeemable convertible preferred stock								(362)
Deemed dividend on settlement of accrued dividend						$ 42,530		42,530
Net loss attributable to common stockholders, basic and diluted	$ (30,470)			$ (42,294)			$ (90,703)	$ (47,281)
Denominator:
Weighted-average shares of common stock, basic and diluted	46,588			12,299			46,252	7,508
Net loss per share attributable to common stockholders, basic and diluted	$ (0.65)			$ (3.44)			$ (1.96)	$ (6.30)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Potentially Dilutive Shares were Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	4,343	4,810	4,343	4,810
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	3,728	4,742	3,728	4,742
Warrant to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	63	63	63	63
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	542		542
Shares Committed under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	10	5	10	5