Quanterix (QTRX) 10-Q 23 Dec 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Dec. 17, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38319
Entity Registrant Name	QUANTERIX CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8957988
Entity Address, Address Line One	900 Middlesex Turnpike
Entity Address, City or Town	Billerica
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01821
City Area Code	617
Local Phone Number	301-9400
Title of 12(g) Security	Common Stock, $0.001 par value per share
Trading Symbol	QTRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,524,326
Entity Central Index Key	0001503274
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 29,339			$ 174,422	$ 201,261
Marketable securities	264,184			146,902
Accounts receivable, net of allowance for expected credit losses	31,089			25,414
Inventory	32,969			26,123
Prepaid expenses and other current assets	9,378			9,234
Total current assets	366,960			382,095
Restricted cash	2,609			2,604
Property and equipment, net	17,662			17,926
Intangible assets, net	4,782			6,034
Operating lease right-of-use assets	16,876			18,251
Other non-current assets	2,137			1,657
Total assets	411,026			428,567
Current liabilities:
Accounts payable	6,378			5,048
Accrued compensation and benefits	9,860			14,170
Accrued expenses and other current liabilities	6,591			6,055
Deferred revenue	8,984			9,468
Operating lease liabilities	4,641			4,241
Total current liabilities	36,454			38,982
Deferred revenue, net of current portion	884			1,227
Operating lease liabilities, net of current portion	33,850			37,223
Other non-current liabilities	956			1,177
Total liabilities	72,144			78,609
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock: $0.001 par value per share; Authorized: 120,000 shares; Issued and outstanding: 38,475 and 38,014 shares at September 30, 2024 and December 31, 2023, respectively	39			38
Additional paid-in capital	798,707			783,142
Accumulated other comprehensive loss	(1,411)			(1,672)
Accumulated deficit	(458,453)			(431,550)
Total stockholders’ equity	338,882	$ 340,778	$ 343,298	349,958	$ 352,787	$ 353,748	$ 355,194	$ 357,932
Total liabilities and stockholders’ equity	$ 411,026			$ 428,567

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	120,000	120,000
Common stock, shares issued (in shares)	38,475	38,014
Common stock, shares outstanding (in shares)	38,475	38,014

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 35,813			$ 31,559			$ 102,260	$ 90,819
Costs of goods sold and services:
Total costs of goods sold and services	15,660			12,150			41,325	36,001
Gross profit	20,153			19,409			60,935	54,818
Operating expenses:
Research and development	8,104			7,739			23,015	18,854
Selling, general and administrative	22,908			23,550			73,027	65,642
Other lease costs	889			928			2,740	2,696
Total operating expenses	31,901			32,217			98,782	87,192
Loss from operations	(11,748)			(12,808)			(37,847)	(32,374)
Interest income	3,535			4,185			11,165	11,520
Other income	5			2,110			221	1,891
Loss before income taxes	(8,208)			(6,513)			(26,461)	(18,963)
Income tax expense	(145)			(203)			(442)	(578)
Net loss	$ (8,353)	$ (7,307)	$ (11,243)	$ (6,716)	$ (5,551)	$ (7,274)	$ (26,903)	$ (19,541)
Net loss per common share, basic (in dollars per share)	$ (0.22)			$ (0.18)			$ (0.70)	$ (0.52)
Net loss per common share, diluted (in dollars per share)	$ (0.22)			$ (0.18)			$ (0.70)	$ (0.52)
Weighted-average common shares outstanding, basic (in shares)	38,449			37,657			38,305	37,494
Weighted-average common shares outstanding, diluted (in shares)	38,449			37,657			38,305	37,494
Product revenue
Revenues:
Total revenues	$ 19,694			$ 19,940			$ 59,251	$ 58,849
Costs of goods sold and services:
Total costs of goods sold and services	10,554			7,209			25,461	21,789
Service and other revenue
Revenues:
Total revenues	13,845			10,883			39,323	29,859
Costs of goods sold and services:
Total costs of goods sold and services	5,106			4,941			15,864	14,212
Collaboration and license revenue
Revenues:
Total revenues	1,872			237			2,756	1,234
Grant revenue
Revenues:
Total revenues	$ 402			$ 499			$ 930	$ 877

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (8,353)	$ (7,307)	$ (11,243)	$ (6,716)	$ (5,551)	$ (7,274)	$ (26,903)	$ (19,541)
Other comprehensive loss, net of tax:
Unrealized gain/(loss) on marketable securities	1,054	(175)	(607)	(241)			272	(241)
Foreign currency translation	601	$ 62	$ (674)	(148)	$ (244)	$ 42	(11)	(350)
Total other comprehensive loss	1,655			(389)			261	(591)
Comprehensive loss	$ (6,698)			$ (7,105)			$ (26,642)	$ (20,132)

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 (in shares) at Dec. 31, 2022		37,280
Beginning balance at Dec. 31, 2022	$ 357,932	$ 37	$ 763,629	$ (2,538)	$ (403,196)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		144
Issuance of common stock under stock plans, net of tax effects and payments	551		551
Stock-based compensation expense	3,943		3,943
Foreign currency translation, net of tax	42			42
Net loss	(7,274)				(7,274)
Ending balance (in shares) at Mar. 31, 2023		37,424
Ending balance at Mar. 31, 2023	355,194	$ 37	768,123	(2,496)	(410,470)
Beginning balance (in shares) at Dec. 31, 2022		37,280
Beginning balance at Dec. 31, 2022	357,932	$ 37	763,629	(2,538)	(403,196)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		559
Issuance of common stock under stock plans, net of tax effects and payments	2,490	$ 1	2,489
Stock-based compensation expense	12,497		12,497
Unrealized (loss) gain on marketable securities, net of tax	(241)			(241)
Foreign currency translation, net of tax	(350)			(350)
Net loss	(19,541)				(19,541)
Ending balance (in shares) at Sep. 30, 2023		37,839
Ending balance at Sep. 30, 2023	352,787	$ 38	778,615	(3,129)	(422,737)
Beginning balance (in shares) at Mar. 31, 2023		37,424
Beginning balance at Mar. 31, 2023	355,194	$ 37	768,123	(2,496)	(410,470)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		142
Issuance of common stock under stock plans, net of tax effects and payments	139		139
Stock-based compensation expense	4,210		4,210
Foreign currency translation, net of tax	(244)			(244)
Net loss	(5,551)				(5,551)
Ending balance (in shares) at Jun. 30, 2023		37,566
Ending balance at Jun. 30, 2023	353,748	$ 37	772,472	(2,740)	(416,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		273
Issuance of common stock under stock plans, net of tax effects and payments	1,800	$ 1	1,799
Stock-based compensation expense	4,344		4,344
Unrealized (loss) gain on marketable securities, net of tax	(241)			(241)
Foreign currency translation, net of tax	(148)			(148)
Net loss	(6,716)				(6,716)
Ending balance (in shares) at Sep. 30, 2023		37,839
Ending balance at Sep. 30, 2023	352,787	$ 38	778,615	(3,129)	(422,737)
Beginning balance (in shares) at Dec. 31, 2023		38,014
Beginning balance at Dec. 31, 2023	349,958	$ 38	783,142	(1,672)	(431,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		274
Issuance of common stock under stock plans, net of tax effects and payments	599		599
Stock-based compensation expense	5,265		5,265
Unrealized (loss) gain on marketable securities, net of tax	(607)			(607)
Foreign currency translation, net of tax	(674)			(674)
Net loss	(11,243)				(11,243)
Ending balance (in shares) at Mar. 31, 2024		38,288
Ending balance at Mar. 31, 2024	343,298	$ 38	789,006	(2,953)	(442,793)
Beginning balance (in shares) at Dec. 31, 2023		38,014
Beginning balance at Dec. 31, 2023	349,958	$ 38	783,142	(1,672)	(431,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized (loss) gain on marketable securities, net of tax	272
Foreign currency translation, net of tax	(11)
Net loss	(26,903)
Ending balance (in shares) at Sep. 30, 2024		38,475
Ending balance at Sep. 30, 2024	338,882	$ 39	798,707	(1,411)	(458,453)
Beginning balance (in shares) at Mar. 31, 2024		38,288
Beginning balance at Mar. 31, 2024	343,298	$ 38	789,006	(2,953)	(442,793)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		110
Issuance of common stock under stock plans, net of tax effects and payments	(328)		(328)
Stock-based compensation expense	5,228		5,228
Unrealized (loss) gain on marketable securities, net of tax	(175)			(175)
Foreign currency translation, net of tax	62			62
Net loss	(7,307)				(7,307)
Ending balance (in shares) at Jun. 30, 2024		38,398
Ending balance at Jun. 30, 2024	340,778	$ 38	793,906	(3,066)	(450,100)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans, net of tax effects and payments (in shares)		77
Issuance of common stock under stock plans, net of tax effects and payments	145	$ 1	144
Stock-based compensation expense	4,657		4,657
Unrealized (loss) gain on marketable securities, net of tax	1,054			1,054
Foreign currency translation, net of tax	601			601
Net loss	(8,353)
Ending balance (in shares) at Sep. 30, 2024		38,475
Ending balance at Sep. 30, 2024	$ 338,882	$ 39	$ 798,707	$ (1,411)	$ (458,453)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (26,903)	$ (19,541)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	4,740	4,843
Credit losses on accounts receivable	744	311
Accretion of marketable securities	(5,317)	(1,490)
Operating lease right-of-use asset amortization	1,371	1,518
Stock-based compensation expense	15,150	12,497
Impairment	0	130
Other operating activity	(389)	647
Changes in assets and liabilities:
Accounts receivable	(6,402)	(5,615)
Inventory	(6,845)	(3,700)
Prepaid expenses and other current assets	(168)	(2,829)
Other non-current assets	(479)	(702)
Accounts payable	588	948
Accrued compensation and benefits, accrued expenses, and other current liabilities	(3,166)	1,229
Deferred revenue	(826)	894
Operating lease liabilities	(2,971)	(1,690)
Other non-current liabilities	11	(107)
Net cash used in operating activities	(30,862)	(12,657)
Cash flows from investing activities:
Purchases of marketable securities	(270,972)	(125,200)
Proceeds from maturities of marketable securities	159,279	0
Purchases of property and equipment	(2,956)	(1,878)
Net cash used in investing activities	(114,649)	(127,078)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	2,999	2,632
Payments for employee taxes withheld on stock-based compensation awards	(2,584)	(142)
Net cash provided by financing activities	415	2,490
Net decrease in cash, cash equivalents, and restricted cash	(145,096)	(137,245)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	18	(229)
Cash, cash equivalents, and restricted cash at beginning of period	177,026	341,337
Cash, cash equivalents, and restricted cash at end of period	31,948	203,863
Supplemental disclosure of cash flow information:
Cash paid for taxes	703	719
Shares received as consideration under product sales agreement	0	775
Purchases of property and equipment in accounts payable and accrued expenses	$ 782	$ 0

Restatement of Financial Statem

Restatement of Financial Statements	9 Months Ended
	Sep. 30, 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 June 30, 2024, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 8, 2024, 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 audited Consolidated Financial Statements as of December 31, 2023 and unaudited Consolidated Financial Statements for the quarterly and year to date periods ended September 30, 2023 (the "Restatement Periods"). As a result, the Company restated its financial statements for these Restatement Periods (the "Restatement") and included such restated financial statements within 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. In connection with the Restatement, the Company also corrected unrelated errors identified by the Company in prior periods (together with the Misstatement, the "Combined Misstatements"). Within the accompanying financial statements, footnote disclosures, and other financial information, the Company has restated all previously reported amounts impacted by the Combined Misstatements. 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 the 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. Impact of Restatement The following tables present the impact of the financial statement adjustments in all Restatement Periods to the specific line items presented in the previously reported audited and unaudited Consolidated Financial Statements. The amounts labeled "As Previously Reported" were derived from the originally filed Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. 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 SHEET (amounts in thousands, except per share data) 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 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 STATEMENT OF OPERATIONS (amounts in thousands, except per share data) Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated Revenues: Product revenue $ 19,660 $ 280 $ 19,940 $ 58,639 $ 210 $ 58,849 Service revenue 10,938 (55) 10,883 30,069 (210) 29,859 Collaboration and license revenue 237 — 237 1,234 — 1,234 Grant revenue 499 — 499 877 — 877 Total revenues 31,334 225 31,559 90,819 — 90,819 Costs of goods sold and services: Cost of product revenue 8,342 (1,133) 7,209 22,611 (822) 21,789 Cost of service and other revenue 5,209 (268) 4,941 14,361 (149) 14,212 Total costs of goods sold and services 13,551 (1,401) 12,150 36,972 (971) 36,001 Gross profit 17,783 1,626 19,409 53,847 971 54,818 Operating expenses: Research and development 7,200 539 7,739 17,866 988 18,854 Selling, general, and administrative 23,595 (45) 23,550 66,036 (394) 65,642 Other lease costs 758 170 928 2,696 — 2,696 Total operating expenses 31,553 664 32,217 86,598 594 87,192 Loss from operations (13,770) 962 (12,808) (32,751) 377 (32,374) Interest income 4,185 — 4,185 11,520 — 11,520 Other income 2,030 80 2,110 1,884 7 1,891 Loss before income taxes (7,555) 1,042 (6,513) (19,347) 384 (18,963) Income tax expense (203) — (203) (578) — (578) Net loss $ (7,758) $ 1,042 $ (6,716) $ (19,925) $ 384 $ (19,541) Net loss per common share, basic and diluted $ (0.21) $ 0.03 $ (0.18) $ (0.53) $ 0.01 $ (0.52) Weighted-average common shares outstanding, basic and diluted 37,657 — 37,657 37,494 — 37,494 QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (amounts in thousands) Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated Net loss $ (7,758) $ 1,042 $ (6,716) $ (19,925) $ 384 $ (19,541) Other comprehensive loss, net of tax: Unrealized losses on marketable securities (241) — (241) (241) — (241) Foreign currency translation adjustment (148) — (148) (350) — (350) Total other comprehensive loss (389) — (389) (591) — (591) Comprehensive loss $ (8,147) $ 1,042 $ (7,105) $ (20,516) $ 384 $ (20,132) QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (amounts in thousands) Three Months Ended September 30, 2023 Common Stock As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated Total stockholders' equity Balance at June 30, 2023 37,566 $ 37 $ 772,473 $ (2,825) $ (414,329) $ 355,356 Issuance of common stock under stock plans, including tax effects 273 1 1,799 — — 1,800 Stock-based compensation expense — — 4,343 — — 4,343 Unrealized loss on marketable securities, net of tax — — — (241) — (241) Foreign currency translation — — — (148) — (148) Net loss — — — — (7,758) (7,758) Balance at September 30, 2023 37,839 $ 38 $ 778,615 $ (3,214) $ (422,087) $ 353,352 Adjustments Balance at June 30, 2023 — $ — $ (1) $ 85 $ (1,692) $ (1,608) Issuance of common stock under stock plans, including tax effects — — — — — — Stock-based compensation expense — — 1 — — 1 Unrealized loss on marketable securities, net of tax — — — — — — Foreign currency translation — — — — — — Net loss — — — — 1,042 1,042 Balance at September 30, 2023 — $ — $ — $ 85 $ (650) $ (565) As Restated Balance at June 30, 2023 37,566 $ 37 $ 772,472 $ (2,740) $ (416,021) $ 353,748 Issuance of common stock under stock plans, including tax effects 273 1 1,799 — — 1,800 Stock-based compensation expense — — 4,344 — — 4,344 Unrealized loss on marketable securities, net of tax — — — (241) — (241) Foreign currency translation — — — (148) — (148) Net loss — — — — (6,716) (6,716) Balance at September 30, 2023 37,839 $ 38 $ 778,615 $ (3,129) $ (422,737) $ 352,787 Nine Months Ended September 30, 2023 Common Stock As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated 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 559 1 2,489 — — 2,490 Stock-based compensation expense — — 12,438 — — 12,438 Unrealized loss on marketable securities, net of tax — — — (241) — (241) Foreign currency translation — — — (350) — (350) Net loss — — — — (19,925) (19,925) Balance at September 30, 2023 37,839 $ 38 $ 778,615 $ (3,214) $ (422,087) $ 353,352 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 — — 59 — — 59 Unrealized loss on marketable securities, net of tax — — — — — — Foreign currency translation — — — — — — Net loss — — — — 384 384 Balance at September 30, 2023 — $ — $ — $ 85 $ (650) $ (565) 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 559 1 2,489 — — 2,490 Stock-based compensation expense — — 12,497 — — 12,497 Unrealized loss on marketable securities, net of tax — — — (241) — (241) Foreign currency translation — — — (350) — (350) Net loss — — — — (19,541) (19,541) Balance at September 30, 2023 37,839 $ 38 $ 778,615 $ (3,129) $ (422,737) $ 352,787 QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) Nine Months Ended September 30, 2023 As Previously Reported Adjustments As Restated Cash flows from operating activities: Net loss $ (19,925) $ 384 $ (19,541) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense $ 4,788 55 4,843 Credit losses on accounts receivable 311 — 311 Accretion of marketable securities (1,490) — (1,490) Operating lease right-of-use asset amortization 1,518 — 1,518 Stock-based compensation expense 12,438 59 12,497 Impairment — 130 130 Other operating activity 647 — 647 Changes in assets and liabilities: Accounts receivable (5,615) — (5,615) Inventory (2,966) (734) (3,700) Prepaid expenses and other current assets (2,829) — (2,829) Other non-current assets (716) 14 (702) Accounts payable 948 — 948 Accrued compensation and benefits, accrued expenses, and other current liabilities 876 353 1,229 Deferred revenue 894 — 894 Operating lease liabilities (1,690) — (1,690) Other non-current liabilities (107) — (107) Net cash used in operating activities (12,918) 261 (12,657) Cash flows from investing activities: Purchases of marketable securities (125,200) — (125,200) Purchases of property and equipment (1,572) (306) (1,878) Net cash used in investing activities (126,772) (306) (127,078) Cash flows from financing activities: Proceeds from common stock issued under stock plans 2,632 — 2,632 Payments for employee taxes withheld on stock-based compensation awards (142) — (142) Net cash provided by financing activities 2,490 — 2,490 Net decrease in cash, cash equivalents, and restricted cash (137,200) (45) (137,245) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (229) — (229) Cash, cash equivalents, and restricted cash at beginning of period 341,337 — 341,337 Cash, cash equivalents, and restricted cash at end of period $ 203,908 $ (45) $ 203,863 Supplemental disclosure of cash flow information: Cash paid for taxes $ 719 $ — $ 719 Shares received as consideration under product sales agreement $ 775 $ — $ 775

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Note 2. Organization and Nature of Business Quanterix Corporation is a life sciences company that has developed next generation, ultra-sensitive digital immunoassay platforms that advance life sciences research and diagnostics. The Company’s platforms are based on its proprietary digital “Simoa” detection technology and enable customers to reliably detect protein biomarkers in ultra-low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. The ability of the Company’s Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to facilitate a paradigm shift in healthcare from an emphasis on treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. The Company also provides contract research services for customers and Laboratory Developed Test (“LDT”) services through its Clinical Laboratory Improvement Amendments of 1988 ("CLIA") certified Accelerator Laboratory (the “Accelerator Laboratory”). The Accelerator Laboratory provides customers with access to its Simoa technology and its Lucent Diagnostics clinical testing services (launched in July 2023) and supports multiple projects and services, including sample testing, homebrew assay development, custom assay development, and blood-based biomarker testing.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 SEC regarding interim financial reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete financial statements prepared in accordance with U.S. GAAP are not included herein. The Consolidated Balance Sheet and related information as of December 31, 2023 included herein was derived from the audited Consolidated Financial Statements as of December 31, 2023 (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, as 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, 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 and nine months ended September 30, 2024 may not be indicative of the results for the full year ending December 31, 2024, or any other period. The Company’s fiscal year is the 12-month period from January 1 through December 31, and all references to “2024,” “2023,” and the like refer to the fiscal year unless otherwise noted. Use of Estimates The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation and impairment of intangible and long-lived assets, recoverability of deferred tax assets, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Principles of Consolidation The Consolidated Financial Statements and Notes to Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In accordance with Accounting Standards Codification (“ASC”) 810 – Consolidation , the Company assesses the terms of non-marketable equity investments 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 are 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 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 and nine months ended September 30, 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 September 30, 2024 2023 (As Restated) Cash and cash equivalents $ 29,339 $ 201,261 Restricted cash (1) 2,609 2,602 Cash, cash equivalents, and restricted cash $ 31,948 $ 203,863 (1) 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 introducing 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 regard to significant segment expenses, and applies to entities with a single reportable segment. The new standard is effective for the Company for annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Revenue and Related Matters

Revenue and Related Matters	9 Months Ended
	Sep. 30, 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, and infectious diseases, and other protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions. Disaggregated Revenue The following table disaggregates the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands): Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total (As Restated) (As Restated) (As Restated) (As Restated) Product revenue: Instruments $ 1,226 $ 1,070 $ 90 $ 2,386 $ 1,693 $ 707 $ 1,482 $ 3,882 Consumable and other products 9,949 5,171 2,188 17,308 8,733 5,232 2,093 16,058 Total $ 11,175 $ 6,241 $ 2,278 $ 19,694 $ 10,426 $ 5,939 $ 3,575 $ 19,940 Service revenue: Service-type warranties $ 1,540 $ 857 $ 198 $ 2,595 $ 1,572 $ 783 $ 156 $ 2,511 Research services 9,841 426 276 10,543 6,690 617 433 7,740 Other services 460 236 11 707 388 243 1 632 Total $ 11,841 $ 1,519 $ 485 $ 13,845 $ 8,650 $ 1,643 $ 590 $ 10,883 Collaboration and license revenue: Total $ 1,872 $ — $ — $ 1,872 $ 237 $ — $ — $ 237 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total (As Restated) (As Restated) (As Restated) (As Restated) Product revenue: Instruments $ 3,214 $ 2,896 $ 1,288 $ 7,398 $ 4,879 $ 3,659 $ 3,864 $ 12,402 Consumable and other products 30,744 14,566 6,543 51,853 26,082 14,780 5,585 46,447 Total $ 33,958 $ 17,462 $ 7,831 $ 59,251 $ 30,961 $ 18,439 $ 9,449 $ 58,849 Service revenue: Service-type warranties $ 4,787 $ 2,611 $ 592 $ 7,990 $ 4,607 $ 2,181 $ 431 $ 7,219 Research services 23,378 5,411 573 29,362 18,200 1,562 1,001 20,763 Other services 1,208 724 39 1,971 1,142 719 16 1,877 Total $ 29,373 $ 8,746 $ 1,204 $ 39,323 $ 23,949 $ 4,462 $ 1,448 $ 29,859 Collaboration and license revenue: Total $ 2,756 $ — $ — $ 2,756 $ 1,234 $ — $ — $ 1,234 For the three and nine months ended September 30, 2024, one customer and no customers, respectively, accounted for more than 10% of the Company’s total revenues, and for the three and nine months ended September 30, 2023, one customer accounted for more than 10% of the Company’s total revenues. As of September 30, 2024 and December 31, 2023, two customers and one customer accounted for more than 10% of the Company’s gross accounts receivable, respectively. Product Revenue UltraDx (2023 Amounts As Restated) On May 26, 2022, the Company and UltraDx Limited (“UltraDx”), a company formed by ARCH Venture Partners (“ARCH”), entered into an agreement (the “UltraDx Agreement"). Under the UltraDx Agreement, the Company agreed to supply UltraDx with HD-X instruments (both fully assembled and disassembled), assays and assay components, and granted a co-exclusive license to manufacture, seek Chinese regulatory approval of (including performance of any necessary research and development activities), and commercialize HD-X instruments assembled in China and related assays in the Chinese neurological in vitro diagnostic market. Refer to Note 14 - Related Party Transactions for a discussion of the related party relationships between Quanterix and these entities. Under the UltraDx Agreement, the consideration due to the Company included cash proceeds and contingent, non-cash consideration in the form of ordinary shares of UltraDx with a deemed fair value of $1.0 million. The issuance of the ordinary shares was contingent on UltraDx completing a preferred share financing under the terms and conditions in the UltraDx Agreement. Given the uncertainty of the completion of a preferred share financing, the Company concluded that the non-cash consideration related to the ordinary shares was variable consideration that was fully constrained at contract inception. In the second quarter of 2023, UltraDx completed a qualified preferred share financing and issued to the Company one million ordinary shares. Refer to Note 7 - Fair Value of Financial Instruments for the Company’s fair value disclosures related to the ordinary shares received and Note 15 - Variable Interest Entities for the Company's evaluation of its investments in other entities under the VIE guidance. During the three and nine months ended September 30, 2024, revenue recognized from the UltraDx Agreement was immaterial and $1.1 million, respectively. During the three and nine months ended September 30, 2023, revenue recognized from the UltraDx Agreement was immaterial and $1.4 million, respectively, which includes the one-time revenue from the receipt of the ordinary shares. Service Revenue Eli Lilly and Company Service Revenue Agreements On February 25, 2022, the Company entered into a Master Collaboration Agreement with Eli Lilly and Company (“Lilly”) establishing a framework for future projects focused on the development of Simoa immunoassays (the “Lilly Collaboration Agreement”). The Company also entered into an initial statement of work (the "SOW") under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease ("AD"). Under the SOW, the Company received $1.5 million per calendar quarter, which began in the first quarter of 2022. The initial SOW automatically renews on a quarterly basis until Lilly provides a termination notice in accordance with the terms of the Lilly Collaboration Agreement. The Company recognized revenue from the Lilly Collaboration Agreement of $1.5 million and $4.5 million during the three and nine months ended September 30, 2024 and 2023, respectively. During the second quarter of 2024, Lilly launched its CertuitAD test. As a result, on May 14, 2024, Lilly provided notice to terminate the SOW, effective August 22, 2024. Under the terms of the SOW, the Company received a final quarterly payment of $1.5 million in the third quarter of 2024. The Lilly Collaboration Agreement remains in effect and the Company continues to provide products and services to Lilly under other contractual arrangements. Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the “Lilly License”) under which Lilly granted a non-exclusive license to Lilly’s proprietary p-Tau 217 antibody technology for use by the Company in research use only products, services, and future in vitro diagnostics (“IVD”) applications within the field of Alzheimer’s disease. In consideration of the Lilly License, the Company paid an upfront fee, is required to make milestone payments based on the achievement of predetermined regulatory and commercial events, and will pay royalties on net sales of licensed products. In the third quarter of 2024, the Company announced that it will offer research use only instrumentation and consumables to develop p-Tau 217 blood tests and services using the p-Tau 217 antibody technology licensed from Lilly. Contract Assets There were no contract assets as of September 30, 2024 or December 31, 2023 . Deferred Revenue During the nine months ended September 30, 2024 and 2023, the Company recognized $6.5 million and $6.4 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period. Remaining Performance Obligations As of September 30, 2024, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $9.9 million. Of this amount, $9.0 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter. The $9.9 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 237 414 Recognition of costs to obtain a contract (260) (491) Balance at September 30 $ 265 $ 300 The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the nine months ended September 30, 2024 and 2023 . Grant Revenue All of the Company's grant revenue is generated within North America. NIH Grant On September 21, 2022, the Company and the National Institutes of Health (the “NIH”), an agency of the U.S. Department of Health and Human Services, entered into a contract (the “NIH Grant”) with a total award value of $1.7 million. The NIH granted the Company funding in support of the development of certain point-of-care diagnostic technologies through collaborative efforts. Grant funding is to be used solely for activities related to the point-of-care diagnostic device development project and the contract period runs through August 2025. Receipt of the award value occurs throughout the term of the contract period and after the Company submits for reimbursement of activities related to the grant. As of September 30, 2024, the Company had received $1.1 million of the total award value. During the three and nine months ended September 30, 2024, grant revenue recognized was $0.3 million and $0.6 million, respectively. During the three months ended September 30, 2023 , grant revenue recognized was not material. During the nine months ended September 30, 2023, grant revenue recognized was $0.5 million . During the three months ended September 30, 2024 and 2023, research and development expenses incurred were not material. During the nine months ended September 30, 2024 and 2023, research and development expenses incurred were $0.6 million and $0.4 million, respectively. ADDF Grant On March 24, 2022, the Company and the Alzheimer’s Drug Discovery Foundation (the “ADDF”) entered into a contract (the “ADDF Grant”) with a total funding value of $2.3 million. The ADDF is a charitable venture philanthropy entity that granted the Company funding in support of certain activities for the development of an IVD test for early detection of AD. The ADDF Grant restricts the Company’s use of the granted funds solely for activities related to the Company’s Alzheimer’s diagnostic test development project and the contract period runs through December 2024. Receipt of the contract funding was subject to achievement of pre-defined milestones, and as of December 31, 2023, the Company had received the total funding value of $2.3 million. During the three months ended September 30, 2024, grant revenue recognized and research and development expenses incurred were not material. During the nine months ended September 30, 2024, grant revenue recognized and research and development expenses incurred were each $0.4 million . Duri ng the three and nine months ended September 30, 2023, grant revenue recognized and research and development expenses incurred were $0.3 million and $0.4 million, respectively. As of September 30, 2024, the Company had $0.7 million of deferred revenue related to the ADDF Grant.

Allowance for Credit Losses

Allowance for Credit Losses	9 Months Ended
	Sep. 30, 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 744 605 Write-offs and recoveries collected (437) (294) Balance at September 30 $ 762 $ 429

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Note 6. Marketable Securities All of the Company's marketable securities are classified as 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 September 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 7,438 $ 2 $ — $ 7,440 U.S. Treasuries 75,809 44 (8) 75,845 U.S. Government agency bonds 105,490 203 (18) 105,675 Corporate bonds 82,205 372 — 82,577 Total marketable securities $ 270,942 $ 621 $ (26) $ 271,537 Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents $ 7,353 Marketable securities 264,184 Total marketable securities $ 271,537 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 marketable 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 September 30, 2024 Fair Value Unrealized Losses Commercial paper $ 2,981 $ — U.S. Treasuries 19,778 (8) U.S. Government agency bonds 24,278 (18) Corporate bonds 2,495 — Total $ 49,532 $ (26) 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 September 30, 2024. For marketable securities in an unrealized loss position, the Company does not intend to sell them, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related. Accordingly, the Company has not recorded any impairment losses or a credit loss allowance. The Company did not sell any marketable securities or record any realized gains or losses for the nine months ended September 30, 2024. At September 30, 2024 and December 31, 2023, the Company had $1.4 million and $1.0 million, respectively, of accrued interest receivable on its marketable securities. The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): As of September 30, 2024 As of December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 233,615 $ 233,992 $ 95,188 $ 95,232 Due in one to two years 37,327 37,545 58,282 58,563 Total $ 270,942 $ 271,537 $ 153,470 $ 153,795

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 2024 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs Financial assets: Cash equivalents: (1) Money market funds $ 5,670 $ 5,670 $ — $ — Commercial paper — — — — U.S. Treasuries 7,353 — 7,353 — Total cash equivalents 13,023 5,670 7,353 — Marketable securities: Commercial paper 7,440 — 7,440 — U.S. Treasuries 68,492 — 68,492 — U.S. Government agency bonds 105,675 — 105,675 — Corporate bonds 82,577 — 82,577 — Total marketable securities 264,184 — 264,184 — Total financial assets $ 277,207 $ 5,670 $ 271,537 $ — As of December 31, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs 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 51,497 — 51,497 — U.S. Government agency bonds 28,398 — 28,398 — Corporate bonds 67,007 — 67,007 — 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 (As Restated) In the second quarter of 2023, the Company received 1 million ordinary shares of UltraDx under the UltraDx Agreement (refer to Note 4 - Revenue and Related Matters ). As UltraDx is a privately held entity, there is minimal market activity or other financial information available to determine the fair value of UltraDx’s shares and therefore this investment is considered a Level 3 financial asset. Pursuant to ASC 321 – Investments – Equity Securities , the Company uses the measurement alternative for equity investments without readily determinable fair values and recognizes its equity investment in UltraDx at cost, less any impairment, and adjusted for any observable price changes in orderly transactions. The ordinary shares received were valued at $0.8 million upon receipt, primarily using the third-party purchase price of similar interests issued during UltraDx’s financing that closed in the second quarter of 2023. Changes in the inputs and assumptions used would have resulted in a higher or lower fair value measurement. The Company’s non-marketable equity investment in UltraDx contains certain restrictions related to the sale or transfer of the securities. The restrictions are in place indefinitely and cannot lapse. No adjustment to the fair value was required as a result of adopting ASU 2022-03 on January 1, 2024. During the three and nine months ended September 30, 2024, the Company did not record any fair value adjustments to its non-marketable equity investment. To date, the cumulative fair value adjustments have not been material. As of September 30, 2024 and December 31, 2023, the carrying value of the non-marketable equity investment was $0.8 million, and is recorded in other non-current assets on the Consolidated Balance Sheets. Refer to Note 15 - Variable Interest Entities for the Company's evaluation of its investments in other entities under the VIE guidance. Other Fair Value Disclosures During the three months ended September 30, 2024 and 2023, the Company did not transfer financial assets between levels of the fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 2 or Level 3 financial assets.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Note 8. Inventory Inventory, net of inventory reserves, consisted of the following (in thousands): September 30, 2024 December 31, 2023 (As Restated) Raw materials $ 7,507 $ 5,114 Work in process 8,977 5,439 Finished goods 16,486 15,570 Total inventory $ 32,969 $ 26,123

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2024
Accrued Expenses and Other Current Liabilities [Abstract]
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): September 30, 2024 December 31, 2023 (As Restated) Accrued professional services $ 2,608 $ 1,596 Accrued royalties 1,435 1,689 Accrued tax liabilities 1,023 822 Other accrued expenses 1,525 1,948 Total accrued expenses and other current liabilities $ 6,591 $ 6,055

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 10. Stock-Based Compensation Stock Options Stock option activity for the nine months ended September 30, 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 1,388 22.65 Exercised (150) 11.89 Forfeited/expired (561) 22.30 Outstanding at September 30, 2024 3,451 $ 20.34 7.9 $ 1,929 Exercisable at September 30, 2024 1,381 $ 21.11 6.3 $ 1,245 Vested and expected to vest at September 30, 2024 3,451 $ 20.34 7.9 $ 1,929 Restricted Stock Units Restricted stock unit (“RSU”) activity for the nine months ended September 30, 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 531 21.22 Vested (403) 19.03 Forfeited (261) 19.61 Unvested at September 30, 2024 1,195 $ 18.59 Employee Stock Purchase Plan (“ESPP”) During the nine months ended September 30, 2024, employees purchased 78 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (As Restated) (As Restated) Cost of product revenue $ 276 $ 225 $ 883 $ 624 Cost of service and other revenue 283 259 866 867 Research and development 530 449 1,598 1,233 Selling, general and administrative 3,568 3,411 11,803 9,773 Total stock-based compensation expense $ 4,657 $ 4,344 $ 15,150 $ 12,497 As of September 30, 2024, total unrecognized stock-based compensation expense related to unvested RSUs and stock options was $43.4 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 years.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (As Restated) (As Restated) Numerator: Net loss $ (8,353) $ (6,716) $ (26,903) $ (19,541) Denominator: Weighted average common shares outstanding, basic and diluted 38,449 37,657 38,305 37,494 Net loss per share, basic and diluted $ (0.22) $ (0.18) $ (0.70) $ (0.52) 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock options 453 1,883 781 910 RSUs 306 1,278 748 1,100 Estimated ESPP purchases 12 18 9 24 Total dilutive shares 771 3,179 1,538 2,034

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income Taxes The Company’s effective tax rates were (1.8)% and (1.7)% for both the three and nine months ended September 30, 2024, and (3.1)% and (3.0)% for the three and nine months ended September 30, 2023, respectively. The income tax provision and effective tax rate is driven primarily by a valuation allowance in the United States, partially offset by income taxes in foreign jurisdictions. The Company maintains a valuation allowance on the majority of its deferred tax assets, and it has concluded that it is more likely than not that the deferred assets will not be utilized.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 $3.1 million has been paid, and $0.6 million is due within one year from September 30, 2024. During the three and nine months ended September 30, 2024, STRATEC shipped 58 thousand and 138 thousand discs, respectively, and during the three and nine months ended September 30, 2023 it shipped 63 thousand and 184 thousand discs, respectively. The Company recorded cost of product revenue related to these shipments of $0.4 million and $1.0 million for the three and nine months ended September 30, 2024, respectively, and $0.5 million and $1.4 million for the three and nine months ended September 30, 2023, respectively. During the remainder of 2024, STRATEC is required to ship 141 thousand discs to the Company. Other Purchase Commitments The Company’s other non-cancellable purchase commitments primarily consist of purchases of raw materials for manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. As of September 30, 2024, the Company’s total purchase commitments under these agreements were $1.1 million, most of which the Company expects to incur by the end of 2025. License Agreements Harvard University In August 2022, the Company and Harvard University (“Harvard”) entered into an exclusive license agreement (the “Harvard License Agreement”) for certain intellectual property owned by Harvard. Pursuant to the Harvard License Agreement, the Company paid an upfront fee of $0.6 million, which was recorded in research and development expenses on the Consolidated Statements of Operations. Under the Harvard License Agreement, the Company is required to pay Harvard low single-digit royalties on net sales of products and services using the licensed technology, as well as a portion of its applicable sublicense revenues. The Company incurred no royalty expense under the Harvard License Agreement for the three and nine months ended September 30, 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 $0.6 million and $1.6 million during the three and nine months ended September 30, 2024, respectively, and $0.5 million and $1.3 million during the three and nine months ended September 30, 2023, respectively, which were 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. Leases The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands): Maturity of lease liabilities As of September 30, 2024 2024 (remainder) $ 1,807 2025 7,296 2026 7,450 2027 7,684 2028 7,923 2029 8,143 Thereafter 7,615 Total lease payments 47,918 Less: imputed interest 9,427 Total operating lease liabilities $ 38,491 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	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023, open payable balances to Tufts were not material. In August 2022, the Company entered into the Harvard License Agreement for certain intellectual property owned by Harvard (refer to Note 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. The same member of the Company’s Board of Directors is also affiliated with Mass General Brigham. Revenue recorded from sales of products and services to Harvard and Mass General Brigham was $1.0 million and $1.4 million for the three and nine months ended September 30, 2024, respectively, and $0.3 million and $1.0 million for the three and nine months ended September 30, 2023, respectively. Cost of product revenue and operating expenses with Harvard and Mass General Brigham were not material and $0.3 million for the three and nine months ended September 30, 2024, respectively. Cost of product revenue and operating expenses with Harvard and Mass General Brigham were not material for the three and nine months ended September 30, 2023, respectively. At September 30, 2024 and December 31, 2023, open payables to and receivable balances from Harvard and Mass General Brigham were not material. As discussed in Note 4 - Revenue and Related Matters

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities	Note 15. Variable Interest Entities The Company enters into relationships with, or has investments in, other entities that may be VIEs. The Company assesses the criteria in ASC 810 – Consolidation to determine if any such entities meet the definition of a VIE and require consolidation into its financial statements. Based on the Company’s assessments, it does not have any controlling financial interests in any VIE, and therefore did not consolidate any VIE into its Consolidated Financial Statements during the three and nine months ended September 30, 2024 and 2023. As of September 30, 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events On December 16, 2024, the Company entered into a Share Purchase Agreement (the “Purchase Agreement”) with Emission Inc. (“Emission”), the shareholders of Emission (collectively, the “Shareholders”), and Van Chandler, as the Shareholders’ representative. Emission is based in Georgetown, Texas and manufactures large-scale, highly-uniform dye-encapsulating magnetic beads designed for low and mid-plex assays and a mid-plex platform that reads its proprietary beads. The transaction is part of the Company's plans to secure the use of Emission's highly controlled beads in the Company's next generation platforms and expansion into a new multi-plex segment targeting third-party original equipment manufacturer ("OEM") customers. Pursuant to the terms of the Purchase Agreement, the Company agreed to purchase from the Shareholders all of the issued and outstanding shares of capital stock of Emission (the “Transaction”) for an upfront payment of $10 million, with an additional $10 million payable upon completion of certain technical milestones. Additionally, the Shareholders may receive up to an additional $50 million in earnout payments through December 31, 2029, contingent upon the achievement of certain performance milestones. The Transaction is expected to close in January 2025 and either party may terminate the Purchase Agreement if the Transaction is not completed on or before January 31, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (8,353)	$ (7,307)	$ (11,243)	$ (6,716)	$ (5,551)	$ (7,274)	$ (26,903)	$ (19,541)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Martin D. Madaus [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 22, 2024, The Martin D. Madaus GST Exempt 2012 Irrevocable Trust, of which Martin Madaus, a member of our Board of Directors, is a trust advisor who shares voting and investment power over the shares held by the trust, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The Rule 10b5-1 trading plan provides for the potential sale of up to 82,500 shares of our common stock. The plan will terminate at the earlier of the execution of all trading orders under the plan or June 30, 2025.
Name	Martin D. Madaus
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 22, 2024
Expiration Date	June 30, 2025
Arrangement Duration	308 days
Aggregate Available	82,500	82,500

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements and Notes to Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC regarding interim financial reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete financial statements prepared in accordance with U.S. GAAP are not included herein. The Consolidated Balance Sheet and related information as of December 31, 2023 included herein was derived from the audited Consolidated Financial Statements as of December 31, 2023 (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, as 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, 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 and nine months ended September 30, 2024 may not be indicative of the results for the full year ending December 31, 2024, or any other period. The Company’s fiscal year is the 12-month period from January 1 through December 31, and all references to “2024,” “2023,” and the like refer to the fiscal year unless otherwise noted.
Use of Estimates	Use of Estimates The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation and impairment of intangible and long-lived assets, recoverability of deferred tax assets, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements and Notes to Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In accordance with Accounting Standards Codification (“ASC”) 810 – Consolidation , the Company assesses the terms of non-marketable equity investments 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 are 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 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 and nine months ended September 30, 2024 and 2023.
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 September 30, 2024 2023 (As Restated) Cash and cash equivalents $ 29,339 $ 201,261 Restricted cash (1) 2,609 2,602 Cash, cash equivalents, and restricted cash $ 31,948 $ 203,863 (1) Restricted cash consists of collateral for a letter of credit issued as security for two of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). This update clarifies the guidance in Topic 820 related to measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, as well as introducing 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 regard 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_2

Restatement of Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	QUANTERIX CORPORATION RESTATED CONSOLIDATED BALANCE SHEET (amounts in thousands, except per share data) 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 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 STATEMENT OF OPERATIONS (amounts in thousands, except per share data) Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated Revenues: Product revenue $ 19,660 $ 280 $ 19,940 $ 58,639 $ 210 $ 58,849 Service revenue 10,938 (55) 10,883 30,069 (210) 29,859 Collaboration and license revenue 237 — 237 1,234 — 1,234 Grant revenue 499 — 499 877 — 877 Total revenues 31,334 225 31,559 90,819 — 90,819 Costs of goods sold and services: Cost of product revenue 8,342 (1,133) 7,209 22,611 (822) 21,789 Cost of service and other revenue 5,209 (268) 4,941 14,361 (149) 14,212 Total costs of goods sold and services 13,551 (1,401) 12,150 36,972 (971) 36,001 Gross profit 17,783 1,626 19,409 53,847 971 54,818 Operating expenses: Research and development 7,200 539 7,739 17,866 988 18,854 Selling, general, and administrative 23,595 (45) 23,550 66,036 (394) 65,642 Other lease costs 758 170 928 2,696 — 2,696 Total operating expenses 31,553 664 32,217 86,598 594 87,192 Loss from operations (13,770) 962 (12,808) (32,751) 377 (32,374) Interest income 4,185 — 4,185 11,520 — 11,520 Other income 2,030 80 2,110 1,884 7 1,891 Loss before income taxes (7,555) 1,042 (6,513) (19,347) 384 (18,963) Income tax expense (203) — (203) (578) — (578) Net loss $ (7,758) $ 1,042 $ (6,716) $ (19,925) $ 384 $ (19,541) Net loss per common share, basic and diluted $ (0.21) $ 0.03 $ (0.18) $ (0.53) $ 0.01 $ (0.52) Weighted-average common shares outstanding, basic and diluted 37,657 — 37,657 37,494 — 37,494 QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (amounts in thousands) Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated Net loss $ (7,758) $ 1,042 $ (6,716) $ (19,925) $ 384 $ (19,541) Other comprehensive loss, net of tax: Unrealized losses on marketable securities (241) — (241) (241) — (241) Foreign currency translation adjustment (148) — (148) (350) — (350) Total other comprehensive loss (389) — (389) (591) — (591) Comprehensive loss $ (8,147) $ 1,042 $ (7,105) $ (20,516) $ 384 $ (20,132) QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (amounts in thousands) Three Months Ended September 30, 2023 Common Stock As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated Total stockholders' equity Balance at June 30, 2023 37,566 $ 37 $ 772,473 $ (2,825) $ (414,329) $ 355,356 Issuance of common stock under stock plans, including tax effects 273 1 1,799 — — 1,800 Stock-based compensation expense — — 4,343 — — 4,343 Unrealized loss on marketable securities, net of tax — — — (241) — (241) Foreign currency translation — — — (148) — (148) Net loss — — — — (7,758) (7,758) Balance at September 30, 2023 37,839 $ 38 $ 778,615 $ (3,214) $ (422,087) $ 353,352 Adjustments Balance at June 30, 2023 — $ — $ (1) $ 85 $ (1,692) $ (1,608) Issuance of common stock under stock plans, including tax effects — — — — — — Stock-based compensation expense — — 1 — — 1 Unrealized loss on marketable securities, net of tax — — — — — — Foreign currency translation — — — — — — Net loss — — — — 1,042 1,042 Balance at September 30, 2023 — $ — $ — $ 85 $ (650) $ (565) As Restated Balance at June 30, 2023 37,566 $ 37 $ 772,472 $ (2,740) $ (416,021) $ 353,748 Issuance of common stock under stock plans, including tax effects 273 1 1,799 — — 1,800 Stock-based compensation expense — — 4,344 — — 4,344 Unrealized loss on marketable securities, net of tax — — — (241) — (241) Foreign currency translation — — — (148) — (148) Net loss — — — — (6,716) (6,716) Balance at September 30, 2023 37,839 $ 38 $ 778,615 $ (3,129) $ (422,737) $ 352,787 Nine Months Ended September 30, 2023 Common Stock As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated 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 559 1 2,489 — — 2,490 Stock-based compensation expense — — 12,438 — — 12,438 Unrealized loss on marketable securities, net of tax — — — (241) — (241) Foreign currency translation — — — (350) — (350) Net loss — — — — (19,925) (19,925) Balance at September 30, 2023 37,839 $ 38 $ 778,615 $ (3,214) $ (422,087) $ 353,352 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 — — 59 — — 59 Unrealized loss on marketable securities, net of tax — — — — — — Foreign currency translation — — — — — — Net loss — — — — 384 384 Balance at September 30, 2023 — $ — $ — $ 85 $ (650) $ (565) 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 559 1 2,489 — — 2,490 Stock-based compensation expense — — 12,497 — — 12,497 Unrealized loss on marketable securities, net of tax — — — (241) — (241) Foreign currency translation — — — (350) — (350) Net loss — — — — (19,541) (19,541) Balance at September 30, 2023 37,839 $ 38 $ 778,615 $ (3,129) $ (422,737) $ 352,787 QUANTERIX CORPORATION RESTATED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) Nine Months Ended September 30, 2023 As Previously Reported Adjustments As Restated Cash flows from operating activities: Net loss $ (19,925) $ 384 $ (19,541) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense $ 4,788 55 4,843 Credit losses on accounts receivable 311 — 311 Accretion of marketable securities (1,490) — (1,490) Operating lease right-of-use asset amortization 1,518 — 1,518 Stock-based compensation expense 12,438 59 12,497 Impairment — 130 130 Other operating activity 647 — 647 Changes in assets and liabilities: Accounts receivable (5,615) — (5,615) Inventory (2,966) (734) (3,700) Prepaid expenses and other current assets (2,829) — (2,829) Other non-current assets (716) 14 (702) Accounts payable 948 — 948 Accrued compensation and benefits, accrued expenses, and other current liabilities 876 353 1,229 Deferred revenue 894 — 894 Operating lease liabilities (1,690) — (1,690) Other non-current liabilities (107) — (107) Net cash used in operating activities (12,918) 261 (12,657) Cash flows from investing activities: Purchases of marketable securities (125,200) — (125,200) Purchases of property and equipment (1,572) (306) (1,878) Net cash used in investing activities (126,772) (306) (127,078) Cash flows from financing activities: Proceeds from common stock issued under stock plans 2,632 — 2,632 Payments for employee taxes withheld on stock-based compensation awards (142) — (142) Net cash provided by financing activities 2,490 — 2,490 Net decrease in cash, cash equivalents, and restricted cash (137,200) (45) (137,245) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (229) — (229) Cash, cash equivalents, and restricted cash at beginning of period 341,337 — 341,337 Cash, cash equivalents, and restricted cash at end of period $ 203,908 $ (45) $ 203,863 Supplemental disclosure of cash flow information: Cash paid for taxes $ 719 $ — $ 719 Shares received as consideration under product sales agreement $ 775 $ — $ 775

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Total Cash, Cash Equivalents, and Restricted Cash	The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands): As of September 30, 2024 2023 (As Restated) Cash and cash equivalents $ 29,339 $ 201,261 Restricted cash (1) 2,609 2,602 Cash, cash equivalents, and restricted cash $ 31,948 $ 203,863 (1) 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.

Revenue and Related Matters (Ta

Revenue and Related Matters (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	The following table disaggregates the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands): Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total (As Restated) (As Restated) (As Restated) (As Restated) Product revenue: Instruments $ 1,226 $ 1,070 $ 90 $ 2,386 $ 1,693 $ 707 $ 1,482 $ 3,882 Consumable and other products 9,949 5,171 2,188 17,308 8,733 5,232 2,093 16,058 Total $ 11,175 $ 6,241 $ 2,278 $ 19,694 $ 10,426 $ 5,939 $ 3,575 $ 19,940 Service revenue: Service-type warranties $ 1,540 $ 857 $ 198 $ 2,595 $ 1,572 $ 783 $ 156 $ 2,511 Research services 9,841 426 276 10,543 6,690 617 433 7,740 Other services 460 236 11 707 388 243 1 632 Total $ 11,841 $ 1,519 $ 485 $ 13,845 $ 8,650 $ 1,643 $ 590 $ 10,883 Collaboration and license revenue: Total $ 1,872 $ — $ — $ 1,872 $ 237 $ — $ — $ 237 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total (As Restated) (As Restated) (As Restated) (As Restated) Product revenue: Instruments $ 3,214 $ 2,896 $ 1,288 $ 7,398 $ 4,879 $ 3,659 $ 3,864 $ 12,402 Consumable and other products 30,744 14,566 6,543 51,853 26,082 14,780 5,585 46,447 Total $ 33,958 $ 17,462 $ 7,831 $ 59,251 $ 30,961 $ 18,439 $ 9,449 $ 58,849 Service revenue: Service-type warranties $ 4,787 $ 2,611 $ 592 $ 7,990 $ 4,607 $ 2,181 $ 431 $ 7,219 Research services 23,378 5,411 573 29,362 18,200 1,562 1,001 20,763 Other services 1,208 724 39 1,971 1,142 719 16 1,877 Total $ 29,373 $ 8,746 $ 1,204 $ 39,323 $ 23,949 $ 4,462 $ 1,448 $ 29,859 Collaboration and license revenue: Total $ 2,756 $ — $ — $ 2,756 $ 1,234 $ — $ — $ 1,234
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 237 414 Recognition of costs to obtain a contract (260) (491) Balance at September 30 $ 265 $ 300

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2024
Allowance for Credit Loss [Abstract]
Schedule of the Allowance for Credit Losses	The change in the allowance for expected credit losses on accounts receivable is summarized as follows (in thousands): 2024 2023 Balance at December 31 of prior year $ 454 $ 118 Provision for expected credit losses 744 605 Write-offs and recoveries collected (437) (294) Balance at September 30 $ 762 $ 429

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value	All of the Company's marketable securities are classified as 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 September 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 7,438 $ 2 $ — $ 7,440 U.S. Treasuries 75,809 44 (8) 75,845 U.S. Government agency bonds 105,490 203 (18) 105,675 Corporate bonds 82,205 372 — 82,577 Total marketable securities $ 270,942 $ 621 $ (26) $ 271,537 Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents $ 7,353 Marketable securities 264,184 Total marketable securities $ 271,537 As of December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 53,482 $ 23 $ (12) $ 53,493 U.S. Treasuries 4,896 1 — 4,897 U.S. Government agency bonds 28,366 39 (7) 28,398 Corporate bonds 66,726 289 (8) 67,007 Total marketable securities $ 153,470 $ 352 $ (27) $ 153,795 Marketable securities are recorded in the following Consolidated Balance Sheets captions: Cash and cash equivalents $ 6,893 Marketable securities 146,902 Total marketable securities $ 153,795
Summary of Fair Value and Gross Unrealized Losses	The following tables show the fair value and gross unrealized losses of the Company’s marketable 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 September 30, 2024 Fair Value Unrealized Losses Commercial paper $ 2,981 $ — U.S. Treasuries 19,778 (8) U.S. Government agency bonds 24,278 (18) Corporate bonds 2,495 — Total $ 49,532 $ (26) Less Than 12 Months As of December 31, 2023 Fair Value Unrealized Losses Commercial paper $ 32,137 $ (12) U.S. Government agency bonds 15,861 (7) Corporate bonds 8,367 (8) Total $ 56,365 $ (27)
Summary of Contractual Maturities of Marketable Securities	The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): As of September 30, 2024 As of December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 233,615 $ 233,992 $ 95,188 $ 95,232 Due in one to two years 37,327 37,545 58,282 58,563 Total $ 270,942 $ 271,537 $ 153,470 $ 153,795

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets	Recurring Fair Value Measurements The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands): As of September 30, 2024 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs Financial assets: Cash equivalents: (1) Money market funds $ 5,670 $ 5,670 $ — $ — Commercial paper — — — — U.S. Treasuries 7,353 — 7,353 — Total cash equivalents 13,023 5,670 7,353 — Marketable securities: Commercial paper 7,440 — 7,440 — U.S. Treasuries 68,492 — 68,492 — U.S. Government agency bonds 105,675 — 105,675 — Corporate bonds 82,577 — 82,577 — Total marketable securities 264,184 — 264,184 — Total financial assets $ 277,207 $ 5,670 $ 271,537 $ — As of December 31, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs 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 51,497 — 51,497 — U.S. Government agency bonds 28,398 — 28,398 — Corporate bonds 67,007 — 67,007 — 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)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Summary of Inventory	Inventory, net of inventory reserves, consisted of the following (in thousands): September 30, 2024 December 31, 2023 (As Restated) Raw materials $ 7,507 $ 5,114 Work in process 8,977 5,439 Finished goods 16,486 15,570 Total inventory $ 32,969 $ 26,123

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Accrued Expenses and Other Current Liabilities [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 (As Restated) Accrued professional services $ 2,608 $ 1,596 Accrued royalties 1,435 1,689 Accrued tax liabilities 1,023 822 Other accrued expenses 1,525 1,948 Total accrued expenses and other current liabilities $ 6,591 $ 6,055

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	Stock option activity for the nine months ended September 30, 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 1,388 22.65 Exercised (150) 11.89 Forfeited/expired (561) 22.30 Outstanding at September 30, 2024 3,451 $ 20.34 7.9 $ 1,929 Exercisable at September 30, 2024 1,381 $ 21.11 6.3 $ 1,245 Vested and expected to vest at September 30, 2024 3,451 $ 20.34 7.9 $ 1,929
Summary of Restricted Stock Units Activity	Restricted stock unit (“RSU”) activity for the nine months ended September 30, 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 531 21.22 Vested (403) 19.03 Forfeited (261) 19.61 Unvested at September 30, 2024 1,195 $ 18.59
Summary of Share-Based Compensation Expense	Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (As Restated) (As Restated) Cost of product revenue $ 276 $ 225 $ 883 $ 624 Cost of service and other revenue 283 259 866 867 Research and development 530 449 1,598 1,233 Selling, general and administrative 3,568 3,411 11,803 9,773 Total stock-based compensation expense $ 4,657 $ 4,344 $ 15,150 $ 12,497

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (As Restated) (As Restated) Numerator: Net loss $ (8,353) $ (6,716) $ (26,903) $ (19,541) Denominator: Weighted average common shares outstanding, basic and diluted 38,449 37,657 38,305 37,494 Net loss per share, basic and diluted $ (0.22) $ (0.18) $ (0.70) $ (0.52)
Schedule of Common Share Equivalents Excluded from Diluted Net Loss Per Share	As the Company was in a net loss position for all periods listed in the table below, the following common share equivalents (calculated on a weighted average basis) were excluded from the calculation of diluted net loss per share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock options 453 1,883 781 910 RSUs 306 1,278 748 1,100 Estimated ESPP purchases 12 18 9 24 Total dilutive shares 771 3,179 1,538 2,034

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Undiscounted Future Lease Payments for Non-Cancelable Operating Leases	The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands): Maturity of lease liabilities As of September 30, 2024 2024 (remainder) $ 1,807 2025 7,296 2026 7,450 2027 7,684 2028 7,923 2029 8,143 Thereafter 7,615 Total lease payments 47,918 Less: imputed interest 9,427 Total operating lease liabilities $ 38,491

Restatement of Financial Stat_3

Restatement of Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 29,339	$ 201,261	$ 29,339	$ 201,261			$ 174,422
Marketable securities	264,184		264,184				146,902
Accounts receivable, net of allowance for expected credit losses	31,089		31,089				25,414
Inventory	32,969		32,969				26,123
Prepaid expenses and other current assets	9,378		9,378				9,234
Total current assets	366,960		366,960				382,095
Restricted cash	2,609		2,609				2,604
Property and equipment, net	17,662		17,662				17,926
Intangible assets, net	4,782		4,782				6,034
Operating lease ROU assets	16,876		16,876				18,251
Other non-current assets	2,137		2,137				1,657
Total assets	411,026		411,026				428,567
Current liabilities:
Accounts payable	6,378		6,378				5,048
Accrued compensation and benefits	9,860		9,860				14,170
Accrued expenses and other current liabilities	6,591		6,591				6,055
Deferred revenue	8,984		8,984				9,468
Operating lease liabilities	4,641		4,641				4,241
Total current liabilities	36,454		36,454				38,982
Deferred revenue, net of current portion	884		884				1,227
Operating lease liabilities, net of current portion	33,850		33,850				37,223
Other non-current liabilities	956		956				1,177
Total liabilities	72,144		72,144				78,609
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock: $0.001 par value per share; Authorized: 120,000 shares; Issued and outstanding: 38,475 and 38,014 shares at September 30, 2024 and December 31, 2023, respectively	39		39				38
Additional paid-in capital	798,707		798,707				783,142
Accumulated other comprehensive loss	(1,411)		(1,411)				(1,672)
Accumulated deficit	(458,453)		(458,453)				(431,550)
Total stockholders’ equity	338,882	352,787	338,882	352,787	$ 340,778	$ 343,298	349,958	$ 353,748	$ 355,194	$ 357,932
Total liabilities and stockholders’ equity	411,026		411,026				428,567
Selling, general and administrative	$ 22,908	23,550	$ 73,027	65,642
As Previously Reported
Current assets:
Cash and cash equivalents							174,422
Marketable securities							146,902
Accounts receivable, net of allowance for expected credit losses							25,414
Inventory							22,365
Prepaid expenses and other current assets							9,291
Total current assets							378,394
Restricted cash							2,604
Property and equipment, net							17,926
Intangible assets, net							6,034
Operating lease ROU assets							18,251
Other non-current assets							1,802
Total assets							425,011
Current liabilities:
Accounts payable							5,048
Accrued compensation and benefits							13,659
Accrued expenses and other current liabilities							6,041
Deferred revenue							9,468
Operating lease liabilities							4,241
Total current liabilities							38,457
Deferred revenue, net of current portion							1,227
Operating lease liabilities, net of current portion							37,223
Other non-current liabilities							1,177
Total liabilities							78,084
Stockholders’ equity:
Common stock: $0.001 par value per share; Authorized: 120,000 shares; Issued and outstanding: 38,475 and 38,014 shares at September 30, 2024 and December 31, 2023, respectively							38
Additional paid-in capital							783,142
Accumulated other comprehensive loss							(1,757)
Accumulated deficit							(434,496)
Total stockholders’ equity		353,352		353,352			346,927	355,356		358,940
Total liabilities and stockholders’ equity							425,011
Selling, general and administrative		23,595		66,036
Adjustments
Current assets:
Cash and cash equivalents							0
Marketable securities							0
Accounts receivable, net of allowance for expected credit losses							0
Inventory							3,758
Prepaid expenses and other current assets							(57)
Total current assets							3,701
Restricted cash							0
Property and equipment, net							0
Intangible assets, net							0
Operating lease ROU assets							0
Other non-current assets							(145)
Total assets							3,556
Current liabilities:
Accounts payable							0
Accrued compensation and benefits							511
Accrued expenses and other current liabilities							14
Deferred revenue							0
Operating lease liabilities							0
Total current liabilities							525
Deferred revenue, net of current portion							0
Operating lease liabilities, net of current portion							0
Other non-current liabilities							0
Total liabilities							525
Stockholders’ equity:
Common stock: $0.001 par value per share; Authorized: 120,000 shares; Issued and outstanding: 38,475 and 38,014 shares at September 30, 2024 and December 31, 2023, respectively							0
Additional paid-in capital							0
Accumulated other comprehensive loss							85
Accumulated deficit							2,946
Total stockholders’ equity		(565)		(565)			3,031	$ (1,608)		$ (1,008)
Total liabilities and stockholders’ equity							$ 3,556
Selling, general and administrative		$ (45)		$ (394)

Restatement of Financial Stat_4

Restatement of Financial Statements - Balance Sheet (Parenthetical) (Details) - $ / shares shares in Thousands	Sep. 30, 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	120,000
Common stock, shares issued (in shares)	38,475	38,014
Common stock, shares outstanding (in shares)	38,475	38,014

Restatement of Financial Stat_5

Restatement of Financial Statements - Statement Of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 35,813			$ 31,559			$ 102,260	$ 90,819
Costs of goods sold and services:
Total costs of goods sold and services	15,660			12,150			41,325	36,001
Gross profit	20,153			19,409			60,935	54,818
Operating expenses:
Research and development	8,104			7,739			23,015	18,854
Selling, general and administrative	22,908			23,550			73,027	65,642
Other lease costs	889			928			2,740	2,696
Total operating expenses	31,901			32,217			98,782	87,192
Loss from operations	(11,748)			(12,808)			(37,847)	(32,374)
Interest income	3,535			4,185			11,165	11,520
Other income	5			2,110			221	1,891
Loss before income taxes	(8,208)			(6,513)			(26,461)	(18,963)
Income Tax Expense (Benefit)	(145)			(203)			(442)	(578)
Net loss	$ (8,353)	$ (7,307)	$ (11,243)	$ (6,716)	$ (5,551)	$ (7,274)	$ (26,903)	$ (19,541)
Net loss per common share, basic (in dollars per share)	$ (0.22)			$ (0.18)			$ (0.70)	$ (0.52)
Net loss per common share, diluted (in dollars per share)	$ (0.22)			$ (0.18)			$ (0.70)	$ (0.52)
Weighted-average common shares outstanding, basic (in shares)	38,449			37,657			38,305	37,494
Weighted-average common shares outstanding, diluted (in shares)	38,449			37,657			38,305	37,494
As Previously Reported
Revenues:
Total revenues				$ 31,334				$ 90,819
Costs of goods sold and services:
Total costs of goods sold and services				13,551				36,972
Gross profit				17,783				53,847
Operating expenses:
Research and development				7,200				17,866
Selling, general and administrative				23,595				66,036
Other lease costs				758				2,696
Total operating expenses				31,553				86,598
Loss from operations				(13,770)				(32,751)
Interest income				4,185				11,520
Other income				2,030				1,884
Loss before income taxes				(7,555)				(19,347)
Income Tax Expense (Benefit)				(203)				(578)
Net loss				$ (7,758)				$ (19,925)
Net loss per common share, basic (in dollars per share)				$ (0.21)				$ (0.53)
Net loss per common share, diluted (in dollars per share)				$ (0.21)				$ (0.53)
Weighted-average common shares outstanding, basic (in shares)				37,657				37,494
Weighted-average common shares outstanding, diluted (in shares)				37,657				37,494
Adjustments
Revenues:
Total revenues				$ 225				$ 0
Costs of goods sold and services:
Total costs of goods sold and services				(1,401)				(971)
Gross profit				1,626				971
Operating expenses:
Research and development				539				988
Selling, general and administrative				(45)				(394)
Other lease costs				170				0
Total operating expenses				664				594
Loss from operations				962				377
Interest income				0				0
Other income				80				7
Loss before income taxes				1,042				384
Income Tax Expense (Benefit)				0				0
Net loss				$ 1,042				$ 384
Net loss per common share, basic (in dollars per share)				$ 0.03				$ 0.01
Net loss per common share, diluted (in dollars per share)				$ 0.03				$ 0.01
Weighted-average common shares outstanding, basic (in shares)				0				0
Weighted-average common shares outstanding, diluted (in shares)				0				0
Product revenue
Revenues:
Total revenues	$ 19,694			$ 19,940			$ 59,251	$ 58,849
Costs of goods sold and services:
Total costs of goods sold and services	10,554			7,209			25,461	21,789
Product revenue | As Previously Reported
Revenues:
Total revenues				19,660				58,639
Costs of goods sold and services:
Total costs of goods sold and services				8,342				22,611
Product revenue | Adjustments
Revenues:
Total revenues				280				210
Costs of goods sold and services:
Total costs of goods sold and services				(1,133)				(822)
Service and other revenue
Revenues:
Total revenues	13,845			10,883			39,323	29,859
Costs of goods sold and services:
Total costs of goods sold and services	5,106			4,941			15,864	14,212
Service and other revenue | As Previously Reported
Revenues:
Total revenues				10,938				30,069
Costs of goods sold and services:
Total costs of goods sold and services				5,209				14,361
Service and other revenue | Adjustments
Revenues:
Total revenues				(55)				(210)
Costs of goods sold and services:
Total costs of goods sold and services				(268)				(149)
Collaboration and license revenue
Revenues:
Total revenues	1,872			237			2,756	1,234
Collaboration and license revenue | As Previously Reported
Revenues:
Total revenues				237				1,234
Collaboration and license revenue | Adjustments
Revenues:
Total revenues				0				0
Grant revenue
Revenues:
Total revenues	$ 402			499			$ 930	877
Grant revenue | As Previously Reported
Revenues:
Total revenues				499				877
Grant revenue | Adjustments
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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net loss	$ (8,353)	$ (7,307)	$ (11,243)	$ (6,716)	$ (5,551)	$ (7,274)	$ (26,903)	$ (19,541)
Other comprehensive loss, net of tax:
Unrealized gain/(loss) on marketable securities	1,054	(175)	(607)	(241)			272	(241)
Foreign currency translation	601	$ 62	$ (674)	(148)	$ (244)	$ 42	(11)	(350)
Total other comprehensive loss	1,655			(389)			261	(591)
Comprehensive loss	$ (6,698)			(7,105)			$ (26,642)	(20,132)
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net loss				(7,758)				(19,925)
Other comprehensive loss, net of tax:
Unrealized gain/(loss) on marketable securities				(241)				(241)
Foreign currency translation				(148)				(350)
Total other comprehensive loss				(389)				(591)
Comprehensive loss				(8,147)				(20,516)
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net loss				1,042				384
Other comprehensive loss, net of tax:
Unrealized gain/(loss) on marketable securities				0				0
Foreign currency translation				0				0
Total other comprehensive loss				0				0
Comprehensive loss				$ 1,042				$ 384

Restatement of Financial Stat_7

Restatement of Financial Statements - Statement Of Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 340,778	$ 343,298	$ 349,958	$ 353,748	$ 355,194	$ 357,932	$ 349,958	$ 357,932
Issuance of common stock under stock plans, net of tax effects and payments	145	(328)	599	1,800	139	551		2,490
Stock-based compensation expense	4,657	5,228	5,265	4,344	4,210	3,943		12,497
Unrealized (loss) gain on marketable securities, net of tax	1,054	(175)	(607)	(241)			272	(241)
Foreign currency translation	601	62	(674)	(148)	(244)	42	(11)	(350)
Net loss	(8,353)	(7,307)	(11,243)	(6,716)	(5,551)	(7,274)	(26,903)	(19,541)
Ending balance	$ 338,882	$ 340,778	$ 343,298	$ 352,787	$ 353,748	$ 355,194	$ 338,882	$ 352,787
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	38,398	38,288	38,014	37,566	37,424	37,280	38,014	37,280
Beginning balance	$ 38	$ 38	$ 38	$ 37	$ 37	$ 37	$ 38	$ 37
Issuance of common stock under stock plans, net of tax effects and payments (in shares)	77	110	274	273	142	144		559
Issuance of common stock under stock plans, net of tax effects and payments	$ 1			$ 1				$ 1
Ending balance (in shares)	38,475	38,398	38,288	37,839	37,566	37,424	38,475	37,839
Ending balance	$ 39	$ 38	$ 38	$ 38	$ 37	$ 37	$ 39	$ 38
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	793,906	789,006	783,142	772,472	768,123	763,629	783,142	763,629
Issuance of common stock under stock plans, net of tax effects and payments	144	(328)	599	1,799	139	551		2,489
Stock-based compensation expense	4,657	5,228	5,265	4,344	4,210	3,943		12,497
Ending balance	798,707	793,906	789,006	778,615	772,472	768,123	798,707	778,615
Accumulated other comprehensive income (loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(3,066)	(2,953)	(1,672)	(2,740)	(2,496)	(2,538)	(1,672)	(2,538)
Unrealized (loss) gain on marketable securities, net of tax	1,054	(175)	(607)	(241)				(241)
Foreign currency translation	601	62	(674)	(148)	(244)	42		(350)
Ending balance	(1,411)	(3,066)	(2,953)	(3,129)	(2,740)	(2,496)	(1,411)	(3,129)
Accumulated deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(450,100)	(442,793)	(431,550)	(416,021)	(410,470)	(403,196)	(431,550)	(403,196)
Net loss		(7,307)	(11,243)	(6,716)	(5,551)	(7,274)		(19,541)
Ending balance	$ (458,453)	$ (450,100)	(442,793)	(422,737)	(416,021)	(410,470)	(458,453)	(422,737)
As Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			346,927	355,356		$ 358,940	346,927	358,940
Issuance of common stock under stock plans, net of tax effects and payments				1,800				2,490
Stock-based compensation expense				4,343				12,438
Unrealized (loss) gain on marketable securities, net of tax				(241)				(241)
Foreign currency translation				(148)				(350)
Net loss				(7,758)				(19,925)
Ending balance				$ 353,352	$ 355,356			$ 353,352
As Previously Reported | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				37,566		37,280		37,280
Beginning balance				$ 37		$ 37		$ 37
Issuance of common stock under stock plans, net of tax effects and payments (in shares)				273				559
Issuance of common stock under stock plans, net of tax effects and payments				$ 1				$ 1
Ending balance (in shares)				37,839	37,566			37,839
Ending balance				$ 38	$ 37			$ 38
As Previously Reported | Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				772,473		763,688		763,688
Issuance of common stock under stock plans, net of tax effects and payments				1,799				2,489
Stock-based compensation expense				4,343				12,438
Ending balance				778,615	772,473			778,615
As Previously Reported | Accumulated other comprehensive income (loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				(2,825)		(2,623)		(2,623)
Unrealized (loss) gain on marketable securities, net of tax				(241)				(241)
Foreign currency translation				(148)				(350)
Ending balance				(3,214)	(2,825)			(3,214)
As Previously Reported | Accumulated deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				(414,329)		(402,162)		(402,162)
Net loss				(7,758)				(19,925)
Ending balance				(422,087)	(414,329)			(422,087)
Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 3,031	(1,608)		$ (1,008)	$ 3,031	(1,008)
Issuance of common stock under stock plans, net of tax effects and payments				0				0
Stock-based compensation expense				1				59
Unrealized (loss) gain on marketable securities, net of tax				0				0
Foreign currency translation				0				0
Net loss				1,042				384
Ending balance				$ (565)	$ (1,608)			$ (565)
Adjustments | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				0		0		0
Beginning balance				$ 0		$ 0		$ 0
Issuance of common stock under stock plans, net of tax effects and payments (in shares)				0				0
Ending balance (in shares)				0	0			0
Ending balance				$ 0	$ 0			$ 0
Adjustments | Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				(1)		(59)		(59)
Issuance of common stock under stock plans, net of tax effects and payments				0				0
Stock-based compensation expense				1				59
Ending balance				0	(1)			0
Adjustments | Accumulated other comprehensive income (loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				85		85		85
Unrealized (loss) gain on marketable securities, net of tax				0				0
Foreign currency translation				0				0
Ending balance				85	85			85
Adjustments | Accumulated deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				(1,692)		$ (1,034)		(1,034)
Net loss				1,042				384
Ending balance				$ (650)	$ (1,692)			$ (650)

Restatement of Financial Stat_8

Restatement of Financial Statements - Statement Of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (26,903)	$ (19,541)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	4,740	4,843
Credit losses on accounts receivable	744	311
Accretion of marketable securities	(5,317)	(1,490)
Operating lease right-of-use asset amortization	1,371	1,518
Stock-based compensation expense	15,150	12,497
Impairment	0	130
Other operating activity	(389)	647
Changes in assets and liabilities:
Accounts receivable	(6,402)	(5,615)
Inventory	(6,845)	(3,700)
Prepaid expenses and other current assets	(168)	(2,829)
Other non-current assets	(479)	(702)
Accounts payable	588	948
Accrued compensation and benefits, accrued expenses, and other current liabilities	(3,166)	1,229
Deferred revenue	(826)	894
Operating lease liabilities	(2,971)	(1,690)
Other non-current liabilities	11	(107)
Net cash used in operating activities	(30,862)	(12,657)
Cash flows from investing activities:
Purchases of marketable securities	(270,972)	(125,200)
Purchases of property and equipment	(2,956)	(1,878)
Net cash used in investing activities	(114,649)	(127,078)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	2,999	2,632
Payments for employee taxes withheld on stock-based compensation awards	(2,584)	(142)
Net cash provided by financing activities	415	2,490
Net decrease in cash, cash equivalents, and restricted cash	(145,096)	(137,245)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	18	(229)
Cash, cash equivalents, and restricted cash at beginning of period	177,026	341,337
Cash, cash equivalents, and restricted cash at end of period	31,948	203,863
Supplemental disclosure of cash flow information:
Cash paid for taxes	703	719
Shares received as consideration under product sales agreement	$ 0	775
As Previously Reported
Cash flows from operating activities:
Net loss		(19,925)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		4,788
Credit losses on accounts receivable		311
Accretion of marketable securities		(1,490)
Operating lease right-of-use asset amortization		1,518
Stock-based compensation expense		12,438
Impairment		0
Other operating activity		647
Changes in assets and liabilities:
Accounts receivable		(5,615)
Inventory		(2,966)
Prepaid expenses and other current assets		(2,829)
Other non-current assets		(716)
Accounts payable		948
Accrued compensation and benefits, accrued expenses, and other current liabilities		876
Deferred revenue		894
Operating lease liabilities		(1,690)
Other non-current liabilities		(107)
Net cash used in operating activities		(12,918)
Cash flows from investing activities:
Purchases of marketable securities		(125,200)
Purchases of property and equipment		(1,572)
Net cash used in investing activities		(126,772)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans		2,632
Payments for employee taxes withheld on stock-based compensation awards		(142)
Net cash provided by financing activities		2,490
Net decrease in cash, cash equivalents, and restricted cash		(137,200)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(229)
Cash, cash equivalents, and restricted cash at beginning of period		341,337
Cash, cash equivalents, and restricted cash at end of period		203,908
Supplemental disclosure of cash flow information:
Cash paid for taxes		719
Shares received as consideration under product sales agreement		775
Adjustments
Cash flows from operating activities:
Net loss		384
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		55
Credit losses on accounts receivable		0
Accretion of marketable securities		0
Operating lease right-of-use asset amortization		0
Stock-based compensation expense		59
Impairment		130
Other operating activity		0
Changes in assets and liabilities:
Accounts receivable		0
Inventory		(734)
Prepaid expenses and other current assets		0
Other non-current assets		14
Accounts payable		0
Accrued compensation and benefits, accrued expenses, and other current liabilities		353
Deferred revenue		0
Operating lease liabilities		0
Other non-current liabilities		0
Net cash used in operating activities		261
Cash flows from investing activities:
Purchases of marketable securities		0
Purchases of property and equipment		(306)
Net cash used in investing activities		(306)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans		0
Payments for employee taxes withheld on stock-based compensation awards		0
Net cash provided by financing activities		0
Net decrease in cash, cash equivalents, and restricted cash		(45)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		0
Cash, cash equivalents, and restricted cash at beginning of period		0
Cash, cash equivalents, and restricted cash at end of period		(45)
Supplemental disclosure of cash flow information:
Cash paid for taxes		0
Shares received as consideration under product sales agreement		$ 0

Significant Accounting Polici_4

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash equivalents
Cash and cash equivalents	$ 29,339	$ 174,422	$ 201,261
Restricted cash	2,609		2,602
Cash, cash equivalents, and restricted cash	$ 31,948	$ 177,026	$ 203,863	$ 341,337

Revenue and Related Matters - D

Revenue and Related Matters - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue
Total	$ 35,813	$ 31,559	$ 102,260	$ 90,819
Product revenue
Disaggregation of Revenue
Total	19,694	19,940	59,251	58,849
Product revenue | North America
Disaggregation of Revenue
Total	11,175	10,426	33,958	30,961
Product revenue | EMEA
Disaggregation of Revenue
Total	6,241	5,939	17,462	18,439
Product revenue | Asia Pacific
Disaggregation of Revenue
Total	2,278	3,575	7,831	9,449
Instruments
Disaggregation of Revenue
Total	2,386	3,882	7,398	12,402
Instruments | North America
Disaggregation of Revenue
Total	1,226	1,693	3,214	4,879
Instruments | EMEA
Disaggregation of Revenue
Total	1,070	707	2,896	3,659
Instruments | Asia Pacific
Disaggregation of Revenue
Total	90	1,482	1,288	3,864
Consumable and other products
Disaggregation of Revenue
Total	17,308	16,058	51,853	46,447
Consumable and other products | North America
Disaggregation of Revenue
Total	9,949	8,733	30,744	26,082
Consumable and other products | EMEA
Disaggregation of Revenue
Total	5,171	5,232	14,566	14,780
Consumable and other products | Asia Pacific
Disaggregation of Revenue
Total	2,188	2,093	6,543	5,585
Service and other revenue
Disaggregation of Revenue
Total	13,845	10,883	39,323	29,859
Service and other revenue | North America
Disaggregation of Revenue
Total	11,841	8,650	29,373	23,949
Service and other revenue | EMEA
Disaggregation of Revenue
Total	1,519	1,643	8,746	4,462
Service and other revenue | Asia Pacific
Disaggregation of Revenue
Total	485	590	1,204	1,448
Service-type warranties
Disaggregation of Revenue
Total	2,595	2,511	7,990	7,219
Service-type warranties | North America
Disaggregation of Revenue
Total	1,540	1,572	4,787	4,607
Service-type warranties | EMEA
Disaggregation of Revenue
Total	857	783	2,611	2,181
Service-type warranties | Asia Pacific
Disaggregation of Revenue
Total	198	156	592	431
Research services
Disaggregation of Revenue
Total	10,543	7,740	29,362	20,763
Research services | North America
Disaggregation of Revenue
Total	9,841	6,690	23,378	18,200
Research services | EMEA
Disaggregation of Revenue
Total	426	617	5,411	1,562
Research services | Asia Pacific
Disaggregation of Revenue
Total	276	433	573	1,001
Other services
Disaggregation of Revenue
Total	707	632	1,971	1,877
Other services | North America
Disaggregation of Revenue
Total	460	388	1,208	1,142
Other services | EMEA
Disaggregation of Revenue
Total	236	243	724	719
Other services | Asia Pacific
Disaggregation of Revenue
Total	11	1	39	16
Collaboration and license revenue
Disaggregation of Revenue
Total	1,872	237	2,756	1,234
Collaboration and license revenue | North America
Disaggregation of Revenue
Total	1,872	237	2,756	1,234
Collaboration and license revenue | EMEA
Disaggregation of Revenue
Total	0	0	0	0
Collaboration and license revenue | Asia Pacific
Disaggregation of Revenue
Total	$ 0	$ 0	$ 0	$ 0

Revenue and Related Matters -Na

Revenue and Related Matters -Narrative (Details) $ in Thousands, shares in Millions					3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 21, 2022 USD ($)	May 27, 2022 USD ($)	May 26, 2022 USD ($)	Mar. 24, 2022 USD ($)	Sep. 30, 2024 USD ($) customer	Sep. 30, 2023 USD ($) customer	Jun. 30, 2023 shares	Mar. 31, 2022 USD ($)	Sep. 30, 2024 USD ($) customer	Sep. 30, 2023 USD ($) customer	Dec. 31, 2023 USD ($) customer
Transaction Price Allocated to Remaining Performance Obligations
Ordinary shares value		$ 800	$ 1,000
Total revenues					$ 35,813	$ 31,559			$ 102,260	$ 90,819
Contract assets					0				0		$ 0
Deferred revenue									6,500	6,400
Amount of transaction price allocated to performance obligations					9,900				9,900
Impairment loss									0	0
Research and development					8,104	7,739			23,015	18,854
Deferred revenue									(826)	894
UltraDx Limited Company
Transaction Price Allocated to Remaining Performance Obligations
Total revenues									1,100	1,400
Variable interest entities | UltraDx Limited Company
Transaction Price Allocated to Remaining Performance Obligations
Ordinary shares received (in shares) | shares							1
Undelivered licenses of intellectual property
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations					9,900				9,900
Grant revenue
Transaction Price Allocated to Remaining Performance Obligations
Total revenues					402	499			930	877
National Institutes of Health
Transaction Price Allocated to Remaining Performance Obligations
Total revenues					300				600	500
Grants received					1,100				1,100
Research and development									600	400
Contract value	$ 1,700
ADDF
Transaction Price Allocated to Remaining Performance Obligations
Total revenues						300			400	400
Research and development						300			400	400
Contract value				$ 2,300							$ 2,300
ADDF | Grant revenue
Transaction Price Allocated to Remaining Performance Obligations
Deferred revenue									(700)
Eli Lilly | Statement of works agreement
Transaction Price Allocated to Remaining Performance Obligations
Collaborative arrangement payment received per quarter					1,500			$ 1,500
Eli Lilly | Collaboration agreement
Transaction Price Allocated to Remaining Performance Obligations
Total revenues					1,500	$ 4,500			1,500	$ 4,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations					$ 9,000				$ 9,000
Performance obligation satisfaction period					12 months				12 months
Revenue Benchmark | Customer Concentration Risk | One customer
Transaction Price Allocated to Remaining Performance Obligations
Number of customers with high percent of total revenue | customer					1	1				1
Number of customers with high percent of gross accounts receivable | customer					2				2
Concentration risk percentage											10%
Accounts Receivable | Customer Concentration Risk | One customer
Transaction Price Allocated to Remaining Performance Obligations
Number of customers with high percent of gross accounts receivable | customer											1
Concentration risk percentage											10%

Revenue and Related Matters - C

Revenue and Related Matters - Costs to Obtain a Contract (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Capitalized Contract Cost [Roll Forward]
Balance at December 31 of prior year	$ 288	$ 377
Capitalization of costs to obtain a contract	237	414
Recognition of costs to obtain a contract	(260)	(491)
Balance at September 30	$ 265	$ 300

Allowance for Credit Losses (De

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at December 31 of prior year	$ 454	$ 118
Provision for expected credit losses	744	605
Write-offs and recoveries collected	(437)	(294)
Balance at September 30	$ 762	$ 429

Marketable Securities - Summary

Marketable Securities - Summary of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 270,942	$ 153,470
Unrealized Gains	621	352
Unrealized Losses	(26)	(27)
Fair Value	271,537	153,795
Marketable securities	264,184	146,902
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	7,438	53,482
Unrealized Gains	2	23
Unrealized Losses	0	(12)
Fair Value	7,440	53,493
U.S. Treasuries
Marketable Securities [Line Items]
Amortized Cost	75,809	4,896
Unrealized Gains	44	1
Unrealized Losses	(8)	0
Fair Value	75,845	4,897
U.S. Government agency bonds
Marketable Securities [Line Items]
Amortized Cost	105,490	28,366
Unrealized Gains	203	39
Unrealized Losses	(18)	(7)
Fair Value	105,675	28,398
Corporate bonds
Marketable Securities [Line Items]
Amortized Cost	82,205	66,726
Unrealized Gains	372	289
Unrealized Losses	0	(8)
Fair Value	82,577	67,007
Cash and cash equivalents
Marketable Securities [Line Items]
Fair Value	$ 7,353	$ 6,893

Marketable Securities - Summa_2

Marketable Securities - Summary of Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Fair Value	$ 49,532	$ 56,365
Unrealized Losses	(26)	(27)
Commercial paper
Marketable Securities [Line Items]
Fair Value	2,981	32,137
Unrealized Losses	0	(12)
U.S. Treasuries
Marketable Securities [Line Items]
Fair Value	19,778
Unrealized Losses	(8)
U.S. Government agency bonds
Marketable Securities [Line Items]
Fair Value	24,278	15,861
Unrealized Losses	(18)	(7)
Corporate bonds
Marketable Securities [Line Items]
Fair Value	2,495	8,367
Unrealized Losses	$ 0	$ (8)

Marketable Securities - Narrati

Marketable Securities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Accrued interest receivable	$ 1.4	$ 1

Marketable Securities - Summa_3

Marketable Securities - Summary of Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Amortized cost due within one year	$ 233,615	$ 95,188
Fair value due within one year	233,992	95,232
Amortized cost due in one to two years	37,327	58,282
Fair value due in one to two years	37,545	58,563
Amortized Cost	270,942	153,470
Fair Value	$ 271,537	$ 153,795

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	$ 13,023	$ 162,260
Total marketable securities	264,184	146,902
Total financial assets	277,207	309,162
Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	5,670	155,367
Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	1,996
Total marketable securities	7,440	51,497
U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	7,353	4,897
Total marketable securities	68,492
U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	105,675	28,398
Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	82,577	67,007
Quoted prices in active markets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	5,670	155,367
Total marketable securities	0	0
Total financial assets	5,670	155,367
Quoted prices in active markets (Level 1) | Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	5,670	155,367
Quoted prices in active markets (Level 1) | Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Total marketable securities	0	0
Quoted prices in active markets (Level 1) | U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Total marketable securities	0
Quoted prices in active markets (Level 1) | U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	0	0
Quoted prices in active markets (Level 1) | Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	0	0
Significant other observable inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	7,353	6,893
Total marketable securities	264,184	146,902
Total financial assets	271,537	153,795
Significant other observable inputs (Level 2) | Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Significant other observable inputs (Level 2) | Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	1,996
Total marketable securities	7,440	51,497
Significant other observable inputs (Level 2) | U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	7,353	4,897
Total marketable securities	68,492
Significant other observable inputs (Level 2) | U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	105,675	28,398
Significant other observable inputs (Level 2) | Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	82,577	67,007
Significant unobservable inputs (Level 3)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Total marketable securities	0	0
Total financial assets	0	0
Significant unobservable inputs (Level 3) | Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Significant unobservable inputs (Level 3) | Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Total marketable securities	0	0
Significant unobservable inputs (Level 3) | U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Total marketable securities	0
Significant unobservable inputs (Level 3) | U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	0	0
Significant unobservable inputs (Level 3) | Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands, shares in Millions			3 Months Ended
	May 27, 2022	May 26, 2022	Jun. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ordinary shares value	$ 800	$ 1,000
Carrying value of the company's level 3 financial assets				$ 277,207	$ 309,162
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the company's level 3 financial assets				0	0
Nonrecurring | Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the company's level 3 financial assets				$ 800	$ 800
Variable interest entities | UltraDx Limited Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ordinary shares received (in shares)			1

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 7,507	$ 5,114
Work in process	8,977	5,439
Finished goods	16,486	15,570
Total inventory	$ 32,969	$ 26,123

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued professional services	$ 2,608	$ 1,596
Accrued royalties	1,435	1,689
Accrued tax liabilities	1,023	822
Other accrued expenses	1,525	1,948
Total accrued expenses and other current liabilities	$ 6,591	$ 6,055

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of options
Outstanding at the beginning of the period (in shares)	2,774
Granted (in shares)	1,388
Exercised (in shares)	(150)
Forfeited/expired (in shares)	(561)
Outstanding at the end of the period (in shares)	3,451	2,774
Exercisable at the end of the period (in shares)	1,381
Vested and expected to vest at the end of the period (in shares)	3,451
Weighted-average exercise price per share
Outstanding at the beginning of the period (in dollars per share)	$ 19.62
Granted (in dollars per share)	22.65
Exercised (in dollars per share)	11.89
Forfeited/expired (in dollars per share)	22.30
Outstanding at the end of the period (in dollars per share)	20.34	$ 19.62
Exercisable at the end of the period (in dollars per share)	21.11
Vested and expected to vest at the end of the period (in dollars per share)	$ 20.34
Weighted-average remaining contractual life (in years)
Outstanding	7 years 10 months 24 days	7 years 10 months 24 days
Exercisable	6 years 3 months 18 days
Vested and expected to vest	7 years 10 months 24 days
Aggregate intrinsic value
Outstanding	$ 1,929	$ 26,941
Exercisable	1,245
Vested and expected to vest	$ 1,929

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) - RSUs shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of shares
Unvested at the beginning of the period (in shares) | shares	1,328
Granted (in shares) | shares	531
Vested (in shares) | shares	(403)
Forfeited (in shares) | shares	(261)
Unvested at the end of the period (in shares) | shares	1,195
Weighted-average grant date fair value per share
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 17.87
Granted (in dollars per share) | $ / shares	21.22
Vested (in dollars per share) | $ / shares	19.03
Forfeited (in dollars per share) | $ / shares	19.61
Unvested at the end of the period (in dollars per share) | $ / shares	$ 18.59

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plan (“ESPP”) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 shares
2017 ESPP
Stock-based compensation
Employee stock purchases (in shares)	78

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation
Total stock-based compensation expense	$ 4,657	$ 4,344	$ 15,150	$ 12,497
Cost of product revenue
Stock-based compensation
Total stock-based compensation expense	276	225	883	624
Cost of service and other revenue
Stock-based compensation
Total stock-based compensation expense	283	259	866	867
Research and development
Stock-based compensation
Total stock-based compensation expense	530	449	1,598	1,233
Selling, general and administrative
Stock-based compensation
Total stock-based compensation expense	3,568	$ 3,411	11,803	$ 9,773
Restricted Stock Units And Stock Options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 43,400		$ 43,400
Period of recognition of unrecognized compensation cost			2 years 9 months 18 days

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (8,353)	$ (7,307)	$ (11,243)	$ (6,716)	$ (5,551)	$ (7,274)	$ (26,903)	$ (19,541)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	38,449			37,657			38,305	37,494
Weighted-average common shares outstanding, diluted (in shares)	38,449			37,657			38,305	37,494
Net loss per share, basic (in dollars per shares)	$ (0.22)			$ (0.18)			$ (0.70)	$ (0.52)
Net loss per share, diluted (in dollars per share)	$ (0.22)			$ (0.18)			$ (0.70)	$ (0.52)

Net Loss Per Share - Common Sha

Net Loss Per Share - Common Share Equivalents Excluded from Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net loss per share
Total dilutive shares	771	3,179	1,538	2,034
Stock options
Net loss per share
Total dilutive shares	453	1,883	781	910
RSUs
Net loss per share
Total dilutive shares	306	1,278	748	1,100
Estimated ESPP purchases
Net loss per share
Total dilutive shares	12	18	9	24

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	1.80%	3.10%	1.70%	3%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) item in Thousands, disc in Thousands, $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended		36 Months Ended
	Aug. 31, 2022 USD ($)	Dec. 31, 2024 disc	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($) item	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($) item	Dec. 31, 2024 disc
Other Commitments [Line Items]
Accounts payable						$ 588	$ 948
Purchase commitments expects to incur in next year			$ 1,100			1,100
Cost of revenue			15,660	$ 12,150		41,325	$ 36,001
Tenant improvements allowances					$ 900
Stratec Supply Agreement
Other Commitments [Line Items]
Other commitment			3,700			3,700
Accounts payable						3,100
Purchase commitments expects to incur in next year			$ 600			$ 600
Number of discs shipped | item			58	63		138	184
Cost of revenue			$ 400	$ 500		$ 1,000	$ 1,400
License agreements
Other Commitments [Line Items]
Royalty expense			0	0		0	0
License agreements | Harvard University
Other Commitments [Line Items]
Upfront fee	$ 600
License agreements | Tufts
Other Commitments [Line Items]
Royalty expense			$ 600	$ 500		$ 1,600	$ 1,300
Forecast | Stratec Supply Agreement
Other Commitments [Line Items]
Number of discs purchased | disc								515
Number of discs shipped | disc		141

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Undiscounted Future Lease Payments for Non-Cancelable Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Maturity of lease liabilities
2024 (remainder)	$ 1,807
2025	7,296
2026	7,450
2027	7,684
2028	7,923
2029	8,143
Thereafter	7,615
Total lease payments	47,918
Less: imputed interest	9,427
Total operating lease liabilities	$ 38,491

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related party transactions
Operating expenses	$ 31,901	$ 32,217	$ 98,782	$ 87,192
Cost of revenue	15,660	12,150	41,325	36,001
Accounts payable	6,378		6,378		$ 5,048
Harvard University
Related party transactions
Related party revenue	1,000	$ 300	1,400	$ 1,000
Operating expenses			300
UltraDx Limited Company
Related party transactions
Cost of revenue			(300)
Accounts payable	$ 0		$ 0		$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Other non-current assets	$ 2,137	$ 1,657
Variable interest entities
Variable Interest Entity [Line Items]
Other non-current assets	$ 800	$ 800

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Dec. 16, 2024 USD ($)
Call Option
Subsequent Event [Line Items]
Stock available for repurchase	$ 10
Stock available fore repurchase, term	5 years
Redemption requirement, revenue threshold	$ 5
Emission Inc.
Subsequent Event [Line Items]
Upfront payment	10
Business combination, additional consideration payable	10
Earnout payment	$ 50