Quanterix (QTRX) 10-Q/A 23 Dec 24 2024 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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	No
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		38,270,088
Entity Central Index Key	0001503274
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	true
Amendment Description	EXPLANATORY NOTEOverviewQuanterix Corporation (“it”, “Quanterix” or the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (the “Amended Report”) to amend and restate certain items in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 8, 2024 (the “Original Report”), in order to reflect the effects of the restatement of the financial statements included therein (the “Restatement”). This Amended Report includes the Company’s restated unaudited Consolidated Financial Statements as of March 31, 2024, for the quarterly periods ended March 31, 2024 and 2023, and the Company's restated audited Consolidated Financial Statements as of December 31, 2023 to correct an error related to its inventory valuation and to correct certain other unrelated errors. On December 23, 2024, the Company also filed Amendment No. 1 to its Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023, originally filed with the SEC on February 29, 2024 (the “Amended Annual Report”), to amend and restate certain items in such report and to include the Company’s restated audited Consolidated Financial Statements as of December 31, 2023 and 2022 and for each of the three years in the period ended December, 31 2023 and its unaudited Consolidated Financial Statements for all of the quarterly and year-to-date (as applicable) periods of 2023 and 2022. In addition, the Company is separately filing an amendment to its Quarterly Report on Form 10-Q/A for the quarterly period ended June 30, 2024, originally filed with the SEC on August 8, 2024 (collectively with this Amended Report and the Amended Annual Report, the “Amended Filings”), which includes restated unaudited Consolidated Financial Statements for the quarterly and year-to-date periods of 2024 and 2023 covered by such report.Restatement BackgroundAs previously disclosed by the Company in its Current Report on Form 8-K filed with the SEC on November 12, 2024, in connection with its efforts to remediate a material weakness in its internal control over financial reporting relating to the operating effectiveness of internal controls associated with the accounting for inventory valuation, and while performing closing procedures for the third quarter of 2024, management identified an error related to the capitalization of labor and overhead costs in the Company's inventory balances in prior periods (the “Misstatement”). The error was not caused by any override of controls, misconduct, or fraud. The correction of the Misstatement impacts the previously reported amounts of inventory, cost of product revenue, net loss per common share, and all related financial statement subtotals and totals. In addition to correcting the Misstatement, the Amended Filings also reflect adjustments to correct unrelated errors to other financial statement line items identified by the Company in prior periods which include, but are not limited to, adjustments to property and equipment, accrued compensation and benefits, and operating expenses.Refer to Note 1 - Restatement of Financial Statements in the Notes to Consolidated Financial Statements for more information related to the Restatement, including the impact on the Company’s Consolidated Financial Statements.Internal Control ConsiderationsIn connection with preparing this Amended Report, management has updated its evaluation of the effectiveness of its internal control over financial reporting as of March 31, 2024, as further described in Part I, Item 4. “Controls and Procedures” of this Amended Report. Consistent with the conclusion in Part II, Item 9A. “Controls and Procedures” of the Amended Annual Report, management continued to conclude that its internal control over financial reporting and disclosure controls and procedures were not effective as of March 31, 2024 due to the previously identified material weaknesses in its internal control over financial reporting, including that the material weakness in the controls relating to the operating effectiveness over accounting for inventory valuation should reflect the additional internal control design deficiency associated with the Misstatement.Items Amended in this Amended ReportThis Amended Report amends and restates the sections of the Original Report listed below, with modifications as necessary to reflect the Restatement. No attempt has been made in this Amended Report to update other disclosures in the Original Report, except as required to reflect the effects of the Restatement in the following amended items:•Note Regarding Forward-Looking Statements•Part I, Item 1. Financial Statements (Unaudited)•Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations•Part I, Item 4. Controls and Procedures•Part II, Item 6. ExhibitsExcept as described above, this Amended Report does not amend, update, or change any other disclosures in the Original Report. Among other things, except as related to the Restatement, forward looking statements made in the Original Report have not been revised to reflect events that occurred or facts that became known to the Company after the filing of the Original Report, and such forward looking statements should be read in their historical context. As such, this Amended Report speaks only as of the date the Original Report was filed, and the Company has not undertaken herein to amend, supplement, or update any information contained in the Original Report to give effect to any subsequent events. Accordingly, this Amended Report should be read in conjunction with the Original Report, including any other filings with the SEC.In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), new certifications by the Company’s Chief Executive Officer (as principal executive officer) and Chief Financial Officer (as principal financial officer) are filed herewith as Exhibits 31.1, 31.2 and 32.1 to this Amendment pursuant to Rule 13a-14(a) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 45,281	$ 174,422	$ 329,354
Marketable securities	256,640	146,902
Accounts receivable, net of allowance for expected credit losses	29,276	25,414
Inventory	28,634	26,123
Prepaid expenses and other current assets	9,521	9,234
Total current assets	369,352	382,095
Restricted cash	2,605	2,604
Property and equipment, net	17,492	17,926
Intangible assets, net	5,339	6,034
Operating lease right-of-use assets	17,748	18,251
Other non-current assets	1,669	1,657
Total assets	414,205	428,567
Current liabilities:
Accounts payable	3,979	5,048
Accrued compensation and benefits	7,196	14,170
Accrued expenses and other current liabilities	6,982	6,055
Deferred revenue	10,234	9,468
Short-term operating lease liabilities	4,366	4,241
Total current liabilities	32,757	38,982
Deferred revenue, net of current portion	933	1,227
Non-current operating lease liabilities	36,084	37,223
Other non-current liabilities	1,053	1,177
Total liabilities	70,827	78,609
Commitments and contingencies (Note 15)
Stockholders' equity:
Common stock, $0.001 par value, per share: Authorized: XXX,XXX; issued and outstanding: 38,014 and 37,280 shares at December 31, 2023 and 2022, respectively	38	38
Additional paid-in capital	789,006	783,142
Accumulated other comprehensive loss	(2,953)	(1,672)
Accumulated deficit	(442,713)	(431,550)
Total stockholders' equity	343,378	349,958	$ 355,194	$ 357,932
Total liabilities and stockholders' equity	$ 414,205	$ 428,567

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 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)	120,000,000	120,000,000
Common stock, shares issued (in shares)	38,288,000	38,014,000
Common stock, shares outstanding (in shares)	38,288,000	38,014,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 32,066	$ 28,456
Costs of goods sold and services:
Total costs of goods sold and services	13,518	12,463
Gross profit	18,548	15,993
Operating expenses:
Research and development	6,742	4,987
Selling, general and administrative	26,039	20,784
Other lease costs	924	800
Total operating expenses	33,705	26,571
Loss from operations	(15,157)	(10,578)
Interest income (expense), net	3,948	3,449
Other income (expense), net	226	(5)
Loss before income taxes	(10,983)	(7,134)
Income tax (expense) benefit	(180)	(140)
Net loss	$ (11,163)	$ (7,274)
Net loss per common share, basic (in dollars per share)	$ (0.29)	$ (0.19)
Net loss per common share, diluted (in dollars per share)	$ (0.29)	$ (0.19)
Weighted-average common shares outstanding, basic (in shares)	38,126,000	37,327,000
Weighted-average common shares outstanding, diluted (in shares)	38,126,000	37,327,000
Product revenue
Revenues:
Total revenues	$ 19,670	$ 19,360
Costs of goods sold and services:
Total costs of goods sold and services	8,237	7,879
Service revenue
Revenues:
Total revenues	11,967	8,506
Service revenue
Revenues:
Total revenues	11,967	8,506
Costs of goods sold and services:
Total costs of goods sold and services	5,281	4,584
Collaboration and license revenue
Revenues:
Total revenues	155	368
Grant revenue
Revenues:
Total revenues	$ 274	$ 222

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,163)	$ (7,274)
Other comprehensive loss, net of tax:
Unrealized gains on marketable securities	(607)	0
Foreign currency translation adjustment	(674)	42
Total other comprehensive loss	(1,281)	42
Comprehensive loss	$ (12,444)	$ (7,232)

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 income (loss)	Accumulated deficit
Beginning Balance at Dec. 31, 2022	$ 357,932	$ 37	$ 763,629	$ (2,538)	$ (403,196)
Beginning balance (in shares) at Dec. 31, 2022		37,280
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects	551		551
Issuance of common stock under stock plans, including tax effects (in shares)		144
Stock-based compensation expense	3,943		3,943
Unrealized loss on marketable securities, net of tax	0
Foreign currency translation adjustment	42			42
Net loss	(7,274)				(7,274)
Ending Balance at Mar. 31, 2023	355,194	$ 37	768,123	(2,496)	(410,470)
Ending Balance (in shares) at Mar. 31, 2023		37,424
Beginning Balance at Dec. 31, 2023	349,958	$ 38	783,142	(1,672)	(431,550)
Beginning balance (in shares) at Dec. 31, 2023		38,014
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects	599		599
Issuance of common stock under stock plans, including tax effects (in shares)		274
Stock-based compensation expense	5,265		5,265
Unrealized loss on marketable securities, net of tax	(607)			(607)
Foreign currency translation adjustment	(674)			(674)
Net loss	(11,163)				(11,163)
Ending Balance at Mar. 31, 2024	$ 343,378	$ 38	$ 789,006	$ (2,953)	$ (442,713)
Ending Balance (in shares) at Mar. 31, 2024		38,288

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (11,163)	$ (7,274)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,523	1,454
Credit losses (gains) on accounts receivable	176	178
Amortization of (discount) premium on marketable securities	(1,657)	0
Operating lease right-of-use asset amortization	478	334
Stock-based compensation expense	5,265	3,943
Other operating activity	55	270
Changes in assets and liabilities:
Accounts receivable	(4,233)	(3,741)
Inventory	(2,531)	530
Prepaid expenses and other current assets	(281)	(422)
Other non-current assets	(33)	(33)
Accounts payable	(1,057)	(1,271)
Accrued compensation and benefits, accrued expenses, and other current liabilities	(6,200)	(5,809)
Deferred revenue	472	2,041
Operating lease liabilities	(988)	179
Other non-current liabilities	10	(203)
Net cash used in operating activities	(20,164)	(9,824)
Cash flows from investing activities:
Purchases of marketable securities	(137,889)	0
Proceeds from maturities of marketable debt securities	29,200	0
Purchases of property and equipment	(506)	(136)
Net cash used in investing activities	(109,195)	(136)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	2,037	564
Payments for employee taxes withheld on stock-based compensation awards	(1,438)	(13)
Net cash provided by financing activities	599	551
Net increase (decrease) in cash, cash equivalents, and restricted cash	(128,760)	(9,409)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(380)	24
Cash, cash equivalents, and restricted cash at beginning of period	177,026	341,337
Cash, cash equivalents, and restricted cash at end of period	47,886	331,952
Supplemental disclosure of cash flow information:
Cash paid for taxes	175	246
Purchases of property and equipment in accounts payable and accruals	$ 222	$ 147

Restatement of Financial Statem

Restatement of Financial Statements - Balance Sheet (Parenthetical) (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	38,288,000	38,014,000
Common stock, shares outstanding (in shares)	38,288,000	38,014,000

Restatement of Financial Stat_2

Restatement of Financial Statements	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Restatement of Financial Statements	Note 1. Restatement of Financial Statements Subsequent to the issuance of Quanterix Corporation's (“Quanterix” or the “Company”) Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 8, 2024 (the “Original Report”), the Company identified an error related to the capitalization of labor and overhead costs in the Company's inventory balances (the “Misstatement”), which impacted the previously issued unaudited Consolidated Financial Statements as of March 31, 2024, for the quarterly periods ended March 31, 2024 and 2023, and the audited Consolidated Financial Statements as of December 31, 2023 (the “Restatement Periods”). In accordance with ASC 250 - Accounting Changes and Error Corrections , SEC Staff Accounting Bulletin (“SAB”) No. 99 - Materiality , and SAB No. 108 - Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements , management concluded the error was material to the Company’s financial statements and required restatement of the financial statements for the Restatement Periods (the “Restatement”). In connection with the Restatement, the Company is also correcting unrelated errors identified by the Company in prior periods. Restatement Background In connection with the Company's efforts to remediate a material weakness in its internal control over financial reporting relating to the operating effectiveness of internal controls associated with the accounting for inventory valuation, and while performing closing procedures for the third quarter of 2024, the Company identified the Misstatement. The correction of the Misstatement impacts the previously reported amounts of inventory, cost of product revenue, net loss per common share, and all related financial statement subtotals and totals. In addition, the correction of unrelated errors identified by the Company in prior periods includes, but is not limited to, adjustments to property and equipment, accrued compensation and benefits, and operating expenses (together with the Misstatement, the “Combined Misstatements”). Impact of Restatement The following tables present the impact of the Restatement to the specific line items presented in the previously reported unaudited Consolidated Financial Statements in all Restatement Periods. The amounts labeled "As Previously Reported" were derived from the Original Report. The amounts labeled “Adjustments” represent the impact of correcting the Combined Misstatements identified by the Company. The effects of the Restatement have been corrected in all impacted tables and footnotes throughout the Consolidated Financial Statements herein. QUANTERIX CORPORATION RESTATED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except per share data) As of March 31, 2024 As Previously Reported Adjustments As Restated ASSETS Current assets: Cash and cash equivalents $ 45,281 $ — $ 45,281 Marketable securities 256,640 — 256,640 Accounts receivable, net of allowance for expected credit losses 29,276 — 29,276 Inventory 26,015 2,619 28,634 Prepaid expenses and other current assets 9,551 (30) 9,521 Total current assets 366,763 2,589 369,352 Restricted cash 2,605 — 2,605 Property and equipment, net 17,492 — 17,492 Intangible assets, net 5,339 — 5,339 Operating lease right-of-use assets 17,748 — 17,748 Other non-current assets 1,802 (133) 1,669 Total assets $ 411,749 $ 2,456 $ 414,205 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,914 $ 65 $ 3,979 Accrued compensation and benefits 6,706 490 7,196 Accrued expenses and other current liabilities 7,021 (39) 6,982 Deferred revenue 10,234 — 10,234 Operating lease liabilities 4,366 — 4,366 Total current liabilities 32,241 516 32,757 Deferred revenue, net of current portion 933 — 933 Operating lease liabilities, net of current portion 36,084 — 36,084 Other non-current liabilities 1,053 — 1,053 Total liabilities 70,311 516 70,827 Commitments and contingencies (Note 13) Stockholders’ equity: Common stock, $0.001 par value per share: Authorized: 120,000 shares; issued and outstanding: 38,288 shares at March 31, 2024 38 — 38 Additional paid-in capital 789,006 — 789,006 Accumulated other comprehensive loss (3,038) 85 (2,953) Accumulated deficit (444,568) 1,855 (442,713) Total stockholders’ equity 341,438 1,940 343,378 Total liabilities and stockholders’ equity $ 411,749 $ 2,456 $ 414,205 As of December 31, 2023 As Previously Reported Adjustments As Restated ASSETS Current assets: Cash and cash equivalents $ 174,422 $ — $ 174,422 Marketable securities 146,902 — 146,902 Accounts receivable, net of allowance for expected credit losses 25,414 — 25,414 Inventory 22,365 3,758 26,123 Prepaid expenses and other current assets 9,291 (57) 9,234 Total current assets 378,394 3,701 382,095 Restricted cash 2,604 — 2,604 Property and equipment, net 17,926 — 17,926 Intangible assets, net 6,034 — 6,034 Operating lease right-of-use assets 18,251 — 18,251 Other non-current assets 1,802 (145) 1,657 Total assets $ 425,011 $ 3,556 $ 428,567 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,048 $ — $ 5,048 Accrued compensation and benefits 13,659 511 14,170 Accrued expenses and other current liabilities 6,041 14 6,055 Deferred revenue 9,468 — 9,468 Operating lease liabilities 4,241 — 4,241 Total current liabilities 38,457 525 38,982 Deferred revenue, net of current portion 1,227 — 1,227 Operating lease liabilities, net of current portion 37,223 — 37,223 Other non-current liabilities 1,177 — 1,177 Total liabilities 78,084 525 78,609 Commitments and contingencies (Note 13) Stockholders’ equity: Common stock, $0.001 par value per share: Authorized: 120,000 shares; issued and outstanding: 38,014 shares at December 31, 2023 38 — 38 Additional paid-in capital 783,142 — 783,142 Accumulated other comprehensive loss (1,757) 85 (1,672) Accumulated deficit (434,496) 2,946 (431,550) Total stockholders’ equity 346,927 3,031 349,958 Total liabilities and stockholders’ equity $ 425,011 $ 3,556 $ 428,567 QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated Revenues: Product revenue $ 19,670 $ — $ 19,670 $ 19,287 $ 73 $ 19,360 Service revenue 11,967 — 11,967 8,579 (73) 8,506 Collaboration and license revenue 155 — 155 368 — 368 Grant revenue 274 — 274 222 — 222 Total revenues 32,066 — 32,066 28,456 — 28,456 Costs of goods sold and services: Cost of product revenue 7,145 1,092 8,237 7,033 846 7,879 Cost of service and other revenue 5,295 (14) 5,281 4,497 87 4,584 Total costs of goods sold and services 12,440 1,078 13,518 11,530 933 12,463 Gross profit 19,626 (1,078) 18,548 16,926 (933) 15,993 Operating expenses: Research and development 6,675 67 6,742 4,720 267 4,987 Selling, general, and administrative 25,993 46 26,039 20,850 (66) 20,784 Other lease costs 924 — 924 776 24 800 Total operating expenses 33,592 113 33,705 26,346 225 26,571 Loss from operations (13,966) (1,191) (15,157) (9,420) (1,158) (10,578) Interest income 3,948 — 3,948 3,449 — 3,449 Other income (expense), net 206 20 226 8 (13) (5) Loss before income taxes (9,812) (1,171) (10,983) (5,963) (1,171) (7,134) Income tax expense (260) 80 (180) (140) — (140) Net loss $ (10,072) $ (1,091) $ (11,163) $ (6,103) $ (1,171) $ (7,274) Net loss per common share, basic and diluted $ (0.26) $ (0.03) $ (0.29) $ (0.16) $ (0.03) $ (0.19) Weighted-average common shares outstanding, basic and diluted 38,126 — 38,126 37,327 — 37,327 QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (amounts in thousands) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated Net loss $ (10,072) $ (1,091) $ (11,163) $ (6,103) $ (1,171) $ (7,274) Other comprehensive income (loss), net of tax: Unrealized losses on marketable securities (607) — (607) — — — Foreign currency translation adjustment (674) — (674) 42 — 42 Total other comprehensive income (loss) (1,281) — (1,281) 42 — 42 Comprehensive loss $ (11,353) $ (1,091) $ (12,444) $ (6,061) $ (1,171) $ (7,232) QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (amounts in thousands) Three Months Ended March 31, 2024 Common Stock As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Balance at December 31, 2023 38,014 $ 38 $ 783,142 $ (1,757) $ (434,496) $ 346,927 Issuance of common stock under stock plans, including tax effects 274 — 599 — — 599 Stock-based compensation expense — — 5,265 — — 5,265 Unrealized loss on marketable securities, net of tax — — — (607) — (607) Foreign currency translation adjustment — — — (674) — (674) Net loss — — — — (10,072) (10,072) Balance at March 31, 2024 38,288 $ 38 $ 789,006 $ (3,038) $ (444,568) $ 341,438 Adjustments Balance at December 31, 2023 — $ — $ — $ 85 $ 2,946 $ 3,031 Issuance of common stock under stock plans, including tax effects — — — — — — Stock-based compensation expense — — — — — — Unrealized loss on marketable securities, net of tax — — — — — — Foreign currency translation adjustment — — — — — — Net loss — — — — (1,091) (1,091) Balance at March 31, 2024 — $ — $ — $ 85 $ 1,855 $ 1,940 As Restated Balance at December 31, 2023 38,014 $ 38 $ 783,142 $ (1,672) $ (431,550) $ 349,958 Issuance of common stock under stock plans, including tax effects 274 — 599 — — 599 Stock-based compensation expense — — 5,265 — — 5,265 Unrealized loss on marketable securities, net of tax — — — (607) — (607) Foreign currency translation adjustment — — — (674) — (674) Net loss — — — — (11,163) (11,163) Balance at March 31, 2024 38,288 $ 38 $ 789,006 $ (2,953) $ (442,713) $ 343,378 Three Months Ended March 31, 2023 Common Stock As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Balance at December 31, 2022 37,280 $ 37 $ 763,688 $ (2,623) $ (402,162) $ 358,940 Issuance of common stock under stock plans, including tax effects 144 — 551 — — 551 Stock-based compensation expense — — 3,902 — — 3,902 Foreign currency translation adjustment — — — 42 — 42 Net loss — — — — (6,103) (6,103) Balance at March 31, 2023 37,424 $ 37 $ 768,141 $ (2,581) $ (408,265) $ 357,332 Adjustments Balance at December 31, 2022 — $ — $ (59) $ 85 $ (1,034) $ (1,008) Issuance of common stock under stock plans, including tax effects — — — — — — Stock-based compensation expense — — 41 — — 41 Foreign currency translation adjustment — — — — — — Net loss — — — — (1,171) (1,171) Balance at March 31, 2023 — $ — $ (18) $ 85 $ (2,205) $ (2,138) As Restated Balance at December 31, 2022 37,280 $ 37 $ 763,629 $ (2,538) $ (403,196) $ 357,932 Issuance of common stock under stock plans, including tax effects 144 — 551 — — 551 Stock-based compensation expense — — 3,943 — — 3,943 Foreign currency translation adjustment — — — 42 — 42 Net loss — — — — (7,274) (7,274) Balance at March 31, 2023 37,424 $ 37 $ 768,123 $ (2,496) $ (410,470) $ 355,194 QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) Three Months Ended, March 31, 2024 As Previously Reported Adjustments As Restated Cash flows from operating activities: Net loss $ (10,072) $ (1,091) $ (11,163) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 1,523 — 1,523 Credit losses on accounts receivable 176 — 176 Accretion of marketable securities (1,657) — (1,657) Operating lease right-of-use asset amortization 478 — 478 Stock-based compensation expense 5,265 — 5,265 Other operating activity 55 — 55 Changes in assets and liabilities: Accounts receivable (4,233) — (4,233) Inventory (3,670) 1,139 (2,531) Prepaid expenses and other current assets (254) (27) (281) Other non-current assets (21) (12) (33) Accounts payable (1,122) 65 (1,057) Accrued compensation and benefits, accrued expenses, and other current liabilities (6,126) (74) (6,200) Deferred revenue 472 — 472 Operating lease liabilities (988) — (988) Other non-current liabilities 10 — 10 Net cash used in operating activities (20,164) — (20,164) Cash flows from investing activities: Purchases of marketable securities (137,889) — (137,889) Proceeds from maturities of marketable securities 29,200 — 29,200 Purchases of property and equipment (506) — (506) Net cash used in investing activities (109,195) — (109,195) Cash flows from financing activities: Proceeds from common stock issued under stock plans 2,037 — 2,037 Payments for employee taxes withheld on stock-based compensation awards (1,438) — (1,438) Net cash provided by financing activities 599 — 599 Net decrease in cash, cash equivalents, and restricted cash (128,760) — (128,760) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (380) — (380) Cash, cash equivalents, and restricted cash at beginning of period 177,026 — 177,026 Cash, cash equivalents, and restricted cash at end of period $ 47,886 $ — $ 47,886 Supplemental disclosure of cash flow information: Cash paid for taxes $ 175 $ — $ 175 Purchases of property and equipment in accounts payable and accruals $ 222 $ — $ 222 Three Months Ended, March 31, 2023 As Previously Reported Adjustments As Restated Cash flows from operating activities: Net loss $ (6,103) $ (1,171) $ (7,274) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 1,439 15 1,454 Credit losses on accounts receivable 178 — 178 Operating lease right-of-use asset amortization 334 — 334 Stock-based compensation expense 3,902 41 3,943 Other operating activity 270 — 270 Changes in assets and liabilities: Accounts receivable (3,741) — (3,741) Inventory (89) 619 530 Prepaid expenses and other current assets (422) — (422) Other non-current assets (33) — (33) Accounts payable (1,271) — (1,271) Accrued compensation and benefits, accrued expenses, and other current liabilities (5,983) 174 (5,809) Deferred revenue 2,041 — 2,041 Operating lease liabilities 179 — 179 Other non-current liabilities (203) — (203) Net cash used in operating activities (9,502) (322) (9,824) Cash flows from investing activities: Purchases of property and equipment (136) — (136) Net cash used in investing activities (136) — (136) Cash flows from financing activities: Proceeds from common stock issued under stock plans 564 — 564 Payments for employee taxes withheld on stock-based compensation awards (13) — (13) Net cash provided by financing activities 551 — 551 Net decrease in cash, cash equivalents, and restricted cash (9,087) (322) (9,409) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 24 — 24 Cash, cash equivalents, and restricted cash at beginning of period 341,337 — 341,337 Cash, cash equivalents, and restricted cash at end of period $ 332,274 $ (322) $ 331,952 Supplemental disclosure of cash flow information: Cash paid for taxes $ 246 $ — $ 246 Purchases of property and equipment in accounts payable and accruals $ 147 $ — $ 147

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	QUANTERIX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 2. Organization and Nature of Business Quanterix 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 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. To date, the Company has completed over 2,300 projects for more than 480 customers from all over the world using its Simoa platforms.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Note 3. 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 restated audited Consolidated Financial Statements as of December 31, 2023 (as restated), 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, originally filed with the SEC on February 29, 2024 (the “Original Annual Report”), and Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2023, filed with the SEC on December 23, 2024. Since the date of the Original Annual Report, 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 months ended March 31, 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 twelve-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 15 − 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, net on the Consolidated Statements of Operations and were not material for the three months ended March 31, 2024 and 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 March 31, 2024 2023 (As Restated) Cash and cash equivalents $ 45,281 $ 329,354 Restricted cash 2,605 2,598 Cash, cash equivalents, and restricted cash $ 47,886 $ 331,952 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 Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Related Matters	Note 4. 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, infectious disease, and other protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions. Disaggregated Revenue When disaggregating revenue, the Company considers all of the economic factors that may affect its revenues. 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 March 31, 2024 Three Months Ended March 31, 2023 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total (As Restated) (As Restated) (As Restated) (As Restated) (As Restated) (As Restated) (As Restated) Product revenue: Instruments $ 408 $ 1,269 $ 869 $ 2,546 $ 2,144 $ 1,981 $ 1,135 $ 5,260 Consumable and other products 10,297 4,299 2,528 17,124 7,497 4,971 1,632 14,100 Total $ 10,705 $ 5,568 $ 3,397 $ 19,670 $ 9,641 $ 6,952 $ 2,767 $ 19,360 Service revenue: Service-type warranties $ 1,637 $ 852 $ 194 $ 2,683 $ 1,517 $ 675 $ 133 $ 2,325 Research services 5,762 2,802 127 8,691 5,190 234 115 5,539 Other services 318 248 27 593 381 257 4 642 Total $ 7,717 $ 3,902 $ 348 $ 11,967 $ 7,088 $ 1,166 $ 252 $ 8,506 Collaboration and license revenue: Total $ 155 $ — $ — $ 155 $ 368 $ — $ — $ 368 For the three months ended March 31, 2024, no customer accounted for more than 10% of the Company’s total revenues and for the three months ended March 31, 2023, one customer accounted for more than 10% of the Company’s total revenues. At March 31, 2024 and December 31, 2023, one customer accounted for more than 10% of the Company’s gross accounts receivable. 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 a statement of work under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease. Under the statement of work, the Company receives $1.5 million per calendar quarter, which began in the first quarter of 2022. The statement of work automatically renews on a quarterly basis until Lilly provides a termination notice in accordance with the terms of the Lilly Collaboration Agreement. As of March 31, 2024, the Lilly Collaboration Agreement and the statement of work were still in effect. Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the “Lilly License”) under which Lilly granted the Company a non-exclusive license to Lilly’s proprietary p-Tau 217 antibody technology for use in research use only products and 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 $1.5 million of revenue from the Lilly Collaboration Agreement during the three months ended March 31, 2024 and 2023. Contract Assets There were no contract assets as of March 31, 2024 or December 31, 2023 . Deferred Revenue During the three months ended March 31, 2024 and 2023, the Company recognized $2.7 million and $2.4 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period. Remaining Performance Obligations As of March 31, 2024, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $11.2 million. Of this amount, $10.2 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter. The $11.2 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 $ 288 $ 377 Capitalization of costs to obtain a contract 97 197 Recognition of costs to obtain a contract (95) (191) Balance at March 31 $ 290 $ 383 The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the three months ended March 31, 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 March 31, 2024, the Company had received $0.8 million of the total award value. During the three months ended March 31, 2024 and 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 Alzheimer's disease. 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 June 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 months ended March 31, 2024 and 2023 grant revenue recognized and research and development expenses incurred were not material. As of March 31, 2024, the Company had $1.0 million of deferred revenue related to the ADDF Grant.

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2024
Allowance for Credit Loss [Abstract]
Allowance for Credit Losses	Note 5. 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 176 178 Write-offs and recoveries collected (103) (74) Balance at March 31 $ 527 $ 222

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Note 6. 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 March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 42,947 $ — $ (40) $ 42,907 U.S. Treasuries 73,033 — (23) 73,010 U.S. Government agency bonds 78,389 10 (149) 78,250 Corporate bonds 79,012 55 (136) 78,931 Total marketable securities $ 273,381 $ 65 $ (348) $ 273,098 Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents $ 16,458 Marketable securities 256,640 Total marketable securities $ 273,098 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 March 31, 2024 Fair Value Unrealized Losses Commercial paper $ 38,497 $ (40) U.S. Treasuries 73,010 (23) U.S. Government agency bonds 69,825 (149) Corporate bonds 48,629 (136) Total $ 229,961 $ (348) 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 March 31, 2024. For marketable securities in an unrealized loss position, the Company does not intend to sell them before recovery of their amortized cost bases, 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 three months ended March 31, 2024. At March 31, 2024 and December 31, 2023, the Company had $1.2 million and $1.0 million, respectively, of accrued interest receivable on its marketable securities, which was recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets. The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): As of March 31, 2024 As of December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 209,554 $ 209,378 $ 95,188 $ 95,232 Due in one to two years 63,827 63,720 58,282 58,563 Total $ 273,381 $ 273,098 $ 153,470 $ 153,795

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 7. 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 March 31, 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 $ 19,792 $ 19,792 $ — $ — U.S. Treasuries 16,458 — 16,458 — Total cash equivalents 36,250 19,792 16,458 — Marketable securities: Commercial paper 42,907 — 42,907 — U.S. Treasuries 56,552 — 56,552 — U.S. Government agency bonds 78,250 — 78,250 — Corporate bonds 78,931 — 78,931 — Total marketable securities 256,640 — 256,640 — Total financial assets $ 292,890 $ 19,792 $ 273,098 $ — 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 The Company has a non-marketable equity investment in an entity that is evaluated under the VIE guidance (refer to Note 15 - Variable Interest Entities for further discussion). Pursuant to ASC 321 – Investments – Equity Securities , the Company uses the measurement alternative for equity investments without readily determinable fair values and recognizes its non-marketable equity investment at cost, less any impairment, and adjusted for any observable price changes in orderly transactions. The Company’s investment is classified as a Level 3 financial asset. Changes in the inputs and assumptions used to determine the fair value would result in a higher or lower fair value measurement. The Company’s non-marketable equity investment 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 months ended March 31, 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 March 31, 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. Other Fair Value Disclosures During the three months ended March 31, 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	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventory	Note 8. Inventory Inventory, net of inventory reserves, consisted of the following (in thousands): March 31, 2024 December 31, 2023 (As Restated) (As Restated) Raw materials $ 6,082 $ 5,114 Work in process 8,391 5,439 Finished goods 14,161 15,570 Total inventory $ 28,634 $ 26,123

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2024
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 9. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 (As Restated) (As Restated) Accrued professional services $ 1,947 $ 1,596 Accrued royalties 1,631 1,689 Accrued tax liabilities 1,446 822 Other accrued expenses 1,958 1,948 Total accrued expenses and other current liabilities $ 6,982 $ 6,055

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock Options Stock option activity for the three months ended March 31, 2024 is presented below (in thousands, except per share and contractual life amounts): Number of options Weighted-average Weighted-average Aggregate Outstanding at December 31, 2023 2,774 $ 19.62 7.9 $ 26,941 Granted 1,179 22.74 Exercised (104) 12.34 Forfeited/expired (181) 20.24 Outstanding at March 31, 2024 3,668 $ 20.80 8.3 $ 17,741 Exercisable at March 31, 2024 1,297 $ 22.24 6.6 $ 7,615 Vested and expected to vest at March 31, 2024 3,668 $ 20.80 8.3 $ 17,741 Restricted Stock Units Restricted stock unit (“RSU”) activity for the three months ended March 31, 2024 is presented below (in thousands, except per share amounts): Number of shares Weighted-average Unvested at December 31, 2023 1,328 $ 17.87 Granted 446 24.40 Vested (197) 17.57 Forfeited (96) 20.52 Unvested at March 31, 2024 1,481 $ 19.71 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 three months ended March 31, 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 March 31, 2024 2023 (As Restated) Cost of product revenue $ 281 $ 197 Cost of service and other revenue 308 350 Research and development 543 379 Selling, general and administrative 4,133 3,017 Total stock-based compensation expense $ 5,265 $ 3,943 As of March 31, 2024, there was $56.0 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 3.1 years.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Note 11. 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 March 31, 2024 2023 (As Restated) (As Restated) Numerator: Net loss $ (11,163) $ (7,274) Denominator: Weighted average common shares outstanding, basic and diluted 38,126 37,327 Net loss per share, basic and diluted $ (0.29) $ (0.19) 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): Three Months Ended March 31, 2024 2023 Stock options 3,520 2,720 Common stock and RSUs 1,497 1,489 Estimated ESPP purchases 19 26 Total dilutive shares 5,036 4,235

Income Taxes (As Restated)

Income Taxes (As Restated)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes (As Restated)	Note 12. Income Taxes (As Restated) The Company’s effective tax rates were (1.6)% and (2.0)% for the three months ended March 31, 2024 and 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	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 13. 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 $2.1 million has been paid, and $1.6 million is due within one year from March 31, 2024. During the three months ended March 31, 2024 and 2023, STRATEC shipped 35 thousand and 75 thousand discs, respectively, to the Company. The Company recorded cost of product revenue related to these shipments of $0.3 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. During 2024, STRATEC is required to ship 222 thousand discs to the Company. During the three months ended March 31, 2024, 35 thousand discs were shipped. 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 March 31, 2024, the Company’s total purchase commitments under these agreements were $3.8 million, most of which the Company expects to incur in the year ending December 31, 2024. 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 this license, 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 months ended March 31, 2024 and 2023. Refer to Note 14 − 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 $0.5 million and $0.4 million during the three months ended March 31, 2024 and 2023, respectively, which was recorded in cost of product revenue on the Consolidated Statements of Operations. Refer to Note 14 − 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. The Company records contingent liabilities when losses are probable and estimable. If an estimate of a probable loss is a range and no amount within the range is more likely than any other amount in the range, the Company records the minimum amount of the range. Leases The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands): Maturity of lease liabilities As of March 31, 2024 2024 (remainder) $ 5,340 2025 7,254 2026 7,408 2027 7,641 2028 7,880 2029 8,126 Thereafter 7,612 Total lease payments 51,261 Less: imputed interest 10,811 Total operating lease liabilities $ 40,450 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	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 14. Related Party Transactions In June 2007, the Company entered into the Tufts License Agreement for certain intellectual property owned by Tufts (refer to Note 13 − 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 March 31, 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 13 − 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. A member of the Company’s Board of Directors is also affiliated with Harvard and Mass General Brigham. Revenue recorded from sales of products and services to Harvard and its affiliates and to Mass General Brigham and its affiliates was $0.3 million for both the three months ended March 31, 2024 and 2023. Cost of product revenue and operating expenses with Harvard and Mass General Brigham were not material for the three months ended March 31, 2024 and 2023. At March 31, 2024 and December 31, 2023, open payables to and receivable balances from Harvard and Mass General Brigham were not material. In May 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 IVD market. At contract inception, the Company determined that UltraDx was a related party because a member of the Company’s Board of Directors was affiliated with ARCH and UltraDx. As of June 7, 2023, this individual was no longer a member of the Company’s Board of Directors. Revenue recorded from sales of products and services to UltraDx totaled $1.1 million for the three months ended March 31, 2024. Cost of product revenue and services was not material for the three months ended March 31, 2024. At March 31, 2024 there was $1.2 million in open receivable balances and no open payable balances to UltraDx. Revenue and cost of product revenue and services for three months ended March 31, 2023 were not material. At December 31, 2023, there were no open payable balances to UltraDx and open receivable balances from UltraDx were not material.

Variable Interest Entities (As

Variable Interest Entities (As Restated)	3 Months Ended
	Mar. 31, 2024
Variable Interest Entities
Variable Interest Entities (As Restated)	Note 15. Variable Interest Entities (As Restated) 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 of these entities meet the definition of a VIE and require consolidation into its financial statements. The Company’s analysis determines whether it has a controlling financial interest and also identifies the primary beneficiary of a VIE as the enterprise that has both (1) the power to direct activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. 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 months ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023 , the carrying value of the Company’s investment in a VIE was $0.8 million, which was recorded in other non-current assets on the Consolidated Balance Sheets. Refer to Note 7 − Fair Value of Financial Instruments for the Company’s related valuation disclosures. Maximum exposure to losses related to the VIE is limited to its carrying value and the Company does not have any future funding commitments to the VIE.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 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 restated audited Consolidated Financial Statements as of December 31, 2023 (as restated), 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, originally filed with the SEC on February 29, 2024 (the “Original Annual Report”), and Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2023, filed with the SEC on December 23, 2024. Since the date of the Original Annual Report, 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 months ended March 31, 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 twelve-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 15 − 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 March 31, 2024 2023 (As Restated) Cash and cash equivalents $ 45,281 $ 329,354 Restricted cash 2,605 2,598 Cash, cash equivalents, and restricted cash $ 47,886 $ 331,952 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.
Recent 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

Restatement of Financial Stat_3

Restatement of Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	QUANTERIX CORPORATION RESTATED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except per share data) As of March 31, 2024 As Previously Reported Adjustments As Restated ASSETS Current assets: Cash and cash equivalents $ 45,281 $ — $ 45,281 Marketable securities 256,640 — 256,640 Accounts receivable, net of allowance for expected credit losses 29,276 — 29,276 Inventory 26,015 2,619 28,634 Prepaid expenses and other current assets 9,551 (30) 9,521 Total current assets 366,763 2,589 369,352 Restricted cash 2,605 — 2,605 Property and equipment, net 17,492 — 17,492 Intangible assets, net 5,339 — 5,339 Operating lease right-of-use assets 17,748 — 17,748 Other non-current assets 1,802 (133) 1,669 Total assets $ 411,749 $ 2,456 $ 414,205 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,914 $ 65 $ 3,979 Accrued compensation and benefits 6,706 490 7,196 Accrued expenses and other current liabilities 7,021 (39) 6,982 Deferred revenue 10,234 — 10,234 Operating lease liabilities 4,366 — 4,366 Total current liabilities 32,241 516 32,757 Deferred revenue, net of current portion 933 — 933 Operating lease liabilities, net of current portion 36,084 — 36,084 Other non-current liabilities 1,053 — 1,053 Total liabilities 70,311 516 70,827 Commitments and contingencies (Note 13) Stockholders’ equity: Common stock, $0.001 par value per share: Authorized: 120,000 shares; issued and outstanding: 38,288 shares at March 31, 2024 38 — 38 Additional paid-in capital 789,006 — 789,006 Accumulated other comprehensive loss (3,038) 85 (2,953) Accumulated deficit (444,568) 1,855 (442,713) Total stockholders’ equity 341,438 1,940 343,378 Total liabilities and stockholders’ equity $ 411,749 $ 2,456 $ 414,205 As of December 31, 2023 As Previously Reported Adjustments As Restated ASSETS Current assets: Cash and cash equivalents $ 174,422 $ — $ 174,422 Marketable securities 146,902 — 146,902 Accounts receivable, net of allowance for expected credit losses 25,414 — 25,414 Inventory 22,365 3,758 26,123 Prepaid expenses and other current assets 9,291 (57) 9,234 Total current assets 378,394 3,701 382,095 Restricted cash 2,604 — 2,604 Property and equipment, net 17,926 — 17,926 Intangible assets, net 6,034 — 6,034 Operating lease right-of-use assets 18,251 — 18,251 Other non-current assets 1,802 (145) 1,657 Total assets $ 425,011 $ 3,556 $ 428,567 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,048 $ — $ 5,048 Accrued compensation and benefits 13,659 511 14,170 Accrued expenses and other current liabilities 6,041 14 6,055 Deferred revenue 9,468 — 9,468 Operating lease liabilities 4,241 — 4,241 Total current liabilities 38,457 525 38,982 Deferred revenue, net of current portion 1,227 — 1,227 Operating lease liabilities, net of current portion 37,223 — 37,223 Other non-current liabilities 1,177 — 1,177 Total liabilities 78,084 525 78,609 Commitments and contingencies (Note 13) Stockholders’ equity: Common stock, $0.001 par value per share: Authorized: 120,000 shares; issued and outstanding: 38,014 shares at December 31, 2023 38 — 38 Additional paid-in capital 783,142 — 783,142 Accumulated other comprehensive loss (1,757) 85 (1,672) Accumulated deficit (434,496) 2,946 (431,550) Total stockholders’ equity 346,927 3,031 349,958 Total liabilities and stockholders’ equity $ 425,011 $ 3,556 $ 428,567 QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated Revenues: Product revenue $ 19,670 $ — $ 19,670 $ 19,287 $ 73 $ 19,360 Service revenue 11,967 — 11,967 8,579 (73) 8,506 Collaboration and license revenue 155 — 155 368 — 368 Grant revenue 274 — 274 222 — 222 Total revenues 32,066 — 32,066 28,456 — 28,456 Costs of goods sold and services: Cost of product revenue 7,145 1,092 8,237 7,033 846 7,879 Cost of service and other revenue 5,295 (14) 5,281 4,497 87 4,584 Total costs of goods sold and services 12,440 1,078 13,518 11,530 933 12,463 Gross profit 19,626 (1,078) 18,548 16,926 (933) 15,993 Operating expenses: Research and development 6,675 67 6,742 4,720 267 4,987 Selling, general, and administrative 25,993 46 26,039 20,850 (66) 20,784 Other lease costs 924 — 924 776 24 800 Total operating expenses 33,592 113 33,705 26,346 225 26,571 Loss from operations (13,966) (1,191) (15,157) (9,420) (1,158) (10,578) Interest income 3,948 — 3,948 3,449 — 3,449 Other income (expense), net 206 20 226 8 (13) (5) Loss before income taxes (9,812) (1,171) (10,983) (5,963) (1,171) (7,134) Income tax expense (260) 80 (180) (140) — (140) Net loss $ (10,072) $ (1,091) $ (11,163) $ (6,103) $ (1,171) $ (7,274) Net loss per common share, basic and diluted $ (0.26) $ (0.03) $ (0.29) $ (0.16) $ (0.03) $ (0.19) Weighted-average common shares outstanding, basic and diluted 38,126 — 38,126 37,327 — 37,327 QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (amounts in thousands) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated Net loss $ (10,072) $ (1,091) $ (11,163) $ (6,103) $ (1,171) $ (7,274) Other comprehensive income (loss), net of tax: Unrealized losses on marketable securities (607) — (607) — — — Foreign currency translation adjustment (674) — (674) 42 — 42 Total other comprehensive income (loss) (1,281) — (1,281) 42 — 42 Comprehensive loss $ (11,353) $ (1,091) $ (12,444) $ (6,061) $ (1,171) $ (7,232) QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (amounts in thousands) Three Months Ended March 31, 2024 Common Stock As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Balance at December 31, 2023 38,014 $ 38 $ 783,142 $ (1,757) $ (434,496) $ 346,927 Issuance of common stock under stock plans, including tax effects 274 — 599 — — 599 Stock-based compensation expense — — 5,265 — — 5,265 Unrealized loss on marketable securities, net of tax — — — (607) — (607) Foreign currency translation adjustment — — — (674) — (674) Net loss — — — — (10,072) (10,072) Balance at March 31, 2024 38,288 $ 38 $ 789,006 $ (3,038) $ (444,568) $ 341,438 Adjustments Balance at December 31, 2023 — $ — $ — $ 85 $ 2,946 $ 3,031 Issuance of common stock under stock plans, including tax effects — — — — — — Stock-based compensation expense — — — — — — Unrealized loss on marketable securities, net of tax — — — — — — Foreign currency translation adjustment — — — — — — Net loss — — — — (1,091) (1,091) Balance at March 31, 2024 — $ — $ — $ 85 $ 1,855 $ 1,940 As Restated Balance at December 31, 2023 38,014 $ 38 $ 783,142 $ (1,672) $ (431,550) $ 349,958 Issuance of common stock under stock plans, including tax effects 274 — 599 — — 599 Stock-based compensation expense — — 5,265 — — 5,265 Unrealized loss on marketable securities, net of tax — — — (607) — (607) Foreign currency translation adjustment — — — (674) — (674) Net loss — — — — (11,163) (11,163) Balance at March 31, 2024 38,288 $ 38 $ 789,006 $ (2,953) $ (442,713) $ 343,378 Three Months Ended March 31, 2023 Common Stock As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Balance at December 31, 2022 37,280 $ 37 $ 763,688 $ (2,623) $ (402,162) $ 358,940 Issuance of common stock under stock plans, including tax effects 144 — 551 — — 551 Stock-based compensation expense — — 3,902 — — 3,902 Foreign currency translation adjustment — — — 42 — 42 Net loss — — — — (6,103) (6,103) Balance at March 31, 2023 37,424 $ 37 $ 768,141 $ (2,581) $ (408,265) $ 357,332 Adjustments Balance at December 31, 2022 — $ — $ (59) $ 85 $ (1,034) $ (1,008) Issuance of common stock under stock plans, including tax effects — — — — — — Stock-based compensation expense — — 41 — — 41 Foreign currency translation adjustment — — — — — — Net loss — — — — (1,171) (1,171) Balance at March 31, 2023 — $ — $ (18) $ 85 $ (2,205) $ (2,138) As Restated Balance at December 31, 2022 37,280 $ 37 $ 763,629 $ (2,538) $ (403,196) $ 357,932 Issuance of common stock under stock plans, including tax effects 144 — 551 — — 551 Stock-based compensation expense — — 3,943 — — 3,943 Foreign currency translation adjustment — — — 42 — 42 Net loss — — — — (7,274) (7,274) Balance at March 31, 2023 37,424 $ 37 $ 768,123 $ (2,496) $ (410,470) $ 355,194 QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) Three Months Ended, March 31, 2024 As Previously Reported Adjustments As Restated Cash flows from operating activities: Net loss $ (10,072) $ (1,091) $ (11,163) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 1,523 — 1,523 Credit losses on accounts receivable 176 — 176 Accretion of marketable securities (1,657) — (1,657) Operating lease right-of-use asset amortization 478 — 478 Stock-based compensation expense 5,265 — 5,265 Other operating activity 55 — 55 Changes in assets and liabilities: Accounts receivable (4,233) — (4,233) Inventory (3,670) 1,139 (2,531) Prepaid expenses and other current assets (254) (27) (281) Other non-current assets (21) (12) (33) Accounts payable (1,122) 65 (1,057) Accrued compensation and benefits, accrued expenses, and other current liabilities (6,126) (74) (6,200) Deferred revenue 472 — 472 Operating lease liabilities (988) — (988) Other non-current liabilities 10 — 10 Net cash used in operating activities (20,164) — (20,164) Cash flows from investing activities: Purchases of marketable securities (137,889) — (137,889) Proceeds from maturities of marketable securities 29,200 — 29,200 Purchases of property and equipment (506) — (506) Net cash used in investing activities (109,195) — (109,195) Cash flows from financing activities: Proceeds from common stock issued under stock plans 2,037 — 2,037 Payments for employee taxes withheld on stock-based compensation awards (1,438) — (1,438) Net cash provided by financing activities 599 — 599 Net decrease in cash, cash equivalents, and restricted cash (128,760) — (128,760) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (380) — (380) Cash, cash equivalents, and restricted cash at beginning of period 177,026 — 177,026 Cash, cash equivalents, and restricted cash at end of period $ 47,886 $ — $ 47,886 Supplemental disclosure of cash flow information: Cash paid for taxes $ 175 $ — $ 175 Purchases of property and equipment in accounts payable and accruals $ 222 $ — $ 222 Three Months Ended, March 31, 2023 As Previously Reported Adjustments As Restated Cash flows from operating activities: Net loss $ (6,103) $ (1,171) $ (7,274) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 1,439 15 1,454 Credit losses on accounts receivable 178 — 178 Operating lease right-of-use asset amortization 334 — 334 Stock-based compensation expense 3,902 41 3,943 Other operating activity 270 — 270 Changes in assets and liabilities: Accounts receivable (3,741) — (3,741) Inventory (89) 619 530 Prepaid expenses and other current assets (422) — (422) Other non-current assets (33) — (33) Accounts payable (1,271) — (1,271) Accrued compensation and benefits, accrued expenses, and other current liabilities (5,983) 174 (5,809) Deferred revenue 2,041 — 2,041 Operating lease liabilities 179 — 179 Other non-current liabilities (203) — (203) Net cash used in operating activities (9,502) (322) (9,824) Cash flows from investing activities: Purchases of property and equipment (136) — (136) Net cash used in investing activities (136) — (136) Cash flows from financing activities: Proceeds from common stock issued under stock plans 564 — 564 Payments for employee taxes withheld on stock-based compensation awards (13) — (13) Net cash provided by financing activities 551 — 551 Net decrease in cash, cash equivalents, and restricted cash (9,087) (322) (9,409) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 24 — 24 Cash, cash equivalents, and restricted cash at beginning of period 341,337 — 341,337 Cash, cash equivalents, and restricted cash at end of period $ 332,274 $ (322) $ 331,952 Supplemental disclosure of cash flow information: Cash paid for taxes $ 246 $ — $ 246 Purchases of property and equipment in accounts payable and accruals $ 147 $ — $ 147

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of restricted cash and cash equivalents	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 March 31, 2024 2023 (As Restated) Cash and cash equivalents $ 45,281 $ 329,354 Restricted cash 2,605 2,598 Cash, cash equivalents, and restricted cash $ 47,886 $ 331,952

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of disaggregated revenue	When disaggregating revenue, the Company considers all of the economic factors that may affect its revenues. 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 March 31, 2024 Three Months Ended March 31, 2023 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total (As Restated) (As Restated) (As Restated) (As Restated) (As Restated) (As Restated) (As Restated) Product revenue: Instruments $ 408 $ 1,269 $ 869 $ 2,546 $ 2,144 $ 1,981 $ 1,135 $ 5,260 Consumable and other products 10,297 4,299 2,528 17,124 7,497 4,971 1,632 14,100 Total $ 10,705 $ 5,568 $ 3,397 $ 19,670 $ 9,641 $ 6,952 $ 2,767 $ 19,360 Service revenue: Service-type warranties $ 1,637 $ 852 $ 194 $ 2,683 $ 1,517 $ 675 $ 133 $ 2,325 Research services 5,762 2,802 127 8,691 5,190 234 115 5,539 Other services 318 248 27 593 381 257 4 642 Total $ 7,717 $ 3,902 $ 348 $ 11,967 $ 7,088 $ 1,166 $ 252 $ 8,506 Collaboration and license revenue: Total $ 155 $ — $ — $ 155 $ 368 $ — $ — $ 368
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 $ 288 $ 377 Capitalization of costs to obtain a contract 97 197 Recognition of costs to obtain a contract (95) (191) Balance at March 31 $ 290 $ 383

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 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 176 178 Write-offs and recoveries collected (103) (74) Balance at March 31 $ 527 $ 222

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-Sale	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 March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 42,947 $ — $ (40) $ 42,907 U.S. Treasuries 73,033 — (23) 73,010 U.S. Government agency bonds 78,389 10 (149) 78,250 Corporate bonds 79,012 55 (136) 78,931 Total marketable securities $ 273,381 $ 65 $ (348) $ 273,098 Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents $ 16,458 Marketable securities 256,640 Total marketable securities $ 273,098 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
Unrealized Gain (Loss) on Investments	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 March 31, 2024 Fair Value Unrealized Losses Commercial paper $ 38,497 $ (40) U.S. Treasuries 73,010 (23) U.S. Government agency bonds 69,825 (149) Corporate bonds 48,629 (136) Total $ 229,961 $ (348) 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)
Investments Classified by Contractual Maturity Date	The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): As of March 31, 2024 As of December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 209,554 $ 209,378 $ 95,188 $ 95,232 Due in one to two years 63,827 63,720 58,282 58,563 Total $ 273,381 $ 273,098 $ 153,470 $ 153,795

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of fair value measurements	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 March 31, 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 $ 19,792 $ 19,792 $ — $ — U.S. Treasuries 16,458 — 16,458 — Total cash equivalents 36,250 19,792 16,458 — Marketable securities: Commercial paper 42,907 — 42,907 — U.S. Treasuries 56,552 — 56,552 — U.S. Government agency bonds 78,250 — 78,250 — Corporate bonds 78,931 — 78,931 — Total marketable securities 256,640 — 256,640 — Total financial assets $ 292,890 $ 19,792 $ 273,098 $ — 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)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Summary of inventory	Inventory, net of inventory reserves, consisted of the following (in thousands): March 31, 2024 December 31, 2023 (As Restated) (As Restated) Raw materials $ 6,082 $ 5,114 Work in process 8,391 5,439 Finished goods 14,161 15,570 Total inventory $ 28,634 $ 26,123

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Accrued Expenses and Other Current Liabilities
Summary of Accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 (As Restated) (As Restated) Accrued professional services $ 1,947 $ 1,596 Accrued royalties 1,631 1,689 Accrued tax liabilities 1,446 822 Other accrued expenses 1,958 1,948 Total accrued expenses and other current liabilities $ 6,982 $ 6,055

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of restricted stock units activity	Number of options Weighted-average Weighted-average Aggregate Outstanding at December 31, 2023 2,774 $ 19.62 7.9 $ 26,941 Granted 1,179 22.74 Exercised (104) 12.34 Forfeited/expired (181) 20.24 Outstanding at March 31, 2024 3,668 $ 20.80 8.3 $ 17,741 Exercisable at March 31, 2024 1,297 $ 22.24 6.6 $ 7,615 Vested and expected to vest at March 31, 2024 3,668 $ 20.80 8.3 $ 17,741 Restricted Stock Units Restricted stock unit (“RSU”) activity for the three months ended March 31, 2024 is presented below (in thousands, except per share amounts): Number of shares Weighted-average Unvested at December 31, 2023 1,328 $ 17.87 Granted 446 24.40 Vested (197) 17.57 Forfeited (96) 20.52 Unvested at March 31, 2024 1,481 $ 19.71
Summary of share-based compensation expense for all stock awards	Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands): Three Months Ended March 31, 2024 2023 (As Restated) Cost of product revenue $ 281 $ 197 Cost of service and other revenue 308 350 Research and development 543 379 Selling, general and administrative 4,133 3,017 Total stock-based compensation expense $ 5,265 $ 3,943

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended March 31, 2024 2023 (As Restated) (As Restated) Numerator: Net loss $ (11,163) $ (7,274) Denominator: Weighted average common shares outstanding, basic and diluted 38,126 37,327 Net loss per share, basic and diluted $ (0.29) $ (0.19)
Schedule of common share equivalents have been excluded from the calculation of 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): Three Months Ended March 31, 2024 2023 Stock options 3,520 2,720 Common stock and RSUs 1,497 1,489 Estimated ESPP purchases 19 26 Total dilutive shares 5,036 4,235

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease payments	The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands): Maturity of lease liabilities As of March 31, 2024 2024 (remainder) $ 5,340 2025 7,254 2026 7,408 2027 7,641 2028 7,880 2029 8,126 Thereafter 7,612 Total lease payments 51,261 Less: imputed interest 10,811 Total operating lease liabilities $ 40,450

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Lessee 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 March 31, 2024 2024 (remainder) $ 5,340 2025 7,254 2026 7,408 2027 7,641 2028 7,880 2029 8,126 Thereafter 7,612 Total lease payments 51,261 Less: imputed interest 10,811 Total operating lease liabilities $ 40,450

Restatement of Financial Stat_4

Restatement of Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 45,281	$ 174,422	$ 329,354
Marketable securities	256,640	146,902
Accounts receivable, net of allowance for expected credit losses	29,276	25,414
Inventory	28,634	26,123
Prepaid expenses and other current assets	9,521	9,234
Total current assets	369,352	382,095
Restricted cash	2,605	2,604
Property and equipment, net	17,492	17,926
Intangible assets, net	5,339	6,034
Operating lease ROU assets	17,748	18,251
Other non-current assets	1,669	1,657
Total assets	414,205	428,567
Current liabilities:
Accounts payable	3,979	5,048
Accrued compensation and benefits	7,196	14,170
Accrued expenses and other current liabilities	6,982	6,055
Deferred revenue	10,234	9,468
Short-term operating lease liabilities	4,366	4,241
Total current liabilities	32,757	38,982
Deferred revenue, net of current portion	933	1,227
Non-current operating lease liabilities	36,084	37,223
Other non-current liabilities	1,053	1,177
Total liabilities	70,827	78,609
Commitments and contingencies (Note 15)
Stockholders' equity:
Common stock, $0.001 par value, per share: Authorized: XXX,XXX; issued and outstanding: 38,014 and 37,280 shares at December 31, 2023 and 2022, respectively	38	38
Additional paid-in capital	789,006	783,142
Accumulated other comprehensive loss	(2,953)	(1,672)
Accumulated deficit	(442,713)	(431,550)
Total stockholders' equity	343,378	349,958	355,194	$ 357,932
Total liabilities and stockholders' equity	414,205	428,567
As Previously Reported
Current assets:
Cash and cash equivalents	45,281	174,422
Marketable securities	256,640	146,902
Accounts receivable, net of allowance for expected credit losses	29,276	25,414
Inventory	26,015	22,365
Prepaid expenses and other current assets	9,551	9,291
Total current assets	366,763	378,394
Restricted cash	2,605	2,604
Property and equipment, net	17,492	17,926
Intangible assets, net	5,339	6,034
Operating lease ROU assets	17,748	18,251
Other non-current assets	1,802	1,802
Total assets	411,749	425,011
Current liabilities:
Accounts payable	3,914	5,048
Accrued compensation and benefits	6,706	13,659
Accrued expenses and other current liabilities	7,021	6,041
Deferred revenue	10,234	9,468
Short-term operating lease liabilities	4,366	4,241
Total current liabilities	32,241	38,457
Deferred revenue, net of current portion	933	1,227
Non-current operating lease liabilities	36,084	37,223
Other non-current liabilities	1,053	1,177
Total liabilities	70,311	78,084
Commitments and contingencies (Note 15)
Stockholders' equity:
Common stock, $0.001 par value, per share: Authorized: XXX,XXX; issued and outstanding: 38,014 and 37,280 shares at December 31, 2023 and 2022, respectively	38	38
Additional paid-in capital	789,006	783,142
Accumulated other comprehensive loss	(3,038)	(1,757)
Accumulated deficit	(444,568)	(434,496)
Total stockholders' equity	341,438	346,927	357,332	358,940
Total liabilities and stockholders' equity	411,749	425,011
Adjustments
Current assets:
Cash and cash equivalents	0	0
Marketable securities	0	0
Accounts receivable, net of allowance for expected credit losses	0	0
Inventory	2,619	3,758
Prepaid expenses and other current assets	(30)	(57)
Total current assets	2,589	3,701
Restricted cash	0	0
Property and equipment, net	0	0
Intangible assets, net	0	0
Operating lease ROU assets	0	0
Other non-current assets	(133)	(145)
Total assets	2,456	3,556
Current liabilities:
Accounts payable	65	0
Accrued compensation and benefits	490	511
Accrued expenses and other current liabilities	(39)	14
Deferred revenue	0	0
Short-term operating lease liabilities	0	0
Total current liabilities	516	525
Deferred revenue, net of current portion	0	0
Non-current operating lease liabilities	0	0
Other non-current liabilities	0	0
Total liabilities	516	525
Commitments and contingencies (Note 15)
Stockholders' equity:
Common stock, $0.001 par value, per share: Authorized: XXX,XXX; issued and outstanding: 38,014 and 37,280 shares at December 31, 2023 and 2022, respectively	0	0
Additional paid-in capital	0	0
Accumulated other comprehensive loss	85	85
Accumulated deficit	1,855	2,946
Total stockholders' equity	1,940	3,031	$ (2,138)	$ (1,008)
Total liabilities and stockholders' equity	$ 2,456	$ 3,556

Restatement of Financial Stat_5

Restatement of Financial Statements - Statement Of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 32,066	$ 28,456
Costs of goods sold and services:
Total costs of goods sold and services	13,518	12,463
Gross profit	18,548	15,993
Operating expenses:
Research and development	6,742	4,987
Selling, general and administrative	26,039	20,784
Other lease costs	924	800
Total operating expenses	33,705	26,571
Loss from operations	(15,157)	(10,578)
Interest income (expense), net	3,948	3,449
Other income (expense), net	226	(5)
Loss before income taxes	(10,983)	(7,134)
Income tax (expense) benefit	(180)	(140)
Net loss	$ (11,163)	$ (7,274)
Net loss per common share, basic (in dollars per share)	$ (0.29)	$ (0.19)
Net loss per common share, diluted (in dollars per share)	$ (0.29)	$ (0.19)
Weighted-average common shares outstanding, basic (in shares)	38,126,000	37,327,000
Weighted-average common shares outstanding, diluted (in shares)	38,126,000	37,327,000
Product revenue
Revenues:
Total revenues	$ 19,670	$ 19,360
Costs of goods sold and services:
Total costs of goods sold and services	8,237	7,879
Service revenue
Revenues:
Total revenues	11,967	8,506
Costs of goods sold and services:
Total costs of goods sold and services	5,281	4,584
Collaboration and license revenue
Revenues:
Total revenues	155	368
Grant revenue
Revenues:
Total revenues	274	222
As Previously Reported
Revenues:
Total revenues	32,066	28,456
Costs of goods sold and services:
Total costs of goods sold and services	12,440	11,530
Gross profit	19,626	16,926
Operating expenses:
Research and development	6,675	4,720
Selling, general and administrative	25,993	20,850
Other lease costs	924	776
Total operating expenses	33,592	26,346
Loss from operations	(13,966)	(9,420)
Interest income (expense), net	3,948	3,449
Other income (expense), net	206	8
Loss before income taxes	(9,812)	(5,963)
Income tax (expense) benefit	(260)	(140)
Net loss	$ (10,072)	$ (6,103)
Net loss per common share, basic (in dollars per share)	$ (0.26)	$ (0.16)
Net loss per common share, diluted (in dollars per share)	$ (0.26)	$ (0.16)
Weighted-average common shares outstanding, basic (in shares)	38,126,000	37,327,000
Weighted-average common shares outstanding, diluted (in shares)	38,126,000	37,327,000
As Previously Reported | Product revenue
Revenues:
Total revenues	$ 19,670	$ 19,287
Costs of goods sold and services:
Total costs of goods sold and services	7,145	7,033
As Previously Reported | Service revenue
Revenues:
Total revenues	11,967	8,579
Costs of goods sold and services:
Total costs of goods sold and services	5,295	4,497
As Previously Reported | Collaboration and license revenue
Revenues:
Total revenues	155	368
As Previously Reported | Grant revenue
Revenues:
Total revenues	274	222
Adjustments
Revenues:
Total revenues	0	0
Costs of goods sold and services:
Total costs of goods sold and services	1,078	933
Gross profit	(1,078)	(933)
Operating expenses:
Research and development	67	267
Selling, general and administrative	46	(66)
Other lease costs	0	24
Total operating expenses	113	225
Loss from operations	(1,191)	(1,158)
Interest income (expense), net	0	0
Other income (expense), net	20	(13)
Loss before income taxes	(1,171)	(1,171)
Income tax (expense) benefit	80	0
Net loss	$ (1,091)	$ (1,171)
Net loss per common share, basic (in dollars per share)	$ (0.03)	$ (0.03)
Net loss per common share, diluted (in dollars per share)	$ (0.03)	$ (0.03)
Weighted-average common shares outstanding, basic (in shares)	0	0
Weighted-average common shares outstanding, diluted (in shares)	0	0
Adjustments | Product revenue
Revenues:
Total revenues	$ 0	$ 73
Costs of goods sold and services:
Total costs of goods sold and services	1,092	846
Adjustments | Service revenue
Revenues:
Total revenues	0	(73)
Costs of goods sold and services:
Total costs of goods sold and services	(14)	87
Adjustments | Collaboration and license revenue
Revenues:
Total revenues	0	0
Adjustments | Grant revenue
Revenues:
Total revenues	$ 0	$ 0

Restatement of Financial Stat_6

Restatement of Financial Statements - Statement Of Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification [Line Items]
Net loss	$ (11,163)	$ (7,274)
Other comprehensive loss, net of tax:
Unrealized gains on marketable securities	(607)	0
Foreign currency translation adjustment	(674)	42
Total other comprehensive loss	(1,281)	42
Comprehensive loss	(12,444)	(7,232)
As Previously Reported
Reclassification [Line Items]
Net loss	(10,072)	(6,103)
Other comprehensive loss, net of tax:
Unrealized gains on marketable securities	(607)	0
Foreign currency translation adjustment	(674)	42
Total other comprehensive loss	(1,281)	42
Comprehensive loss	(11,353)	(6,061)
Adjustments
Reclassification [Line Items]
Net loss	(1,091)	(1,171)
Other comprehensive loss, net of tax:
Unrealized gains on marketable securities	0	0
Foreign currency translation adjustment	0	0
Total other comprehensive loss	0	0
Comprehensive loss	$ (1,091)	$ (1,171)

Restatement of Financial Stat_7

Restatement of Financial Statements - Statement Of Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification [Line Items]
Beginning Balance	$ 349,958	$ 357,932
Issuance of common stock under stock plans, including tax effects	599	551
Stock-based compensation expense	5,265	3,943
Unrealized loss on marketable securities, net of tax	(607)	0
Foreign currency translation adjustment	(674)	42
Net loss	(11,163)	(7,274)
Ending Balance	$ 343,378	$ 355,194
Common Stock
Reclassification [Line Items]
Beginning balance (in shares)	38,014	37,280
Beginning Balance	$ 38	$ 37
Issuance of common stock under stock plans, including tax effects (in shares)	274	144
Ending Balance (in shares)	38,288	37,424
Ending Balance	$ 38	$ 37
Additional paid-in capital
Reclassification [Line Items]
Beginning Balance	783,142	763,629
Issuance of common stock under stock plans, including tax effects	599	551
Stock-based compensation expense	5,265	3,943
Ending Balance	789,006	768,123
Accumulated other comprehensive income (loss)
Reclassification [Line Items]
Beginning Balance	(1,672)	(2,538)
Unrealized loss on marketable securities, net of tax	(607)
Foreign currency translation adjustment	(674)	42
Ending Balance	(2,953)	(2,496)
Accumulated deficit
Reclassification [Line Items]
Beginning Balance	(431,550)	(403,196)
Net loss	(11,163)	(7,274)
Ending Balance	(442,713)	(410,470)
As Previously Reported
Reclassification [Line Items]
Beginning Balance	346,927	358,940
Issuance of common stock under stock plans, including tax effects	599	551
Stock-based compensation expense	5,265	3,902
Unrealized loss on marketable securities, net of tax	(607)	0
Foreign currency translation adjustment	(674)	42
Net loss	(10,072)	(6,103)
Ending Balance	$ 341,438	$ 357,332
As Previously Reported | Common Stock
Reclassification [Line Items]
Beginning balance (in shares)	38,014	37,280
Beginning Balance	$ 38	$ 37
Issuance of common stock under stock plans, including tax effects (in shares)	274	144
Ending Balance (in shares)	38,288	37,424
Ending Balance	$ 38	$ 37
As Previously Reported | Additional paid-in capital
Reclassification [Line Items]
Beginning Balance	783,142	763,688
Issuance of common stock under stock plans, including tax effects	599	551
Stock-based compensation expense	5,265	3,902
Ending Balance	789,006	768,141
As Previously Reported | Accumulated other comprehensive income (loss)
Reclassification [Line Items]
Beginning Balance	(1,757)	(2,623)
Unrealized loss on marketable securities, net of tax	(607)
Foreign currency translation adjustment	(674)	42
Ending Balance	(3,038)	(2,581)
As Previously Reported | Accumulated deficit
Reclassification [Line Items]
Beginning Balance	(434,496)	(402,162)
Net loss	(10,072)	(6,103)
Ending Balance	(444,568)	(408,265)
Adjustments
Reclassification [Line Items]
Beginning Balance	3,031	(1,008)
Stock-based compensation expense		41
Unrealized loss on marketable securities, net of tax	0	0
Foreign currency translation adjustment	0	0
Net loss	(1,091)	(1,171)
Ending Balance	$ 1,940	$ (2,138)
Adjustments | Common Stock
Reclassification [Line Items]
Beginning balance (in shares)	0	0
Beginning Balance	$ 0	$ 0
Ending Balance (in shares)	0	0
Ending Balance	$ 0	$ 0
Adjustments | Additional paid-in capital
Reclassification [Line Items]
Beginning Balance	0	(59)
Stock-based compensation expense		41
Ending Balance	0	(18)
Adjustments | Accumulated other comprehensive income (loss)
Reclassification [Line Items]
Beginning Balance	85	85
Ending Balance	85	85
Adjustments | Accumulated deficit
Reclassification [Line Items]
Beginning Balance	2,946	(1,034)
Net loss	(1,091)	(1,171)
Ending Balance	$ 1,855	$ (2,205)

Restatement of Financial Stat_8

Restatement of Financial Statements - Statement Of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (11,163)	$ (7,274)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,523	1,454
Credit losses (gains) on accounts receivable	176	178
Amortization of (discount) premium on marketable securities	(1,657)	0
Operating lease right-of-use asset amortization	478	334
Stock-based compensation expense	5,265	3,943
Other operating activity	55	270
Changes in assets and liabilities:
Accounts receivable	(4,233)	(3,741)
Inventory	(2,531)	530
Prepaid expenses and other current assets	(281)	(422)
Other non-current assets	(33)	(33)
Accounts payable	(1,057)	(1,271)
Accrued compensation and benefits, accrued expenses, and other current liabilities	(6,200)	(5,809)
Deferred revenue	472	2,041
Operating lease liabilities	(988)	179
Other non-current liabilities	10	(203)
Net cash used in operating activities	(20,164)	(9,824)
Cash flows from investing activities:
Purchases of marketable securities	(137,889)	0
Proceeds from maturities of marketable debt securities	29,200	0
Purchases of property and equipment	(506)	(136)
Net cash used in investing activities	(109,195)	(136)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	2,037	564
Payments for employee taxes withheld on stock-based compensation awards	(1,438)	(13)
Net cash provided by financing activities	599	551
Net increase (decrease) in cash, cash equivalents, and restricted cash	(128,760)	(9,409)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(380)	24
Cash, cash equivalents, and restricted cash at beginning of period	177,026	341,337
Cash, cash equivalents, and restricted cash at end of period	47,886	331,952
Supplemental disclosure of cash flow information:
Cash paid for taxes	175	246
Purchases of property and equipment in accounts payable and accruals	222	147
As Previously Reported
Cash flows from operating activities:
Net loss	(10,072)	(6,103)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,523	1,439
Credit losses (gains) on accounts receivable	176	178
Amortization of (discount) premium on marketable securities	(1,657)
Operating lease right-of-use asset amortization	478	334
Stock-based compensation expense	5,265	3,902
Other operating activity	55	270
Changes in assets and liabilities:
Accounts receivable	(4,233)	(3,741)
Inventory	(3,670)	(89)
Prepaid expenses and other current assets	(254)	(422)
Other non-current assets	(21)	(33)
Accounts payable	(1,122)	(1,271)
Accrued compensation and benefits, accrued expenses, and other current liabilities	(6,126)	(5,983)
Deferred revenue	472	2,041
Operating lease liabilities	(988)	179
Other non-current liabilities	10	(203)
Net cash used in operating activities	(20,164)	(9,502)
Cash flows from investing activities:
Purchases of marketable securities	(137,889)
Proceeds from maturities of marketable debt securities	29,200
Purchases of property and equipment	(506)	(136)
Net cash used in investing activities	(109,195)	(136)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	2,037	564
Payments for employee taxes withheld on stock-based compensation awards	(1,438)	(13)
Net cash provided by financing activities	599	551
Net increase (decrease) in cash, cash equivalents, and restricted cash	(128,760)	(9,087)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(380)	24
Cash, cash equivalents, and restricted cash at beginning of period	177,026	341,337
Cash, cash equivalents, and restricted cash at end of period	47,886	332,274
Supplemental disclosure of cash flow information:
Cash paid for taxes	175	246
Purchases of property and equipment in accounts payable and accruals	222	147
Adjustments
Cash flows from operating activities:
Net loss	(1,091)	(1,171)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	0	15
Credit losses (gains) on accounts receivable	0	0
Amortization of (discount) premium on marketable securities	0
Operating lease right-of-use asset amortization	0	0
Stock-based compensation expense	0	41
Other operating activity	0	0
Changes in assets and liabilities:
Accounts receivable	0	0
Inventory	1,139	619
Prepaid expenses and other current assets	(27)	0
Other non-current assets	(12)	0
Accounts payable	65	0
Accrued compensation and benefits, accrued expenses, and other current liabilities	(74)	174
Deferred revenue	0	0
Operating lease liabilities	0	0
Other non-current liabilities	0	0
Net cash used in operating activities	0	(322)
Cash flows from investing activities:
Purchases of marketable securities	0
Proceeds from maturities of marketable debt securities	0
Purchases of property and equipment	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	0	0
Payments for employee taxes withheld on stock-based compensation awards	0	0
Net cash provided by financing activities	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	0	(322)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	0	0
Cash, cash equivalents, and restricted cash at beginning of period	0	0
Cash, cash equivalents, and restricted cash at end of period	0	(322)
Supplemental disclosure of cash flow information:
Cash paid for taxes	0	0
Purchases of property and equipment in accounts payable and accruals	$ 0	$ 0

Organization and Nature of Bu_2

Organization and Nature of Business (Details)	Mar. 31, 2024 project customer
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of projects completed | project	2,300
Entity number of customers served | customer	480

Significant Accounting Polici_4

Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Accounting Policies [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 45,281	$ 174,422	$ 329,354

Significant Accounting Polici_5

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash equivalents
Cash and cash equivalents	$ 45,281	$ 174,422	$ 329,354
Restricted cash	2,605		2,598
Cash, cash equivalents, and restricted cash	$ 47,886	$ 177,026	$ 331,952	$ 341,337

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Service Revenue
Total revenues	$ 32,066	$ 28,456
Product revenue
Service Revenue
Total revenues	19,670	19,360
Product revenue | North America
Service Revenue
Total revenues	10,705	9,641
Product revenue | EMEA
Service Revenue
Total revenues	5,568	6,952
Product revenue | Asia Pacific
Service Revenue
Total revenues	3,397	2,767
Instruments
Service Revenue
Total revenues	2,546	5,260
Instruments | North America
Service Revenue
Total revenues	408	2,144
Instruments | EMEA
Service Revenue
Total revenues	1,269	1,981
Instruments | Asia Pacific
Service Revenue
Total revenues	869	1,135
Consumable and other products
Service Revenue
Total revenues	17,124	14,100
Consumable and other products | North America
Service Revenue
Total revenues	10,297	7,497
Consumable and other products | EMEA
Service Revenue
Total revenues	4,299	4,971
Consumable and other products | Asia Pacific
Service Revenue
Total revenues	2,528	1,632
Service revenue
Service Revenue
Total revenues	11,967	8,506
Service revenue | North America
Service Revenue
Total revenues	7,717	7,088
Service revenue | EMEA
Service Revenue
Total revenues	3,902	1,166
Service revenue | Asia Pacific
Service Revenue
Total revenues	348	252
Research services
Service Revenue
Total revenues	8,691	5,539
Research services | North America
Service Revenue
Total revenues	5,762	5,190
Research services | EMEA
Service Revenue
Total revenues	2,802	234
Research services | Asia Pacific
Service Revenue
Total revenues	127	115
Other services
Service Revenue
Total revenues	593	642
Other services | North America
Service Revenue
Total revenues	318	381
Other services | EMEA
Service Revenue
Total revenues	248	257
Other services | Asia Pacific
Service Revenue
Total revenues	27	4
Service-type warranties
Service Revenue
Total revenues	2,683	2,325
Service-type warranties | North America
Service Revenue
Total revenues	1,637	1,517
Service-type warranties | EMEA
Service Revenue
Total revenues	852	675
Service-type warranties | Asia Pacific
Service Revenue
Total revenues	194	133
Collaboration and license revenue
Service Revenue
Total revenues	155	368
Collaboration and license revenue | North America
Service Revenue
Total revenues	155	368
Collaboration and license revenue | EMEA
Service Revenue
Total revenues	0	0
Collaboration and license revenue | Asia Pacific
Service Revenue
Total revenues	0	0
Grant revenue
Service Revenue
Total revenues	274	222
Service revenue
Service Revenue
Total revenues	$ 11,967	$ 8,506

Revenue Recognition - Service R

Revenue Recognition - Service Revenue (Details) $ in Thousands	3 Months Ended		12 Months Ended	15 Months Ended
	Mar. 31, 2024 USD ($) customer	Mar. 31, 2023 USD ($) customer	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) customer
Service Revenue
Revenue	$ 32,066	$ 28,456
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Service Revenue
Number Of Customers With High Percent Of Total Revenue | customer	0
Concentration Risk Percentage	10%			10%
One customer | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Service Revenue
Number Of Customers With High Percent Of Total Revenue | customer		1
Concentration Risk Percentage		10%
One customer | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Service Revenue
Number Of Customers With High Percent Of Gross Accounts Receivable | customer	1			1
Concentration Risk Percentage	10%			10%
Service revenue
Service Revenue
Revenue	$ 11,967	$ 8,506
Collaboration agreement | Eli Lilly
Service Revenue
Revenue		$ 1,500		$ 1,500
Statement of works agreement | Eli Lilly
Service Revenue
Collaborative arrangement payment received per quarter			$ 1,500

Revenue Recognition - Collabora

Revenue Recognition - Collaboration and license arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Collaboration and license arrangements
Revenue	$ 32,066	$ 28,456
Collaboration and license revenue
Collaboration and license arrangements
Revenue	$ 155	$ 368

Revenue Recognition - Grant rev

Revenue Recognition - Grant revenue (Details) - USD ($) $ in Thousands			3 Months Ended
	Sep. 21, 2022	Mar. 24, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Total revenues			$ 32,066	$ 28,456
Research and development			6,742	4,987
Deferred revenue			(472)	(2,041)
Commitments and contingencies (Note 15)
ADDF
Contract value		$ 2,300	2,300
National Institutes of Health
Contract value	$ 1,700
Grants Received			800
Grant revenue
Total revenues			274	$ 222
Grant revenue | ADDF
Deferred revenue			$ 1,000

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 0	$ 0

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred Revenue, Revenue Recognized	$ 2.7	$ 2.4

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 11.2
Undelivered licenses of intellectual property
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	11.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 10.2
Performance obligation satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations	$ 1
Performance obligation satisfaction period	15 months

Revenue Recognition - Costs to

Revenue Recognition - Costs to obtain a contract (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in the balance of costs to obtain a contract
Balance at beginning of period	$ 288	$ 377
Deferral of costs to obtain a contract	97	197
Amortization of costs to obtain a contract	(95)	(191)
Balance at end of period	290	383
Impairment loss	$ 0	$ 0

Allowance for Credit Losses (De

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for Credit Loss [Abstract]
Beginning Balance	$ 454	$ 118
Provision for expected credit losses	176	178
Write-offs and recoveries collected	(103)	(74)
Ending Balance	$ 527	$ 222

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Marketable Securities [Line Items]
Amortized cost	$ 273,381	$ 153,470
Unrealized Gains	65	352
Unrealized Losses	(348)	(27)
Fair Value	273,098	153,795
Marketable securities	256,640	146,902
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	229,961	56,365
Unrealized Loses	(348)	(27)
Amortized cost due within one year	209,554	95,188
Fair value due within one year	209,378	95,232
Amortized cost due in one to two years	63,827	58,282
Fair value due in one to two years	63,720	58,563
Accrued interest receivable	1,200	1,000
Commercial paper
Marketable Securities [Line Items]
Amortized cost	42,947		$ 53,482
Unrealized Gains			23
Unrealized Losses	(40)		(12)
Fair Value	42,907		$ 53,493
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	38,497	32,137
Unrealized Loses	(40)	(12)
U.S. Treasuries
Marketable Securities [Line Items]
Amortized cost	73,033	4,896
Unrealized Gains		1
Unrealized Losses	(23)
Fair Value	73,010	4,897
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	73,010
Unrealized Loses	(23)
U.S. Government agencies
Marketable Securities [Line Items]
Amortized cost	78,389	28,366
Unrealized Gains	10	39
Unrealized Losses	(149)	(7)
Fair Value	78,250	28,398
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	69,825	15,861
Unrealized Loses	(149)	(7)
Corporate bonds
Marketable Securities [Line Items]
Amortized cost	79,012	66,726
Unrealized Gains	55	289
Unrealized Losses	(136)	(8)
Fair Value	78,931	67,007
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	48,629	8,367
Unrealized Loses	(136)	(8)
Cash and cash equivalents
Marketable Securities [Line Items]
Fair Value	$ 16,458	$ 6,893

Fair value of financial instr_3

Fair value of financial instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	$ 36,250	$ 162,260
Marketable securities	256,640	146,902
Total Financial Assets	292,890	309,162
Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	19,792	155,367
Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds		1,996
Marketable securities	42,907	51,498
U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	16,458	4,897
Marketable securities	56,552
U.S. Government agencies
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	78,250	28,398
Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	78,931	67,006
Quoted prices in active markets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	19,792	155,367
Total Financial Assets	19,792	155,367
Quoted prices in active markets (Level 1) | Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	19,792	155,367
Significant other observable inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	16,458	6,893
Marketable securities	256,640	146,902
Total Financial Assets	273,098	153,795
Significant other observable inputs (Level 2) | Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds		1,996
Marketable securities	42,907	51,498
Significant other observable inputs (Level 2) | U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents - money market funds	16,458	4,897
Marketable securities	56,552
Significant other observable inputs (Level 2) | U.S. Government agencies
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	78,250	28,398
Significant other observable inputs (Level 2) | Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	$ 78,931	$ 67,006

Fair value of financial instr_4

Fair value of financial instruments - Changes in Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the Company's Level 3 financial assets	$ 292,890	$ 309,162
Nonrecurring | Fair Value, 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	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw Materials	$ 6,082	$ 5,114
Work in process	8,391	5,439
Finished goods	14,161	15,570
Total inventory	$ 28,634	$ 26,123

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities
Accrued professional services	$ 1,947	$ 1,596
Accrued royalties	1,631	1,689
Accrued tax liabilities	1,446	822
Other accrued expenses	1,958	1,948
Total accrued expenses and other current liabilities	$ 6,982	$ 6,055

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock options (Details) - Employee Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number outstanding
Outstanding at the beginning of the period (in shares)	2,774
Granted (in shares)	1,179
Exercised (in shares)	(104)
Cancelled (in shares)	(181)
Outstanding at the end of the period (in shares)	3,668	2,774
Exercisable at the end of the period (in shares)	1,297
Vested and expected to vest at the end of the period (in shares)	3,668
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 19.62
Granted (in dollars per share)	22.74
Exercised (in dollars per share)	12.34
Cancelled (in dollars per share)	20.24
Outstanding at the end of the period (in dollars per share)	20.80	$ 19.62
Exercisable at the end of the period (in dollars per share)	22.24
Vested and expected to vest at the end of the period (in dollars per share)	$ 20.80
Weighted-average remaining contractual life
Outstanding (in years)	8 years 3 months 18 days	7 years 10 months 24 days
Exercisable at the end of the period (in years)	6 years 7 months 6 days
Vested and expected to vest at the end of the period (in years)	8 years 3 months 18 days
Aggregate intrinsic value
Outstanding	$ 17,741	$ 26,941
Exercisable at the end of the period	7,615
Vested and expected to vest at the end of the period	$ 17,741

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted stock units (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of restricted stock units
Unvested restricted common stock at the beginning of the period (in shares) | shares	1,328
Granted (in shares) | shares	446
Vested (in shares) | shares	(197)
Cancelled (in shares) | shares	(96)
Unvested restricted common stock at the end of the period (in shares) | shares	1,481
Weighted-average grant date fair value per share
Unvested restricted common stock at the beginning of the period (in dollars per share) | $ / shares	$ 17.87
Granted (in dollars per share) | $ / shares	24.40
Vested (in dollars per share) | $ / shares	17.57
Cancelled (in dollars per share) | $ / shares	20.52
Unvested restricted common stock at the end of the period (in dollars per share) | $ / shares	$ 19.71

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation
Share-based compensation expense	$ 5,265	$ 3,943
2017 ESPP
Stock-based compensation
Stock issued during period, shares, employee stock purchase plans	36
Cost of product revenue
Stock-based compensation
Share-based compensation expense	$ 281	197
Cost of service and other revenue
Stock-based compensation
Share-based compensation expense	308	350
Research and development
Stock-based compensation
Share-based compensation expense	543	379
General and Administrative Expense
Stock-based compensation
Share-based compensation expense	4,133	$ 3,017
Restricted stock units and stock options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 56,000
Period of recognition of unrecognized compensation cost	3 years 1 month 6 days

Net Income (Loss) Per Share - B

Net Income (Loss) Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (11,163)	$ (7,274)
Weighted-average common shares outstanding, basic (in shares)	38,126,000	37,327,000
Weighted-average common shares outstanding, diluted (in shares)	38,126,000	37,327,000
Basic net (loss) income per share	$ (0.29)	$ (0.19)
Diluted net (loss) income per share	$ (0.29)	$ (0.19)

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Common share equivalents have been excluded from the calculation of diluted net loss per share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	5,036	4,235
Employee Stock Option
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	3,520	2,720
Common stock and RSUs
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	1,497	1,489
Estimated ESPP purchases
Net loss per share
Number of common share equivalents excluded in the calculation of diluted net loss per share	19	26

Income Taxes (As Restated) (Det

Income Taxes (As Restated) (Details) (10Q)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	1.60%	2%

Commitments and Contingencies -

Commitments and Contingencies - Purchase Commitments (Details) item in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($) item	Dec. 31, 2024 USD ($) item
Commitments and contingencies
Tenant improvements allowances		$ 900
Cost of revenue	$ 13,518	12,463
Accounts payable	$ (1,057)	$ (1,271)
Stratec Supply Agreement
Commitments and contingencies
Number of discs shipped | item	35	75
Purchase commitments expects to incur in next year	$ 1,600
Other Commitment	3,700
Cost of revenue	300	$ 500
Accounts payable	$ 2,100
Stratec Supply Agreement | Forecast
Commitments and contingencies
Number of discs shipped | item			222
Purchase commitments expects to incur in next year			$ 3,800
Stratec Supply Agreement | Forecast 2022 Through 2024
Commitments and contingencies
Number of discs purchased | item	515

Commitments and Contingencies_2

Commitments and Contingencies - License agreements and Lease commitments (Details) - License agreements - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Aug. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
License agreements
Royalty expense		$ 0	$ 0
Tufts
License agreements
Royalty expense		$ 0.5	$ 0.4
Harvard University
License agreements
Upfront Fee	$ 0.6

Commitments and Contingencies_3

Commitments and Contingencies - Undiscounted future lease payments for non-cancelable operating leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Maturity of lease liabilities
2024 (remainder)	$ 5,340
2025	7,254
2026	7,408
2027	7,641
2028	7,880
2029	8,126
Thereafter	7,612
Total lease payments	51,261
Less: imputed interest	10,811
Total operating lease liabilities	$ 40,450

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related party transactions
Cost of revenue	$ 13,518,000	$ 12,463,000
Accounts receivable	29,276,000		$ 25,414,000
Accounts payable	3,979,000		$ 5,048,000
Harvard University
Related party transactions
Related party revenue	300,000	300,000
Cost of revenue	0	$ 0
UltraDx Limited Company
Related party transactions
Related party revenue	1,100,000
Cost of revenue	0
Accounts receivable	1,200,000
Accounts payable	$ 0

Variable Interest Entities (A_2

Variable Interest Entities (As Restated) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other non-current assets	$ 1,669	$ 1,657
Variable interest entities
Other non-current assets	$ 800	$ 800

Leases - Balance Sheet informat

Leases - Balance Sheet information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee Disclosure [Abstract]
Operating lease ROU assets	$ 17,748	$ 18,251
Short-term operating lease liabilities	4,366	4,241
Non-current operating lease liabilities	36,084	$ 37,223
Total operating lease liabilities	$ 40,450