Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Annual Report | true | ||
Entity Registrant Name | Quanterix Corp | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
Icfr Auditor Attestation Flag | false | ||
Entity Public Float | $ 234,000,000 | ||
Entity Common Stock, Shares Outstanding | 36,267,609 | ||
Entity Central Index Key | 0001503274 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 181,584 | $ 109,155 |
Accounts receivable (less allowance for doubtful accounts of $370 and $162 as of December 31, 2020 and December 31, 2019, respectively; including $172 and $186 from related parties as of December 31, 2020 and December 31, 2019, respectively) | 17,184 | 10,906 |
Inventory | 14,856 | 10,463 |
Prepaid expenses and other current assets | 5,981 | 2,137 |
Total current assets | 219,605 | 132,661 |
Restricted cash | 1,000 | 1,026 |
Property and equipment, net | 13,912 | 12,047 |
Intangible assets, net | 13,716 | 14,307 |
Goodwill | 10,460 | 9,353 |
Right-of-use assets | 11,995 | |
Other non-current assets | 357 | 557 |
Total assets | 271,045 | 169,951 |
Current liabilities: | ||
Accounts payable (including $14 and $36 to related parties as of December 31, 2020 and December 31, 2019, respectively) | 6,799 | 5,777 |
Accrued compensation and benefits | 10,777 | 6,570 |
Other accrued expenses (including $1,377 and $0 to related parties as of December 31, 2020 and December 31, 2019, respectively) | 4,845 | 2,498 |
Deferred revenue (including $90 and $55 with related parties as of December 31, 2020 and December 31, 2019, respectively) | 5,421 | 4,697 |
Current portion of long term debt | 7,673 | 75 |
Short term lease liabilities | 1,234 | |
Other current liabilities | 3,054 | 216 |
Total current liabilities | 39,803 | 19,833 |
Deferred revenue, net of current portion | 577 | 466 |
Long term debt, net of current portion | 7,587 | |
Long term lease liabilities | 21,891 | |
Other non-current liabilities | 2,649 | 13,407 |
Total liabilities | 64,920 | 41,293 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value: Authorized-120,000,000 shares as of December 31, 2020 and December 31, 2019; issued and outstanding - 31,796,544 and 28,112,201 shares as of December 31, 2020 and December 31, 2019, respectively | 32 | 28 |
Additional paid-in capital | 451,433 | 345,027 |
Accumulated other comprehensive income (loss) | 2,434 | (153) |
Accumulated deficit | (247,774) | (216,244) |
Total stockholders' equity | 206,125 | 128,658 |
Total liabilities and stockholders' equity | $ 271,045 | $ 169,951 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Consolidated Balance Sheets | ||
Accounts receivable, reserve for doubtful accounts | $ 370 | $ 162 |
Accounts receivable, related parties | 172 | 186 |
Accounts payable, related parties | 14 | 36 |
Other accrued expenses, related parties | 1,377 | 0 |
Deferred revenue, current, related parties | $ 90 | $ 55 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 120,000,000 | 120,000,000 |
Common stock, shares issued | 31,796,544 | 28,112,201 |
Common stock, shares outstanding | 31,796,544 | 28,112,201 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenue | $ 86,377 | $ 56,734 | $ 37,632 |
Costs of goods sold: | |||
Total costs of goods sold, services, and licenses | 38,195 | 29,898 | 19,684 |
Gross profit | 48,182 | 26,836 | 17,948 |
Operating expenses: | |||
Research and development (including related party activity of $268, $0, and $0 for the years ended December 31, 2020, 2019, and 2018, respectively) | 20,174 | 16,190 | 15,805 |
Selling, general, and administrative (including related party activity of $36, $0, and $0 for the years ended December 31, 2020, 2019, and 2018) | 59,592 | 52,246 | 33,693 |
Total operating expenses | 79,766 | 68,436 | 49,498 |
Loss from operations | (31,584) | (41,600) | (31,550) |
Interest income (expense), net | (273) | 627 | 46 |
Other expense, net | (49) | (10) | (7) |
Loss before income taxes | (31,906) | (40,983) | (31,511) |
Income tax benefit (provision) | 376 | 187 | (25) |
Net loss | $ (31,530) | $ (40,796) | $ (31,536) |
Net loss per share, basic and diluted | $ (1.07) | $ (1.63) | $ (1.43) |
Weighted-average common shares outstanding, basic and diluted | 29,589,132 | 25,090,708 | 21,994,317 |
Product revenue | |||
Total revenue | $ 44,017 | $ 40,491 | $ 23,365 |
Costs of goods sold: | |||
Total costs of goods sold, services, and licenses | 25,950 | 20,900 | 12,729 |
Service and other revenue | |||
Total revenue | 24,129 | 16,059 | 12,117 |
Costs of goods sold: | |||
Total costs of goods sold, services, and licenses | 11,245 | 8,998 | 6,955 |
Collaboration and license revenue | |||
Total revenue | 11,809 | $ 184 | $ 2,150 |
Costs of goods sold: | |||
Total costs of goods sold, services, and licenses | 1,000 | ||
Grant revenue | |||
Total revenue | $ 6,422 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related party activity research and development expenses | $ 268 | $ 0 | $ 0 |
Related party activity in selling, general and administrative expenses | 36 | 0 | 0 |
Product revenue | |||
Related party revenue | 580 | 720 | 294 |
Cost of product revenue, related party activity | 205 | 234 | 191 |
Service and other revenue | |||
Related party revenue | 202 | 118 | 149 |
Cost of product revenue, related party activity | 52 | 0 | 0 |
Collaboration and license revenue | |||
Related party revenue | 0 | 0 | 2,150 |
Cost of product revenue, related party activity | $ 1,000 | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||
Net loss | $ (31,530) | $ (40,796) | $ (31,536) |
Other comprehensive income (loss): | |||
Cumulative translation adjustment | 2,587 | (153) | |
Total other comprehensive income (loss) | 2,587 | (153) | |
Comprehensive income (loss) | $ (28,943) | $ (40,949) | $ (31,536) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net loss | $ (31,530) | $ (40,796) | $ (31,536) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization expense | 4,312 | 3,009 | 1,352 |
Inventory step-up amortization | 722 | 611 | |
Reduction in the carrying amounts of right-of-use assets | 245 | ||
Stock-based compensation expense | 10,099 | 6,388 | 4,884 |
Non-cash interest expense | 86 | 89 | 170 |
Loss (gain) on disposal of fixed assets | 171 | 140 | (14) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (6,240) | (3,365) | (983) |
Prepaid expenses and other assets | (3,927) | 289 | (1,828) |
Inventory | (5,119) | (3,447) | (1,603) |
Other non-current assets | 198 | (21) | 267 |
Accounts payable | 649 | 621 | 1,318 |
Accrued compensation and benefits, other accrued expenses and other current liabilities | 6,219 | 822 | 1,101 |
Contract acquisition costs | 87 | 336 | |
Operating lease liabilities | 316 | ||
Other non-current liabilities | (488) | 9,845 | |
Deferred revenue | 835 | (708) | (1,849) |
Net cash used in operating activities | (23,365) | (26,187) | (28,721) |
Investing activities | |||
Purchases of property and equipment | (3,930) | (10,847) | (1,518) |
Acquisitions, net of cash acquired | (14,529) | (3,801) | |
Proceeds from RADx grant on assets purchased | 3,304 | ||
Purchase of Investments | (150) | ||
Proceeds from sale of assets | 15 | ||
Net cash used in investing activities | (626) | (25,376) | (5,454) |
Financing activities | |||
Proceeds from sale of common stock, net of issuance costs | (20) | ||
Proceeds from stock options exercised | 4,019 | 2,820 | 1,871 |
Proceeds from ESPP purchase | 888 | 879 | |
Payments on notes payable | (75) | (50) | (1,929) |
Net cash provided by (used in) financing activities | 96,236 | 116,197 | (78) |
Net increase (decrease) in cash and cash equivalents | 72,245 | 64,634 | (34,253) |
Effect of foreign currency exchange rate on cash | 158 | 118 | |
Cash, restricted cash, and cash equivalents at beginning of period | 110,181 | 45,429 | 79,682 |
Cash, restricted cash, and cash equivalents at end of period | 182,584 | 110,181 | 45,429 |
Supplemental cash flow information | |||
Cash paid for interest | 625 | 656 | 606 |
Purchases of property and equipment included in accounts payable | 1,029 | 164 | 78 |
Purchases of property and equipment included in other non-current liabilities | 5,468 | ||
191,152 shares of common stock issued in connection with the acquisition of UmanDiagnostics AB | 7,572 | ||
Fair value of common stock warrants exercised and reclassified as shares of common stock | 196 | ||
Reconciliation of cash, cash equivalents, and restricted cash: | |||
Total cash, cash equivalents, and restricted cash | 110,181 | 110,181 | $ 45,429 |
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 | Dec. 31, 2020 | Aug. 01, 2019 |
Common stock shares consideration | 191,152 | |
UmanDiagnostics AB Acquisition | ||
Common stock shares consideration | 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)Underwritten public offering | Accumulated other comprehensive income (loss) | Accumulated deficit | Underwritten public offering | At-the-market offering | Total |
Beginning Balance at Dec. 31, 2017 | $ 22 | $ 210,196 | $ (144,352) | $ 65,866 | ||||||||
Beginning balance (in shares) at Dec. 31, 2017 | 21,707,041 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Exercise of common stock warrants (in shares) | 16,718 | |||||||||||
Exercise of common stock options and vesting restricted stock | 1,871 | 1,871 | ||||||||||
Exercise of common stock options and vesting restricted stock (in shares) | 645,277 | |||||||||||
Common stock issuance offering costs | (20) | (20) | ||||||||||
Stock-based compensation expense | 4,884 | 4,884 | ||||||||||
Net loss | (31,536) | (31,536) | ||||||||||
Ending Balance at Dec. 31, 2018 | $ 22 | 216,931 | (175,888) | 41,065 | ||||||||
Ending 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 | 2,820 | 2,820 | ||||||||||
Exercise of common stock options and vesting restricted stock (in shares) | 550,734 | |||||||||||
Sale of common stock | $ 3 | $ 2 | $ 64,526 | $ 48,017 | $ 64,529 | $ 48,019 | ||||||
Sale of common stock (in shares) | 2,732,673 | 2,186,163 | ||||||||||
Issuance of shares for the acquisition of UmanDiagnostics AB | $ 1 | 5,467 | 5,468 | |||||||||
Issuance of shares for the acquisition of UmanDiagnostics AB (in shares) | 191,152 | |||||||||||
Stock-based compensation expense | 6,388 | 6,388 | ||||||||||
Employee stock purchase plan | 878 | 878 | ||||||||||
Employee stock purchase plan (in shares) | 36,753 | |||||||||||
Cumulative translation adjustment | (153) | |||||||||||
Net loss | (40,796) | (40,796) | ||||||||||
Ending Balance at Dec. 31, 2019 | $ 28 | 345,027 | $ (153) | (216,244) | 128,658 | |||||||
Ending Balance (in shares) at Dec. 31, 2019 | 28,112,201 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Cumulative-effect adjustment for the adoption of ASC 606 | 440 | 440 | ||||||||||
Accumulated other comprehensive income | (153) | (153) | ||||||||||
Exercise of common stock options and vesting restricted stock | $ 1 | 4,018 | 4,019 | |||||||||
Exercise of common stock options and vesting restricted stock (in shares) | 589,723 | |||||||||||
Sale of common stock | $ 3 | $ 91,401 | 91,404 | |||||||||
Sale of common stock (in shares) | 3,048,774 | |||||||||||
Stock-based compensation expense | 10,099 | 10,099 | ||||||||||
Employee stock purchase plan | 888 | 888 | ||||||||||
Employee stock purchase plan (in shares) | 45,846 | |||||||||||
Cumulative translation adjustment | $ 2,587 | $ 2,587 | 2,587 | |||||||||
Net loss | (31,530) | (31,530) | ||||||||||
Ending Balance at Dec. 31, 2020 | $ 32 | $ 451,433 | $ 2,434 | $ (247,774) | 206,125 | |||||||
Ending Balance (in shares) at Dec. 31, 2020 | 31,796,544 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Accumulated other comprehensive income | $ 2,434 |
Organization and operations
Organization and operations | 12 Months Ended |
Dec. 31, 2020 | |
Organization and operations | |
Organization and operations | 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, but 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 acquired UmanDiagnostics AB (Uman), a Swedish company located in Umeå, 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 could 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 offering On August 8, 2019, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC and SVB Leerink LLC (Leerink), 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 Leerink 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. Liquidity The Company has recognized annual losses from operations since inception and has an accumulated deficit of $247.8 million at December 31, 2020 and the Company incurred a net loss of $31.5 million, $40.8 million, and $31.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. Prior to the Company’s Initial Public Offering (IPO) in December 2017, the Company had funded its operations principally from issuances of preferred stock, debt financings, grants, product and service sales and development and license agreements. At December 31, 2020, the Company had $181.6 million of unrestricted cash and cash equivalents. The Company expects the current cash balance will be sufficient to fund operations for a period of at least one year from the date the consolidated financial statements are issued. There can be no assurances, however, that no additional funding will be required or that additional funding will be available on terms acceptable to the Company, or at all. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies | |
Significant accounting policies | 2. Significant accounting policies Principles of consolidation The 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 assets acquired and liabilities assumed in acquisitions, valuation allowances recorded against deferred tax assets, and valuation of inventory. Actual results could differ from those estimates. 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 Accounting Standards Codification (ASC) Topic 606 Revenue from Contracts with Customers Revenue Recognition 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 has recognized revenues from sales- or usage based royalties related to the Company’s licensing technology and intellectual property. 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- or usage-based royalty will be recognized in the period the underlying transaction occurs. The Company has recorded sales- or usage-based royalty revenue for the years ended December 31, 2020 and 2019 related to the intellectual property licensed by Uman. The Company recognizes revenues from sales- or usage based royalty revenue at the later of when the sales or usage occurs; and the satisfaction or partial satisfaction of the performance obligation to which the royalty has been allocated. Payment terms The Company’s payment terms vary by the type and location of customer and the products or services offered. Payment from customers is generally required in a term ranging from 30 to 45 days from date of shipment or satisfaction of the performance obligation with no discounts for early payment. Occasionally the Company provides extended payment terms or financing arrangements to customers. 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: Year Ended December 31, 2020 (in thousands) NA EMEA Asia Pacific Total Product revenues Instruments $ 8,680 $ 4,332 $ 3,594 $ 16,606 Consumable and other products 14,305 10,854 2,252 27,411 Totals $ 22,985 $ 15,186 $ 5,846 $ 44,017 Service and other revenues Service-type warranties $ 3,171 $ 1,543 $ 207 $ 4,921 Research services 15,011 2,225 737 17,973 Other services 700 435 100 1,235 Totals $ 18,882 $ 4,203 $ 1,044 $ 24,129 Collaboration and license revenue Collaboration and license revenue $ 11,685 $ 124 $ — $ 11,809 Totals $ 11,685 $ 124 $ — $ 11,809 Year Ended December 31, 2019 (in thousands) NA EMEA Asia Pacific Total Product revenues Instruments $ 6,250 $ 5,243 $ 3,393 $ 14,886 Consumable and other products 14,148 9,674 1,783 25,605 Totals $ 20,398 $ 14,917 $ 5,176 $ 40,491 Service and other revenues Service-type warranties $ 3,139 $ 1,323 $ 171 $ 4,633 Research services 8,845 704 456 10,005 Other services 825 565 31 1,421 Totals $ 12,809 $ 2,592 $ 658 $ 16,059 Collaboration and license revenue Collaboration and license revenue $ 167 $ 17 $ — $ 184 Totals $ 167 $ 17 $ — $ 184 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. The aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied or are partially satisfied as of December 31, 2020 is $6.0 million. Of the performance obligations not yet satisfied or are partially satisfied, $5.4 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): Year Ended December 31, 2020 Balance at December 31, 2019 $ 5,163 Deferral of revenue 6,955 Recognition of deferred revenue (6,120) Balance at December 31, 2020 $ 5,998 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 changes in the balance of costs to obtain a contract are as follows (in thousands): Year Ended December 31, 2020 Balance at December 31, 2019 $ 335 Deferral of costs to obtain a contract 506 Recognition of costs to obtain a contract (593) Balance at December 31, 2020 $ 248 The Company has classified the balance of capitalized costs to obtain a contract as a component of prepaid expenses and other current assets as of December 31, 2020 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 for the years ended December 31, 2020 and 2019. 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 recognizes grant revenue as it performs services under the 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. Accounting for grants does not fall under ASC 606, as the grantor will not benefit directly from the Company’s expansion or product development. As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company has accounted for grants by analogy to International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance Grants to the Company contain both monetary amounts granted related to assets and monetary amounts granted related to income, which are grants other than those related to assets. The grants related to assets are for the expansion and increase of manufacturing capacity. The grants related to income are for additional research and development, as well as other non-asset related scale up costs. Under IAS 20, grants related to assets shall be presented in the consolidated balance sheets either by recognizing the grant as deferred income (which is recognized in the consolidated statements of operations on a systematic basis over the useful life of the asset), or by deducting the grant in calculating the carrying amount of the asset (which is recognized in the consolidated statements of operations over the life of the depreciable asset as a reduced depreciation expense). Both methods are acceptable under IAS 20. The Company has elected to record grants related to assets as a deduction in calculating the carrying value of the asset. Under IAS 20, grants related to income are presented as part of the consolidated statements of operations, either separately or under a general heading. Both methods are acceptable under IAS 20. The Company has elected to record grants related to income separately on the consolidated statements of operations as grant revenue. The related expenses are recorded within operating expenses and not deducted. On June 22, 2020, the Company entered into a workplan 1 award (WP1) with the National Institute of Health (NIH), under the Rapid Acceleration of Diagnostics (RADx) program to assess the feasibility of a novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. During the year ended December 31, 2020, the Company recognized $2.0 million of grant revenue and incurred $1.0 million in research and development expense related to WP1. WP1 is complete as of December 31, 2020. On September 29, 2020, the Company entered into a workplan 2 award (WP2) with the NIH under its RADx program. WP2, which has a total award value of $18.2 million, accelerates 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. Release of the $18.2 million of funding under WP2 is based on the achievement of certain milestones, and there is no assurance that the Company can meet all the milestones on a timely basis, if at all. If the Company does not meet all of the milestones, it will not be able access the full $18.2 million in funding under the contract. During the year ended December 31, 2020 the Company recognized $4.4 million in grant revenue and incurred $2.6 million in research and development expense related to WP2. Total grant revenue from research and development activities $ 4,362 Total proceeds used for assets 826 Total deferred proceeds for assets 2,478 Total deferred grant revenue 304 Total recognized $ 7,970 Total recognized $ 7,970 Total amount accrued (2,968) Total cash received $ 5,002 Total proceeds received $ 5,002 Total proceeds reasonably assured 13,198 Total WP2 grant amount $ 18,200 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 recognized, 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 acquired tangible and intangible assets, net of liabilities recognized, 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. 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. Cost of revenue Cost of product revenue consists of raw materials, parts costs and associated freight, shipping and handling costs, contract manufacturer costs, personnel costs, yield loss, in-license payments and royalties, stock-based compensation, other direct costs and overhead. Cost of service and other revenue consists of personnel, facility costs associated with operating the Accelerator Labs on behalf of the customers, costs related to instrument maintenance and servicing equipment at customer sites, other direct and overhead. Cost of license revenue consists of license fees that are the direct results of cash payments received related to license agreements. Research and development expenses Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Expenses incurred related to grant funded activities are recorded in research and development expense. Selling, general, and administrative expenses Selling, general, and administrative expenses are primarily composed of compensation and benefits associated with sales and marketing, finance, human resources, and other administrative personnel, outside marketing, advertising, allocated facilities costs, legal expenses, and other general and administrative costs. Net loss per share Basic net loss per common share attributable to common stockholders is calculated by dividing the loss attributable to common stockholders by the weighted-average number of common shares. For purposes of the diluted net loss per share calculations, unvested restricted common stock, common stock options, and warrants are considered to be potentially dilutive securities, but are excluded from the 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 all periods presented. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): Year Ended December 31, 2020 2019 2018 Unvested restricted common stock and restricted stock units 518,387 409,929 361,468 Outstanding stock options 2,494,045 2,507,062 2,476,911 Outstanding common stock warrants 10,000 10,000 76,041 Total 3,022,432 2,926,991 2,914,420 As of December 31, 2020, 2019, and 2018 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. Cash and cash equivalents Cash and cash equivalents consist of cash deposits and short-term, highly liquid investments that are readily convertible into cash, with original maturities of three months or less. Cash equivalents are carried at fair value based on quoted prices for identical assets. Cash and cash equivalents consist of the following (in thousands): As of December 31, 2020 2019 Cash $ 19,535 $ 6,406 Money market funds invested in U.S. Treasury obligations 162,049 102,749 Total cash and cash equivalents $ 181,584 $ 109,155 Restricted cash and deposits Restricted cash represents collateral for a letter of credit issued as security for the lease for the Company’s new headquarters. The restricted cash is long term in nature as the Company will not have access to the funds until more than one year from December 31, 2020. As of both December 31, 2020 and 2019, the Company had $1.1 million in restricted cash and deposits related to amounts held for a line of credit, amounts held as a security deposit for the Company’s facility lease obligation, and a business registration application. As of both December 31, 2020 and 2019, $1.0 million of the $1.1 million was recorded on a separate line item as restricted cash. The remaining $0.1 million was included in noncurrent assets as of both December 31, 2020 and 2019. Accounts receivable and allowance for doubtful accounts The Company provides credit, in the normal course of business, to customers and does not require collateral. Accounts receivable consist of amounts due to the Company for sales to customers and are recorded net of an allowance for doubtful accounts. The Company reviews accounts receivable on a regular basis to determine if any receivable will potentially be uncollectable and to estimate the amount of allowance for doubtful accounts necessary. Once a receivable is deemed uncollectible, such balance is written off and charged against the allowance for doubtful accounts. The Company has not incurred material write offs in any of the periods presented. The Company’s allowance for doubtful accounts activity for the years ended December 31, 2020, 2019, and 2018 was as follows (in thousands): December 31, 2017 $ — Additions 36 Deductions — December 31, 2018 $ 36 Additions 160 Deductions (34) December 31, 2019 $ 162 Additions 493 Deductions (285) December 31, 2020 $ 370 Inventory Inventory is stated at the lower of cost or market on a first-in, first-out (FIFO) basis. The Company analyzes its inventory levels on each reporting date and writes down inventory that is expected to expire prior to being sold and inventory in excess of expected sales requirements. In the event that the Company identifies these conditions exist in its inventory, the carrying value is reduced to its estimated net realizable value. Property and equipment Property and equipment, including leasehold improvements, are stated at cost and are depreciated, or amortized in the case of leasehold improvements, over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to property and equipment. The Company reviews its property and equipment whenever events or changes in circumstances indicate that the carrying value of certain assets might not be recoverable and recognizes an impairment loss when it is probable that an asset’s realizable value is less than the carrying value. To date, no such impairment losses have been recorded. Depreciation is calculated based upon the following estimated useful lives of the assets: Laboratory and manufacturing equipment Five years Computers and software Three years Office furniture and equipment Seven years Leasehold improvements Shorter of the useful life of the asset or the remaining term of the lease Software development costs The Company develops and modifies software related to the operation of the instrument. Software development costs are expensed as incurred until the point the Company establishes technological feasibility. Based on the Company’s product development process, technological feasibility is established upon the completion of a working model. The Company does not incur material costs between the completion of the working model and the point at which the product is ready for release. Therefore, software development costs are charged to the statement of operations as incurred as research and development expense. Fair value of financial instruments ASC Topic 820, Fair Value Measurement 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. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amount reflected on the balance sheets for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximated their fair values, due to the short-term nature of these instruments. The carrying value of the long-term debt approximates its fair value as the debt arrangement is based on interest rates the Company believes it could obtain for borrowings with similar terms. The Company has an investment in the preferred stock of a privately held company which is recorded within other non-current assets on a cost basis. This cost method investment’s fair value has not been estimated as there are no identified events or changes in circumstances that would indicate a significant adverse effect on the fair value of the investment and to do so would be impractical. Fair value measurements as of December 31, 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 $ 162,048 $ 162,048 $ — $ — $ 162,048 $ 162,048 $ — $ — 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 $ — $ — $ 102,749 $ 102,749 $ — $ — Warranties The Company provides a one-year warranty and maintenance service related to its instruments and sells extended warranty contracts for additional periods. The Company defers revenue associated with these services and recognizes them on a pro-rata basis over the period of service. 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 ASC 740 Income Taxes Credit, product and supplier concentrations and off-balance-sheet risk The Company has no significant off-balance-sheet risk, such as foreign exchange contracts, option contracts, or other hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash and cash equivalents and a cost method investment. The Company places its cash and cash equivalents principally in depository accounts with a bank. The Company is also subject to supply chain risks related to the outsourcing of the manufacturing of its instruments. Although there are a limited number of manufacturers for instruments of this type, the Company believes that other suppliers could provide similar products on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect operating results. In addition to outsourcing the manufacturing of its instruments, the Company also purchases antibodies through a number of different suppliers. Although a disruption in service from any one of its antibody suppliers is possible, the Company believes that it would be able to find an adequate supply from alternative suppliers. Customers outside the United States represented 29% and 50% of the Company’s gross trade accounts receivable balance as of December 31, 2020 and 2019, respectively. As of December 31, 2020, one customer represented 19% of the Company’s aggregate accounts receivable. As of December 31, 2019, and 2018, no single customer represented 10% of the Company’s aggregate accounts receivable. During the year ended December 31, 2020 one customer represented 13% of the Company’s total revenue. For the years ended December 31, 2019 and 2018, no single customer represented 10% of the Company’s total revenue. Stock-based compensation The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation—Stock Compensation Prior to the adoption of Accounting Standards Update (ASU) No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Effective January 1, 2017, the Company ceased utilizing an estimated forfeiture rate and began recognizing forfeitures as they occur. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The grant date fair value of the stock-based awards is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The fair value of stock options granted to employees and non-employees is estimated on the grant date using the Black-Scholes option-pricing model, based on the assumptions noted in the following table: Year Ended December 31, 2020 2019 2018 Risk-free interest rate 0.4% - 1.7% 1.4% - 2.6% 2.6% - 3.0% Expected dividend yield None None None Expected term (in years) 6 6.0 5.9 Expected volatility 43.9% - 49.2% 33.5% - 39.7% 32.4% - 36.8% Using the Black-Scholes option-pricing model, the weighted-average grant date fair value of options granted for the years ended December 31, 2020, 2019, and 2018 was $12.66, $9.09, and $7.19 per share, respectively. Expected volatility was calculated based a proportional weighting of reported volatility data for a representative group of guideline publicly traded companies for which historical information was available, as well as the Company’s sto |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory | |
Inventory | 3. Inventory Inventory consists of the following (in thousands): December 31, 2020 2019 Raw materials $ 5,265 $ 4,717 Work in process 3,306 2,573 Finished goods 6,285 3,173 Total $ 14,856 $ 10,463 Inventory comprises commercial instruments, assays, and the materials required to manufacture assays. |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property and equipment | |
Property and equipment | 4. Property and equipment Property and equipment consists of the following (in thousands): As of December 31, 2020 2019 Laboratory and manufacturing equipment $ 8,523 $ 5,391 Office furniture and equipment 1,556 1,403 Computers and software 1,504 1,103 Leasehold improvements 8,765 8,489 Total $ 20,348 $ 16,386 Less: accumulated depreciation (6,436) (4,339) Total $ 13,912 $ 12,047 The Company incurred depreciation expense of $2.2 million and $1.6 million for the years ended December 31, 2020 and 2019, respectively. The Company has instruments included in laboratory and manufacturing equipment, which are used internally by the Company. As of December 31, 2020, the laboratory and manufacturing equipment balance includes $3.4 million of cost and $1.8 million of accumulated depreciation related to these instruments. As of December 31, 2019, the laboratory and manufacturing equipment balance includes $2.8 million of cost and $1.2 million of accumulated depreciation related to these instruments. |
Other accrued expenses
Other accrued expenses | 12 Months Ended |
Dec. 31, 2020 | |
Other accrued expenses | |
Other accrued expenses | 5. Other accrued expenses Other accrued expenses consist of the following (in thousands): December 31, December 31, 2020 2019 Accrued inventory purchases $ 527 $ 459 Accrued royalties 1,845 476 Accrued professional services 797 655 Accrued development costs 323 151 Accrued other 1,353 757 Total accrued expenses $ 4,845 $ 2,498 Other non-current liabilities consist of the following (in thousands): December 31, December 31, 2020 2019 Leasehold obligation incentive $ — $ 7,572 Deferred rent — 3,009 Deferred tax liabilities 2,649 2,825 Other — 1 Total other non-current liabilities $ 2,649 $ 13,407 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income taxes | |
Income taxes | 6. Income taxes The following table presents the components of loss before income taxes (in thousands): Year Ended December 31, 2020 2019 2018 United States $ (29,896) $ (40,010) $ (31,436) Foreign (2,010) (973) (75) $ (31,906) $ (40,983) $ (31,511) The following table summarizes income tax benefit (provision) (in thousands): Year Ended December 31, 2020 2019 2018 Current: United States Federal $ — $ — $ — State (13) (20) (18) Foreign (102) (93) — Total current income tax provision (115) (113) (18) Deferred United States Federal (8) (3) (2) State (3) (1) (5) Foreign 502 304 — Total deferred income tax benefit (provision) 491 300 (7) Total income tax benefit (provision) $ 376 $ 187 $ (25) During the years ended December 31, 2020, 2019, and 2018, the Company recorded an income tax benefit (provision) of $0.4 million, $0.2 million, and $(0.0) million, respectively. A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: Year Ended December 31, 2020 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax rate differential 0.3 % — % — % State taxes, net of federal benefit 2.5 % 3.2 % 6.0 % Tax credits 1.6 % 2.3 % 2.7 % Share-based compensation 5.2 % 2.3 % 1.1 % Permanent items (0.4) % (0.9) % (1.2) % Deferred tax rate change 0.3 % (1.4) % — % Change in valuation allowance (29.7) % (24.6) % (29.9) % Other 0.4 % (1.4) % 0.2 % Effective income tax rate 1.2 % 0.5 % (0.1) % The effective tax rate of 1.2% differs from the U.S. Federal statutory rate of 21.0% primarily as a result of the valuation allowance maintained against the Company’s net deferred tax assets. During 2018, the Company acquired Aushon. The Company analyzed the transaction from an income tax perspective and adjusted the deferred tax assets and liabilities related to the Aushon acquisition. Of the total goodwill recorded, approximately $0.3 million is amortizable related to historical tax basis that Aushon had related to a prior acquisition. During 2019, the Company acquired Uman, a Swedish entity. The Company analyzed the transaction from an income tax perspective and found that there was no tax deductible goodwill or other identifiable intangible assets related to the transaction. Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 50,233 $ 43,814 Tax credits 5,101 5,518 Deferred revenue 2,167 1,247 Amortization 1,054 928 Stock-based compensation 1,956 973 Deferred rent — 727 Lease incentive obligation — 1,828 Lease liability 5,703 — Other deferred tax assets 2,533 1,325 Total deferred tax assets 68,747 56,360 Less: valuation allowances (63,609) (54,137) Net deferred tax assets 5,138 2,223 Deferred tax liabilities: Right-of-Use Assets (2,957) — Depreciation (1,775) (1,769) Amortization acquired intangibles (2,880) (3,031) Inventory (64) (212) Goodwill (49) (31) Other deferred tax liabilities (61) (5) Net deferred tax liabilities $ (2,648) $ (2,825) 2020 2019 Balance, beginning of year $ 54,137 $ 44,033 Change in valuation allowance 9,472 10,104 Balance, end of year $ 63,609 $ 54,137 The valuation allowance increased by $9.5 million during the year ended December 31, 2020, primarily as a result of the U.S. operating losses incurred, and research and development tax credit carryforwards generated during the year. In determining the need for a valuation allowance, the Company has given consideration to the cumulative book income and loss positions of each of its entities as well as its worldwide cumulative book loss position. The Company has assessed, on a jurisdictional basis, the available means of recovering deferred tax assets, including the ability to carryback net operating losses (NOLs), the existence of reversing taxable temporary differences, the availability of tax planning strategies, and forecasted future taxable income. At December 31, 2020, the Company maintains a full valuation allowance against its worldwide net deferred tax assets. As of December 31, 2020, the Company had U.S. federal NOLs of approximately $199.3 million. U.S. federal NOLs generated through December 31, 2017 of approximately $108.5 million expire at various dates through 2037, and U.S. federal NOLs generated in the tax years beginning after December 31, 2017 of approximately $90.8 million do not expire. As of December 31, 2020, the Company had $133.7 million of state NOLs, some of which are indefinite lived and some that expire at various dates through 2040. As of December 31 2020, the Company had U.S. federal tax credit carryforwards of approximately $4.5 million that expire at various dates through 2040. As of December 31, 2020, the Company had U.S. state tax credit carryforwards of approximately $0.8 million that expire at various dates through 2040. Under Sections 382 and 383 of the U.S. Internal Revenue Code, if a corporation undergoes an ownership change, the corporation’s ability to use its pre-change NOLs and other pre-change tax attributes, such as research tax credits, to offset its post-change income and taxes may be limited. In general, an ownership change generally occurs if there is a cumulative change in its ownership by 5% stockholders that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under U.S. state tax laws. Under the TCJA, the use of federal NOLs arising in taxable years beginning after December 31, 2017 is limited to 80% of current year taxable income and NOLs arising in taxable years ending after December 31, 2017 may not be carried back (though any such NOLs may be carried forward indefinitely). The Company may have experienced an ownership change in the past and may experience ownership changes in the future as a result of future transactions in its share capital, some of which may be outside of the control of the Company. As a result, if the Company earns net taxable income, its ability to use its pre-change NOLs, or other pre-change tax attributes, to offset U.S. federal and state taxable income and taxes may be subject to significant limitations. The Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was enacted in the United States on March 27, 2020. The CARES Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the United States economy and fund a nationwide effort to curtail the effect of COVID-19. While the CARES Act provides extensive tax changes in response to the COVID-19 pandemic, the provisions do not have a significant impact on the Company’s financial results. The Company accounts for uncertain tax positions using a more likely than not threshold for recognizing uncertain tax positions. The evaluation of uncertain tax positions is based on factors that include, but are not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates uncertain tax positions on an ongoing basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. The Company accounts for interest and penalties related to uncertain tax positions as a component of its benefit (provision) for income taxes. For the years ended December 31, 2020, 2019, and 2018, the Company had no tax reserves accrued for uncertain tax positions and there were no accrued interest or penalties in the consolidated statements of operations. The Company is subject to taxation in the United States as well as the Netherlands, Sweden, and China. At December 31, 2020, the Company is generally no longer subject to examination by taxing authorities in the United States for years prior to 2017. However, NOLs and credits in the United States may be subject to adjustments by taxing authorities in future years in which they are utilized. The Company’s foreign subsidiaries remain open to examination by taxing authorities from 2015 onward. As of December 31, 2020, the Company’s foreign subsidiaries had immaterial undistributed earnings and the tax payable on the earnings that are indefinitely reinvested would be immaterial. |
Common Stock, warrants, stock-b
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units | 12 Months Ended |
Dec. 31, 2020 | |
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units | 7. Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units Common stock reserved The Company reserved the following shares of common stock, on a common stock equivalent basis, for the exercise of warrants, the exercise of common stock options, and the vesting of restricted common stock. As of December 31, 2020 2019 Common stock warrants 10,000 10,000 Common stock options and unvested restricted common stock 3,012,432 2,916,991 Shares reserved for future awards under compensation plans 1,559,108 882,715 4,581,540 3,809,706 Warrants The following table summarizes the Company’s outstanding warrants as of December 31, 2020, and 2019: Weighted Issued and Average exercisable Exercise Price As of December 31, 2019 10,000 $ 21.00 Issued — — Exercised — — Cancelled — — As of December 31, 2020 10,000 $ 21.00 The Company has an agreement with a vendor (Note 9) where the Company could be obligated to issue warrants to purchase an additional 93,341 shares of common stock to the vendor if the contract is terminated prior to a minimum purchase commitment being met. No shares have been reserved related to these potential obligations to issue warrants in the future. On January 30, 2018, the Company issued a warrant to purchase 10,000 of common stock to a consultation company for services rendered. On July 2, 2019, 66,041 warrants were exercised by a holder on a net, non-cash, basis. Per terms of the warrant agreement, the Company issued 45,690 shares of common stock after giving effect to the holder’s net exercise. Stock-based compensation Share-based compensation expense for all stock awards consists of the following (in thousands): December 31, 2020 2019 2018 Cost of product revenue $ 189 $ 86 $ 55 Cost of service and other revenue 311 238 173 Research and development 1,129 718 513 Selling, general, and administrative 8,470 5,346 4,143 Total $ 10,099 $ 6,388 $ 4,884 In June 2007, the Company adopted the 2007 Stock Option and Grant Plan (the 2007 Plan), under which it could grant incentive stock options, non-qualified options, restricted stock, and stock grants. In connection with the completion of the IPO, the Company terminated the 2007 Plan. As of December 31, 2020, 926,615 shares were outstanding and no shares were available for future grant under 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. As of December 31, 2017, 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. As of December 31, 2020 and 2019, there were shares available for grant under the 2017 Plan of 710,839 and 270,143, respectively. In addition, 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. On January 1, 2021, the number of shares of common stock available for issuance under the 2017 plan was automatically increased by 1,273,501 shares. In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the 2017 ESPP). As December 31, 2019, the 2017 ESPP allowed for the issuance of up to 612,572 shares of common stock. As of December 31, 2020, 848,269 shares were available for grant under the 2017 ESPP. In addition, 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 318,375 shares on January 1, 2021 due to this provision. The 2017 ESPP provides for six-month option periods commencing on March 1 and ending August 31 and commencing September 1 and ending February 28 of each calendar year. The first offering under the 2017 ESPP began on September 1, 2018. Stock options Under the 2007 and 2017 Plans, 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 were 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 550,290 $ 28.39 Exercised (407,687) $ 9.85 Cancelled (155,620) $ 22.58 Outstanding at December 31, 2020 2,494,045 $ 17.73 7.27 $ 71,760 Vested and expected to vest at December 31, 2020 2,494,045 $ 17.73 7.27 $ 71,760 Exercisable at December 31, 2020 1,514,576 $ 12.54 6.42 $ 51,430 Using the Black-Scholes option pricing model, the weighted-average fair value of options granted to employees and directors during the years ended December 31, 2020, 2019, and 2018 was $12.64, $9.09, and $7.19 per share, respectively. The expense related to stock options granted to employees was $5.4 million, $3.7 million, and $2.7 million for the years ended December 31, 2020, 2019, and 2018, respectively. The intrinsic value of stock options exercised was $10.4 million, $6.9 million, and $5.3 million, for the years ended December 31, 2020, 2019, and 2018, respectively. On December 7, 2020, the Company entered into an agreement with a non-employee director related to the extension of the exercise period, resulting in $0.5 million of stock-based compensation expense recorded in selling, general and administrative expense during the year ended December 31, 2020. At December 31, 2020, there was $9.3 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over the remaining weighted-average vesting period of 7.3 years. Restricted stock awards In December 2014, the Company issued 78,912 shares of restricted common stock to a director of the Company under the 2007 Plan. Under the terms of the agreement, shares of common stock issued are subject to a four year vesting schedule. 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 stock awards were granted during the years ended December 31, 2020, 2019, or 2018. As of December 31, 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. The expense related to restricted stock awards granted to employees and non-employees was $0.0 million, $0.0 million, and $0.4 million for the years ended December 31, 2020, 2019, and 2018, respectively. At December 31, 2020, there was no unrecognized compensation cost related to unvested restricted stock. The aggregate fair value of restricted stock awards that vested during the years ended December 31, 2020, 2019, and 2018, based on estimated fair values of the stock underlying the restricted stock awards on the day of vesting, was $0.0 million, $0.0 million and $2.4 million, respectively. Restricted stock units Restricted stock units (RSUs) represent the right to receive shares of common stock upon meeting specified vesting requirements. In the fiscal year ended December 31, 2020, the Company issued 334,665 RSUs to employees of the Company under the 2017 Plan. Under the terms of the agreements, 268,694 of the RSUs issued are 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 , 15,890 of the RSUs vested on December 31, 2020, 40,045 of the RSUs vest equally over three years on the anniversary of the vesting start date, 8,576 vested immediately upon grant, and 1,460 RSUs vest on May 31, 2021. 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 334,665 $ 31.99 Vested (182,036) $ 20.13 Cancelled (44,171) $ 26.79 Unvested RSUs as of December 31, 2020 478,581 $ 28.08 The expense related to RSU awards granted to employees and non-employee directors was $4.2 million for the fiscal year ended December 31, 2020. At December 31, 2020, there was $12.0 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 years. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Leases | 8. 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 $22.7 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 year ended December 31, 2020: Operating leases (in thousands) For the year ended December 31, 2020 Lease Costs (1) Operating lease costs $ 2,663 Total lease cost $ 2,663 Other information Operating cash flows used for operating leases $ 2,108 Weighted average remaining lease term (years) 9.8 Weighted average discount rate 9.73% (1) Short-term lease costs and variable lease costs incurred by the Company for the year ended December 31, 2020 were considered immaterial. Rent expense is calculated on a straight-line basis over the term of the lease. Rent expense recognized under all leases was $4.8 million, $3.3 million, and $1.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. Note that the Company adopted ASC 842 effective January 1, 2020 using the required modified retrospective approach and utilizing the effective date as its date of initial application. Therefore, amounts disclosed pertaining to the years ended December 31, 2019 and 2018 are presented under previous accounting guidance and are therefore not comparable to the amounts recorded in the current period under ASC 842. As of December 31, 2020, future minimum commitments under ASC 842 under the Company’s operating leases were as follows: Maturity of lease liabilities (in thousands) As of December 31, 2020 2021 $ 3,388 2022 3,466 2023 3,515 2024 3,577 2025 and thereafter 22,203 Total lease payments $ 36,149 Less: imputed interest 13,024 Total operating lease liabilities $ 23,125 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and contingencies | |
Commitments and contingencies | 9. Commitments and contingencies License agreements 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 Tuft’s equity ownership in the Company and because a board member of the Company’s Board of Directors was affiliated with Tufts. The License Agreement, which was subsequently amended, is exclusive and sub licensable, and will continue in effect on a country by country basis as long as there is a valid claim of a licensed patent in a country. The Company is 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 years ended December 31, 2020, 2019, and 2018, the Company recorded royalty expense of $1.1 million, $1.0 million and $0.7 million, respectively, in cost of product revenue on the consolidated statements of operations. During the year ended December 31, 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 (Abbott) (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-sublicenseable third party’s 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. The Company must pay the greater of calculated royalties on net sales or an annual minimum royalty of $50 thousand. 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 year ended December 31, 2020. During the 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 Biomedical 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 services were completed during the year ended December 31, 2018. Substantive efforts related to these additional development activities started in the first quarter of 2019 and were completed in the third quarter of 2019. The Company’s supply agreement with STRATEC Biomedical required 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 December 31, 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 December 31, 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 | 12 Months Ended |
Dec. 31, 2020 | |
Notes payable | |
Notes payable | 10. Notes payable Loan agreement On April 14, 2014, the Company executed a Loan Agreement with a lender, as subsequently amended, most recently in April 2019. As of December 31, 2020 and 2019, there were no additional amounts available to borrow under the debt facility. The interest rate on this term loan is variable based on a calculation of the prime rate less 5.25% with a minimum interest rate of 8%. 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 $0.08 million. Additionally, the Term Loan Maturity Date 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 $1.0 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 December 31, 2020, debt payment obligations due based on principal payments are as follows (in thousands): 2021 $ 7,688 Total $ 7,688 Non-cash interest expense related to debt discount amortization and accretion of end of term fees was $0.1 million, $0.1 million, and $0.2 million for the year ended December 31, 2020, 2019, and 2018, respectively. The Company assessed all terms and features of the Loan Agreement and the subsequent amendments in order to identify any potential embedded features that would require bifurcation. As part of this analysis, the Company assessed the economic characteristics and risks of the debt. The Company determined that all features of the Loan Agreement and the subsequent amendments are either clearly and closely associated with a debt host or have a de minimis fair value and, as such, do not require separate accounting as a derivative liability. The Company assessed each amendment under ASC 470-50 Debt – Modifications and Extinguishments The Loan Agreement and the subsequent amendments contain negative covenants restricting the Company’s activities, including limitations on dispositions, mergers or acquisitions, incurring indebtedness or liens, paying dividends or making investments and certain other business transactions. There are no financial covenants associated with the Loan Agreement and the subsequent amendments. The obligations under the Loan Agreement and subsequent amendments are subject to acceleration upon the occurrence of specified events of default, including a material adverse change in the Company’s business, operations or financial or other condition. The Company has determined that the risk of subjective acceleration under the material adverse events clause is not probable and therefore has classified the outstanding principal in current and long-term liabilities based on scheduled principal payments. |
At-the-market offering
At-the-market offering | 12 Months Ended |
Dec. 31, 2020 | |
At-the-market offering | |
At-the-market offering | 11. “At-the-market offering” On March 19, 2019, the Company entered into the Sales Agreement with Cowen with respect to an “at-the-market” offering program under which the Company could offer and sell, from time to time at its sole discretion, shares of its common stock, 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
Underwritten public offerings | 12 Months Ended |
Dec. 31, 2020 | |
Underwritten public offerings | |
Underwritten public offerings | 12. 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 Leerink 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. |
Collaboration and license arran
Collaboration and license arrangements | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2020 and 2019 associated with these licenses. During the year ended December 31, 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 December 31, 2020 and 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. 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 year ended December 31, 2020, the Company recognized $10.0 million within collaboration and license revenue related to the initial license fee under the Abbott License Agreement. |
Employee benefit plans
Employee benefit plans | 12 Months Ended |
Dec. 31, 2020 | |
Employee benefit plans | |
Employee benefit plans | 14. Employee benefit plans The Company sponsors a 401(k) savings plan for employees. The Company may make discretionary contributions for each 401(k) plan year. During the years ended December 31, 2020, 2019, and 2018, the Company made contributions of $0.7 million, $0.5 million, and $0.1 million, respectively. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business combinations | |
Business combinations | 15. Business combinations Aushon BioSystems,Inc. On January 30, 2018, the Company completed the acquisition of Aushon pursuant to an Agreement and Plan of Merger dated January 30, 2018. The Company acquired Aushon to complement its existing product line, improve its existing research and development capabilities in assay development and software engineering, and expand its customer base. The acquisition of Aushon was accounted for as a business combination and the Company has recorded the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The following table presents acquisition accounting as of January 30, 2018 (in thousands): Fair value of consideration transferred: Cash $ 3,200 Obligation to issue cash 800 Total acquisition consideration $ 4,000 Fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 199 Accounts receivable 210 Inventory 828 Prepaid expenses 71 Property and equipment and other non-current assets 180 Intangible Assets 2,950 Goodwill 1,308 Total assets acquired 5,746 Contractual obligations (1,155) Accounts payable and accrued liabilities (591) Net assets acquired $ 4,000 The intangible assets identified in the purchase price allocation discussed above include developed technology, tradenames and customer relationships. Tradenames are amortized over the useful life on a straight-line basis, while developed technology and customer relationships are amortized over their respective useful lives on an accelerated basis reflecting the period of expected derived benefits of the underlying assets. Developed technology consists of products that have reached technological feasibility and trade names represent acquired company and product names. To value the developed technology and trade name assets, the Company utilized a relief from royalty method. Under the methodology, fair value is calculated as the discounted cash flow savings accruing to the owner for not having to pay the royalty. Key assumptions included expected revenue attributable to the assets, royalty rates, discount rate and estimated asset lives. Customer relationships represent the underlying relationships with certain customers to provide ongoing services and continued product sale opportunities. The Company utilized excess earnings methodology to derive the fair value of the customer relationships. Key assumptions included expected attrition of customer's rates, operating income margins and discount rate. The Company used a risk-adjusted discount rate of 14.4% in determining the fair value of the intangible assets. The goodwill recorded as a result of the acquisition of Aushon represents the strategic benefits of growing the Company's product portfolio and the expected revenue growth from increased market penetration from future products and customers. None of the goodwill recorded is tax deductible for income tax purposes. The Company incurred a total of $0.1 million in transaction costs in connection with the transaction, which were included in selling, general and administrative expense within the consolidated statement of operations for the year ended December 31, 2018. 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 of Uman 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, 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 acquisition accounting, 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 were $1.5 million and $0.1 million, respectively for the year ended December 31, 2020 and is included in the Company’s consolidated statement of operations. Revenue and net income related to Uman’s operations were $1.1 million and less than $0.1 million, respectively, for the six months following the July 1, 2019 acquisition date, and is included in the Company’s consolidated statements of operations for the year ended December 31, 2019. The following unaudited pro forma information presents the condensed consolidated results of operations of the Company and Uman for the years ended December 31, 2020, 2019, and 2018 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): Year Ended December 31, Year Ended December 31, 2019 2018 Revenue (unaudited) $ 57,597 $ 38,753 Pre-tax loss (unaudited) $ (38,636) $ (33,894) During the year ended December 31, 2020, the Company incurred no costs associated with the acquisition of Uman. During the year ended December 31, 2019, the Company incurred $1.9 million in costs associated with the acquisition of Uman. Costs associated with the acquisition of Uman are recorded as selling, general, and administrative expenses within the consolidated statements of operations. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets | |
Goodwill and Intangible Assets | 16. Goodwill and intangible assets As of December 31, 2020 the carrying amount of goodwill was $10.5 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 1,107 Balance as of December 31, 2020 $ 10,460 Acquired intangible assets consist of the following (dollars in thousands): December 31, 2020 Gross Cumulative Net Weighted Estimated Useful Carrying Accumulated Translation Carrying Average Life (in years) Value Amortization Adjustment Value Life R emaining (in years) Know-how 8.5 $ 13,000 $ (2,296) $ 1,374 $ 12,078 6.99 Developed technology 7 1,650 (1,036) — 614 4.09 Customer relationships 8.5 - 10 1,360 (618) 12 754 7.08 Non-compete agreements 5.5 340 (102) 31 269 3.99 Trade names 3 50 (49) — 1 0.08 Total $ 16,400 $ (4,101) $ 1,417 $ 13,716 December 31, 2019 Gross Cumulative Net Weighted Estimated Useful Carrying Accumulated Translation Carrying Average Life (in years) Value Amortization Adjustment Value Life R emaining (in years) 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 period, and the non-compete agreement intangible asset is being amortized on a straight-line basis over a 5.5 year amortization period. In total, the weighted-average amortization period for these intangible assets is 8.4 years. Know-how consists of the processes and procedures to produce Uman’s products. Customer relationships represent the underlying relationships with certain customers to provide continued product sale opportunities. The Company utilized excess earnings methodology to derive the fair value of the customer relationships. The Company recorded amortization expense of $2.1 million, $1.4 million, and $0.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. Amortization of 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 goods sold. Future estimated amortization expense of acquired intangible assets as of December 31, 2020 is as follows (amounts in thousands): For the Years Ended December 31, Estimated Amortization Expense 2021 $ 2,013 2022 1,930 2023 1,848 2024 1,733 Thereafter 6,192 $ 13,716 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions | |
Related party transactions | 17. Related party transactions As described in Note 9, in June 2007, the Company entered into a license agreement for certain intellectual property with Tufts. Tufts is a related party to the Company due to Tufts’ equity ownership in the Company and because a board member of the Company’s Board of Directors was affiliated with Tufts. During the years ended December 31, 2020, 2019, and 2018 the Company recorded royalty expense of $1.1 million, $1.0 million, and $0.7 million, respectively, in cost of product revenue on the consolidated statements of operations. During the year ended December 31, 2020, the Company also incurred $1.0 million in cost of collaboration and license revenue owed to Tufts related to sublicensing certain technology and intellectual property to Abbott. 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 $0.1 million, $0.1 million, and less than $0.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. On November 28, 2018, the Company entered into a sponsor agreement with Powering Precision Health (PPH), a 501(c)6 not-for-profit entity of which an executive of the Company is a board member, through December 31, 2018. The agreement committed a maximum of $120,000 in funds and services to be provided to PPH for the term of the agreement. On November 14, 2019, the Company entered into the first amendment to the PPH sponsorship agreement. The agreement amended the $120,000 annual committed maximum amount to $200,000 for the annual committed amount. The agreement is terminable by either party and does not bind the Company to beyond the term of the agreement. For the year ended December 31, 2020, the company did not make any contributions. For the years ended December 31, 2019, and 2018, the Company had total contributions $0.1 million, and less than $0.1 million, respectively. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Restricted Cash | |
Restricted Cash | 18. Restricted cash The Company’s restricted cash consists of cash that the Company is contractually obligated to maintain in accordance the terms of the Letter of Credit in the lease agreement. The $1.0 million Letter of Credit drawable by the lessor under specifically outlined conditions within the lease, which are primarily related to rent payments. The amount of the Letter of Credit will be reduced at 41 and 65 months after the commencement date of the lease to $750,000 and then $250,000, respectively. The Company had $1.0 million of restricted cash as of December 31, 2020 and 2019, respectively. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Data (Unaudited) | |
Quarterly Data (Unaudited) | 19. Quarterly data (unaudited) (Amounts in thousands, except share and per share data) 2020 Q1 Q2 Q3 Q4 Total Year Product revenue $ 9,833 $ 6,790 $ 11,662 $ 15,732 $ 44,017 Service and other revenue 5,762 6,317 6,552 5,498 24,129 Collaboration and license revenue 132 23 11,246 408 11,809 Grant revenue — — 1,929 4,493 6,422 Total revenue 15,727 13,130 31,389 26,131 86,377 Costs of goods sold: Cost of product revenue 6,186 5,416 6,387 7,961 25,950 Cost of services and other revenue 2,728 2,501 2,896 3,120 11,245 Cost of collaboration and license revenue — — 1,000 — 1,000 Total costs of goods sold and services 8,914 7,917 10,283 11,081 38,195 Gross profit 6,813 5,213 21,106 15,050 48,182 Operating expenses: Research and development 4,268 4,312 5,377 6,217 20,174 Selling, general and administrative 14,273 13,102 13,451 18,766 59,592 Total operating expenses 18,541 17,414 18,828 24,983 79,766 Income (loss) from operations (11,728) (12,201) 2,278 (9,933) (31,584) Interest income (expense), net 161 (108) (160) (166) (273) Other income (expense), net (167) (11) (26) 155 (49) Income (loss) before income taxes (11,734) (12,320) 2,092 (9,944) (31,906) Income tax benefit 124 18 111 123 376 Net income (loss) $ (11,610) $ (12,302) $ 2,203 $ (9,821) $ (31,530) Net income (loss) per share, basic $ (0.41) $ (0.43) $ 0.07 $ (0.31) $ (1.07) Weighted-average common shares outstanding, basic 28,179,132 28,312,925 30,139,157 31,696,002 29,589,132 Net income (loss) per share, diluted $ (0.41) $ (0.43) $ 0.07 $ (0.31) $ (1.07) Weighted-average common shares outstanding, diluted 28,179,132 28,312,925 31,386,439 31,696,002 29,589,132 2019 Q1 Q2 Q3 Q4 Total Year Product revenue $ 9,547 $ 8,776 $ 10,737 $ 11,431 $ 40,491 Service and other revenue 2,790 4,760 4,207 4,302 16,059 Collaboration and license revenue — — — 184 184 Total revenue 12,337 13,536 14,944 15,917 56,734 Costs of goods sold: Cost of product revenue 4,248 4,455 5,513 6,684 20,900 Cost of services and other revenue 2,082 2,150 2,398 2,368 8,998 Total costs of goods sold and services 6,330 6,605 7,911 9,052 29,898 Gross profit 6,007 6,931 7,033 6,865 26,836 Operating expenses: Research and development 3,852 4,016 3,924 4,398 16,190 Selling, general and administrative 11,512 13,429 13,352 13,953 52,246 Total operating expenses 15,364 17,445 17,276 18,351 68,436 Loss from operations (9,357) (10,514) (10,243) (11,486) (41,600) Interest income, net 21 42 282 282 627 Other income (expense), net (47) (68) (34) 139 (10) Loss before income taxes (9,383) (10,540) (9,995) (11,065) (40,983) Income tax benefit (provision) (22) (23) 125 107 187 Net loss $ (9,405) $ (10,563) $ (9,870) $ (10,958) $ (40,796) Net loss per share, basic and diluted $ (0.42) $ (0.46) $ (0.37) $ (0.39) $ (1.63) Weighted-average common shares outstanding, basic and diluted 22,422,960 23,213,653 26,627,831 28,021,957 25,090,708 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent events | |
Subsequent events | 20. Subsequent events On February 3, 2021, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC, Leerink and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 4,107,142 shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $287.5 million. The Company incurred $17.9 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $269.6 million. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies | |
Principles of consolidation | Principles of consolidation The 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 assets acquired and liabilities assumed in acquisitions, valuation allowances recorded against deferred tax assets, and valuation of inventory. Actual results could differ from those estimates. |
Income taxes | |
Revenue recognition | 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 Accounting Standards Codification (ASC) Topic 606 Revenue from Contracts with Customers Revenue Recognition 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 has recognized revenues from sales- or usage based royalties related to the Company’s licensing technology and intellectual property. 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- or usage-based royalty will be recognized in the period the underlying transaction occurs. The Company has recorded sales- or usage-based royalty revenue for the years ended December 31, 2020 and 2019 related to the intellectual property licensed by Uman. The Company recognizes revenues from sales- or usage based royalty revenue at the later of when the sales or usage occurs; and the satisfaction or partial satisfaction of the performance obligation to which the royalty has been allocated. Payment terms The Company’s payment terms vary by the type and location of customer and the products or services offered. Payment from customers is generally required in a term ranging from 30 to 45 days from date of shipment or satisfaction of the performance obligation with no discounts for early payment. Occasionally the Company provides extended payment terms or financing arrangements to customers. 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: Year Ended December 31, 2020 (in thousands) NA EMEA Asia Pacific Total Product revenues Instruments $ 8,680 $ 4,332 $ 3,594 $ 16,606 Consumable and other products 14,305 10,854 2,252 27,411 Totals $ 22,985 $ 15,186 $ 5,846 $ 44,017 Service and other revenues Service-type warranties $ 3,171 $ 1,543 $ 207 $ 4,921 Research services 15,011 2,225 737 17,973 Other services 700 435 100 1,235 Totals $ 18,882 $ 4,203 $ 1,044 $ 24,129 Collaboration and license revenue Collaboration and license revenue $ 11,685 $ 124 $ — $ 11,809 Totals $ 11,685 $ 124 $ — $ 11,809 Year Ended December 31, 2019 (in thousands) NA EMEA Asia Pacific Total Product revenues Instruments $ 6,250 $ 5,243 $ 3,393 $ 14,886 Consumable and other products 14,148 9,674 1,783 25,605 Totals $ 20,398 $ 14,917 $ 5,176 $ 40,491 Service and other revenues Service-type warranties $ 3,139 $ 1,323 $ 171 $ 4,633 Research services 8,845 704 456 10,005 Other services 825 565 31 1,421 Totals $ 12,809 $ 2,592 $ 658 $ 16,059 Collaboration and license revenue Collaboration and license revenue $ 167 $ 17 $ — $ 184 Totals $ 167 $ 17 $ — $ 184 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. The aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied or are partially satisfied as of December 31, 2020 is $6.0 million. Of the performance obligations not yet satisfied or are partially satisfied, $5.4 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): Year Ended December 31, 2020 Balance at December 31, 2019 $ 5,163 Deferral of revenue 6,955 Recognition of deferred revenue (6,120) Balance at December 31, 2020 $ 5,998 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 changes in the balance of costs to obtain a contract are as follows (in thousands): Year Ended December 31, 2020 Balance at December 31, 2019 $ 335 Deferral of costs to obtain a contract 506 Recognition of costs to obtain a contract (593) Balance at December 31, 2020 $ 248 The Company has classified the balance of capitalized costs to obtain a contract as a component of prepaid expenses and other current assets as of December 31, 2020 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 for the years ended December 31, 2020 and 2019. 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 recognizes grant revenue as it performs services under the 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. Accounting for grants does not fall under ASC 606, as the grantor will not benefit directly from the Company’s expansion or product development. As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company has accounted for grants by analogy to International Accounting Standards (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance Grants to the Company contain both monetary amounts granted related to assets and monetary amounts granted related to income, which are grants other than those related to assets. The grants related to assets are for the expansion and increase of manufacturing capacity. The grants related to income are for additional research and development, as well as other non-asset related scale up costs. Under IAS 20, grants related to assets shall be presented in the consolidated balance sheets either by recognizing the grant as deferred income (which is recognized in the consolidated statements of operations on a systematic basis over the useful life of the asset), or by deducting the grant in calculating the carrying amount of the asset (which is recognized in the consolidated statements of operations over the life of the depreciable asset as a reduced depreciation expense). Both methods are acceptable under IAS 20. The Company has elected to record grants related to assets as a deduction in calculating the carrying value of the asset. Under IAS 20, grants related to income are presented as part of the consolidated statements of operations, either separately or under a general heading. Both methods are acceptable under IAS 20. The Company has elected to record grants related to income separately on the consolidated statements of operations as grant revenue. The related expenses are recorded within operating expenses and not deducted. On June 22, 2020, the Company entered into a workplan 1 award (WP1) with the National Institute of Health (NIH), under the Rapid Acceleration of Diagnostics (RADx) program to assess the feasibility of a novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. During the year ended December 31, 2020, the Company recognized $2.0 million of grant revenue and incurred $1.0 million in research and development expense related to WP1. WP1 is complete as of December 31, 2020. On September 29, 2020, the Company entered into a workplan 2 award (WP2) with the NIH under its RADx program. WP2, which has a total award value of $18.2 million, accelerates 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. Release of the $18.2 million of funding under WP2 is based on the achievement of certain milestones, and there is no assurance that the Company can meet all the milestones on a timely basis, if at all. If the Company does not meet all of the milestones, it will not be able access the full $18.2 million in funding under the contract. During the year ended December 31, 2020 the Company recognized $4.4 million in grant revenue and incurred $2.6 million in research and development expense related to WP2. Total grant revenue from research and development activities $ 4,362 Total proceeds used for assets 826 Total deferred proceeds for assets 2,478 Total deferred grant revenue 304 Total recognized $ 7,970 Total recognized $ 7,970 Total amount accrued (2,968) Total cash received $ 5,002 Total proceeds received $ 5,002 Total proceeds reasonably assured 13,198 Total WP2 grant amount $ 18,200 |
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 recognized, 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 acquired tangible and intangible assets, net of liabilities recognized, 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. 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. |
Cost of revenue | Cost of revenue Cost of product revenue consists of raw materials, parts costs and associated freight, shipping and handling costs, contract manufacturer costs, personnel costs, yield loss, in-license payments and royalties, stock-based compensation, other direct costs and overhead. Cost of service and other revenue consists of personnel, facility costs associated with operating the Accelerator Labs on behalf of the customers, costs related to instrument maintenance and servicing equipment at customer sites, other direct and overhead. Cost of license revenue consists of license fees that are the direct results of cash payments received related to license agreements. |
Research and development expenses | Research and development expenses Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Expenses incurred related to grant funded activities are recorded in research and development expense. |
Selling, general, and administrative expense | Selling, general, and administrative expenses Selling, general, and administrative expenses are primarily composed of compensation and benefits associated with sales and marketing, finance, human resources, and other administrative personnel, outside marketing, advertising, allocated facilities costs, legal expenses, and other general and administrative costs. |
Net loss per share | Net loss per share Basic net loss per common share attributable to common stockholders is calculated by dividing the loss attributable to common stockholders by the weighted-average number of common shares. For purposes of the diluted net loss per share calculations, unvested restricted common stock, common stock options, and warrants are considered to be potentially dilutive securities, but are excluded from the 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 all periods presented. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): Year Ended December 31, 2020 2019 2018 Unvested restricted common stock and restricted stock units 518,387 409,929 361,468 Outstanding stock options 2,494,045 2,507,062 2,476,911 Outstanding common stock warrants 10,000 10,000 76,041 Total 3,022,432 2,926,991 2,914,420 As of December 31, 2020, 2019, and 2018 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. |
Cash and Cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash deposits and short-term, highly liquid investments that are readily convertible into cash, with original maturities of three months or less. Cash equivalents are carried at fair value based on quoted prices for identical assets. Cash and cash equivalents consist of the following (in thousands): As of December 31, 2020 2019 Cash $ 19,535 $ 6,406 Money market funds invested in U.S. Treasury obligations 162,049 102,749 Total cash and cash equivalents $ 181,584 $ 109,155 |
Restricted cash and deposits | Restricted cash and deposits Restricted cash represents collateral for a letter of credit issued as security for the lease for the Company’s new headquarters. The restricted cash is long term in nature as the Company will not have access to the funds until more than one year from December 31, 2020. As of both December 31, 2020 and 2019, the Company had $1.1 million in restricted cash and deposits related to amounts held for a line of credit, amounts held as a security deposit for the Company’s facility lease obligation, and a business registration application. As of both December 31, 2020 and 2019, $1.0 million of the $1.1 million was recorded on a separate line item as restricted cash. The remaining $0.1 million was included in noncurrent assets as of both December 31, 2020 and 2019. |
Accounts Receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts The Company provides credit, in the normal course of business, to customers and does not require collateral. Accounts receivable consist of amounts due to the Company for sales to customers and are recorded net of an allowance for doubtful accounts. The Company reviews accounts receivable on a regular basis to determine if any receivable will potentially be uncollectable and to estimate the amount of allowance for doubtful accounts necessary. Once a receivable is deemed uncollectible, such balance is written off and charged against the allowance for doubtful accounts. The Company has not incurred material write offs in any of the periods presented. The Company’s allowance for doubtful accounts activity for the years ended December 31, 2020, 2019, and 2018 was as follows (in thousands): December 31, 2017 $ — Additions 36 Deductions — December 31, 2018 $ 36 Additions 160 Deductions (34) December 31, 2019 $ 162 Additions 493 Deductions (285) December 31, 2020 $ 370 |
Inventory | Inventory Inventory is stated at the lower of cost or market on a first-in, first-out (FIFO) basis. The Company analyzes its inventory levels on each reporting date and writes down inventory that is expected to expire prior to being sold and inventory in excess of expected sales requirements. In the event that the Company identifies these conditions exist in its inventory, the carrying value is reduced to its estimated net realizable value. |
Property and equipment | Property and equipment Property and equipment, including leasehold improvements, are stated at cost and are depreciated, or amortized in the case of leasehold improvements, over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to property and equipment. The Company reviews its property and equipment whenever events or changes in circumstances indicate that the carrying value of certain assets might not be recoverable and recognizes an impairment loss when it is probable that an asset’s realizable value is less than the carrying value. To date, no such impairment losses have been recorded. Depreciation is calculated based upon the following estimated useful lives of the assets: Laboratory and manufacturing equipment Five years Computers and software Three years Office furniture and equipment Seven years Leasehold improvements Shorter of the useful life of the asset or the remaining term of the lease |
Software development costs | Software development costs The Company develops and modifies software related to the operation of the instrument. Software development costs are expensed as incurred until the point the Company establishes technological feasibility. Based on the Company’s product development process, technological feasibility is established upon the completion of a working model. The Company does not incur material costs between the completion of the working model and the point at which the product is ready for release. Therefore, software development costs are charged to the statement of operations as incurred as research and development expense. |
Fair value of financial instruments | Fair value of financial instruments ASC Topic 820, Fair Value Measurement 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. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amount reflected on the balance sheets for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximated their fair values, due to the short-term nature of these instruments. The carrying value of the long-term debt approximates its fair value as the debt arrangement is based on interest rates the Company believes it could obtain for borrowings with similar terms. The Company has an investment in the preferred stock of a privately held company which is recorded within other non-current assets on a cost basis. This cost method investment’s fair value has not been estimated as there are no identified events or changes in circumstances that would indicate a significant adverse effect on the fair value of the investment and to do so would be impractical. Fair value measurements as of December 31, 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 $ 162,048 $ 162,048 $ — $ — $ 162,048 $ 162,048 $ — $ — 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 $ — $ — $ 102,749 $ 102,749 $ — $ — |
Warranties | Warranties The Company provides a one-year warranty and maintenance service related to its instruments and sells extended warranty contracts for additional periods. The Company defers revenue associated with these services and recognizes them on a pro-rata basis over the period of service. |
Credit, product and supplier concentrations and off-balance-sheet risk | Credit, product and supplier concentrations and off-balance-sheet risk The Company has no significant off-balance-sheet risk, such as foreign exchange contracts, option contracts, or other hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash and cash equivalents and a cost method investment. The Company places its cash and cash equivalents principally in depository accounts with a bank. The Company is also subject to supply chain risks related to the outsourcing of the manufacturing of its instruments. Although there are a limited number of manufacturers for instruments of this type, the Company believes that other suppliers could provide similar products on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect operating results. In addition to outsourcing the manufacturing of its instruments, the Company also purchases antibodies through a number of different suppliers. Although a disruption in service from any one of its antibody suppliers is possible, the Company believes that it would be able to find an adequate supply from alternative suppliers. Customers outside the United States represented 29% and 50% of the Company’s gross trade accounts receivable balance as of December 31, 2020 and 2019, respectively. As of December 31, 2020, one customer represented 19% of the Company’s aggregate accounts receivable. As of December 31, 2019, and 2018, no single customer represented 10% of the Company’s aggregate accounts receivable. During the year ended December 31, 2020 one customer represented 13% of the Company’s total revenue. For the years ended December 31, 2019 and 2018, no single customer represented 10% of the Company’s total revenue. |
Stock-based compensation | The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation—Stock Compensation Prior to the adoption of Accounting Standards Update (ASU) No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Effective January 1, 2017, the Company ceased utilizing an estimated forfeiture rate and began recognizing forfeitures as they occur. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The grant date fair value of the stock-based awards is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. The fair value of stock options granted to employees and non-employees is estimated on the grant date using the Black-Scholes option-pricing model, based on the assumptions noted in the following table: Year Ended December 31, 2020 2019 2018 Risk-free interest rate 0.4% - 1.7% 1.4% - 2.6% 2.6% - 3.0% Expected dividend yield None None None Expected term (in years) 6 6.0 5.9 Expected volatility 43.9% - 49.2% 33.5% - 39.7% 32.4% - 36.8% Using the Black-Scholes option-pricing model, the weighted-average grant date fair value of options granted for the years ended December 31, 2020, 2019, and 2018 was $12.66, $9.09, and $7.19 per share, respectively. Expected volatility was calculated based a proportional weighting of reported volatility data for a representative group of guideline publicly traded companies for which historical information was available, as well as the Company’s stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, commensurate with the expected life assumption. The Company estimates the expected life of options granted to employees utilizing the simplified method which calculates the expected life of an option as the average of the time to vesting and contractual life of the options. The expected life is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. The Company uses the simplified method due to the lack of historical exercise data and the plain nature of the stock options. The Company uses the remaining contractual term for the expected life of non-employee awards. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on common stock. |
Recent accounting pronouncements | Recent accounting pronouncements The Company is considered to be an “emerging growth company” 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 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 emerging growth company. Recently Adopted On January 1, 2020, the Company adopted ASC Topic 842, Leases 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 (ROU) 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). On January 1, 2020, the Company adopted ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” On January 1, 2020 the Company adopted ASU 2018-07. This standard simplifies the accounting for share-based payments to non-employees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The adoption of ASU 2018-07 did not have a material effect on the Company’s consolidated financial statements. On January 1, 2020, the Company adopted ASU No. 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” The Company's consolidated financial statements for the prior-year period have not been revised and are reflective of the revenue recognition requirements which were in effect for that period. The Company recorded an adjustment to the accumulated deficit of $0.4 million as of January 1, 2019 for the cumulative effect primarily related to the deferral of sales commissions. In accordance with the reporting requirements of ASC 606, the disclosure of the impact on the Company's consolidated balance sheet and statement of operations, as a result of adopting the provisions of ASC 606, was as follows (in thousands): Prior to adoption of As Adjusted under As reported ASC 606 reported ASC 606 December 31, December 31, December 31, 2018 Adjustments January 1, 2019 2019 Adjustments 2019 Assets: Accounts receivable $ 6,792 $ 47 $ 6,839 $ 10,906 $ — $ 10,906 Prepaid expenses and other current assets 2,330 288 2,618 2,137 335 1,802 Other non-current assets 536 19 555 557 — 557 Liabilities: Deferred revenue 5,437 43 5,394 4,697 (209) 4,488 Deferred revenue, net of current portion 520 43 477 466 14 480 Stockholders’ equity: Accumulated deficit $ (175,888) $ (440) $ (175,448) $ (216,244) $ (140) $ (216,104) For the year Ended December 31, 2019 Under ASC Under ASC 606 Adjustment 605 Product revenue $ 40,491 $ 55 $ 40,546 Service revenue 16,059 273 16,332 Costs of goods sold and services 29,898 1 29,899 Gross profit 26,836 327 27,163 Selling general and administrative expenses 52,246 27 52,273 Net loss $ (40,796) $ 300 $ (40,496) In January of 2019, the Company adopted ASU 2016-01, which requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. For equity investments without readily determinable fair values that do not qualify for the practical expedient to estimate fair value using the net asset value per share or its equivalent, the Company has elected to measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. This election is made for each investment separately and is reassessed at each reporting period as to whether the investment continues to qualify for this election. Additionally, at each reporting period, the Company makes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13) , which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The standard is effective for the Company beginning in the first quarter of 2022, with early adoption permitted. The Company does not expect impact of ASU 2016-13 to be material on its consolidated financial statements. 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. This 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. The Company is currently evaluating the expected impacts of ASU 2018-15. In December 2019, the FASB issued ASU 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue recognition | |
Schedule of disaggregated revenue | Year Ended December 31, 2020 (in thousands) NA EMEA Asia Pacific Total Product revenues Instruments $ 8,680 $ 4,332 $ 3,594 $ 16,606 Consumable and other products 14,305 10,854 2,252 27,411 Totals $ 22,985 $ 15,186 $ 5,846 $ 44,017 Service and other revenues Service-type warranties $ 3,171 $ 1,543 $ 207 $ 4,921 Research services 15,011 2,225 737 17,973 Other services 700 435 100 1,235 Totals $ 18,882 $ 4,203 $ 1,044 $ 24,129 Collaboration and license revenue Collaboration and license revenue $ 11,685 $ 124 $ — $ 11,809 Totals $ 11,685 $ 124 $ — $ 11,809 Year Ended December 31, 2019 (in thousands) NA EMEA Asia Pacific Total Product revenues Instruments $ 6,250 $ 5,243 $ 3,393 $ 14,886 Consumable and other products 14,148 9,674 1,783 25,605 Totals $ 20,398 $ 14,917 $ 5,176 $ 40,491 Service and other revenues Service-type warranties $ 3,139 $ 1,323 $ 171 $ 4,633 Research services 8,845 704 456 10,005 Other services 825 565 31 1,421 Totals $ 12,809 $ 2,592 $ 658 $ 16,059 Collaboration and license revenue Collaboration and license revenue $ 167 $ 17 $ — $ 184 Totals $ 167 $ 17 $ — $ 184 |
Schedule of changes in deferred revenue from contracts with customers | Changes in deferred revenue from contracts with customers were as follows (in thousands): Year Ended December 31, 2020 Balance at December 31, 2019 $ 5,163 Deferral of revenue 6,955 Recognition of deferred revenue (6,120) Balance at December 31, 2020 $ 5,998 |
Schedule of costs to obtain a contract | The changes in the balance of costs to obtain a contract are as follows (in thousands): Year Ended December 31, 2020 Balance at December 31, 2019 $ 335 Deferral of costs to obtain a contract 506 Recognition of costs to obtain a contract (593) Balance at December 31, 2020 $ 248 |
Schedule of summary of the activity under WP2 | Total grant revenue from research and development activities $ 4,362 Total proceeds used for assets 826 Total deferred proceeds for assets 2,478 Total deferred grant revenue 304 Total recognized $ 7,970 Total recognized $ 7,970 Total amount accrued (2,968) Total cash received $ 5,002 Total proceeds received $ 5,002 Total proceeds reasonably assured 13,198 Total WP2 grant amount $ 18,200 |
Schedule of outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share | Year Ended December 31, 2020 2019 2018 Unvested restricted common stock and restricted stock units 518,387 409,929 361,468 Outstanding stock options 2,494,045 2,507,062 2,476,911 Outstanding common stock warrants 10,000 10,000 76,041 Total 3,022,432 2,926,991 2,914,420 |
Schedule of cash and cash equivalents | Cash and cash equivalents consist of the following (in thousands): As of December 31, 2020 2019 Cash $ 19,535 $ 6,406 Money market funds invested in U.S. Treasury obligations 162,049 102,749 Total cash and cash equivalents $ 181,584 $ 109,155 |
Schedule of allowance for doubtful accounts | The Company’s allowance for doubtful accounts activity for the years ended December 31, 2020, 2019, and 2018 was as follows (in thousands): December 31, 2017 $ — Additions 36 Deductions — December 31, 2018 $ 36 Additions 160 Deductions (34) December 31, 2019 $ 162 Additions 493 Deductions (285) December 31, 2020 $ 370 |
Schedule of estimated useful lives | Laboratory and manufacturing equipment Five years Computers and software Three years Office furniture and equipment Seven years Leasehold improvements Shorter of the useful life of the asset or the remaining term of the lease |
Schedule of fair value measurements | Fair value measurements as of December 31, 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 $ 162,048 $ 162,048 $ — $ — $ 162,048 $ 162,048 $ — $ — 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 $ — $ — $ 102,749 $ 102,749 $ — $ — |
Summary of fair value assumptions of stock options granted to employees and directors for their services on the Company's Board of Directors | Year Ended December 31, 2020 2019 2018 Risk-free interest rate 0.4% - 1.7% 1.4% - 2.6% 2.6% - 3.0% Expected dividend yield None None None Expected term (in years) 6 6.0 5.9 Expected volatility 43.9% - 49.2% 33.5% - 39.7% 32.4% - 36.8% |
ASU 2014-09 | |
Revenue recognition | |
Schedule of impact on consolidated balance sheet and statement of operations due to adoption of ASU 606 | In accordance with the reporting requirements of ASC 606, the disclosure of the impact on the Company's consolidated balance sheet and statement of operations, as a result of adopting the provisions of ASC 606, was as follows (in thousands): Prior to adoption of As Adjusted under As reported ASC 606 reported ASC 606 December 31, December 31, December 31, 2018 Adjustments January 1, 2019 2019 Adjustments 2019 Assets: Accounts receivable $ 6,792 $ 47 $ 6,839 $ 10,906 $ — $ 10,906 Prepaid expenses and other current assets 2,330 288 2,618 2,137 335 1,802 Other non-current assets 536 19 555 557 — 557 Liabilities: Deferred revenue 5,437 43 5,394 4,697 (209) 4,488 Deferred revenue, net of current portion 520 43 477 466 14 480 Stockholders’ equity: Accumulated deficit $ (175,888) $ (440) $ (175,448) $ (216,244) $ (140) $ (216,104) For the year Ended December 31, 2019 Under ASC Under ASC 606 Adjustment 605 Product revenue $ 40,491 $ 55 $ 40,546 Service revenue 16,059 273 16,332 Costs of goods sold and services 29,898 1 29,899 Gross profit 26,836 327 27,163 Selling general and administrative expenses 52,246 27 52,273 Net loss $ (40,796) $ 300 $ (40,496) |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory | |
Summary of inventory | Inventory consists of the following (in thousands): December 31, 2020 2019 Raw materials $ 5,265 $ 4,717 Work in process 3,306 2,573 Finished goods 6,285 3,173 Total $ 14,856 $ 10,463 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property and equipment | |
Schedule of Property and equipment | Property and equipment consists of the following (in thousands): As of December 31, 2020 2019 Laboratory and manufacturing equipment $ 8,523 $ 5,391 Office furniture and equipment 1,556 1,403 Computers and software 1,504 1,103 Leasehold improvements 8,765 8,489 Total $ 20,348 $ 16,386 Less: accumulated depreciation (6,436) (4,339) Total $ 13,912 $ 12,047 |
Other accrued expenses (Tables)
Other accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other accrued expenses | |
Summary of other accrued expenses | Other accrued expenses consist of the following (in thousands): December 31, December 31, 2020 2019 Accrued inventory purchases $ 527 $ 459 Accrued royalties 1,845 476 Accrued professional services 797 655 Accrued development costs 323 151 Accrued other 1,353 757 Total accrued expenses $ 4,845 $ 2,498 |
Summary of other non-current liabilities | Other non-current liabilities consist of the following (in thousands): December 31, December 31, 2020 2019 Leasehold obligation incentive $ — $ 7,572 Deferred rent — 3,009 Deferred tax liabilities 2,649 2,825 Other — 1 Total other non-current liabilities $ 2,649 $ 13,407 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income taxes | |
Schedule of components of income (loss) before income taxes | The following table presents the components of loss before income taxes (in thousands): Year Ended December 31, 2020 2019 2018 United States $ (29,896) $ (40,010) $ (31,436) Foreign (2,010) (973) (75) $ (31,906) $ (40,983) $ (31,511) |
Schedule of provision for (benefit from) income taxes | The following table summarizes income tax benefit (provision) (in thousands): Year Ended December 31, 2020 2019 2018 Current: United States Federal $ — $ — $ — State (13) (20) (18) Foreign (102) (93) — Total current income tax provision (115) (113) (18) Deferred United States Federal (8) (3) (2) State (3) (1) (5) Foreign 502 304 — Total deferred income tax benefit (provision) 491 300 (7) Total income tax benefit (provision) $ 376 $ 187 $ (25) |
Schedule of reconciliation of the federal statutory income tax rate to the effective tax rate | Year Ended December 31, 2020 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax rate differential 0.3 % — % — % State taxes, net of federal benefit 2.5 % 3.2 % 6.0 % Tax credits 1.6 % 2.3 % 2.7 % Share-based compensation 5.2 % 2.3 % 1.1 % Permanent items (0.4) % (0.9) % (1.2) % Deferred tax rate change 0.3 % (1.4) % — % Change in valuation allowance (29.7) % (24.6) % (29.9) % Other 0.4 % (1.4) % 0.2 % Effective income tax rate 1.2 % 0.5 % (0.1) % |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 50,233 $ 43,814 Tax credits 5,101 5,518 Deferred revenue 2,167 1,247 Amortization 1,054 928 Stock-based compensation 1,956 973 Deferred rent — 727 Lease incentive obligation — 1,828 Lease liability 5,703 — Other deferred tax assets 2,533 1,325 Total deferred tax assets 68,747 56,360 Less: valuation allowances (63,609) (54,137) Net deferred tax assets 5,138 2,223 Deferred tax liabilities: Right-of-Use Assets (2,957) — Depreciation (1,775) (1,769) Amortization acquired intangibles (2,880) (3,031) Inventory (64) (212) Goodwill (49) (31) Other deferred tax liabilities (61) (5) Net deferred tax liabilities $ (2,648) $ (2,825) |
Summary of Valuation Allowance | 2020 2019 Balance, beginning of year $ 54,137 $ 44,033 Change in valuation allowance 9,472 10,104 Balance, end of year $ 63,609 $ 54,137 |
Common Stock, warrants, stock_2
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |
Schedule of common stock reserved | As of December 31, 2020 2019 Common stock warrants 10,000 10,000 Common stock options and unvested restricted common stock 3,012,432 2,916,991 Shares reserved for future awards under compensation plans 1,559,108 882,715 4,581,540 3,809,706 |
Summary of warrant activity | Weighted Issued and Average exercisable Exercise Price As of December 31, 2019 10,000 $ 21.00 Issued — — Exercised — — Cancelled — — As of December 31, 2020 10,000 $ 21.00 |
Summary of share-based compensation expense for all stock awards | December 31, 2020 2019 2018 Cost of product revenue $ 189 $ 86 $ 55 Cost of service and other revenue 311 238 173 Research and development 1,129 718 513 Selling, general, and administrative 8,470 5,346 4,143 Total $ 10,099 $ 6,388 $ 4,884 |
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 550,290 $ 28.39 Exercised (407,687) $ 9.85 Cancelled (155,620) $ 22.58 Outstanding at December 31, 2020 2,494,045 $ 17.73 7.27 $ 71,760 Vested and expected to vest at December 31, 2020 2,494,045 $ 17.73 7.27 $ 71,760 Exercisable at December 31, 2020 1,514,576 $ 12.54 6.42 $ 51,430 |
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 334,665 $ 31.99 Vested (182,036) $ 20.13 Cancelled (44,171) $ 26.79 Unvested RSUs as of December 31, 2020 478,581 $ 28.08 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2020: Operating leases (in thousands) For the year ended December 31, 2020 Lease Costs (1) Operating lease costs $ 2,663 Total lease cost $ 2,663 Other information Operating cash flows used for operating leases $ 2,108 Weighted average remaining lease term (years) 9.8 Weighted average discount rate 9.73% (1) Short-term lease costs and variable lease costs incurred by the Company for the year ended December 31, 2020 were considered immaterial. |
Schedule of future minimum commitments under ASC 842 | Maturity of lease liabilities (in thousands) As of December 31, 2020 2021 $ 3,388 2022 3,466 2023 3,515 2024 3,577 2025 and thereafter 22,203 Total lease payments $ 36,149 Less: imputed interest 13,024 Total operating lease liabilities $ 23,125 |
Notes payable (Tables)
Notes payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes payable | |
Schedule of debt payment obligations due based on principal payments | As of December 31, 2020, debt payment obligations due based on principal payments are as follows (in thousands): 2021 $ 7,688 Total $ 7,688 |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Aushon acquisition | |
Schedule of fair value of consideration transferred | The following table presents acquisition accounting as of January 30, 2018 (in thousands): Fair value of consideration transferred: Cash $ 3,200 Obligation to issue cash 800 Total acquisition consideration $ 4,000 Fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 199 Accounts receivable 210 Inventory 828 Prepaid expenses 71 Property and equipment and other non-current assets 180 Intangible Assets 2,950 Goodwill 1,308 Total assets acquired 5,746 Contractual obligations (1,155) Accounts payable and accrued liabilities (591) Net assets acquired $ 4,000 |
UmanDiagnostics AB Acquisition | |
Schedule of fair value of consideration transferred | The following table summarizes the acquisition accounting, 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 |
Schedule of fair value of assets acquired and liabilities assumed | Year Ended December 31, Year Ended December 31, 2019 2018 Revenue (unaudited) $ 57,597 $ 38,753 Pre-tax loss (unaudited) $ (38,636) $ (33,894) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets | |
Rollforward of goodwill balance | 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 1,107 Balance as of December 31, 2020 $ 10,460 |
Summary of intangible assets | Acquired intangible assets consist of the following (dollars in thousands): December 31, 2020 Gross Cumulative Net Weighted Estimated Useful Carrying Accumulated Translation Carrying Average Life (in years) Value Amortization Adjustment Value Life R emaining (in years) Know-how 8.5 $ 13,000 $ (2,296) $ 1,374 $ 12,078 6.99 Developed technology 7 1,650 (1,036) — 614 4.09 Customer relationships 8.5 - 10 1,360 (618) 12 754 7.08 Non-compete agreements 5.5 340 (102) 31 269 3.99 Trade names 3 50 (49) — 1 0.08 Total $ 16,400 $ (4,101) $ 1,417 $ 13,716 December 31, 2019 Gross Cumulative Net Weighted Estimated Useful Carrying Accumulated Translation Carrying Average Life (in years) Value Amortization Adjustment Value Life R emaining (in years) 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 December 31, 2020 is as follows (amounts in thousands): For the Years Ended December 31, Estimated Amortization Expense 2021 $ 2,013 2022 1,930 2023 1,848 2024 1,733 Thereafter 6,192 $ 13,716 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Data (Unaudited) | |
Quarterly Data (Unaudited) | (Amounts in thousands, except share and per share data) 2020 Q1 Q2 Q3 Q4 Total Year Product revenue $ 9,833 $ 6,790 $ 11,662 $ 15,732 $ 44,017 Service and other revenue 5,762 6,317 6,552 5,498 24,129 Collaboration and license revenue 132 23 11,246 408 11,809 Grant revenue — — 1,929 4,493 6,422 Total revenue 15,727 13,130 31,389 26,131 86,377 Costs of goods sold: Cost of product revenue 6,186 5,416 6,387 7,961 25,950 Cost of services and other revenue 2,728 2,501 2,896 3,120 11,245 Cost of collaboration and license revenue — — 1,000 — 1,000 Total costs of goods sold and services 8,914 7,917 10,283 11,081 38,195 Gross profit 6,813 5,213 21,106 15,050 48,182 Operating expenses: Research and development 4,268 4,312 5,377 6,217 20,174 Selling, general and administrative 14,273 13,102 13,451 18,766 59,592 Total operating expenses 18,541 17,414 18,828 24,983 79,766 Income (loss) from operations (11,728) (12,201) 2,278 (9,933) (31,584) Interest income (expense), net 161 (108) (160) (166) (273) Other income (expense), net (167) (11) (26) 155 (49) Income (loss) before income taxes (11,734) (12,320) 2,092 (9,944) (31,906) Income tax benefit 124 18 111 123 376 Net income (loss) $ (11,610) $ (12,302) $ 2,203 $ (9,821) $ (31,530) Net income (loss) per share, basic $ (0.41) $ (0.43) $ 0.07 $ (0.31) $ (1.07) Weighted-average common shares outstanding, basic 28,179,132 28,312,925 30,139,157 31,696,002 29,589,132 Net income (loss) per share, diluted $ (0.41) $ (0.43) $ 0.07 $ (0.31) $ (1.07) Weighted-average common shares outstanding, diluted 28,179,132 28,312,925 31,386,439 31,696,002 29,589,132 2019 Q1 Q2 Q3 Q4 Total Year Product revenue $ 9,547 $ 8,776 $ 10,737 $ 11,431 $ 40,491 Service and other revenue 2,790 4,760 4,207 4,302 16,059 Collaboration and license revenue — — — 184 184 Total revenue 12,337 13,536 14,944 15,917 56,734 Costs of goods sold: Cost of product revenue 4,248 4,455 5,513 6,684 20,900 Cost of services and other revenue 2,082 2,150 2,398 2,368 8,998 Total costs of goods sold and services 6,330 6,605 7,911 9,052 29,898 Gross profit 6,007 6,931 7,033 6,865 26,836 Operating expenses: Research and development 3,852 4,016 3,924 4,398 16,190 Selling, general and administrative 11,512 13,429 13,352 13,953 52,246 Total operating expenses 15,364 17,445 17,276 18,351 68,436 Loss from operations (9,357) (10,514) (10,243) (11,486) (41,600) Interest income, net 21 42 282 282 627 Other income (expense), net (47) (68) (34) 139 (10) Loss before income taxes (9,383) (10,540) (9,995) (11,065) (40,983) Income tax benefit (provision) (22) (23) 125 107 187 Net loss $ (9,405) $ (10,563) $ (9,870) $ (10,958) $ (40,796) Net loss per share, basic and diluted $ (0.42) $ (0.46) $ (0.37) $ (0.39) $ (1.63) Weighted-average common shares outstanding, basic and diluted 22,422,960 23,213,653 26,627,831 28,021,957 25,090,708 |
Organization and operations (De
Organization and operations (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 06, 2020 | Aug. 08, 2019 | Jun. 05, 2019 | Aug. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 01, 2019 | Jul. 01, 2019 | Mar. 19, 2019 | Jan. 01, 2019 |
Initial Public Offering | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,700,000 | |||||||||||||||||||
Common stock, authorized shares | 120,000,000 | 120,000,000 | 120,000,000 | 120,000,000 | 120,000,000 | |||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||
Common stock, aggregate offering price | $ 32 | $ 28 | $ 28 | $ 32 | $ 28 | |||||||||||||||
Accumulated deficit | (247,774) | (216,244) | (216,244) | (247,774) | (216,244) | $ (175,888) | $ (175,448) | |||||||||||||
Net loss | (9,821) | $ 2,203 | $ (12,302) | $ (11,610) | (10,958) | $ (9,870) | $ (10,563) | $ (9,405) | (31,530) | (40,796) | (31,536) | |||||||||
Unrestricted cash and cash equivalents | $ 181,584 | $ 109,155 | 109,155 | 181,584 | 109,155 | $ 44,429 | ||||||||||||||
Underwritten public offering | ||||||||||||||||||||
Initial Public Offering | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,000,000 | 2,700,000 | 3,000,000 | |||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||
Gross Proceeds From Issuance Of Common Stock | $ 97,600 | $ 69,000 | $ 97,600 | |||||||||||||||||
Stock issuance cost | 6,200 | 4,500 | 6,200 | |||||||||||||||||
Sale of common stock in at-the-market offering, net | $ 91,400 | $ 64,500 | $ 91,400 | 91,404 | 64,529 | |||||||||||||||
At-the-market offering | ||||||||||||||||||||
Initial Public Offering | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,200,000 | |||||||||||||||||||
Shares issued price (in dollars per share) | $ 22.73 | |||||||||||||||||||
Common stock, par value | $ 0.001 | |||||||||||||||||||
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 | ||||||||||||||||||
At-the-market offering | Maximum | ||||||||||||||||||||
Initial Public Offering | ||||||||||||||||||||
Common stock, aggregate offering price | $ 50,000 | |||||||||||||||||||
UmanDiagnostics AB Acquisition | ||||||||||||||||||||
Initial Public Offering | ||||||||||||||||||||
Capital stock shares outstanding, percent | 95.00% | 5.00% | ||||||||||||||||||
Net loss | $ (100) | |||||||||||||||||||
UmanDiagnostics AB Acquisition | Maximum | ||||||||||||||||||||
Initial Public Offering | ||||||||||||||||||||
Net loss | $ 100 |
Significant accounting polici_4
Significant accounting policies - Customers (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Revenue recognition | |
Period of payment | 30 days |
Maximum | |
Revenue recognition | |
Period of payment | 45 days |
Significant accounting polici_5
Significant accounting policies - Disaggregated revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue recognition | |||||||||||
Total revenue | $ 26,131 | $ 31,389 | $ 13,130 | $ 15,727 | $ 15,917 | $ 14,944 | $ 13,536 | $ 12,337 | $ 86,377 | $ 56,734 | $ 37,632 |
Product revenue | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 15,732 | 11,662 | 6,790 | 9,833 | 11,431 | 10,737 | 8,776 | 9,547 | 44,017 | 40,491 | 23,365 |
Product revenue | NA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 22,985 | 20,398 | |||||||||
Product revenue | EMEA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 15,186 | 14,917 | |||||||||
Product revenue | Asia Pacific | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 5,846 | 5,176 | |||||||||
Instruments | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 16,606 | 14,886 | |||||||||
Instruments | NA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 8,680 | 6,250 | |||||||||
Instruments | EMEA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 4,332 | 5,243 | |||||||||
Instruments | Asia Pacific | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 3,594 | 3,393 | |||||||||
Consumable and other products | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 27,411 | 25,605 | |||||||||
Consumable and other products | NA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 14,305 | 14,148 | |||||||||
Consumable and other products | EMEA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 10,854 | 9,674 | |||||||||
Consumable and other products | Asia Pacific | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 2,252 | 1,783 | |||||||||
Service and other revenue | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 5,498 | 6,552 | 6,317 | 5,762 | 4,302 | $ 4,207 | $ 4,760 | $ 2,790 | 24,129 | 16,059 | 12,117 |
Service and other revenue | NA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 18,882 | 12,809 | |||||||||
Service and other revenue | EMEA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 4,203 | 2,592 | |||||||||
Service and other revenue | Asia Pacific | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 1,044 | 658 | |||||||||
Service-type warranties | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 4,921 | 4,633 | |||||||||
Service-type warranties | NA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 3,171 | 3,139 | |||||||||
Service-type warranties | EMEA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 1,543 | 1,323 | |||||||||
Service-type warranties | Asia Pacific | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 207 | 171 | |||||||||
Research services | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 17,973 | 10,005 | |||||||||
Research services | NA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 15,011 | 8,845 | |||||||||
Research services | EMEA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 2,225 | 704 | |||||||||
Research services | Asia Pacific | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 737 | 456 | |||||||||
Other services | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 1,235 | 1,421 | |||||||||
Other services | NA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 700 | 825 | |||||||||
Other services | EMEA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 435 | 565 | |||||||||
Other services | Asia Pacific | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 100 | 31 | |||||||||
Collaboration and license revenue | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 408 | 11,246 | $ 23 | $ 132 | $ 184 | 11,809 | 184 | $ 2,150 | |||
Collaboration and license revenue | NA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 11,685 | 167 | |||||||||
Collaboration and license revenue | EMEA | |||||||||||
Revenue recognition | |||||||||||
Total revenue | 124 | $ 17 | |||||||||
Grant revenue | |||||||||||
Revenue recognition | |||||||||||
Total revenue | $ 4,493 | $ 1,929 | $ 6,422 |
Significant accounting polici_6
Significant accounting policies - Future performance obligations (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | $ 6 |
Previously deferred revenue | 1.2 |
Service-type warranties and research services | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | 4.9 |
Undelivered licenses of intellectual property | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | 0.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | $ 5.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | $ 0.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 24 months |
Significant accounting polici_7
Significant accounting policies - Changes in deferred revenue from contracts with customers (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Changes in deferred revenue from contracts with customers | |
Balance at beginning of period | $ 5,163 |
Deferral of revenue | 6,955 |
Recognition of deferred revenue | (6,120) |
Balance at end of period | $ 5,998 |
Significant accounting polici_8
Significant accounting policies - Costs to obtain a contract (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Change in the balance of costs to obtain a contract | |
Balance at beginning of period | $ 335 |
Deferral of costs to obtain a contract | 506 |
Recognition of costs to obtain a contract | (593) |
Balance at end of period | $ 248 |
Significant accounting polici_9
Significant accounting policies - Practical expedients (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue recognition | |
Revenue, Practical Expedient, Financing Component [true false] | true |
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false] | true |
Significant accounting polic_10
Significant accounting policies - Grant revenue (Details) - USD ($) $ in Thousands | Sep. 29, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Total revenue | $ 26,131 | $ 31,389 | $ 13,130 | $ 15,727 | $ 15,917 | $ 14,944 | $ 13,536 | $ 12,337 | $ 86,377 | $ 56,734 | $ 37,632 | |
Research and Development Expense | 6,217 | 5,377 | $ 4,312 | $ 4,268 | $ 4,398 | $ 3,924 | $ 4,016 | $ 3,852 | 20,174 | $ 16,190 | $ 15,805 | |
RADx WP1 | ||||||||||||
Research and Development Expense | 1,000 | |||||||||||
RADx WP2 | ||||||||||||
Contract value | $ 18,200 | |||||||||||
Research and Development Expense | 2,600 | |||||||||||
Grant revenue | ||||||||||||
Total revenue | $ 4,493 | $ 1,929 | 6,422 | |||||||||
Grant revenue | RADx WP1 | ||||||||||||
Total revenue | 2,000 | |||||||||||
Grant revenue | RADx WP2 | ||||||||||||
Total revenue | 4,362 | |||||||||||
Contract value | $ 18,200 |
Significant accounting polic_11
Significant accounting policies - Summarizes the activity under WP2 (Details) - USD ($) $ in Thousands | Sep. 29, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disaggregation of Revenue [Line Items] | ||||||||||||
Total revenue | $ 26,131 | $ 31,389 | $ 13,130 | $ 15,727 | $ 15,917 | $ 14,944 | $ 13,536 | $ 12,337 | $ 86,377 | $ 56,734 | $ 37,632 | |
Grant revenue | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Total revenue | 4,493 | $ 1,929 | 6,422 | |||||||||
RADx WP2 | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Total WP2 grant amount | $ 18,200 | |||||||||||
RADx WP2 | Grant revenue | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Total revenue | 4,362 | |||||||||||
Total proceeds used for assets | 826 | |||||||||||
Total deferred proceeds for assets | 2,478 | |||||||||||
Total deferred grant revenue | 304 | |||||||||||
Total recognized | 7,970 | |||||||||||
Total amount accrued | (2,968) | (2,968) | ||||||||||
Total cash received | 5,002 | |||||||||||
Total proceeds received | 5,002 | |||||||||||
Total proceeds reasonably assured | $ 13,198 | 13,198 | ||||||||||
Total WP2 grant amount | $ 18,200 |
Significant accounting polic_12
Significant accounting policies - Net loss per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share | |||
Number of dilutive securities excluded in the calculation of diluted net loss per share | 3,022,432 | 2,926,991 | 2,914,420 |
Unvested restricted common stock and restricted stock units | |||
Outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share | |||
Number of dilutive securities excluded in the calculation of diluted net loss per share | 518,387 | 409,929 | 361,468 |
Outstanding stock options | |||
Outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share | |||
Number of dilutive securities excluded in the calculation of diluted net loss per share | 2,494,045 | 2,507,062 | 2,476,911 |
Common stock | |||
Outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share | |||
Number of dilutive securities excluded in the calculation of diluted net loss per share | 10,000 | 10,000 | 76,041 |
Obligation to issue warrants, in shares | 93,341 | 93,341 | 93,341 |
Significant accounting polic_13
Significant accounting policies - Cash and Cash equivalents and Restricted cash and deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash equivalents | |||
Cash | $ 19,535 | $ 6,406 | |
Money Market funds invested in U.S. Treasury obligations | 162,049 | 102,749 | |
Cash and cash equivalents | 181,584 | 109,155 | $ 44,429 |
Restricted cash and deposits | |||
Restricted cash and deposits | 1,100 | 1,100 | |
Restricted cash, current | 1,000 | 1,100 | |
Restricted cash | 1,000 | 1,026 | $ 1,000 |
Other noncurrent assets | |||
Restricted cash and deposits | |||
Restricted cash and deposits | $ 100 | $ 100 |
Significant accounting polic_14
Significant accounting policies - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 162 | $ 36 | |
Additions | 493 | 160 | $ 36 |
Deductions | (285) | (34) | |
Ending Balance | $ 370 | $ 162 | $ 36 |
Significant accounting polic_15
Significant accounting policies - Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Laboratory and manufacturing equipment | |
Property and equipment | |
Estimated useful life (in years) | 5 years |
Computers and software | |
Property and equipment | |
Estimated useful life (in years) | 3 years |
Office furniture and equipment | |
Property and equipment | |
Estimated useful life (in years) | 7 years |
Significant accounting polic_16
Significant accounting policies - Fair value of financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of financial instruments | ||
Cash equivalents | $ 162,048 | $ 102,749 |
Total | 162,048 | 102,749 |
Level 1 | ||
Fair value of financial instruments | ||
Cash equivalents | 162,048 | 102,749 |
Total | $ 162,048 | $ 102,749 |
Significant accounting polic_17
Significant accounting policies - Warranties (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Significant accounting policies | |
Warranty period (in years) | 1 year |
Significant accounting polic_18
Significant accounting policies - Credit, product and supplier concentrations and off-balance-sheet risk (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable Concentration | |||
Concentration Risk | |||
Concentration risk (in percent) | 29.00% | 50.00% | |
Revenue Concentration | |||
Concentration Risk | |||
Concentration risk (in percent) | 10.00% | 10.00% | |
Revenue Concentration | One customer | |||
Concentration Risk | |||
Percentage of aggregate accounts receivable accounted by one customer | 13.00% | ||
Customer Concentration Risk | One customer | |||
Concentration Risk | |||
Concentration risk (in percent) | 10.00% | 10.00% | |
Percentage of aggregate accounts receivable accounted by one customer | 19.00% |
Significant accounting polic_19
Significant accounting policies - Stock-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
New Accounting Pronouncement, Early Adoption | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Expected term (in years) | 6 years | 6 years | 5 years 10 months 24 days | |
Weighted-average fair value of options granted | $ 12.66 | $ 9.09 | $ 7.19 | |
Accumulated deficit | $ (247,774) | $ (216,244) | $ (175,888) | $ (175,448) |
Minimum | ||||
New Accounting Pronouncement, Early Adoption | ||||
Risk-free interest rate | 0.40% | 1.40% | 2.60% | |
Expected volatility | 43.90% | 33.50% | 32.40% | |
Maximum | ||||
New Accounting Pronouncement, Early Adoption | ||||
Risk-free interest rate | 1.70% | 2.60% | 3.00% | |
Expected volatility | 49.20% | 39.70% | 36.80% |
Significant accounting polic_20
Significant accounting policies - Right of use assets (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Impact on consolidated balance sheet and statement of operations, as a result of adopting ASU 842 | |
Operating Lease, Right-of-Use Asset | $ 11,995 |
Operating Lease, Liability, Noncurrent | 21,891 |
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 |
Significant accounting polic_21
Significant accounting policies - Recent accounting pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Assets [Abstract] | ||||||||||||
Accounts receivable | $ 17,184 | $ 10,906 | $ 17,184 | $ 10,906 | $ 6,792 | $ 6,839 | ||||||
Prepaid expenses and other current assets | 5,981 | 2,137 | 5,981 | 2,137 | 2,330 | 2,618 | ||||||
Other non-current assets | 557 | 557 | 536 | 555 | ||||||||
Liabilities [Abstract] | ||||||||||||
Deferred revenue | 5,421 | 4,697 | 5,421 | 4,697 | 5,437 | 5,394 | ||||||
Deferred revenue, net of current portion | 577 | 466 | 577 | 466 | 520 | 477 | ||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Accumulated deficit | (247,774) | (216,244) | (247,774) | (216,244) | (175,888) | (175,448) | ||||||
Total revenue | 26,131 | $ 31,389 | $ 13,130 | $ 15,727 | 15,917 | $ 14,944 | $ 13,536 | $ 12,337 | 86,377 | 56,734 | 37,632 | |
Total costs of goods sold, services, and licenses | 11,081 | 10,283 | 7,917 | 8,914 | 9,052 | 7,911 | 6,605 | 6,330 | 38,195 | 29,898 | 19,684 | |
Gross Profit | 15,050 | 21,106 | 5,213 | 6,813 | 6,865 | 7,033 | 6,931 | 6,007 | 48,182 | 26,836 | 17,948 | |
Selling, General and Administrative Expense | 18,766 | 13,451 | 13,102 | 14,273 | 13,953 | 13,352 | 13,429 | 11,512 | 59,592 | 52,246 | 33,693 | |
Net income | (9,821) | 2,203 | (12,302) | (11,610) | (10,958) | (9,870) | (10,563) | (9,405) | (31,530) | (40,796) | (31,536) | |
Restricted cash | 1,000 | 1,026 | 1,000 | 1,026 | 1,000 | |||||||
Adjustments | ||||||||||||
Assets [Abstract] | ||||||||||||
Accounts receivable | 47 | |||||||||||
Prepaid expenses and other current assets | 335 | 335 | 288 | |||||||||
Other non-current assets | 19 | |||||||||||
Liabilities [Abstract] | ||||||||||||
Deferred revenue | (209) | (209) | 43 | |||||||||
Deferred revenue, net of current portion | 14 | 14 | 43 | |||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Accumulated deficit | (140) | (140) | (440) | $ 400 | ||||||||
Total costs of goods sold, services, and licenses | 1 | |||||||||||
Gross Profit | 327 | |||||||||||
Selling, General and Administrative Expense | 27 | |||||||||||
Net income | 300 | |||||||||||
Balances without adoption of ASU 606 | ||||||||||||
Assets [Abstract] | ||||||||||||
Accounts receivable | 10,906 | 10,906 | ||||||||||
Prepaid expenses and other current assets | 1,802 | 1,802 | ||||||||||
Other non-current assets | 557 | 557 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Deferred revenue | 4,488 | 4,488 | ||||||||||
Deferred revenue, net of current portion | 480 | 480 | ||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Accumulated deficit | (216,104) | (216,104) | ||||||||||
Total costs of goods sold, services, and licenses | 29,899 | |||||||||||
Gross Profit | 27,163 | |||||||||||
Selling, General and Administrative Expense | 52,273 | |||||||||||
Net income | (40,496) | |||||||||||
Product revenue | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Total revenue | 15,732 | 11,662 | 6,790 | 9,833 | 11,431 | 10,737 | 8,776 | 9,547 | 44,017 | 40,491 | 23,365 | |
Total costs of goods sold, services, and licenses | 7,961 | 6,387 | 5,416 | 6,186 | 6,684 | 5,513 | 4,455 | 4,248 | 25,950 | 20,900 | 12,729 | |
Product revenue | Adjustments | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Total revenue | 55 | |||||||||||
Product revenue | Balances without adoption of ASU 606 | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Total revenue | 40,546 | |||||||||||
Service and other revenue | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Total revenue | 5,498 | 6,552 | 6,317 | 5,762 | 4,302 | 4,207 | 4,760 | 2,790 | 24,129 | 16,059 | 12,117 | |
Total costs of goods sold, services, and licenses | $ 3,120 | $ 2,896 | $ 2,501 | $ 2,728 | $ 2,368 | $ 2,398 | $ 2,150 | $ 2,082 | $ 11,245 | 8,998 | $ 6,955 | |
Service and other revenue | Adjustments | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Total revenue | 273 | |||||||||||
Service and other revenue | Balances without adoption of ASU 606 | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||
Total revenue | $ 16,332 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory | ||
Raw Materials | $ 5,265 | $ 4,717 |
Work in process | 3,306 | 2,573 |
Finished goods | 6,285 | 3,173 |
Total | $ 14,856 | $ 10,463 |
Property and equipment (Details
Property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property and equipment | ||
Property and equipment, gross | $ 20,348 | $ 16,386 |
Less: accumulated depreciation | (6,436) | (4,339) |
Total | 13,912 | 12,047 |
Depreciation expense | 2,200 | 1,600 |
Laboratory and manufacturing equipment | ||
Property and equipment | ||
Property and equipment, gross | 8,523 | 5,391 |
Laboratory and manufacturing instruments used internally | ||
Property and equipment | ||
Property and equipment, gross | 3,400 | 2,800 |
Less: accumulated depreciation | (1,800) | (1,200) |
Office furniture and equipment | ||
Property and equipment | ||
Property and equipment, gross | 1,556 | 1,403 |
Computers and software | ||
Property and equipment | ||
Property and equipment, gross | 1,504 | 1,103 |
Leasehold improvements | ||
Property and equipment | ||
Property and equipment, gross | $ 8,765 | $ 8,489 |
Other accrued expenses (Details
Other accrued expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other accrued expenses | ||
Accrued inventory purchases | $ 527 | $ 459 |
Accrued royalties | 1,845 | 476 |
Accrued professional services | 797 | 655 |
Accrued development costs | 323 | 151 |
Accrued other | 1,353 | 757 |
Total accrued expenses | $ 4,845 | $ 2,498 |
Other accrued expenses - Other
Other accrued expenses - Other non-current liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other non-current liabilities | ||
Leasehold obligation incentive | $ 7,572 | |
Deferred Rent | 3,009 | |
Deferred tax liabilities | $ 2,649 | 2,825 |
Other | 1 | |
Total non-current liabilities | $ 2,649 | $ 13,407 |
Income taxes - Components of in
Income taxes - Components of income (loss) before income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of income (loss) before income taxes | |||||||||||
United States | $ (29,896) | $ (40,010) | $ (31,436) | ||||||||
Foreign | (2,010) | (973) | (75) | ||||||||
Loss before income taxes | $ (9,944) | $ 2,092 | $ (12,320) | $ (11,734) | $ (11,065) | $ (9,995) | $ (10,540) | $ (9,383) | $ (31,906) | $ (40,983) | $ (31,511) |
Income taxes - Provision for (b
Income taxes - Provision for (benefit from) income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||||||||||
State | $ (13) | $ (20) | $ (18) | ||||||||
Foreign | (102) | (93) | |||||||||
Total current income tax provision | (115) | (113) | (18) | ||||||||
Deferred | |||||||||||
Federal | (8) | (3) | (2) | ||||||||
State | (3) | (1) | (5) | ||||||||
Foreign | 502 | 304 | |||||||||
Total deferred income tax benefit (provision) | 491 | 300 | (7) | ||||||||
Total income tax benefit (provision) | $ 123 | $ 111 | $ 18 | $ 124 | $ 107 | $ 125 | $ (23) | $ (22) | $ 376 | $ 187 | $ (25) |
Income taxes - Reconciliation o
Income taxes - Reconciliation of the federal statutory income tax rate to the effective tax rate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
Taxable goodwill or intangible assets | $ 49,000 | $ 31,000 | |
Reconciliation of the federal statutory income tax rate to the effective tax rate | |||
Federal statutory income tax rate (in percent) | 21.00% | 21.00% | 21.00% |
Foreign tax rate differential (in percent) | 0.30% | ||
State taxes, net of federal benefit (in percent) | 2.50% | 3.20% | 6.00% |
Tax credits (in percent) | 1.60% | 2.30% | 2.70% |
Share-based compensation (in percent) | 5.20% | 2.30% | 1.10% |
Permanent items (in percent) | (0.40%) | (0.90%) | (1.20%) |
Deferred tax rate change (in percent) | 0.30% | (1.40%) | |
Change in valuation allowance (in percent) | (29.70%) | (24.60%) | (29.90%) |
Other (in percent) | 0.40% | (1.40%) | 0.20% |
Effective income tax rate (in percent) | 1.20% | 0.50% | (0.10%) |
Tax due at international rate (in percent) | 1.20% | ||
Impact of Acquisition (in percent) | 21.00% | ||
Aushon acquisition | |||
Income Taxes | |||
Amortizable goodwill | $ 300,000 | ||
UmanDiagnostics AB Acquisition | |||
Income Taxes | |||
Taxable goodwill or intangible assets | $ 0 |
Income taxes - Deferred tax ass
Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | |||
NOLs | $ 50,233 | $ 43,814 | |
Tax Credits | 5,101 | 5,518 | |
Deferred revenue | 2,167 | 1,247 | |
Amortization | 1,054 | 928 | |
Stock-based compensation | 1,956 | 973 | |
Deferred rent | 727 | ||
Lease incentive obligation | 1,828 | ||
Lease liability | 5,703 | ||
Other deferred tax assets | 2,533 | 1,325 | |
Total deferred tax assets | 68,747 | 56,360 | |
Valuation allowance | (63,609) | (54,137) | $ (44,033) |
Net Deferred tax assets | 5,138 | 2,223 | |
Right of use asset | (2,957) | ||
Depreciation | (1,775) | (1,769) | |
Amortization of acquired intangibles | (2,880) | (3,031) | |
Inventory | (64) | (212) | |
Goodwill | (49) | (31) | |
Other deferred tax liabilities | (61) | (5) | |
Net deferred tax assets (liability) | $ 2,648 | $ 2,825 |
Income taxes - Valuation allowa
Income taxes - Valuation allowance deferred tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income taxes | ||
Balance, beginning of year | $ 54,137 | $ 44,033 |
Change in valuation allowance | 9,472 | 10,104 |
Balance, end of year | $ 63,609 | $ 54,137 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes | |||
Valuation allowance | $ 63,609 | $ 54,137 | $ 44,033 |
Increase (decrease) in Valuation allowance | 9,472 | 10,104 | |
Net operating loss (NOL) carryforwards | $ 199,300 | ||
Tax credit carryforwards | 4,500 | ||
Cumulative change in ownership related to percentage points | 5.00% | ||
Percentage Points Related To Ownership Change | 50.00% | ||
Rolling Period Duration Of Ownership Change | 3 years | ||
Accrued interest or penalties | $ 0 | 0 | 0 |
Federal | |||
Income Taxes | |||
Operating Loss Carryforwards, Subject To Expiry | 108,500 | ||
Operating Loss Carryforwards, Not Subject To Expiry | $ 90,800 | ||
Federal | Through Tax Year 2039 [Member] | |||
Income Taxes | |||
Tax credit carryforwards | 4,500 | ||
State | |||
Income Taxes | |||
Tax credit carryforwards | $ 800 | ||
State | Through Tax Year 2039 [Member] | |||
Income Taxes | |||
Net operating loss (NOL) carryforwards | $ 133,700 |
Common Stock, warrants, stock_3
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units- Common stock reserved (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | ||
Shares reserved for future awards under compensation plan | 1,559,108 | 882,715 |
Common stock reserved | 4,581,540 | 3,809,706 |
Outstanding warrants | ||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | ||
Common stock reserved | 10,000 | 10,000 |
Common stock options and unvested restricted common stock | ||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | ||
Common stock reserved | 3,012,432 | 2,916,991 |
Common Stock, warrants, stock_4
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units- Warrants (Details) - $ / shares | Jul. 02, 2019 | Jan. 30, 2018 | Dec. 31, 2020 |
Number outstanding | |||
Issued (in shares) | 10,000 | ||
Weighted Average Exercise Price | |||
Warrants And Rights, Exercised | 66,041 | ||
Exercise of common stock warrants (in shares) | 45,690 | ||
Outstanding warrants | |||
Number outstanding | |||
Outstanding at the beginning of the period (in shares) | 10,000 | ||
Issued (in shares) | |||
Exercised (in shares) | |||
Cancelled (in shares) | |||
Outstanding at the end of the period (in shares) | 10,000 | ||
Weighted Average Exercise Price | |||
Outstanding at the beginning of the period (in dollars per share) | $ 21 | ||
Issued (in dollars per share) | |||
Exercised (in dollars per share) | |||
Cancelled (in dollars per share) | |||
Outstanding at the end of the period (in dollars per share) | $ 21 | ||
Obligation To Issue Warrants, In Shares | 93,341 | ||
Shares reserved related to potential obligations to issue warrants in the future | 0 |
Common Stock, warrants, stock_5
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Share-based compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||
Share-based compensation expense | $ 10,099 | $ 6,388 | $ 4,884 |
Cost of product revenue | |||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||
Share-based compensation expense | 189 | 86 | 55 |
Cost of service and other revenue | |||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||
Share-based compensation expense | 311 | 238 | 173 |
Research and development | |||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||
Share-based compensation expense | 1,129 | 718 | 513 |
General and administrative | |||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||
Share-based compensation expense | $ 8,470 | $ 5,346 | $ 4,143 |
Common Stock, warrants, stock_6
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Stock-based award plans (Details) - shares | Jan. 01, 2021 | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 |
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||||
Common stock available for future awards (in shares) | 4,581,540 | 3,809,706 | |||
2007 Plan | |||||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||||
Shares available for grant under the plan (in shares) | 0 | ||||
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding) | 4.00% | ||||
2017 Plan | |||||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||||
Shares authorized under the plan (in shares) | 1,042,314 | ||||
Additional shares authorized | 1,273,501 | ||||
Shares available for grant under the plan (in shares) | 710,839 | 270,143 | |||
Increase in the shares available for grant under the plan (in shares) | 318,375 | ||||
2017 ESPP | |||||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||||
Shares authorized under the plan (in shares) | 612,572 | ||||
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% | ||||
Outstanding stock options | |||||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||||
Options outstanding (in shares) | 2,494,045 | 2,507,062 | |||
Outstanding stock options | 2007 Plan | |||||
Warrants, stock-based compensation, stock options, restricted stock and restricted stock units | |||||
Options outstanding (in shares) | 926,615 | ||||
Shares authorized under the plan (in shares) | 2,490,290 |
Common Stock, warrants, stock_7
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Aggregate intrinsic value | |||
Weighted-average fair value of options granted | $ 12.66 | $ 9.09 | $ 7.19 |
Share-based compensation expense | $ 10,099 | $ 6,388 | $ 4,884 |
Selling, general and administrative expenses | |||
Aggregate intrinsic value | |||
Share-based compensation expense | $ 500 | ||
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) | 550,290 | ||
Exercised (in shares) | (407,687) | ||
Cancelled or forfeited (in shares) | (155,620) | ||
Outstanding at the end of the period (in shares) | 2,494,045 | 2,507,062 | |
Vested and expected to vest at the end of the period (in shares) | 2,494,045 | ||
Exercisable at the end of the period (in shares) | 1,514,576 | ||
Weighted-average exercise price | |||
Outstanding at the beginning of the period (in dollars per share) | $ 14.41 | ||
Granted (in dollars per share) | 28.39 | ||
Exercised (in dollars per share) | 9.85 | ||
Cancelled or forfeited (in dollars per share) | 22.58 | ||
Outstanding at the end of the period (in dollars per share) | 17.73 | $ 14.41 | |
Vested and expected to vest at the end of the period (in dollars per share) | 17.73 | ||
Exercisable at the end of the period (in dollars per share) | $ 12.54 | ||
Remaining contractual life | |||
Outstanding (in years) | 7 years 3 months 7 days | 7 years 6 months 29 days | |
Vested and expected to vest at the end of the period (in years) | 7 years 3 months 7 days | ||
Exercisable at the end of the period (in years) | 6 years 5 months 1 day | ||
Aggregate intrinsic value | |||
Outstanding at the beginning of the period | $ 24,870 | ||
Exercised | 10,400 | $ 6,900 | 5,300 |
Outstanding at the end of the period | 71,760 | $ 24,870 | |
Vested and expected to vest at the end of the period | 71,760 | ||
Exercisable at the end of the period | $ 51,430 | ||
Weighted-average fair value of options granted | $ 12.64 | $ 9.09 | |
Share-based compensation expense | $ 5,400 | $ 3,700 | 2,700 |
Intrinsic value of stock options exercised | 10,400 | $ 6,900 | $ 5,300 |
Total unrecognized compensation cost related to unvested stock options | $ 9,300 | ||
Period of recognition of unrecognized compensation cost | 7 years 3 months 18 days | ||
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% |
Common Stock, warrants, stock_8
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Restricted stock (Details) - Restricted stock - shares | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 0 | 0 | 0 | |||
2007 Plan | Director | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 78,912 | |||||
Vesting period (in years) | 4 years | |||||
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% |
Common Stock, warrants, stock_9
Common Stock, warrants, stock-based compensation, stock options, restricted stock and restricted stock units - Restricted stock units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted-average grant date fair value per share | |||
Share-based compensation expense | $ 10,099 | $ 6,388 | $ 4,884 |
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) | 334,665 | ||
Vested (in shares) | (182,036) | ||
Cancelled (in shares) | (44,171) | ||
Unvested restricted common stock at the end of the period (in shares) | 478,581 | 370,123 | |
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) | 31.99 | ||
Vested (in dollars per share) | 20.13 | ||
Cancelled (in dollars per share) | 26.79 | ||
Unvested restricted common stock at the end of the period (in dollars per share) | $ 28.08 | $ 20.48 | |
Share-based compensation expense | $ 4,200 | ||
Total unrecognized compensation cost related to unvested stock awards | $ 12,000 | ||
Period of recognition of unrecognized compensation cost | 2 years 9 months 18 days | ||
Restricted stock | |||
Number of restricted stock units | |||
Granted (in shares) | 0 | 0 | 0 |
Unvested restricted common stock at the end of the period (in shares) | 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 | ||
Share-based compensation expense | $ 0 | $ 0 | $ 400 |
Total unrecognized compensation cost related to unvested stock awards | 0 | ||
Aggregate fair value of restricted stock awards | $ 0 | $ 0 | $ 2,400 |
2017 Plan | Restricted stock units | |||
Number of restricted stock units | |||
Granted (in shares) | 334,665 | ||
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) | 268,694 | ||
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 in equal amounts annually over three years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period 1 | 3 years | ||
Number of restricted stock units | |||
Granted (in shares) | 40,045 | ||
2017 Plan | Restricted stock units | Vested on May 31, 2020 | |||
Number of restricted stock units | |||
Granted (in shares) | 8,576 | ||
2017 Plan | Restricted stock units | Vest on May 31, 2021 | |||
Number of restricted stock units | |||
Granted (in shares) | 1,460 |
Leases (Details)
Leases (Details) $ in Thousands | Apr. 01, 2019USD ($)itemft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) |
Operating Lease, Right-of-Use Asset | $ 11,995 | ||||
Operating Lease, Liability, Noncurrent | 21,891 | ||||
Rent expense | 4,800 | ||||
Rent expense | $ 3,300 | $ 1,600 | |||
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 | 22,700 | ||||
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 | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Lease Costs | |
Operating lease costs | $ 2,663 |
Total lease cost | 2,663 |
Operating cash flows used for operating leases | $ 2,108 |
Weighted average remaining lease term | 9 years 9 months 18 days |
Weighted average discount rate | 9.73% |
Leases - Future minimum commitm
Leases - Future minimum commitments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases | |
2021 | $ 3,388 |
2022 | 3,466 |
2023 | 3,515 |
2024 | 3,577 |
2025 and thereafter | 22,203 |
Total lease payments | 36,149 |
Less: imputed interest | 13,024 |
Operating Lease, Liability | $ 23,125 |
Commitments and contingencies -
Commitments and contingencies - License agreements and Lease commitments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
License agreements | |||||||||||
Cost of revenue | $ 11,081,000 | $ 10,283,000 | $ 7,917,000 | $ 8,914,000 | $ 9,052,000 | $ 7,911,000 | $ 6,605,000 | $ 6,330,000 | $ 38,195,000 | $ 29,898,000 | $ 19,684,000 |
Letter of credit will be reduced at 41 months after the commencement date | 750,000 | 750,000 | |||||||||
Letter of credit will be reduced at 65 months after the commencement date | 250,000 | 250,000 | |||||||||
Rent expense | 3,300,000 | 1,600,000 | |||||||||
Other licenses | |||||||||||
License agreements | |||||||||||
Royalty expense | 0 | 800,000 | 400,000 | ||||||||
Annual minimum royalty to be paid under the license agreement | $ 50,000 | 50,000 | |||||||||
Tufts | License agreements | |||||||||||
License agreements | |||||||||||
Royalty expense | 1,100,000 | $ 1,000,000 | $ 700,000 | ||||||||
Collaboration and license revenue | |||||||||||
License agreements | |||||||||||
Cost of revenue | $ 1,000,000 | 1,000,000 | |||||||||
Collaboration and license revenue | Tufts | |||||||||||
License agreements | |||||||||||
Cost of revenue | $ 1,000,000 |
Commitments and contingencies_2
Commitments and contingencies - Development and supply agreement and Legal contingencies (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 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 ($) | Apr. 15, 2019installment | Apr. 14, 2014 | Aug. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 31, 2018USD ($) |
Long Term Debt | ||||||||
End Of Term Fee | $ 50,000 | |||||||
Loan principal payment installment | installment | 4 | |||||||
Non-cash interest expense | 100 | $ 100 | $ 200 | |||||
Loan agreement | ||||||||
Long Term Debt | ||||||||
Additional amounts available to borrow | $ 0 | $ 0 | ||||||
Loan agreement | Minimum | ||||||||
Long Term Debt | ||||||||
Interest rate (as a percent) | 8.00% | |||||||
Amendment 5 to loan agreement | ||||||||
Long Term Debt | ||||||||
Term fee | $ 100 | $ 80 | ||||||
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 | Dec. 31, 2020USD ($) |
Debt payment obligations due based on principal payments | |
2021 | $ 7,688 |
Debt payment obligations | $ 7,688 |
At-the-market offering (Details
At-the-market offering (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Aug. 08, 2019 | Jun. 05, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Mar. 19, 2019 |
Common stock, aggregate offering price | $ 28 | $ 32 | |||
Sale of common stock (in shares) | 2.7 | ||||
At-the-market offering | |||||
Sale of common stock (in shares) | 2.2 | ||||
Shares issued price (in dollars per share) | $ 22.73 | ||||
Gross proceeds | $ 49,700 | ||||
Stock issuance cost | 1,700 | ||||
Sale of common stock in at-the-market offering, net | $ 48,000 | $ 48,019 | |||
At-the-market offering | Maximum | |||||
Common stock, aggregate offering price | $ 50,000 |
Underwritten public offerings (
Underwritten public offerings (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Aug. 06, 2020 | Aug. 08, 2019 | Aug. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsidiary or Equity Method Investee [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 2.7 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Underwritten public offering | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 3 | 2.7 | 3 | ||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Gross proceeds | $ 97,600 | $ 69,000 | $ 97,600 | ||
Stock issuance cost | 6,200 | 4,500 | 6,200 | ||
Proceeds from sale of common stock, net of issuance costs | $ 91,400 | $ 64,500 | $ 91,400 | $ 91,404 | $ 64,529 |
Collaboration and license arr_2
Collaboration and license arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Collaboration and license arrangements | ||||||||||||
Revenue | $ 26,131 | $ 31,389 | $ 13,130 | $ 15,727 | $ 15,917 | $ 14,944 | $ 13,536 | $ 12,337 | $ 86,377 | $ 56,734 | $ 37,632 | |
Previously deferred revenue | 1,200 | |||||||||||
Deferred revenue | 500 | 1,700 | $ 500 | 1,700 | $ 500 | |||||||
Joint development and license agreement | Maximum | ||||||||||||
Collaboration and license arrangements | ||||||||||||
Revenue | $ 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 | $ 408 | $ 11,246 | $ 23 | $ 132 | $ 184 | 11,809 | $ 184 | $ 2,150 | ||||
Collaboration and license revenue | Abbot license agreement | ||||||||||||
Collaboration and license arrangements | ||||||||||||
Revenue | $ 10,000 |
Employee benefit plans (Details
Employee benefit plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee benefit plans | |||
Contribution made to the 401 (k) Plan | $ 0.7 | $ 0.5 | $ 0.1 |
Business combinations (Details)
Business combinations (Details) - USD ($) $ in Thousands | Aug. 01, 2019 | Jan. 30, 2018 | Jul. 31, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 01, 2019 |
Fair value of consideration transferred: | ||||||||||||||||
Common stock shares consideration | 191,152 | 191,152 | ||||||||||||||
Purchase price, net | $ 14,529 | $ 3,801 | ||||||||||||||
Assets (liabilities) acquired: | ||||||||||||||||
Goodwill | $ 10,460 | $ 9,353 | $ 9,353 | $ 10,460 | 9,353 | |||||||||||
Total revenue | 26,131 | $ 31,389 | $ 13,130 | $ 15,727 | 15,917 | $ 14,944 | $ 13,536 | $ 12,337 | 86,377 | 56,734 | 37,632 | |||||
Net loss | $ (9,821) | $ 2,203 | $ (12,302) | $ (11,610) | $ (10,958) | $ (9,870) | $ (10,563) | $ (9,405) | (31,530) | (40,796) | (31,536) | |||||
Revenue (unaudited) | 57,597 | 38,753 | ||||||||||||||
Pre-tax loss (unaudited) | (38,636) | (33,894) | ||||||||||||||
Aushon acquisition | ||||||||||||||||
Fair value of consideration transferred: | ||||||||||||||||
Cash and cash equivalents acquired | $ 199 | |||||||||||||||
Cash | 3,200 | |||||||||||||||
Obligation to issue cash | 800 | $ 800 | ||||||||||||||
Purchase price, net | 4,000 | |||||||||||||||
Assets (liabilities) acquired: | ||||||||||||||||
Accounts receivable | 210 | |||||||||||||||
Inventory | 828 | |||||||||||||||
Prepaids and other current assets | 71 | |||||||||||||||
Property and equipment and other non-current assets | 180 | |||||||||||||||
Intangibles | 2,950 | |||||||||||||||
Goodwill | 1,308 | |||||||||||||||
Total assets acquired | 5,746 | |||||||||||||||
Contractual obligations | (1,155) | |||||||||||||||
Accounts payable and accrued liabilities | (591) | |||||||||||||||
Total | $ 4,000 | |||||||||||||||
Risk-adjusted discount rate used to determine fair value of intangible assets | 14.40% | |||||||||||||||
Transaction costs | $ 100 | |||||||||||||||
UmanDiagnostics AB Acquisition | ||||||||||||||||
Fair value of consideration transferred: | ||||||||||||||||
Common stock shares consideration | 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 | |||||||||||||||
Cash | 15,700 | |||||||||||||||
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 | |||||||||||||||
Total revenue | 1,100 | 1,500 | ||||||||||||||
Net loss | (100) | |||||||||||||||
Transaction costs | $ 0 | $ 1,900 | ||||||||||||||
UmanDiagnostics AB Acquisition | Maximum | ||||||||||||||||
Assets (liabilities) acquired: | ||||||||||||||||
Net loss | $ 100 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Rollforward of goodwill balance | |||
Balance as of beginning of period | $ 9,353 | ||
Cumulative translation adjustment | 1,107 | ||
Balance as of end of period | 10,460 | $ 9,353 | |
Purchased intangible assets | |||
Gross Carrying Value | 16,400 | 16,400 | |
Accumulated Amortization | (4,101) | (1,991) | |
Cumulative Translation Adjustment | 1,417 | (102) | |
Net Carrying Value | 13,716 | 14,307 | |
Amortization expense | 2,100 | $ 1,400 | $ 600 |
Estimated amortization expense | |||
2021 | 2,013 | ||
2022 | 1,930 | ||
2023 | 1,848 | ||
2024 | 1,733 | ||
Thereafter | 6,192 | ||
Estimated Amortization Expenses | $ 13,716 | ||
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 | |
Accumulated Amortization | (1,036) | (737) | |
Net Carrying Value | $ 614 | $ 913 | |
Weighted average life remaining | 4 years 1 month 2 days | 5 years 1 month 2 days | |
Customer relationships | |||
Purchased intangible assets | |||
Gross Carrying Value | $ 1,360 | $ 1,360 | |
Accumulated Amortization | (618) | (421) | |
Cumulative Translation Adjustment | 12 | (1) | |
Net Carrying Value | $ 754 | $ 938 | |
Weighted average life remaining | 7 years 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 | |
Accumulated Amortization | (49) | (32) | |
Net Carrying Value | $ 1 | $ 18 | |
Weighted average life remaining | 29 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 | |
Accumulated Amortization | (2,296) | (767) | |
Cumulative Translation Adjustment | 1,374 | (99) | |
Net Carrying Value | $ 12,078 | $ 12,134 | |
Weighted average life remaining | 6 years 11 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 | |
Accumulated Amortization | (102) | (34) | |
Cumulative Translation Adjustment | 31 | (2) | |
Net Carrying Value | $ 269 | $ 304 | |
Weighted average life remaining | 3 years 11 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 |
Related party transactions (Det
Related party transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 14, 2019 | Nov. 13, 2019 | Nov. 28, 2018 | |
Related party transactions | ||||||||||||||
Cost of Revenue | $ 11,081,000 | $ 10,283,000 | $ 7,917,000 | $ 8,914,000 | $ 9,052,000 | $ 7,911,000 | $ 6,605,000 | $ 6,330,000 | $ 38,195,000 | $ 29,898,000 | $ 19,684,000 | |||
Commitment to sponsor agreement | ||||||||||||||
Collaboration and license revenue | ||||||||||||||
Related party transactions | ||||||||||||||
Related party revenue | 0 | 0 | 2,150,000 | |||||||||||
Cost of Revenue | $ 1,000,000 | 1,000,000 | ||||||||||||
Tufts | Collaboration and license revenue | ||||||||||||||
Related party transactions | ||||||||||||||
Cost of Revenue | 1,000,000 | |||||||||||||
Tufts | License Agreement | ||||||||||||||
Related party transactions | ||||||||||||||
Royalty Expense | 1,100,000 | 1,000,000 | 700,000 | |||||||||||
Harvard University | ||||||||||||||
Related party transactions | ||||||||||||||
Related party revenue | 100,000 | 100,000 | ||||||||||||
Harvard University | Maximum | ||||||||||||||
Related party transactions | ||||||||||||||
Related party revenue | $ 100,000 | |||||||||||||
PPH | Maximum | ||||||||||||||
Related party transactions | ||||||||||||||
Commitment to sponsor agreement | $ 200,000 | $ 120,000 | $ 120,000 | |||||||||||
Total contributions to sponsor agreement | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash | |||
Restricted cash | $ 1,000,000 | $ 1,026,000 | $ 1,000,000 |
Letter of credit will be reduced at 41 months after the commencement date | 750,000 | ||
Letter of credit will be reduced at 65 months after the commencement date | $ 250,000 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenue | $ 26,131 | $ 31,389 | $ 13,130 | $ 15,727 | $ 15,917 | $ 14,944 | $ 13,536 | $ 12,337 | $ 86,377 | $ 56,734 | $ 37,632 |
Costs of goods sold: | |||||||||||
Total costs of goods sold, services, and licenses | 11,081 | 10,283 | 7,917 | 8,914 | 9,052 | 7,911 | 6,605 | 6,330 | 38,195 | 29,898 | 19,684 |
Gross profit | 15,050 | 21,106 | 5,213 | 6,813 | 6,865 | 7,033 | 6,931 | 6,007 | 48,182 | 26,836 | 17,948 |
Operating expenses: | |||||||||||
Research and development | 6,217 | 5,377 | 4,312 | 4,268 | 4,398 | 3,924 | 4,016 | 3,852 | 20,174 | 16,190 | 15,805 |
Selling, general and administrative | 18,766 | 13,451 | 13,102 | 14,273 | 13,953 | 13,352 | 13,429 | 11,512 | 59,592 | 52,246 | 33,693 |
Total operating expenses | 24,983 | 18,828 | 17,414 | 18,541 | 18,351 | 17,276 | 17,445 | 15,364 | 79,766 | 68,436 | |
Loss from operations | (9,933) | 2,278 | (12,201) | (11,728) | (11,486) | (10,243) | (10,514) | (9,357) | (31,584) | (41,600) | (31,550) |
Interest income (expense), net | (166) | (160) | (108) | 161 | 282 | 282 | 42 | 21 | (273) | 627 | 46 |
Other income (expense), net | 155 | (26) | (11) | (167) | 139 | (34) | (68) | (47) | (49) | (10) | (7) |
Income (loss) before income taxes | (9,944) | 2,092 | (12,320) | (11,734) | (11,065) | (9,995) | (10,540) | (9,383) | (31,906) | (40,983) | (31,511) |
Income tax benefit (provision) | 123 | 111 | 18 | 124 | 107 | 125 | (23) | (22) | 376 | 187 | (25) |
Net loss | $ (9,821) | $ 2,203 | $ (12,302) | $ (11,610) | $ (10,958) | $ (9,870) | $ (10,563) | $ (9,405) | $ (31,530) | $ (40,796) | $ (31,536) |
Net loss per share, basic and diluted | $ (0.31) | $ 0.07 | $ (0.43) | $ (0.41) | $ (0.39) | $ (0.37) | $ (0.46) | $ (0.42) | $ (1.07) | $ (1.63) | $ (1.43) |
Weighted-average common shares outstanding, basic and diluted | 28,021,957 | 26,627,831 | 23,213,653 | 22,422,960 | 29,589,132 | 25,090,708 | 21,994,317 | ||||
Weighted-average common shares outstanding, basic | 31,696,002 | 30,139,157 | 28,312,925 | 28,179,132 | 29,589,132 | ||||||
Net income (loss) per share, diluted | $ (0.31) | $ 0.07 | $ (0.43) | $ (0.41) | $ (1.07) | ||||||
Weighted-average common shares outstanding, diluted | 31,696,002 | 31,386,439 | 28,312,925 | 28,179,132 | 29,589,132 | ||||||
Product revenue | |||||||||||
Total revenue | $ 15,732 | $ 11,662 | $ 6,790 | $ 9,833 | $ 11,431 | $ 10,737 | $ 8,776 | $ 9,547 | $ 44,017 | $ 40,491 | $ 23,365 |
Costs of goods sold: | |||||||||||
Total costs of goods sold, services, and licenses | 7,961 | 6,387 | 5,416 | 6,186 | 6,684 | 5,513 | 4,455 | 4,248 | 25,950 | 20,900 | 12,729 |
Service and other revenue | |||||||||||
Total revenue | 5,498 | 6,552 | 6,317 | 5,762 | 4,302 | 4,207 | 4,760 | 2,790 | 24,129 | 16,059 | 12,117 |
Costs of goods sold: | |||||||||||
Total costs of goods sold, services, and licenses | 3,120 | 2,896 | 2,501 | 2,728 | 2,368 | $ 2,398 | $ 2,150 | $ 2,082 | 11,245 | 8,998 | 6,955 |
Collaboration and license revenue | |||||||||||
Total revenue | 408 | 11,246 | $ 23 | $ 132 | $ 184 | 11,809 | $ 184 | $ 2,150 | |||
Costs of goods sold: | |||||||||||
Total costs of goods sold, services, and licenses | 1,000 | 1,000 | |||||||||
Grant revenue | |||||||||||
Total revenue | $ 4,493 | $ 1,929 | $ 6,422 |
Subsequent events (Details)
Subsequent events (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 03, 2021 | Aug. 08, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent events | ||||
Sale of common stock (in shares) | 2,700,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Subsequent event | Over-Allotment Option | ||||
Subsequent events | ||||
Sale of common stock (in shares) | 4,107,142 | |||
Common stock, par value | $ 0.001 | |||
Proceeds from sale of common stock, net of issuance costs | $ 287.5 | |||
Stock issuance cost | 17.9 | |||
Net proceeds | $ 269.6 |