Quanterix (QTRX) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38319
Entity Registrant Name	Quanterix Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8957988
Entity Address, Address Line One	900 Middlesex Turnpike
Entity Address, City or Town	Billerica
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01821
City Area Code	617
Local Phone Number	301-9400
Title of 12(g) Security	Common Stock, $0.001 par value per share
Trading Symbol	QTRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,379,033
Entity Central Index Key	0001503274
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 47,002	$ 174,422
Marketable securities	249,853	146,902
Accounts receivable, net of allowance for expected credit losses	31,784	25,414
Inventory	28,363	22,365
Prepaid expenses and other current assets	8,724	9,291
Total current assets	365,726	378,394
Restricted cash	2,607	2,604
Property and equipment, net	18,205	17,926
Intangible assets, net	4,981	6,034
Operating lease right-of-use assets	17,399	18,251
Other non-current assets	2,370	1,802
Total assets	411,288	425,011
Current liabilities:
Accounts payable	7,273	5,048
Accrued compensation and benefits	9,044	13,659
Accrued expenses and other current liabilities	6,577	6,041
Deferred revenue	10,121	9,468
Operating lease liabilities	4,524	4,241
Total current liabilities	37,539	38,457
Deferred revenue, net of current portion	928	1,227
Operating lease liabilities, net of current portion	35,052	37,223
Other non-current liabilities	1,017	1,177
Total liabilities	74,536	78,084
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock: $0.001 par value per share; Authorized: 120,000 shares; Issued and outstanding: 38,398 and 38,014 shares at June 30, 2024 and December 31, 2023, respectively	38	38
Additional paid-in capital	793,906	783,142
Accumulated other comprehensive loss	(3,151)	(1,757)
Accumulated deficit	(454,041)	(434,496)
Total stockholders’ equity	336,752	346,927
Total liabilities and stockholders’ equity	$ 411,288	$ 425,011

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	120,000	120,000
Common stock, shares issued (in shares)	38,398	38,014
Common stock, shares outstanding (in shares)	38,398	38,014

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 34,381	$ 31,029	$ 66,447	$ 59,485
Costs of goods sold and services:
Total costs of goods sold and services	14,323	11,891	26,763	23,421
Gross profit	20,058	19,138	39,684	36,064
Operating expenses:
Research and development	8,104	5,946	14,779	10,666
Selling, general and administrative	24,135	21,591	50,128	42,441
Other lease costs	927	1,162	1,851	1,938
Total operating expenses	33,166	28,699	66,758	55,045
Loss from operations	(13,108)	(9,561)	(27,074)	(18,981)
Interest income	3,681	3,886	7,629	7,335
Other income (expense), net	(9)	(154)	197	(146)
Loss before income taxes	(9,436)	(5,829)	(19,248)	(11,792)
Income tax expense	(37)	(235)	(297)	(375)
Net loss	$ (9,473)	$ (6,064)	$ (19,545)	$ (12,167)
Net loss per common share, basic (in dollars per share)	$ (0.25)	$ (0.16)	$ (0.51)	$ (0.33)
Net loss per common share, diluted (in dollars per share)	$ (0.25)	$ (0.16)	$ (0.51)	$ (0.33)
Weighted-average common shares outstanding, basic (in shares)	38,338	37,494	38,232	37,411
Weighted-average common shares outstanding, diluted (in shares)	38,338	37,494	38,232	37,411
Product revenue
Revenues:
Total revenues	$ 19,887	$ 19,692	$ 39,557	$ 38,979
Costs of goods sold and services:
Total costs of goods sold and services	8,851	7,236	15,996	14,269
Service and other revenue
Revenues:
Total revenues	13,511	10,552	25,478	19,131
Costs of goods sold and services:
Total costs of goods sold and services	5,472	4,655	10,767	9,152
Collaboration and license revenue
Revenues:
Total revenues	729	629	884	997
Grant revenue
Revenues:
Total revenues	$ 254	$ 156	$ 528	$ 378

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,473)	$ (6,064)	$ (19,545)	$ (12,167)
Other comprehensive loss, net of tax:
Unrealized losses on marketable securities	(175)	0	(782)	0
Foreign currency translation	62	(244)	(612)	(202)
Total other comprehensive loss	(113)	(244)	(1,394)	(202)
Comprehensive loss	$ (9,586)	$ (6,308)	$ (20,939)	$ (12,369)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2022		37,280
Beginning Balance at Dec. 31, 2022	$ 358,940	$ 37	$ 763,688	$ (2,623)	$ (402,162)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		144
Issuance of common stock under stock plans, net of tax effects and payments	551		551
Stock-based compensation expense	3,902		3,902
Foreign currency translation	42			42
Net loss	(6,103)				(6,103)
Ending Balance (in shares) at Mar. 31, 2023		37,424
Ending Balance at Mar. 31, 2023	357,332	$ 37	768,141	(2,581)	(408,265)
Beginning balance (in shares) at Dec. 31, 2022		37,280
Beginning Balance at Dec. 31, 2022	358,940	$ 37	763,688	(2,623)	(402,162)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on marketable securities, net of tax	0
Foreign currency translation	(202)
Net loss	(12,167)
Ending Balance (in shares) at Jun. 30, 2023		37,566
Ending Balance at Jun. 30, 2023	355,356	$ 37	772,473	(2,825)	(414,329)
Beginning balance (in shares) at Mar. 31, 2023		37,424
Beginning Balance at Mar. 31, 2023	357,332	$ 37	768,141	(2,581)	(408,265)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		142
Issuance of common stock under stock plans, net of tax effects and payments	139		139
Stock-based compensation expense	4,193		4,193
Unrealized loss on marketable securities, net of tax	0
Foreign currency translation	(244)			(244)
Net loss	(6,064)				(6,064)
Ending Balance (in shares) at Jun. 30, 2023		37,566
Ending Balance at Jun. 30, 2023	355,356	$ 37	772,473	(2,825)	(414,329)
Beginning balance (in shares) at Dec. 31, 2023		38,014
Beginning Balance at Dec. 31, 2023	346,927	$ 38	783,142	(1,757)	(434,496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		274
Issuance of common stock under stock plans, net of tax effects and payments	599		599
Stock-based compensation expense	5,265		5,265
Unrealized loss on marketable securities, net of tax	(607)			(607)
Foreign currency translation	(674)			(674)
Net loss	(10,072)				(10,072)
Ending Balance (in shares) at Mar. 31, 2024		38,288
Ending Balance at Mar. 31, 2024	341,438	$ 38	789,006	(3,038)	(444,568)
Beginning balance (in shares) at Dec. 31, 2023		38,014
Beginning Balance at Dec. 31, 2023	346,927	$ 38	783,142	(1,757)	(434,496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on marketable securities, net of tax	(782)
Foreign currency translation	(612)
Net loss	(19,545)
Ending Balance (in shares) at Jun. 30, 2024		38,398
Ending Balance at Jun. 30, 2024	336,752	$ 38	793,906	(3,151)	(454,041)
Beginning balance (in shares) at Mar. 31, 2024		38,288
Beginning Balance at Mar. 31, 2024	341,438	$ 38	789,006	(3,038)	(444,568)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		110
Issuance of common stock under stock plans, net of tax effects and payments	(328)		(328)
Stock-based compensation expense	5,228		5,228
Unrealized loss on marketable securities, net of tax	(175)			(175)
Foreign currency translation	62			62
Net loss	(9,473)				(9,473)
Ending Balance (in shares) at Jun. 30, 2024		38,398
Ending Balance at Jun. 30, 2024	$ 336,752	$ 38	$ 793,906	$ (3,151)	$ (454,041)

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (19,545)	$ (12,167)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	3,124	2,845
Credit losses on accounts receivable	676	324
Accretion of marketable securities	(3,619)	0
Operating lease right-of-use asset amortization	840	1,002
Stock-based compensation expense	10,493	8,095
Other operating activity	(13)	548
Changes in assets and liabilities:
Accounts receivable	(7,242)	(5,750)
Inventory	(6,011)	(1,181)
Prepaid expenses and other current assets	597	(527)
Other non-current assets	(596)	(965)
Accounts payable	2,054	(631)
Accrued compensation and benefits, accrued expenses, and other current liabilities	(4,390)	(1,326)
Deferred revenue	354	1,666
Operating lease liabilities	(1,876)	(730)
Other non-current liabilities	39	(72)
Net cash used in operating activities	(25,115)	(8,869)
Cash flows from investing activities:
Purchases of marketable securities	(189,344)	0
Proceeds from maturities of marketable securities	89,229	0
Purchases of property and equipment	(2,105)	(784)
Net cash used in investing activities	(102,220)	(784)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	2,421	777
Payments for employee taxes withheld on stock-based compensation awards	(2,150)	(87)
Net cash provided by financing activities	271	690
Net decrease in cash, cash equivalents, and restricted cash	(127,064)	(8,963)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(353)	(163)
Cash, cash equivalents, and restricted cash at beginning of period	177,026	341,337
Cash, cash equivalents, and restricted cash at end of period	49,609	332,211
Supplemental disclosure of cash flow information:
Cash paid for taxes	514	502
Shares received as consideration under product sales agreement	0	1,000
Purchases of property and equipment in accounts payable and accrued expenses	$ 962	$ 0

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Note 1. Organization and Nature of Business Quanterix Corporation (“Quanterix” or the “Company”) is a life sciences company that has developed next generation, ultra-sensitive digital immunoassay platforms that advance life sciences research and diagnostics. The Company’s platforms are based on its proprietary digital “Simoa” detection technology and enable customers to reliably detect protein biomarkers in ultra-low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. The ability of the Company’s Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to facilitate a paradigm shift in healthcare from an emphasis on treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. The Company also provides contract research services for customers and Laboratory Developed Test (“LDT”) services through its Clinical Laboratory Improvement Amendments of 1988 ("CLIA") certified Accelerator Laboratory (the “Accelerator Laboratory”). The Accelerator Laboratory provides customers with access to its Simoa technology and its Lucent Diagnostics clinical testing services (launched in July 2023) and supports multiple projects and services, including sample testing, homebrew assay development, custom assay development, and blood-based biomarker testing.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies Basis of Presentation The accompanying Consolidated Financial Statements and Notes to Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete financial statements prepared in accordance with U.S. GAAP are not included herein. The Consolidated Balance Sheet and related information as of December 31, 2023 included herein was derived from the audited Consolidated Financial Statements as of December 31, 2023, but does not include all disclosures required by U.S. GAAP on an annual reporting basis. Certain amounts in the prior years’ Consolidated Financial Statements have been reclassified to conform to the current year’s presentation. These Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024. Since the date of that filing, there have been no changes or updates to the Company’s significant accounting policies, other than those described below. In the opinion of management, the Consolidated Financial Statements and Notes to Consolidated Financial Statements contain all normal, recurring adjustments necessary for a fair statement of financial position, results of operations, comprehensive loss, and cash flows as of the dates and for the interim periods presented. The results of operations for the three and six months ended June 30, 2024 may not be indicative of the results for the full year ended December 31, 2024, or any other period. The Company’s fiscal year is the 12-month period from January 1 through December 31, and all references to “2024,” “2023,” and the like refer to the fiscal year unless otherwise noted. Use of Estimates The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation and impairment of intangible and long-lived assets, recoverability of deferred tax assets, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Principles of Consolidation The Consolidated Financial Statements and Notes to Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In accordance with Accounting Standards Codification (“ASC”) 810 – Consolidation , the Company assesses the terms of non-marketable equity investments in entities to determine if any meet the definition of a variable interest entity (“VIE”) and require consolidation into its Consolidated Financial Statements. Refer to Note 14 - Variable Interest Entities for further discussion. Foreign Currency The functional currency of the Company’s subsidiaries is their respective local currencies. These subsidiary financial statements are translated into U.S. dollars using the period-end exchange rates for assets and liabilities, average exchange rates during the corresponding period for revenue and expenses, and historical rates for equity. The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive income (loss), a component of stockholders’ equity on the Consolidated Balance Sheets. Foreign currency transaction gains (losses) are included in other income (expense), net on the Consolidated Statements of Operations and were not material for the three months ended June 30, 2024 and 2023. Foreign currency transaction losses were $0.3 million for the six months ended June 30, 2024 and were not material for the six months ended June 30, 2023. Restricted Cash The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands): As of June 30, 2024 2023 Cash and cash equivalents $ 47,002 $ 329,525 Restricted cash 2,607 2,686 Cash, cash equivalents, and restricted cash $ 49,609 $ 332,211 Restricted cash consists of collateral for a letter of credit issued as security for two of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security. Recently Adopted Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). This update clarifies the guidance in Topic 820 related to measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, as well as introduces new disclosure requirements for these types of equity securities. The new standard became effective for the Company on January 1, 2024. The Company adopted this standard on a prospective basis and such adoption did not have a material impact on the Company’s Consolidated Financial Statements or related disclosures. Recent Accounting Standards to be Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new standard enhances the disclosures of reportable segment information, primarily with regards to significant segment expenses, and applies to entities with a single reportable segment. The new standard is effective for the Company for annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Revenue and Related Matters

Revenue and Related Matters	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Related Matters	Note 3. Revenue and Related Matters Revenue from Contracts with Customers The Company’s customers primarily consist of entities engaged in life sciences research that pursue the discovery and development of new drugs for a variety of neurologic, oncologic, cardiovascular, and infectious diseases, and other protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions. Disaggregated Revenue The following table disaggregates the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands): Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total Product revenue: Instruments $ 1,580 $ 557 $ 329 $ 2,466 $ 1,042 $ 971 $ 1,473 $ 3,486 Consumable and other products 10,498 5,096 1,827 17,421 9,811 4,547 1,848 16,206 Total $ 12,078 $ 5,653 $ 2,156 $ 19,887 $ 10,853 $ 5,518 $ 3,321 $ 19,692 Service revenue: Service-type warranties $ 1,611 $ 902 $ 200 $ 2,713 $ 1,559 $ 753 $ 153 $ 2,465 Research services 7,775 2,183 170 10,128 6,321 711 453 7,485 Other services 429 240 1 670 372 219 11 602 Total $ 9,815 $ 3,325 $ 371 $ 13,511 $ 8,252 $ 1,683 $ 617 $ 10,552 Collaboration and license revenue: Total $ 729 $ — $ — $ 729 $ 629 $ — $ — $ 629 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total Product revenue: Instruments $ 1,988 $ 1,826 $ 1,198 $ 5,012 $ 3,186 $ 2,962 $ 2,597 $ 8,745 Consumable and other products 20,740 9,137 4,668 34,545 17,268 9,556 3,410 30,234 Total $ 22,728 $ 10,963 $ 5,866 $ 39,557 $ 20,454 $ 12,518 $ 6,007 $ 38,979 Service revenue: Service-type warranties $ 3,248 $ 1,754 $ 394 $ 5,396 $ 3,116 $ 1,459 $ 288 $ 4,863 Research services 13,537 4,985 297 18,819 11,510 945 568 13,023 Other services 747 488 28 1,263 754 476 15 1,245 Total $ 17,532 $ 7,227 $ 719 $ 25,478 $ 15,380 $ 2,880 $ 871 $ 19,131 Collaboration and license revenue: Total $ 796 $ 88 $ — $ 884 $ 997 $ — $ — $ 997 For the three and six months ended June 30, 2024, no customer accounted for more than 10% of the Company’s total revenues and for the three and six months ended June 30, 2023, one customer accounted for more than 10% of the Company’s total revenues. At June 30, 2024 and December 31, 2023, one customer accounted for more than 10% of the Company’s gross accounts receivable. Product Revenue UltraDx On May 26, 2022, the Company and UltraDx Limited (“UltraDx”), a company formed by ARCH Venture Partners (“ARCH”), entered into an agreement (the “UltraDx Agreement"). Under the UltraDx Agreement, the Company agreed to supply UltraDx with HD-X instruments (both fully assembled and disassembled), assays and assay components, and granted a co-exclusive license to manufacture, seek Chinese regulatory approval of (including performance of any necessary research and development activities), and commercialize HD-X instruments assembled in China and related assays in the Chinese neurological in vitro diagnostic market. Refer to Note 13 - Related Party Transactions for a discussion of the related party relationships between Quanterix and these entities. The consideration due to the Company included cash proceeds and contingent, non-cash consideration in the form of ordinary shares of UltraDx with a deemed fair value of $1.0 million. The issuance of the ordinary shares was contingent on UltraDx completing a preferred share financing under the terms and conditions in the UltraDx Agreement. Given the uncertainty of the completion of a preferred share financing, the Company concluded that the non-cash consideration related to the ordinary shares was variable consideration that was fully constrained at contract inception. In the second quarter of 2023, UltraDx completed a qualified preferred share financing and issued to the Company one million ordinary shares. Refer to Note 6 - Fair Value of Financial Instruments for the Company’s fair value disclosures related to the ordinary shares received and Note 14 - Variable Interest Entities for the Company's evaluation of its investments in other entities under the VIE guidance. During the three and six months ended June 30, 2024, revenue recognized from the UltraDx Agreement was not material and $1.1 million, respectively. During both the three and six months ended June 30, 2023, the Company recognized $1.4 million of revenue, which includes the one-time revenue from the receipt of the ordinary shares. Service Revenue Eli Lilly and Company Service Revenue Agreements On February 25, 2022, the Company entered into a Master Collaboration Agreement with Eli Lilly and Company (“Lilly”) establishing a framework for future projects focused on the development of Simoa immunoassays (the “Lilly Collaboration Agreement”). The Company also entered into an initial statement of work (the "SOW") under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease ("AD"). Under the SOW, the Company receives $1.5 million per calendar quarter, which began in the first quarter of 2022. The initial SOW automatically renews on a quarterly basis until Lilly provides a termination notice in accordance with the terms of the Lilly Collaboration Agreement. During the second quarter of 2024, Lilly launched its CertuitAD test. As a result, on May 14, 2024, Lilly provided notice to terminate the SOW, effective August 22, 2024. Under the terms of the SOW, the Company received a quarterly payment of $1.5 million during the second quarter of 2024 and will receive a final quarterly payment of $1.5 million in the third quarter of 2024. The Lilly Collaboration Agreement remains in effect and the Company continues to provide products and services to Lilly under other contractual arrangements. Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the “Lilly License”) under which Lilly granted a non-exclusive license to Lilly’s proprietary p-Tau 217 antibody technology for use by the Company in research use only products, services, and future in vitro diagnostics (“IVD”) applications within the field of Alzheimer’s disease. In consideration of the Lilly License, the Company paid an upfront fee, is required to make milestone payments based on the achievement of predetermined regulatory and commercial events, and will pay royalties on net sales of licensed products. The Company recognized revenue from the Lilly Collaboration Agreement of $1.5 million and $3.0 million during the three and six months ended June 30, 2024 and 2023, respectively. Contract Assets There were no contract assets as of June 30, 2024 or December 31, 2023 . Deferred Revenue During the six months ended June 30, 2024 and 2023, the Company recognized $4.9 million of revenue in each of the respective periods related to its deferred revenue balance at January 1 of each such period. Remaining Performance Obligations As of June 30, 2024, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $11.0 million. Of this amount, $10.1 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter. The $11.0 million primarily consists of amounts billed for undelivered services related to initial and extended service-type warranties and research services. Costs to Obtain a Contract Changes in costs to obtain a contract were as follows (in thousands): 2024 2023 Balance at December 31 of prior year $ 289 $ 377 Capitalization of costs to obtain a contract 174 335 Recognition of costs to obtain a contract (183) (333) Balance at June 30 $ 280 $ 379 The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the six months ended June 30, 2024 and 2023 . Grant Revenue All of the Company's grant revenue is generated within North America. NIH Grant On September 21, 2022, the Company and the National Institutes of Health (the “NIH”), an agency of the U.S. Department of Health and Human Services, entered into a contract (the “NIH Grant”) with a total award value of $1.7 million. The NIH granted the Company funding in support of the development of certain point-of-care diagnostic technologies through collaborative efforts. Grant funding is to be used solely for activities related to the point-of-care diagnostic device development project and the contract period runs through August 2025. Receipt of the award value occurs throughout the term of the contract period and after the Company submits for reimbursement of activities related to the grant. As of June 30, 2024, the Company had received $0.8 million of the total award value. During the three and six months ended June 30, 2024, grant revenue recognized and research and development expenses incurred were not material and $0.4 million, respectively. During the three and six months ended June 30, 2023 , grant revenue recognized and research and development expenses incurred were not material. ADDF Grant On March 24, 2022, the Company and the Alzheimer’s Drug Discovery Foundation (the “ADDF”) entered into a contract (the “ADDF Grant”) with a total funding value of $2.3 million. The ADDF is a charitable venture philanthropy entity that granted the Company funding in support of certain activities for the development of an IVD test for early detection of AD. The ADDF Grant restricts the Company’s use of the granted funds solely for activities related to the Company’s Alzheimer’s diagnostic test development project and the contract period runs through December 2024. Receipt of the contract funding was subject to achievement of pre-defined milestones, and as of December 31, 2023, the Company had received the total funding value of $2.3 million. During the three and six months ended June 30, 2024 and 2023 grant revenue recognized and research and development expenses incurred were not material. As of June 30, 2024, the Company had $0.9 million of deferred revenue related to the ADDF Grant.

Allowance for Credit Losses

Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2024
Allowance for Credit Loss [Abstract]
Allowance for Credit Losses	Note 4. Allowance for Credit Losses The change in the allowance for expected credit losses on accounts receivable is summarized as follows (in thousands): 2024 2023 Balance at December 31 of prior year $ 454 $ 118 Provision for expected credit losses 676 516 Write-offs and recoveries collected (118) (192) Balance at June 30 $ 1,012 $ 442

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Note 5. Marketable Securities The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands): As of June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 30,297 $ — $ (31) $ 30,266 U.S. Treasuries 61,418 — (29) 61,389 U.S. Government agency bonds 78,455 1 (179) 78,277 Corporate bonds 87,908 14 (234) 87,688 Total marketable securities $ 258,078 $ 15 $ (473) $ 257,620 Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents $ 7,767 Marketable securities 249,853 Total marketable securities $ 257,620 As of December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 53,482 $ 23 $ (12) $ 53,493 U.S. Treasuries 4,896 1 — 4,897 U.S. Government agency bonds 28,366 39 (7) 28,398 Corporate bonds 66,726 289 (8) 67,007 Total marketable securities $ 153,470 $ 352 $ (27) $ 153,795 Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents $ 6,893 Marketable securities 146,902 Total marketable securities $ 153,795 The following tables show the fair value and gross unrealized losses of the Company’s available-for-sale securities, with unrealized losses that are not deemed to be other-than-temporary aggregated by major security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands): Less Than 12 Months As of June 30, 2024 Fair Value Unrealized Losses Commercial paper $ 30,266 $ (31) U.S. Treasuries 61,389 (29) U.S. Government agency bonds 74,306 (179) Corporate bonds 79,529 (234) Total $ 245,490 $ (473) Less Than 12 Months As of December 31, 2023 Fair Value Unrealized Losses Commercial paper $ 32,137 $ (12) U.S. Government agency bonds 15,861 (7) Corporate bonds 8,367 (8) Total $ 56,365 $ (27) The Company did not have any individual securities in a continuous loss position for greater than 12 months, and there were no individual securities that were in a significant unrealized loss position as of June 30, 2024. For marketable securities in an unrealized loss position, the Company does not intend to sell them, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related. Accordingly, the Company has not recorded any impairment losses or a credit loss allowance. The Company did not sell any marketable securities or record any realized gains or losses for the six months ended June 30, 2024. At June 30, 2024 and December 31, 2023, the Company had $1.5 million and $1.0 million, respectively, of accrued interest receivable on its marketable securities. The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): As of June 30, 2024 As of December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 213,631 $ 213,306 $ 95,188 $ 95,232 Due in one to two years 44,447 44,314 58,282 58,563 Total $ 258,078 $ 257,620 $ 153,470 $ 153,795

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 6. Fair Value of Financial Instruments Recurring Fair Value Measurements The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands): As of June 30, 2024 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: Cash equivalents: (1) Money market funds $ 23,991 $ 23,991 $ — $ — Commercial paper 1,994 — 1,994 — U.S. Treasuries 5,773 — 5,773 — Total cash equivalents 31,758 23,991 7,767 — Marketable securities: Commercial paper 28,271 — 28,271 — U.S. Treasuries 55,616 — 55,616 — U.S. Government agency bonds 78,277 — 78,277 — Corporate bonds 87,689 — 87,689 — Total marketable securities 249,853 — 249,853 — Total financial assets $ 281,611 $ 23,991 $ 257,620 $ — As of December 31, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: Cash equivalents: (1) Money market funds $ 155,367 $ 155,367 $ — $ — Commercial paper 1,996 — 1,996 — U.S. Treasuries 4,897 — 4,897 — Total cash equivalents 162,260 155,367 6,893 — Marketable securities: Commercial paper 51,498 — 51,498 — U.S. Government agency bonds 28,398 — 28,398 — Corporate bonds 67,006 — 67,006 — Total marketable securities 146,902 — 146,902 — Total financial assets $ 309,162 $ 155,367 $ 153,795 $ — (1) Included in cash and cash equivalents on the Consolidated Balance Sheets. Cash equivalents and marketable securities classified as Level 2 financial assets are initially valued at their purchase price and subsequently valued at the end of each reporting period utilizing third party pricing services or other observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches, and observable market inputs to determine the fair value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates, and other industry and economic events. Nonrecurring Fair Value Measurements In the second quarter of 2023, the Company received 1 million ordinary shares of UltraDx under the UltraDx Agreement (refer to Note 3 - Revenue and Related Matters ). As UltraDx is a privately held entity, there is minimal market activity or other financial information available to determine the fair value of UltraDx’s shares and therefore this investment is considered a Level 3 financial asset. Pursuant to ASC 321 – Investments – Equity Securities , the Company uses the measurement alternative for equity investments without readily determinable fair values and recognizes its equity investment in UltraDx at cost, less any impairment, and adjusted for any observable price changes in orderly transactions. The ordinary shares received were valued at $1.0 million upon receipt, primarily using the third-party purchase price of similar interests issued during UltraDx’s financing that closed in the second quarter of 2023. Changes in the inputs and assumptions used would have resulted in a higher or lower fair value measurement. The Company’s non-marketable equity investment in UltraDx contains certain restrictions related to the sale or transfer of the securities. The restrictions are in place indefinitely and cannot lapse. No adjustment to the fair value was required as a result of adopting ASU 2022-03 on January 1, 2024. During the three and six months ended June 30, 2024 and 2023, the Company did not record any fair value adjustments to its non-marketable equity investment, and to date, the cumulative fair value adjustments have not been material. As of June 30, 2024 and December 31, 2023, the carrying value of the non-marketable equity investment was $0.8 million, and is recorded in other non-current assets on the Consolidated Balance Sheets. Refer to Note 14 - Variable Interest Entities for the Company's evaluation of its investments in other entities under the VIE guidance. Other Fair Value Disclosures During the three months ended June 30, 2024 and 2023, the Company did not transfer financial assets between levels of the fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 2 or Level 3 financial assets.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Note 7. Inventory Inventory, net of inventory reserves, consisted of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 7,649 $ 5,114 Work in process 7,083 4,466 Finished goods 13,631 12,785 Total inventory $ 28,363 $ 22,365

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	Note 8. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued professional services $ 1,790 $ 1,596 Accrued royalties 1,387 1,689 Accrued tax liabilities 768 808 Other accrued expenses 2,632 1,948 Total accrued expenses and other current liabilities $ 6,577 $ 6,041

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 9. Stock-Based Compensation Stock Options Stock option activity for the six months ended June 30, 2024 is presented below (in thousands, except per share and contractual life amounts): Number of options Weighted-average exercise price per share Weighted-average remaining contractual life (in years) Aggregate intrinsic value Outstanding at December 31, 2023 2,774 $ 19.62 7.9 $ 26,941 Granted 1,315 22.12 Exercised (138) 12.04 Forfeited/expired (333) 21.53 Outstanding at June 30, 2024 3,618 $ 20.64 8.1 $ 2,177 Exercisable at June 30, 2024 1,305 $ 21.79 6.4 $ 1,292 Vested and expected to vest at June 30, 2024 3,618 $ 20.64 8.1 $ 2,177 Restricted Stock Units Restricted stock unit (“RSU”) activity for the six months ended June 30, 2024 is presented below (in thousands, except per share amounts): Number of shares Weighted-average grant date fair value per share Unvested at December 31, 2023 1,328 $ 17.87 Granted 498 23.61 Vested (311) 18.86 Forfeited (157) 19.31 Unvested at June 30, 2024 1,358 $ 19.75 Employee Stock Purchase Plan (“ESPP”) In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP provides for six-month offering periods commencing and ending as follows: March 1 through August 31, and September 1 through February 28. During the six months ended June 30, 2024, employees purchased 36 thousand shares of the Company’s common stock pursuant to the 2017 ESPP. Stock-Based Compensation Expense Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of product revenue $ 325 $ 200 $ 606 $ 387 Cost of service and other revenue 275 258 583 608 Research and development 525 405 1,068 775 Selling, general and administrative 4,103 3,330 8,236 6,325 Total stock-based compensation expense $ 5,228 $ 4,193 $ 10,493 $ 8,095 As of June 30, 2024, there was $48.5 million of total unrecognized stock-based compensation expense related to unvested RSUs and stock options, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 years.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Note 10. Net Loss Per Share The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net loss $ (9,473) $ (6,064) $ (19,545) $ (12,167) Denominator: Weighted average common shares outstanding, basic and diluted 38,338 37,494 38,232 37,411 Net loss per share, basic and diluted $ (0.25) $ (0.16) $ (0.51) $ (0.33) As the Company was in a net loss position for all periods listed in the table below, the following common share equivalents (calculated on a weighted average basis) were excluded from the calculation of diluted net loss per share (in thousands) for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options 3,660 2,891 3,590 2,810 RSUs 1,410 1,607 1,332 1,557 Estimated ESPP purchases 18 13 15 15 Total dilutive shares 5,088 4,511 4,937 4,382

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. Income Taxes The Company’s effective tax rates were (0.4)% and (1.5)% for the three and six months ended June 30, 2024, and (4.0)% and (3.2)% for the three and six months ended June 30, 2023, respectively. The income tax provision and effective tax rate is driven primarily by a valuation allowance in the United States, partially offset by income taxes in foreign jurisdictions. The Company maintains a valuation allowance on the majority of its deferred tax assets, and it has concluded that it is more likely than not that the deferred assets will not be utilized.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Purchase Commitments STRATEC During 2022, the Company and STRATEC Consumables GmbH (“STRATEC”) entered into an amendment to the supply agreement with STRATEC (as amended, the “STRATEC Supply Agreement”), related to the supply of discs used in Simoa bead-based instruments. As part of the STRATEC Supply Agreement, the Company agreed to purchase a total of 515 thousand discs to be shipped at various points starting in 2022 and continuing through 2024 at an agreed purchase price per disc. The total purchase commitment under the STRATEC Supply Agreement is $3.7 million, of which $2.7 million has been paid, and $1.0 million is due within one year from June 30, 2024. During the three and six months ended June 30, 2024 STRATEC shipped 46 thousand and 81 thousand discs, respectively, and during the three and six months ended June 30, 2023 it shipped 46 thousand and 120 thousand discs, respectively, to the Company. The Company recorded cost of product revenue related to these shipments of $0.3 million and $0.6 million for the three and six months ended June 30, 2024, respectively, and $0.3 million and $0.9 million for the three and six months ended June 30, 2023, respectively. During the remainder of 2024, STRATEC is required to ship 141 thousand discs to the Company. Other Purchase Commitments The Company’s other non-cancellable purchase commitments primarily consist of purchases of raw materials for manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. As of June 30, 2024, the Company’s total purchase commitments under these agreements were $7.3 million, most of which the Company expects to incur by the end of 2025. License Agreements Harvard University In August 2022, the Company and Harvard University (“Harvard”) entered into an exclusive license agreement (the “Harvard License Agreement”) for certain intellectual property owned by Harvard. Pursuant to the Harvard License Agreement, the Company paid an upfront fee of $0.6 million, which was recorded in research and development expenses on the Consolidated Statements of Operations. Under the Harvard License Agreement, the Company is required to pay Harvard low single-digit royalties on net sales of products and services using the licensed technology, as well as a portion of its applicable sublicense revenues. The Company incurred no royalty expense under the Harvard License Agreement for the three and six months ended June 30, 2024 and 2023. Refer to Note 13 - Related Party Transactions for a discussion of a related party relationship with Harvard. Tufts University In June 2007, the Company and Tufts University (“Tufts”) entered into a license agreement (the “Tufts License Agreement”) for certain intellectual property owned by Tufts. The Tufts License Agreement, which was subsequently amended, is exclusive and sub-licensable, and will continue in effect on a country-by-country basis as long as there is a valid claim of a licensed patent in a country. The Company is required to pay license and maintenance fees that are creditable against royalties, in addition to low single-digit royalties on direct sales and services, and a royalty on sublicense income. The Company incurred royalty expenses related to the Tufts License Agreement of $0.6 million and $1.1 million during the three and six months ended June 30, 2024, respectively, and $0.4 million and $0.8 million during the three and six months ended June 30, 2023, respectively, which were recorded in cost of product revenue on the Consolidated Statements of Operations. Refer to Note 13 - Related Party Transactions for a discussion of a related party relationship with Tufts. Legal Contingencies The Company is subject to claims in the ordinary course of business; however, the Company is not currently a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect on its financial condition or results of operations. Leases The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands): Maturity of lease liabilities As of June 30, 2024 2024 (remainder) $ 3,602 2025 7,296 2026 7,450 2027 7,684 2028 7,923 2029 8,143 Thereafter 7,613 Total lease payments 49,711 Less: imputed interest 10,135 Total operating lease liabilities $ 39,576 The Company’s lease agreement for office and laboratory facilities in Bedford, Massachusetts included a tenant improvement allowance with the landlord that offset a portion of the Company’s construction costs. During the first quarter of 2023, the Company received the final tenant improvement allowance reimbursement of $0.9 million.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 13. Related Party Transactions In June 2007, the Company entered into the Tufts License Agreement for certain intellectual property owned by Tufts (refer to Note 12 - Commitments and Contingencies ). A member of the Company’s Board of Directors was previously affiliated with Tufts and continues to receive compensation from Tufts on a formulaic basis based on royalties and license payments the Company makes to Tufts. At June 30, 2024 and December 31, 2023, open payable balances to Tufts were not material. In August 2022, the Company entered into the Harvard License Agreement for certain intellectual property owned by Harvard (refer to Note 12 - Commitments and Contingencies ). Harvard is required to pay a portion of the payments received from the Company under the Harvard License Agreement to a member of the Company’s Board of Directors. The same member of the Company’s Board of Directors is also affiliated with Mass General Brigham. Revenue recorded from sales of products and services to Harvard and Mass General Brigham was not material and $0.5 million for the three and six months ended June 30, 2024, respectively, and $0.5 million and $0.7 million for the three and six months ended June 30, 2023, respectively. Cost of product revenue and operating expenses with Harvard and Mass General Brigham were not material for the three and six months ended June 30, 2024 and 2023. At June 30, 2024 and December 31, 2023, open payables to and receivable balances from Harvard and Mass General Brigham were not material. As discussed in Note 3 - Revenue and Related Matters

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities	Note 14. Variable Interest Entities The Company enters into relationships with, or has investments in, other entities that may be VIEs. The Company assesses the criteria in ASC 810 – Consolidation to determine if any such entities meet the definition of a VIE and require consolidation into its financial statements. Based on the Company’s assessments, it does not have any controlling financial interests in any VIE, and therefore did not consolidate any VIE into its Consolidated Financial Statements during the three and six months ended June 30, 2024 and 2023. As of June 30, 2024 and December 31, 2023 , the carrying value of the Company’s investments in VIEs was $0.8 million , which was recorded in other non-current assets on the Consolidated Balance Sheets. Refer to Note 6 - Fair Value of Financial Instruments for the Company’s related valuation disclosures. Maximum exposure to losses related to the VIEs is limited to their carrying value and the Company does not have any future funding commitments to any VIE.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (9,473)	$ (10,072)	$ (6,064)	$ (6,103)	$ (19,545)	$ (12,167)

Insider Trading Arrangements

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

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements and Notes to Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete financial statements prepared in accordance with U.S. GAAP are not included herein. The Consolidated Balance Sheet and related information as of December 31, 2023 included herein was derived from the audited Consolidated Financial Statements as of December 31, 2023, but does not include all disclosures required by U.S. GAAP on an annual reporting basis. Certain amounts in the prior years’ Consolidated Financial Statements have been reclassified to conform to the current year’s presentation. These Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024. Since the date of that filing, there have been no changes or updates to the Company’s significant accounting policies, other than those described below. In the opinion of management, the Consolidated Financial Statements and Notes to Consolidated Financial Statements contain all normal, recurring adjustments necessary for a fair statement of financial position, results of operations, comprehensive loss, and cash flows as of the dates and for the interim periods presented. The results of operations for the three and six months ended June 30, 2024 may not be indicative of the results for the full year ended December 31, 2024, or any other period. The Company’s fiscal year is the 12-month period from January 1 through December 31, and all references to “2024,” “2023,” and the like refer to the fiscal year unless otherwise noted.
Use of Estimates	Use of Estimates The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation and impairment of intangible and long-lived assets, recoverability of deferred tax assets, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements and Notes to Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In accordance with Accounting Standards Codification (“ASC”) 810 – Consolidation , the Company assesses the terms of non-marketable equity investments in entities to determine if any meet the definition of a variable interest entity (“VIE”) and require consolidation into its Consolidated Financial Statements. Refer to Note 14 - Variable Interest Entities for further discussion.
Foreign Currency	Foreign Currency The functional currency of the Company’s subsidiaries is their respective local currencies. These subsidiary financial statements are translated into U.S. dollars using the period-end exchange rates for assets and liabilities, average exchange rates during the corresponding period for revenue and expenses, and historical rates for equity. The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive income (loss), a component of stockholders’ equity on the Consolidated Balance Sheets.
Restricted Cash	Restricted Cash The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands): As of June 30, 2024 2023 Cash and cash equivalents $ 47,002 $ 329,525 Restricted cash 2,607 2,686 Cash, cash equivalents, and restricted cash $ 49,609 $ 332,211 Restricted cash consists of collateral for a letter of credit issued as security for two of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). This update clarifies the guidance in Topic 820 related to measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, as well as introduces new disclosure requirements for these types of equity securities. The new standard became effective for the Company on January 1, 2024. The Company adopted this standard on a prospective basis and such adoption did not have a material impact on the Company’s Consolidated Financial Statements or related disclosures. Recent Accounting Standards to be Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new standard enhances the disclosures of reportable segment information, primarily with regards to significant segment expenses, and applies to entities with a single reportable segment. The new standard is effective for the Company for annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Total Cash, Cash Equivalents, and Restricted Cash	The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands): As of June 30, 2024 2023 Cash and cash equivalents $ 47,002 $ 329,525 Restricted cash 2,607 2,686 Cash, cash equivalents, and restricted cash $ 49,609 $ 332,211

Revenue and Related Matters (Ta

Revenue and Related Matters (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	The following table disaggregates the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands): Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total Product revenue: Instruments $ 1,580 $ 557 $ 329 $ 2,466 $ 1,042 $ 971 $ 1,473 $ 3,486 Consumable and other products 10,498 5,096 1,827 17,421 9,811 4,547 1,848 16,206 Total $ 12,078 $ 5,653 $ 2,156 $ 19,887 $ 10,853 $ 5,518 $ 3,321 $ 19,692 Service revenue: Service-type warranties $ 1,611 $ 902 $ 200 $ 2,713 $ 1,559 $ 753 $ 153 $ 2,465 Research services 7,775 2,183 170 10,128 6,321 711 453 7,485 Other services 429 240 1 670 372 219 11 602 Total $ 9,815 $ 3,325 $ 371 $ 13,511 $ 8,252 $ 1,683 $ 617 $ 10,552 Collaboration and license revenue: Total $ 729 $ — $ — $ 729 $ 629 $ — $ — $ 629 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total Product revenue: Instruments $ 1,988 $ 1,826 $ 1,198 $ 5,012 $ 3,186 $ 2,962 $ 2,597 $ 8,745 Consumable and other products 20,740 9,137 4,668 34,545 17,268 9,556 3,410 30,234 Total $ 22,728 $ 10,963 $ 5,866 $ 39,557 $ 20,454 $ 12,518 $ 6,007 $ 38,979 Service revenue: Service-type warranties $ 3,248 $ 1,754 $ 394 $ 5,396 $ 3,116 $ 1,459 $ 288 $ 4,863 Research services 13,537 4,985 297 18,819 11,510 945 568 13,023 Other services 747 488 28 1,263 754 476 15 1,245 Total $ 17,532 $ 7,227 $ 719 $ 25,478 $ 15,380 $ 2,880 $ 871 $ 19,131 Collaboration and license revenue: Total $ 796 $ 88 $ — $ 884 $ 997 $ — $ — $ 997
Schedule of Costs to Obtain a Contract	Changes in costs to obtain a contract were as follows (in thousands): 2024 2023 Balance at December 31 of prior year $ 289 $ 377 Capitalization of costs to obtain a contract 174 335 Recognition of costs to obtain a contract (183) (333) Balance at June 30 $ 280 $ 379

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2024
Allowance for Credit Loss [Abstract]
Schedule of the Allowance for Credit Losses	The change in the allowance for expected credit losses on accounts receivable is summarized as follows (in thousands): 2024 2023 Balance at December 31 of prior year $ 454 $ 118 Provision for expected credit losses 676 516 Write-offs and recoveries collected (118) (192) Balance at June 30 $ 1,012 $ 442

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value	The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands): As of June 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 30,297 $ — $ (31) $ 30,266 U.S. Treasuries 61,418 — (29) 61,389 U.S. Government agency bonds 78,455 1 (179) 78,277 Corporate bonds 87,908 14 (234) 87,688 Total marketable securities $ 258,078 $ 15 $ (473) $ 257,620 Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents $ 7,767 Marketable securities 249,853 Total marketable securities $ 257,620 As of December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 53,482 $ 23 $ (12) $ 53,493 U.S. Treasuries 4,896 1 — 4,897 U.S. Government agency bonds 28,366 39 (7) 28,398 Corporate bonds 66,726 289 (8) 67,007 Total marketable securities $ 153,470 $ 352 $ (27) $ 153,795 Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents $ 6,893 Marketable securities 146,902 Total marketable securities $ 153,795
Summary of Fair Value and Gross Unrealized Losses	The following tables show the fair value and gross unrealized losses of the Company’s available-for-sale securities, with unrealized losses that are not deemed to be other-than-temporary aggregated by major security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands): Less Than 12 Months As of June 30, 2024 Fair Value Unrealized Losses Commercial paper $ 30,266 $ (31) U.S. Treasuries 61,389 (29) U.S. Government agency bonds 74,306 (179) Corporate bonds 79,529 (234) Total $ 245,490 $ (473) Less Than 12 Months As of December 31, 2023 Fair Value Unrealized Losses Commercial paper $ 32,137 $ (12) U.S. Government agency bonds 15,861 (7) Corporate bonds 8,367 (8) Total $ 56,365 $ (27)
Summary of Contractual Maturities of Marketable Securities	The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): As of June 30, 2024 As of December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 213,631 $ 213,306 $ 95,188 $ 95,232 Due in one to two years 44,447 44,314 58,282 58,563 Total $ 258,078 $ 257,620 $ 153,470 $ 153,795

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets	Recurring Fair Value Measurements The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands): As of June 30, 2024 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: Cash equivalents: (1) Money market funds $ 23,991 $ 23,991 $ — $ — Commercial paper 1,994 — 1,994 — U.S. Treasuries 5,773 — 5,773 — Total cash equivalents 31,758 23,991 7,767 — Marketable securities: Commercial paper 28,271 — 28,271 — U.S. Treasuries 55,616 — 55,616 — U.S. Government agency bonds 78,277 — 78,277 — Corporate bonds 87,689 — 87,689 — Total marketable securities 249,853 — 249,853 — Total financial assets $ 281,611 $ 23,991 $ 257,620 $ — As of December 31, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: Cash equivalents: (1) Money market funds $ 155,367 $ 155,367 $ — $ — Commercial paper 1,996 — 1,996 — U.S. Treasuries 4,897 — 4,897 — Total cash equivalents 162,260 155,367 6,893 — Marketable securities: Commercial paper 51,498 — 51,498 — U.S. Government agency bonds 28,398 — 28,398 — Corporate bonds 67,006 — 67,006 — Total marketable securities 146,902 — 146,902 — Total financial assets $ 309,162 $ 155,367 $ 153,795 $ — (1) Included in cash and cash equivalents on the Consolidated Balance Sheets.

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Summary of Inventory	Inventory, net of inventory reserves, consisted of the following (in thousands): June 30, 2024 December 31, 2023 Raw materials $ 7,649 $ 5,114 Work in process 7,083 4,466 Finished goods 13,631 12,785 Total inventory $ 28,363 $ 22,365

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Accrued Expenses and Other Current Liabilities [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued professional services $ 1,790 $ 1,596 Accrued royalties 1,387 1,689 Accrued tax liabilities 768 808 Other accrued expenses 2,632 1,948 Total accrued expenses and other current liabilities $ 6,577 $ 6,041

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	Stock option activity for the six months ended June 30, 2024 is presented below (in thousands, except per share and contractual life amounts): Number of options Weighted-average exercise price per share Weighted-average remaining contractual life (in years) Aggregate intrinsic value Outstanding at December 31, 2023 2,774 $ 19.62 7.9 $ 26,941 Granted 1,315 22.12 Exercised (138) 12.04 Forfeited/expired (333) 21.53 Outstanding at June 30, 2024 3,618 $ 20.64 8.1 $ 2,177 Exercisable at June 30, 2024 1,305 $ 21.79 6.4 $ 1,292 Vested and expected to vest at June 30, 2024 3,618 $ 20.64 8.1 $ 2,177
Summary of Restricted Stock Units Activity	Restricted stock unit (“RSU”) activity for the six months ended June 30, 2024 is presented below (in thousands, except per share amounts): Number of shares Weighted-average grant date fair value per share Unvested at December 31, 2023 1,328 $ 17.87 Granted 498 23.61 Vested (311) 18.86 Forfeited (157) 19.31 Unvested at June 30, 2024 1,358 $ 19.75
Summary of Share-Based Compensation Expense	Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of product revenue $ 325 $ 200 $ 606 $ 387 Cost of service and other revenue 275 258 583 608 Research and development 525 405 1,068 775 Selling, general and administrative 4,103 3,330 8,236 6,325 Total stock-based compensation expense $ 5,228 $ 4,193 $ 10,493 $ 8,095

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net loss $ (9,473) $ (6,064) $ (19,545) $ (12,167) Denominator: Weighted average common shares outstanding, basic and diluted 38,338 37,494 38,232 37,411 Net loss per share, basic and diluted $ (0.25) $ (0.16) $ (0.51) $ (0.33)
Schedule of Common Share Equivalents Excluded from Diluted Net Loss Per Share	As the Company was in a net loss position for all periods listed in the table below, the following common share equivalents (calculated on a weighted average basis) were excluded from the calculation of diluted net loss per share (in thousands) for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options 3,660 2,891 3,590 2,810 RSUs 1,410 1,607 1,332 1,557 Estimated ESPP purchases 18 13 15 15 Total dilutive shares 5,088 4,511 4,937 4,382

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Undiscounted Future Lease Payments for Non-Cancelable Operating Leases	The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands): Maturity of lease liabilities As of June 30, 2024 2024 (remainder) $ 3,602 2025 7,296 2026 7,450 2027 7,684 2028 7,923 2029 8,143 Thereafter 7,613 Total lease payments 49,711 Less: imputed interest 10,135 Total operating lease liabilities $ 39,576

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Accounting Policies [Abstract]
Foreign currency transaction losses	$ 0.3

Significant Accounting Polici_5

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash equivalents
Cash and cash equivalents	$ 47,002	$ 174,422	$ 329,525
Restricted cash	2,607		2,686
Cash, cash equivalents, and restricted cash	$ 49,609	$ 177,026	$ 332,211	$ 341,337

Revenue and Related Matters - D

Revenue and Related Matters - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Service Revenue
Total	$ 34,381	$ 31,029	$ 66,447	$ 59,485
Product revenue
Service Revenue
Total	19,887	19,692	39,557	38,979
Product revenue | North America
Service Revenue
Total	12,078	10,853	22,728	20,454
Product revenue | EMEA
Service Revenue
Total	5,653	5,518	10,963	12,518
Product revenue | Asia Pacific
Service Revenue
Total	2,156	3,321	5,866	6,007
Instruments
Service Revenue
Total	2,466	3,486	5,012	8,745
Instruments | North America
Service Revenue
Total	1,580	1,042	1,988	3,186
Instruments | EMEA
Service Revenue
Total	557	971	1,826	2,962
Instruments | Asia Pacific
Service Revenue
Total	329	1,473	1,198	2,597
Consumable and other products
Service Revenue
Total	17,421	16,206	34,545	30,234
Consumable and other products | North America
Service Revenue
Total	10,498	9,811	20,740	17,268
Consumable and other products | EMEA
Service Revenue
Total	5,096	4,547	9,137	9,556
Consumable and other products | Asia Pacific
Service Revenue
Total	1,827	1,848	4,668	3,410
Service and other revenue
Service Revenue
Total	13,511	10,552	25,478	19,131
Service and other revenue | North America
Service Revenue
Total	9,815	8,252	17,532	15,380
Service and other revenue | EMEA
Service Revenue
Total	3,325	1,683	7,227	2,880
Service and other revenue | Asia Pacific
Service Revenue
Total	371	617	719	871
Service-type warranties
Service Revenue
Total	2,713	2,465	5,396	4,863
Service-type warranties | North America
Service Revenue
Total	1,611	1,559	3,248	3,116
Service-type warranties | EMEA
Service Revenue
Total	902	753	1,754	1,459
Service-type warranties | Asia Pacific
Service Revenue
Total	200	153	394	288
Research services
Service Revenue
Total	10,128	7,485	18,819	13,023
Research services | North America
Service Revenue
Total	7,775	6,321	13,537	11,510
Research services | EMEA
Service Revenue
Total	2,183	711	4,985	945
Research services | Asia Pacific
Service Revenue
Total	170	453	297	568
Other services
Service Revenue
Total	670	602	1,263	1,245
Other services | North America
Service Revenue
Total	429	372	747	754
Other services | EMEA
Service Revenue
Total	240	219	488	476
Other services | Asia Pacific
Service Revenue
Total	1	11	28	15
Collaboration and license revenue
Service Revenue
Total	729	629	884	997
Collaboration and license revenue | North America
Service Revenue
Total	729	629	796	997
Collaboration and license revenue | EMEA
Service Revenue
Total	0	0	88	0
Collaboration and license revenue | Asia Pacific
Service Revenue
Total	$ 0	$ 0	$ 0	$ 0

Revenue and Related Matters -Na

Revenue and Related Matters -Narrative (Details) $ in Thousands, shares in Millions				3 Months Ended				6 Months Ended		12 Months Ended
	Sep. 21, 2022 USD ($)	May 26, 2022 USD ($)	Mar. 24, 2022 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) customer	Jun. 30, 2023 USD ($) customer shares	Mar. 31, 2022 USD ($)	Jun. 30, 2024 USD ($) customer	Jun. 30, 2023 USD ($) customer	Dec. 31, 2023 USD ($) customer
Transaction Price Allocated to Remaining Performance Obligations
Ordinary shares value		$ 1,000
Total revenues					$ 34,381	$ 31,029		$ 66,447	$ 59,485
Contract assets					0			0		$ 0
Deferred revenue								4,900	4,900
Amount of transaction price allocated to performance obligations					11,000			11,000
Impairment loss								0	0
Research and development					8,104	5,946		14,779	10,666
Deferred revenue								354	1,666
UltraDx Limited Company
Transaction Price Allocated to Remaining Performance Obligations
Total revenues						$ 1,400		1,100	1,400
Variable interest entities | UltraDx Limited Company
Transaction Price Allocated to Remaining Performance Obligations
Ordinary shares received (in shares) | shares						1
Undelivered licenses of intellectual property
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations					11,000			11,000
Grant revenue
Transaction Price Allocated to Remaining Performance Obligations
Total revenues					254	$ 156		528	378
National Institutes of Health
Transaction Price Allocated to Remaining Performance Obligations
Grants received					800			800
Research and development					400			400
Contract value	$ 1,700
ADDF
Transaction Price Allocated to Remaining Performance Obligations
Contract value			$ 2,300							$ 2,300
ADDF | Grant revenue
Transaction Price Allocated to Remaining Performance Obligations
Deferred revenue								900
Eli Lilly | Statement of works agreement
Transaction Price Allocated to Remaining Performance Obligations
Collaborative arrangement payment received per quarter					1,500		$ 1,500
Eli Lilly | Statement of works agreement | Forecast
Transaction Price Allocated to Remaining Performance Obligations
Collaborative arrangement payment received per quarter				$ 1,500
Eli Lilly | Collaboration agreement
Transaction Price Allocated to Remaining Performance Obligations
Total revenues					1,500	$ 3,000		1,500	$ 3,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations					$ 10,100			$ 10,100
Performance obligation satisfaction period					12 months			12 months
Revenue Benchmark | Customer Concentration Risk | One customer
Transaction Price Allocated to Remaining Performance Obligations
Number of customers with high percent of total revenue | customer						1			1
Accounts Receivable | Customer Concentration Risk | One customer
Transaction Price Allocated to Remaining Performance Obligations
Number of customers with high percent of gross accounts receivable | customer					1			1		1
Concentration risk percentage										10%

Revenue and Related Matters - C

Revenue and Related Matters - Costs to Obtain a Contract (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Capitalized Contract Cost [Roll Forward]
Balance at December 31 of prior year	$ 289	$ 377
Capitalization of costs to obtain a contract	174	335
Recognition of costs to obtain a contract	(183)	(333)
Balance at June 30	$ 280	$ 379

Allowance for Credit Losses (De

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at December 31 of prior year	$ 454	$ 118
Provision for expected credit losses	676	516
Write-offs and recoveries collected	(118)	(192)
Balance at June 30	$ 1,012	$ 442

Marketable Securities - Summary

Marketable Securities - Summary of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 258,078	$ 153,470
Unrealized Gains	15	352
Unrealized Losses	(473)	(27)
Fair Value	257,620	153,795
Marketable securities	249,853	146,902
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	30,297	53,482
Unrealized Gains	0	23
Unrealized Losses	(31)	(12)
Fair Value	30,266	53,493
U.S. Treasuries
Marketable Securities [Line Items]
Amortized Cost	61,418	4,896
Unrealized Gains	0	1
Unrealized Losses	(29)	0
Fair Value	61,389	4,897
U.S. Government agency bonds
Marketable Securities [Line Items]
Amortized Cost	78,455	28,366
Unrealized Gains	1	39
Unrealized Losses	(179)	(7)
Fair Value	78,277	28,398
Corporate bonds
Marketable Securities [Line Items]
Amortized Cost	87,908	66,726
Unrealized Gains	14	289
Unrealized Losses	(234)	(8)
Fair Value	87,688	67,007
Cash and cash equivalents
Marketable Securities [Line Items]
Fair Value	$ 7,767	$ 6,893

Marketable Securities - Summa_2

Marketable Securities - Summary of Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Fair Value	$ 245,490	$ 56,365
Unrealized Losses	(473)	(27)
Commercial paper
Marketable Securities [Line Items]
Fair Value	30,266	32,137
Unrealized Losses	(31)	(12)
U.S. Treasuries
Marketable Securities [Line Items]
Fair Value	61,389
Unrealized Losses	(29)
U.S. Government agency bonds
Marketable Securities [Line Items]
Fair Value	74,306	15,861
Unrealized Losses	(179)	(7)
Corporate bonds
Marketable Securities [Line Items]
Fair Value	79,529	8,367
Unrealized Losses	$ (234)	$ (8)

Marketable Securities - Narrati

Marketable Securities - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Accrued interest receivable	$ 1.5	$ 1

Marketable Securities - Summa_3

Marketable Securities - Summary of Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Amortized cost due within one year	$ 213,631	$ 95,188
Fair value due within one year	213,306	95,232
Amortized cost due in one to two years	44,447	58,282
Fair value due in one to two years	44,314	58,563
Amortized Cost	258,078	153,470
Fair Value	$ 257,620	$ 153,795

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	$ 31,758	$ 162,260
Marketable securities	249,853	146,902
Total financial assets	281,611	309,162
Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	23,991	155,367
Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	1,994	1,996
Marketable securities	28,271	51,498
U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	5,773	4,897
Marketable securities	55,616
U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	78,277	28,398
Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	87,689	67,006
Quoted prices in active markets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	23,991	155,367
Marketable securities	0	0
Total financial assets	23,991	155,367
Quoted prices in active markets (Level 1) | Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	23,991	155,367
Quoted prices in active markets (Level 1) | Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	0	0
Marketable securities	0	0
Quoted prices in active markets (Level 1) | U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	0	0
Marketable securities	0
Quoted prices in active markets (Level 1) | U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	0	0
Quoted prices in active markets (Level 1) | Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	0	0
Significant other observable inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	7,767	6,893
Marketable securities	249,853	146,902
Total financial assets	257,620	153,795
Significant other observable inputs (Level 2) | Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	0	0
Significant other observable inputs (Level 2) | Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	1,994	1,996
Marketable securities	28,271	51,498
Significant other observable inputs (Level 2) | U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	5,773	4,897
Marketable securities	55,616
Significant other observable inputs (Level 2) | U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	78,277	28,398
Significant other observable inputs (Level 2) | Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	87,689	67,006
Significant unobservable inputs (Level 3)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	0	0
Marketable securities	0	0
Total financial assets	0	0
Significant unobservable inputs (Level 3) | Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	0	0
Significant unobservable inputs (Level 3) | Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	0	0
Marketable securities	0	0
Significant unobservable inputs (Level 3) | U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Financial assets:	0	0
Marketable securities	0
Significant unobservable inputs (Level 3) | U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	0	0
Significant unobservable inputs (Level 3) | Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended
	May 26, 2022	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ordinary shares value	$ 1,000
Carrying value of the company's level 3 financial assets			$ 281,611	$ 309,162
Variable interest entities | UltraDx Limited Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ordinary shares received (in shares)		1
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the company's level 3 financial assets			0	0
Nonrecurring | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the company's level 3 financial assets			$ 800	$ 800

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 7,649	$ 5,114
Work in process	7,083	4,466
Finished goods	13,631	12,785
Total inventory	$ 28,363	$ 22,365

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued professional services	$ 1,790	$ 1,596
Accrued royalties	1,387	1,689
Accrued tax liabilities	768	808
Other accrued expenses	2,632	1,948
Total accrued expenses and other current liabilities	$ 6,577	$ 6,041

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Number of options
Outstanding at the beginning of the period (in shares)	2,774
Granted (in shares)	1,315
Exercised (in shares)	(138)
Forfeited/expired (in shares)	(333)
Outstanding at the end of the period (in shares)	3,618	2,774
Exercisable at the end of the period (in shares)	1,305
Vested and expected to vest at the end of the period (in shares)	3,618
Weighted-average exercise price per share
Outstanding at the beginning of the period (in dollars per share)	$ 19.62
Granted (in dollars per share)	22.12
Exercised (in dollars per share)	12.04
Forfeited/expired (in dollars per share)	21.53
Outstanding at the end of the period (in dollars per share)	20.64	$ 19.62
Exercisable at the end of the period (in dollars per share)	21.79
Vested and expected to vest at the end of the period (in dollars per share)	$ 20.64
Weighted-average remaining contractual life (in years)
Outstanding	8 years 1 month 6 days	7 years 10 months 24 days
Exercisable	6 years 4 months 24 days
Vested and expected to vest	8 years 1 month 6 days
Aggregate intrinsic value
Outstanding	$ 2,177	$ 26,941
Exercisable	1,292
Vested and expected to vest	$ 2,177

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) - RSUs shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of shares
Unvested at the beginning of the period (in shares) | shares	1,328
Granted (in shares) | shares	498
Vested (in shares) | shares	(311)
Forfeited (in shares) | shares	(157)
Unvested at the end of the period (in shares) | shares	1,358
Weighted-average grant date fair value per share
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 17.87
Granted (in dollars per share) | $ / shares	23.61
Vested (in dollars per share) | $ / shares	18.86
Forfeited (in dollars per share) | $ / shares	19.31
Unvested at the end of the period (in dollars per share) | $ / shares	$ 19.75

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plan (“ESPP”) (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 shares
2017 ESPP
Stock-based compensation
Employee stock purchases (in shares)	36

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-based compensation
Total stock-based compensation expense	$ 5,228	$ 4,193	$ 10,493	$ 8,095
Cost of product revenue
Stock-based compensation
Total stock-based compensation expense	325	200	606	387
Cost of service and other revenue
Stock-based compensation
Total stock-based compensation expense	275	258	583	608
Research and development
Stock-based compensation
Total stock-based compensation expense	525	405	1,068	775
Selling, general and administrative
Stock-based compensation
Total stock-based compensation expense	4,103	$ 3,330	8,236	$ 6,325
Restricted Stock Units And Stock Options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 48,500		$ 48,500
Period of recognition of unrecognized compensation cost			2 years 9 months 18 days

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss	$ (9,473)	$ (10,072)	$ (6,064)	$ (6,103)	$ (19,545)	$ (12,167)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	38,338		37,494		38,232	37,411
Weighted-average common shares outstanding, diluted (in shares)	38,338		37,494		38,232	37,411
Net loss per share, basic (in dollars per shares)	$ (0.25)		$ (0.16)		$ (0.51)	$ (0.33)
Net loss per share, diluted (in dollars per share)	$ (0.25)		$ (0.16)		$ (0.51)	$ (0.33)

Net Loss Per Share - Common Sha

Net Loss Per Share - Common Share Equivalents Excluded from Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net loss per share
Total dilutive shares	5,088	4,511	4,937	4,382
Stock options
Net loss per share
Total dilutive shares	3,660	2,891	3,590	2,810
RSUs
Net loss per share
Total dilutive shares	1,410	1,607	1,332	1,557
Estimated ESPP purchases
Net loss per share
Total dilutive shares	18	13	15	15

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.40%)	(4.00%)	(1.50%)	(3.20%)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) item in Thousands, disc in Thousands, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended			36 Months Ended
	Aug. 31, 2022 USD ($)	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2024 disc	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($) item	Dec. 31, 2024 disc
Other Commitments [Line Items]
Accounts payable						$ 2,054	$ (631)
Purchase commitments expects to incur in next year		$ 7,300				7,300
Cost of revenue		14,323	$ 11,891			26,763	$ 23,421
Tenant improvements allowances				$ 900
Stratec Supply Agreement
Other Commitments [Line Items]
Other commitment		3,700				3,700
Accounts payable						2,700
Purchase commitments expects to incur in next year		$ 1,000				$ 1,000
Number of discs shipped | item		46	46			81	120
Cost of revenue		$ 300	$ 300			$ 600	$ 900
License agreements
Other Commitments [Line Items]
Royalty expense		0	0			0	0
License agreements | Harvard University
Other Commitments [Line Items]
Upfront fee	$ 600
License agreements | Tufts
Other Commitments [Line Items]
Royalty expense		$ 600	$ 400			$ 1,100	$ 800
Forecast | Stratec Supply Agreement
Other Commitments [Line Items]
Number of discs purchased | disc								515
Number of discs shipped | disc					141

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Undiscounted Future Lease Payments for Non-Cancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Maturity of lease liabilities
2024 (remainder)	$ 3,602
2025	7,296
2026	7,450
2027	7,684
2028	7,923
2029	8,143
Thereafter	7,613
Total lease payments	49,711
Less: imputed interest	10,135
Total operating lease liabilities	$ 39,576

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related party transactions
Cost of revenue	$ 14,323	$ 11,891	$ 26,763	$ 23,421
Accounts payable	7,273		7,273		$ 5,048
Harvard University
Related party transactions
Related party revenue		$ 500	500	$ 700
UltraDx Limited Company
Related party transactions
Accounts payable	$ 0		$ 0		$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Other non-current assets	$ 2,370	$ 1,802
Variable interest entities
Variable Interest Entity [Line Items]
Other non-current assets	$ 800	$ 800