Quanterix (QTRX) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Entity Registrant Name	Quanterix Corp
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38319
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	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,668,184
Entity Central Index Key	0001503274
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 173,162	$ 109,155
Accounts receivable (less reserve for doubtful accounts of $449 and $162 as of September 30, 2020 and December 31, 2019, respectively; including $73 and $186 from related parties as of September 30, 2020 and December 31, 2019, respectively)	26,262	10,906
Inventory	13,274	10,463
Prepaid expenses and other current assets	2,230	2,137
Total current assets	214,928	132,661
Restricted cash	1,000	1,026
Property and equipment, net	12,827	12,047
Intangible assets, net	13,242	14,307
Goodwill	9,714	9,353
Right-of-use assets	12,019
Other non-current assets	375	557
Total assets	264,105	169,951
Current liabilities:
Accounts payable (including $60 and $36 to related parties as of September 30, 2020 and December 31, 2019, respectively)	5,962	5,777
Accrued compensation and benefits	7,038	6,570
Other accrued expenses (including $1,338 and $0 to related parties as of September 30, 2020 and December 31, 2019, respectively)	4,177	2,498
Deferred revenue (including $3 and $55 with related parties as of September 30, 2020 and December 31, 2019, respectively)	3,793	4,697
Current portion of long term debt	5,744	75
Short term lease liabilities	1,166
Other current liabilities	212	216
Total current liabilities	28,092	19,833
Deferred revenue, net of current portion	363	466
Long term debt, net of current portion	1,907	7,587
Long term lease liabilities	22,159
Other non-current liabilities	2,543	13,407
Total liabilities	55,064	41,293
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.001 par value: Authorized-120,000,000 shares as of September 30, 2020 and December 31, 2019; issued and outstanding - 31,583,509 and 28,112,201 shares as of September 30, 2020 and December 31, 2019, respectively	32	28
Additional paid-in capital	446,228	345,027
Accumulated other comprehensive income (loss)	734	(153)
Accumulated deficit	(237,953)	(216,244)
Total stockholders' equity	209,041	128,658
Total liabilities and stockholders' equity	$ 264,105	$ 169,951

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheets
Accounts receivable, reserve for doubtful accounts	$ 449	$ 162
Accounts receivable, related parties	73	186
Accounts payable, related parties	60	36
Other accrued expenses, related parties	1,338	0
Deferred revenue, current, related parties	$ 56	$ 55
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	120,000,000	120,000,000
Common stock, shares issued	31,583,509	28,112,201
Common stock, shares outstanding	31,583,509	28,112,201

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 31,389	$ 14,944	$ 60,246	$ 40,816
Costs of goods sold:
Total costs of goods sold, services, and licenses	10,283	7,911	27,114	20,847
Gross profit	21,106	7,033	33,132	19,969
Operating expenses:
Research and development	5,377	3,924	13,957	11,792
Selling, general, and administrative	13,451	13,352	40,826	38,293
Total operating expenses	18,828	17,276	54,783	50,085
Income (loss) from operations	2,278	(10,243)	(21,651)	(30,116)
Interest income (expense), net	(160)	282	(107)	346
Other expense, net	(26)	(34)	(204)	(149)
Income (loss) before income taxes	2,092	(9,995)	(21,962)	(29,919)
Income tax benefit	111	125	253	81
Net income (loss)	$ 2,203	$ (9,870)	$ (21,709)	$ (29,838)
Reconciliation of net loss to net loss attributable to common stockholders:
Net income (loss) per share, basic	$ 0.07	$ (0.37)	$ (0.75)	$ (1.24)
Weighted-average common shares outstanding, basic	30,139,157	26,627,831	28,881,716	24,102,887
Net income (loss) per share, diluted	$ 0.07	$ (0.37)	$ (0.75)	$ (1.24)
Weighted-average common shares outstanding, diluted	31,386,439	26,627,831	28,881,716	24,102,887
Product revenue
Revenue	$ 11,662	$ 10,737	$ 28,285	$ 29,059
Costs of goods sold:
Total costs of goods sold, services, and licenses	6,387	5,513	17,989	14,217
Service and other revenue
Revenue	6,552	4,207	18,631	11,757
Costs of goods sold:
Total costs of goods sold, services, and licenses	2,896	$ 2,398	8,125	$ 6,630
Collaboration and license revenue
Revenue	11,246		11,401
Costs of goods sold:
Total costs of goods sold, services, and licenses	1,000		1,000
Grant revenue
Revenue	$ 1,929		$ 1,929

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Cost of product revenue, related party activity	$ 39	$ 80	$ 116	$ 150
Product revenue
Related party revenue	126	321	398	526
Service and other revenue
Related party revenue	$ 26	$ 31	$ 71	$ 73

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 2,203	$ (9,870)	$ (21,709)	$ (29,838)
Other comprehensive income (loss):
Cumulative translation adjustment	760	(1,135)	887	(1,135)
Total other comprehensive income (loss)	760	(1,135)	887	(1,135)
Comprehensive income (loss)	$ 2,963	$ (11,005)	$ (20,822)	$ (30,973)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income (loss)	$ (21,709)	$ (29,838)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	3,187	2,188
Inventory step-up amortization	670
Reduction in the carrying amounts of right-of-use assets	204
Stock-based compensation expense	6,970	4,713
Non-cash interest expense	65	68
Loss on disposal of fixed assets	120	24
Changes in operating assets and liabilities:
Accounts receivable	(15,360)	(4,474)
Prepaid expenses and other assets	(5)	(104)
Inventory	(3,505)	(3,943)
Other non-current assets	182	(21)
Accounts payable	(187)	(835)
Accrued compensation and benefits, other accrued expenses and other current liabilities	2,117	573
Contract acquisition costs	(99)	533
Operating lease liabilities	515
Other non-current liabilities	(177)	10,068
Deferred revenue	(1,007)	(604)
Net cash used in operating activities	(28,019)	(21,652)
Investing activities
Purchases of property and equipment	(2,149)	(10,303)
Acquisition of UmanDiagnostics AB, net of cash acquired		(14,529)
Net cash used in investing activities	(2,149)	(24,832)
Financing activities
Proceeds from stock options exercised	1,943	2,176
Proceeds from ESPP purchase	888	799
Payments on notes payable	(75)	(50)
Net cash provided by financing activities	94,160	115,473
Net increase in cash and cash equivalents	63,992	68,989
Effect of foreign currency exchange rate on cash	(11)	(65)
Cash, restricted cash, and cash equivalents at beginning of period	110,181	45,429
Cash, restricted cash, and cash equivalents at end of period	174,162	114,353
Supplemental cash flow information
Cash paid for interest	468	478
Purchases of property and equipment included in accounts payable	358	45
Purchases of property and equipment included in other non-current liabilities		7,750
191,152 shares of common stock issued in connection with the acquisition of UmanDiagnostics AB		5,467
Reconciliation of cash, cash equivalents, and restricted cash:
Total cash, cash equivalents, and restricted cash	174,162	114,353
At-the-market offering
Financing activities
Sale of common stock in at-the-market offering, net		48,019
Underwritten public offering
Financing activities
Sale of common stock in at-the-market offering, net	$ 91,404	$ 64,529

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - shares	Sep. 30, 2019	Aug. 01, 2019
UmanDiagnostics AB Acquisition
Common stock shares consideration	191,152	191,152

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common stockUnderwritten public offering	Common stockAt-the-market offering	Common stock	Additional paid-in capitalUnderwritten public offering	Additional paid-in capitalAt-the-market offering	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Underwritten public offering	At-the-market offering	Total
Beginning Balance at Dec. 31, 2018			$ 22			$ 216,931		$ (175,888)			$ 41,065
Beginning balance (in shares) at Dec. 31, 2018			22,369,036
Increase (Decrease) in Stockholders' Equity
Exercise of common stock warrants (in shares)			45,690
Exercise of common stock options and vesting restricted stock			$ 1			2,175					2,176
Exercise of common stock options and vesting restricted stock (in shares)			406,246
Sale of common stock in at-the-market offering	$ 3	$ 2		$ 64,526	$ 48,017				$ 64,529	$ 48,019
Sale of common stock in at-the-market offering (in shares)	2,732,673	2,186,163
Issuance of shares for acquisition of Uman						5,467					5,467
Issuance of shares for acquisition of Uman (in shares)			191,152
ESPP stock purchase						799					799
ESPP stock purchase (in shares)			36,753
Stock-based compensation expense						4,713					4,713
Cumulative translation adjustment							$ (1,135)				(1,135)
Net income (loss)								(29,838)			(29,838)
Ending Balance at Sep. 30, 2019			$ 28			342,628	(1,135)	(205,286)			136,235
Ending Balance (in shares) at Sep. 30, 2019			27,967,713
Beginning Balance at Jun. 30, 2019			$ 25			270,136		(195,416)			74,745
Beginning balance (in shares) at Jun. 30, 2019			24,894,019
Increase (Decrease) in Stockholders' Equity
Exercise of common stock warrants (in shares)			45,690
Exercise of common stock options and vesting restricted stock						265					265
Exercise of common stock options and vesting restricted stock (in shares)			87,476
Sale of common stock in at-the-market offering	$ 3			64,526					64,529
Sale of common stock in at-the-market offering (in shares)	2,732,673
Issuance of shares for acquisition of Uman						5,467					5,467
Issuance of shares for acquisition of Uman (in shares)			191,152
ESPP stock purchase						406					406
ESPP stock purchase (in shares)			16,703
Stock-based compensation expense						1,828					1,828
Cumulative translation adjustment							(1,135)				(1,135)
Net income (loss)								(9,870)			(9,870)
Ending Balance at Sep. 30, 2019			$ 28			342,628	(1,135)	(205,286)			136,235
Ending Balance (in shares) at Sep. 30, 2019			27,967,713
Increase (Decrease) in Stockholders' Equity
Cumulative-effect adjustment for the adoption of ASC 606								440			440
Beginning Balance at Dec. 31, 2019			$ 28			345,027	(153)	(216,244)			128,658
Beginning balance (in shares) at Dec. 31, 2019			28,112,201
Increase (Decrease) in Stockholders' Equity
Exercise of common stock options and vesting restricted stock			$ 1			1,942					1,943
Exercise of common stock options and vesting restricted stock (in shares)			376,688
Sale of common stock in at-the-market offering	$ 3			91,401					91,404
Sale of common stock in at-the-market offering (in shares)	3,048,774
ESPP stock purchase						888					888
ESPP stock purchase (in shares)			45,846
Stock-based compensation expense						6,970					6,970
Cumulative translation adjustment							887				887
Net income (loss)								(21,709)			(21,709)
Ending Balance at Sep. 30, 2020			$ 32			446,228	734	(237,953)			209,041
Ending Balance (in shares) at Sep. 30, 2020			31,583,509
Beginning Balance at Jun. 30, 2020			$ 28			351,188	(26)	(240,156)			111,034
Beginning balance (in shares) at Jun. 30, 2020			28,381,280
Increase (Decrease) in Stockholders' Equity
Exercise of common stock options and vesting restricted stock			$ 1			831					832
Exercise of common stock options and vesting restricted stock (in shares)			130,302
Sale of common stock in at-the-market offering	$ 3			$ 91,401					$ 91,404
Sale of common stock in at-the-market offering (in shares)	3,048,774
ESPP stock purchase						448					448
ESPP stock purchase (in shares)			23,153
Stock-based compensation expense						2,360					2,360
Cumulative translation adjustment							760				760
Net income (loss)								2,203			2,203
Ending Balance at Sep. 30, 2020			$ 32			$ 446,228	$ 734	$ (237,953)			$ 209,041
Ending Balance (in shares) at Sep. 30, 2020			31,583,509

Organization and operations

Organization and operations	9 Months Ended
	Sep. 30, 2020
Organization and operations
Organization and operations	Quanterix Corporation Notes to condensed consolidated financial statements (Unaudited) ​ 1. Organization and operations ​ Quanterix Corporation (Nasdaq: QTRX) (the Company) is a life sciences company that has developed next generation, ultra-sensitive digital immunoassay platforms that advance precision health for life sciences research and diagnostics. The Company's platforms are based on its proprietary digital "Simoa" detection technology. The Company's Simoa bead-based and planar array platforms enable customers to reliably detect protein biomarkers in extremely low concentrations in blood, serum and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies, and also allow researchers to define and validate the function of novel protein biomarkers that are only present in very low concentrations and have been discovered using technologies such as mass spectrometry. These capabilities provide the Company's customers with insight into the role of protein biomarkers in human health that has not been possible with other existing technologies and enable researchers to unlock unique insights into the continuum between health and disease. The Company is currently focusing on protein detection, which it believes is an area of significant unmet need and where it has significant competitive advantages. However, in addition to enabling new applications and insights in protein analysis, the Company’s Simoa platforms have also demonstrated applicability across other testing applications, including detection of nucleic acids and small molecules. ​ The Company launched its first immunoassay platform, the Simoa HD-1, in 2014. The HD-1 is a fully automated immunoassay bead-based platform with multiplexing and custom assay capability, and related assay test kits and consumable materials. The Company launched a second bead-based immunoassay platform (SR-X) in the fourth quarter of 2017 with a more compact footprint than the Simoa HD-1 and less automation designed for lower volume requirements while still allowing multiplexing and custom assay capability. The Company initiated an early-access program for its third instrument (SP-X) on the new Simoa planar array platform in January 2019, with the full commercial launch commencing in April 2019. In July 2019, the Company launched the Simoa HD-X, an upgraded version of the Simoa HD-1 which replaces the HD-1. The HD-X has been designed to deliver significant productivity and operational efficiency improvements, as well as greater user flexibility. The Company began shipping and installing HD-X instruments at customer locations in the third quarter of 2019. The Company also performs research services on behalf of customers to apply the Simoa technology to specific customer needs. The Company's customers are primarily in the research use only market, which includes academic and governmental research institutions, the research and development laboratories of pharmaceutical manufacturers, contract research organizations, and specialty research laboratories. ​ The Company acquired Aushon Biosystems, Inc. (Aushon) in January 2018. With the acquisition of Aushon, the Company acquired a CLIA certified laboratory, as well as Aushon's proprietary sensitive planar array detection technology. Leveraging its proprietary sophisticated Simoa image analysis and data analysis algorithms, the Company further refined this planar array technology to develop the SP-X instrument to provide the same Simoa sensitivity found in its bead-based platform. ​ The Company completed the acquisition of UmanDiagnostics AB (Uman), a Swedish company located in Umea, Sweden, in August 2019. The acquisition closed with respect to 95% of the outstanding shares of capital stock of Uman on July 1, 2019 and with respect to the remaining 5% of the outstanding shares of capital stock of Uman on August 1, 2019. Uman supplies neurofilament light (Nf-L) antibodies and ELISA kits, which are widely recognized by researchers and biopharmaceutical and diagnostics companies world-wide as the premier solution for the detection of Nf-L to advance the development of therapeutics and diagnostics for neurodegenerative conditions. With the acquisition of Uman, the Company has secured a long-term source of supply for a critical technology. ​ “At-the-market offering” ​ On March 19, 2019, the Company entered into a Sales Agreement (the Sales Agreement) with Cowen and Company, LLC (Cowen) with respect to an “at-the-market” offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $50.0 million through Cowen as its sales agent. ​ On June 5, 2019, the Company issued approximately 2.2 million shares of common stock at an average stock price of $22.73 per share pursuant to the terms of the Sales Agreement. The “at-the-market” offering resulted in gross proceeds of $49.7 million. The Company incurred $1.7 million in issuance costs associated with the “at-the-market” offering, resulting in net proceeds to the Company of $48.0 million. ​ On August 6, 2020, the Company delivered written notice to Cowen to terminate the Sales Agreement, which termination the parties agreed to make immediately effective. ​ Underwritten public offerings ​ On August 8, 2019, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC and SVB Leerink LLC, as representatives of the several underwriters, relating to an underwritten public offering of approximately 2.7 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $69.0 million. The Company incurred $4.5 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $64.5 million. ​ On August 6, 2020, the Company entered into an underwriting agreement with SVB Leerink LLC and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 3.0 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $97.6 million. The Company incurred $6.2 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $91.4 million. ​ Basis of presentation ​ The interim condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements reflect, in the opinion of the Company’s management, all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of financial position, results of operations, comprehensive loss and cash flows for each period presented in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission on March 13, 2020 (the 2019 Annual Report on Form 10-K). The consolidated financial information as of December 31, 2019 has been derived from the audited 2019 consolidated financial statements included in the 2019 Annual Report on Form 10-K.

Significant accounting policies

Significant accounting policies	9 Months Ended
	Sep. 30, 2020
Significant accounting policies
Significant accounting policies	2. Significant accounting policies Principles of consolidation The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of Quanterix Corporation and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. In making those estimates and assumptions, the Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. The Company’s significant estimates included in the preparation of the consolidated financial statements are related to revenue recognition, fair value of equity instruments and notes receivable, fair value of assets acquired and liabilities assumed in acquisitions, valuation allowances recorded against deferred tax assets, right-of-use assets and lease liabilities, and stock-based compensation. Actual results could differ from those estimates. Foreign currency Income taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the consolidated financial statement carrying amounts and the tax bases of the assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of Accounting Standards Codification (ASC) 740, Income Taxes ​ Business combinations Under the acquisition method of accounting, the Company generally recognizes the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. The fair values assigned, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants, are based on estimates and assumptions determined by management. The excess consideration over the aggregate value of tangible and intangible assets, net of liabilities assumed, is recorded as goodwill. These valuations require significant estimates and assumptions, especially with respect to intangible assets. The Company typically uses the discounted cash flow method to value acquired intangible assets. This method requires significant management judgment to forecast future operating results and establish residual growth rates and discount factors. The estimates used to value and amortize intangible assets are consistent with the plans and estimates that are used to manage the business and are based on available historical information and industry estimates and averages. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, the Company could experience impairment charges. In addition, the Company has estimated the economic lives of certain acquired assets and these lives are used to calculate depreciation and amortization expense. If estimates of the economic lives change, depreciation or amortization expenses could be accelerated or slowed. Restricted cash Restricted cash primarily represents collateral for a letter of credit issued as security for the lease for the Company’s headquarters in Billerica, Massachusetts. The restricted cash is long term in nature as the Company will not have access to the funds until more than one year from September 30, 2020. Recent accounting pronouncements The Company is considered to be an “emerging growth company” (EGC) as defined in the Jumpstart Our Business Startups Act of 2012, as amended (JOBS Act). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company may remain an EGC until the last day of the fiscal year in which the fifth anniversary of the closing of the initial public offering occurs, although if the market value the Company’s common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time or if the Company has annual gross revenues of $1.07 billion or more in any fiscal year, the Company would cease to be an EGC as of December 31 of the applicable year. The Company also would cease to be an EGC if it issues more than $1 billion of non-convertible debt over a three-year period. The Company has elected to avail itself of this extended transition period and, as a result, the Company will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies so long as the Company remains an EGC. Recently Adopted In February 2016, the Financial Accounting Standards Board (FASB) established Topic 842, Leases Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842, Leases Targeted Improvements (ASU 2018-11) ​ On January 1, 2020, the Company adopted ASC 842 using the optional transition method allowing entities to recognize a cumulative effect adjustment to the opening balance sheet without restating comparative prior periods presented. ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for most leases and changes many key definitions, including the definition of a lease. Lessees will continue to differentiate between finance leases and operating, and classification will impact expense recognition. ​ The Company elected the following practical expedients for all lease asset classes, which must be elected as a package and applied consistently to all of its leases at the transition date: i) the Company did not reassess whether any expired or existing contracts are or contain leases; ii) the Company did not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with ASC 840, Leases ​ At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. The Company has elected the practical expedient not to recognize leases on the balance sheet with a term of twelve months or less. The Company’s leases consist of office and lab space and office equipment. All of the Company’s leases are classified as operating, and options to renew a lease are only included in the lease term to the extent those options are reasonably certain to be exercised. Additionally, the Company elected to apply the practical expedient not to separate lease and nonlease components for all leases. ​ Operating lease liabilities and their corresponding ROU assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The rate implicit in lease contracts is typically not readily determinable and, as a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments, for a similar term, in a similar economic environment. To estimate its incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have a rating agency-based credit rating. ​ The adoption of ASC 842 resulted in the recognition of operating lease ROU assets and operating lease liabilities of $12.2 million and $22.8 million, respectively, on the Company’s condensed consolidated balance sheet, with the difference between the ROU asset and lease liability primarily attributable to unamortized lease incentives and deferred rent related to its lease for its corporate headquarters at 900 Middlesex Turnpike in Billerica, Massachusetts (the “900 Middlesex Turnpike Lease”). ​ In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) Not Yet Adopted ​ ​ Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13) ​ In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). This ASU addresses the accounting for implementation, setup and other upfront costs paid by a customer in a cloud computing or hosting arrangement. The guidance aligns the accounting treatment of these costs incurred in a hosting arrangement treated as a service contract with the requirements for capitalization and amortization costs to develop or obtain internal-use software The guidance is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The guidance can be adopted either retrospectively or prospectively ​ There have been no other material changes to the significant accounting policies and recent accounting pronouncements previously disclosed in the 2019 Annual Report on Form 10-K. ​

Revenue recognition

Revenue recognition	9 Months Ended
	Sep. 30, 2020
Revenue recognition
Revenue recognition	3. Revenue recognition The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects consideration that the Company expects to be entitled to receive in exchange for these goods and services, incentives and taxes collected from customers, that are subsequently remitted to governmental authorities. The Company adopted Topic 606, Revenue from Contracts with Customers Customers The Company’s customers primarily consist of entities engaged in the life sciences research market that pursue the discovery and development of new drugs for a variety of neurologic, cardiovascular, oncologic and other protein biomarkers associated with diseases. The Company’s customer base includes several of the largest biopharmaceutical companies, academic research organizations and distributors who serve certain geographic markets. Product revenue The Company’s products are composed of analyzer instruments, assay kits and other consumables such as reagents. Products are sold directly to biopharmaceutical and academic research organizations or are sold through distributors in EMEA and Asia Pacific regions. The sales of instruments are generally accompanied by an initial year of implied service-type warranties and may be bundled with assays and other consumables and may also include other items such as training and installation of the instrument and/or an extended service warranty. Revenues from the sale of products are recognized at a point in time when the Company transfers control of the product to the customer, which is upon installation for instruments sold to direct customers, and based upon shipping terms for assay kits and other consumables. Revenue for instruments sold to distributors is generally recognized based upon shipping terms (either upon shipment or delivery). Service and other revenue Service revenues are composed of contract research services, initial implied one-year service-type warranties, extended services contracts and other services such as training. Contract research services are provided through the Company’s Accelerator Laboratory and generally consist of fixed fee contracts. Revenues from contract research services are recognized at a point in time when the Company completes and delivers its research report on each individually completed study, or over time if the contractual provisions allow for the collection of transaction consideration for costs incurred plus a reasonable margin through the period of performance of the services. Revenues from service-type warranties are recognized ratably over the contract service period. Revenues from other services are immaterial. Collaboration and license revenue The Company may enter into agreements to license the intellectual property and know-how associated with its instruments in exchange for license fees and future royalties (as described below). The license agreements provide the licensee with a right to use the intellectual property with the license fee revenues recognized at a point in time as the underlying license is considered functional intellectual property. The Company recognized revenues from a sales- or usage- based royalties related to the licensing of the Company’s technology and intellectual property. ​ Payment terms The Company’s payment terms vary by the type and location of the customer and the products or services offered. Payment from customers is generally required in a term ranging from 30 Disaggregated revenue When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. The following tables disaggregate the Company's revenue from contracts with customers by revenue type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2020 ​ September 30, 2020 ​ NA EMEA Asia Pacific Total NA EMEA Asia Pacific Total Product revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments $ 2,587 ​ $ 1,332 ​ $ 570 $ 4,489 $ 5,560 ​ $ 3,067 ​ $ 2,314 ​ $ 10,941 Consumable and other products ​ 4,108 ​ ​ 2,523 ​ ​ 542 ​ 7,173 ​ 8,766 ​ ​ 7,124 ​ ​ 1,454 ​ ​ 17,344 Totals $ 6,695 $ 3,855 $ 1,112 $ 11,662 $ 14,326 $ 10,191 $ 3,768 $ 28,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service and other revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties $ 811 ​ $ 372 ​ $ 50 ​ $ 1,233 $ 2,290 ​ $ 1,136 ​ $ 161 ​ $ 3,587 Research services ​ 4,083 ​ ​ 762 ​ ​ 64 ​ ​ 4,909 ​ 12,144 ​ ​ 1,357 ​ ​ 677 ​ 14,178 Other services ​ 247 ​ ​ 143 ​ ​ 20 ​ ​ 410 ​ 553 ​ ​ 270 ​ ​ 43 ​ ​ 866 Totals $ 5,141 ​ $ 1,277 ​ $ 134 ​ $ 6,552 ​ $ 14,987 ​ $ 2,763 ​ $ 881 ​ $ 18,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue $ 11,244 ​ $ 2 ​ $ — ​ $ 11,246 ​ $ 11,388 ​ $ 13 ​ $ — ​ $ 11,401 Totals $ 11,244 $ 2 $ — $ 11,246 $ 11,388 $ 13 $ — $ 11,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2019 ​ September 30, 2019 (in thousands) NA EMEA Asia Pacific Total NA EMEA Asia Pacific Total Product revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments $ 1,795 $ 1,387 $ 957 $ 4,139 $ 4,350 $ 3,425 $ 2,482 $ 10,257 Consumable and other products ​ 3,707 ​ 2,557 ​ 334 ​ 6,598 ​ 10,982 ​ 6,739 ​ 1,081 ​ 18,802 Totals $ 5,502 $ 3,944 $ 1,291 $ 10,737 $ 15,332 $ 10,164 $ 3,563 $ 29,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service and other revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties $ 806 $ 293 $ 54 $ 1,153 $ 2,309 $ 827 $ 119 $ 3,255 Research services ​ 2,412 ​ 87 ​ 198 ​ 2,697 ​ 6,687 ​ 310 ​ 411 ​ 7,408 Other services ​ 195 ​ 159 ​ 3 ​ 357 ​ 597 ​ 475 ​ 22 ​ 1,094 Totals $ 3,413 ​ $ 539 ​ $ 255 ​ $ 4,207 ​ $ 9,593 ​ $ 1,612 ​ $ 552 ​ $ 11,757 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Totals $ — $ — $ — $ — $ — $ — $ — $ — ​ The Company’s contracts with customers may include promises to transfer multiple products and services to a customer. The Company combines any performance obligations that are immaterial with one or more other performance obligations that are material to the contract. For arrangements with multiple performance obligations, the Company allocates the contract transaction price, including discounts, to each performance obligation based on its relative standalone selling price. Judgment is required to determine the standalone selling price for each distinct performance obligation. The Company determines standalone selling prices based on prices charged to customers in observable transactions, and uses a range of amounts to estimate standalone selling prices for each performance obligation. The Company may have more than one range of standalone selling price for certain products and services based on the pricing for different customer classes. Variable consideration in the Company’s contracts primarily relates to (i) sales- and usage-based royalties related to the license of intellectual property in collaboration and license contracts and (ii) certain non-fixed fee research services contracts. ASC 606 provides for an exception to estimating the variable consideration for sales- and usage-based royalties related to the license of intellectual property, such that the sales- and usage-based royalty will be recognized in the period the underlying transaction occurs. The Company has recorded sales- and usage-based royalty revenue for the three and nine months ended September 30, 2020 related to the intellectual property licensed by the Company. The Company recognizes revenue from sales- and usage-based royalty revenue at the later of when the sale or usage occurs and the satisfaction or partial satisfaction of the performance obligation to which the royalty has been allocated. The aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied or are partially satisfied as of September 30, 2020 and 2019 is $4.2 million and $5.3 million, respectively. As of September 30, 2020, of the performance obligations not yet satisfied or partially satisfied, $3.8 million is expected to be recognized as revenue in the next 12 months, with the remainder amounts Changes in deferred revenue from contracts with customers were as follows (in thousands): ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2020 Balance at December 31, 2019 $ 5,163 Deferral of revenue ​ 1,380 Recognition of deferred revenue ​ (2,387) Balance at September 30, 2020 $ 4,156 ​ Costs to obtain a contract The Company’s sales commissions are generally based on revenues of the Company. The Company has determined that certain commissions paid under its sales incentive programs meet the requirements to be capitalized as they are incremental and would not have occurred absent a customer contract. The change in the balance of costs to obtain a contract are as follows (in thousands): ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2020 Balance at December 31, 2019 $ 335 Deferral of costs to obtain a contract ​ 321 Recognition of costs to obtain a contract ​ (456) Balance at September 30, 2020 $ 200 ​ The Company has classified the balance of capitalized costs to obtain a contract as a component of prepaid expenses and other current assets and classifies the expense as a component of cost of goods sold and selling, general, and administrative expense over the estimated life of the contract. The Company considers potential impairment in these amounts each period. ASC 606 provides entities with certain practical expedients and accounting policy elections to minimize the cost and burden of adoption. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. The Company will exclude from its transaction price any amounts collected from customers related to sales and other similar taxes. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. The Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of September 30, 2020 and 2019, respectively. The Company has elected to account for the shipping and handling as an activity to fulfill the promise to transfer the product, and therefore will not evaluate whether shipping and handling activities are promised services to its customers. ​ Grant revenue ​ The Company has a contract with the National Institutes of Health (NIH) under the Rapid Acceleration of Diagnostics (RADx) program. The Company recognizes revenue from this contract as it performs services under this arrangement when the funding is committed. Revenues and related research and development expenses are presented gross in the consolidated statements of operations as the Company has determined it is the primary obligor under the arrangement relative to the research and development services. ​ The following table summarizes grant revenue for each period presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ 2020 ​ ​ 2019 ​ 2020 ​ ​ 2019 RADx $ 1,929 ​ $ — ​ $ 1,929 ​ $ — Total grant revenue $ 1,929 ​ $ — ​ $ 1,929 ​ $ — ​ On June 22, 2020, the Company entered into a workplan 1 (WP1) award under NIH’s RADx program to assess the feasibility of a novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. The Company recognized $1.9 million of grant revenue from the WP1 award during the three and nine months ended September 30, 2020. ​ On September 29, 2020, the Company entered into a workplan 2 (WP2) contract with NIH under its RADx program. The contract, which has a total award value of $18.2 million, will accelerate the continued development, scale-up, and deployment of the novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. The contract provides funding to expand assay kit manufacturing capacity and commercial deployment readiness.

Net income (loss) per share

Net income (loss) per share	9 Months Ended
	Sep. 30, 2020
Net income (loss) per share
Net income (loss) per share	4. Net income (loss) per share Basic net income (loss) per share is determined by dividing net income (loss) by the weighted average common shares outstanding during the period, without consideration for potentially dilutive shares. Diluted net income (loss) per share is determined by dividing net income (loss) by the weighted average common shares outstanding and potentially dilutive shares for the period determined using the treasury stock and if-converted methods. A reconciliation of basic and diluted shares is as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ 2020 ​ ​ 2019 ​ 2020 ​ ​ 2019 Net income (loss) $ 2,203 ​ $ (9,870) ​ $ (21,709) ​ $ (29,838) Basic weighted average common shares outstanding 30,139,157 ​ 26,627,831 ​ 28,881,716 ​ 24,102,887 Weighted average common equivalent shares 1,247,282 ​ — ​ — ​ — Diluted weighted average common shares outstanding 31,386,439 ​ 26,627,831 ​ 28,881,716 ​ 24,102,887 Basic net income (loss) per share $ 0.07 ​ $ (0.37) ​ $ (0.75) ​ $ (1.24) Diluted net income (loss) per share $ 0.07 ​ $ (0.37) ​ $ (0.75) ​ $ (1.24) ​ For the three months ended September 30, 2020, For purposes of the diluted net loss per share calculation, unvested restricted common stock, restricted stock units, stock options, and warrants are considered to be potentially dilutive securities, but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore basic and diluted net loss per share were the same for the nine months ended September 30, 2020, and the three and nine months ended September 30, 2019. ​ The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share for the nine months ended September 30, 2020 and the three and nine months ended September 30, 2019 because to do so would be anti-dilutive (in common stock equivalent shares): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2020 2019 ​ Unvested restricted common stock and restricted stock units 453,212 422,336 ​ Outstanding stock options 2,633,486 2,662,334 Outstanding warrants 10,000 10,000 Total 3,096,698 3,094,670 ​ As of September 30, 2020 and 2019, the Company had an obligation to issue warrants to purchase an additional 93,341 shares of common stock to a vendor if a contract is terminated prior to a minimum purchase commitment being met. No amounts are presented in the table above for this obligation to issue a warrant as the issuance of the warrant is not considered probable.

Fair value of financial instrum

Fair value of financial instruments	9 Months Ended
	Sep. 30, 2020
Fair value of financial instruments
Fair value of financial instruments	5. Fair value of financial instruments ASC Topic 820, Fair Value Measurement inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Fair value measurements as of September 30, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ in active ​ Significant other ​ unobservable ​ ​ ​ ​ ​ markets ​ observable ​ inputs Description Total (Level 1) inputs (Level 2) (Level 3) Financial assets ​ ​ ​ ​ ​ Cash equivalents $ 162,038 $ 162,038 ​ $ — $ — Note receivable ​ ​ 150 ​ ​ — ​ ​ — ​ ​ 150 ​ ​ $ 162,188 ​ $ 162,038 ​ $ — ​ $ 150 ​ Fair value measurements as of December 31, 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices ​ ​ ​ Significant ​ ​ ​ ​ ​ in active ​ Significant other ​ unobservable ​ ​ ​ ​ ​ markets ​ observable ​ inputs Description Total (Level 1) inputs (Level 2) (Level 3) Financial assets ​ ​ ​ ​ ​ Cash equivalents $ 102,749 $ 102,749 ​ $ — $ — Note receivable ​ ​ 150 ​ ​ — ​ ​ — ​ ​ 150 ​ $ 102,899 $ 102,749 ​ $ — $ 150 ​

Inventory

Inventory	9 Months Ended
	Sep. 30, 2020
Inventory
Inventory	6. Inventory Inventory consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Raw materials ​ $ 6,475 ​ $ 4,717 Work in process ​ 2,990 ​ 2,573 Finished goods ​ 3,809 ​ 3,173 Total ​ $ 13,274 ​ $ 10,463 ​ Inventory comprises commercial instruments, assays, and the materials required to manufacture limited instruments and assays. ​

Investments

Investments	9 Months Ended
	Sep. 30, 2020
Investments
Investments	7. Investments During the third quarter of 2016, the Company purchased a minority interest in preferred stock in a privately held company for $0.3 million. During the third quarter of 2018, the Company was issued a convertible note by a privately held company having a principal amount of $0.2 million. The preferred stock investment is recorded on a cost basis in other non-current assets on the accompanying balance sheets as the Company does not have a controlling interest, does not have the ability to exercise significant influence over the privately held company, and the fair value of the equity investment is not readily determinable. The Company performs an impairment analysis at each reporting period to determine if there is any readily available fair value information that would indicate an impairment. The Company has determined there was no impairment during the nine months ended September 30, 2020 or in any prior period. The convertible note is held as an available-for-sale investment, which is carried at fair market value, with the unrealized gains and losses included in the determination of comprehensive income and reporting stockholders equity. Any gains or losses recognized by the Company related to the change in fair value of the convertible note were deemed immaterial. When determining the estimated fair value of the convertible notes, the Company used a commonly accepted valuation methodology. ​ Equity investments that do not result in consolidation and are not accounted for under the equity method are measured at fair value, with any changes in fair value recognized in net income. For any such investments that do not have readily determinable fair values, the Company elects the measurement alternative to measure the investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ​

Other accrued expenses and othe

Other accrued expenses and other non-current liabilities	9 Months Ended
	Sep. 30, 2020
Other accrued expenses and other non-current liabilities
Other accrued expenses and other non-current liabilities	8. Other accrued expenses and other non-current liabilities Other accrued expenses consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Accrued inventory ​ $ 610 ​ $ 459 Accrued royalties ​ 1,607 ​ 476 Accrued professional services ​ 903 ​ 655 Accrued development costs ​ 305 ​ 151 Accrued other ​ 752 ​ 757 Total accrued expenses ​ $ 4,177 ​ $ 2,498 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 ​ 2019 Leasehold obligation incentive ​ $ — ​ $ 7,572 Deferred rent ​ ​ — ​ ​ 3,011 Deferred tax liabilities ​ ​ 2,537 ​ ​ 2,816 Other ​ ​ 6 ​ ​ 8 Total non-current liabilities ​ $ 2,543 ​ $ 13,407 ​

Warrants, stock-based compensat

Warrants, stock-based compensation, stock options, restricted stock and restricted stock units	9 Months Ended
	Sep. 30, 2020
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units	9. Warrants, stock-based compensation, stock options, restricted stock and restricted stock units Warrants The Company issued no warrants during the nine months ended September 30, 2020 and had 10,000 warrants outstanding as of September 30, 2020. Stock-based compensation Stock-based compensation expense for all stock awards consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2020 2019 ​ 2020 2019 ​ Cost of product revenue $ 54 ​ $ 31 ​ $ 139 ​ $ 75 ​ Cost of service and other revenue 84 ​ 58 ​ 232 ​ 175 ​ Research and development 289 ​ 175 ​ 820 ​ 523 ​ Selling, general, and administrative 1,933 ​ 1,564 ​ 5,779 ​ 3,940 ​ Total $ 2,360 ​ $ 1,828 ​ $ 6,970 ​ $ 4,713 ​ ​ As of September 30, 2020, under the 2007 Stock Option and Grant Plan (the 2007 Plan), options to purchase 1,026,572 shares of common stock were outstanding and no shares of common stock were available for future awards. In connection with the completion of the Company’s initial public offering (IPO) in December 2017, the Company terminated the 2007 Plan. In December 2017, the Company adopted the 2017 Employee, Director and Consultant Equity Incentive Plan (the 2017 Plan), under which it may grant incentive stock options, non-qualified stock options, restricted stock, and other stock-based awards. Upon its adoption, the 2017 Plan allowed for the issuance of up to 1,042,314 shares of common stock plus up to 2,490,290 shares of common stock represented by awards granted under the 2007 Plan that are forfeited, expire or are cancelled without delivery of shares or which result in the forfeiture of shares of common stock back to the Company on or after the date the 2017 Plan became effective. The 2017 Plan contains an “evergreen” provision, which allows for an annual increase in the number of shares of common stock available for issuance under the 2017 Plan on the first day of each fiscal year during the period beginning in fiscal year 2019 and ending in fiscal year 2027. The annual increase in the number of shares shall be equal to the lowest of: 4% of the number of shares of common stock outstanding as of such date; and an amount determined by the Company’s Board of Directors or Compensation Committee. The number of shares available for grant under the 2017 Plan increased by 1,126,172 on January 1, 2020 due to this provision. As of September 30, 2020, under the 2017 Plan, options to purchase 1,606,914 shares of common stock were outstanding and unvested restricted stock units for 453,212 shares of common stock were outstanding. As of September 30, 2020, 809,802 shares were available for grant under the 2017 Plan. In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the 2017 ESPP). The 2017 ESPP contains an “evergreen” provision, which allows for an increase on the first day of each fiscal year beginning with fiscal year 2018. The increase in the number of shares shall be equal to the lowest of: 1% of the number of shares of common stock outstanding on the last day of the immediately preceding fiscal year or an amount determined by the Company’s Board of Directors or Compensation Committee. The number of shares available for grant under the 2017 ESPP increased by 281,543 on January 1, 2020 due to this provision. As of September 30, 2020, 848,269 shares were available for issuance under the 2017 ESPP. Stock options Under the 2007 Plan and the 2017 Plan, stock options may not be granted with exercise prices of less than fair market value on the date of the grant. Options generally vest ratably over a four-year period with 25% vesting on the first anniversary and the remaining 75% vesting ratably on a monthly basis over the remaining three years. These options expire ten years after the grant date. Activity under the 2007 Plan and the 2017 Plan was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ Remaining contractual ​ Aggregate intrinsic value ​ Options exercise price life (in years) (in thousands) Outstanding at December 31, 2019 2,507,062 $ 14.41 ​ 7.58 ​ $ 24,870 Granted 475,663 ​ $ 27.40 ​ ​ ​ ​ ​ Exercised (246,555) ​ $ 7.88 ​ ​ ​ ​ ​ Cancelled (102,684) ​ $ 24.40 ​ ​ ​ ​ ​ Outstanding at September 30, 2020 2,633,486 ​ $ 16.98 ​ 7.42 ​ $ 44,159 Vested and expected to vest at September 30, 2020 2,633,486 ​ $ 16.98 ​ 7.42 ​ $ 44,159 Exercisable at September 30, 2020 ​ 1,514,433 ​ $ 11.87 ​ 6.52 ​ $ 33,117 ​ Using the Black-Scholes option pricing model, the weighted-average fair value of options granted to employees and directors during the nine months ended September 30, 2020 and 2019 was $11.93 and $8.85 per share, respectively. The expense related to awards granted to employees was $1.2 million and $3.6 million for the three and nine months ended September 30, 2020, respectively. The expense related to awards granted to employees was $1.0 million and $2.7 million for the three and nine months ended September 30, 2019, respectively. The intrinsic value of stock options exercised was $2.3 million and $5.1 million for the three and nine months ended September 30, 2020, respectively. The intrinsic value of stock options exercised was $1.3 million and $5.5 million for the three and nine months ended September 30, 2019, respectively. Activity related to non-employee awards was not material to the three and nine months ended September 30, 2020 and 2019. Restricted stock Restricted common stock awards represent shares of common stock issued to employees subject to forfeiture if the vesting conditions are not satisfied. Vesting occurs periodically at specified time intervals and specified percentages. In January 2015, the Company issued 781,060 shares of restricted common stock to an executive of the Company under the 2007 Plan. The majority of these shares were issued subject to a four-year vesting schedule with 25% vesting on the first anniversary and the remaining vesting 75% ratably on a monthly basis over the remaining three years, while another portion was issued subject to performance based vesting. The vesting of performance based awards is dependent upon achievement of specified financial targets of the Company. The majority of the performance criteria were achieved during the years ended December 31, 2016 and 2015 and the remaining unvested awards with performance conditions are not material. No restricted common stock awards were granted or vested during the nine months ended September 30, 2020. As of September 30, 2020, the Company had 39,806 shares of unvested restricted common stock with a weighted average grant date fair value of $3.12 per share. Restricted stock units Restricted stock units (RSUs) represent the right to receive shares of common stock upon meeting specified vesting requirements. In the nine months ended September 30, 2020, the Company issued 248,898 RSUs to employees of the Company under the 2017 Plan. Under the terms of the agreements, 224,516 of the RSUs issued are subject to a four-year vesting schedule with 25% vesting on the first anniversary of the grant date and the remaining vesting 75% ratably on a monthly basis over the remaining three years; 15,890 of the RSUs vest on December 31, 2020; 7,032 vested immediately upon grant; and 1,460 vested on May 31, 2020. A summary of RSU activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ grant date ​ ​ ​ ​ fair value ​ Shares per share Unvested RSUs as of December 31, 2019 370,123 $ 20.48 Granted 248,898 ​ $ 27.90 Vested (130,133) ​ $ 19.87 Cancelled (35,676) ​ $ 26.45 Unvested RSUs as of September 30, 2020 453,212 ​ $ 24.28 ​ The expense related to awards granted to employees and directors was $1.1 million and $3.1 million for the three and nine months ended September 30, 2020, respectively. The expense related to awards granted to employees and directors was $0.8 million and $2.0 million for the three and nine months ended September 30, 2019, respectively. At September 30, 2020, there was $9.8 million of total unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over the remaining weighted-average vesting period of 2.7 years.

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases
Leases	10. Leases ​ The Company is a lessee under leases of offices, lab spaces, and certain office equipment. Some of the Company’s leases include options to extend the lease, and these options are included in the lease term to the extent they are reasonably certain to be exercised. ​ 900 Middlesex Turnpike Lease ​ The Company’s primary lease is the 900 Middlesex Turnpike Lease. On October 2, 2018, the Company entered into a 137-month operating lease for the Company’s new headquarters in Billerica, Massachusetts. The lease is for approximately 92,000 square feet of office and laboratory space and commenced on April 1, 2019. The lease contains a period of free rent and escalating monthly rent payments. As part of the lease, the Company was required to enter into a $1.0 million Letter of Credit drawable by the lessor under specifically outlined conditions, which will be subsequently reduced throughout the lease term. Pursuant to a work letter entered into in connection with the 900 Middlesex Turnpike Lease, the landlord contributed an aggregate of $8.2 million toward the cost of construction and tenant improvements for the building. Under the lease the Company has the option to extend the lease for two successive five-year terms, and the renewal options are not reasonably certain to be exercised. ​ In applying the ASC 842 transition guidance, the 900 Middlesex Turnpike Lease remained classified as an operating lease and the Company recorded ROU assets of $12.2 million and lease liability of $22.8 million on the effective date. The difference between the ROU and the lease liability was driven by the Company derecognizing deferred rent of $3.0 million and the lease obligation incentive of $7.6 million. The Company is recognizing rent expense on a straight-line basis throughout the remaining term of the leases. ​ 48 Tvistevägen ​ The Company has multiple leases at 48 Tvistevägen Umeå, Sweden for laboratory spaces, manufacturing spaces, and office space (the Uman leases). All of these Uman leases have been assessed as operating leases. ​ In applying the ASC 842 transition guidance, the Uman leases remained classified as operating leases and the Company recorded ROU assets of less than $0.1 million and lease liability of less than $0.1 million on the effective date. The Company is recognizing rent expense on a straight-line basis throughout the remaining term of the leases. ​ ​ ​ Summary of all lease costs recognized under ASC 842 ​ The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ Operating leases (in thousands) ​ For the three months ended September 30, 2020 ​ For the nine months ended September 30, 2020 Lease Costs (1) ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 667 ​ $ 1,994 Total lease cost ​ $ 667 ​ $ 1,994 ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ Operating cash flows used for operating leases ​ $ 428 ​ $ 1,260 Weighted average remaining lease term ​ ​ 9.9 years ​ ​ Weighted average discount rate ​ ​ 9.73% ​ ​ ​ ​ ​ (1) Short-term lease costs and variable lease costs incurred by the Company for the three and nine months ended September 30, 2020 were immaterial. ​ As of September 30, 2020, future minimum commitments under ASC 842 under the Company’s operating leases were as follows: ​ ​ ​ ​ ​ Maturity of lease liabilities (in thousands) ​ As of September 30, 2020 Remainder 2020 ​ $ 843 2021 ​ ​ 3,363 2022 ​ ​ 3,435 2023 ​ ​ 3,487 2024 ​ ​ 3,557 2025 and thereafter ​ ​ 22,203 Total lease payments ​ $ 36,888 Less: imputed interest ​ ​ 13,563 Total operating lease liabilities ​ $ 23,325 ​

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and contingencies
Commitments and contingencies	11. Commitments and contingencies Tufts University In June 2007, the Company entered into a license agreement (the License Agreement) for certain intellectual property with Tufts University (Tufts). Tufts is a related party to the Company due to Tufts’ equity ownership in the Company and because a member of the Company’s Board of Directors was affiliated with Tufts. The License Agreement, which was subsequently amended, is exclusive and sublicensable, 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 committed to pay license and maintenance fees, prior to commercialization, in addition to low single digit royalties on direct sales and services and a royalty on sublicense income. During the three and nine months ended September 30, 2020 and 2019, the Company recorded royalty expense of $0.3 million, $0.3 million, $0.8 million, and $0.7 million, respectively, in cost of product revenue on the consolidated statements of operations. During the three and nine months ended September 30, 2020, the Company incurred $1.0 million in cost of collaboration and license revenue owed to Tufts related to sublicensing certain technology and intellectual property to Abbott Laboratories (see Note 13). ​ ​ Other licenses During the year ended December 31, 2012, the Company entered into a license agreement for certain intellectual property with a third party. The non-exclusive, non-sublicensable license provides the Company access to certain patents specifically for protein detection, and shall be in effect until the expiration of the last licensed patent. In consideration for these rights, the Company committed to certain license fees, milestone payments, minimum annual royalties and a mid-single digit royalty. The Company is required to make mid-single digit royalty payments on net sales of products and services which utilize the licensed technology. In September 2019, all remaining patents related to the intellectual property expired and the license agreement terminated. As this agreement was terminated in 2019, the Company recorded no royalty expense during the three and nine months ended September 30, 2020 and royalty expense of less than $0.1 million in cost of product revenue on the consolidated statements of operations during the three and nine months ended September 30, 2019. Development and supply agreement Through the Company’s development agreement with STRATEC Biomedical, as amended in December 2016, the parties agreed on additional development services for an additional fee, which is payable when the additional development is completed. A total of $11.7 million is payable to STRATEC upon completion of the development activities. This amount is being recorded to research and development expense and accrued expenses as the services are performed. The initial services were completed during the year ended December 31, 2018. The Company began substantive additional development activities in the first quarter of 2019. These additional development activities were continued throughout the second of 2019 and completed in the third quarter of 2019. The Company’s supply agreement with STRATEC Biomedical requires the Company to purchase a minimum number of commercial units over a seven-year period ending in May 2021. If the Company were to fail to purchase a required number of commercial units, the Company would be obligated to pay termination costs plus a fee based on the shortfall of commercial units purchased compared to the required minimum amount. Based on the number of commercial instruments purchased as of September 30, 2020, the Company has satisfied its required minimum purchase amount per the supply agreement. Also, if the Company terminates the supply agreement under certain circumstances and has not purchased a required number of commercial units, it would be obligated to issue warrants to purchase 93,341 shares of common stock (the Supply Warrants) at $0.003214 per share. The Company believes that it will purchase sufficient units to meet the requirements of the minimum purchase commitment and, therefore, has not accrued for any of the potential cash consideration. The Supply Warrants are accounted for at fair value; however, the fair value of the Supply Warrants as of September 30, 2020 and December 31, 2019 was insignificant as there was a low probability of the warrants being issued. 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 the results of its operations. The Company accrues for contingent liabilities to the extent that the liability is probable and estimable.

Notes payable

Notes payable	9 Months Ended
	Sep. 30, 2020
Notes payable
Notes payable	12. Notes payable Loan agreement On April 14, 2014, the Company executed a loan agreement with a lender, as subsequently amended. As of September 30, 2020, there were no additional amounts available to borrow under the debt facility. The interest rate on this term loan is variable based on the greater of 8% or 8% plus the prime rate less 5.25%. Interest is paid monthly beginning the month following the borrowing date. At loan inception and in connection with the amendments, the Company issued the lender warrants to purchase shares of stock. The loan agreement also contains prepayment penalties and an end of term charge. Fees incurred upon execution of the agreements, and the fair value of warrants on the date of grant were accounted for as a reduction in the book value of debt and accreted through interest expense, using the effective interest rate method, over the term of the debt. Amendment 5 to loan agreement In August 2018, the Company signed Amendment 5 to the loan agreement (Amendment 5). Amendment 5 instituted a 2018 end of term charge of $0.1 million. Additionally, the term loan maturity date was extended until March 1, 2020. Amendment 5 additionally changed the due date of the end of term charge to, the earlier of (i) the term loan maturity date, (ii) the date that borrower prepays the outstanding secured obligations or (iii) the date that the secured obligations become due and payable. The Company incurred a cost of $0.05 million in relation to the execution of Amendment 5. In connection with the extension of the due date of the loan, the deferral of principal payments (Amendment 3) was further deferred until the new term loan maturity date. On March 2, 2020, the Company paid $0.1 million in end of term fees related to Amendment 5 of the loan agreement. Amendment 6 to loan agreement In October 2018, the Company signed Amendment 6 to the loan agreement, which amended the loan agreement’s collateral clause to exclude the $1 million certificate of deposit associated with the lease on the Company’s new headquarters in Billerica, MA. Amendment 7 to loan agreement On April 15, 2019, the Company signed Amendment 7 to the loan agreement, which extends the interest only payment period through July 1, 2021 and also extends the maturity date until October 1, 2021. As part of this Amendment 7, a “2019 End of Term Charge” for $50,000 was added to the loan agreement due on the earliest to occur of (i) the term loan maturity date, (ii) the date that the Company prepays the outstanding secured obligations and (iii) the date that the secured obligations become due and payable. In addition, the Company is required to pay the loan principal in four equal installments starting July 1, 2021 with the final principal payment to be made on October 1, 2021. As of September 30, 2020, the remaining loan balance is classified as a long term liability since all principal payments are due greater than twelve months after the balance sheet date. As of September 30, 2020, debt payment obligations due based on principal payments are as follows (in thousands): ​ ​ ​ ​ ​ Remainder 2020 ​ $ — 2021 ​ ​ 7,688 ​ ​ $ 7,688 ​ Non-cash interest expense related to debt discount amortization and accretion of end of term fees was $0.1 million or less for each of the three and nine months ended September 30, 2020 and 2019.

Collaboration and license arran

Collaboration and license arrangements	9 Months Ended
	Sep. 30, 2020
Collaboration and license arrangements
Collaboration and license arrangements	13. Collaboration and license arrangements The Company has entered into certain licenses with other companies for use of the Company’s technology. These licenses have royalty components which the Company earns and recognizes as collaboration and license revenue throughout the year. The Company recognized revenue of less than $0.1 million for the three and nine months ended September 30, 2020 and 2019 associated with these licenses. ​ ​ During the three and nine months ended September 30, 2020, the Company recognized $1.2 million of previously deferred revenue as a result of entering into a license agreement with a diagnostics company. As of September 30, 2020 and December 31, 2019, the Company had $0.5 million and $1.7 million, respectively, of deferred revenue related to ongoing negotiations with a diagnostics company. ​ Abbott Laboratories ​ On September 29, 2020, the Company entered into a Non-Exclusive License Agreement (the Abbott License Agreement) with Abbott Laboratories (Abbott). Pursuant to the terms of the Abbott License Agreement, the Company granted Abbott a non-exclusive, worldwide, royalty-bearing license, without the right to sublicense, under the Company’s bead-based single molecule detection patents (Licensed Patents) in the field of in vitro The Abbott License Agreement includes customary representations and warranties, covenants and indemnification obligations for a transaction of this nature. The Abbot License Agreement became effective upon signing and will continue until expiration of the last-to-expire Licensed Patent, or the agreement is earlier terminated. Under the terms of the Abbott License Agreement, the Company and Abbott each have the right to terminate the agreement for uncured material breach by, or insolvency of, the other party. Abbott may also terminate the Abbott License Agreement at any time without cause upon 60 days’ notice. ​ During the three and nine months ended September 30, 2020, the Company recognized within collaboration and license revenue approximately $10.0 million related to the initial license fee under the Abbott License Agreement. ​

Employee benefit plans

Employee benefit plans	9 Months Ended
	Sep. 30, 2020
Employee benefit plans
Employee benefit plans	14. Employee benefit plans ​ The Company sponsors a 401(k) savings plan for its employees. The Company may make discretionary contributions for each 401(k) plan year. During the three and nine months ended September 30, 2020, the Company made contributions of $0.2 million and $0.5 million, respectively. During three and nine months ended September 30, 2019, the Company made contributions of $0.1 million and $0.4 million, respectively. ​

Business combinations

Business combinations	9 Months Ended
	Sep. 30, 2020
Business combinations
Business combinations	15. Business combinations UmanDiagnostics AB On August 1, 2019, the Company completed its acquisition of Uman for an aggregate purchase price of $21.2 million, comprised of (i) $15.7 million in cash plus (ii) 191,152 shares of common stock (representing $5.5 million based on the closing prices of the Company’s common stock on the Nasdaq Global Market on July 1, 2019 and August 1, 2019, the dates of issuance). The acquisition closed with respect to 95% of the outstanding shares of capital stock of Uman on July 1, 2019 and with respect to the remaining 5% of the outstanding shares of capital stock of Uman on August 1, 2019. Uman supplies Nf-L antibodies and ELISA kits, which are widely recognized by researchers and biopharmaceutical and diagnostics companies world-wide as the premier solution for the detection of Nf-L to advance the development of therapeutics and diagnostics for neurodegenerative conditions. With the acquisition of Uman, the Company has secured a long-term source of supply for a critical technology. This acquisition was considered a business acquisition for accounting purposes. The Company has accounted for the acquisition of Uman as a purchase of a business under U.S. GAAP. Under the acquisition method of accounting, the assets and liabilities of Uman are recorded as of the acquisition date of July 1, 2019, generally at their respective fair values, and consolidated with those of the Company. Purchase consideration in excess of the amounts recognized for the net assets acquired was recognized as goodwill and is not expected to be tax deductible in any taxing jurisdiction. The following table summarizes the amounts recognized for the acquisition, net of $1.2 million in cash and cash equivalents acquired (in thousands): ​ ​ ​ ​ Purchase price: ​ ​ ​ Cash and stock paid ​ $ 21,217 Cash and cash equivalents acquired ​ ​ 1,221 Purchase price, net ​ ​ 19,996 ​ ​ ​ ​ Assets (liabilities) acquired: ​ ​ ​ Accounts receivable ​ $ 638 Inventory ​ ​ 1,680 Prepaids and other current assets ​ ​ 114 Property and equipment ​ ​ 33 Intangibles ​ ​ 13,450 Goodwill ​ ​ 8,111 Accounts payable ​ ​ (20) Accrued expense and other current liabilities ​ ​ (871) Deferred tax liabilities ​ ​ (3,139) Total ​ $ 19,996 ​ Revenue and net loss related to Uman’s operations was $0.2 million and $0.1 million, respectively, for the three months ended September 30, 2020. Revenue and net income related to Uman's operations was $1.4 million and $0.4 million, respectively, for the nine months ended September 30, 2020. Uman's results are included in the Company's consolidated statements of operations. ​ Revenue and net income related to Uman’s operations was $0.4 million and $0.1 million, respectively, for the three months following the July 1, 2019 acquisition date, and is included in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2019. ​ The following unaudited pro forma information presents the condensed consolidated results of operations of the Company and Uman for the nine months ended September 30, 2019 as if the acquisition of Uman had been completed on January 1, 2018. These pro forma condensed consolidated financial results have been prepared for comparative purposes only and include certain adjustments that reflect pro forma results of operations, such as increased amortization for the fair value of acquired intangible assets, increased cost of sales related to the inventory valuation adjustment, and adjustments relating to the tax effect of combining the Company and Uman businesses. ​ The unaudited pro forma results do not reflect any operating efficiencies or potential cost savings which may result from the consolidation of the operations of the Company and Uman. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of the results of operations that actually would have been achieved had the acquisition occurred as of January 1, 2018, nor are they intended to represent or be indicative of future results of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, 2019 Revenue (unaudited) ​ $ 41,593 Pre-tax loss (unaudited) ​ $ (27,841) ​ The Company recorded no costs associated with the acquisition of Uman for the three and nine months ended September 30, 2020. During the three and nine months ended September 30, 2019, the Company incurred $1.0 million and $1.9 million, respectively, in costs associated with the acquisition of Uman. Costs associated with the acquisition Uman are recorded as selling, general, and administrative expenses within the consolidated statements of operations.

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill and Acquired Intangible Assets
Goodwill and Acquired Intangible Assets	16. Goodwill and acquired intangible assets As of September 30, 2020, the carrying amount of goodwill was $9.7 million. The following is a rollforward of the Company’s goodwill balance (in thousands): ​ ​ ​ ​ ​ ​ Goodwill Balance as of December 31, 2019 ​ $ 9,353 Cumulative translation adjustment ​ ​ 362 Balance as of September 30, 2020 ​ $ 9,714 ​ Acquired intangible assets as of September 30, 2020 consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Cumulative ​ Net ​ Weighted ​ ​ Estimated Useful ​ Carrying ​ Accumulated ​ Translation ​ Carrying ​ Average ​ Life (in years) Value Amortization Adjustment Value Life R emaining Know-how ​ 8.5 ​ $ 13,000 ​ $ (1,914) ​ $ 405 ​ $ 11,491 ​ 7.24 Developed technology 7 ​ ​ 1,650 ​ ​ (963) ​ ​ — ​ ​ 687 ​ 4.34 Customer relationships 8.5 - 10 ​ 1,360 ​ (569) ​ ​ 3 ​ 794 ​ 7.33 Non-compete agreements ​ 5.5 ​ ​ 340 ​ ​ (85) ​ ​ 9 ​ ​ 264 ​ 4.24 Trade names 3 ​ 50 ​ (44) ​ ​ — ​ 6 ​ 0.34 Total ​ ​ $ 16,400 ​ $ (3,575) ​ $ 417 ​ $ 13,242 ​ ​ ​ Acquired intangible assets as of December 31, 2019 consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ Gross ​ ​ ​ ​ Cumulative ​ Net ​ Weighted ​ ​ Estimated Useful ​ Carrying ​ Accumulated ​ Translation ​ Carrying ​ Average ​ Life (in years) Value Amortization Adjustment Value Life R emaining Know-how ​ 8.5 ​ $ 13,000 ​ $ (767) ​ $ (99) ​ $ 12,134 ​ 8.00 Developed technology 7 ​ ​ 1,650 ​ ​ (737) ​ ​ — ​ ​ 913 ​ 5.09 Customer relationships 8.5 - 10 ​ 1,360 ​ (421) ​ ​ (1) ​ 938 ​ 8.08 Non-compete agreements ​ 5.5 ​ ​ 340 ​ ​ (34) ​ ​ (2) ​ ​ 304 ​ 5.00 Trade names 3 ​ 50 ​ (32) ​ ​ — ​ 18 ​ 1.09 Total ​ ​ $ 16,400 ​ $ (1,991) ​ $ (102) ​ $ 14,307 ​ ​ ​ The Company acquired $13.5 million of intangible assets in the Uman acquisition, of which $13.0 million was assigned to know-how, $0.4 million was assigned to non-compete agreements, and $0.1 million was assigned to customer relationships. The know-how and customer relationships intangible assets are being amortized on a straight-line basis over an 8.5 year amortization The Company recorded amortization expense of $0.5 million and $1.6 million for the three and nine months ended September 30, 2020, respectively, and $0.5 million and $0.8 million for the three and nine months ended September 30, 2019, respectively. Amortization relating to developed technology is recorded within research and development expenses, amortization of customer relationships is recorded within selling, general, and administrative expenses, amortization of trade names is recorded within selling, general and administrative expenses, amortization of non-compete agreements is recorded within selling, general, and administrative expenses, and amortization of know-how is recorded within cost of product revenue. Future estimated amortization expense of acquired intangible assets as of September 30, 2020 is as follows (in thousands): ​ ​ ​ ​ ​ For the Years Ended December 31, ​ Estimated Amortization Expense Remainder 2020 ​ $ 526 2021 ​ 2,013 2022 ​ 1,930 2023 ​ 1,848 2024 ​ 1,733 Thereafter ​ 5,192 ​ ​ $ 13,242 ​

Underwritten public offering

Underwritten public offering	9 Months Ended
	Sep. 30, 2020
Underwritten public offering
Underwritten public offering	17. Underwritten public offerings On August 6, 2020, the Company entered into an underwriting agreement with SVB Leerink LLC and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 3.0 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $97.6 million. The Company incurred $6.2 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $91.4 million. ​ On August 8, 2019, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC and SVB Leerink LLC, as representatives of the several underwriters, relating to an underwritten public offering of approximately 2.7 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $69.0 million. The Company incurred $4.5 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $64.5 million. ​

Related party transactions

Related party transactions	9 Months Ended
	Sep. 30, 2020
Related party transactions
Related party transactions	18. Related party transactions ​ ​ During the year ended December 31, 2017, Harvard University became a related party because a member of the Company’s Board of Directors is affiliated with Harvard University. Revenue recorded from sales to Harvard University was less than $0.1 and $0.1 million for the three and nine months ended September 30, 2020, respectively. Revenue recorded from sales to Harvard University was $0.3 million and $0.4 million for the three and nine months ended September 30, 2019, respectively.

Accumulated other comprehensive

Accumulated other comprehensive income (loss)	9 Months Ended
	Sep. 30, 2020
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss)	19. Accumulated other comprehensive income (loss) The following shows the changes in the components of accumulated other comprehensive income (loss) for the nine months ended September 30, 2020 which consisted of only foreign currency translation adjustments for the periods shown (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ Cumulative ​ Other ​ ​ Translation ​ Comprehensive ​ ​ Adjustment ​ Income (Loss) Balance - December 31, 2019 ​ $ (153) ​ $ (153) Current period accumulated other comprehensive income ​ ​ 887 ​ ​ 887 Balance - September 30, 2020 ​ $ 734 ​ $ 734 ​

Subsequent events

Subsequent events	9 Months Ended
	Sep. 30, 2020
Subsequent events
Subsequent events	20. Subsequent events The Company had no significant subsequent events for the period September 30, 2020 through the filing date of this Quarterly Report on Form 10-Q. ​ ​ ​

Significant accounting polici_2

Significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2020
Significant accounting policies
Principles of consolidation	Principles of consolidation The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of Quanterix Corporation and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. In making those estimates and assumptions, the Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. The Company’s significant estimates included in the preparation of the consolidated financial statements are related to revenue recognition, fair value of equity instruments and notes receivable, fair value of assets acquired and liabilities assumed in acquisitions, valuation allowances recorded against deferred tax assets, right-of-use assets and lease liabilities, and stock-based compensation. Actual results could differ from those estimates.
Foreign Currency	Foreign currency
Income taxes	Income taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the consolidated financial statement carrying amounts and the tax bases of the assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of Accounting Standards Codification (ASC) 740, Income Taxes ​
Business combinations	Business combinations Under the acquisition method of accounting, the Company generally recognizes the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. The fair values assigned, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants, are based on estimates and assumptions determined by management. The excess consideration over the aggregate value of tangible and intangible assets, net of liabilities assumed, is recorded as goodwill. These valuations require significant estimates and assumptions, especially with respect to intangible assets. The Company typically uses the discounted cash flow method to value acquired intangible assets. This method requires significant management judgment to forecast future operating results and establish residual growth rates and discount factors. The estimates used to value and amortize intangible assets are consistent with the plans and estimates that are used to manage the business and are based on available historical information and industry estimates and averages. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, the Company could experience impairment charges. In addition, the Company has estimated the economic lives of certain acquired assets and these lives are used to calculate depreciation and amortization expense. If estimates of the economic lives change, depreciation or amortization expenses could be accelerated or slowed.
Restricted Cash	Restricted cash Restricted cash primarily represents collateral for a letter of credit issued as security for the lease for the Company’s headquarters in Billerica, Massachusetts. The restricted cash is long term in nature as the Company will not have access to the funds until more than one year from September 30, 2020.
Recent accounting pronouncements	Recent accounting pronouncements The Company is considered to be an “emerging growth company” (EGC) as defined in the Jumpstart Our Business Startups Act of 2012, as amended (JOBS Act). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company may remain an EGC until the last day of the fiscal year in which the fifth anniversary of the closing of the initial public offering occurs, although if the market value the Company’s common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time or if the Company has annual gross revenues of $1.07 billion or more in any fiscal year, the Company would cease to be an EGC as of December 31 of the applicable year. The Company also would cease to be an EGC if it issues more than $1 billion of non-convertible debt over a three-year period. The Company has elected to avail itself of this extended transition period and, as a result, the Company will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies so long as the Company remains an EGC. Recently Adopted In February 2016, the Financial Accounting Standards Board (FASB) established Topic 842, Leases Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842, Leases Targeted Improvements (ASU 2018-11) ​ On January 1, 2020, the Company adopted ASC 842 using the optional transition method allowing entities to recognize a cumulative effect adjustment to the opening balance sheet without restating comparative prior periods presented. ASC 842 requires a lessee to recognize assets and liabilities on the balance sheet for most leases and changes many key definitions, including the definition of a lease. Lessees will continue to differentiate between finance leases and operating, and classification will impact expense recognition. ​ The Company elected the following practical expedients for all lease asset classes, which must be elected as a package and applied consistently to all of its leases at the transition date: i) the Company did not reassess whether any expired or existing contracts are or contain leases; ii) the Company did not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with ASC 840, Leases ​ At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. The Company has elected the practical expedient not to recognize leases on the balance sheet with a term of twelve months or less. The Company’s leases consist of office and lab space and office equipment. All of the Company’s leases are classified as operating, and options to renew a lease are only included in the lease term to the extent those options are reasonably certain to be exercised. Additionally, the Company elected to apply the practical expedient not to separate lease and nonlease components for all leases. ​ Operating lease liabilities and their corresponding ROU assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The rate implicit in lease contracts is typically not readily determinable and, as a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments, for a similar term, in a similar economic environment. To estimate its incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have a rating agency-based credit rating. ​ The adoption of ASC 842 resulted in the recognition of operating lease ROU assets and operating lease liabilities of $12.2 million and $22.8 million, respectively, on the Company’s condensed consolidated balance sheet, with the difference between the ROU asset and lease liability primarily attributable to unamortized lease incentives and deferred rent related to its lease for its corporate headquarters at 900 Middlesex Turnpike in Billerica, Massachusetts (the “900 Middlesex Turnpike Lease”). ​ In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) Not Yet Adopted ​ ​ Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13) ​ In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). This ASU addresses the accounting for implementation, setup and other upfront costs paid by a customer in a cloud computing or hosting arrangement. The guidance aligns the accounting treatment of these costs incurred in a hosting arrangement treated as a service contract with the requirements for capitalization and amortization costs to develop or obtain internal-use software The guidance is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The guidance can be adopted either retrospectively or prospectively ​ There have been no other material changes to the significant accounting policies and recent accounting pronouncements previously disclosed in the 2019 Annual Report on Form 10-K.

Revenue recognition (Tables)

Revenue recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Schedule of disaggregated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2020 ​ September 30, 2020 ​ NA EMEA Asia Pacific Total NA EMEA Asia Pacific Total Product revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments $ 2,587 ​ $ 1,332 ​ $ 570 $ 4,489 $ 5,560 ​ $ 3,067 ​ $ 2,314 ​ $ 10,941 Consumable and other products ​ 4,108 ​ ​ 2,523 ​ ​ 542 ​ 7,173 ​ 8,766 ​ ​ 7,124 ​ ​ 1,454 ​ ​ 17,344 Totals $ 6,695 $ 3,855 $ 1,112 $ 11,662 $ 14,326 $ 10,191 $ 3,768 $ 28,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service and other revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties $ 811 ​ $ 372 ​ $ 50 ​ $ 1,233 $ 2,290 ​ $ 1,136 ​ $ 161 ​ $ 3,587 Research services ​ 4,083 ​ ​ 762 ​ ​ 64 ​ ​ 4,909 ​ 12,144 ​ ​ 1,357 ​ ​ 677 ​ 14,178 Other services ​ 247 ​ ​ 143 ​ ​ 20 ​ ​ 410 ​ 553 ​ ​ 270 ​ ​ 43 ​ ​ 866 Totals $ 5,141 ​ $ 1,277 ​ $ 134 ​ $ 6,552 ​ $ 14,987 ​ $ 2,763 ​ $ 881 ​ $ 18,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue $ 11,244 ​ $ 2 ​ $ — ​ $ 11,246 ​ $ 11,388 ​ $ 13 ​ $ — ​ $ 11,401 Totals $ 11,244 $ 2 $ — $ 11,246 $ 11,388 $ 13 $ — $ 11,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, 2019 ​ September 30, 2019 (in thousands) NA EMEA Asia Pacific Total NA EMEA Asia Pacific Total Product revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments $ 1,795 $ 1,387 $ 957 $ 4,139 $ 4,350 $ 3,425 $ 2,482 $ 10,257 Consumable and other products ​ 3,707 ​ 2,557 ​ 334 ​ 6,598 ​ 10,982 ​ 6,739 ​ 1,081 ​ 18,802 Totals $ 5,502 $ 3,944 $ 1,291 $ 10,737 $ 15,332 $ 10,164 $ 3,563 $ 29,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service and other revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service-type warranties $ 806 $ 293 $ 54 $ 1,153 $ 2,309 $ 827 $ 119 $ 3,255 Research services ​ 2,412 ​ 87 ​ 198 ​ 2,697 ​ 6,687 ​ 310 ​ 411 ​ 7,408 Other services ​ 195 ​ 159 ​ 3 ​ 357 ​ 597 ​ 475 ​ 22 ​ 1,094 Totals $ 3,413 ​ $ 539 ​ $ 255 ​ $ 4,207 ​ $ 9,593 ​ $ 1,612 ​ $ 552 ​ $ 11,757 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collaboration and license revenue $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Totals $ — $ — $ — $ — $ — $ — $ — $ — ​
Schedule of changes in deferred revenue from contracts with customers	Changes in deferred revenue from contracts with customers were as follows (in thousands): ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2020 Balance at December 31, 2019 $ 5,163 Deferral of revenue ​ 1,380 Recognition of deferred revenue ​ (2,387) Balance at September 30, 2020 $ 4,156 ​
Schedule of costs to obtain a contract	​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2020 Balance at December 31, 2019 $ 335 Deferral of costs to obtain a contract ​ 321 Recognition of costs to obtain a contract ​ (456) Balance at September 30, 2020 $ 200 ​
Grant revenue
Schedule of disaggregated revenue	The following table summarizes grant revenue for each period presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ 2020 ​ ​ 2019 ​ 2020 ​ ​ 2019 RADx $ 1,929 ​ $ — ​ $ 1,929 ​ $ — Total grant revenue $ 1,929 ​ $ — ​ $ 1,929 ​ $ —

Net income (loss) per share (Ta

Net income (loss) per share (Tables)	9 Months Ended
	Sep. 30, 2020
Net income (loss) per share
Schedule of basic and diluted shares	A reconciliation of basic and diluted shares is as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ 2020 ​ ​ 2019 ​ 2020 ​ ​ 2019 Net income (loss) $ 2,203 ​ $ (9,870) ​ $ (21,709) ​ $ (29,838) Basic weighted average common shares outstanding 30,139,157 ​ 26,627,831 ​ 28,881,716 ​ 24,102,887 Weighted average common equivalent shares 1,247,282 ​ — ​ — ​ — Diluted weighted average common shares outstanding 31,386,439 ​ 26,627,831 ​ 28,881,716 ​ 24,102,887 Basic net income (loss) per share $ 0.07 ​ $ (0.37) ​ $ (0.75) ​ $ (1.24) Diluted net income (loss) per share $ 0.07 ​ $ (0.37) ​ $ (0.75) ​ $ (1.24)
Schedule of outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2020 2019 ​ Unvested restricted common stock and restricted stock units 453,212 422,336 ​ Outstanding stock options 2,633,486 2,662,334 Outstanding warrants 10,000 10,000 Total 3,096,698 3,094,670

Fair value of financial instr_2

Fair value of financial instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Fair value of financial instruments
Schedule of fair value measurements	Fair value measurements as of September 30, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ in active ​ Significant other ​ unobservable ​ ​ ​ ​ ​ markets ​ observable ​ inputs Description Total (Level 1) inputs (Level 2) (Level 3) Financial assets ​ ​ ​ ​ ​ Cash equivalents $ 162,038 $ 162,038 ​ $ — $ — Note receivable ​ ​ 150 ​ ​ — ​ ​ — ​ ​ 150 ​ ​ $ 162,188 ​ $ 162,038 ​ $ — ​ $ 150 ​ Fair value measurements as of December 31, 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices ​ ​ ​ Significant ​ ​ ​ ​ ​ in active ​ Significant other ​ unobservable ​ ​ ​ ​ ​ markets ​ observable ​ inputs Description Total (Level 1) inputs (Level 2) (Level 3) Financial assets ​ ​ ​ ​ ​ Cash equivalents $ 102,749 $ 102,749 ​ $ — $ — Note receivable ​ ​ 150 ​ ​ — ​ ​ — ​ ​ 150 ​ $ 102,899 $ 102,749 ​ $ — $ 150

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory
Summary of inventory	Inventory consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Raw materials ​ $ 6,475 ​ $ 4,717 Work in process ​ 2,990 ​ 2,573 Finished goods ​ 3,809 ​ 3,173 Total ​ $ 13,274 ​ $ 10,463

Other accrued expenses and ot_2

Other accrued expenses and other non-current liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Other accrued expenses and other non-current liabilities
Summary of other accrued expenses	Other accrued expenses consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 Accrued inventory ​ $ 610 ​ $ 459 Accrued royalties ​ 1,607 ​ 476 Accrued professional services ​ 903 ​ 655 Accrued development costs ​ 305 ​ 151 Accrued other ​ 752 ​ 757 Total accrued expenses ​ $ 4,177 ​ $ 2,498
Summary of other non-current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 ​ 2019 Leasehold obligation incentive ​ $ — ​ $ 7,572 Deferred rent ​ ​ — ​ ​ 3,011 Deferred tax liabilities ​ ​ 2,537 ​ ​ 2,816 Other ​ ​ 6 ​ ​ 8 Total non-current liabilities ​ $ 2,543 ​ $ 13,407

Warrants, stock-based compens_2

Warrants, stock-based compensation, stock options, restricted stock and restricted stock units (Tables)	9 Months Ended
	Sep. 30, 2020
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Summary of share-based compensation expense for all stock awards	Stock-based compensation expense for all stock awards consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2020 2019 ​ 2020 2019 ​ Cost of product revenue $ 54 ​ $ 31 ​ $ 139 ​ $ 75 ​ Cost of service and other revenue 84 ​ 58 ​ 232 ​ 175 ​ Research and development 289 ​ 175 ​ 820 ​ 523 ​ Selling, general, and administrative 1,933 ​ 1,564 ​ 5,779 ​ 3,940 ​ Total $ 2,360 ​ $ 1,828 ​ $ 6,970 ​ $ 4,713 ​
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ Remaining contractual ​ Aggregate intrinsic value ​ Options exercise price life (in years) (in thousands) Outstanding at December 31, 2019 2,507,062 $ 14.41 ​ 7.58 ​ $ 24,870 Granted 475,663 ​ $ 27.40 ​ ​ ​ ​ ​ Exercised (246,555) ​ $ 7.88 ​ ​ ​ ​ ​ Cancelled (102,684) ​ $ 24.40 ​ ​ ​ ​ ​ Outstanding at September 30, 2020 2,633,486 ​ $ 16.98 ​ 7.42 ​ $ 44,159 Vested and expected to vest at September 30, 2020 2,633,486 ​ $ 16.98 ​ 7.42 ​ $ 44,159 Exercisable at September 30, 2020 ​ 1,514,433 ​ $ 11.87 ​ 6.52 ​ $ 33,117
Summary of restricted stock units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ grant date ​ ​ ​ ​ fair value ​ Shares per share Unvested RSUs as of December 31, 2019 370,123 $ 20.48 Granted 248,898 ​ $ 27.90 Vested (130,133) ​ $ 19.87 Cancelled (35,676) ​ $ 26.45 Unvested RSUs as of September 30, 2020 453,212 ​ $ 24.28

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases
Summary of the lease costs recognized under ASC 842	The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ Operating leases (in thousands) ​ For the three months ended September 30, 2020 ​ For the nine months ended September 30, 2020 Lease Costs (1) ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 667 ​ $ 1,994 Total lease cost ​ $ 667 ​ $ 1,994 ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ Operating cash flows used for operating leases ​ $ 428 ​ $ 1,260 Weighted average remaining lease term ​ ​ 9.9 years ​ ​ Weighted average discount rate ​ ​ 9.73% ​ ​ ​ ​ ​ (1) Short-term lease costs and variable lease costs incurred by the Company for the three and nine months ended September 30, 2020 were immaterial.
Schedule of future minimum commitments under ASC 842	​ ​ ​ ​ ​ Maturity of lease liabilities (in thousands) ​ As of September 30, 2020 Remainder 2020 ​ $ 843 2021 ​ ​ 3,363 2022 ​ ​ 3,435 2023 ​ ​ 3,487 2024 ​ ​ 3,557 2025 and thereafter ​ ​ 22,203 Total lease payments ​ $ 36,888 Less: imputed interest ​ ​ 13,563 Total operating lease liabilities ​ $ 23,325

Notes payable (Tables)

Notes payable (Tables)	9 Months Ended
	Sep. 30, 2020
Notes payable
Schedule of debt payment obligations due based on principal payments	As of September 30, 2020, debt payment obligations due based on principal payments are as follows (in thousands): ​ ​ ​ ​ ​ Remainder 2020 ​ $ — 2021 ​ ​ 7,688 ​ ​ $ 7,688

Business combinations (Tables)

Business combinations (Tables)	9 Months Ended
	Sep. 30, 2020
Schedule of fair value of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, 2019 Revenue (unaudited) ​ $ 41,593 Pre-tax loss (unaudited) ​ $ (27,841)
UmanDiagnostics AB Acquisition
Schedule of fair value of consideration transferred	The following table summarizes the amounts recognized for the acquisition, net of $1.2 million in cash and cash equivalents acquired (in thousands): ​ ​ ​ ​ Purchase price: ​ ​ ​ Cash and stock paid ​ $ 21,217 Cash and cash equivalents acquired ​ ​ 1,221 Purchase price, net ​ ​ 19,996 ​ ​ ​ ​ Assets (liabilities) acquired: ​ ​ ​ Accounts receivable ​ $ 638 Inventory ​ ​ 1,680 Prepaids and other current assets ​ ​ 114 Property and equipment ​ ​ 33 Intangibles ​ ​ 13,450 Goodwill ​ ​ 8,111 Accounts payable ​ ​ (20) Accrued expense and other current liabilities ​ ​ (871) Deferred tax liabilities ​ ​ (3,139) Total ​ $ 19,996

Goodwill and Acquired Intangi_2

Goodwill and Acquired Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Acquired Intangible Assets
Rollforward of goodwill balance	​ ​ ​ ​ ​ ​ Goodwill Balance as of December 31, 2019 ​ $ 9,353 Cumulative translation adjustment ​ ​ 362 Balance as of September 30, 2020 ​ $ 9,714
Summary of intangible assets	Acquired intangible assets as of September 30, 2020 consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Cumulative ​ Net ​ Weighted ​ ​ Estimated Useful ​ Carrying ​ Accumulated ​ Translation ​ Carrying ​ Average ​ Life (in years) Value Amortization Adjustment Value Life R emaining Know-how ​ 8.5 ​ $ 13,000 ​ $ (1,914) ​ $ 405 ​ $ 11,491 ​ 7.24 Developed technology 7 ​ ​ 1,650 ​ ​ (963) ​ ​ — ​ ​ 687 ​ 4.34 Customer relationships 8.5 - 10 ​ 1,360 ​ (569) ​ ​ 3 ​ 794 ​ 7.33 Non-compete agreements ​ 5.5 ​ ​ 340 ​ ​ (85) ​ ​ 9 ​ ​ 264 ​ 4.24 Trade names 3 ​ 50 ​ (44) ​ ​ — ​ 6 ​ 0.34 Total ​ ​ $ 16,400 ​ $ (3,575) ​ $ 417 ​ $ 13,242 ​ ​ ​ Acquired intangible assets as of December 31, 2019 consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ Gross ​ ​ ​ ​ Cumulative ​ Net ​ Weighted ​ ​ Estimated Useful ​ Carrying ​ Accumulated ​ Translation ​ Carrying ​ Average ​ Life (in years) Value Amortization Adjustment Value Life R emaining Know-how ​ 8.5 ​ $ 13,000 ​ $ (767) ​ $ (99) ​ $ 12,134 ​ 8.00 Developed technology 7 ​ ​ 1,650 ​ ​ (737) ​ ​ — ​ ​ 913 ​ 5.09 Customer relationships 8.5 - 10 ​ 1,360 ​ (421) ​ ​ (1) ​ 938 ​ 8.08 Non-compete agreements ​ 5.5 ​ ​ 340 ​ ​ (34) ​ ​ (2) ​ ​ 304 ​ 5.00 Trade names 3 ​ 50 ​ (32) ​ ​ — ​ 18 ​ 1.09 Total ​ ​ $ 16,400 ​ $ (1,991) ​ $ (102) ​ $ 14,307 ​ ​
Schedule of future estimated amortization expense of acquired intangible assets	Future estimated amortization expense of acquired intangible assets as of September 30, 2020 is as follows (in thousands): ​ ​ ​ ​ ​ For the Years Ended December 31, ​ Estimated Amortization Expense Remainder 2020 ​ $ 526 2021 ​ 2,013 2022 ​ 1,930 2023 ​ 1,848 2024 ​ 1,733 Thereafter ​ 5,192 ​ ​ $ 13,242

Accumulated other comprehensi_2

Accumulated other comprehensive income (loss) (Tables)	9 Months Ended
	Sep. 30, 2020
Accumulated other comprehensive income (loss)
Schedule of Accumulated Other Comprehensive Income (Loss)	The following shows the changes in the components of accumulated other comprehensive income (loss) for the nine months ended September 30, 2020 which consisted of only foreign currency translation adjustments for the periods shown (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ Cumulative ​ Other ​ ​ Translation ​ Comprehensive ​ ​ Adjustment ​ Income (Loss) Balance - December 31, 2019 ​ $ (153) ​ $ (153) Current period accumulated other comprehensive income ​ ​ 887 ​ ​ 887 Balance - September 30, 2020 ​ $ 734 ​ $ 734

Organization and operations (De

Organization and operations (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 06, 2020	Aug. 08, 2019	Jun. 05, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 01, 2019	Jul. 01, 2019	Mar. 19, 2019
Initial Public Offering
Common stock, authorized shares				120,000,000		120,000,000		120,000,000
Common stock, par value				$ 0.001		$ 0.001		$ 0.001
Common stock, aggregate offering price				$ 32		$ 32		$ 28
Accumulated deficit				(237,953)		(237,953)		(216,244)
Net income (loss)				2,203	$ (9,870)	(21,709)	$ (29,838)
Unrestricted cash and cash equivalents				173,162	113,327	173,162	113,327	$ 109,155
Underwritten public offering
Initial Public Offering
Sale of common stock in at-the-market offering (in shares)	3,000,000	2,700,000
Common stock, par value	$ 0.001	$ 0.001
Gross Proceeds From Issuance Of Common Stock	$ 97,600	$ 69,000
Stock issuance cost	6,200	4,500
Sale of common stock in at-the-market offering, net	$ 91,400	$ 64,500				91,404	64,529
At-the-market offering
Initial Public Offering
Sale of common stock in at-the-market offering (in shares)			2,200,000
Shares issued price (in dollars per share)			$ 22.73
Common stock, par value											$ 0.001
Common stock, aggregate offering price											$ 50,000
Gross Proceeds From Issuance Of Common Stock			$ 49,700
Stock issuance cost			1,700
Sale of common stock in at-the-market offering, net			$ 48,000				48,019
UmanDiagnostics AB Acquisition
Initial Public Offering
Capital stock shares outstanding, percent									95.00%	5.00%
Net income (loss)				$ (100)	$ 100	$ 400	$ 100

Significant accounting polici_3

Significant accounting policies (Details) $ in Thousands	Sep. 30, 2020USD ($)
Impact on consolidated balance sheet and statement of operations, as a result of adopting ASU 842
Operating Lease, Right-of-Use Asset	$ 12,019
Operating Lease, Liability, Noncurrent	22,159
Restatement adjustment | ASU 2016-02
Impact on consolidated balance sheet and statement of operations, as a result of adopting ASU 842
Operating Lease, Right-of-Use Asset	12,200
Operating Lease, Liability, Noncurrent	$ 22,800

Revenue recognitions - Customer

Revenue recognitions - Customers (Details)	9 Months Ended
	Sep. 30, 2020
Minimum
Revenue recognition
Period of payment	30 days
Maximum
Revenue recognition
Period of payment	45 days

Revenue recognition - Disaggreg

Revenue recognition - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue recognition
Revenue	$ 31,389	$ 14,944	$ 60,246	$ 40,816
Product revenue
Revenue recognition
Revenue	11,662	10,737	28,285	29,059
Product revenue | NA
Revenue recognition
Revenue	6,695	5,502	14,326	15,332
Product revenue | EMEA
Revenue recognition
Revenue	3,855	3,944	10,191	10,164
Product revenue | Asia Pacific
Revenue recognition
Revenue	1,112	1,291	3,768	3,563
Instruments
Revenue recognition
Revenue	4,489	4,139	10,941	10,257
Instruments | NA
Revenue recognition
Revenue	2,587	1,795	5,560	4,350
Instruments | EMEA
Revenue recognition
Revenue	1,332	1,387	3,067	3,425
Instruments | Asia Pacific
Revenue recognition
Revenue	570	957	2,314	2,482
Consumable and other products
Revenue recognition
Revenue	7,173	6,598	17,344	18,802
Consumable and other products | NA
Revenue recognition
Revenue	4,108	3,707	8,766	10,982
Consumable and other products | EMEA
Revenue recognition
Revenue	2,523	2,557	7,124	6,739
Consumable and other products | Asia Pacific
Revenue recognition
Revenue	542	334	1,454	1,081
Service and other revenue
Revenue recognition
Revenue	6,552	4,207	18,631	11,757
Service and other revenue | NA
Revenue recognition
Revenue	5,141	3,413	14,987	9,593
Service and other revenue | EMEA
Revenue recognition
Revenue	1,277	539	2,763	1,612
Service and other revenue | Asia Pacific
Revenue recognition
Revenue	134	255	881	552
Service-type warranties
Revenue recognition
Revenue	1,233	1,153	3,587	3,255
Service-type warranties | NA
Revenue recognition
Revenue	811	806	2,290	2,309
Service-type warranties | EMEA
Revenue recognition
Revenue	372	293	1,136	827
Service-type warranties | Asia Pacific
Revenue recognition
Revenue	50	54	161	119
Research services
Revenue recognition
Revenue	4,909	2,697	14,178	7,408
Research services | NA
Revenue recognition
Revenue	4,083	2,412	12,144	6,687
Research services | EMEA
Revenue recognition
Revenue	762	87	1,357	310
Research services | Asia Pacific
Revenue recognition
Revenue	64	198	677	411
Other services
Revenue recognition
Revenue	410	357	866	1,094
Other services | NA
Revenue recognition
Revenue	247	195	553	597
Other services | EMEA
Revenue recognition
Revenue	143	159	270	475
Other services | Asia Pacific
Revenue recognition
Revenue	20	$ 3	43	$ 22
Collaboration and license revenue
Revenue recognition
Revenue	11,246		11,401
Collaboration and license revenue | NA
Revenue recognition
Revenue	11,244		11,388
Collaboration and license revenue | EMEA
Revenue recognition
Revenue	2		13
Grant revenue
Revenue recognition
Revenue	$ 1,929		$ 1,929

Revenue recognition - Future pe

Revenue recognition - Future performance obligations (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 4.2	$ 4.2	$ 5.3
Previously deferred revenue	1.2	1.2
Service-type warranties and research services
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	3.3	3.3
Undelivered licenses of intellectual property
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	0.5	0.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 3.8	$ 3.8
Revenue recognition period for remaining performance obligation	12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Transaction Price Allocated to Future Performance Obligations
Amount of transaction price allocated to performance obligations	$ 0.4	$ 0.4
Revenue recognition period for remaining performance obligation	24 months	24 months

Revenue recognition - Changes i

Revenue recognition - Changes in deferred revenue from contracts with customers (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Changes in deferred revenue from contracts with customers
Balance at beginning of period	$ 5,163
Deferral of revenue	1,380
Recognition of deferred revenue	(2,387)
Balance at end of period	$ 4,156

Revenue recognition - Costs to

Revenue recognition - Costs to obtain a contract (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Change in the balance of costs to obtain a contract
Balance at beginning of period	$ 335
Deferral of costs to obtain a contract	321
Recognition of costs to obtain a contract	(456)
Balance at end of period	$ 200

Revenue recognition - Practical

Revenue recognition - Practical expedients (Details)	9 Months Ended
	Sep. 30, 2020
Revenue recognition
Revenue, Practical Expedient, Financing Component [true false]	true
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	true

Revenue recognition - Grant rev

Revenue recognition - Grant revenue (Details) - USD ($) $ in Thousands	Sep. 29, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue		$ 31,389	$ 14,944	$ 60,246	$ 40,816
RADx WP2
Contract value	$ 18,200
Grant revenue
Revenue		1,929		1,929
Grant revenue | RADx
Revenue		1,929		1,929
Grant revenue | RADx WP1
Revenue		1,900		1,900
Grant revenue | RADx WP2
Revenue		$ 0		$ 0

Net income (loss) per share - B

Net income (loss) per share - Basic and diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss) per share
Net income (loss)	$ 2,203	$ (9,870)	$ (21,709)	$ (29,838)
Basic weighted average common shares outstanding	30,139,157	26,627,831	28,881,716	24,102,887
Weighted average common equivalent shares	1,247,282
Diluted weighted average common shares outstanding	31,386,439	26,627,831	28,881,716	24,102,887
Net income (loss) per share, basic	$ 0.07	$ (0.37)	$ (0.75)	$ (1.24)
Net income (loss) per share, diluted	$ 0.07	$ (0.37)	$ (0.75)	$ (1.24)

Net income (loss) per share (De

Net income (loss) per share (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Net loss per share
Number of dilutive securities excluded in the calculation of diluted net loss per share	101,995	3,096,698	3,094,670
Common stock
Net loss per share
Obligation to issue warrants, in shares	93,341	93,341	93,341
Unvested restricted common stock and restricted stock units
Net loss per share
Number of dilutive securities excluded in the calculation of diluted net loss per share		453,212	422,336
Outstanding stock options
Net loss per share
Number of dilutive securities excluded in the calculation of diluted net loss per share		2,633,486	2,662,334
Outstanding warrants
Net loss per share
Number of dilutive securities excluded in the calculation of diluted net loss per share		10,000	10,000

Fair value of financial instr_3

Fair value of financial instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents	$ 162,038	$ 102,749
Note receivable	150	150
Total	162,188	102,899
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash equivalents	162,038	102,749
Total	162,038	102,749
Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Note receivable	150	150
Total	$ 150	$ 150

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory
Raw Materials	$ 6,475	$ 4,717
Work in process	2,990	2,573
Finished goods	3,809	3,173
Total	$ 13,274	$ 10,463

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2018	Sep. 30, 2016
Schedule of Cost-method Investments [Line Items]
Impairment on investments	$ 0
Minority interest in preferred stock in privately held company
Schedule of Cost-method Investments [Line Items]
Purchase price of investment			$ 300
Investment in a convertible notes of a privately held company
Schedule of Cost-method Investments [Line Items]
Investment principle amount		$ 200

Other accrued expenses and ot_3

Other accrued expenses and other non-current liabilities - Other accrued expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other accrued expenses and other non-current liabilities
Accrued inventory	$ 610	$ 459
Accrued royalties	1,607	476
Accrued professional services	903	655
Accrued development costs	305	151
Accrued other	752	757
Total accrued expenses	$ 4,177	$ 2,498

Other accrued expenses and ot_4

Other accrued expenses and other non-current liabilities - Other non-current liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
Other non-current liabilities
Leasehold obligation incentive		$ 7,600	$ 7,572
Deferred Rent		$ 3,000	3,011
Deferred tax liabilities	$ 2,537		2,816
Other	6		8
Total non-current liabilities	$ 2,543		$ 13,407

Warrants, stock-based compens_3

Warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Warrants (Details)	9 Months Ended
	Sep. 30, 2020shares
Number outstanding
Issued (in shares)	0
Outstanding warrants
Number outstanding
Outstanding at the end of the period (in shares)	10,000

Warrants, stock-based compens_4

Warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Share-based compensation expense	$ 2,360	$ 1,828	$ 6,970	$ 4,713
Cost of product revenue
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Share-based compensation expense	54	31	139	75
Cost of service and other revenue
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Share-based compensation expense	84	58	232	175
Research and development
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Share-based compensation expense	289	175	820	523
General and administrative
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Share-based compensation expense	$ 1,933	$ 1,564	$ 5,779	$ 3,940

Warrants, stock-based compens_5

Warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Stock-based award plans (Details) - shares	Jan. 01, 2020	Sep. 30, 2020	Dec. 31, 2019
2007 Plan
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Common stock available for future awards (in shares)		0
2017 Plan
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Shares authorized under the plan (in shares)		1,042,314
Shares available for grant under the plan (in shares)		809,802
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding)		4.00%
Increase in the shares available for grant under the plan (in shares)	1,126,172
2017 ESPP
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Shares available for grant under the plan (in shares)		848,269
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding)		1.00%
Increase in the shares available for grant under the plan (in shares)	281,543
Outstanding stock options
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Options outstanding (in shares)		2,633,486	2,507,062
Outstanding stock options | 2007 Plan
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Options outstanding (in shares)		1,026,572
Outstanding stock options | 2017 Plan
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Options outstanding (in shares)		1,606,914
Shares authorized under the plan (in shares)		2,490,290
Unvested restricted stock units | 2017 Plan
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Options outstanding (in shares)		453,212

Warrants, stock-based compens_6

Warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Aggregate intrinsic value
Share-based compensation expense	$ 2,360	$ 1,828	$ 6,970	$ 4,713
Outstanding stock options
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Options expiration period (in years)			10 years
Number outstanding
Outstanding at the beginning of the period (in shares)			2,507,062
Granted (in shares)			475,663
Exercised (in shares)			(246,555)
Cancelled or forfeited (in shares)			(102,684)
Outstanding at the end of the period (in shares)	2,633,486		2,633,486		2,507,062
Vested and expected to vest at the end of the period (in shares)	2,633,486		2,633,486
Exercisable at the end of the period (in shares)	1,514,433		1,514,433
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share)			$ 14.41
Granted (in dollars per share)			27.40
Exercised (in dollars per share)			7.88
Cancelled or forfeited (in dollars per share)			24.40
Outstanding at the end of the period (in dollars per share)	$ 16.98		16.98		$ 14.41
Vested and expected to vest at the end of the period (in dollars per share)	16.98		16.98
Exercisable at the end of the period (in dollars per share)	$ 11.87		$ 11.87
Remaining contractual life
Outstanding (in years)			7 years 5 months 1 day		7 years 6 months 29 days
Vested and expected to vest at the end of the period (in years)			7 years 5 months 1 day
Exercisable at the end of the period (in years)			6 years 6 months 7 days
Aggregate intrinsic value
Outstanding at the beginning of the period			$ 24,870
Exercised	$ 2,300	1,300	5,100	$ 5,500
Outstanding at the end of the period	44,159		44,159		$ 24,870
Vested and expected to vest at the end of the period	44,159		44,159
Exercisable at the end of the period	33,117		$ 33,117
Weighted-average fair value of options granted			$ 11.93	$ 8.85
Share-based compensation expense	1,200	1,000	$ 3,600	$ 2,700
Intrinsic value of stock options exercised	$ 2,300	$ 1,300	$ 5,100	$ 5,500
Outstanding stock options | Subject to a four year vesting schedule with 25% vesting on the first anniversary and the remaining vesting ratably on a monthly basis over the remaining three years
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Vesting period (in years)			4 years
Vesting percentage 1 (as a percent)			25.00%
Outstanding stock options | Subject to vesting with 50% vesting on December 31, 2018 and December 31, 2019
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units
Vesting period (in years)			3 years
Vesting percentage 1 (as a percent)			75.00%

Warrants, stock-based compens_7

Warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Restricted stock (Details) - Restricted stock - shares	1 Months Ended	9 Months Ended
	Jan. 31, 2015	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0
2007 Plan | Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	781,060
Vesting period (in years)	4 years
2007 Plan | Executive | Subject to a four year vesting schedule with 25% vesting on the first anniversary and the remaining vesting ratably on a monthly basis over the remaining three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage 1 (as a percent)	25.00%
2007 Plan | Executive | Subject to vesting with 50% vesting on December 31, 2018 and December 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Vesting percentage 1 (as a percent)	75.00%

Warrants, stock-based compens_8

Warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Restricted stock units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Weighted-average grant date fair value per share
Share-based compensation expense	$ 2,360	$ 1,828	$ 6,970	$ 4,713
Restricted stock units
Number of restricted stock units
Unvested restricted common stock at the beginning of the period (in shares)			370,123
Granted (in shares)			248,898
Vested (in shares)			(130,133)
Cancelled (in shares)			(35,676)
Unvested restricted common stock at the end of the period (in shares)	453,212		453,212
Weighted-average grant date fair value per share
Unvested restricted common stock at the beginning of the period (in dollars per share)			$ 20.48
Granted (in dollars per share)			27.90
Vested (in dollars per share)			19.87
Cancelled (in dollars per share)			26.45
Unvested restricted common stock at the end of the period (in dollars per share)	$ 24.28		$ 24.28
Share-based compensation expense	$ 1,100	$ 800	$ 3,100	$ 2,000
Total unrecognized compensation cost related to unvested stock awards	$ 9,800		$ 9,800
Period of recognition of unrecognized compensation cost			2 years 8 months 12 days
Restricted stock
Number of restricted stock units
Granted (in shares)			0
Unvested restricted common stock at the end of the period (in shares)	39,806		39,806
Weighted-average grant date fair value per share
Unvested restricted common stock at the end of the period (in dollars per share)	$ 3.12		$ 3.12
2017 Plan | Restricted stock units | Subject to a four year vesting schedule with 25% vesting on the first anniversary and the remaining vesting ratably on a monthly basis over the remaining three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period 1			4 years
Vesting period 2			3 years
Vesting percentage 1 (as a percent)			25.00%
Vesting percentage 2 (as a percent)			75.00%
Number of restricted stock units
Granted (in shares)			224,516
2017 Plan | Restricted stock units | Vesting on December 31, 2020
Number of restricted stock units
Granted (in shares)			15,890
2017 Plan | Restricted stock units | Vested immediately upon grant
Number of restricted stock units
Granted (in shares)			7,032
2017 Plan | Restricted stock units | Vested on May 31, 2020
Number of restricted stock units
Granted (in shares)			1,460

Leases (Details)

Leases (Details) $ in Thousands	Apr. 01, 2019USD ($)itemft²	Sep. 30, 2020USD ($)	Jan. 01, 2020USD ($)
Operating Lease, Right-of-Use Asset		$ 12,019
Operating Lease, Liability, Noncurrent		22,159
Lease for facilities in Billerica, Massachusetts
Term of operating lease	137 months
Square footage of office and laboratory space | ft²	92,000
Drawing capacity	$ 1,000
Landlord Contribution Towards Tenant Improvements	$ 8,200
Lease Agreement Number Of Options To Extend | item	2
Lease Agreement Lease Extension Term	5 years
Operating Lease, Right-of-Use Asset			$ 12,200
Operating Lease, Liability, Noncurrent			22,800
Deferred rent expense		3,000
Lease Obligation Incentive		$ 7,600
Tristeyagen Umea Lease [Member] | Maximum
Operating Lease, Right-of-Use Asset			100
Operating Lease, Liability, Noncurrent			$ 100

Leases - Lease costs recognized

Leases - Lease costs recognized (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Lease Costs
Operating lease costs	$ 667	$ 1,994
Total lease cost	667	1,994
Operating cash flows used for operating leases	$ 428	$ 1,260
Weighted average remaining lease term	9 years 10 months 24 days	9 years 10 months 24 days
Weighted average discount rate	9.73%	9.73%

Leases - Future minimum commitm

Leases - Future minimum commitments (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases
Remainder 2020	$ 843
2021	3,363
2022	3,435
2023	3,487
2024	3,557
2025 and thereafter	22,203
Total lease payments	36,888
Less: imputed interest	13,563
Operating Lease, Liability	$ 23,325

Commitments and contingencies -

Commitments and contingencies - License agreements and Lease commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
License agreements
Cost of revenue	$ 10,283	$ 7,911	$ 27,114	$ 20,847
Other licenses
License agreements
Royalty expense	0		0
Other licenses | Maximum
License agreements
Royalty expense		100		100
Tufts | License agreements
License agreements
Royalty expense	300	$ 800	300	$ 700
Collaboration and license revenue
License agreements
Cost of revenue	1,000		1,000
Collaboration and license revenue | Tufts
License agreements
Cost of revenue	$ 1,000		$ 1,000

Commitments and contingencies_2

Commitments and contingencies - Development and supply agreement and Legal contingencies (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares
Commitments and contingencies
Amount payable to counterparty | $	$ 11.7
Period to purchase minimum number of commercial units	7 years
Issuance of supply warrants on termination of agreement, number (in shares) | shares	93,341
Issuance of supply warrants on termination of agreement, value per share (in dollars per share) | $ / shares	$ 0.003214

Notes payable (Details)

Notes payable (Details) $ in Thousands	Mar. 02, 2020USD ($)	Apr. 15, 2019installment	Apr. 14, 2014	Aug. 31, 2018USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Oct. 31, 2018USD ($)
Long Term Debt
End Of Term Fee							$ 50,000
Loan principal payment installment | installment		4
Maximum
Long Term Debt
Non-cash interest expense					$ 100	$ 100	100	$ 100
Loan agreement
Long Term Debt
Additional amounts available to borrow					$ 0		$ 0
Interest rate (as a percent)			8.00%
Amendment 5 to loan agreement
Long Term Debt
Term fee	$ 100			$ 100
Cost incurred upon execution				$ 50
Amendment 6 to loan agreement
Long Term Debt
Certificate of deposit associated with the lease									$ 1,000
Prime rate | Loan agreement
Long Term Debt
Margin on variable interest rate (as a percent)			(5.25%)

Notes payable - Debt payment ob

Notes payable - Debt payment obligations (Details) $ in Thousands	Sep. 30, 2020USD ($)
Debt payment obligations due based on principal payments
2021	$ 7,688
Debt payment obligations	$ 7,688

Collaboration and license arr_2

Collaboration and license arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Collaboration and license arrangements
Revenue	$ 31,389	$ 14,944	$ 60,246	$ 40,816
Previously deferred revenue	1,200		1,200
Deferred revenue	500		500		$ 1,700
Joint development and license agreement | Maximum
Collaboration and license arrangements
Revenue	100		$ 100
Abbot license agreement
Collaboration and license arrangements
Number of days notice to terminate agreement			60 days
Initial license fee receivable	10,000
Collaboration and license revenue
Collaboration and license arrangements
Revenue	11,246		$ 11,401
Collaboration and license revenue | Abbot license agreement
Collaboration and license arrangements
Revenue	$ 10,000		$ 10,000

Employee benefit plans (Details

Employee benefit plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Employee benefit plans
Contribution made to the 401 (k) Plan	$ 0.2	$ 0.1	$ 0.5	$ 0.4

Business combinations (Details)

Business combinations (Details) - USD ($) $ in Thousands	Aug. 01, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jul. 01, 2019
Assets (liabilities) acquired:
Goodwill		$ 9,714		$ 9,714		$ 9,353
Revenue		31,389	$ 14,944	60,246	$ 40,816
Net income (loss)		2,203	$ (9,870)	(21,709)	(29,838)
Revenue (unaudited)					41,593
Pre-tax loss (unaudited)					$ (27,841)
UmanDiagnostics AB Acquisition
Fair value of consideration transferred:
Cash	$ 15,700
Common stock shares consideration	191,152		191,152		191,152
Common stock	$ 5,500
Capital stock shares outstanding, percent	95.00%						5.00%
Cash and stock paid	$ 21,217
Cash and cash equivalents acquired	1,221
Purchase price, net	19,996
Assets (liabilities) acquired:
Accounts receivable	638
Inventory	1,680
Prepaids and other current assets	114
Property and equipment	33
Intangibles	13,450
Goodwill	8,111
Accounts payable	(20)
Accrued expense and other current liabilities	(871)
Deferred tax liabilities	(3,139)
Total	$ 19,996
Revenue		200	$ 400	1,400	$ 400
Net income (loss)		(100)	100	400	100
Transaction costs		$ 0	$ 1,000	$ 0	$ 1,900

Goodwill and Acquired Intangi_3

Goodwill and Acquired Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Rollforward of goodwill balance
Balance as of beginning of period			$ 9,353
Cumulative translation adjustment			362
Balance as of end of period	$ 9,714		9,714		$ 9,353
Purchased intangible assets
Gross Carrying Value	16,400		16,400		16,400
Accumulated Amortization	(3,575)		(3,575)		(1,991)
Cumulative Translation Adjustment	417		417		(102)
Net Carrying Value	13,242		13,242		$ 14,307
Amortization expense	500	$ 500	1,600	$ 800
Estimated amortization expense
Remainder of 2020	526		526
2021	2,013		2,013
2022	1,930		1,930
2023	1,848		1,848
2024	1,733		1,733
Thereafter	5,192		5,192
Estimated Amortization Expenses	13,242		$ 13,242
UmanDiagnostics AB Acquisition
Purchased intangible assets
Estimated Useful Life			8 years 4 months 24 days
Goodwill acquired			$ 13,500
Developed technology
Purchased intangible assets
Estimated Useful Life			7 years		7 years
Gross Carrying Value	1,650		$ 1,650		$ 1,650
Accumulated Amortization	(963)		(963)		(737)
Net Carrying Value	687		$ 687		$ 913
Weighted average life remaining			4 years 4 months 2 days		5 years 1 month 2 days
Customer relationships
Purchased intangible assets
Estimated Useful Life			8 years 6 months
Gross Carrying Value	1,360		$ 1,360		$ 1,360
Accumulated Amortization	(569)		(569)		(421)
Cumulative Translation Adjustment	3		3		(1)
Net Carrying Value	794		$ 794		$ 938
Weighted average life remaining			7 years 3 months 29 days		8 years 29 days
Customer relationships | UmanDiagnostics AB Acquisition
Purchased intangible assets
Goodwill acquired			$ 100
Trade names
Purchased intangible assets
Estimated Useful Life			3 years		3 years
Gross Carrying Value	50		$ 50		$ 50
Accumulated Amortization	(44)		(44)		(32)
Net Carrying Value	6		$ 6		$ 18
Weighted average life remaining			4 months 2 days		1 year 1 month 2 days
Know How
Purchased intangible assets
Estimated Useful Life			8 years 6 months		8 years 6 months
Gross Carrying Value	13,000		$ 13,000		$ 13,000
Accumulated Amortization	(1,914)		(1,914)		(767)
Cumulative Translation Adjustment	405		405		(99)
Net Carrying Value	11,491		$ 11,491		$ 12,134
Weighted average life remaining			7 years 2 months 26 days		8 years
Know How | UmanDiagnostics AB Acquisition
Purchased intangible assets
Goodwill acquired			$ 13,000
Noncompete Agreements
Purchased intangible assets
Estimated Useful Life			5 years 6 months		5 years 6 months
Gross Carrying Value	340		$ 340		$ 340
Accumulated Amortization	(85)		(85)		(34)
Cumulative Translation Adjustment	9		9		(2)
Net Carrying Value	$ 264		$ 264		$ 304
Weighted average life remaining			4 years 2 months 26 days		5 years
Noncompete Agreements | UmanDiagnostics AB Acquisition
Purchased intangible assets
Goodwill acquired			$ 400
Maximum | Customer relationships
Purchased intangible assets
Estimated Useful Life			10 years		10 years
Minimum | Customer relationships
Purchased intangible assets
Estimated Useful Life			8 years 6 months		8 years 6 months

Underwritten public Offering (D

Underwritten public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Aug. 06, 2020	Aug. 08, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Subsidiary or Equity Method Investee [Line Items]
Common stock, par value			$ 0.001		$ 0.001
Underwritten public offering
Subsidiary or Equity Method Investee [Line Items]
Shares issued under offerings (in shares)	3	2.7
Common stock, par value	$ 0.001	$ 0.001
Gross proceeds	$ 97,600	$ 69,000
Stock issuance cost	6,200	4,500
Proceeds from sale of common stock, net of issuance costs	$ 91,400	$ 64,500	$ 91,404	$ 64,529

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related party transactions
Deferred revenue	$ 0.5		$ 0.5		$ 1.7
Tufts | License Agreement
Related party transactions
Royalty expense	0.3	$ 0.3	0.8	$ 0.7
Harvard University
Related party transactions
Related party revenue		$ 0.3		$ 0.4
Harvard University | Maximum
Related party transactions
Related party revenue	$ 0.1		$ 0.1

Accumulated other comprehensi_3

Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Current period accumulated other comprehensive loss	$ 760	$ (1,135)	$ 887	$ (1,135)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(153)
Current period accumulated other comprehensive loss			887
Ending Balance	734		734
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(153)
Current period accumulated other comprehensive loss	760	$ (1,135)	887	$ (1,135)
Ending Balance	$ 734		$ 734