Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
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 $0.001 per share | |
Trading Symbol | OM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 46,313,196 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 274,274 | $ 294,972 |
Short-term investments | 121,934 | 19,898 |
Accounts receivable, net | 16,411 | 6,468 |
Inventories | 28,882 | 18,384 |
Prepaid expenses and other current assets | 6,459 | 6,189 |
Total current assets | 447,960 | 345,911 |
Restricted cash | 33,311 | 33,311 |
Property and equipment, net | 15,275 | 14,998 |
Operating lease right-of-use assets | 7,752 | 8,253 |
Other assets | 515 | 1,356 |
Total assets | 504,813 | 403,829 |
Current liabilities: | ||
Accounts payable | 2,364 | 4,948 |
Accrued compensation and related benefits | 15,308 | 16,845 |
Accrued expenses and other current liabilities | 9,256 | 7,903 |
Accrued warranty liability | 3,073 | 2,913 |
Deferred revenue, current | 4,373 | 3,201 |
Operating lease liabilities, current | 1,069 | 882 |
Total current liabilities | 35,443 | 36,692 |
Accrued interest, noncurrent | 479 | 240 |
Deferred revenue, noncurrent | 515 | 570 |
Operating lease liabilities, noncurrent | 7,496 | 8,044 |
Term loan, noncurrent | 29,718 | 29,674 |
Total liabilities | 73,651 | 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 June 30, 2021 and December 31, 2020 | ||
Common stock, $0.001 par value; 300,000 shares authorized as of June 30, 2021 and December 31, 2020; 46,225 and 42,722 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 46 | 43 |
Additional paid-in capital | 985,436 | 822,624 |
Accumulated other comprehensive (loss) income | (28) | 1 |
Accumulated deficit | (554,292) | (494,059) |
Total stockholders' equity | 431,162 | 328,609 |
Total liabilities and stockholders' equity | $ 504,813 | $ 403,829 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 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 | 46,225,000 | 42,722,000 |
Common stock, shares outstanding | 46,225,000 | 42,722,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||||
Revenue | $ 25,216 | $ 11,742 | $ 48,132 | $ 18,932 |
Cost of revenue: | ||||
Cost of revenue | 24,164 | 16,506 | 46,791 | 27,260 |
Gross profit | 1,052 | (4,764) | 1,341 | (8,328) |
Operating expenses: | ||||
Research and development | 8,032 | 6,053 | 15,602 | 11,891 |
Sales and marketing | 13,204 | 9,244 | 26,353 | 16,526 |
General and administrative | 9,722 | 4,848 | 18,968 | 8,374 |
Total operating expenses | 30,958 | 20,145 | 60,923 | 36,791 |
Loss from operations | (29,906) | (24,909) | (59,582) | (45,119) |
Interest income and other income, net | 164 | 67 | 276 | 527 |
Interest expense | (431) | (1,032) | (853) | (2,033) |
Change in fair value of redeemable convertible preferred stock warrant liability | (631) | (530) | ||
Loss before provision for income taxes | (30,173) | (26,505) | (60,159) | (47,155) |
Provision for income taxes | 35 | 74 | ||
Net loss | (30,208) | (26,505) | (60,233) | (47,155) |
Net loss attributable to common stockholders, basic and diluted | $ (30,208) | $ (26,505) | $ (60,233) | $ (4,987) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.66) | $ (4.58) | $ (1.36) | $ (0.98) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 45,680 | 5,784 | 44,228 | 5,086 |
Product Revenue | ||||
Revenue: | ||||
Revenue | $ 20,628 | $ 9,697 | $ 38,838 | $ 15,623 |
Cost of revenue: | ||||
Cost of revenue | 22,077 | 15,291 | 42,654 | 24,853 |
Service and Other Revenue | ||||
Revenue: | ||||
Revenue | 4,588 | 2,045 | 9,294 | 3,309 |
Cost of revenue: | ||||
Cost of revenue | $ 2,087 | $ 1,215 | $ 4,137 | $ 2,407 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (30,208) | $ (26,505) | $ (60,233) | $ (47,155) |
Other comprehensive loss: | ||||
Unrealized gain (loss) on available-for-sale securities | (20) | 13 | (29) | (22) |
Comprehensive loss | $ (30,228) | $ (26,492) | $ (60,262) | $ (47,177) |
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 | |||||
Issuance of common stock on settlement of accrued dividend | 41,763 | $ 5 | 41,758 | |||
Temporary Equity, Issuance of common stock on settlement of accrued dividend | $ (41,763) | |||||
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 | (22) | |||||
Net loss | (47,155) | |||||
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 | |||||
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 | |||||
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 | |||||
Unrealized gain (loss) on available-for-sale securities | (29) | |||||
Net loss | (60,233) | |||||
Ending Balance at Jun. 30, 2021 | 431,162 | $ 46 | 985,436 | (28) | (554,292) | |
Ending Balance (shares) at Jun. 30, 2021 | 46,225 | |||||
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 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (60,233) | $ (47,155) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,553 | 688 |
Non-cash lease expense | 501 | 108 |
Non-cash interest expense | 282 | 400 |
Accretion of discount on investments, net | 435 | 62 |
Provision for accounts receivable | 5 | 98 |
Provision for inventories | 325 | 249 |
Stock-based compensation expense | 9,789 | 1,263 |
Change in fair value of redeemable convertible preferred stock warrant liability | 530 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (9,946) | (3,402) |
Inventories | (12,116) | (2,025) |
Prepaid expenses and other assets | 570 | (590) |
Accounts payable | (2,509) | (726) |
Accrued payroll and related benefits | (1,538) | 1,055 |
Accrued expenses and other current liabilities | 1,508 | 2,510 |
Accrued warranty liability | 160 | 601 |
Deferred revenue | 1,117 | 2,205 |
Operating lease liabilities | (360) | 70 |
Net cash used in operating activities | (69,457) | (44,059) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,766) | (4,987) |
Purchases of investment securities | (122,401) | |
Sales and maturities of investment securities | 19,900 | 30,458 |
Net cash (used in) provided by investing activities | (104,267) | 25,471 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock upon follow-on public offering, net of issuance costs | 149,085 | |
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 | 3,941 | 94 |
Repayment of finance lease | (5) | |
Payment of deferred offering costs | (50) | |
Net cash provided by financing activities | 153,026 | 126,797 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (20,698) | 108,209 |
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 | 307,585 | 145,878 |
Supplemental cash flow disclosures: | ||
Cash paid for income taxes | 42 | |
Cash paid for interest | 149 | 1,600 |
Cash paid for amounts included in the measurement of operating lease liabilities | 360 | 13 |
Supplemental non-cash investing and financing activities: | ||
Capital expenditures included in accounts payable and accrued expenses | 92 | 98 |
Transfer of inventories to property and equipment | $ 1,294 | |
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 | |
Issuance of common stock on settlement of accrued dividend | 41,763 | |
Debt issuance costs included in accrued expenses | 215 | |
Deferred offering costs included in accrued expenses | 1,200 | |
Transfer of property and equipment to inventories | $ 165 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 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 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-for-one basis (the “Reverse Stock Split”) effective as of September 8, 2020. Liquidity Since inception, the Company has incurred net losses and negative cash flows from operations. During the six months ended June 30, 2021 and 2020, the Company incurred a net loss of $60.2 million and $47.2 million, respectively. As of June 30, 2021, the Company had an accumulated deficit of $554.3 million. As of June 30, 2021, the Company had cash, cash equivalents and short-term of $396.2 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 balance of $429.5 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 , 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 six-month period are also unaudited. The results of operations for the three and six months ended June 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 | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies During the three and six months ended June 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 June 30, 2021 and December 31, 2020, the restricted cash balance of $33.3 million 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): June 30, 2021 2020 Cash and cash equivalents $ 274,274 $ 141,871 Restricted cash 33,311 4,007 Total cash, cash equivalents and restricted cash $ 307,585 $ 145,878 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 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 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 | 6 Months Ended |
Jun. 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Consoles $ 16,857 $ 8,186 $ 31,623 $ 13,213 Consumables 3,771 1,511 7,215 2,410 Total product revenue 20,628 9,697 38,838 15,623 Service and other revenue 4,588 2,045 9,294 3,309 Total revenue $ 25,216 $ 11,742 $ 48,132 $ 18,932 For the three and six months ended June 30, 2021, $1.3 million and $2.6 million of consoles revenue were from console operating lease arrangements, compared to $0.6 million and $1.2 million for the three and six months ended June 30, 2020. Performance Obligations and Contract Liabilities As of June 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 $4.9 million, which is recorded as deferred revenue on the Company’s condensed balance sheets. Of that amount, $4.4 million will be recognized as revenue during the next 12 months and $0.5 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. Revenue recorded during the three and six months ended June 30 , 2021 included $1.0 million and $2.6 million , respectively, of previously deferred revenue that was included in contract liabilities as of December 31, 20 20 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 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): June 30, 2021 Valuation Hierarchy Amortized Costs Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Assets: Cash equivalents: Money market funds Level 1 $ 106,486 $ — $ — $ 106,486 Short-term investments: Corporate debt Level 2 101,964 5 (33 ) 101,936 Commercial paper Level 2 17,984 — — 17,984 Yankee debt securities Level 2 2,014 — — 2,014 Total cash equivalents and short-term investments $ 228,448 $ 5 $ (33 ) $ 228,420 December 31, 2020 Amortized Costs Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value 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 short-term investments $ 75,953 $ 1 $ — $ 75,954 As of June 30, 2021, the remaining contractual maturities for available-for-sale securities were between one month to sixteen 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 June 30, 2021. During the three and six months ended June 30, 2021 and 2020, the Company did not recognize other-than- |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 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): June 30, December 31, 2021 2020 Raw materials $ 13,449 $ 7,989 Work in process 6,610 6,200 Finished goods 8,823 4,195 Total inventories $ 28,882 $ 18,384 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2021 2020 Accrued inventory $ 2,096 $ 3,576 Accrued research and development expenses 703 175 Accrued professional services 1,324 2,187 Other 5,133 1,965 Total accrued expenses and other current liabilities $ 9,256 $ 7,903 Accrued Warranty Liability The change in accrued warranty liability is presented in the following table (in thousands): June 30, December 31, 2021 2020 Balance at the beginning of the period $ 2,913 $ 1,702 Additions charge to cost of product revenue 3,545 4,858 Consumption (3,385 ) (3,647 ) Balance at the end of the period $ 3,073 $ 2,913 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 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. Indemnifications 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 | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Term Loan | 7. Term Loan Term loan consists of the following (in thousands): June 30, December 31, 2021 2020 Principal of term loan $ 30,000 $ 30,000 Unamortized debt discount (282 ) (326 ) Total term loan, noncurrent $ 29,718 $ 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 June 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 June 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 | 6 Months Ended |
Jun. 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. 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”) 427,000 As of June 30, 2021, 1,034,000 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 six months ended June 30, 2021, zero and 80,000 shares, respectively, of common stock were issued under the ESPP. No shares of common stock were issued during the three and six months ended June 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Cost of revenue $ 62 $ 20 $ 137 $ 39 Research and development 643 134 1,808 252 Sales and marketing 1,052 101 2,794 183 General and administrative 2,180 428 5,050 789 Total stock-based compensation expense $ 3,937 $ 683 $ 9,789 $ 1,263 Stock Options with Performance and Market Conditions As of December 31, 2020, the Company had 1,933,000 As of June 30, 2021, all outstanding stock options with performance and market-based vesting conditions were fully vested other than 151,000 shares of these stock options that are scheduled to vest in September 2021. For the three and six months ended June 30, 2021, the Company recorded stock-based compensation expense of $0.3 million and $4.5 million, respectively, related to these stock options. No such expense was recognized for the three and six months ended June 30, 2020 as the performance vesting condition was not satisfied until the closing of the IPO in September 2020. Unamortized stock-based compensation amounted to $0.3 million as of June 30, 2021, which the Company expects to recognize over an estimated weighted-average period of 0.2 years |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes For each of the three and six months ended June 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 | 6 Months Ended |
Jun. 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (30,208 ) $ (26,505 ) $ (60,233 ) $ (47,155 ) Adjustment to redemption value on redeemable convertible preferred stock — — — (362 ) Deemed dividend on settlement of accrued dividend — — — 42,530 Net loss attributable to common stockholders, basic and diluted $ (30,208 ) $ (26,505 ) $ (60,233 ) $ (4,987 ) Denominator: Weighted-average shares of common stock, basic and diluted 45,680 5,784 44,228 5,086 Net loss per share attributable to common stockholders, basic and diluted $ (0.66 ) $ (4.58 ) $ (1.36 ) $ (0.98 ) 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options to purchase common stock 4,653 5,009 4,653 5,009 Warrant to purchase common stock 63 — 63 — Restricted stock units 473 — 473 — Shares committed under ESPP 27 — 27 — Redeemable convertible preferred stock, on an as-if converted basis — 25,958 — 25,958 Warrants to purchase redeemable convertible preferred stock — 520 — 520 Total 5,216 31,487 5,216 31,487 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 11. Subsequent Event On July 1, 2021, the Company announced the departure of from her position as the Company’s Chief Financial effective as well as the appointment of , the Company’s Vice , , as the Company’s Interim Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer, effective upon Ms. Chambers’ departure . Subsequently, the Company announced that Nabeel Ahmed transitioned to the permanent role of Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer, effective July 30, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash As of June 30, 2021 and December 31, 2020, the restricted cash balance of $33.3 million 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): June 30, 2021 2020 Cash and cash equivalents $ 274,274 $ 141,871 Restricted cash 33,311 4,007 Total cash, cash equivalents and restricted cash $ 307,585 $ 145,878 |
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 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 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) | 6 Months Ended |
Jun. 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): June 30, 2021 2020 Cash and cash equivalents $ 274,274 $ 141,871 Restricted cash 33,311 4,007 Total cash, cash equivalents and restricted cash $ 307,585 $ 145,878 |
Revenue and Deferred Revenue (T
Revenue and Deferred Revenue (Tables) | 6 Months Ended |
Jun. 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Consoles $ 16,857 $ 8,186 $ 31,623 $ 13,213 Consumables 3,771 1,511 7,215 2,410 Total product revenue 20,628 9,697 38,838 15,623 Service and other revenue 4,588 2,045 9,294 3,309 Total revenue $ 25,216 $ 11,742 $ 48,132 $ 18,932 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 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): June 30, 2021 Valuation Hierarchy Amortized Costs Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Assets: Cash equivalents: Money market funds Level 1 $ 106,486 $ — $ — $ 106,486 Short-term investments: Corporate debt Level 2 101,964 5 (33 ) 101,936 Commercial paper Level 2 17,984 — — 17,984 Yankee debt securities Level 2 2,014 — — 2,014 Total cash equivalents and short-term investments $ 228,448 $ 5 $ (33 ) $ 228,420 December 31, 2020 Amortized Costs Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value 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 short-term investments $ 75,953 $ 1 $ — $ 75,954 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Inventories | Inventories consist of the following (in thousands): June 30, December 31, 2021 2020 Raw materials $ 13,449 $ 7,989 Work in process 6,610 6,200 Finished goods 8,823 4,195 Total inventories $ 28,882 $ 18,384 |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2021 2020 Accrued inventory $ 2,096 $ 3,576 Accrued research and development expenses 703 175 Accrued professional services 1,324 2,187 Other 5,133 1,965 Total accrued expenses and other current liabilities $ 9,256 $ 7,903 |
Accrued Warranty Liability | The change in accrued warranty liability is presented in the following table (in thousands): June 30, December 31, 2021 2020 Balance at the beginning of the period $ 2,913 $ 1,702 Additions charge to cost of product revenue 3,545 4,858 Consumption (3,385 ) (3,647 ) Balance at the end of the period $ 3,073 $ 2,913 |
Term Loan (Tables)
Term Loan (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Term Loan | Term loan consists of the following (in thousands): June 30, December 31, 2021 2020 Principal of term loan $ 30,000 $ 30,000 Unamortized debt discount (282 ) (326 ) Total term loan, noncurrent $ 29,718 $ 29,674 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 6 Months Ended |
Jun. 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Cost of revenue $ 62 $ 20 $ 137 $ 39 Research and development 643 134 1,808 252 Sales and marketing 1,052 101 2,794 183 General and administrative 2,180 428 5,050 789 Total stock-based compensation expense $ 3,937 $ 683 $ 9,789 $ 1,263 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (30,208 ) $ (26,505 ) $ (60,233 ) $ (47,155 ) Adjustment to redemption value on redeemable convertible preferred stock — — — (362 ) Deemed dividend on settlement of accrued dividend — — — 42,530 Net loss attributable to common stockholders, basic and diluted $ (30,208 ) $ (26,505 ) $ (60,233 ) $ (4,987 ) Denominator: Weighted-average shares of common stock, basic and diluted 45,680 5,784 44,228 5,086 Net loss per share attributable to common stockholders, basic and diluted $ (0.66 ) $ (4.58 ) $ (1.36 ) $ (0.98 ) |
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options to purchase common stock 4,653 5,009 4,653 5,009 Warrant to purchase common stock 63 — 63 — Restricted stock units 473 — 473 — Shares committed under ESPP 27 — 27 — Redeemable convertible preferred stock, on an as-if converted basis — 25,958 — 25,958 Warrants to purchase redeemable convertible preferred stock — 520 — 520 Total 5,216 31,487 5,216 31,487 |
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 | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | 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 | ||||||||
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 | $ 30,208 | $ 30,025 | $ 26,505 | $ 20,650 | $ 60,233 | $ 47,155 | ||||
Accumulated deficit | 554,292 | 554,292 | $ 494,059 | |||||||
Cash, cash equivalents and short-term investments | 396,200 | 396,200 | ||||||||
Restricted cash | 33,311 | $ 4,007 | 33,311 | $ 4,007 | $ 33,311 | |||||
Cash, cash equivalents, restricted cash and short-term investments | $ 429,500 | $ 429,500 | ||||||||
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 | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 33,311 | $ 33,311 | $ 4,007 |
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 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 274,274 | $ 294,972 | $ 141,871 |
Restricted cash | 33,311 | $ 33,311 | 4,007 |
Total cash, cash equivalents and restricted cash | $ 307,585 | $ 145,878 |
Revenue and Deferred Revenue -
Revenue and Deferred Revenue - Summary of Revenue by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 25,216 | $ 11,742 | $ 48,132 | $ 18,932 |
Consoles Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 16,857 | 8,186 | 31,623 | 13,213 |
Consumables Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 3,771 | 1,511 | 7,215 | 2,410 |
Product Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 20,628 | 9,697 | 38,838 | 15,623 |
Service and Other Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 4,588 | $ 2,045 | $ 9,294 | $ 3,309 |
Revenue and Deferred Revenue _2
Revenue and Deferred Revenue - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Remaining performance obligations | $ 4.9 | $ 4.9 | ||
Revenue recognized | 1 | 2.6 | ||
Consoles Product | Operating Lease Arrangements | ||||
Revenue from operating lease arrangements | $ 1.3 | $ 0.6 | $ 2.6 | $ 1.2 |
Revenue and Deferred Revenue _3
Revenue and Deferred Revenue - Additional Information (Detail) 1 $ in Millions | Jun. 30, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 4.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 4.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 0.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Costs | $ 228,448 | $ 75,953 |
Gross Unrealized Holding Gains | 5 | 1 |
Gross Unrealized Holding Losses | (33) | |
Aggregate Fair Value | 228,420 | 75,954 |
Level 1 | Cash equivalents | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Costs | 106,486 | 56,056 |
Aggregate Fair Value | 106,486 | 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 | 14,999 | |
Gross Unrealized Holding Gains | 1 | |
Aggregate Fair Value | 15,000 | |
Level 2 | Short-term investments | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Costs | 17,984 | |
Aggregate Fair Value | 17,984 | |
Level 2 | Short-term investments | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Costs | 101,964 | 4,898 |
Gross Unrealized Holding Gains | 5 | |
Gross Unrealized Holding Losses | (33) | |
Aggregate Fair Value | 101,936 | $ 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 | 2,014 | |
Aggregate Fair Value | $ 2,014 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | ||||
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 13,449 | $ 7,989 |
Work in process | 6,610 | 6,200 |
Finished goods | 8,823 | 4,195 |
Total inventories | $ 28,882 | $ 18,384 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued inventory | $ 2,096 | $ 3,576 |
Accrued research and development expenses | 703 | 175 |
Accrued professional services | 1,324 | 2,187 |
Other | 5,133 | 1,965 |
Total accrued expenses and other current liabilities | $ 9,256 | $ 7,903 |
Balance Sheet Components - Ac_2
Balance Sheet Components - Accrued Warranty Liability (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | ||
Balance at the beginning of the period | $ 2,913 | $ 1,702 |
Additions charge to cost of product revenue | 3,545 | 4,858 |
Consumption | (3,385) | (3,647) |
Balance at the end of the period | $ 3,073 | $ 2,913 |
Term Loan - Schedule of Term Lo
Term Loan - Schedule of Term Loan (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Principal of term loan | $ 30,000 | $ 30,000 |
Unamortized debt discount | (282) | (326) |
Total term loan, noncurrent | $ 29,718 | $ 29,674 |
Term Loan - Additional Informat
Term Loan - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 02, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Principal of term loan | $ 30,000 | $ 30,000 | |
Debt discount on Perceptive Term Loan | $ 282 | $ 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 ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jan. 01, 2021 | Dec. 31, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | $ 3,937,000 | $ 683,000 | $ 9,789,000 | $ 1,263,000 | ||
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 options, nonvested, number of shares | 151,000 | 151,000 | ||||
Award vesting period, month and year | 2021-09 | |||||
Stock-based compensation expense | $ 300,000 | $ 0 | $ 4,500,000 | $ 0 | ||
Unamortized stock-based compensation expense amount | $ 300,000 | $ 300,000 | ||||
Estimated weighted average period over which unamortized share-based compensation are expected to be recognize | 2 months 12 days | |||||
2020 Equity Incentive Plan | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Common stock shares reserved for issuance | 4,364,000 | 4,364,000 | 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 | 1,034,000 | 1,034,000 | 427,000 | |||
Percentage of fair market value of common stock | 85.00% | |||||
Number of common stock issued | 0 | 0 | 80,000 | 0 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity Incentive Plan [Line Items] | ||||
Cumulative stock-based compensation | $ 3,937 | $ 683 | $ 9,789 | $ 1,263 |
Cost of Revenue | ||||
Equity Incentive Plan [Line Items] | ||||
Cumulative stock-based compensation | 62 | 20 | 137 | 39 |
Research and Development | ||||
Equity Incentive Plan [Line Items] | ||||
Cumulative stock-based compensation | 643 | 134 | 1,808 | 252 |
Sales and Marketing | ||||
Equity Incentive Plan [Line Items] | ||||
Cumulative stock-based compensation | 1,052 | 101 | 2,794 | 183 |
General and Administrative | ||||
Equity Incentive Plan [Line Items] | ||||
Cumulative stock-based compensation | $ 2,180 | $ 428 | $ 5,050 | $ 789 |
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 | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||||
Net loss | $ (30,208) | $ (30,025) | $ (26,505) | $ (20,650) | $ (60,233) | $ (47,155) |
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 | $ (30,208) | $ (26,505) | $ (60,233) | $ (4,987) | ||
Denominator: | ||||||
Weighted-average shares of common stock, basic and diluted | 45,680 | 5,784 | 44,228 | 5,086 | ||
Net loss per share attributable to common stockholders, basic and diluted | $ (0.66) | $ (4.58) | $ (1.36) | $ (0.98) |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 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 | 5,216 | 31,487 | 5,216 | 31,487 |
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 | 4,653 | 5,009 | 4,653 | 5,009 |
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 | ||
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 | 473 | 473 | ||
Warrants to Purchase Redeemable Convertible Preferred Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 520 | 520 | ||
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 | 27 | 27 | ||
Redeemable Convertible Preferred Stock, on an as-if Converted Basis | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 25,958 | 25,958 |